TCRLA_Public/100407.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

              Wednesday, April 7, 2010, Vol. 11, No. 067

                            Headlines



A R G E N T I N A

* ARGENTINA: Fitch Confirms Buenos Aires' 'B' Ratings


B E R M U D A

CATERPILLAR (BERMUDA): Creditors' Proofs of Debt Due on April 15
CATERPILLAR (BERMUDA): Members to Hear Wind-Up Report on May 4


B O L I V I A

BANCO MERCANTIL: S&P Affirms 'B-/C' Counterparty Credit Ratings


B R A Z I L

AMILPAR PARTICIPACOES: Board Approves Corporate Restructuring
ANADARKO PETROLEUM: Reports Successful Offshore Brazil Well Test
TAM SA: To Create Holding Firm to Manage Airline & Mileage Units
TAM SA: Gets Certification From Ecuador and Netherlands Antilles


C A Y M A N  I S L A N D S

ADAR INVESTMENTS: Creditors' Proofs of Debt Due on May 1
AGAM SPV: Creditors' Proofs of Debt Due on April 29
AGAM SPV: Creditors' Proofs of Debt Due on April 29
ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29
ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29

CASAM CRABEL: Creditors' Proofs of Debt Due on April 29
CASAM GLOBAL: Creditors' Proofs of Debt Due on April 29
CASAM GRAHAM: Creditors' Proofs of Debt Due on April 29
CENTOLIRE LIMITED: Creditors' Proofs of Debt Due on April 28
DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29

DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29
FAIRFIELD ASIAN: Creditors' Proofs of Debt Due on April 30
FAIRFIELD MANHASSET: Creditors' Proofs of Debt Due on April 30
FAIRFIELD TREELINE: Creditors' Proofs of Debt Due on April 30
FEM CURRENCY: Creditors' Proofs of Debt Due on April 29

FIRST DOMEAL: Creditors' Proofs of Debt Due on April 29
GANDHARA (GP): Creditors' Proofs of Debt Due on April 29
GEMS TV: U.S. Unit Seeks Bankruptcy Protection to Sell Assets
HFH SHORTPLUS: Creditors' Proofs of Debt Due on April 29
IRMADALE LIMITED: Creditors' Proofs of Debt Due on April 29

MAHIS LIMITED: Creditors' Proofs of Debt Due on April 28
MARATHON GTF: Creditors' Proofs of Debt Due on April 29
MARATHON NIGERIA: Creditors' Proofs of Debt Due on April 29
MARATHON OFFSHORE: Creditors' Proofs of Debt Due on April 29
MOMENTUM SYNTHETIC: Creditors' Proofs of Debt Due on April 29

OLD MUTUAL: Creditors' Proofs of Debt Due on April 22
PALACE GATE: Creditors' Proofs of Debt Due on April 29
STRUCTURED CREDIT: Creditors' Proofs of Debt Due on April 29
ZAN GLOBAL: Creditors' Proofs of Debt Due on April 27


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Business Sector Opposes Electricity Hike


J A M A I C A

AIR JAMAICA: Workers to be Retained by Caribbean Airlines
CABLE & WIRELESS: GDJL Wins Advertisement Fee Legal Battle
SUGAR COMPANY OF JAMAICA: Gov't Re-Attempts Sale of Factories
* JAMAICA: Imports Value Down, STATIN Says


P U E R T O  R I C O

POPULAR INC: Seen as Buyer of Failed Puerto Rico Banks
PR WIRELESS: Moody's Assigns 'B2' Corporate Family Rating
W HOLDING: Management, Auditors Mull 'Going Concern Qualification'


T R I N I D A D  &  T O B A G O

CL FIN'L: Dr. Euric Bobb Resigns as CLICO Board Chairman




                         - - - - -


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


* ARGENTINA: Fitch Confirms Buenos Aires' 'B' Ratings
-----------------------------------------------------
Fitch Ratings has confirmed the city of Buenos Aires' long-term
foreign and local currency ratings at 'B'.  Likewise, the 'B'
rating on Buenos Aires's euro medium-term note program is
confirmed.  The Rating Outlook remains Stable.

The city of Buenos Aires has issued a note for US$475 million
under its EMTN program.  This is a bullet note denominated in US
dollars, with maturity date April 6, 2015, payable semi-annually
in arrears, at a fixed interest rate of 12.5% per annum.  The
purpose of this issue is to obtain funds for the expansion of the
subway system and various infrastructure projects established in
the Social Infrastructure Fund.

The ratings of the city reflect its economic importance at
national level due to its large and diversified economy as well as
its financial flexibility as the majority of the city's incomes
are represented by local sources (87.9% with provisional figures
2009) and it has low dependence on federal transfers.

