TCRLA_Public/100409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, April 9, 2010, Vol. 11, No. 069

                            Headlines



B A H A M A S

BRITISH AMERICAN: Bahamian Case Not Foreign Main Proceeding


B E R M U D A

CENTRAL EUROPEAN: Closes Ukrainian Ops. Sale for US$300 Million


B E R M U D A

INTELSAT SA: John Joyce Steps Down as Director


B R A Z I L

BANCO CRUZEIRO: To Sell 29.56-Mln Shares on Brazil's BMFBovespa
GOL LINHAS: Breaks Traffic Record for March


C A Y M A N  I S L A N D S

ALERIAN CEP: Shareholders' Final Meeting Set for April 30
ANALYTIC JAPANESE: Members' Final Meeting Set for May 6
ANALYTIC JAPANESE: Members' Final Meeting Set for May 6
ARLOS EQUITY: Members' Final Meeting Set for April 30
CABOT INVESTMENTS: Members' Final Meeting Set for April 20

CLINTON QUANTITATIVE: Members' Final Meeting Set for April 29
CLINTON QUANTITATIVE: Members' Final Meeting Set for April 29
DB JASMINE: Shareholder to Receive Wind-Up Report on May 14
DEEPHAVEN CREDIT: Members' Final Meeting Set for May 6
DEEPHAVEN CREDIT: Members' Final Meeting Set for May 6

EMINENCE LONG: Shareholders' Final Meeting Set for April 30
FIRST REINSURANCE: Shareholders' Final Meeting Set for April 20
FRAMLINGTON ABSOLUTE: Shareholders' Final Meeting Set for April 30
FREESTYLE SPECIAL: Members' Final Meeting Set for April 20
HFH SHORTPLUS: Members' Final Meeting Set for April 30

HYUNDAI CAPITAL: Shareholders' Final Meeting Set for April 30
IRMADALE LIMITED: Shareholder to Receive Wind-Up Report on May 6
MANDARIN IT: Members' Final Meeting Set for April 20
MARATHON GTF: Members' Final Meeting Set for April 30
MARATHON NIGERIA: Members' Final Meeting Set for April 30

MARATHON OFFSHORE: Members' Final Meeting Set for April 30
MASTOPLAR TRADING: Members' Final Meeting Set for May 3
MODERN CAPITAL: Shareholders' Final Meeting Set for April 30
MODERN CAPITAL: Shareholders' Final Meeting Set for April 30
OLD MUTUAL: Members' Final Meeting Set for April 30

RUSSIAN OPPORTUNITIES: Members' Final Meeting Set for April 19
TADI AND: Members' Final Meeting Set for April 30
TT EUROPE: Members' Final Meeting Set for May 3
TT EUROPE: Members' Final Meeting Set for May 3
ZAN GLOBAL: Shareholders' Final Meeting Set for April 27


C O L O M B I A

BANCOLOMBIA SA: May Book Higher Net Profit in 2010 From Last Year
ECOPETROL SA: Targets Brazil, Mexico to Boost Production Abroad


J A M A I C A

AIR JAMAICA: No Fall-Off in Airline Bookings
AIR JAMAICA: Unions Promised More Information on Divestment
AIR JAMAICA: Public Unease Over Cash Flow Problems Rumors


M E X I C O

CEMEX SAB: To Launch Responsibly Sourced, Carbon-Labeled Cement
MEXICALI: Credit Implications of Earthquake Likely Limited


U R U G U A Y

BANCO BANDES: Moody's Downgrades Bank Strength Rating to 'E'


T R I N I D A D  &  T O B A G O

CASH PLUS: Case Rescheduled Again to August 13


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Signs JV Contract With Russian Consortium
PLANTA CENTRO: Power Plant Idled Amid Crisis


X X X X X X X X

* Fitch Issues List on 40 Latin American National Rating Changes




                         - - - - -


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


BRITISH AMERICAN: Bahamian Case Not Foreign Main Proceeding
-----------------------------------------------------------
WestLaw reports that a debtor-insurance company's center of its
main interests (COMI) was not in the Commonwealth of the Bahamas,
even though the debtor was formed there and a judicial manager
appointed under Bahamas law was overseeing the debtor's business
activity from the Bahamas.  Therefore, the Bahamas proceeding was
not a "foreign main proceeding."  The debtor's headquarters were
in Trinidad, the country in which, through a subsidiary, the
debtor's financial, administrative, actuarial, legal, policy
administration, and claims processing took place, and the
subsidiary's employees managed the debtor's day-to-day affairs.
In addition, the majority of the debtor's assets were located in
its Eastern Caribbean branches, its creditors existed primarily
outside the Bahamas, and policyholders and creditors had little
reason to believe that the debtor had its hub of operations in the
Bahamas, given the debtor's minimal activities there.  In re
British American Ins. Co. Ltd., --- B.R. ----, 2010 WL 1038212
(Bankr. S.D. Fla.) (Kimball, J.).

