TCRLA_Public/100405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, April 5, 2010, Vol. 11, No. 065

                            Headlines



B R A Z I L

BRASKEM SA: Completes Acquisition of Sunoco Chemicals
MARFRIG ALIMENTOS: Records R$679.1-Million net Income in 2009


C A Y M A N  I S L A N D S

AKANA CAPITAL: Shareholder to Hear Wind-Up Report on April 13
ALEXISLAND LTD: Placed Under Voluntary Wind-Up
ALTERRA CURACAO: Shareholders' Final Meeting Set for April 16
ANALYTIC GLOBAL: Creditors' Proofs of Debt Due on April 29
ANCHORAGE MTR: Shareholders' Final Meeting Set for April 16

ARLOS BOND: Shareholders' Final Meeting Set for April 9
AXEL INVESTMENT: Shareholders Receive Wind-Up Report
AXEL MANAGEMENT: Shareholders Receive Wind-Up Report
BAYBERRY FUNDING: Shareholders' Final Meeting Set for April 20
CABOT INVESTMENTS: Shareholders' Final Meeting Set for April 9

CAM INTERNATIONAL: Shareholders' Final Meeting Set for April 22
CLEPSYDRA SHORT-TERM: Creditors' Proofs of Debt Due on April 30
CORRELL GLOBAL: Creditors' Proofs of Debt Due on April 21
CYRUS II: Creditors' Proofs of Debt Due on April 19
EMERGING MARKET: Creditors' Proofs of Debt Due on June 30

FOUNTAIN AIR: Shareholders' Final Meeting Set for April 20
J.P. MORGAN: Creditors' Proofs of Debt Due on April 29
KGR CAPITAL: Shareholders' Final Meeting Set for April 22
LARR INVESTMENTS: Members' Final Meeting Set for April 15
LEXINGTON INVESTMENT: Shareholder to Hear Wind-Up Report

MAISON CAPITAL: Shareholders' Final Meeting Set for April 22
MOSAIC CAPITAL: Shareholders' Final Meeting Set for April 13
MS RETAIL: Creditors' Proofs of Debt Due on April 29
MS RETAIL: Creditors' Proofs of Debt Due on April 29
NOMINEE LIMITED: Shareholders' Final Meeting Set for April 20

SUDELEY LIMITED: Shareholders' Final Meeting Set for April 7
UBP TURKISH: Creditors' Proofs of Debt Due on April 19
WAH AND: Shareholder to Hear Wind-Up Report on April 15
WIJO JAPAN: Creditors' Proofs of Debt Due on April 29


G R E N A D A

* GRENADA: IMF Approves US$13.3 Million Arrangement


H A I T I

* HAITI: IDB Pledges US$400 Million New Grants


J A M A I C A

AIR JAMAICA: Divestment is Underway, Minister Says


M E X I C O

HIPOTECARIA SU CASITA: Grupo Financiero May Purchase Firm


S T  L U C I A

* ST. LUCIA: Macroeconomic Outcomes Weakened Significantly


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Spend US$60-80MM in Junin 6 in 2010


X X X X X X X X

* BOND PRICING: For the Week March 29, to April 2, 2010





                         - - - - -


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


BRASKEM SA: Completes Acquisition of Sunoco Chemicals
-----------------------------------------------------
Braskem S.A. has completed its acquisition of the polypropylene
business of Sunoco Chemicals.  With the acquisition, which was
initially announced on February 1, Braskem invested $350 million
as part of its strategy to establish an industrial base in the
United States, which will serve as an important platform for its
future international expansion.

The U.S. operations for Braskem now have the capacity to produce
two billion pounds of polypropylene per year, which represents 13%
of the country's installed PP production capacity.  The
acquisition of Sunoco Chemicals and the resulting synergies
provide customers with a broader portfolio of products and
services.

With the acquisition of these assets, Braskem strengthens its
international expansion strategy and its position as one of the
global leaders in the polypropylene industry.  The company becomes
the world's third-largest producer of polypropylene with annual
production capacity of 6.5 billion pounds per year.