After debt restructuring in 2002, the city has met its debt
obligations in a timely fashion reflecting an improvement in its
debt ratios.  The total debt / current revenues ratio has been
improving, showing a decline from 32.7% in 2005 to 15.6% as of
December 2009 with provisional figures.

Considering the new Note, the total debt amount is around
US$1.184 million, a 73% increase with respect to December 2009,
representing 26% of the current revenues estimated for 2010.
However, these debt ratios are acceptable according to the city's
financial situation and to current rating level.

During the last years the city has had the challenge to control
deteriorated fiscal accounts within a context of higher level of
inflation rates that put pressure on salaries.

Fitch considers that the debt continues being manageable and this,
added to its important financial autonomy, places the city in a
favorable position to support different stress scenarios.
Provisional figures for 2009 show a current surplus that
represents 10.8% of the current revenues and a financial deficit
of US$99.1 million.  Although this latter balance has been
negative, it has resulted 42% lower compared to that of 2008 and
it is considered acceptable within the city's financial dynamic.

The budget for 2010 estimates a financial deficit of
US$121.5 million and it assumes a positive current surplus of
around 9.3% over total revenues.


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


CATERPILLAR (BERMUDA): Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------------
The creditors of Caterpillar (Bermuda) Investments Parent Company
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 25, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


CATERPILLAR (BERMUDA): Members to Hear Wind-Up Report on May 4
--------------------------------------------------------------
The members of Caterpillar (Bermuda) Investments Parent Company
will receive, on May 4, 2010, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


=============
B O L I V I A
=============


BANCO MERCANTIL: S&P Affirms 'B-/C' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-
/C' counterparty credit ratings on Banco Mercantil Santa Cruz S.A.
The outlook remains stable.

"The ratings on BMSC are constrained by the uncertainty intrinsic
to Bolivia's financial system and the country's high sovereign
risk," said Standard & Poor's credit analyst Delfina Cavanagh.
"Nevertheless, despite the frail operating environment, BMSC has
shown consistent performance through more than 100 years of
operating in Bolivia."

The bank enjoys a leading competitive position in the country,
good liquidity and profitability supported by a low-cost funding
base and relatively good efficiency, and conservative management.

The ratings the bank are constrained by the sovereign ratings on
the Republic of Bolivia (B-/Stable/C).  The sovereign ratings, in
turn, continue to be constrained by a fragmented political
landscape characterized by strong divisions along regional,
social, and ethnic lines.

Dollarization continues to decline but is still high--and higher
than that of other countries in the region.  This constrains
Bolivia's flexibility as to monetary policy and constitutes a
vulnerability for the banking system.  Banking system weaknesses
also include a low financial sector intermediation and a domestic
credit to GDP of 32% of GDP, representing a steady decrease from
50% in 2000.

BMSC is the largest Bolivian bank, holding a 19% market share in
loans and 22% in deposits as of December 2009.

The stable outlook reflects S&P's expectation that BMSC will
maintain its current leading position in Bolivia while preserving
relatively healthy financials.  It also incorporates S&P's
expectation that the bank will be able to maintain its asset
quality indicators at close to their current levels.


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


AMILPAR PARTICIPACOES: Board Approves Corporate Restructuring
-------------------------------------------------------------
Amilpar Participacoes SA -- in accordance with article 157,
paragraph 4, of Law 6,404/76 (Brazilian Corporate Law) and CVM
Instruction no. 358/02, and in addition to the Relevant Fact
released on November 19, 2009 -- informed shareholders and the
market that its Board of Directors, in a meeting held on April 1,
2010, approved proposal for corporate restructuring involving the
Company and its subsidiaries Amil Assistencia Medica Internacional
S.A. and Medial Saude S.A., to be implemented in two subsequent
steps.  The first is the incorporation of the totality of Medial's
shares by Amil Assistencia and the second is the incorporation of
the totality of Amil Assistencia's shares by Amilpar.

If the Restructuring is approved by the competent corporate
boards, Medial will start being an integral subsidiary of Amil
Assistencia and the latter will be an integral subsidiary of
Amilpar.  In sequence, shareholding basis of Medial and Amil
Assistencia, composed by the shareholders that have opted not to
exercise its withdrawal right due to the Restructuring approval,
will be transferred to Amilpar.

The Board of Directors also decided to constitute a temporary
special independent committee composed exclusively by integrants
of the management of the Company, mostly independent, to negotiate
the conditions of the incorporation of the totality of Amil
Assistencia's shares by Amilpar and submit its recommendations to
the competent corporate boards, in accordance with Indication
Statement CVM 35/08.

The information demanded by CVM Instruction 319/99, as well as the
Restructuring details, including the exchange ratio of the shares
issued by Amil Assistencia for shares issued by Amilpar and the
terms and conditions of the corresponding protocol and
justification of incorporation of shares, will be released after
the negotiation of the deal between the Company's management and
the Independent Committee, when the Board of Directors will meet
to approve the definitive terms of the deal to be submitted to
General Shareholder Meeting.