British American Insurance Company -- http://www.baico-intl.com/-
- is an insurance company chartered under the laws of the Bahamas.
It has or had branch operations in Anguilla, Antigua and Barbuda,
Bermuda, The Cayman Islands, Dominica, Guyana, Grenada,
Montserrat, Saint Kitts and Nevis, Panama, Saint Lucia, Curacao,
the Turks and Caicos Islands, and Saint Vincent and the
Grenadines.  BAICO also operates or operated through subsidiaries
in Barbados, Trinidad and Tobago, Curacao, Aruba, the Turks and
Caicos Islands, and the British Virgin Islands.

Juan M. Lopez at KPMG Restructuring, as the Judicial Manager and
foreign representative of British American Insurance Company
Limited appointed in an action pending in the Commercial Division
of the Supreme Court of the Commonwealth of The Bahamas, filed a
chapter 15 petition (Bankr. S.D. Fla. Case No. 09-31881) on
Oct. 9, 2009.  Brian Glasgow, as the Judicial Manager and foreign
representative of British American Insurance Company Limited
appointed in an action pending in the Eastern Caribbean Supreme
Court in the High Court of Justice Saint Vincent and the
Grenadines, filed a chapter 15 petition (Bankr. S.D. Fla. Case No.
09-35888) on Nov. 25, 2009.  Both foreign representatives are
represented by Leyza F. Blanco, Esq., at Gray-Robinson, P.A., in
Miami.  At the time of the filings, the foreign representatives
estimated the insurer's assets at less than $500,000,000 and its
debts at more than $500,000,000.

Sorting through the competing Chapter 15 petitions, the Honorable
Erik P. Kimball ordered on Mar. 22, 2010, that:

    (A) Mr. Lopez's request for recognition of the Bahamas
        Proceeding as a foreign main proceeding or, in
        the alternative, a foreign nonmain proceeding,
        is denied;

    (B) Mr. Glasgow's request for recognition of the
        SVG Proceeding as a foreign nonmain proceeding
        is granted; and

    (C) the Court will conduct a further hearing on Mr.
        Glasgow's request for recognition under 11 U.S.C.
        Sec. 1521.

BAICO is also subject to additional judicial proceedings (in which
each court has appointed judicial managers, provisional
liquidators, or controllers, for BAICO and related entities) in
The Eastern Caribbean Supreme Court in the High Court of Justice
Antigua and Barbuda, The Eastern Caribbean Supreme Court in the
High Court of Justice (Anguilla Circuit), The Eastern Caribbean
Supreme Court in the High Court of Justice Federation of Saint
Christopher and Nevis, The Eastern Caribbean Supreme Court in the
High Court of Justice Saint Lucia, The Supreme Court of Bermuda
Commercial Court Companies (Winding-Up), The Eastern Caribbean
Supreme Court in the High Court of Justice Montserrat, The Supreme
Court of Grenada and the West Indies Associated States High Court
of Justice, The Grand Court of the Cayman Islands, and The Supreme
Court of the Turks and Caicos Islands.


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


CENTRAL EUROPEAN: Closes Ukrainian Ops. Sale for US$300 Million
---------------------------------------------------------------
Central European Media Enterprises Ltd. disclosed the closing of
its previously announced transaction to sell 100% of its Ukraine
operations, including the Studio 1+1 and Kino channels, to Harley
Trading Limited, a company beneficially owned by Igor Kolomoisky.

CME received cash consideration of US$30 million on February 1,
2010 and the balance of US$278 million on April 7, 2010, which
includes US$8 million for the reimbursement of cash expenses of
the Studio 1+1 group incurred between signing and closing of the
transaction.

The proceeds from the transactions will be used to fund the
acquisition of the bTV group, a leading free-to-air broadcasting
group in Bulgaria.  The acquisition is expected to close in April
2010.

                  About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service has affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.


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


INTELSAT SA: John Joyce Steps Down as Director
----------------------------------------------
John Joyce has resigned as a director of Intelsat S.A. effective
as of March 25, 2010.

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

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


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


BANCO CRUZEIRO: To Sell 29.56-Mln Shares on Brazil's BMFBovespa
---------------------------------------------------------------
Banco Cruzeiro do Sul SA and its controlling shareholders are
planning to sell at least 29.56 million shares through a primary
and a secondary offering on the Sao Paulo Stock Exchange,
BMFBovespa, Rogerio Jelmayer at Dow Jones Newswires reports.  The
report relates that the offer could raise about BRL352.12 million
(US$201 million) based on bank's closing price April 6, 2010, of
BRL11.91.

According to the report, the bank said that it plans to use the
funds to increase its capital base and expand its credit
portfolio.  The report notes that Cruzeiro do Sul, which could
offer an extra lot of up to 4.4 million shares if there is
sufficient demand, will sell its shares in Brazil and to qualified
investors in the U.S.

Investors can reserve shares from April 21 through April 28, the
report says.

Dow Jones Newswires adds that the bank hired Bank of America
Merrill Lynch, BTG Pactual and UBS to coordinate the operation.

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

                           *     *     *

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


GOL LINHAS: Breaks Traffic Record for March
-------------------------------------------
GOL Linhas Aereas Inteligentes S.A. recorded the highest demand
for March in the domestic market and in the total system since
going operational in 2001.

