TCRLA_Public/100326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

              Friday, March 26, 2010, Vol. 11, No. 060

                            Headlines



A R G E N T I N A

AUDILUM SRL: Creditors' Proofs of Debt Due on June 17
CANTERA FC: Trustee Verifying Proofs of Claim Until April 22
G.T.C. GROUP: Trustee Verifying Proofs of Claim Until April 30
SOCUT SRL: Trustee Verifying Proofs of Claim Until May 13
VILARCON SRL: Trustee Verifying Proofs of Claim Until May 19

* ARGENTINA: Debt Swap May Exceed 75% Participation


B E R M U D A

CTP REALTY: Creditors' Proofs of Debt Due on March 31
CTP REALTY: Members to Receive Wind-Up Report on April 21
MAN INCREASED: Creditors' Proofs of Debt Due on March 31
MAN INCREASED: Members to Receive Wind-Up Report on April 27
MAN IPB: Creditors' Proofs of Debt Due on March 31

MAN IPB: Members to Receive Wind-Up Report on April 27
PROTOSTAR LTD: Creditors Appeal US$5M Satellite Sale Bonuses
TRIPLE CROWN: Creditors' Proofs of Debt Due on March 31
TRIPLE CROWN: Members to Receive Wind-Up Report on April 27


B R A Z I L

BANCO CRUZEIRO: Files for BRL400-Million Share Offer
BANCO SANTANDER BRASIL: To Pay US$222 Million in Dividends
COMPANHIA ENERGETICA: 4Q Net Income Up 76% to BRL434 Million
ENERGIA SA: Moody's Affirms Corporate Family Rating at 'Ba3'
GAFISA SA: Prices Common Shares Offering


C A Y M A N  I S L A N D S

A.M.P.-HRO FUND: Shareholders to Receive Wind-Up Report on April 8
ANTHRACITE BALANCED: Members Receive Wind-Up Report
ANTHRACITE BALANCED: Members Receive Wind-Up Report
ANTHRACITE BALANCED: Members Receive Wind-Up Report
ATMEL RESEARCH: Members to Receive Wind-Up Report on April 1

AXEL INVESTMENT: Shareholders to Hear Wind-Up Report on March 31
BG RECEIVABLES: Members to Receive Wind-Up Report on April 6
BK STRATEGIC: Shareholders to Receive Wind-Up Report on April 1
CABOT INVESTMENTS: Commences Liquidation Proceedings
CHEYNE MANAGED: Shareholders to Hear Wind-Up Report on April 1

DIAPASON L/S: Shareholders to Receive Wind-Up Report on April 1
FAIRFIELD FORTITUDE: Members to Receive Wind-Up Report on April 23
GREENLAKE ARBITRAGE: Members Receive Wind-Up Report
HSBC REPUBLIC: Shareholder Receives Wind-Up Report
INTREPID MINERALS: Members Receive Wind-Up Report

LA MANCHA: Members to Receive Wind-Up Report on April 6
LA VIVA: Shareholders Receive Wind-Up Report
MULBERRY LTD: Members to Receive Wind-Up Report on March 31
NB LARGE: Commences Wind-Up Proceedings
NB LARGE: Members Receive Wind-Up Report

NB LARGE: Members Receive Wind-Up Report
NEMESIS INFLATION: Shareholders to Hear Wind-Up Report on April 1
NOMURA ASIA: Members to Receive Wind-Up Report on April 8
OVERTURE ACQUISITION: Members Receive Wind-Up Report
POLYNESIAN PROPERTIES: Shareholder to Receive Wind-Up Report

POSEIDON SATELLITE: Members to Receive Wind-Up Report on April 2
RT INSURANCE: Shareholders to Receive Wind-Up Report on April 7
RT INSURANCE: Commences Wind-Up Proceedings
STATION PLACE: Shareholders to Receive Wind-Up Report on April 1
STOP LOSS: Commences Wind-Up Proceedings


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: More Properties Seized in Cocaine Case


E C U A D O R

PETROECUADOR: Names Manuel Zapater as President


J A M A I C A

AIR JAMAICA: Unions Want All Staff Salary Deductions Paid Over
AIR JAMAICA: Re-employment, Wet Lease of Planes Still Unresolved
JAMAICA URBAN TRANSIT: Seeks JM$30 Increase in Bus Fare


M E X I C O

SANLUIS CORPORACION: Seeks to Renegotiate Debt


P U E R T O  R I C O

VISTEON CORP: Wins OK for Puerto Rico Condemnation Suit Settlement


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Holdings Appeals Insurance Regulator Ban


X X X X X X X X

* Standard & Poor's Says 264 Global Defaults Set New Records




                         - - - - -


=================
A R G E N T I N A
=================


AUDILUM SRL: Creditors' Proofs of Debt Due on June 17
-----------------------------------------------------
The court-appointed trustee for Audilum S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 17, 2010.


CANTERA FC: Trustee Verifying Proofs of Claim Until April 22
------------------------------------------------------------
The court-appointed trustee for Cantera FC S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 22, 2010.

The trustee will present the validated claims in court as
individual reports on June 3, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 11, 2010.


G.T.C. GROUP: Trustee Verifying Proofs of Claim Until April 30
--------------------------------------------------------------
The court-appointed trustee for G.T.C. Group S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 30, 2010.