                About Amilpar Participacoes

Amil Participacoes S.A. is the largest managed care organization
in Brazil, according to the ANS, currently assisting over 5
million members.


ANADARKO PETROLEUM: Reports Successful Offshore Brazil Well Test
----------------------------------------------------------------
Jim Polson at Bloomberg News reports that Anadarko Petroleum Corp.
reported a successful well test in Brazil's offshore Campos Basin.

According to the report, the Wahoo Well No. 1 flowed at a
sustained rate of about 7,500 barrels a day of crude oil and 4
million cubic feet a day of natural gas, Anadarko said in a
statement.  The report relates the company said that those flow
rates were limited by equipment.

Bloomberg News notes that the well taps pre-salt deposits, so
named because the oil lies beneath a layer of salt that makes it
more difficult for drillers to find.  Producers estimate that
Brazil's offshore pre- salt region contains billions of barrels of
oil, the report says.

                     About Anadarko Petroleum

Anadarko Petroleum Corporation is an independent oil and natural
gas exploration and production company. The Company explores for,
develops, produces, gathers, processes, and markets natural gas,
crude oil, condensate and natural gas liquids (NGLs). The Company
is based in The Woodlands, Tex.

                          *     *     *

As of February 24, 2010, the company continues to carry Moody's
Ba2 Preferred Stock rating.


TAM SA: To Create Holding Firm to Manage Airline & Mileage Units
----------------------------------------------------------------
TAM SA plans to create a holding company that will separately
manage its airline and mileage units in a bid to sharpen its focus
and enhance cost efficiency, Alberto Alerigi Jr. and Guillermo
Parra-Bernal at Reuters report, citing Chief Executive Libano
Barroso.  The report relates Mr. Barroso said that the new holding
company will be put up for vote at a shareholders' assembly on
April 30, 201, and will be presided over by former CEO Marco
Antonio Bologna.

According to the report, the new company will be named TAM SA, and
Mr. Bologna will also oversee a unit scouting for new business
activities.  "We wanted since 2007 to create a holding with
interests in the airline business," the report quoted Mr. Barroso
as saying.  "First we spun off the mileage unit and now we are
enhancing transparency with this plan," he added.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


TAM SA: Gets Certification From Ecuador and Netherlands Antilles
----------------------------------------------------------------
TAM S.A.'s Technological Center, Maintenance, Repair and Overhaul
Unit, has just been certified by Ecuador aeronautical authority to
perform the maintenance service to Airbus A318/A319/A320/A321 and
Fokker-100 aircraft registered in the country as well as their
components.  Such certification allows the increase of the
services portfolio offered by its maintenance center for customers
in Ecuador market.

The company has also obtained the certification from aeronautical
authorities of Netherlands Antilles for the maintenance in Fokker-
100 aircrafts of airline Dutch Antilles Express.  All services
shall be performed at TAM MRO Unit in Sao Carlos.  "The new
certification are included in the strategy to consolidate TAM
Technological Center as a strong service provider to third
parties," explains Ruy Amparo, TAM Vice-President of MRO.

The company has already been certified by aeronautical authorities
in United States of America (Federal Aviation Administration -
FAA), Europe (European Aviation Safety Agency - EASA), Brazil
(National Civil Aviation Agency - ANAC) and several countries in
South America for performing all heavy maintenances (checks C and
D) in Airbus A318/319/A320/A321/A330 and Boeing 767 aircraft, for
its own fleet and other customers, in addition to Fokker-100
aircraft.  In January 2007, TAM got the IOSA (IATA Operational
Safety Audit) certification, the most comprehensive and accepted
international recognition on operational safety.

                About the TAM Technological Center

Established in the city of Sao Carlos in the interior of the State
of Sao Paulo, TAM Technological Center occupies its own area of
4.6 million square meters.  In addition to maintenance hangars,
the complex houses workshops for maintenance in aeronautical
components, with equipment ranging from navigational computers to
complete landing gears.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A.'s US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


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


ADAR INVESTMENTS: Creditors' Proofs of Debt Due on May 1
--------------------------------------------------------
The creditors of Adar Investments (Offshore) II Ltd. are required
to file their proofs of debt by May 1, 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:

         Aaron Morse
         156 West 56th Street, Suite 801
         New York, NY10019, U.S.A


AGAM SPV: Creditors' Proofs of Debt Due on April 29
---------------------------------------------------
The creditors of Agam SPV Six Limited (Cayman) are required to
file their proofs of debt by April 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 11, 2010.