The Company registered 36.8% growth in demand in its route network
compared to March 2009, with 38.5% growth in the domestic market.
This growth was driven by the combined effect of a better economic
scenario in Brazil and Latin America and the increase in the
Company's competitive advantages in the markets it operates:

   (i) higher frequency and regularity in Brazil's main airports;

  (ii) increase in productivity, with aircraft utilization of more
       than 12.5 block hours/day, compared to approximately 11.3
       block hours/day in March 2009;

(iii) revitalization of SMILES, Latin America's largest mileage
       program with over 6.7 million participants; and

  (iv) dynamic fare management, including the new structure of
       Fare Categories, which benefit both clients looking for
       promotions with reduced fares and business travelers, for
       example, who seek flexibility as well as other benefits
       such as mileage bonuses.

Demand on the total system and in the international market fell by
3.4% and 21.2% in comparison with February 2010, due to the
seasonal effect and the fewer days in that month, comparing to
March.

Demand on GOL's international route increased by 23.6% in March
2010, over the same period in 2009, thanks to a few additional
factors: (i) adjustments to the international route network,
including frequencies; (ii) appreciation of Real against the
Dollar; (iii) the launch of new routes between Brazil and the
Caribbean, such as those to Aruba and Curacao; and (iv) more
favorable macroeconomic scenario.

Comparing the same period in 2009, the total load factor increased
to 64.7% in March 2010 (65.0% in the domestic market and 61.9% in
the international market), with the international market 18.4 p.p.
higher than the 43.5% registered in March 2009, and the domestic
market increasing by 8.2 p.p. over the 56.9% in the same period
last year.

In accordance with the Company's disciplined strategy of capacity
growth, demand grew by 36.8% over March 2009, whereas capacity
increased by 16.1%, substantially below the record demand growth
in the route network.  This strategy was equally apparent in the
international market, where the Company reduced its capacity by
13.1%, versus a 23.6% upturn in demand, improving the quality of
the consolidated load factor.

Yields averaged above 20 cents (R$), gradually increasing since
the extremely competitive scenario in the middle of October 2009.
Consequently, current yield levels are in line with its financial
outlook.

                          About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


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


ALERIAN CEP: Shareholders' Final Meeting Set for April 30
---------------------------------------------------------
The shareholders of Alerian CEP, Ltd. will hold their final
meeting on April 30, 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 KY1-9002, Cayman Islands


ANALYTIC JAPANESE: Members' Final Meeting Set for May 6
-------------------------------------------------------
The members of Analytic Japanese Equity Market Neutral Offshore
Master, Ltd. will hold their final meeting on May 6, 2010, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ANALYTIC JAPANESE: Members' Final Meeting Set for May 6
-------------------------------------------------------
The members of Analytic Japanese Equity Market Neutral Offshore,
Ltd. will hold their final meeting on May 6, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARLOS EQUITY: Members' Final Meeting Set for April 30
-----------------------------------------------------
The members of Arlos Equity Fund Ltd. will hold their final
meeting, on April 30, 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


CABOT INVESTMENTS: Members' Final Meeting Set for April 20
----------------------------------------------------------
The members of Cabot Investments will hold their final meeting, on
April 20, 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


CLINTON QUANTITATIVE: Members' Final Meeting Set for April 29
-------------------------------------------------------------
The members of Clinton Quantitative Equity Strategies Fund, Ltd
will hold their final meeting, on April 29, 2010, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON QUANTITATIVE: Members' Final Meeting Set for April 29
-------------------------------------------------------------
The members of Clinton Quantitative Equity Strategies Master Fund,
Ltd will hold their final meeting, on April 29, 2010, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


DB JASMINE: Shareholder to Receive Wind-Up Report on May 14
-----------------------------------------------------------
The sole shareholder of DB Jasmine No. 2 (Cayman) Limited will
receive on May 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:

         Jeremy Simon Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG LLP
         8 Salisbury Square
         London, EC4Y 8BB


DEEPHAVEN CREDIT: Members' Final Meeting Set for May 6
------------------------------------------------------
The members of Deephaven Credit Opportunities Trading Ltd. will
hold their final meeting, on May 6, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DEEPHAVEN CREDIT: Members' Final Meeting Set for May 6
------------------------------------------------------
The members of Deephaven Credit Opportunities Fund Ltd. will hold
their final meeting, on May 6, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EMINENCE LONG: Shareholders' Final Meeting Set for April 30
-----------------------------------------------------------
The shareholders of Eminence Long Alpha, Ltd. will hold their
final meeting on April 30, 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 KY1 9002, Cayman Islands


FIRST REINSURANCE: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------------
The shareholders of First Reinsurance Company of Texas, Ltd. will
hold their final meeting on April 20, 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:

         Myron Fuller Steves Jr.
         c/o Global Captive Management Ltd.
         Governor's Square, 2nd Floor, Building 3
         23 Lime Tree Bay Avenue
         PO Box 1363, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 949 7966


FRAMLINGTON ABSOLUTE: Shareholders' Final Meeting Set for April 30
------------------------------------------------------------------
The shareholders of Framlington Absolute Return UK Fund Ltd will
hold their final meeting on April 30, 2010, at 9:45 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 KY1 9002, Cayman Islands


