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

              Tuesday, March 30, 2010, Vol. 11, No. 062

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A


B A H A M A S

ULTRAPETROL: To Release Fiscal 2009 Fourth Qtr. Results Today


B A R B A D O S

CL FIN'L: CLICO Barbados Sale Nears Completion


B E R M U D A

HIG MANAGEMENT: Creditors' Proofs of Debt Due on April 5
HIG MANAGEMENT: Members to Receive Wind-Up Report on April 27
HIGHVIEW CARRY: Creditors' Proofs of Debt Due on April 5
HIGHVIEW CARRY: Members to Receive Wind-Up Report on April 27
HIGHVIEW FOUNDER: Creditors' Proofs of Debt Due on April 5

HIGHVIEW FOUNDER: Members to Receive Wind-Up Report on April 28
HIGHVIEW INVESTMENT: Creditors' Proofs of Debt Due on April 5
HIGHVIEW INVESTMENT: Members to Receive Wind-Up Report on April 28
INTELSAT LTD: Bank Debt Trades at 3% Off in Secondary Market


B R A Z I L

COMPANHIA ENERGETICA: Posts BRL345.9-Million Net Loss in 4Q
COSAN SA: Rumo Forms Logistics Venture With Sao Martinho


C A Y M A N  I S L A N D S

ABSOLUTE VI: Creditors' Proofs of Debt Due on April 15
ACTIV INVESTMENT: Creditors to Hold Meeting on April 7
AIRPORT DEVELOPMENT: Commences Wind-Up Proceedings
AKANA CAPITAL: Creditors' Proofs of Debt Due on April 5
ALMOCA INVESTMENTS: Creditors' Proofs of Debt Due on April 15

ALTERRA CURACAO: Creditors' Proofs of Debt Due on April 15
ANCHORAGE MTR: Creditors' Proofs of Debt Due on April 15
AXEL INVESTMENT: Creditors' Proofs of Debt Due on March 31
AXEL MANAGEMENT: Creditors' Proofs of Debt Due on March 31
BGI EOS: Creditors' Proofs of Debt Due on April 15

BREVAN HOWARD: Creditors' Proofs of Debt Due on April 15
BROCADE GP: Creditors' Proofs of Debt Due on May 3
BTG BROCADE: Creditors' Proofs of Debt Due on May 3
CEDAR MASTER: Creditors' Proofs of Debt Due on April 15
CONTEXT/TQA CONVERTIBLE: Creditors' Proofs of Debt Due on April 15

CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
FIM MULTI: Placed Under Voluntary Wind-Up

LENTIKIA CAYMAN: Creditors' Proofs of Debt Due on May 3
LEXINGTON INVESTMENT: Creditors' Proofs of Debt Due on April 5
MOSAIC CAPITAL: Creditors' Proofs of Debt Due on April 6
MOSAIC EUROPE: Creditors' Proofs of Debt Due on April 6
PALLAS VI: Creditors' Proofs of Debt Due on April 15

PLAINFIELD DIRECT: Creditors' Proofs of Debt Due on April 15
PLAINFIELD DIRECT: Creditors' Proofs of Debt Due on April 15
SAPPHIRE CDO: Creditors' Proofs of Debt Due on April 15
TRIUMPH COMPANY: Creditors' Proofs of Debt Due on April 6
ZAIS SCEPTICUS: Creditors' Proofs of Debt Due on April 5


C O L O M B I A

ECOPETROL SA: Reveals Results of General Shareholders' Meeting


J A M A I C A

AIR JAMAICA: Government Allocations Increase to JM$22.5 Billion
AIR JAMAICA: Love-bird Keycard Fate Undecided
JAMAICA PUBLIC SERVICE: Posts JM$3.8 Billion Earnings in 2009
NATIONAL COMMERCIAL BANK: Offers 9% Farm Loan
NATIONAL COMMERCIAL BANK: Insurance Unit Offers New Plan

NATIONAL COMMERCIASL BANK: Love-bird Keycard Fate Undecided
SUGAR COMPANY OF JAMAICA: Gets No Provision in 2010-2011 Budget


P A N A M A

HSBC BANK: Fitch Affirms Individual Rating at 'C/D'
* PANAMA: S&P Puts ICA Sr. Unsec. Rating on Watch Negative


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Sells Condos at 60% Discount
FIRSTBANK PUERTO RICO: Seeks Foreclosure on Broward Hotel, Condos


T R I N I D A D  &  T O B A G O

CL FIN'L: Court Battles Over CLICO (Bahamas) Information
CL FIN'L: Chairman Calls Asks Policyholders to "be Patient"


T U R K S  &  C A I C O S  I S L A N D S

OLIT CORP: Special Prosecutor Team Takes Over Ex-Owner's Case


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Petroleum Corp Inks JV With SNC-Lavalin
* VENEZUELA: RBS Lowers Venezuela GDP Forecast on Devaluation


X X X X X X X X

* Emerging Economies Need Pre-approved Emergency Facility
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXXIII issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

                      The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 38,517 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,001,690.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

                             Structure

Deutsche Bank S.A. (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 248 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 19% or lower
than 12%.  The Class C Fixed Rate Securities will bear a fixed
interest rate of 19.50%.

Overall credit enhancement is comprised of subordination: 56% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

                         Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. (Argentina) will be appointed as the back-up
servicer.

                          Rating Action

Originator: Banco Supervielle S.A.

* ARS35,200,000 in Class A Fixed Rate Debt Securities of
  "Fideicomiso Financiero Supervielle Creditos Banex XXXIII",
  rated Aaa.ar (Argentine National Scale) and Ba1 (Global Scale,
  Local Currency)

* ARS32,800,000 in Floating Rate Debt Securities of "Fideicomiso
  Financiero Supervielle Creditos Banex XXXIII", rated Aaa.ar
  (Argentine National Scale) and Ba1 (Global Scale, Local
  Currency)

* ARS8,000,000 in Class C Fixed Rate Debt Securities of
  "Fideicomiso Financiero Supervielle Creditos Banex XXXIII",
  rated Ba1.ar (Argentine National Scale) and Caa1 (Global Scale,
  Local Currency)

* ARS4,000,000 in Certificates of "Fideicomiso Financiero
  Supervielle Creditos Banex XXXIII", rated Caa2.ar (Argentine
  National Scale) and Caa3 (Global Scale, Local Currency)


=============
B A H A M A S
=============


ULTRAPETROL: To Release Fiscal 2009 Fourth Qtr. Results Today
-------------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its fourth quarter 2009
financial results on March 30, 2010, after the close of stock
market trading.  Ultrapetrol will host a related conference call
on March 31, 2010, at 10:00 a.m. Eastern Time, accessible via
telephone and Internet with an accompanying slide presentation.

On the call, Felipe Menendez Ross, President and Chief Executive
Officer, and Leonard Hoskinson, Chief Financial Officer, will
discuss Ultrapetrol's results and the outlook for its three
businesses.  There also will be a question and answer session.
The call is expected to last approximately one hour, and an audio
webcast and slide presentation will be available on the Investor
Relations section of Ultrapetrol's Web site at
http://www.ultrapetrol.net.

Investors and analysts may participate in the live conference call
by dialing 888-946-9415 (toll-free U.S.) or 212-287-1628 (outside
of the U.S.); passcode: ULTR.

The replay can be accessed at 866-501-7038 (toll-free U.S.) or
203-369-1841 (outside of the U.S.) passcode: 3003.  The webcast
and presentation will be archived on Ultrapetrol's Web site for 30
days after the call.

                        About Ultrapetrol

Ultrapetrol -- http://www.ultrapetrol.net/-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for grain, forest products, minerals, crude oil,
petroleum and refined petroleum products, as well as the offshore
oil platform supply market with its extensive and diverse fleet of
vessels.  These include river barges and pushboats, platform
supply vessels, tankers and oil-bulk-ore/capesize vessels.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Standard & Poor's Rating Services said that it
revised its outlook on Bahamas-based transportation company
Ultrapetrol (Bahamas) Ltd. to negative from stable.  At the same
time, S&P affirmed the ratings, including the corporate credit
rating on the company, at 'B'.