"We will take advantage of the experience of the current Sunoco
Chemicals key executives, who have excellent knowledge of U.S.
market.  And the team will be reinforced by the arrival of new
leaders who will bring expertise and practical experience of
Braskem's successful strategy and business culture," said Bernardo
Gradin, Braskem's CEO.

With headquarters of U.S. operations in Philadelphia, Braskem has
three industrial units located in La Porte, Texas; Marcus Hook,
Pa; and Neal, W.V., as well as its Technology and Innovation
Center in Pittsburgh.   For the employees in the United States,
the acquisition by a company with polypropylene as part of its
core business will bring new opportunities for growth and expanded
customer relationships.

In addition to polypropylene, Braskem's core business also
includes polyethylene and PVC.  With annual gross revenue of
nearly $12 billion, the company integrates in the first- and
second-generation of the petrochemical chain.  In 2009, Braskem
exported $2.5 billion worth of products to more than 50 countries,
which included resins and basic petrochemicals such as benzene and
toluene.

                        About Braskem SA

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


MARFRIG ALIMENTOS: Records R$679.1-Million net Income in 2009
-------------------------------------------------------------
Marfrig Alimentos S.A. reported net income in fiscal year 2009 of
R$679.1 million, reversing the net loss of R$35.5 million recorded
in 2008.  Gross revenue in the year was R$10.28 billion, up 52%
from 2008. The chart below shows the growth in Marfrig's Gross
Revenue from 2005 to 2009.

In an economic scenario marked by changes in consumption habits,
limited financial resources and foreign exchange volatility,
Marfrig's risk-dispersion strategy, which was adopted at the
company's founding, once again proved well chosen -- this time due
to strong efforts in the domestic markets of the 13 countries
where the company operates industrial facilities.  Sales volume in
these local markets accounted for 71.3% of the Group's total sales
volume and 63.9% of its total gross revenue.

In 2009, Marfrig sold 2.2 million tons of food in more than 100
countries, for growth in sales volume of 47.6% on the prior year.
A portion of this advance was due to the full consolidation of the
results of companies acquired in the second half of 2008, the
increase in installed capacity utilization, the leasing of plants
and the startup in Brazil of lamb and turkey operations.

                       Capital Expenditure

Over the last three years, Marfrig has invested approximately R$ 5
billion to acquire 37 companies in Brazil and abroad. The Group
has operations in 13 countries, with a total of 92 industrial
units and offices.

In 2009, Marfrig carried out and announced various investments,
such as the implementation of lamb operations in Brazil, the
acquisition of the turkey assets in Brazil of Doux Frangosul S.A.,
the capacity expansion at the Diamantino Agroindustrial Complex in
Mato Gross state (accompanied by the installation of the country's
largest and most modern hog waste treatment system), the leasing
of the units from Margen S.A. and Mercosul S.A. and the
acquisitions of Seara Alimentos Ltda. and Grupo Zenda.

                      About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of April 5, 2010, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


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


AKANA CAPITAL: Shareholder to Hear Wind-Up Report on April 13
-------------------------------------------------------------
The sole shareholder of Akana Capital Offshore Fund, Ltd. will
receive on, April 13, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9876


ALEXISLAND LTD: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on March 8, 2010, the
shareholders of Alexisland Ltd. resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Governor's Square, Ground Floor
         West Bay Road, PO Box 1982
         Grand Cayman KY-1104, Cayman Islands


ALTERRA CURACAO: Shareholders' Final Meeting Set for April 16
-------------------------------------------------------------
The shareholders of Alterra Curacao Holdings, Ltd. will hold their
final meeting on April 16, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ANALYTIC GLOBAL: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------------
The creditors of Analytic Global Opportunity Fund I, Ltd. are
required to file their proofs of debt by April 29, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2010.