SOCUT SRL: Trustee Verifying Proofs of Claim Until May 13
---------------------------------------------------------
The court-appointed trustee for Socut S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 13, 2010.

The trustee will present the validated claims in court as
individual reports on June 24, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 5, 2010.


VILARCON SRL: Trustee Verifying Proofs of Claim Until May 19
------------------------------------------------------------
The court-appointed trustee for Vilarcon S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 19, 2010.

The trustee will present the validated claims in court as
individual reports on July 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 13, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 14, 2011.


* ARGENTINA: Debt Swap May Exceed 75% Participation
---------------------------------------------------
Argentina's restructuring of defaulted bonds may be accepted by
investors holding more than 75% of defaulted debt, Andrea
Jaramillo at Bloomberg News reports, citing Bulltick Capital
Markets.

According to the report, Bulltick Capital, which based the
estimate on an Argentine filing with Italian regulators as well as
media reports, said that institutional investors may get 48.4
cents on the dollar for the securities held out of a 2005
settlement, while retail investors may get 52 cents on the dollar.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


=============
B E R M U D A
=============


CTP REALTY: Creditors' Proofs of Debt Due on March 31
-----------------------------------------------------
The creditors of CTP Realty Ltd. are required to file their proofs
of debt by March 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 12, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


CTP REALTY: Members to Receive Wind-Up Report on April 21
---------------------------------------------------------
The members of CTP Realty Ltd. will receive on April 21, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on March 12, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MAN INCREASED: Creditors' Proofs of Debt Due on March 31
--------------------------------------------------------
The creditors of Man Increased Leverage Trading Series 1 Ltd are
required to file their proofs of debt by March 31, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


MAN INCREASED: Members to Receive Wind-Up Report on April 27
------------------------------------------------------------
The members of Man Increased Leverage Trading Series 1 Ltd will
receive on April 27, 2010, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


MAN IPB: Creditors' Proofs of Debt Due on March 31
--------------------------------------------------
The creditors of Man IPB Multi-Strategy Guaranteed Ltd are
required to file their proofs of debt by March 31, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


MAN IPB: Members to Receive Wind-Up Report on April 27
------------------------------------------------------
The members of Man IPB Multi-Strategy Guaranteed Ltd will receive
on April 27, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


PROTOSTAR LTD: Creditors Appeal US$5M Satellite Sale Bonuses
------------------------------------------------------------
Bankruptcy Law360 reports that ProtoStar Ltd.'s committee of
unsecured creditors plans to appeal a bankruptcy judge's approval
of US$5 million in bonus payments to company managers for the
combined US$385 million sale of two satellites.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


TRIPLE CROWN: Creditors' Proofs of Debt Due on March 31
-------------------------------------------------------
The creditors of Triple Crown Trading Ltd are required to file
their proofs of debt by March 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


TRIPLE CROWN: Members to Receive Wind-Up Report on April 27
-----------------------------------------------------------
The members of Triple Crown Trading Ltd will receive on April 27,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Beverley Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09, Bermuda


===========
B R A Z I L
===========


BANCO CRUZEIRO: Files for BRL400-Million Share Offer
----------------------------------------------------
Banco Cruzeiro do Sul has filed with the Brazilian Association of
Financial and Capital Market Institutions for a public share
offering of up to BRL400 million (US$224.7 million), Gerald
Jeffris at Dow Jones Newswires reports, citing a statement with
the country's CVM securities and exchange commission.

According to the report, the bank had initially filed to make a
share offer in December but subsequently cancelled the initiative
in response to questions from CVM in relation to its financial
records.  The report notes that early this year, however, the bank
was able to reinforce its finances with a US$250 million overseas
bond sale.

The bank, citing the company statement, said that it plans to use
the funds raised to increase its capital base and allow for the
expansion of its credit portfolio.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Moody's Investors Service assigned a Ba2 long-
term foreign currency debt rating to the US$250 million senior
unsecured notes issued by Banco Cruzeiro do Sul S.A.  The notes,
due in February 2015, were issued under the bank's existing US$1
billion Global Medium Term Note Program.  The outlook on the
rating is negative.


BANCO SANTANDER BRASIL: To Pay US$222 Million in Dividends
----------------------------------------------------------
Banco Santander Brasil SA's board has approved the payment of
dividends in the form of interest on its own equity, totaling
BRL400 million (US$222 million), Rogerio Jelmayer at Dow Jones
Newswires reports.

According to the report, the total amount represents a payment of
BRL0.957 per common share and BRL1.05 per preferred share.  The
report relates that the payment will be based on shareholders'
positions as of March 22.  The bank, however, didn't unveil the
date for the payment, the report adds.

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                           *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


COMPANHIA ENERGETICA: 4Q Net Income Up 76% to BRL434 Million
------------------------------------------------------------
Helder Marinho and Laura Price at Bloomberg News report that Cia.
Energetica de Minas Gerais's fourth quarter net income increased
76% to BRL434 million (US$244 million) from BRL246 million in the
year-earlier after an economic recovery spurred demand for power.
The report relates that net revenue increased 22% in the quarter
to BRL3.37 billion.  Profit excluding some items was expected to
be BRL467.2 million, according to the average estimate of nine
analysts surveyed by Bloomberg.