FREESTYLE SPECIAL: Members' Final Meeting Set for April 20
----------------------------------------------------------
The members of Freestyle Special Opportunities Fund, Ltd. will
hold their final meeting, on April 20, 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 Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8238


HFH SHORTPLUS: Members' Final Meeting Set for April 30
------------------------------------------------------
The members of HFH Shortplus Fund Ltd. will hold their final
meeting, on April 30, 2010, at 10:45 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 KY1 9002, Cayman Islands


HYUNDAI CAPITAL: Shareholders' Final Meeting Set for April 30
-------------------------------------------------------------
The shareholders of Hyundai Capital Auto Funding III Limited will
hold their final meeting on April 30, 2010, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


IRMADALE LIMITED: Shareholder to Receive Wind-Up Report on May 6
----------------------------------------------------------------
The sole shareholder of Irmadale Limited will receive on May 6,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


MANDARIN IT: Members' Final Meeting Set for April 20
----------------------------------------------------
The members of Mandarin IT Fund II will hold their final meeting,
on April 20, 2010, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Bin Huang
         Qinglin Na
         Unit 1608, West Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


MARATHON GTF: Members' Final Meeting Set for April 30
-----------------------------------------------------
The members of Marathon GTF Development Limited will hold their
final meeting, on April 30, 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:

         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


MARATHON NIGERIA: Members' Final Meeting Set for April 30
---------------------------------------------------------
The members of Marathon Nigeria Holding will hold their final
meeting, on April 30, 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:

         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


MARATHON OFFSHORE: Members' Final Meeting Set for April 30
----------------------------------------------------------
The members of Marathon Offshore Holding Limited will hold their
final meeting, on April 30, 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:

         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


MASTOPLAR TRADING: Members' Final Meeting Set for May 3
-------------------------------------------------------
The members of Mastoplar Trading Ltd. will hold their final
meeting, on May 3, 2010, at 12:00 noon, to receive 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


MODERN CAPITAL: Shareholders' Final Meeting Set for April 30
------------------------------------------------------------
The shareholders of Modern Capital Fund Ltd. will hold their final
meeting on April 30, 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:

         Modern Capital Management LLC
         5 Crosby Street, Suite 5G
         New York, New York 10013, USA


MODERN CAPITAL: Shareholders' Final Meeting Set for April 30
------------------------------------------------------------
The shareholders of Modern Capital Master Fund Ltd. will hold
their final meeting on April 30, 2010, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Modern Capital Management LLC
         5 Crosby Street, Suite 5G
         New York, New York 10013, USA


OLD MUTUAL: Members' Final Meeting Set for April 30
---------------------------------------------------
The members of Old Mutual UK Dynamic Equity Fund Limited will hold
their final meeting, on April 30, 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:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


RUSSIAN OPPORTUNITIES: Members' Final Meeting Set for April 19
--------------------------------------------------------------
The members of Russian Opportunities Fund will hold their final
meeting on April 19, 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:

         Eric Berthelot
         Valartis Wealth Management SA
         Place du Molard 2-4
         1211 Geneva, Switzerland


TADI AND: Members' Final Meeting Set for April 30
-------------------------------------------------
The members of Tadi and Yela Partners Ltd. will hold their final
meeting, on April 30, 2010, at 12:00 noon, to receive 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


TT EUROPE: Members' Final Meeting Set for May 3
-----------------------------------------------
The members of TT Europe Liquidfunds Limited will hold their final
meeting, on May 3, 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


TT EUROPE: Members' Final Meeting Set for May 3
-----------------------------------------------
The members of TT Europe Liquidfund Inc. will hold their final
meeting, on May 3, 2010, at 10:30 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


ZAN GLOBAL: Shareholders' Final Meeting Set for April 27
--------------------------------------------------------
The shareholders of Zan Global Total Return Fund will hold their
final meeting on April 27, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Russell Smith is the company's liquidator is.


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


BANCOLOMBIA SA: May Book Higher Net Profit in 2010 From Last Year
-----------------------------------------------------------------
Bancolombia SA will likely book a higher net profit in 2010 than
it did in 2009, Inti Landauro at Dow Jones Newswires reports,
citing Bank Chief Executive Officer Jorge Londono.

According to the report, Mr. Londono said that the bank's
preliminary data for the first quarter are encouraging and showed
there is some recovery in demand for credit in Colombia.

In 2009, the report notes, Bancolombia's net profit fell 2.6%
compared with the previous year to COP1.23 trillion (US$640
million) as a result of the country's slumping economy.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating.  The
company also continues to carry ST FC Issuer Default ratings.


ECOPETROL SA: Targets Brazil, Mexico to Boost Production Abroad
---------------------------------------------------------------
Heather Walsh at Bloomberg News reports that Ecopetrol SA is
targeting expansion in Brazil and the Gulf of Mexico in a bid to
boost production within five years.  The report relates Chief
Executive Officer Javier Gutierrez said that output from wells
outside of Colombia may climb to 200,000 barrels a day from almost
10,000 barrels now.  Ecopetrol SA may spend more than the $6.9
billion earmarked for investment if it finds new acquisition
targets, he added.