The company's liquidator is:

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


ANCHORAGE MTR: Shareholders' Final Meeting Set for April 16
-----------------------------------------------------------
The shareholders of Anchorage MTR Offshore Fund, Ltd. will hold
their final meeting on April 16, 2010, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARLOS BOND: Shareholders' Final Meeting Set for April 9
-------------------------------------------------------
The shareholders of Arlos Bond Fund Ltd. will hold their final
meeting, on April 9, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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

The company's liquidator is:

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


AXEL MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of The Axel Management Group received on
March 31, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BAYBERRY FUNDING: Shareholders' Final Meeting Set for April 20
--------------------------------------------------------------
The shareholders of Bayberry Funding, Ltd. will hold their final
meeting, on April 20, 2010, at 9:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CABOT INVESTMENTS: Shareholders' Final Meeting Set for April 9
--------------------------------------------------------------
The shareholders of Cabot Investments will hold their final
meeting on April 9, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAM INTERNATIONAL: Shareholders' Final Meeting Set for April 22
---------------------------------------------------------------
The shareholders of Cam International will hold their final
meeting, on April 22, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CLEPSYDRA SHORT-TERM: Creditors' Proofs of Debt Due on April 30
---------------------------------------------------------------
The creditors of Clepsydra Short-Term Trade Finance Fund Limited
are required to file their proofs of debt by April 30, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 949 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


CORRELL GLOBAL: Creditors' Proofs of Debt Due on April 21
---------------------------------------------------------
The creditors of Correll Global Markets Fund are required to file
their proofs of debt by April 21, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2010.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o Steven J. Barrie
         Telephone: 345 949 9710
         Facsimile: 345 945 2188
         31 The Strand, P O Box 2075
         Grand Cayman KY1-1105


CYRUS II: Creditors' Proofs of Debt Due on April 19
---------------------------------------------------
The creditors of Cyrus II Holdings SPC are required to file their
proofs of debt by April 19, 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:

         John C. McKenna, CA
         Telephone: (441) 292 5526
         e-mail: john.mckenna@frsl.bm
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


EMERGING MARKET: Creditors' Proofs of Debt Due on June 30
---------------------------------------------------------
The creditors of Emerging Market Debt Limited are required to file
their proofs of debt by June 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2010.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981, Grand Cayman, KY1-1104


FOUNTAIN AIR: Shareholders' Final Meeting Set for April 20
----------------------------------------------------------
The shareholders of Fountain Air Ltd will hold their final
meeting, on April 20, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


J.P. MORGAN: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------
The creditors of J.P. Morgan Leveraged Multistrategy Fund II, Ltd.
are required to file their proofs of debt by April 29, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 10, 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


KGR CAPITAL: Shareholders' Final Meeting Set for April 22
---------------------------------------------------------
The shareholders of KGR Capital Management Ltd will hold their
final meeting, on April 22, 2010, at 10:05 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LARR INVESTMENTS: Members' Final Meeting Set for April 15
---------------------------------------------------------
The members of Larr Investments Limited will hold their final
meeting, on April 15, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


LEXINGTON INVESTMENT: Shareholder to Hear Wind-Up Report
--------------------------------------------------------
The sole shareholder of Lexington Investment Fund will receive on,
April 14, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9876


MAISON CAPITAL: Shareholders' Final Meeting Set for April 22
------------------------------------------------------------
The shareholders of Maison Capital Corporation will hold their
final meeting, on April 22, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MOSAIC CAPITAL: Shareholders' Final Meeting Set for April 13
------------------------------------------------------------
The shareholders of Mosaic Capital Management will hold their
final meeting on April 13, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


MS RETAIL: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------
The creditors of MS Retail Limited are required to file their
proofs of debt by April 29, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2010.

The company's liquidator is:

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


MS RETAIL: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------
The creditors of MS Retail II Limited are required to file their
proofs of debt by April 29, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2010.

The company's liquidator is:

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


NOMINEE LIMITED: Shareholders' Final Meeting Set for April 20
-------------------------------------------------------------
The shareholders of Nominee Limited will hold their final meeting,
on April 20, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SUDELEY LIMITED: Shareholders' Final Meeting Set for April 7
------------------------------------------------------------
The shareholders of Sudeley Limited will hold their final meeting
on April 7, 2010, at 4:30 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Talal Mohammad Abdulraheem Mehyar
         Mecca Street
         PO Box 9988, Amman 11191, Jordan
         e-mail: talalmehyar@gmail.com
         Telephone: + (962) 77 7 500506
         Facsimile: + (962) 6 541225


UBP TURKISH: Creditors' Proofs of Debt Due on April 19
------------------------------------------------------
The creditors of UBP Turkish Equity Fund Ltd. are required to file
their proofs of debt by April 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 2, 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