===============
B A R B A D O S
===============


CL FIN'L: CLICO Barbados Sale Nears Completion
----------------------------------------------
The Barbados Public Workers' Cooperative Credit Union Limited had
already obtained permission from the Registrar of Cooperatives --
the regulator for the credit union movement in the island -- to go
ahead with the acquisition of CLICO Mortgage and Finance
Corporation from its current owners, Jamaica Observer reports.
The report relates BPWCCUL said that if all goes according to
plan, it will be keeping the doors of the CLICO's St Lucia office
open.  CMFC is one of three CLICO Holdings Barbados Ltd
subsidiaries which were put up for sale under the watch of an
Oversight Committee

According to the report, BPWCCUL has recently received approval
from the Central Bank of Barbados to proceed with the purchase.
"This latest development means that BPWCCUL has obtained key
regulatory approvals and within months, the credit union expects
to conclude the deal.  An important final step will include
obtaining permission from the Eastern Caribbean Central Bank,
which has regulatory oversight for CMFC's branch in Castries,"
BPWCCUL said in a statement obtained by The Observer.  "This
permission would allow the company to maintain its presence in
Castries," the union added.

The Observer notes that BPWCCUL Chief Executive Officer Clorinda
Alleyne confirmed that the credit union, which has assets of over
BDS$650 million (US$325 million), had already made the traditional
own down payment to confirm their commitment to purchasing CMFC.

The report discloses that a key component of the BPWCCUL bid for
CMFC is a commitment to maintaining all existing jobs.

                         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.


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


HIG MANAGEMENT: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------------
The creditors of HIG Management Company Ltd. are required to file
their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

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


HIG MANAGEMENT: Members to Receive Wind-Up Report on April 27
-------------------------------------------------------------
The members of HIG Management  Company 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 17, 2010.

The company's liquidator is:

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


HIGHVIEW CARRY: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------------
The creditors of HighView Carry Holdings Ltd. are required to file
their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

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


HIGHVIEW CARRY: Members to Receive Wind-Up Report on April 27
-------------------------------------------------------------
The members of HighView Carry Holdings 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 17, 2010.

The company's liquidator is:

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


HIGHVIEW FOUNDER: Creditors' Proofs of Debt Due on April 5
----------------------------------------------------------
The creditors of HighView Founder Holdings SAC Ltd. are required
to file their proofs of debt by April 5, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

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


HIGHVIEW FOUNDER: Members to Receive Wind-Up Report on April 28
---------------------------------------------------------------
The members of HighView Founder Holdings SAC Ltd. will receive on
April 28, 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 17, 2010.

The company's liquidator is:

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


HIGHVIEW INVESTMENT: Creditors' Proofs of Debt Due on April 5
-------------------------------------------------------------
The creditors of HighView Investment Group SAC Ltd. are required
to file their proofs of debt by April 5, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

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


HIGHVIEW INVESTMENT: Members to Receive Wind-Up Report on April 28
------------------------------------------------------------------
The members of HighView Investment Group SAC Ltd. will receive on
April 28, 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 17, 2010.

The company's liquidator is:

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


INTELSAT LTD: Bank Debt Trades at 3% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which Intelsat Ltd. is a
borrower traded in the secondary market at 97.04 cents-on-the-
dollar during the week ended Friday, March 26, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.77 percentage
points from the previous week, The Journal relates.  The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on July 7, 2013, and carries Moody's B1
rating and Standard & Poor's BB- rating.  The debt is one of the
biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

Headquartered in Pembroke, Bermuda, Intelsat Ltd., formerly
PanAmSat Corp., -- http://www.intelsat.com/-- is the largest
fixed satellite service operator in the world and is owned by
Apollo Management, Apax Partners, Madison Dearborn, and Permira.
The company has a sales office in Brazil.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


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


COMPANHIA ENERGETICA: Posts BRL345.9-Million Net Loss in 4Q
-----------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Cia. Energetica
de Sao Paulo (Cesp) reported a net loss of BRL345.9 million in the
fourth quarter.  Analysts had forecast profit of 193 million
reais, according to the average of nine estimates compiled by
Bloomberg.

According to the report, Raymond James & Associates Inc. analyst
Ricardo Cavanagh said that the quarterly loss was due to non-
recurring provisions totaling BRL400 million.  The report relates
that Cesp said profit reached BRL762.7 million (US$422.3 million)
in 2009.

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured Debt rating.

The company also continues to carry Standard and Poors' "B" LT
Issuer credit rating.


COSAN SA: Rumo Forms Logistics Venture With Sao Martinho
--------------------------------------------------------
Cosan S.A. Industria e Comercio's logistics arm, Rumo, has
established a partnership with milling company Sao Martinho SA,
Tony Danby at Dow Jones Newswires reports.  The report relates
Rumo President Julio Fontana Neto said that the partnership is
aimed at developing more efficient processes and lower costs to
export sugar.

According to the report, Cosan SA and Sao Martinho plan to invest
in a rail terminal and terminal facilities in Santos, the
country's main port for sugar exports, as both ramp up their sugar
production.  The report relates that Rumo will also allow Sao
Martinho to store excess sugar at its terminals in Santos,
Brazil's main port for sugar exports.

Cosan SA, the report notes, has the capacity to crush around 60
million tons in 2010-11, while Sao Martinho can crush up to 14
million tons.

                            About Cosan SA

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Moody's Investors Service placed the Ba3 corporate
family rating for Cosan S.A. Industria e Comercio and its
guaranteed senior unsecured debt ratings on review for possible
upgrade, following the announcement that the company has entered
into a memorandum of understanding with Shell for the formation of
two joint ventures to combine the majority of Cosan's businesses
with several of Shell's assets in Brazil, including its fuel
distribution business.


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


ABSOLUTE VI: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------
The creditors of Absolute VI Synthetic CDO Limited are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 1, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


ACTIV INVESTMENT: Creditors to Hold Meeting on April 7
------------------------------------------------------
The creditors of Activ Investment Partners, Ltd will hold their
meeting on April 7, 2010, at 10:00 a.m., at Zolfo Cooper, 4th
Floor of Bermuda House, Cayman Financial Center, in George Town,
Grand Cayman KY1-1102, Cayman Islands.

The company's liquidator is:

         Gordon I. Macrae
         c/o Eleanor Fisher-eleanor.fisher@zolfocooper.ky
         Zolfo Cooper
         Bermuda House, 4th Floor
         P.O. Box 1102, Dr. Roy's Drive
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: (345) 946-0081
         Facsimile: (345) 946-0082


AIRPORT DEVELOPMENT: Commences Wind-Up Proceedings
--------------------------------------------------
On February 24, 2010, the sole shareholder of Airport Development
Consulting Ltd. passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
March 29, 2010, will be included in the company's dividend
distribution.

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


AKANA CAPITAL: Creditors' Proofs of Debt Due on April 5
-------------------------------------------------------
The creditors of Akana Capital Offshore Fund, Ltd. are required to
file their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 1, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


ALMOCA INVESTMENTS: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------------
The creditors of Almoca Investments Ltd. are required to file
their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 26,
2010.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         c/o Mourant du Feu & Jeune
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647

OR

         Mourant Cayman Liquidators, Ltd.
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108, Cayman Islands


ALTERRA CURACAO: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------
The creditors of Alterra Curacao Holdings, Ltd. are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 23, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


ANCHORAGE MTR: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Anchorage MTR Offshore Fund, Ltd. are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


AXEL INVESTMENT: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------
The creditors of Axel Investment Fund 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 February 25, 2010.

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


AXEL MANAGEMENT: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------
The creditors of The Axel Management Group 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 February 25, 2010.

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


BGI EOS: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------
The creditors of BGI EOS (Us Dollars) Ltd. are required to file
their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 25, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


BREVAN HOWARD: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Brevan Howard P&C Fund Limited are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 25,
2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BROCADE GP: Creditors' Proofs of Debt Due on May 3
--------------------------------------------------
The creditors of Brocade GP Limited are required to file their
proofs of debt by May 3, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2010.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BTG BROCADE: Creditors' Proofs of Debt Due on May 3
---------------------------------------------------
The creditors of BTG Brocade Macro Master Fund Limited are
required to file their proofs of debt by May 3, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2010.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


CEDAR MASTER: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------
The creditors of Cedar Master Platform Fund are required to file
their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


CONTEXT/TQA CONVERTIBLE: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------------
The creditors of Context/TQA Convertible Master Fund, Ltd. are
required to file their proofs of debt by April 15, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Credit Linked Notes Ltd. 2004-1 are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 10,
2009.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Credit Linked Notes Ltd. 2004-2 are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Credit Linked Notes Ltd. 2004-3 are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CREDIT LINKED: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
The creditors of Credit Linked Notes Ltd. 2004-4 are required to
file their proofs of debt by April 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FIM MULTI: Placed Under Voluntary Wind-Up
-----------------------------------------
On February 10, 2010, the sole voting shareholder of FIM Multi
Strategy Fund, Ltd. passed a resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

         James Keyes
         101 Front Street
         Hamilton HM 12, Bermuda


LENTIKIA CAYMAN: Creditors' Proofs of Debt Due on May 3
-------------------------------------------------------
The creditors of Lentikia Cayman Holdings Limited are required to
file their proofs of debt by May 3, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2010.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


LEXINGTON INVESTMENT: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------------------
The creditors of Lexington Investment Fund are required to file
their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


MOSAIC CAPITAL: Creditors' Proofs of Debt Due on April 6
--------------------------------------------------------
The creditors of Mosaic Capital Management are required to file
their proofs of debt by April 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2010.