According to the report, the company is investing US$60 billion to
almost double its crude output to 1 million barrels daily by 2015
from 2009.  Mr. Gutierrez, the report notes, said that Ecopetrol
seeks additional reserves in Colombia and is looking beyond the
South American country's borders to explore and tap offshore wells
with other companies.

Ecopetrol SA, the report recalls, said in February that it will
borrow as much as US$3.5 billion this year to help fund
investment.  The company will likely begin tapping a $1 billion
credit from the U.S. Export-Import Bank for its refinery in
Cartagena by the end of this year, Bank President Fred Hochberg
told the news agency in an interview.

                        About Ecopetrol S.A.

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

                           *     *     *

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

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

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

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


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


AIR JAMAICA: No Fall-Off in Airline Bookings
--------------------------------------------
Air Jamaica Limited said that there has not been a significant
fall-off in bookings in light of the ongoing divestment of the
airline, RadioJamaica reports.  The report relates that concern
was raised that news of the impending transfer of  ownership of
the national air carrier to Caribbean Airlines would have led to a
decline in the number of travelers who fly on the airline.

However, the report notes, Chief Executive Officer of Air Jamaica,
Bruce Nobles, said that while exact data are not available there
has not been a noticeable drop in bookings recorded by the
airline.  "So it's a little hard to measure and say the bookings
in June are not where we thought they would be but how would I
know what the bookings in June are supposed to be, so it's pretty
challenging to specifically identify that.  I would not say that
we have seen a significant fall off that I can point to anything,
in fact traffic continues to be pretty close to plan," the report
quoted Mr. Nobles as saying.

                         About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: Unions Promised More Information on Divestment
-----------------------------------------------------------
Unions representing workers at Air Jamaica Limited have made some
progress in getting critical information from the airline's
management with just days to go before the entity is placed into
new hands, RadioJamaica reports.

According to the report, during a meeting with the management of
Air Jamaica on April 6, 201, the unions were promised that the
information they requested will be forthcoming within the next 48
hours.  The report relates negotiating Officer for the Bustamante
Industrial Trade Union Rudolph Thomas said that he expects word on
the exact number of Air Jamaica workers who will be given jobs
with Caribbean Airlines.  "We will be awaiting the fulfillment of
promises made to us.  They have indicated that we are to have some
sort of response from the company within a 24 to 48 hour period.
In the response we anticipate to be told the number of staff
required and some indication as to the terms and conditions under
which they will be engaged," the report quoted Mr. Thomas as
saying.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2010, RadioJamaica said that trade unions representing
workers at Air Jamaica Limited continue to complain that they are
in the dark on critical aspects of the divestment exercise.
According to the report, the Bustamante Industrial Trade Union,
which represents several categories of Air Jamaica employees,
including flight attendants, says it has not been officially
informed if an agreement has been signed for Caribbean Airlines to
acquire Air Jamaica.  The report related that Kavon Gayle,
President-General of the BITU, said other issues are being kept a
secret by the authorities.

                         About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: Public Unease Over Cash Flow Problems Rumors
---------------------------------------------------------
While Air Jamaica Limited's management is seeking to assure the
public that all is well with the divestment process for the
national carrier, there appears to be growing unease regarding the
company's capacity to pay those employees opting for voluntary
redundancy, RadioJamaica reports.  The report relates that sources
indicate the airline might be finding it difficult to make all the
payments to employees coming forward with requests to have their
positions made redundant.

According to the report, the airline is receiving about a dozen
requests each week for voluntary redundancy and is trying to
accommodate these requests.  The report notes that with the
airline seeing reduced inflows form ticket sales however, the
management cautions that questions are being raised in the
marketplace about the cash-strapped airline's ability to pay its
suppliers on time while making required redundancy payments.

The report points out that even as the Air Jamaica management team
seeks to put a brave face on the extension of the transition to
ownership by the Trinidadian Caribbean Airlines, there is concern
about the damage it might do in its short term viability.

Meanwhile, the report says, specific concerns have been expressed
that Jamaicans, visitors, shippers and the airline's travel
partners might not be encouraged to continue booking and traveling
on the airline.  Air Jamaica executives have pointed to a fall off
in advance bookings in response to the uncertainly in the
marketplace about the airline's continued operations, the report
adds.

                         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
===========


CEMEX SAB: To Launch Responsibly Sourced, Carbon-Labeled Cement
---------------------------------------------------------------
CEMEX, S.A.B. de C.V.'s United Kingdom operation  is the first
cement company in the world to provide certified carbon labels for
its cement using the Carbon Trust's Carbon Reduction Label,
demonstrating the company's commitment to reduce the environmental
impact of its cement.

The carbon label will show the amount of CO2 generated by CEMEX
cements in the UK, which is determined, among other factors, by
product composition.  The carbon footprint is measured by the
amount of carbon dioxide and other greenhouse gases (CO2e)
generated by its cement from cradle to grave, including the
extraction of the raw materials, to manufacturing, distribution,
use by customers and disposal at the end of life.

The carbon footprint is certified to the PAS2050 which is the
first international standard for companies to measure their carbon
footprint of products and services.  Its development was overseen
by an independent steering group, made up of NGOs, academics,
business and government representatives.