WAH AND: Shareholder to Hear Wind-Up Report on April 15
-------------------------------------------------------
The sole shareholder of Wah and Chung Investment Company Limited
will receive on, April 15, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         P.O. Box 71, Craigmuir Chambers
         Road Town, Tortola, British Virgin Islands


WIJO JAPAN: Creditors' Proofs of Debt Due on April 29
-----------------------------------------------------
The creditors of Wijo Japan Value Fund Inc. are required to file
their proofs of debt by April 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 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


=============
G R E N A D A
=============


* GRENADA: IMF Approves US$13.3 Million Arrangement
---------------------------------------------------
The Executive Board of the International Monetary Fund approved
Grenada's request for a new three-year arrangement under the
Extended Credit Facility totaling SDR8.775 million (about US$13.3
million).  Approval of the program makes an initial disbursement
of SDR 1.275 million (about US$1.9 million) available immediately.

The new arrangement aims at helping Grenada cushion the effects of
the global crisis and support the country's agenda of economic
reforms aimed at boosting growth, reducing poverty, strengthening
the private sector and the business climate, and reducing
vulnerabilities in the financial sector.

The Executive Board also completed the fifth and last review of
Grenada's economic performance under the country's previous ECF
arrangement, allowing for the immediate disbursement of an amount
equivalent to SDR 1.68 million (about US$2.6 million), bringing
total disbursements to SDR 16.38 million (about US$24.9 million).
The Executive Board also approved the request for a waiver of the
missed performance criteria on the primary balance excluding
grants and on the non-accumulation of external official arrears.

The three-year ECF with Grenada was approved on April 17, 2006
(see Press Release No. 06/75), and in July 2008 was augmented to
SDR 12.0 million (about US$18.2 million) to help mitigate the
impact of food and fuel price shocks and extended by one year to
April 16, 2010.  The arrangement was augmented again to SDR 16.4
million (about US$24.9 million) in June 2009 to help mitigate the
impact of the global downturn and financial turmoil.

Following the Executive Board discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, issued the following
statement:

"The global economic crisis has had a significant adverse impact
on Grenada.  Economic activity slowed, reflecting sharply weaker
tourism receipts and FDI-financed construction, resulting in a
deterioration of the fiscal situation.  In addition, the collapse
of the Trinidad and Tobago-based CL Financial Group has increased
financial uncertainty and can have fiscal implications.  The
authorities are continuing to focus on coping with the impact of
the external shocks, while laying the foundation for fiscal
consolidation and growth over the medium term.  The new IMF
arrangement under the Extended Credit Facility will support the
authorities' efforts to continue with their economic reform
program.

"The authorities have taken appropriate actions to improve
expenditure control and ensure timely debt service payments.  They
are adopting a three-year rolling budget with explicit annual
targets on the public debt-to-GDP ratio.  To help safeguard debt
sustainability, it is important to base the decision on the
possible external loan to build a luxury hotel on an objective
assessment of the project's returns, availability of concessional
financing, and majority private sector participation.

"The banking sector has remained resilient, and the authorities
have made important progress in strengthening the capacity for
nonbank financial supervision and regulation, including the
enactment of the new Insurance Act.  They are working closely with
regional governments to contain the fallout from the collapse of
the CL Financial Group.

"Progress has been made with structural reforms, including
introduction of a valued added tax in February 2010. The
completion of a Country Poverty Assessment will serve as a basis
for preparing a new Poverty Reduction Strategy," Mr. Portugal
said.

                        Recent Developments

Grenada's economic activity contracted significantly in 2009,
reflecting a decline in tourist arrivals and a collapse in foreign
direct investment (FDI)-financed construction activity, which on a
year-on-year basis fell 13% and 52%, respectively.  Tightening
financial conditions and increasing unemployment also undermined
domestic demand.  However, a slower decline in both stay-over
arrivals and FDI-financed construction in the last quarter of 2009
suggests that the economy is bottoming out.  The current account
deficit is estimated to have narrowed by more than 10 percentage
points of GDP, as a sharp reduction in imports more than offset
lower tourism receipts.