The company's liquidator is:

         Alain Zajfen
         Campbells
         P.O. Box 268
         4th Floor, Scotia Centre, George Town
         Grand Cayman KY1-1104, Cayman Islands
         Telephone: 1-345-946-0754
         Facsimile: 1-345-946-0751


MOSAIC EUROPE: Creditors' Proofs of Debt Due on April 6
-------------------------------------------------------
The creditors of Mosaic Europe Fund are required to file their
proofs of debt by April 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 3, 2010.

The company's liquidator is:

         Alain Zajfen
         Campbells
         P.O. Box 268
         4th Floor, Scotia Centre, George Town
         Grand Cayman KY1-1104, Cayman Islands
         Telephone: 1-345-946-0754
         Facsimile: 1-345-946-0751


PALLAS VI: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------
The creditors of Pallas VI Limited are required to file their
proofs of debt by April 15, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


PLAINFIELD DIRECT: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------
The creditors of Plainfield Direct Master Fund Limited are
required to file their proofs of debt by April 15, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 1, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


PLAINFIELD DIRECT: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------
The creditors of Plainfield Direct Offshore Feeder Fund Limited
are required to file their proofs of debt by April 15, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 1, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


SAPPHIRE CDO: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------
The creditors of Sapphire CDO Limited are required to file their
proofs of debt by April 15, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


TRIUMPH COMPANY: Creditors' Proofs of Debt Due on April 6
---------------------------------------------------------
The creditors of Triumph Company are required to file their proofs
of debt by April 6, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 22, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


ZAIS SCEPTICUS: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------------
The creditors of Zais Scepticus Fund I, Ltd. are required to file
their proofs of debt by April 5, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2010.

The company's liquidator is:

         Ogier
         c/o Hayden Isbister
         Telephone: (345) 815-1815
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


===============
C O L O M B I A
===============


ECOPETROL SA: Reveals Results of General Shareholders' Meeting
--------------------------------------------------------------
Ecopetrol S.A. has disclosed the resolutions which were approved
by the Company's Shareholders at the Company's Annual General
Shareholders' Meeting, held in Bogota.

The main resolutions were:

    * Approval of the reports presented by the CEO and the Board
      of Directors.

    * Approval of the Company's financial statements for the year
      ended December 31, 2009.

    * The distribution of an annual per share dividend payment of
      COP$91. The ordinary dividend will be distributed in three
      installments as follows: COP$31 per share to be paid from
      April 25, 2010, COP$30 per share to be paid from August 25,
      2010 and COP$30 per share to be paid from December 15, 2010,
      to shareholders who are of record 10 stock business days
      before the relevant payment date.

    * The election of the following members to the Board of
      Directors: Minister of Finance, Minister of Mines and
      Energy, and Director of Planning Department, all of them
      representing the Government of Colombia; and of the
      following independent members: Mr. Fabio Echeverri Correa,
      Mr. Joaquin Moreno Uribe, Mr. Ignacio Sanin Bernal, Ms.
      Maria Elena Velasquez, Mr. Mauricio Cardenas Santamaria and
      Mr. Amylkar Acosta Medina.


    * The election of PRICEWATERHOUSECOOPERS LTDA (PWC) as
      Statutory and External Auditor of ECOPETROL S.A. and its
      affiliates.

    * Authorization for increasing the current ceiling for non-
      convertible bond issuance by COP$5.5 trillion. Bonds can be
      placed in Colombia and/or abroad in one or several issuances
      in the following years, according to the requirements of the
      investment plan, market conditions, as the grant of
      authorization by the Board of Directors and government
      entities competent to that effect.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


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


AIR JAMAICA: Government Allocations Increase to JM$22.5 Billion
---------------------------------------------------------------
Air Jamaica Limited will get provisions from the Jamaican
government as it is included in n the 2010-2011 Budget, Jamaica
Gleaner reports.

According to the report, the allocation to Air Jamaica has
increased to JM$22.5 billion reflecting the provision for payments
associated with the planned divestment of the airline.  The report
relates that a big chunk of that money will go towards redundancy
payments for the airline staff who could be sent home within
weeks.

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: Love-bird Keycard Fate Undecided
---------------------------------------------
The fate of National Commercial Bank of Jamaica's love-bird
keycard is still being discussed, whether it will survive Air
Jamaica Limited's exit from aviation on April 12, 2010, Jamaica
Gleaner reports.

According to the report, reward points, which can accumulate for
up to two years, are racked up on the credit card secure travel --
at full or half fare depending on point accumulation -- to any
destination flown by Air Jamaica.  The report relates that
Trinidad-owned Caribbean Airlines Limited is procuring five of the
Jamaican carrier's profitable routes -- negotiations are due to
close March 31 -- but NCB says its talks regarding the credit card
is with Air Jamaica.

Meanwhile, Sheree Martin, the bank's senior assistant general
manager for group marketing and communications, said that
discussions should be wrapped up by the end of the month.  "We are
still working with Air Jamaica to finalize the changes to the
program," Ms. Martin said in an email obtained by the news agency.
"We will communicate same to all the relevant stakeholders,
including our Lovebird Keycard holders, as soon as the terms are
finalized.  We expect this to happen by the end of March," she
added.

The Gleaner says that NCB did not disclose credit card
subscription numbers, and would not divulge the number of
cardholders likely to be affected.

                          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.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


JAMAICA PUBLIC SERVICE: Posts JM$3.8 Billion Earnings in 2009
-------------------------------------------------------------
The Jamaica Public Service company has increased its earnings by
almost six times in the last year alone, RadioJamaica News
reports.  The report relates, citing the Jamaica Stock Exchange
earlier, showed that the company's earnings during 2009 totaled
more than US$42 million or about JM$3.8 billion.

According to the report, the company posted JM$638 million or
about US$7.2 million earnings in 2008.

RadioJamaica says that stronger earnings came despite revenues
falling under US$800 million from the almost US$1 billion in
revenues the company garnered in 2008.

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 to 600 million dollars in
retroactive, overtime and redundancy payments.


NATIONAL COMMERCIAL BANK: Offers 9% Farm Loan
---------------------------------------------
National Commercial Bank, in partnership with the Ministry of
Agriculture and Fisheries, launched a new loan product that offers
farmers up to JM$2 million of credit at 9% interest per annum,
Jamaica Gleaner reports.  The report relates that applicants have
just over a month, to April 30, to file applications for the cheap
before the price of the loan climbs to 15%.

According to the report, the borrowers must be either onion, Irish
potato or pepper farmers.  The report relates that Bank of Jamaica
confirmed that agriculture loans, though relatively small, are
growing, while demand for credit in other major sectors is in
decline or remains flat.

The report notes that from JM$4.6 billion in 2008 -- a period in
which agriculture loans more than doubled -- banks issued JM$5.5
billion credit to farmers in 2009 to set a new record in the
sector.  The report relates that total bank loans issued at
December 2009 was JM$49 billion, up from JM$40 billion in 2008.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL BANK: Insurance Unit Offers New Plan
--------------------------------------------------------
NCB Insurance Company launched an individual retirement product
the "SMART Retirement Plan."  The SMART Retirement Plan is a
personalized pension plan that provides contributors with a
monthly income on retirement and contributions are accumulated
tax-free.

NCB Group Managing Director, Patrick Hylton stated, "The NCB Group
has a long history of pension fund management through its
subsidiary West Indies Trust Company Limited that was transferred
to NCB Insurance Company in 2007, making NCBIC the industry leader
among Pension Fund Managers in Jamaica with over 40 years of
service in the industry.  NCBIC is the largest segregated pension
funds manager in Jamaica with dedicated client relationship
officers who are experts in pension regulations and pension
administration."