According to the report, Cemig sold 6.5% more electricity in the
fourth quarter.  A 16 percent decline in electricity demand from
industrial clients was partially offset by higher demand from
households and businesses, Cemig added

This year "should mark the resumption of sales volume growth,"
Ricardo Cavanagh, an analyst at Raymond James & Associates in
Buenos Aires, said in a report obtained by Bloomberg News.  Mr.
Cavanagh, the report relates, said that rising sales will be
"supported by a rebound of Brazil's economic growth, estimated at
5.5%, and the potential for new acquisitions of electric assets
and of greenfield opportunities."

Meanwhile, the report recalls, Cemig agreed in December to pay as
much as BRL1.57 billion to triple its stake in electricity company
Light SA to expand in the neighboring state of Rio de Janeiro.
Company Chief Financial Officer Luiz Fernando Rolla said that the
company plans to invest BRL2.5 billion to BRL3 billion in
acquisitions this year, Bloomberg News adds.

                          About Cemig

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.


ENERGIA SA: Moody's Affirms Corporate Family Rating at 'Ba3'
------------------------------------------------------------
Moody's Investors Service affirmed Energisa S.A.'s Ba3 corporate
family rating on the global scale and upgraded to A2.br from A3.br
its corporate family rating on the Brazilian national scale.  At
the same time, Moody's affirmed the Ba3 rating of the
US$250 million unsecured note units jointly but not severally
issued by Energisa Sergipe - Distribuidora de Energia S.A. and
Energisa Paraiba -- Distribuidora de Energia S.A. due 2013 which
are guaranteed by Energisa.  Moody's also changed the outlook of
all ratings to positive from stable.

The Ba3 corporate family rating reflects Energisa's solid credit
metrics for the rating category, sound liquidity position,
experienced management, and the inherently stable and predictable
cash flow nature of the electricity distribution business.

A relatively fairly sizeable capital expenditures program
constrains the ratings.  The spending is to increase Energisa's
participation in the unregulated electricity generation business.
Additional constraints on the rating are the evolving Brazilian
regulatory framework and Energisa's recent profit volatility
resulting from a somewhat aggressive hedging policy.

The upgrade of the Brazilian national scale rating to A2.br from
A3.br and the positive outlook on all ratings reflect Moody's
expectation that Energisa will continue to post solid credit
metrics and present lower profit and cash flow volatility going
forward with the implementation of a more conservative hedging
policy approved by the company's board of directors last year.

Despite relatively stable and predictable operating margins, cash
from operations is expected to shrink somewhat during 2010 and
2011 as the company contends with last year's tariff reduction and
the sizeable capital expenditures of constructing new power
generation facilities.

The lower electricity tariffs at Energisa ParaĦba will lead to the
lower operating margins since this distribution subsidiary is
responsible for around 40% of Energisa's consolidated cash
generation.  In August 2009, the regulator ANEEL reduced Energisa
ParaĦba's electricity tariffs by 11.47% mainly reflecting a
reduction in Parcel B (15.06%), as part of the second electricity
tariff review.  The forecasted 6% consolidated sales volume growth
in 2010 should partly offset lower tariffs.  In addition, Energisa
plans to invest around BRL1.2 billion in the next three years
mainly to meet performance targets set by the regulator, reduce
energy losses and expand the generation business.

Energisa has already started to invest BRL200 million in the
construction of three small power projects of 31 MW of installed
capacity, which are expected to come on stream in the second
semester of 2010.  According to management, BNDES will provide
around BRL150 million of long-term debt, to be amortized in 14
years starting in January 2011.

The BRL1.2 billion investment program also envisions the
construction of up to 120 MW of wind power plants.  To engage in
this investment program Energisa needs to participate in and win
the auction for wind power plants to be coordinated by ANEEL in
the next couple of months.  According to management, this
investment program would count on long-term funding to be provided
by Banco do Nordeste do Brasil and the BNDES, which would provide
around 75% of the investment requirements at subsidized interest
rates.

Obtaining sufficient funding in support of Energisa's investment
program that is both adequate and timely and how strictly the new
hedging strategy is applied will largely determine further rating
actions, as will the degree of success that Energisa has in
maintaining credit metrics on a sustainable basis that are
adequate for its rating category.

The A2.br national scale ratings reflect the standing of credit
quality relative to domestic peers.  Moody's National Scale
Ratings are intended as relative measures of creditworthiness
among debt issuances and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

The last rating action for Energisa was on March 26, 2009, when
Moody's confirmed the Ba3 and A3.br local currency corporate
family ratings for Energisa and the Ba3 rating for the
US$250 million unsecured notes units jointly but not severally
issued by Energisa Sergipe - Distribuidora de Energia S.A. and
Energisa Paraiba -- Distribuidora de Energia S.A.

Energisa, based in Cataguases, Minas Gerais, is a holding company
that controls five electricity distribution utilities in four
Brazilian states (ParaĦba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.3 million consumers.  In 2009,
Energisa distributed 7,877 GWh, including the demand of free
consumers, equivalent to approximately 2.0% of all electricity
distributed in Brazil.  Energisa is listed on the Brazilian stock
market and is controlled by the Botelho family.