In an effort to ameliorate the impact of the crisis, the
authorities expanded public spending by accelerating the execution
of donor-financed capital projects and overrunning current
expenditure, resulting in an expansionary fiscal stance in 2009.
The public debt-to-GDP ratio increased by more than 20 percentage
points to 122 percent by the end of the year, with about 8
percentage points due to lower GDP.

Although the banking sector has resisted well the effects of the
crisis, maintaining strong capital adequacy ratios (15.9% as of
December, 2009) well above the minimum required ratio of 8
percent, commercial banks' portfolio has deteriorated.  Reflecting
the weak economy, the ratio of nonperforming loans to total loans
worsened to 5.9% in December 2009 from 3.5 percent one year
earlier.  The main financial sector challenge for the authorities
is to address the problems created by the collapse of the Trinidad
and Tobago-based CL Financial Group and its potential fiscal
implications.

                          Program Summary

In the 2010 Budget Statement the government reaffirmed its
commitment to continue its comprehensive medium-term economic
reform program with strategic objectives to ensure fiscal and debt
sustainability, reduce vulnerabilities in the financial sector,
generate high and sustained growth through structural reforms that
will support private sector-led growth, and reduce poverty.

The fiscal framework for 2010 calls for a significant adjustment,
given both the available financing and the high debt level; the
primary deficit excluding grants is expected to improve from 7.9%
of GDP in 2009 to 3.6% in 2010.  Although the fiscal adjustment is
large, it remains achievable by limiting growth in the wage bill
and capital spending, reducing spending on goods and services, and
improving commitment control.  Over the medium term the program
targets a primary surplus excluding grants in the range of 2-2.5
percent of GDP, which would enable the debt-to-GDP ratio to
decline gradually to the Eastern Caribbean Currency Union (ECCU)
target of 60% by 2020.

For reducing vulnerabilities in the financial sector the
authorities are continuing their effort to strengthen non-bank
regulation to avoid repeating the experience with the CL Financial
Group, comply with the internationally agreed standard for the
exchange of tax information, and strengthen the framework for
Anti-Money Laundering and Combating the Financing of Terrorism.

With respect to generating high and sustained growth and reduce
poverty, the government underscores the need to diversify the
sources of growth, by reducing the dependence on tourism and
encouraging private sector-led growth in areas such as health and
education services, energy development, agro-processing, and
information and communication technology.  The authorities are
committed to continue implementing structural reforms for
improving the business and investment climate in favor of stronger
private sector participation.

The fiscal framework under the program allows for spending aimed
at reducing poverty to support the authorities social development
agenda. Based on a recent report by the World Bank, UNICEF, and
UNFEM on Grenada, which underscored the need to strengthen and
rationalize existing social programs, the government intends to
implement several measures, including the consolidation of major
cash transfer programs.


=========
H A I T I
=========


* HAITI: IDB Pledges US$400 Million New Grants
----------------------------------------------
The Inter-American Development Bank pledged to provide US$400
million in new grants over the next two years to help Haiti carry
out its national recovery plan after the devastating January 12
earthquake.

Speaking at an international donors meeting held at the United
Nations, IDB President Luis Alberto Moreno hailed the Haitian
government's vision to turn the worst natural disaster in their
country's history into an opportunity to build a "new Haiti" with
stronger democratic institutions, a more dynamic economy and a
more equal society.

"We have witnessed close-up the capacity of the people of Haiti to
overcome difficult challenges and get back on their feet quickly,"
he said. "With the assistance of those of us in this room, and
from others outside as well, we can help turn the vision of the
new Haiti into a reality."

Earlier in March, Moreno told the delegates to the conference, the
IDB's Board of Governors agreed on measures to provide Haiti some
US$2 billion in grants over the next decade and to contribute
US$479 million to cancel the country's remaining debt to the Bank.

In April the IDB expects to approve around US$100 million in
grants for Haiti, including US$30 million for temporary housing,
$15 million for water and sanitation, US$3 million for an e-
government platform and US$50 million in budget support for the
Haitian government, which faces a sharp fall in revenues due to
the economic damage losses caused by the earthquake.  Later this
year it will provide additional resources for investments in
transportation infrastructure, schools, and natural disaster
prevention and mitigation.