The SMART (Secure Money At Retirement) Retirement Plan is open to
Jamaican residents between the ages 18-69 years who are not
contributing to any other approved pension plan.  This is ideal
for the self employed, employees of small and medium-sized
enterprises and individuals who were terminated from an approved
plan.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIASL BANK: Love-bird Keycard Fate Undecided
-----------------------------------------------------------
The fate of National Commercial Bank of Jamaica's love-bird
keycard is still being discussed, whether it will survive Air
Jamaica Limited's exit from aviation on April 12, 2010, Jamaica
Gleaner reports.

According to the report, reward points, which can accumulate for
up to two years, are racked up on the credit card secure travel --
at full or half fare depending on point accumulation -- to any
destination flown by Air Jamaica.  The report relates that
Trinidad-owned Caribbean Airlines Limited is procuring five of the
Jamaican carrier's profitable routes -- negotiations are due to
close March 31 -- but NCB says its talks regarding the credit card
is with Air Jamaica.

Meanwhile, Sheree Martin, the bank's senior assistant general
manager for group marketing and communications, said that
discussions should be wrapped up by the end of the month.  "We are
still working with Air Jamaica to finalize the changes to the
program," Ms. Martin said in an email obtained by the news agency.
"We will communicate same to all the relevant stakeholders,
including our Lovebird Keycard holders, as soon as the terms are
finalized.  We expect this to happen by the end of March," she
added.

The Gleaner says that NCB did not disclose credit card
subscription numbers, and would not divulge the number of
cardholders likely to be affected.

                          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.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


SUGAR COMPANY OF JAMAICA: Gets No Provision in 2010-2011 Budget
---------------------------------------------------------------
The Sugar Company of Jamaica Limited will not get any provisions
in the 2010-2011 Budget, Jamaica Gleaner reports.  The report
relates that the government has indicated that it plans to divest
the company.

According to the report, The Citrus Company of Jamaica, Clarendon
Alumina Partners and Caymanas Track Limited have also been cut
from the Budget, freeing up billions of dollars.

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


===========
P A N A M A
===========


HSBC BANK: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Following the upgrade of Panama's Sovereign ratings, Fitch Ratings
has upgraded HSBC Bank Panama's ratings:

  -- Foreign Currency Long-Term Issuer Default Rating to 'A-' from
     'BBB+';

  -- Foreign Currency Short-Term IDR to 'F1' from 'F2';

  -- Support Rating to '1' from '2'.

  -- The Individual Rating was affirmed at 'C/D';

The Rating Outlook is Positive.

At the same time, Fitch also affirmed HBPA's national scale
ratings:

  -- Long-Term National Rating at 'AAA(Pan)'; Outlook Stable;
  -- Short-Term National Rating at 'F1+(Pan)';
  -- Senior Unsecured Debt at 'AAA(Pan)'.

HSBC Bank Panama ratings were upgraded following the upgrade of
Panama's Sovereign Rating to 'BBB-' that was accompanied by the
upgrade of Panama's Country Ceiling to 'A-'.

HBPA's IDRs reflect the support it would receive from its parent,
HSBC Holdings plc (rated 'AA' by Fitch), should it be required;
the IDRs are constrained by Panama's country ceiling which is
expected to move in line with the Sovereign rating under most
circumstances, underpinning the alignment of HBPA's Rating Outlook
to that of the sovereign.  The Individual Rating reflects its
strong franchise, market share, and improving efficiency as well
as its deteriorating asset quality, lower reserve coverage,
relatively lower capital and tough competitive environment.

Fitch believes that, considering HBPA's size, importance and key
role in HSBC's regional strategy, support from its parent should
be forthcoming, if needed.  HBPA's IDRs could be upgraded if
Panama's country ceiling is upgraded; the IDRs would move in line
with the country ceiling.  Downside risk for the IDRs is limited
in the short term given Panama's positive economic prospects, but
the Individual Rating could be pressured if HBPA's performance
declines, asset quality deteriorates significantly, reserve
coverage weakens or capital ratios deteriorate.

HBPA is 100% owned by HSBC; its operations are highly integrated
within HSBC's regional franchise where it is considered a key
subsidiary.  A universal bank active in consumer, commercial and
corporate lending, HBPA held about 20% of the system's assets at
December 2009; it merged with PBI in May 2009 to create Panama's
largest bank and a major regional player


* PANAMA: S&P Puts ICA Sr. Unsec. Rating on Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-'senior
unsecured debt rating on ICA Panama's $150 million 20-year bonds
on CreditWatch with negative implications.  The bonds are backed
by the collection rights on Corredor Sur toll road revenues.

The CreditWatch follows the recent announcement that the
government of Panama (BB+/Positive/--) has reached an agreement
with Empresas ICA S.A.B de C.V. to take control of ICA Panama
which holds the concession to operate Corredor Sur toll road.  The
CreditWatch listing reflects S&P's concerns that the government's
control over ICA Panama could lead to future actions that limit
the project's operating activities and payment capacity.  S&P
could lower the rating one notch to reflect the institutional and
country risk of the Republic of Panama.  In addition, S&P could
lower the rating further if the debt structure is affected.  S&P
will resolve the CreditWatch once a definitive sale agreement is
reached.

Corredor Sur is a 19.5-kilometer urban toll road in Panama
connecting the Panama City downtown area with Tocumen
International Airport.  The Panamanian government awarded ICA
Panama a 30-year concession to construct, maintain, and operate
the toll road.  The Corredor Sur has been fully operational since
Feb. 29, 2000.


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


FIRSTBANK PUERTO RICO: Sells Condos at 60% Discount
---------------------------------------------------
Brian Bandell at South Florida Business Journal News reports that
FirstBank Puerto Rico sold 93 repossessed condominium units in
Miami Gardens to an investment group at a 60% discount to the
foreclosure judgment against them.  The report relates that the
sale is just one example of the startling drop in condo values
that is causing major losses at many banks.

According to the report, Pinecrest resident Rodolfo Blanco owned
the 93 units in the Coral Gate East Condominium, along Miami
Gardens Drive.  The report notes that Mr. Blanco bought them for
US$8.36 million in March 2007 from a condo converter with help
from a US$6.62 million mortgage from FirstBank.

FirstBank Puerto Rico, the report discloses, won a US$7.05 million
foreclosure judgment against Blanco in March 2009 and took title
to the units.  On March 19, the report says, FirstBank sold the
condos to Miami-based Mazal Investments 21 for US$2.83 million.

                   About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bak accepts
deposits, make loans and provides other servies for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


FIRSTBANK PUERTO RICO: Seeks Foreclosure on Broward Hotel, Condos
-----------------------------------------------------------------
FirstBank Puerto Rico aka FirstBank Florida has filed foreclosure
lawsuits against the Rest Inn in Dania Beach and 32 units in the
Palm Aire Gardens Condominium in Pompano Beach, South Florida
Business Journal News reports.  The report, citing Broward County
Circuit Court records, relates that the bank filed a foreclosure
action on March 11, 2010, against Laxmi Realty and President
Anil B. Patel over the hotel at 333 S. Federal Highway.

According to the report, the foreclosure action concerns a
mortgage granted for US$2.5 million in 2007 and modified in July
at the same amount.  The report relates that it was not scheduled
to mature until 2022.  The report notes that the complaint also
named Miami Beach resident Roni Gabay, who wrote a US$2.3 million
second mortgage to Laxmi Realty and six other South Florida
hotels, two of which are in foreclosure.

Laxmi Realty bought the 13,882-square-foot hotel for US$250,000 in
2003, the report recalls.

Meanwhile, the report relates, FirstBank Florida filed a
foreclosure lawsuit against Coral Gables-based AG at Palm Aire and
managing members Jorge Guarch and Fernando Aran over the 32 units
in the Pompano Beach condo.  The report notes that the company
purchased the units in the 417-unit Palm Aire Gardens complex, at
4201 W. McNab Road, in 2007 in a US$2.9 million bulk buy.

The bank, the report says, gave AG at Palm Aire a US$2.9 million
mortgage to support the deal.  The units were leased out and none
was sold, the report adds.

                   About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bak accepts
deposits, make loans and provides other servies for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


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


CL FIN'L: Court Battles Over CLICO (Bahamas) Information
--------------------------------------------------------
Scott Armstrong at The Nassau Guardian reports that CL Financial
Limited Chairman Lawrence Duprey and his wife, Sylvia Baldini,
sought a protective order against Clico (Bahamas) Ltd in the U.S.
courts to relieve their former attorneys Greenburg Traurig of any
obligation to produce corporate records reflecting ownership of
any entity -- expcet if owned by Clico.  CL Financial is the
parent firm of Clico (Bahamas) Limited.