The company's liquidator is:

         Christopher P. Meyering
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Channel Islands, JE4 8PN
         Sciens Hedge Fund Management LLC
         667 Madison Avenue, New York
         NY 10065 USA


AGAM SPV: Creditors' Proofs of Debt Due on April 29
---------------------------------------------------
The creditors of Agam SPV Five Limited (Cayman) are required to
file their proofs of debt by April 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 11, 2010.

The company's liquidator is:

         Christopher P. Meyering
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Channel Islands, JE4 8PN
         Sciens Hedge Fund Management LLC
         667 Madison Avenue, New York
         NY 10065 USA


ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------------
The creditors of Alson Signature Fund Offshore, 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 19, 2010.

The company's liquidator is:

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


ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------------
The creditors of Alson Signature Fund Offshore Portfolio, 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 19, 2010.

The company's liquidator is:

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


CASAM CRABEL: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------
The creditors of Casam Crabel Two Plus Fund 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 15, 2010.

The company's liquidator is:

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


CASAM GLOBAL: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------
The creditors of Casam Global Futures Program Fund 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 15, 2010.

The company's liquidator is:

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


CASAM GRAHAM: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------
The creditors of Casam Graham Global Diversified Portfolio Fund
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 15, 2010.

The company's liquidator is:

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


CENTOLIRE LIMITED: Creditors' Proofs of Debt Due on April 28
------------------------------------------------------------
The creditors of Centolire Limited are required to file their
proofs of debt by April 28, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 24, 2010.

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
         Telephone: 345 949-7128


DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29
-----------------------------------------------------------
The creditors of Deephaven Credit Opportunities Trading 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 February 28,
2010.

The company's liquidator is:

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


DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29
-----------------------------------------------------------
The creditors of Deephaven Credit Opportunities Fund 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 February 28,
2010.

The company's liquidator is:

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


FAIRFIELD ASIAN: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------------
The creditors of Fairfield Asian Era Fund Ltd 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 16, 2010.

The company's liquidator is:

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


FAIRFIELD MANHASSET: Creditors' Proofs of Debt Due on April 30
--------------------------------------------------------------
The creditors of Fairfield Manhasset Offshore Fund Ltd 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 16, 2010.

The company's liquidator is:

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


FAIRFIELD TREELINE: Creditors' Proofs of Debt Due on April 30
-------------------------------------------------------------
The creditors of Fairfield Treeline Fund Ltd 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 16, 2010.

The company's liquidator is:

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


FEM CURRENCY: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------
The creditors of FEM Currency Portfolio 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 16, 2010.

The company's liquidator is:

         Louis Grosjean
         c/o Victor Murray
         Maples Finance Limited
         PO Box 1093, 4th Floor Boundary Hall
         Cricket Square, George Town
         Grand Cayman K1-1102, Cayman Islands
         Telephone: 1 345 814 5722


FIRST DOMEAL: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------
The creditors of First Domeal Holdings 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 19, 2010.

The company's liquidator is:

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


GANDHARA (GP): Creditors' Proofs of Debt Due on April 29
--------------------------------------------------------
The creditors of Gandhara (GP) 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 5, 2010.

The company's liquidator is:

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


GEMS TV: U.S. Unit Seeks Bankruptcy Protection to Sell Assets
-------------------------------------------------------------
Phil Milford and Michael Bathon at Bloomberg News report that Gems
TV (USA) Ltd. has sought bankruptcy protection (Bankr. D. Del.
Case No. 10-11158) to sell its assets, after shutting down
operations last month.

Reno, Nevada-based Gems TV is a television retailer of gemstone
jewelry products.  The Company listed about $120 million in debt
and about $51.2 million in assets.

"Since it began operations, the company has struggled to
maintain a sufficient level of profitability to sustain its
operations and service its debts," Gems TV President, Diane
Schneiderjohn, said in court documents.  The Company's "troubles
were exacerbated this past year as nationwide economic conditions
resulted in decreased discretionary spending."

                         March 8 Announcement

Gems TV Holdings Ltd. announced March 8 that it will cease
operations in the U.S.  Gems TV said that since its entry into the
U.S. in November 2006, it has struggled to achieve the necessary
operational and economic scale that would enable it to thrive in
that market.  The Group's margins and profitability have been
under constant pressure from the extremely challenging and
unpredictable economic environment.  Mr. Jason Choo, Chairman of
Gems TV said, "We are putting a stop to the operational cash drain
in the US which is clearly a disappointing outcome."

Gems TV also said March 8 that it has entered into a non-binding
term sheet to acquire roughly 37.8% shareholding interest in
Multimedia Commerce Group Inc.  MMCG operates a shopping network
under the trade name "Jewelry Television(R)" and retails jewelry,
gemstones and related products via its television network and
internet sites.  JTV(R) is a direct competitor of Gems TV in the
U.S.  Upon completion of the Proposed Investment, both Gems TV and
JTV(R) will no longer be in competition with each other and
instead will work together to achieve better margins and greater
revenue.