The IDB is also looking at cash-for-work programs, agricultural
assistance and reforestation projects to support Haiti's efforts
to foster economic development beyond its capital city. "Some of
these provide incentives for the 700,000 people who moved out of
Port-au-Prince after the earthquake to remain in those areas,"
Moreno said.

In a bid to help the Haitian private sector boost economic
activity and job creation, the IDB is also working to promote
local and foreign investments in new industrial parks and textile
manufacturing plants.  Through its Inter-American Investment
Corporation (IIC) and the Multilateral Investment Fund (FOMIN),
the IDB is also assisting small and medium-size businesses and
micro-enterprises get back on their feet.

In addition, the IDB will assist Haiti in setting up a multi-donor
trust fund and an interim reconstruction commission that will
track the flow of foreign assistance and ensure that the national
development plan is carried out in a timely and transparent
manner.

The IDB has long been a leading source of long-term financing for
Haiti.  At present it has an active portfolio of around US$700
million, of which some US$330 million is undisbursed.  About 40%
of the financing is in infrastructure projects, 20% in agriculture
and environment, 25% in basic services and 15% in governance and
institutional capacity building to strengthen the Haitian public
sector.


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


AIR JAMAICA: Divestment is Underway, Minister Says
--------------------------------------------------
Jamaica Finance Minister Audley Shaw said that all is on track for
the divestment of Air Jamaica Limited by April 12, 2010, Go-
Jamaica News reports.

According to the report, Mr. Shaw said that the government is also
positioning itself to meet the financial commitments in time for
the sale.  The report relates that it includes the full payment of
redundancy packages to workers on the day when they are being
separated from the national airline.

Mr. Shaw, the report notes, also said that there are other
financial commitments that the Government will have to meet in
time for the divestment.  A transition team has been finalizing
the arrangements including shareholding by the Government of
Jamaica in Caribbean Airlines, he added.

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.


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


HIPOTECARIA SU CASITA: Grupo Financiero May Purchase Firm
---------------------------------------------------------
Grupo Financiero Banorte is said to be interested in purchasing
Hipotecaria Su Casita, Poder360.com reports.

According to the report, citing financial analysts, if Banorte
completes the purchase, the bank will reaffirm its position as the
number two private institution offering home loans, and would
position itself near BBVA Bancomer.

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.

                           *     *     *

As reported in the Troubled Company reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings Services said that it
lowered its global and Mexican national scale counterparty credit
and senior unsecured debt ratings on Mexico-based mortgage and
construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM
E.N.R. to 'B' from 'BB-' and to 'mxBBB-/mxA-3' from 'mxBBB+/
mxA-2', respectively.  The outlooks are negative.


==============
S T  L U C I A
==============


* ST. LUCIA: Macroeconomic Outcomes Weakened Significantly
----------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
the Article IV consultation with St. Lucia.

                          Background

Macroeconomic outcomes have weakened significantly.  Real GDP is
estimated to have contracted by 5.2% in 2009, reflecting a sharp
decline in visitor arrivals and construction activity related to
Foreign Direct Investment.  For 2010, the outlook is for a nascent
recovery, supported by higher advance hotel bookings and
additional flights to the island.  However, there are a number of
downside risks to the outlook, including lower than the
anticipated recovery in St. Lucia's main trading partners and FDI
inflows.  Inflation has declined from 7.2% in 2008 to 0.6% in
2009, and is expected to remain in the low single digits over the
medium term.

The fiscal position is estimated to have deteriorated sharply in
FY2009/10, mainly on account of an increase in public expenditure.
The primary fiscal balance is expected to shift from a surplus of
about 2.3% of GDP in FY2008/09 to a deficit of about 2.5% in
FY2009/10.  On the revenue side, the cyclical decline was somewhat
contained by a 20% increase in the prices of petroleum products in
August 2009 and the adoption of a flexible energy-pricing regime.
The implementation of other revenue-enhancing measures envisaged
by the authorities at the time of the approval by the Executive
Board of the Rapid Access Credit - Exogenous Shock Facility,
however, has yet to occur.  On the expenditure side, the
authorities undertook a large public works program, resulting in
capital expenditure increase of about 3% of GDP.  The fiscal
deficit is expected to be financed mainly by issuing securities on
the Regional Government Securities Market.