According to the report, Mr. Duprey claimed that the request for
disclosure was "overly broad and purports to request documents of
a privileged, confidential and proprietary nature".  Mr. Duprey,
the report relates, also claimed that the documents had no
relationship to CLICO's liabilities or financial condition.

The report notes that both Mr. Duprey and claimed such disclosure
was a violation of the client/attorney relationship and an
invasion of their privacy.

The report says that their motion seeks not to restrict CLICO in
the scope of the discovery but imposed certain conditions,
granting Mr. Greenburg the opportunity to cite client privilege
but also giving CLICO the right to object.

                         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.


CL FIN'L: Chairman Calls Asks Policyholders to "be Patient"
-----------------------------------------------------------
Peter D. Neptune at Trinidad and Tobago Guardian reports that
Trinidad and Tobago Finance Minister Karen Tesheira has called for
more patience from the public as the Central Bank works on the
bailout package and provides funding for payments to policyholders
and depositors of CL Financial Limited and CLICO.

"Since this crisis began, we have been saying that part of the
solution will have to be a period of adjustment for many of us and
we have been encouraging depositors to be patient as many of the
issues relating to the crisis were very complex.  And, we are
doing our part to unravel it, to determine the kind of support
needed as well as to determine the value of many of the assets
held by the company.  This is the only way we could recover funds
for investors.  The CL Financial Group had sound assets that were
valued at more than $100 billion.  That is more than 30 per cent
of the country's gross domestic product, so it will take a while
for us to go through the books and have the information to
determine the way forward," the report quoted Ms. Tesheira as
saying.

According to the report, Ms. Tesheira said that the government was
working with the Central Bank, the Securities and Exchange
Commission and the regional rating agency, Caribbean Information
and Credit Rating Services Ltd, to develop regulations that will
give the Central Bank and other regulators further oversight over
the financial services sectors, restore confidence in the system
and protect the interest of less savvy investors.

                         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.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLIT CORP: Special Prosecutor Team Takes Over Ex-Owner's Case
-------------------------------------------------------------
Hayden Boyce Turks & Caicos SUN News reports that Special
Prosecutor Helen Garlick and her Prosecution Team, on the
instructions from the Attorney General's Chambers, have taken over
the prosecution of the case against OLINT Corp's boss David Smith
who has been charged in connection with millions of dollars in
financial crimes.  The report relates that Ms. Garlick and her
team were asked to take over the prosecution of the case because
no one in the Attorney General's Chambers was capable of handling
the case against Mr. Smith.

According to the report, the special prosecution team is made of
30 individuals that "intend to carry out its mission to
investigate a number of areas highlighted in the recommendations
of Robin Auld's report."

Meanwhile, the report relates, OLINT court-appointed liquidator
Joseph Connolly said that $1.8 million has been restrained by the
Attorney-General of the Turks and Caicos Islands relating to an
individual who received a transfer of approximately $2.5 million
just prior to the closure of Olint TCI.  The report notes that Mr.
Connolly's report noted that there are currently 598 claims being
processed, of which 253 claimants have submitted Olint TCI
statements showing balances totaling US$133million inclusive of
"gains on account".

The SUN says that of the total claimants:

   -- 272 (45.5%) have provided membership agreements
      with Hallmark/Olint TCI;
   -- 36 (6%) have provided membership agreements with
      Overseas Locket International;
   -- 15 (2.5%) have provided membership agreements for both
      Entities; and
   -- 23 (3.9%) have provided agreements with feeder clubs.

The report notes that up to November 15, 2009, 252 (42.1%) of
claimants have still not provided any membership agreements.

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, RadioJamaica said that Mr. Smith was put to jail
in the Turks and Caicos Islands, after being arrested on
September 28 in the neighboring Caribbean territory.  According to
a TCRLA report on June 16, 2009, citing Caribbean Net News, said
Florida resident Christopher Walker sued the several parties for
their involvement in (OLINT)'s operations.  The report related Mr.
Walker, who is claiming that he was defrauded in the company's
"get-rich-quick scheme", is seeking US$2.4 million in damages.

According to the report, Mr. Walker's complaint involved these
defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.

                          About Olint Corp.

Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks & Caicos and the U.S.  It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm.  On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act.  The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration.  Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.  In May 2008, the National Commercial
Bank Jamaica Limited attempted to close three Olint accounts in
the bank.  However, Olint secured an injunction from the court
barring the National Commercial from closing the accounts.
Olint has suspended payments to its members since early this
year.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Petroleum Corp Inks JV With SNC-Lavalin
---------------------------------------------------------------
SNC-Lavalin has been awarded a contract for conceptual and basic
engineering involving production facilities and the upgrading of
heavy oil in Venezuela's Orinoco oil belt, The Canadian Press
reports.  The report relates that the contract is signed with
Venezuelan Petroleum Corp., a subsidiary of Petroleos de Venezuela
S.A.

According to the report, as part of this contract, SNC-Lavalin
will prepare a master plan to develop projects in the Carabobo and
Junin blocks of the Orinoco belt.  The report relates that the
master plan will later be extended to the whole belt.  "The plan
will include an integral study of the supply, transportation and
storage of diluents; electrical power supply; gas management;
management, transportation, storage and shipping of diluted crude
and non-oil work that supports the project's viability," SNC said
in a statement obtained by The Press.

"This contract highlights SNC-Lavalin's expertise in the front-end
planning and design of heavy oil production, processing and
handling facilities", the report quoted Jean Beaudoin, executive
vice-president of SNC-Lavalin Group Inc., as saying.  "PDVSA has
been an important client for SNC-Lavalin for more than 12 years
and we are pleased to play a key role in the strategic development
of Venezuela's oil resources for their people," Mr. Beaudoin
added.

SNC-Lavalin, the report notes, will execute the services under
this contract in consortium with Y&V Engineering and Construction
and Albatroz Engineering, both local Venezuelan companies.

                          About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


* VENEZUELA: RBS Lowers Venezuela GDP Forecast on Devaluation
-------------------------------------------------------------
Royal Bank of Scotland Plc lowered its forecast for Venezuelan
economic growth this year as an electricity shortage causes a drop
in output and restricted dollar sales curb imports, Daniel Cancel
at Bloomberg News reports, citing RBS analyst Boris Segura.  The
report relates that RBS now expects Venezuela's economy to shrink
3% in 2010 rather than post zero growth.  Mr. Segura, the report
notes, said that consumer prices may rise less than the bank
expected at an annual rate of 30%, down from a previous forecast
of 40%.

According to the report, Venezuelan President Hugo Chavez devalued
the bolivar by as much as 50% on January 8, in a bid to narrow the
country's budget deficit which is projected to be 3.2% of GDP,
according to Morgan Stanley.  Mr. Segura, the report relates, said
that Venezuela's foreign exchange administration commission
(Cadivi) failed to allot sufficient dollars to importers to boost
production and pull Venezuela out of a recession.

Bloomberg News notes that Venezuela's economy contracted 3.3% last
year and fell into recession for the first time since 2003 as oil
output and exports plunged.  The report relates that the economy
may contract 7% in the first quarter of this year.

President Chavez, the report notes, decreed a national emergency
last month as Venezuela attempts to stave off collapse of its
power grid, strained by drought-shriveled reservoirs behind
hydroelectric dams.  The report says that the government has
reduced work days for public employees and threatened to halt
power to companies that fail to curb their consumption by 20
percent.

                           *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


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


* Emerging Economies Need Pre-approved Emergency Facility
---------------------------------------------------------
During the latest global economic crisis, Latin American countries
suffered a much lighter blow than in crises in the 1990s.  The
region avoided currency and debt crises and bank runs typical of
previous episodes of worldwide financial turbulence.

The region's success in riding out the crisis has been commonly
attributed to its stronger macroeconomic fundamentals: low
inflation, trade and fiscal surpluses, and reasonable levels of
international reserves.  Countries were able to adopt measures to
ease the economic impact of the crisis: central banks cut interest
rates while governments increased spending and boosted credit.
This reaction contrasted sharply with past crises, when
governments reacted by raising interest rates and tightening
fiscal and credit policies.

However, a new study by the Inter-American Development Bank, The
Aftermath of the Crisis: Policy Lessons and Challenges Ahead for
Latin America and the Caribbean shows that the readiness of the
international community to provide emergency lending also played a
major role in preventing financial contagion in the region.  The
study's conclusions suggest that in order to prevent future
financial meltdowns, emerging economies need an international
lender-of-last-resort mechanism that will quickly provide
liquidity in the event of a crisis to ensure solvent countries
won't be in financial distress.