The carbon labeling comes on the back of the announcement this
week that CEMEX UK's cement division has also been certified to
the Building Research Establishment (BRE) Framework Standard for
the Responsible Sourcing of Construction Products -- BES6001 with
a score of 'Very Good'. CEMEX is among the first in the industry
to meet the standard, which covers all of the company's three UK
cement plants, in Rugby (Warwickshire), South Ferriby (North
Lincolnshire) and Tilbury (Essex).

The certification, which is part of CEMEX's efforts to meet the
requirements of the UK Government's Strategy for Sustainable
Construction, affirms that all cement supplied by CEMEX UK is
responsibly sourced, to an independently verified standard that
addresses the social, economic and environmental impacts across
the entire supply chain.

To meet the standard, CEMEX's cement products were assessed in
accordance to quality, organizational governance, supply chain
management and environmental and social impact.  The certification
also allows for traceability of the product to ensure all areas
within the supply chain are operating to high standards.

The carbon labeled cements are being introduced to customers
during April and May, and as part of the label conditions, CEMEX
is committed to further reducing carbon over the next two years.
CEMEX UK is also extending the Responsible Sourcing certification
to its entire business over the coming months.

                          About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.

The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.

Cemex hopes to use compensation from Venezuela to reduce its US$15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide.  Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.


MEXICALI: Credit Implications of Earthquake Likely Limited
----------------------------------------------------------
The earthquake (7.2 on the Richter scale) registered last April 4,
in Baja California caused significant damages to public and
private infrastructure in the City of Mexicali and in the adjacent
Valley of Mexicali.  While a full assessment of the damages has
not yet be finalized by public officials, Moody's anticipates that
the credit implications of the earthquake will likely be limited
for the below issuers rated in the region.

  -- State of Baja California: Baa1 (Global Scale, local
     currency) and Aa1.mx (Mexican National Scale), stable outlook

  -- Municipality of Mexicali: Ba3 and A3.mx, stable outlook

  -- State Water and Sewer Company for Tijuana (Comisi¢n Estatal
     de Servicios P£blicos de Tijuana CESPT): Baa3 and Aa3.mx,
     stable outlook

  -- IDEAL Highway Trust (Fideicomiso IDEAL de Carreteras IDEAL):
     Baa1 and Aaa.mx, stable outlook

Although the official assessment of the damages has not yet been
completed, Moody's considers that the credit implications of the
earthquake on the ratings of the State of Baja California and the
Municipality of Mexicali should be limited.  First, the state and
municipality are already in the process of reestablishing most
public services and economic activity is expected to recover over
the near-term.  Second, given the magnitude of the earthquake, the
Government of Mexico (Baa1, stable outlook) has announced its
intention to send emergency transfers, via a natural disaster
fund, which are expected to ease the impact on state and municipal
finances.

As the situation becomes clearer, Moody's will assess the credit
implications of any further or currently unforeseen developments,
paying particular attention to: a) the nature and magnitude of the
damages as quantified by the official assessment b) any structural
damage to economic activity, particularly agricultural activities
in the Valley of Mexicali and c) financial actions of the three
levels of government to redress the situation.

In respect to CESPT, the provision of water and sewer services was
reportedly not affected in either the City of Tijuana or Playas de
Rosarito.  While there have been no immediate financial
consequences for CESPT, Moody's will assess the results of a
technical revision of the water and sewer system, which is
currently underway and expected to be completed in the coming
weeks.

Additionally, Moody's does not expect a negative credit impact on
the rating on the IDEAL portfolio, whose assets include the toll
highway between Tijuana and Tecate.  According to company
officials no major structural damage occurred, and the highway is
open to traffic and continues to charge full toll rates.


=============
U R U G U A Y
=============


BANCO BANDES: Moody's Downgrades Bank Strength Rating to 'E'
------------------------------------------------------------
Moody's Investors Service downgraded Banco Bandes Uruguay S.A.'s
bank financial strength rating to E, from E+.  Bandes Uruguay's E
BFSR translates into a baseline credit assessment of Caa1.  At the
same time, Moody's affirmed the bank's local currency ratings at
B2/Not Prime, which incorporate the assessment of very high
parental support from its parent bank, Banco de Desarrollo
Econ¢mico y Social de Venezuela.  The bank's B2/Not Prime
long/short term foreign currency deposit ratings and Baa1.uy
national scale local and foreign currency deposit ratings, were
also affirmed.

All ratings have stable outlook.

The rating action reflects Bandes Uruguay's weakened profitability
since it began its operations in Uruguay in 2006 through the
acquisition of the Cooperativa COFAC.  Its current business model
has produced recurring losses for the past three years, thus
eroding the bank's capitalization.  Moreover, Bandes Uruguay's
high and inflexible cost base, because of its branch network and
labor structure, is not aligned with the bank's earnings
generation capacity.

As a result, Bandes Uruguay is highly dependent on shareholder
support to develop its local franchise.  Moody's noted that in
fact Bandes Venezuela has backed the Uruguayan operation through
numerous capital injections.

Bandes Uruguay, located in Montevideo, Uruguay, is a 100%
subsidiary of Bandes Venezuela, a Venezuelan government
development bank.  As of December 31, 2009 Bandes Uruguay had
Ur$4.184 million in assets, Ur$ 3.228 million in deposits and
Ur$667 million in equity.