External imbalances have narrowed in 2009.  The external current
account deficit is projected to have declined by about 11
percentage points of GDP in 2009, reflecting lower FDI-related
imports and smaller food and fuel import bills.  Stayover arrivals
are projected to decline by 6% (year-on-year), but discounting of
hotel room rates and lower spending by tourists would result in a
larger decline in tourism receipts.  In addition, remittances are
projected to decline in line with employment opportunities in
migrant host countries.  At about 20% of GDP, the estimated
external current account deficit is close to its historical level
and consistent with identified external financing.

In 2009, credit to the private sector continued to decline and
financial sector vulnerabilities have increased.  The contraction
in economic activity has resulted in a significant slowdown in
private sector credit demand.  At the same time, the weakening
economic environment has led to an increase in non-performing
loans and deterioration in other bank soundness indicators.  While
domestic bank lending rates have remained broadly stable, there
are signs that conditions in the RGSM have tightened recently.
The collapse of the Trinidad and Tobago-based CL Financial Group
with operations in St. Lucia and other Eastern Caribbean Currency
Union countries has highlighted weaknesses in the regulation and
supervision of the non-bank financial sector.

                   Executive Board Assessment

The Executive Directors observed that the global downturn had led
to a marked decline in St. Lucia's economic activity.  The economy
is recently showing welcome signs of an emerging recovery,
although downside risks remain given the continued dependence on
tourism.  While the expansionary fiscal policy has helped to
mitigate the adverse impact of the global crisis and protect the
most vulnerable segments of the population, it has raised the
fiscal deficit and public debt ratios significantly.

Against this backdrop, Directors welcomed the authorities'
commitment to implement a credible fiscal framework to achieve
fiscal sustainability, while minimizing adverse implications for
growth and employment.  They encouraged the authorities to move
ahead with the implementation of the planned value-added tax in
2010, and to embark on a measured withdrawal of discretionary
spending, including by scaling back capital spending.  Over the
medium term, Directors emphasized the need to prioritize and
improve the efficiency of public spending, to contain the growth
of the public wage bill, and to seek more concessional financing
in order to create fiscal space for higher targeted social
spending and to absorb external shocks.

Directors noted staff's assessment that St. Lucia's exchange rate
does not show clear evidence of an overvaluation.  Given risks of
lower FDI inflows, and to increase the growth potential, they
encouraged the authorities to move forward on structural reforms,
including improving the business climate and boosting labor
productivity.

Directors observed that the financial system has been hit by both
the economic downturn and the collapse of the CL-Financial Group.
Given the deterioration in bank soundness indicators, they
encouraged the authorities to closely monitor the financial sector
and take action as needed.  Directors welcomed the authorities'
regional approach to the strengthening of regulation and
supervision of nonbank financial institutions and the resolution
of the insurance company BAICO.  They looked forward to the
adoption of the Financial Services Regulatory Act and related
legislation. Directors commended the authorities' intention to
keep the SDR allocation as a pooled liquidity buffer.


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


PETROLEOS DE VENEZUELA: To Spend US$60-80MM in Junin 6 in 2010
--------------------------------------------------------------
Russian companies and Venezuela will invest between US$60 million
and US$80 million this year in the Junin 6 block in Venezuela's
vast Orinoco heavy crude belt, Darya Korsunskaya at Reuters
reports, citing a senior Russian oil executive.  The report
relates Petroleos de Venezuela and a consortium of Russian
companies agreed in February to set up a joint venture to tap the
Junin 6 field in the oil belt.

According to the report, Vladimir Bogdanov, head of
Surgutneftegas, said that Russian companies would start
exploration in the area in 2011.  The first $600 million tranche
of an agreed US$1 billion signing fee had been transferred to
Venezuela by the Russian companies, he added.

Venezuela's energy minister, the report notes, said that the block
would begin producing 50,000 barrels a day by the end of this
year -- a first step toward Venezuela's goal of producing 450,000
b/d from the Orinoco belt.

                             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.