"In periods of extreme international capital market illiquidity,
having access to emergency resources is highly valuable," said
Santiago Levy, IDB Vice President of Sectors and Knowledge, who
supervised the study coordinated by economists Alejandro Izquierdo
and Ernesto Talvi.  "This is one of the most important lessons we
have learned from the recent global financial crisis."

Unlike in previous crises, the international financial community
displayed early on a predisposition to provide timely,
unconditional, preventive and sizeable assistance to emerging
markets.  In contrast, during the 1998 Russian crisis, support
from the international community was slow-moving, conditional, and
of smaller magnitude.

The earliest indication of the swift response to the most recent
crisis came in April 2008, with Japan's announcement of liquidity
swap lines for Indonesia (two months later also extended to
India).  Shortly after the collapse of Lehman Brothers, the U.S.
Federal Reserve offered swap lines for systemically relevant
countries such as Brazil, Korea, Mexico and Singapore, while the
International Monetary Fund (IMF) launched a short-term liquidity
facility (SLF).  In addition to official initiatives, academic
circles and other specialists were calling for emergency lending
facilities for emerging economies to deal with the global crisis.

The most forceful response came in April 2009 when the G-20
decided to triple the resources of the IMF, which launched its
Flexible Credit Line (FCL) to assist-unconditionally and at longer
maturities-countries with sound policies facing liquidity
constraints.

According to the paper, these announcements affected market
perceptions about countries' ability to weather the crisis. The
study argues that the availability of emergency assistance helped
ease investor concerns at the height of the crisis, preventing
bond spreads from rocketing. This, in turn, reduced the level of
financial distress, which contributed to avert severe economic
contractions in many countries.

                          Bond Spreads

The study analyzed Emerging Market Bond Index (EMBI) spreads
during a 60-day period starting two weeks prior to the Lehman
debacle. It compared bond spreads between two different sets of
countries with the same credit ratings: one group was not expected
to have access to emergency facilities while the second group
would have access.

EMBI spreads of no-access countries increased by 1,537 basis
points during the period, nearly double the increase experienced
by countries with access to emergency facilities.  Spreads for
this second group of countries increased 811 basis points during
the 60-day period.

An econometric analysis of bond spread movements of emerging
markets also showed that prompt emergency assistance during the
crisis contributed to slow the increase in spreads during the
height of the crisis.  Its contribution was more sizeable than the
contribution provided by stronger economic fundamentals (relative
to those prevailing during the Russian crisis).

Using an alternative international liquidity analysis for Latin
America's seven biggest economies, the study concludes that
countries can ensure financial stability, even in a protracted
global crisis, only when both multilateral support and stronger
fundamentals are combined.

                        Policy Implications

The results of the study have major implications for the design of
a new international financial architecture for emerging markets
and future actions of the IMF and multilateral development banks
such as the IDB.

Institutionalizing mechanisms for an international lender of last
resort is necessary to ensure fast provision of liquidity during
extreme financial situations-similar to the recent global
financial crisis-to prevent financial turmoil and potential output
collapse.  The mechanism would provide sufficient support to meet
a country's short-term financial obligations.  Governments would
have to follow sound monetary, fiscal and exchange rate policies
in order to be pre-approved to withdraw funds from the mechanism.

The IMF is the institution best placed to manage such a mechanism.
The creation of the Fund's Flexible Credit Line could represent a
big step toward establishing this new mechanism, according to the
study.  However, long-term funding of this initiative should be
ensured, thus providing a reliable insurance mechanism that would
reduce incentives for international reserve accumulation.

MDBs should also be key players under this new mechanism.  These
institutions would be in charge of helping countries achieve
economic stability by promoting macroeconomic policies required
for access to the mechanism.

"In order for the new mechanism to work, countries and
international financial institutions must work together to design
policies that will allow them to pre-quality for the new
mechanism," said Levy.  "Such collaboration and coordination
between individual countries, the IMF and MDBs will ensure the
establishment of a long-term stability pact for emergency
markets."


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                           Total
                                         Total      Shareholders
                                         Assets           Equity
Company             Ticker               (US$MM)          (US$MM)
-------             ------           ------------         -------


ARGENTINA

COMERCIAL PLA-BL     COMEB AR         117956835      -250298760
COMERCIAL PL-ADR     SCPDS LI         117956835      -250298760
COMERCIAL PLAT-$     COMED AR         117956835      -250298760
COMERCIAL PL-C/E     COMEC AR         117956835      -250298760
IMPSAT FIBER NET     IMPTQ US         535007008       -17165000
IMPSAT FIBER NET     330902Q GR       535007008       -17165000
IMPSAT FIBER NET     XIMPT SM         535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR         535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR         535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR         535007008       -17165000
IMPSAT FIBER-CED     IMPT AR          535007008       -17165000
SNIAFA SA            SNIA AR           11229696     -2670544.88
SNIAFA SA-B          SDAGF US          11229696     -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696     -2670544.88
SOC COMERCIAL PL     SCDPF US         117956835      -250298760
SOC COMERCIAL PL     CAD IX           117956835      -250298760
SOC COMERCIAL PL     CVVIF US         117956835      -250298760
SOC COMERCIAL PL     CADN EO          117956835      -250298760
SOC COMERCIAL PL     COME AR          117956835      -250298760
SOC COMERCIAL PL     CADN SW          117956835      -250298760