GAFISA SA: Prices Common Shares Offering
----------------------------------------
Gafisa S.A.'s global offering of 74,000,000 common shares,
including common shares in the form of American Depositary Shares
has priced on March 23, 2010.  The offering of common shares in
Brazil has been registered with the Comissao de Valores
Mobiliarios, the Brazilian securities commission.  The Company has
granted the international and Brazilian underwriters a 30-day
option to purchase up to 11,100,000 additional common shares,
including common shares in the form of ADSs.

The ADSs were offered to the public at a price of US$14.03 per
ADS, and the common shares were offered to the public at a price
of R$12.50 per common share.

The company intends to use the net proceeds from the global
offering to acquire new land and for strategic joint ventures and
acquisitions, working capital and new developments.

Itau USA Securities Inc., J.P. Morgan Securities Inc., Banco
Votorantim S.A., Nassau Branch and UBS Securities LLC are acting
as joint book-running managers, representatives and international
underwriters of the international offering.

                          About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's has assigned a Ba1 local currency and a
Aa2.br Brazil national scale rating to Gafisa S.A.'s proposed
issue of BRL600 million in secured debentures.  At the same time,
Moody's affirmed Gafisa's Ba2/A1.br corporate family ratings.  The
outlook for all ratings is negative.


==========================
C A Y M A N  I S L A N D S
==========================


A.M.P.-HRO FUND: Shareholders to Receive Wind-Up Report on April 8
------------------------------------------------------------------
The shareholders of A.M.P.-HRO Fund Limited will receive on
April 8, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ANTHRACITE BALANCED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Anthracite Balanced Company (R-5) Limited received
on March 22, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Anthracite Balanced Company (R-7) Limited received
on March 22, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Anthracite Balanced Company (R-10) Limited received
on March 22, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ATMEL RESEARCH: Members to Receive Wind-Up Report on April 1
------------------------------------------------------------
The members of Atmel Research will receive on April 1, 2010, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


AXEL INVESTMENT: Shareholders to Hear Wind-Up Report on March 31
----------------------------------------------------------------
The shareholders of Axel Investment Fund Ltd. will receive on
March 31, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


BG RECEIVABLES: Members to Receive Wind-Up Report on April 6
------------------------------------------------------------
The members of BG Receivables LLC will receive on April 6, 2010,
at 9:20 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


BK STRATEGIC: Shareholders to Receive Wind-Up Report on April 1
---------------------------------------------------------------
The shareholders of BK Strategic Investments, Inc. will receive on
April 1, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alexandria Bancorp Limited
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428, Grand Cayman
         KY1-1105, Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


CABOT INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
Cabot Investments commenced liquidation proceedings on February 5,
2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815-8236
         Facsimile: (345) 949-7120


CHEYNE MANAGED: Shareholders to Hear Wind-Up Report on April 1
--------------------------------------------------------------
The shareholders of Cheyne Managed Credit Fund I Inc. will receive
on April 1, 2010, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


DIAPASON L/S: Shareholders to Receive Wind-Up Report on April 1
---------------------------------------------------------------
The shareholders of Diapason L/S Commodity Fund will receive on
April 1, 2010, at 9:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


FAIRFIELD FORTITUDE: Members to Receive Wind-Up Report on April 23
------------------------------------------------------------------
The members of Fairfield Fortitude Australian Absolute Return Fund
Ltd will receive, on April 23, 2010, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


GREENLAKE ARBITRAGE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Greenlake Arbitrage Fund Limited received on
March 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HSBC REPUBLIC: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of The HSBC Republic Latin America Short Duration
Income Fund, Ltd. received on March 22, 2010, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 814-1828
         Facsimile: (345) 949-9876


INTREPID MINERALS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Intrepid Minerals International Ltd. received on
March 24, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


LA MANCHA: Members to Receive Wind-Up Report on April 6
-------------------------------------------------------
The members of La Mancha Third Corp. will receive on April 6,
2010, at 9:10 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


LA VIVA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of La Viva Ltd. received on March 23, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ng Yuen Ha Aster
         Flat 108, Lok Shun House
         Tsz Lok Estate, Tsz Wan Shan, Kowloon
         Hong Kong


MULBERRY LTD: Members to Receive Wind-Up Report on March 31
-----------------------------------------------------------
The members of Mulberry Ltd. will receive on March 31, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Mervin Solas
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


NB LARGE: Commences Wind-Up Proceedings
---------------------------------------
NB Large Cap Equity Long/Short Fund Ltd. commenced wind-up
proceedings on January 29, 2010.