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


* BOND PRICING: For the Week March 29, to April 2, 2010
-------------------------------------------------------

Issuer              Coupon  Maturity     Currency         Price
------              ------  --------     --------         -----


ARGENTINA

ARGENT-$DIS           8.28    12/31/2033     USD                69
ARGENT-PAR            1.18    12/31/2038     ARS       37.25749826
ARGENT-=DIS           7.82    12/31/2033     EUR       64.34857178
ARGNT-BOCON PR13         2    3/15/2024      ARS       71.85508609
BANCO MACRO SA       10.75    6/7/2012       USD       72.54031474
BUENOS AIRE PROV     9.625    4/18/2028      USD       73.15010381
MENDOZA PROVINCE       5.5    9/4/2018       USD       77.53109492


BRAZIL

CESP                  9.75    1/15/2015      BRL       71.56413383

CAYMAN ISLAND

BANIF FIN LTD            3    12/31/2019     EUR            73.325
BARION FUNDING        0.63    12/20/2056     GBP       17.32956423
BARION FUNDING        1.44    12/20/2056     GBP       30.70998348
BCP FINANCE CO       4.239    #N/A N Ap      EUR             72.75
BCP FINANCE CO       5.543    #N/A N Ap      EUR       72.64585447
BES FINANCE LTD      6.984    2/7/2035       EUR       73.47399979
BISHOPSGATE ASSE     4.808    8/14/2044      GBP          72.50238
CHINA MED TECH           4    8/15/2013      USD             62.75
CHINA PROPERTIES     9.125    5/4/2014       USD        84.7402262
CHINA SUNERGY         4.75    6/15/2013      USD            66.509
DUBAI HLDNG COMM         6    2/1/2017       GBP           75.4375
FERTINITRO FIN        8.29    4/1/2020       USD                69
MAZARIN FDG LTD       1.44    9/20/2068      GBP       28.16996478
PANAMA CANAL RAI         7    11/1/2026      USD             83.75
PUBMASTER FIN        6.962    6/30/2028      GBP       71.57840443
SHINSEI FIN CAYM     6.418    #N/A N Ap      USD       68.46666667
SHINSEI FIN CAYM     6.418    #N/A N Ap      USD         68.863404
SHINSEI FINANCE       7.16    #N/A N Ap      USD       67.96666667
SHINSEI FINANCE       7.16    #N/A N Ap      USD              58.5
SOLARFUN POWER H       3.5    1/15/2018      USD             65.25
   JAMAICA

AIR JAMAICA LTD        8.125    6/14/2027    USD            67.75

   PANAMA

CARNIVAL CORP              2    4/15/2021    USD           106.25


PUERTO RICO

PUERTO RICO CONS       6.2    5/1/2017       USD                50
PUERTO RICO CONS       6.5    4/1/2016       USD            63.375

VENEZUELA

PETROLEOS DE VEN     5.375    4/12/2027      USD       51.62147417
PETROLEOS DE VEN      5.25    4/12/2017      USD        63.1849484
PETROLEOS DE VEN     5.125    10/28/2016     USD       60.95736209
PETROLEOS DE VEN         5    10/28/2015     USD       63.28870701
PETROLEOS DE VEN       4.9    10/28/2014     USD       68.07020856
PETROLEOS DE VEN       5.5    4/12/2037      USD       50.20779685
SIDETUR FINANCE         10    4/20/2016      USD             72.75
VENEZUELA                7    12/1/2018      USD          72.33334
VENEZUELA             7.75    10/13/2019     USD           72.6325
VENEZUELA                6    12/9/2020      USD          62.77778
VENEZUELA                9    5/7/2023       USD          74.74822
VENEZUELA             7.65    4/21/2025      USD          66.21336
VENEZUELA             8.25    10/13/2024     USD          70.01875
VENEZUELA             9.25    5/7/2028       USD           74.2284
VENEZUELA             5.75    2/26/2016      USD          73.04082
VENEZUELA             9.25    9/15/2027      USD       74.48442559
VENEZUELA                7    3/31/2038      USD       58.60438822
VENEZUELA                7    3/31/2038      USD           59.9875
VENZOD - 189000      9.375    1/13/2034      USD          74.38928


                            ***********

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
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           * * * End of Transmission * * *