BRAZIL

ACO ALTONA           EALT3 BZ          84614948     -14270921.5
ACO ALTONA SA        EAAON BZ          84614948     -14270921.5
ACO ALTONA-PREF      EALT4 BZ          84614948     -14270921.5
ACO ALTONA-PREF      EAAPN BZ          84614948     -14270921.5
ALL MALHA PAULIS     GASC3 BZ         1.124E+09      -536003486
ALL MALHA PAULIS     GASC3B BZ        1.124E+09      -536003486
ARTHUR LAN-DVD C     ARLA11 BZ         11642256     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642256     -17154461.9
ARTHUR LANGE         ARLA3 BZ          11642256     -17154461.9
ARTHUR LANGE SA      ALICON BZ         11642256     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642256     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642256     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642256     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642256     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642256     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642256     -17154461.9
B&D FOOD CORP        BDFCE US          16631180        -1448544
B&D FOOD CORP        BDFC US           16631180        -1448544
BALADARE             BLDR3 BZ         144928981     -33970462.8
BOMBRIL              BMBBF US         300229620      -120551090
BOMBRIL              BOBR3 BZ         300229620      -120551090
BOMBRIL CIRIO SA     BOBRON BZ        300229620      -120551090
BOMBRIL CIRIO-PF     BOBRPN BZ        300229620      -120551090
BOMBRIL SA-ADR       BMBPY US         300229620      -120551090
BOMBRIL SA-ADR       BMBBY US         300229620      -120551090
BOMBRIL-PREF         BOBR4 BZ         300229620      -120551090
BOMBRIL-RGTS PRE     BOBR2 BZ         300229620      -120551090
BOMBRIL-RIGHTS       BOBR1 BZ         300229620      -120551090
BOTUCATU TEXTIL      STRP3 BZ          35101567     -13482713.5
BOTUCATU-PREF        STRP4 BZ          35101567     -13482713.5
BUETTNER             BUET3 BZ          97710630     -46681943.4
BUETTNER SA          BUETON BZ         97710630     -46681943.4
BUETTNER SA-PRF      BUETPN BZ         97710630     -46681943.4
BUETTNER SA-RT P     BUET2 BZ          97710630     -46681943.4
BUETTNER SA-RTS      BUET1 BZ          97710630     -46681943.4
BUETTNER-PREF        BUET4 BZ          97710630     -46681943.4
CAF BRASILIA         CAFE3 BZ          20168618      -728730286
CAF BRASILIA-PRF     CAFE4 BZ          20168618      -728730286
CAFE BRASILIA SA     CSBRON BZ         20168618      -728730286
CAFE BRASILIA-PR     CSBRPN BZ         20168618      -728730286
CHIARELLI SA         CCHI3 BZ          22274027     -44537138.2
CHIARELLI SA         CCHON BZ          22274027     -44537138.2
CHIARELLI SA-PRF     CCHI4 BZ          22274027     -44537138.2
CHIARELLI SA-PRF     CCHPN BZ          22274027     -44537138.2
CIA PETROLIFERA      MRLM3 BZ         377602195     -3014291.72
CIA PETROLIFERA      MRLM3B BZ        377602195     -3014291.72
CIA PETROLIFERA      1CPMON BZ        377602195     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195     -3014291.72
CIMOB PARTIC SA      GAFP3 BZ          36817395     -33083086.5
CIMOB PARTIC SA      GAFON BZ          36817395     -33083086.5
CIMOB PART-PREF      GAFP4 BZ          36817395     -33083086.5
CIMOB PART-PREF      GAFPN BZ          36817395     -33083086.5
CONST A LINDEN       CALI3 BZ          11147513       -15979177
CONST A LINDEN       LINDON BZ         11147513       -15979177
CONST A LIND-PRF     CALI4 BZ          11147513       -15979177
CONST A LIND-PRF     LINDPN BZ         11147513       -15979177
D H B                DHBI3 BZ         124060999      -405125353
D H B-PREF           DHBI4 BZ         124060999      -405125353
DHB IND E COM        DHBON BZ         124060999      -405125353
DHB IND E COM-PR     DHBPN BZ         124060999      -405125353
DOC IMBITUBA         IMBI3 BZ         114896167     -16783228.4
DOC IMBITUBA-RTC     IMBI1 BZ         114896167     -16783228.4
DOC IMBITUBA-RTP     IMBI2 BZ         114896167     -16783228.4
DOC IMBITUB-PREF     IMBI4 BZ         114896167     -16783228.4
DOCA INVESTIMENT     DOCA3 BZ          88417961     -18059127.9
DOCA INVESTI-PFD     DOCA4 BZ          88417961     -18059127.9
DOCAS IMBITUBA       IMBION BZ        114896167     -16783228.4
DOCAS IMBITUB-PR     IMBIPN BZ        114896167     -16783228.4
DOCAS SA             DOCAON BZ         88417961     -18059127.9
DOCAS SA-PREF        DOCAPN BZ         88417961     -18059127.9
DOCAS SA-RTS PRF     DOCA2 BZ          88417961     -18059127.9
ESTRELA SA           ESTR3 BZ          61011894     -54580283.6
ESTRELA SA           ESTRON BZ         61011894     -54580283.6
ESTRELA SA-PREF      ESTR4 BZ          61011894     -54580283.6
ESTRELA SA-PREF      ESTRPN BZ         61011894     -54580283.6
FABRICA RENAUX       FTRX3 BZ          66779267     -50394386.1
FABRICA RENAUX       FRNXON BZ         66779267     -50394386.1
FABRICA RENAUX-P     FTRX4 BZ          66779267     -50394386.1
FABRICA RENAUX-P     FRNXPN BZ         66779267     -50394386.1
FABRICA TECID-RT     FTRX1 BZ          66779267     -50394386.1
FER C ATLANT         VSPT3 BZ         1.212E+09     -38389781.7
FER C ATLANT-PRF     VSPT4 BZ         1.212E+09     -38389781.7
FER C ATL-RCT CM     VSPT9 BZ         1.212E+09     -38389781.7
FER C ATL-RCT PF     VSPT10 BZ        1.212E+09     -38389781.7
FER HAGA-PREF        HAGA4 BZ          16483114       -62923102
FERRAGENS HAGA       HAGAON BZ         16483114       -62923102
FERRAGENS HAGA-P     HAGAPN BZ         16483114       -62923102
FERROVIA CEN-DVD     VSPT11 BZ        1.212E+09     -38389781.7
FERROVIA CEN-DVD     VSPT12 BZ        1.212E+09     -38389781.7
GASCOIGNE EMP-PF     GASC4 BZ         1.124E+09      -536003486
GASCOIGNE EMP-PF     GASC4B BZ        1.124E+09      -536003486
GASCOIGNE EMP-PF     1GASPN BZ        1.124E+09      -536003486
GASCOIGNE EMPREE     1GASON BZ        1.124E+09      -536003486
GAZOLA               GAZO3 BZ          12452143     -40298506.3
GAZOLA SA            GAZON BZ          12452143     -40298506.3
GAZOLA SA-DVD CM     GAZO11 BZ         12452143     -40298506.3
GAZOLA SA-DVD PF     GAZO12 BZ         12452143     -40298506.3
GAZOLA SA-PREF       GAZPN BZ          12452143     -40298506.3
GAZOLA-PREF          GAZO4 BZ          12452143     -40298506.3
GAZOLA-RCPT PREF     GAZO10 BZ         12452143     -40298506.3
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143     -40298506.3
GRADIENTE ELETR      IGBON BZ         145256033      -273857292
GRADIENTE EL-PRA     IGBAN BZ         145256033      -273857292
GRADIENTE EL-PRB     IGBBN BZ         145256033      -273857292
GRADIENTE EL-PRC     IGBCN BZ         145256033      -273857292
GRADIENTE-PREF A     IGBR5 BZ         145256033      -273857292
GRADIENTE-PREF B     IGBR6 BZ         145256033      -273857292
GRADIENTE-PREF C     IGBR7 BZ         145256033      -273857292
HAGA                 HAGA3 BZ          16483114       -62923102
HERCULES             HETA3 BZ          11597352      -168514681
HERCULES SA          HERTON BZ         11597352      -168514681
HERCULES SA-PREF     HERTPN BZ         11597352      -168514681
HERCULES-PREF        HETA4 BZ          11597352      -168514681
HOPI HARI SA         PQTM3 BZ          62168844     -55189836.7
HOPI HARI-PREF       PQTM4 BZ          62168844     -55189836.7
IGB ELETRONICA       IGBR3 BZ         145256033      -273857292
LAEP INVESTMENTS     LEAP LX          446499199     -70952298.9
LAEP-BDR             MILK11 BZ        446499199     -70952298.9
LATTENO FOOD COR     LATF US           16631180        -1448544
MINUPAR              MNPR3 BZ          64999716      -103795048
MINUPAR SA           MNPRON BZ         64999716      -103795048
MINUPAR SA-PREF      MNPRPN BZ         64999716      -103795048
MINUPAR-PREF         MNPR4 BZ          64999716      -103795048
MMX MINERACA-GDR     MMXMY US         981664768      -207254300
MMX MINERACA-GDR     XMM CN           981664768      -207254300
MMX MINERACA-GDR     3M11 GR          981664768      -207254300
MMX MINERACAO        TRES3 BZ         981664768      -207254300
MMX MINERACAO        MMXCF US         981664768      -207254300
MMX MINERACAO        MMXM3 BZ         981664768      -207254300
MMX MINERACAO-RT     MMXM1 BZ         981664768      -207254300
MMX MINERACA-RCT     MMXM9 BZ         981664768      -207254300
NORDON MET           NORD3 BZ          15498217     -20133536.7
NORDON METAL         NORDON BZ         15498217     -20133536.7
NORDON MET-RTS       NORD1 BZ          15498217     -20133536.7
NOVA AMERICA SA      NOVA3 BZ          21287489      -183535527
NOVA AMERICA SA      NOVA3B BZ         21287489      -183535527
NOVA AMERICA SA      NOVAON BZ         21287489      -183535527