These ratings of Bandes Uruguay were affected:

* Bank financial strength rating: downgraded to E, from E+, with a
  stable outlook

* Long term local currency deposit ratings: affirmed at B2/ Not
  Prime, with stable outlook

* Foreign currency deposit ratings: affirmed at B2/ Not Prime,
  with stable outlook

* National scale local currency deposit rating: affirmed at
  Baa1.uy, with stable outlook

* National scale foreign currency deposit rating: affirmed at
  Baa1.uy, with stable outlook


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


CASH PLUS: Case Rescheduled Again to August 13
----------------------------------------------
The fraud case involving former Cash Plus Limited's former boss
Carlos Hill and two alleged accomplices has again been put off,
Go-Jamaica reports.  The report relates Mr. Hill, his brother
Bertram and Peter Wilson, the former Cash Plus chief financial
controller appeared in the Corporate Area Resident Magistrate's
Court.

However, the report discloses, the prosecution was not ready to
proceed with the case, forcing the matter to be put off yet again.

According to the report, Senior Resident Magistrate Judith Pusey
has rescheduled the case for August 13, 2010.  The report relates
Ms. Pusey said that when the parties return to court on that date
a trial date must be set.

The prosecution, the report says, runs the risk of the matter
being thrown out if it's not ready to proceed by the next hearing.

                          About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill.  The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


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


PETROLEOS DE VENEZUELA: Signs JV Contract With Russian Consortium
-----------------------------------------------------------------
Petroleos de Venezuela S.A, through its subsidiary Corporacion
Venezolana del Petroleo, signed a contract with the Russian
National Petroleum, to create and manage a Joint venture for the
implementation of primary production activities and improvement of
extra heavy oil in the Junin Block 6 of the Orinoco Oil Belt.  The
document was written during the Seventh High-Level
Intergovernmental Meeting Venezuela-Russia summited in Caracas.

The joint venture will build the infrastructure needed to produce
450 thousand barrels of extra heavy crude, including the entire
infrastructure for production by steam injection.

It also provides building  enhancer in the enhancer Complex
Mapire, south of Anzo tegui state, with a processing capacity of
200 thousand barrels of extra heavy crude, which will become
enhanced, a high quality oil with a higher gravity  32 ų API.

After completion of reserves quantification and certification of
reserves, the Original Oil In Place (POES) of Jun”n Block 6 of the
Orinoco Oil Belt, it was determined in 52.6 billion barrels and
proven reserves are certified 10.9 billion barrels.

To form this joint venture, PDVSA will have a majority
shareholding of 60% and 40% for the Russian National Petroleum
Consortium, formed by the companies Rosneft, Lukoil, TNK-BP,
Gazprom and Surgutneftgaz.

The company said that this joint venture will contribute to the
development of the Orinoco Socialist Project (PSO), through which
is driving major infrastructure projects, roads, housing, health,
education and other areas of social investment for the development
of communities that coexist in the Orinoco Oil 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.


PLANTA CENTRO: Power Plant Idled Amid Crisis
--------------------------------------------
Daniel Cancel and Corina Rodriguez Pons at Bloomberg News report
that Venezuela's largest thermoelectric plant has been idled since
April 5 amid an electricity crisis as President Hugo Chavez plans
to extend mandatory conservation measures through November.

According to the report, the Planta Centro power plant, which has
total generating capacity of 2,000 megawatts, has been completely
offline for three days.  The report relates Electricity Minister
Ali Rodriguez said that the plant is conducting maintenance work
and will restart a 350-megawatt turbine on April 8, 2010, with
another turbine coming online April 15.

Bloomberg News notes that President Chavez declared an electricity
crisis in February and ordered companies and residences to cut
power use by 20 percent to avert a collapse of the grid after a
drought drained water from hydroelectric reservoirs.  Venezuela
depends on hydropower for more than two-thirds of its energy
needs, the report says.

"We're going to extend the presidential electricity emergency
decree, probably for another six months," the report quoted Mr.
Rodriguez as saying.  "We'll progressively reduce rationing, but I
can't say when," he added.


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


* Fitch Issues List on 40 Latin American National Rating Changes
----------------------------------------------------------------
Fitch Ratings hs released a comprehensive list of Fitch Ratings 40
Latin America National scale rating changes for the month of March
2010, which include: upgrades, downgrades, Rating Outlook and
Rating Watch revisions, and withdrawn ratings.  These rating
actions were previously announced via separate press releases in
Spanish or Portuguese.

Fitch has upgraded these National ratings:

Matone Securitizadora S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'A (bra)';
  -- Rating Outlook revised to Positive from Stable;
  * (Rating action took place on March 5, 2010.)

Fincasa Hipotecaria S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'BBB (mex)';
  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on March 5, 2010.)

Ixe Automotriz S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'BBB+ (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 5, 2010.)

Creditos Imobiliarios Residenciais (Brasil)

  -- Series 2006-51 national long-term rating to 'AAA (bra)' from
     'AA (bra)'

  -- Series 2007-71 national long-term rating to 'A (bra)' from
     'BBB+ (bra)'

* (Rating action took place on March 8, 2010.)