                           About Gems TV

Gems TV is the leading television home shopping retailer of
gemstone jewelry with a mission to make genuine gemstone jewelry
affordable and available to everyone.  It owns and operates
dedicated jewelry home shopping TV channels in the U.S., U.K. and
Japan, where our interactive "reverse auction" programs are
broadcasted to more than 50 million subscribers on a full time
equivalent basis in those markets.  In addition, its genuine
gemstone jewelry is sold through internet and mobile platforms.
The products retail on its own Web sites -- www.GemsTV.com,
www.GemsTV.co.uk, www.GemsTV.jp, and www.Thaigem.com -- as well as
third-party Web sites such as eBay and Amazon.com.  Its mobile
platform is accessible by consumers in Japan.

Gems TV was incorporated with limited liability in the Cayman
Islands on April 23, 2001, and listed on the Singapore Exchange
Main Board on November 10, 2006.


HFH SHORTPLUS: Creditors' Proofs of Debt Due on April 29
--------------------------------------------------------
The creditors of HFH Shortplus Fund 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 wind-up proceedings on March 12, 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


IRMADALE LIMITED: Creditors' Proofs of Debt Due on April 29
-----------------------------------------------------------
The creditors of Irmadale 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 17, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


MAHIS LIMITED: Creditors' Proofs of Debt Due on April 28
--------------------------------------------------------
The creditors of Mahis Limited are required to file their proofs
of debt by April 28, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 19, 2010.

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
         Telephone: 345 949-7128


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

The company's liquidator is:

         Yvonne R. Kunetka
         c/o Marathon Oil Company
         5555 San Felipe Street, Houston
         Texas 77056-2799, United States of America
         Telephone: 713-296-2517
         Facsimile: 713-513-4219
         e-mail: YRKunetka@Marathonoil.com


MARATHON NIGERIA: Creditors' Proofs of Debt Due on April 29
-----------------------------------------------------------
The creditors of Marathon Nigeria Holding are required to file
their proofs of debt by April 29, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Yvonne R. Kunetka
         c/o Marathon Oil Company
         5555 San Felipe Street, Houston
         Texas 77056-2799, United States of America
         Telephone: 713-296-2517
         Facsimile: 713-513-4219
         e-mail: YRKunetka@Marathonoil.com


MARATHON OFFSHORE: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------------
The creditors of Marathon Offshore Holding 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 9, 2010.

The company's liquidator is:

         Yvonne R. Kunetka
         Marathon Oil Company
         5555 San Felipe Street
         Houston, Texas 77056-2799
         United States of America
         Telephone: 713-296-2517
         Facsimile: 713-513-4219
         e-mail: YRKunetka@Marathonoil.com


MOMENTUM SYNTHETIC: Creditors' Proofs of Debt Due on April 29
-------------------------------------------------------------
The creditors of Momentum Synthetic CDO 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 wind-up proceedings on March 19, 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


OLD MUTUAL: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------
The creditors of Old Mutual UK Dynamic Equity Fund Limited are
required to file their proofs of debt by April 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


PALACE GATE: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------
The creditors of Palace Gate Holdings 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 wind-up proceedings on March 15, 2010.

The company's liquidator is:

         Billy W Y Ma
         c/o Philip Sutcliffe
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103


STRUCTURED CREDIT: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------------
The creditors of Structured Credit (General Partner) 500 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 11, 2010.

The company's liquidator is:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 623 0007


ZAN GLOBAL: Creditors' Proofs of Debt Due on April 27
-----------------------------------------------------
The creditors of Zan Global Total Return Fund are required to file
their proofs of debt by April 27, 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:

         Russell Smith
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


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


* DOMINICAN REPUBLIC: Business Sector Opposes Electricity Hike
--------------------------------------------------------------
The Santiago Traders and Industrialists Association, the National
Commercial Business Organization and the Dominican Traders
Federation expressed their strong opposition to the planned
increase in electricity rates, Dominican Today reports.  The
report relates Acis Head Luis Nunez, ONEC Head Pedro Perez and FDC
Head Ivan Garcia agreed that other measures were needed to collect
the US$1.5 million unpaid bills and that the service had to be
made more efficient before any mention of increasing the rates.

According to the report, Mr. Nunez expressed disappointment at the
common practice of making the financial and operational
difficulties of the sector more expensive without making the costs
transparent first.  The report relates Mr. Nunez said that the
deficiencies in the sector had raised the operational costs of the
entire national productive apparatus.