NOVA AMERICA SA      1NOVON BZ         21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ          21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ         21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ         21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ         21287489      -183535527
PARMALAT             LCSA3 BZ         388720052      -213641144
PARMALAT BRASIL      LCSAON BZ        388720052      -213641144
PARMALAT BRAS-PF     LCSAPN BZ        388720052      -213641144
PARMALAT BR-RT C     LCSA5 BZ         388720052      -213641144
PARMALAT BR-RT P     LCSA6 BZ         388720052      -213641144
PARMALAT-PREF        LCSA4 BZ         388720052      -213641144
PARQUE TEM-DV CM     PQT5 BZ           62168844     -55189836.7
PARQUE TEM-DV PF     PQT6 BZ           62168844     -55189836.7
PARQUE TEM-RCT C     PQTM9 BZ          62168844     -55189836.7
PARQUE TEM-RCT P     PQTM10 BZ         62168844     -55189836.7
PARQUE TEM-RT CM     PQTM1 BZ          62168844     -55189836.7
PARQUE TEM-RT PF     PQTM2 BZ          62168844     -55189836.7
PET MANG-RECEIPT     RPMG9 BZ          97015785      -251755220
PET MANG-RECEIPT     RPMG10 BZ         97015785      -251755220
PET MANG-RIGHTS      RPMG1 BZ          97015785      -251755220
PET MANG-RIGHTS      RPMG2 BZ          97015785      -251755220
PET MANGUINH-PRF     RPMG4 BZ          97015785      -251755220
PETRO MANGUINHOS     RPMG3 BZ          97015785      -251755220
PETRO MANGUINHOS     MANGON BZ         97015785      -251755220
PETRO MANGUIN-PF     MANGPN BZ         97015785      -251755220
PROMAN               PRMN3B BZ         13403497     -173711.308
PROMAN               PRMN3 BZ          13403497     -173711.308
REII INC             REIC US           16631180        -1448544
RENAUXVIEW SA        TXRX3 BZ          58969048     -91550951.9
RENAUXVIEW SA-PF     TXRX4 BZ          58969048     -91550951.9
RIMET                REEM3 BZ          63757622      -107162240
RIMET                REEMON BZ         63757622      -107162240
RIMET-PREF           REEM4 BZ          63757622      -107162240
RIMET-PREF           REEMPN BZ         63757622      -107162240
RIOSULENSE SA        RSUL3 BZ          61902902     -11292932.5
RIOSULENSE SA        RSULON BZ         61902902     -11292932.5
RIOSULENSE SA-PR     RSUL4 BZ          61902902     -11292932.5
RIOSULENSE SA-PR     RSULPN BZ         61902902     -11292932.5
SANESALTO            SNST3 BZ          27381497      -870175.96
SANSUY               SNSY3 BZ         100279115     -45812488.8
SANSUY SA            SNSYON BZ        100279115     -45812488.8
SANSUY SA-PREF A     SNSYAN BZ        100279115     -45812488.8
SANSUY SA-PREF B     SNSYBN BZ        100279115     -45812488.8
SANSUY-PREF A        SNSY5 BZ         100279115     -45812488.8
SANSUY-PREF B        SNSY6 BZ         100279115     -45812488.8
SCHLOSSER            SCLO3 BZ          11745600     -75930514.2
SCHLOSSER SA         SCHON BZ          11745600     -75930514.2
SCHLOSSER SA-PRF     SCHPN BZ          11745600     -75930514.2
SCHLOSSER-PREF       SCLO4 BZ          11745600     -75930514.2
STAROUP SA           STARON BZ         35101567     -13482713.5
STAROUP SA-PREF      STARPN BZ         35101567     -13482713.5
TECEL S JOSE         SJOS3 BZ          17924946     -18569451.2
TECEL S JOSE         FTSJON BZ         17924946     -18569451.2
TECEL S JOSE-PRF     SJOS4 BZ          17924946     -18569451.2
TECEL S JOSE-PRF     FTSJPN BZ         17924946     -18569451.2
TEKA                 TKTQF US         237436194      -360484910
TEKA                 TEKA3 BZ         237436194      -360484910
TEKA                 TEKAON BZ        237436194      -360484910
TEKA-ADR             TEKAY US         237436194      -360484910
TEKA-ADR             TKTPY US         237436194      -360484910
TEKA-ADR             TKTQY US         237436194      -360484910
TEKA-PREF            TKTPF US         237436194      -360484910
TEKA-PREF            TEKA4 BZ         237436194      -360484910
TEKA-PREF            TEKAPN BZ        237436194      -360484910
TELEBRAS SA          TELB3 BZ         248609064     -9345005.13
TELEBRAS SA          TLBRON BZ        248609064     -9345005.13
TELEBRAS SA          TBASF US         248609064     -9345005.13
TELEBRAS SA-PREF     TELB4 BZ         248609064     -9345005.13
TELEBRAS SA-PREF     TLBRPN BZ        248609064     -9345005.13
TELEBRAS SA-RT       TELB9 BZ         248609064     -9345005.13
TELEBRAS/W-I-ADR     TBH-W US         248609064     -9345005.13
TELEBRAS-ADR         TBAPY US         248609064     -9345005.13
TELEBRAS-ADR         TBRAY GR         248609064     -9345005.13
TELEBRAS-ADR         TBH US           248609064     -9345005.13
TELEBRAS-ADR         TBX GR           248609064     -9345005.13
TELEBRAS-ADR         RTB US           248609064     -9345005.13
TELEBRAS-ADR         TBASY US         248609064     -9345005.13
TELEBRAS-BLOCK       TELB30 BZ        248609064     -9345005.13
TELEBRAS-CED C/E     RCT4C AR         248609064     -9345005.13
TELEBRAS-CED C/E     TEL4C AR         248609064     -9345005.13
TELEBRAS-CEDE BL     RCT4B AR         248609064     -9345005.13
TELEBRAS-CEDE PF     RCTB4 AR         248609064     -9345005.13
TELEBRAS-CEDE PF     TELB4 AR         248609064     -9345005.13
TELEBRAS-CEDEA $     RCT4D AR         248609064     -9345005.13
TELEBRAS-CEDEA $     TEL4D AR         248609064     -9345005.13
TELEBRAS-CM RCPT     RCTB31 BZ        248609064     -9345005.13
TELEBRAS-CM RCPT     TELE31 BZ        248609064     -9345005.13
TELEBRAS-CM RCPT     TBRTF US         248609064     -9345005.13
TELEBRAS-CM RCPT     RCTB32 BZ        248609064     -9345005.13
TELEBRAS-CM RCPT     RCTB30 BZ        248609064     -9345005.13
TELEBRAS-COM RT      TELB1 BZ         248609064     -9345005.13
TELEBRAS-PF BLCK     TELB40 BZ        248609064     -9345005.13
TELEBRAS-PF RCPT     CBRZF US         248609064     -9345005.13
TELEBRAS-PF RCPT     RCTB41 BZ        248609064     -9345005.13
TELEBRAS-PF RCPT     TELE41 BZ        248609064     -9345005.13
TELEBRAS-PF RCPT     RCTB42 BZ        248609064     -9345005.13
TELEBRAS-PF RCPT     RCTB40 BZ        248609064     -9345005.13
TELEBRAS-PF RCPT     TBAPF US         248609064     -9345005.13
TELEBRAS-PF RCPT     TLBRUP BZ        248609064     -9345005.13
TELEBRAS-RCT         RCTB33 BZ        248609064     -9345005.13
TELEBRAS-RCT PRF     TELB10 BZ        248609064     -9345005.13
TELEBRAS-RECEIPT     TLBRUO BZ        248609064     -9345005.13
TELEBRAS-RTS CMN     RCTB1 BZ         248609064     -9345005.13
TELEBRAS-RTS CMN     TCLP1 BZ         248609064     -9345005.13
TELEBRAS-RTS PRF     RCTB2 BZ         248609064     -9345005.13
TELEBRAS-RTS PRF     TLCP2 BZ         248609064     -9345005.13
TELECOMUNICA-ADR     81370Z BZ        248609064     -9345005.13
TEXTEIS RENA-RCT     TXRX9 BZ          58969048     -91550951.9
TEXTEIS RENA-RCT     TXRX10 BZ         58969048     -91550951.9
TEXTEIS RENAU-RT     TXRX1 BZ          58969048     -91550951.9
TEXTEIS RENAU-RT     TXRX2 BZ          58969048     -91550951.9
TEXTEIS RENAUX       RENXON BZ         58969048     -91550951.9
TEXTEIS RENAUX       RENXPN BZ         58969048     -91550951.9
TRESSEM PART SA      1TSSON BZ        981664768      -207254300
VARIG PART EM SE     VPSC3 BZ          84848505      -430964848
VARIG PART EM TR     VPTA3 BZ          49432124      -399290426
VARIG PART EM-PR     VPTA4 BZ          49432124      -399290426
VARIG PART EM-PR     VPSC4 BZ          84848505      -430964848
VARIG SA             VAGV3 BZ         966298026     -4695211316
VARIG SA             VARGON BZ        966298026     -4695211316
VARIG SA-PREF        VAGV4 BZ         966298026     -4695211316
VARIG SA-PREF        VARGPN BZ        966298026     -4695211316
WETZEL SA            MWET3 BZ          79756128     -6350930.69
WETZEL SA            MWELON BZ         79756128     -6350930.69
WETZEL SA-PREF       MWET4 BZ          79756128     -6350930.69
WETZEL SA-PREF       MWELPN BZ         79756128     -6350930.69
WIEST                WISA3 BZ          39838114     -93371563.1
WIEST SA             WISAON BZ         39838114     -93371563.1
WIEST SA-PREF        WISAPN BZ         39838114     -93371563.1
WIEST-PREF           WISA4 BZ          39838114     -93371563.1


CHILE

CHILESAT CO-ADR      TL US            506644999     -60450603.1
CHILESAT CORP SA     TELEX CI         506644999     -60450603.1
CHILESAT CO-RTS      CHISATOS CI      506644999     -60450603.1
TELEX-A              TELEXA CI        506644999     -60450603.1
TELEX-RTS            TELEXO CI        506644999     -60450603.1
TELMEX CORP SA       CHILESAT CI      506644999     -60450603.1
TELMEX CORP-ADR      CSAOY US         506644999     -60450603.1


                            ***********

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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