Only creditors who were able to file their proofs of debt by
March 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Stephen Leontsinis
         Telephone: (345) 814-7757
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NB LARGE: Members Receive Wind-Up Report
----------------------------------------
The members of NB Large Cap Equity Long/Short Fund Ltd. received
on March 22, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Stephen Leontsinis
         Telephone: (345) 814-7757
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NB LARGE: Members Receive Wind-Up Report
----------------------------------------
The members of NB Large Cap Equity Long/Short Master Fund Ltd.
received on March 22, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Stephen Leontsinis
         Telephone: (345) 814-7757
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEMESIS INFLATION: Shareholders to Hear Wind-Up Report on April 1
-----------------------------------------------------------------
The shareholders of Nemesis Inflation Preservation Fund will
receive on April 1, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


NOMURA ASIA: Members to Receive Wind-Up Report on April 8
---------------------------------------------------------
The members of Nomura Asia Multi Strategy Master Fund Ltd. will
receive on April 8, 2010, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


OVERTURE ACQUISITION: Members Receive Wind-Up Report
----------------------------------------------------
The members of Overture Acquisition Corp received on March 25,
2010, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Lawton W. Fitt
         Andrew H. Lufkin
         Paul S. Pressler
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


POLYNESIAN PROPERTIES: Shareholder to Receive Wind-Up Report
------------------------------------------------------------
The sole shareholder of Polynesian Properties Limited will receive
on April 1, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Vaughn Rose
         Telephone: (345) 949-2001
         Facsimile: (345) 949-7097
         #6 Cardinall Avenue
         PO Box 501, Grand Cayman KY1-1106
         Cayman Islands


POSEIDON SATELLITE: Members to Receive Wind-Up Report on April 2
----------------------------------------------------------------
The members of Poseidon Satellite Asset Holdings Inc. will receive
on April 2, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive, PO Box 1043, George Town
         Grand Cayman KY1-1102


RT INSURANCE: Shareholders to Receive Wind-Up Report on April 7
---------------------------------------------------------------
The shareholders of RT Insurance Company, Ltd. will receive on
April 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kieran Mehigan
         Marsh Management Services Cayman Ltd.
         P.O. Box 1051 G.T, 23 Lime Tree Bay Avenue
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


RT INSURANCE: Commences Wind-Up Proceedings
-------------------------------------------
RT Insurance Company, Ltd. commenced wind-up proceedings on
January 7, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kieran Mehigan
         Marsh Management Services Cayman Ltd.,
         P.O. Box 1051 G.T, 23 Lime Tree Bay Avenue
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


STATION PLACE: Shareholders to Receive Wind-Up Report on April 1
----------------------------------------------------------------
The shareholders of Station Place I Ltd. will receive on April 1,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


STOP LOSS: Commences Wind-Up Proceedings
----------------------------------------
Stop Loss Insurance Services Ltd. commenced wind-up proceedings on
January 27, 2010.

Only creditors who were able to file their proofs of debt by
March 19, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Nikki L. Larson
         Frederick H. Larson
         Marsh Management Services Cayman Ltd.
         c/o Employee Benefit Management Services, Inc.
         P.O. Box 21367, Billings, Montana
         59104-1367, USA


===================================
D O M I N I C A N  R E P U B L I C
===================================


* DOMINICAN REPUBLIC: More Properties Seized in Cocaine Case
------------------------------------------------------------
Assistant Prosecutor Frank Soto revealed that the National
District Office of the Prosecutor will seize the land where the
twin towers Margot would be built, "at any moment," as the number
of properties said to be owned by the Spaniard Arturo del Tiempo
Marquez grows by the day, The Dominican Today reports.

According to the report, Mr. Soto said that the planned structures
-- on the corner of the upscale Anacaona and Privada avenues are
owned by Mr. del Tiempo Marquez, who is being held in his country
in connection with 1,200 kilos of cocaine shipped from Dominican
Republic.  The report relates that Mr. del Tiempo Marquez also
denied that a villa in Casa de Campo, La Romana (east) has been
seized in connection with the del Tiempo case, and clarified that
the house searched Tuesday night isn't the Spaniard's property but
just rented it.

Mr. Soto, the report notes, confirmed that the yacht and the Torre
Atiemar belong to the drug trafficking suspect, adding many of his
assets have yet to be seized.


=============
E C U A D O R
=============


PETROECUADOR: Names Manuel Zapater as President
-----------------------------------------------
Mercedes Alvaro at Dow Jones Newswires reports that Petroecuador's
board of directors appointed Manuel Zapater as the new president
of the state-owned oil company.  The report relates that the board
also appointed:

   -- Jacqueline Silva,
   -- Alfonso Fernandez and Galo Salcedo as members
      of Petroecuador's Administration Council, and
   -- Rosendo Machado, Carlos Ordonez and Rafael Navarrete as
      vice presidents of Petroecuador's branches.

According to the report, Mr. Jaramillo's resignation is part of a
process of removing Navy officers from the management of
Petroecuador, although the new president is a retired vice admiral
of the Navy.

The report recalls that President Rafael Correa put the Navy in
charge of the company under an emergency decree in November 2007
as part of an effort to raise production and root out corruption
in the company.  Moreover, the report says, five naval officers
will advise the cabinet on completing Petroecuador's restructuring
process.

Dow Jones Newswires notes that analysts said Petroecuador will
continue under the control of the Navy; and efficiency is unlikely
to improve.  "There is no real change.  We are seeing an active
military officer leaving, but a retired military officer is
entering.  We are going from bad to worse," the report quoted
Fernando Santos, a former energy minister, as saying.  Mr. Zapater
was named Petroecuador's president because Correa wants continued
support from the military, Mr. Santos added.