Unicreco Servytur (Mexico)

  -- National long-term rating to 'BB+ (mex)' from 'BB (mex)'
  * (Rating action took place on March 9, 2010.)

Banco BISA S.A. (Bolivia)

  -- National long-term rating to 'AAA (bol)' from 'AA+ (bol)'
  -- National short-term rating to 'F1+ (bol)' from 'F1 (bol)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 16, 2010.)

Companhia de Concessoes Rodoviarias S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'A (bra)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 19, 2010.)

Corporacion Interamericana de Entretenimiento (Mexico)

  -- National long-term rating to 'BB- (mex)' from 'D (mex)'
  -- National short-term rating to 'B (mex)' from 'D (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 23, 2010.)

Grupo KUO (Mexico)

  -- National long-term rating to 'BBB+ (mex)' from 'BBB (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 23, 2010.)

Asociacion Popular de Ahorros y Prestamos (Republica Dominicana)

  -- National long-term rating to 'A (dom)' from 'A- (dom)'
  -- National short-term rating to 'F-1 (dom)' from 'F-2 (dom)'
  * (Rating action took place on March 26, 2010.)

Municipio de Cancun (Mexico)

  -- National long-term rating to 'BBB- (mex)' from 'BB+ (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 26, 2010.)

Banco Mariva (Argentina)

  -- National short-term rating to 'A1 (arg)' from 'A2(arg)'
  * (Rating action took place on March 30, 2010.)

Fitch has also downgraded these ratings:

Municipio de Tampico (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 3, 2010.)

Gafisa FIDC - Credito Imobiliario (Brasil)

  -- National long-term rating to 'AA- (bra)' from 'AA+ (bra)'
  * (Rating action took place on March 5, 2010.)

Ixe Grupo Financiero S.A.B.  (Mexico)

  -- National short-term rating to 'F2 (mex)' from 'F1 (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 5, 2010.)

Municipio de Bahia de Banderas (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  * (Rating action took place on March 16, 2010.)

Value Arrendadora, S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  -- National short-term rating to 'F2 (mex)' from 'F1 (mex)';
  -- National long-term rating Outlook is Stable;
  * (Rating action took place on March 19, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Municipio de Cuernavaca (Mexico)

  -- National long-term rating at 'AA-(mex)';
  -- Rating Watch revised to Negative;
  * (Rating action took place on March 26, 2010.)

Megabono and Megabono Credito (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 30, 2010.)

GMAC I, II and III (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Sucredito II and III (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Confibono XXXI to LXII (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Fitch has affirmed and withdrawn these ratings:

CMR Falabella XVIII (Argentina)

  -- ARP17.50 million certificates of participation at 'B (arg)';
  * (Rating action took place on March 2, 2010.)

Fava XXI (Argentina)

  -- ARP5.15 million certificates of participation at 'CCC (arg)';
  * (Rating action took place on March 2, 2010.)

BN Valores S.A. (Costa Rica)

  -- National long-term rating AA+ (cri)
  -- National short-term rating F1+ (cri)
  * (Rating action took place on March 8, 2010.)

FPB Bank Inc. (Panama)

  -- National long-term rating 'B (pan)'
  -- National short-term rating 'B (pan)'
  * (Rating action took place on March 8, 2010.)

Jantesa S.A. (Venezuela)

  -- National long-term rating 'B (ven)'
  -- National short-term rating 'B (ven)'
  * (Rating action took place on March 9, 2010.)

Consubond LXV (Argentina)

  -- ARP1.73 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubond LXVII (Argentina)

  -- ARP4.86 million class B notes at 'A- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubond LXIX (Argentina)

  -- ARP18.72 million class A notes at 'AAA (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXIV (Argentina)

  -- ARP1.81 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXV (Argentina)

  -- ARP1.72 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXVI (Argentina)

  -- ARP3.16 million class B notes at 'A- (arg)';
  * (Rating action took place on March 9, 2010.)

Minerva FIDC Credito Mercantil (Brasil)

  -- BRL17.60 million senior series 2009-2 'AA (bra)'
  * (Rating action took place on March 10, 2010.)

Megabono XXVII (Argentina)

  -- ARP9.08 million certificates of participation at 'B- (arg)';
  * (Rating action took place on March 18, 2010.)

Megabono XXVIII (Argentina)

  -- ARP9.72 million certificates of participation at 'B- (arg)';
  * (Rating action took place on March 18, 2010.)

CFA V (Argentina)

  -- ARP27.99 million certificates of participation at 'CCC
     (arg)';

  * (Rating action took place on March 18, 2010.)

Comision Estatal de Aguas de Queretaro (Mexico)

  -- National long-term rating 'A- (mex)';
  * (Rating action took place on March 19, 2010.)

Municipio de Tecamac (Mexico)

  -- National long-term rating 'BBB (mex)';
  * (Rating action took place on March 19, 2010.)

Banco Internacional (Chile)

  -- National long-term rating 'A (cl)'
  -- National short-term rating 'N1 (cl)'
  * (Rating action took place on March 25, 2010.)


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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