Mr. Perez, the report notes, also expressed his opposition towards
paying for the sector's inefficiency, saying that there are
alternatives that could be explored.  The first stage should be to
charge everyone who doesn't pay their bills and give clear signals
that electricity fraud will be tackled, and said that there is a
lot of talk and no action in this area, he added.

Meanwhile, Mr. Garcia, according to the report, said that whoever
pays for their electricity should not have to pay for the
authorities' lack of capacity.  "The business sector is strongly
opposed to any increase in the electricity rates.  We cannot take
this level of power cuts, let alone an increase in the commercial
rates that we pay, and for this reason we cannot be penalized",
the report quoted Mr. Garcia as saying.


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


AIR JAMAICA: Workers to be Retained by Caribbean Airlines
---------------------------------------------------------
Caribbean Airlines Limited is said to increase the number of Air
Jamaica Limited employees it will rehire after acquiring the cash
strapped entity, RadioJamaica reports.

According to the report, Prime Minister Bruce Golding said that
the Trinidadian airline is currently interviewing Air Jamaica
workers.  Mr. Golding, the report relates, said that there is
indication that the numbers of workers who will be given job
offers will be higher than expected.  "I know that discussions are
taking place as (Caribbean Airlines) had already indicated that
they would not be able to employ all the 1,600 workers that we
have at Air Jamaica, so they're doing interviews to determine
those who will be employed.  Redundancy payments will be made to
all workers once the transition takes place," the report quoted
Mr. Golding as saying.  "(Caribbean Airlines) had indicated that
they would be requiring no more than 350 Air Jamaica workers but I
believe that because of certain realities that have come out of
the negotiations, that number will go up a little," he added.

Meanwhile, the report notes that Mr. Golding said that some of Air
Jamaica's operations will not be sold to Caribbean Airlines and
hence employees in those areas will not lose their jobs.  "There
are still some areas of what is now Air Jamaica operations that
will be retained like the air craft servicing arrangement.  Those
are not being divested and therefore those workers do not have to
fear redundancy.  We're going to have to reconfigure the
management of that since that will no longer be part of what we
now have as Air Jamaica," the report quoted Mr. Golding as saying.

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.


CABLE & WIRELESS: GDJL Wins Advertisement Fee Legal Battle
----------------------------------------------------------
Barbara Gayle at Jamaica Gleaner reports that Global Directories
Jamaica Limited won its legal battle against Lime (formerly Cable
& Wireless Jamaica), over differences on the payment terms offered
to advertisers in the Yellow Pages of the Jamaican telephone
directory.  The report relates Global Directories, which produces
the directory under contract from LIME, offers easy payment plan-
12 equal monthly installments, commencing the month after each
year's directory is published.

However, the report notes LIME decided that payment should be
collected in full months before the directory was published and in
January 2008 directed GDJL to change the arrangements with
advertisers.  The report relates Global Directories refused,
arguing that it would not be a commercially wise move.  Global
Directories, the report adds, also argued that LIME could not make
a unilateral change in the agreement on such an important issue.

According to the report, LIME threatened to terminate GDJL's
contract, which dates back to November 4, 2005.  The report
relates Hilary Phillips and attorney-at-law Denise Kitson argued
on behalf of LIME that the advertising contracts were between LIME
and the advertisers and that Global was only acting as LIME's
agent.  The advertising contracts, they told the court, allowed
LIME to adjust the terms of payment, and submitted further that
LIME did not need Global's consent to do so, the report says.

However, the Gleaner relates, Supreme Court Justice Lloyd Hibbert
was more convinced by GDJL's arguments and ruled in its favor.

Global Directories, the report says, had also claimed damages of
$109.07 million due under the four-year-old contract, plus
interest, but LIME had settled the bill before the court case was
heard.

The Gleaner notes Justice Hibbert ruled that LIME was not liable
for the payment of interest, but directed the phone company to pay
Global Directories' legal costs.  The report adds that Judge
Hibbert also issued an injunction restraining LIME from
terminating the publishing agreement by reason of GDJL's refusal
to require advertisers to make payment in advance.

                           About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- provides national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


SUGAR COMPANY OF JAMAICA: Gov't Re-Attempts Sale of Factories
-------------------------------------------------------------
Another attempt is being made to find buyers for The Sugar Company
of Jamaica Limited's remaining state-run sugar factories that are
still on the auction block, RadioJamaica reports.  The report
relates the Development Bank of Jamaica has advertised the sugar
estates and factories at Frome, Monymusk and Bernard Lodge in the
local press.

According to the report, proposals are being sought for the
financing, modernization, operation and management of the three
entities.

RadioJamaica notes that May 3 is the deadline for proposals to be
submitted.

The DBJ, the report notes, said that the assets are being sold en
bloc or in separate packages.  With the government intent on
selling the sugar assets under a single agreement, the DBJ said it
will give preference to investors who want to acquire them in one
deal, the report adds.