                       About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


=============
J A M A I C A
=============


AIR JAMAICA: Unions Want All Staff Salary Deductions Paid Over
-------------------------------------------------------------
Unions representing Air Jamaica Limited workers are insisting that
all statutory deductions owed by the airline be paid before the
April 12 redundancy exercise, RadioJamaica reports.  The report
relates that the statutory deductions are said to be owed to the
National Housing Trust and the National Insurance Scheme.

According to the report, Kavon Gayle, President-General of the
Bustamante Industrial Trade Union, said that if the arrears are
not cleared there will be implications for the redundancy exercise
at Air Jamaica.   The report notes that with just three weeks left
before Caribbean Airlines assumes control of Air Jamaica's
operations, trade unions are complaining that they are in the dark
regarding the transition process.

RadioJamaica relates the National Workers Union said it was
promised that by March 15 it would have received details on the
transfer of ownership but until now, no word has been heard from
the government.

Meanwhile, the report discloses that the Jamaica Exporters
Association is concerned that when Air Jamaica is placed under new
ownership, air cargo will be one of the areas that will be greatly
affected.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited's
management has indicated a proposed date for the redundancy of all
employee positions at the airline.  The report related that in a
memorandum to the staff, Airline President Bruce Nobles told the
employees that the Air Jamaica management is working with
Caribbean Airlines towards a major schedule change on April 12.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


AIR JAMAICA: Re-employment, Wet Lease of Planes Still Unresolved
----------------------------------------------------------------
R. Anne Shirley at Jamaica Gleaner reports Trinidad Minister of
Works Colm Imbert said that officials at Caribbean Airlines
Limited continue to interview Air Jamaica Limited's staff for as-
yet-to-be-determined positions in the new 'Air Jamaica/Caribbean
Airlines' entity.  The report says a merger deal is to be
finalized by month's end for permission to fly five of the
Jamaican carrier's 'profitable' routes.

However, the report relates, with negotiations still under way,
airline workers have not been advised what the new operation will
be called and the number of staff likely to be re-employed under
the new structure after their redundancy on April 12.

The Gleaner notes that Air Jamaica Limited does not have any
employees as the staff are employed to Air Jamaica Holdings
Limited, the entity being closed down.

Sources close to the negotiations have told the Gleaner that
intense efforts are being made to work out a wet-lease arrangement
between Air Jamaica Limited and CAL which would see Air Jamaica
continuing to fly six of its leased aircraft using the existing
Airline Operating Certificate and IATA code.  The report relates
that Air Jamaica will operate the routes for CAL on a fixed-price
basis per block hour-payable by CAL.

The Gleaner says that any revenue shortfalls will have to be made
up by CAL and, ultimately, the Government of Trinidad and Tobago
as the principal shareholder of Caribbean Airlines.  In addition,
the report notes, GOTT will be responsible for providing the fuel
hedge guarantee for the Jamaican operations of CAL on the same
terms as is provided to CAL at present, based on US$50 per barrel.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


JAMAICA URBAN TRANSIT: Seeks JM$30 Increase in Bus Fare
------------------------------------------------------
Jamaica Urban Transit Company will increase its bus fares to JM$80
from the JM$50 effective April 1, RadioJamaica reports.  The
report relates Transport Minister Mike Henry who outlined the
increase says it is based on a Cabinet decision.

According to the report, Mr. Henry said that because the competing
bus operations within the KMTR are subject to sub-franchise
licensing from the JUTC, the same regular adult fare will be
applicable to all the non-JUTC services.

Mr. Henry, the report notes, said that the latest increase
represents the government's best effort to balance the need to
recover the JUTC's operating costs and lower the level of public
subsidy to the company.

Meanwhile, the report says, due to budgetary constraints, the
government has opted to delay by a year, the acquisition of 100 of
the 200 new buses which were earmarked for the JUTC this budget
year.

                            About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


===========
M E X I C O
===========


SANLUIS CORPORACION: Seeks to Renegotiate Debt
----------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that auto parts
manufacturer Sanluis Corporacion SAB and its subsidiaries, hit by
lower sales, are seeking to renegotiate debt maturing in June.
The report relates that even a successful renegotiation of US$125
million in bank debt will leave the company with the problem of
US$85 million in bonds that come due at the same time.

Despite an incipient recovery in the auto industry, the company is
unlikely to be able to refinance in capital markets, Juan Pablo
Sanchez, Sanluis's head of investor relations, told Dow Jones
Newswires in an interview.

According to the report, Sanluis reached a standstill agreement
with bank creditors of its Suspensiones Norteamerica division as
the sides negotiate.  Under the standstill agreement, the report
relates the banks -- which include J.P. Morgan Chase & Co. and
Citigroup Inc. (C) -- will abstain from taking legal action for 90
days in relation to the restructured credit agreement.  The report
says that after a couple of years of declining sales, Sanluis has
insufficient cash to meet the final amortization on the debt,
which was restructured in 2002.

Sanluis, Dow Jones Newswires discloses, is seeking to extend the
maturity on the bank debt--which was originally US$234 million--to
2015.  The report says that the negotiations include maintaining
asset guarantees in place under the restructured credit agreement,
and would require excess cash flow or proceeds from asset sales to
be used to prepay debt.  That opens up the prospect that payment
of the bonds, issued by subsidiary Sanluis Co-Inter, would be
pushed even further into the future, the report adds.
"It doesn't look good for the bonds," an unnamed U.S.-based debt
analyst told the news agency.

Dow Jones Newswires relates Mr. Sanchez said that Sanluis came
close to refinancing ahead of the global crisis, and conducted a
road show in 2007, but the possibility vanished as analysts took a
dim view of the prospects for the auto industry.  The report notes
that Sanluis has so far remained current in its interest payments
on the bank debt, and the bonds capitalize interest. Another
US$125 million in convertible debentures mature in 2011.


====================
P U E R T O  R I C O
====================


VISTEON CORP: Wins OK for Puerto Rico Condemnation Suit Settlement
------------------------------------------------------------------
Visteon Corp. and its units obtained approval from the U.S.
Bankruptcy Court to enter into a settlement agreement with the
Commonwealth of Puerto Rico with respect to a condemnation of a
certain property located in Puerto Rico.

Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that Debtor Visteon Caribbean, Inc.
and Plaza Noreste, S.E., executed an Offer and Purchase Agreement
dated June 1, 1998, pursuant to which Visteon Caribbean granted
to Plaza Noreste an option to purchase 26.78 acres of land
located at the Canovanas Industrial Zone, in Canovanas, Puerto
Rico.  The Commonwealth of Puerto Rico, however, (i) filed a
lawsuit in October 2000 in the Court of First Instance of Puerto
Rico, San Juan Part, for condemnation of the Canovanas Property,
and (ii) named Visteon Caribbean, Plaza Noreste, and Eduardo
Ferrer Bolivar, managing partner of Plaza Noreste, as parties-in-
interest in the action.  Puerto Rico deposited US$1,113,000 with
the Puerto Rico Court as the estimated just value of the
Canovanas Property.  At the time of the lawsuit filing, Plaza
Noreste had not exercised its option to purchase the Property.

By May 2004, the Puerto Rico Circuit Court of Appeals issued a
judgment finding that the named condemnation parties could remain
as parties-in-interest in the Condemnation Litigation, but that
Visteon Caribbean would be the only party permitted to litigate
the just value of the Property.

Thereafter, Visteon Caribbean and Plaza Noreste presented their
own appraisal of the Property based on different zoning
classifications.  They subsequently entered into a release and
settlement agreement in October 2004, whereby (i) Visteon
Caribbean agreed to consent to any settlement offer that would
cause it to receive at least US$4,200,000 net, (ii) Visteon
Caribbean would be entitled to a minimum of US$4,200,000 for any
settlement offer less the US$1,113,000 amount already received by
Visteon Caribbean's counsel; (iii) any award in excess of
US$4,200,000 would be paid first to reimburse Plaza Noreste's
counsel fees and expenses, and then to Visteon Caribbean's fees
and expenses associated with the Condemnation Litigation -- with
any remaining amount to be divided between Visteon Caribbean and
Plaza Noreste in the proportions of 20% and 80% respectively; and
(iv) in exchange for the consideration, Plaza Noreste and Mr.
Ferrer would release Visteon Caribbean from any and all claims,
debts and liabilities arising from the Condemnation Litigation.

By September 4, 2007, Visteon Caribbean appraised the just value
of the Property at US$17,300,000 based on a "commercial" zoning
classification.

By February 1, 2008, Puerto Rico appraised the just value of the
Property at US$14,600,000 based on a "commercial" zoning
classification at the time of the Condemnation Litigation's
filing and prior to netting amounts in connection with certain
environmental issues on the Property.  The appraisal then
deducted an aggregate amount of US$8,600,000 in connection with
those environmental issues, resulting in a valuation of
US$6,000,000, about US$1,113,000 of which Puerto Rico had paid at
the commencement of the Condemnation Litigation.

Pursuant to its 2008 appraisal, Puerto Rico made two payments,
aggregating US$4,887,000, in 2008 to Visteon Caribbean plus
US$1,154,470 in interest, as consideration for the Property's
condemnation.  Visteon Caribbean subsequently distributed the
payments pursuant to the terms of the 2004 Release and
Settlement, but continued to pursue the interest of the
Condemnation Parties in the Condemnation Litigation.

After engaging in extensive, arm's-length negotiations, the
Parties seek to enter into a settlement agreement to resolve the
disputed valuation of the Property, which provides that:

  (a) Puerto Rico Industrial Development Corporation will pay
      Visteon Caribbean a settlement amount of US$7,250,000 in
      eight quarterly installments:

       * An initial payment of US$2,000,000 will be made on or
         before June 30, 2010.

       * Four quarterly payments of US$812,500 each will be made
         on or about the 30th day of September 2010, December
         2010, March 2011, and June 2011.

       * Two payments of US$666,666 each will be made on or about
         the 30th day of September and December 2011.

       * A final payment of US$666,666 will be made on or about
         March 30, 2012.

  (b) The settlement amount will be deposited at the Puerto Rico
      Court and is in addition to the amounts Puerto Rico paid
      in 2000 and 2008, for a total payment to Visteon Caribbean
      on behalf of the Condemnation Parties of US$13,250,000,
      excluding interest; and

  (c) In exchange, the Condemnation Parties will release Puerto
      Rico from any further claims regarding the just value of
      the Property.