                             About SCJ

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.


* JAMAICA: Imports Value Down, STATIN Says
------------------------------------------
New data from the Statistical Institute of Jamaica (STATIN) have
revealed that there was a significant decline in the value of
imports which entered the island during 2009, RadioJamaica
reports.

According to the report, Jamaicans brought in goods valued at US$5
billion.  The report relates that the figure was a US$3.2 billion
decline from the value of imports in 2008.

STATIN, the report notes, said that the reduction was due mainly
to lower fuel prices last year.  Total exports for January to
December also declined to US$1.3 billion from US$2.6 billion in
2008, the report adds.

                         *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating to 'C' from
'CCC'.  In addition, Fitch has affirmed Jamaica's long-term and
short-term foreign currency ratings at 'CCC' and 'C' respectively,
and affirmed the Country Ceiling at 'B-'.  Jamaica's sovereign
ratings Outlook remains Negative


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


POPULAR INC: Seen as Buyer of Failed Puerto Rico Banks
------------------------------------------------------
Anurag Kotoky at Caribbean Net News reports that Puerto Rican
banks are likely to see a round of consolidation soon, as
regulators move to close underperforming lenders, giving Popular
Inc. an excellent chance to bulk up.

According to the report, at least three of Puerto Rico's biggest
banks -- W Holding Co Inc., EuroBancshares Inc and R&G Financial
Corp. -- are under cease and desist orders from regulators, and
there is rising speculation in the market that the Federal Deposit
Insurance Corp. may take over operations.  The report relates in
such a scenario, the FDIC will move ahead with a formal sale
process of their assets, and Popular Inc. being the dominant and
the oldest player in the island has every chance of emerging as
the winning bidder.

B. Riley & Co analyst Joe Gladue, the report notes, said that the
FDIC-backed deals have often been a big boost for the acquiring
bank's capital, something that would be helpful for Popular Inc.

                        About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Standard & Poor's Ratings Services said that it
lowered its ratings on Popular Inc., including lowering the long-
term counterparty credit rating to 'BB-' from 'BB+' and the rating
on the company's preferred shares to 'C' from 'B-', and affirmed
the short-term counterparty credit rating at 'B'.


PR WIRELESS: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Services assigned first time ratings to PR
Wireless, Inc, including a B2 Corporate Family Rating a B2
Probability of Default Rating, and B2 rating to $175 million in
proposed senior secured credit facilities.  The credit facilities
consist of $15 million revolving credit due in 2014 and
$160 million term loan due in 2016.  The proceeds of the
facilities will be used to repay existing debt and to bolster the
company's cash balances.  The ratings outlook is stable.

Open Mobile is the fifth largest wireless service provider in
Puerto Rico, serving about 300,000 subscribers primarily on a pre-
paid basis.  It is owned by PR Wireless, LLC (incorporated in
Delaware, U.S.), which in turn, is owned by M/C Venture Partners
(35%), Columbia Capital (35%) and Leap Wireless (18%), among
others.  Open Mobile began operations in June 2007 after the
bankruptcy and reorganization of its predecessor entity, MoviStar,
Inc.  With approximately 11% subscriber market share as of
December 2009 (up from 4% in 2007), Open Mobile generated service
revenue of over $130 million during 2009.  Its CDMA network has
over 90% licensed population coverage across Puerto Rico, with a
3G-EVDO network build-out currently in process.  The company's
subscribers are able to roam nationwide in the U.S. through Open
Mobile's roaming arrangements with other carriers.

Assignments:

Issuer: PR Wireless, Inc.

  -- Corporate Family Rating, Assigned B2
  -- Probability of Default Rating, Assigned B2
  -- Senior Secured Bank Credit Facility, Assigned B2 LGD3 -- 44%
  -- Senior Secured Bank Credit Facility, Assigned B2 LGD3 -- 44%
  -- Outlook -- Stable

Open Mobile's B2 ratings are principally based on its small size
relative to its domestic and global peers as well as on its high
adjusted debt/EBITDA of 3.21 times in 2009 (Moody's adjusted,
reflecting capitalized leases and 25% debt attribution to
preferred stock).  Moody's expect that leverage as measured by
adjusted debt/EBITDA will decline gradually as revenues grow and
EBITDA margins improve as scale increases.  The company's total
revenue of over $130 million in 2009 is a reflection of Open
Mobile's small market share of 11% of the Puerto Rican wireless
market, which stood at 2.7 million wireless subscribers (67%
penetration rate) as of December 2009.  As such, Moody's expect
competition to remain intense, especially as the major carriers
such as AT&T, America Movil, T-Mobile, and Sprint will look to
expand their pre-paid service offerings in Puerto Rico.  On the
other hand, the ratings are supported by improving operating
metrics, as well as expected stable margins over the next two
years.