A full-text copy of the Settlement Agreement is available for
free at http://bankrupt.com/misc/Visteon_PuertoAgreement.pdf

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FIN'L: CLICO Holdings Appeals Insurance Regulator Ban
--------------------------------------------------------
CLICO Holdings Barbados Ltd is fighting the decision by the
Supervisor of Insurance to bar Clico International Life from
writing new business, Caribbean360.com reports.  The report
relates that CLICO Holdings warned that scores of people could go
on the breadline if the decision is not reversed.

According to the report, CLICO Holdings met with the Supervisor of
Insurance to appeal the decision.  "Clico is presently awaiting a
decision for the Company to resume writing new business, which if
not granted, could result in 120 Insurance and Financial Advisors
as well as administration staff being summarily put out of work,"
the report quoted CLICO Holdings as saying.

The report notes that the company also categorically denied that
there is a BDS$300 million (US$150 million) deficit in the
Statutory Fund as indicated by a local newspaper.

The company, the report relates, said that assets valued at
BDS$204.5 million (US$102.2 million) have been placed in the fund
although the accounts for the 2008 financial year show a Statutory
Fund liability of BDS$312.4 million (US$156.2 million).  The
Supervisor of Insurance has requested that the BDS$108 million
(US$54 million) deficiency be rectified, the report says.

However, the report points out, CLICO said that it had paid out
BDS$118 million (US$59 million) to policyholders in Barbados in
the 2009 financial year and was of the view that there was enough
to cover policyholders' liability.  The report relates that the
company has also advised the Supervisor of Insurance that it is in
the process of transferring an additional BDS$41 million (US$20.5
million) of assets into the fund "to further safeguard the
interest of policyholders".

As reported in the Troubled Company Reporter-Latin America on
March 18, 2010, Trinidad Express said that CLICO International
Life and British American Insurance Company, units of CL Financial
Limited, have been prohibited from writing new business by
Barbados' Supervisor of Insurance.  The report related Barbados
Prime Minister David Thompson said that CLICO International and
British American in Barbados will both be placed under judicial
management-but for different reasons.  According to the report,
the Oversight Committee in Barbados was experiencing difficulty in
selling CLICO Life because of the large number of Executive
Flexible Premium Annuities, which carried high interest rates and
were short-term deposits.  The report added Mr. Thompson said that
potential bidders expressed concern about this liability, which
was in excess of Bds$300 million-most of which matured in 2012.

                      About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between US$6
billion and US$8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===============
X X X X X X X X
===============


* Standard & Poor's Says 264 Global Defaults Set New Records
------------------------------------------------------------
Standard & Poor's says that 2009 set many new records in terms of
global corporate default and transition performance.  There were
264 defaults globally, the highest annual total since its database
began in 1981.  The rated debt amount affected by these defaults
reached US$627.7 billion, also a series high. Distressed exchanges
featured prominently as a trigger, accounting for 39% of defaults
globally and 55% of total debt affected by defaults.

Credit degradation among nondefaulting issuers was widespread and
pronounced, especially in the first half of 2009, with the
percentage of issuers downgraded during the course of the year
reaching 18.34%, the highest rate in 29 years.  There were 3.85
downgrades for every upgrade, the worst ratio on record.  In
addition, the average number of notches recorded among downgrades
rose in 2009 to 1.76, a pace unmatched since 2002.

Financials featured disproportionately among issuers that
experienced downgrades of seven or more notches.  Meanwhile,
global speculative-grade default rates -- expressed as a
percentage of the issuer count -- rose to levels that, though not
unprecedented, had not been seen since 1991, driven by trends in
the U.S.

At the end of December 2009, speculative-grade default rates rose
to 10.93% in the U.S. compared with 7.5% in Europe, 5.90% in the
emerging markets, 7.5% in Asia-Pacific, and 9.35% in an assorted
grouping of other developed markets.  In all regions, default
rates in 2009 outpaced the long-term averages.  If all rated
entities are included, the global default rate rose to 3.99% in
2009 from 1.72% a year earlier.  Meanwhile, the investment-grade
default rate fell to 0.32% in 2009 from 0.41% in 2008.

This study includes industrials, utilities, financial institutions
(which includes banks, brokerages, asset managers, and other
financial entities), and insurance companies around the world with
long-term local-currency ratings.  All default rates reported are
calculated on an issuer-weighted basis.

Notwithstanding the record number of defaults, the Gini ratio -- a
key measure of the relative ability of ratings to differentiate
risk -- rose to 82.7% in 2009 from an all-time low of 64.9% a year
earlier.  For the entire 29-year time horizon, the average one-
year Gini was 82.07%.  The high Gini ratio for 2009 indicates that
ratings ably differentiated between defaulters and nondefaulters
in a year characterized by very high defaults. By sector, 11 out
of 13 sectors recorded default rates that were in excess of the
long-term weighted averages.  The only two sectors that failed to
pierce the mean in 2009 were utilities and insurance.  Broken out
by rating, we note that nine out of 17 rating categories recorded
default rates that were in excess of the long-term average.

A copy of the report, which contains a list of the Companies that
have defaulted in 2009, is available for free at:

                 http://researcharchives.com/t/s?5c0e


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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