The company generated positive fee cash flow in 2009, the first
time since restructuring in mid 2007, demonstrating a successful
operating turnaround following the predecessor company's
bankruptcy filing in 2007.  In addition, strict cost controls have
supported the improvement in the company's cash flow growth.
However, Moody's believe that capex will increase to expand the
service territory and to enhance the network capabilities to keep
pace with competition.  In addition, any dividend payment would
negatively affect free cash flow generation.  Thus, Moody's
believe that Open Mobile's free cash flow will remain modest or
negative at least over the next two to three years.

The stable ratings outlook is based on Moody's expectations that
Open Mobile will continue to be successful in acquiring new
subscribers and providing quality service.  The stable outlook
also assumes that company will maintain conservative financial
policies and liquidity management.

Pro forma for the proposed financing, Open Mobile's liquidity will
be adequate.  Moody's expects Open Mobile's cash on hand of about
$20 million, plus expected operating cash in 2010 of about
$35 million to cover total of about $40 million in cash outflows
during the year, which include interest payments, working capital,
taxes and capex.  Moody's believes that management will not pay a
dividend in 2010 and will devote cash to invest in growth capex as
planned.  Moody's expect the company to be in compliance with its
covenants through 2010.

This is the first time Moody's has rated Open Mobile.

Open Mobile, incorporated in Delaware, and headquartered in San
Juan, PR, is the fifth largest wireless service provider in Puerto
Rico.


W HOLDING: Management, Auditors Mull 'Going Concern Qualification'
------------------------------------------------------------------
W Holding Co. Inc. said that its management and auditors would
seek additional time to consider whether the bank could remain in
business, Matthias Rieker at Dow Jones Newswires reports.

According to the report, W Holding's main subsidiary, Westernbank,
already operates under increased regulatory scrutiny, and the
company warned in a Securities and Exchange Commission filing that
its regulators may take additional action, including possibly
assuming control of the bank.  "Management and its auditors need
additional time to consider whether a going concern qualification
is appropriate," the filing said, the report relates.

The bank, the report notes, said that it "has engaged financial
advisors to assist in our efforts to raise additional capital and
explore strategic alternatives to address our current and expected
liquidity and capital needs."

Dow Jones Newswires says that W Holding has struggled with a
rising number of troubled real-estate loans and losses caused by
such loans.   The report relates that bank said it has "sufficient
liquid assets to meet all of its obligations for" about the next
12 months.   However, the report points out, if it is placed into
Federal Deposit Insurance Corp. receivership, it is "highly
likely" the bank would end its business and eventually liquidate.

W Holding, the report notes, posted a US$14.6 million loss for
2009 in its earnings filing with the Federal Reserve and said that
audited operating results for its earnings report with the SEC
"will likely be significantly affected" by the money it had to set
aside for bad loans.

Dow Jones Newswires says that Westernbank's loan-loss reserve,
foreclosed real estate held for sale, deferred income tax asset
and accrued income-tax liability, and its income statement are
"still being reviewed by the Company's management and are subject
to change."

The report notes that the cease-and-desist order with the FDIC and
its Puerto Rican bank regulator last year requires the bank to
obtain waivers to roll over deposits it gets through brokers
rather than from its banking customers.   Dow Jones Newswires
relates that W Holding said, "the FDIC granted the Bank's request
to roll over a portion of the Bank's brokered deposits . . . until
April 30."

W Holding, the report adds, said it would be unable to file its
annual report on time, citing "resource constraints and the volume
of audit matters."


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


CL FIN'L: Dr. Euric Bobb Resigns as CLICO Board Chairman
--------------------------------------------------------
Dr. Euric Bobb has resigned from his port as chairman of Colonial
Life Insurance Company Trinidad Limited (CLICO) board, Linda
Hutchinson-Jafar at Jamaica Gleaner reports.  The report relates
Mr. Bobb cited "personal reasons" for his resignation.

According to the report, Dr. Bobb had previously quit as chairman
of CL Financial Group, the parent to CLICO, shortly after he was
appointed in February 2009 to provide oversight of the failed
company that the Trinidad government assumed control of a month
earlier.  The report relates long-time CL group financial director
Michael Carballo also resigned from his job but continues to sit
as a board director.  Mr. Carballo was followed by Steve Bedeshi
who quit as CL Financial's managing director at the end of
January, the report notes.

The Gleaner notes that Claude Musaib-Ali, appointed as CLICO's
chief executive officer, also opted not to renew his one-year
contract.

Marlon Holder, executive director of the Unit Trust Corporation,
has been appointed to replace Dr. Bobb, the report says.   The
Gleaner adds Mr. Holder said that he intends to focus on
rebuilding confidence in the company.

                           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.


                            ***********

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

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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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