TCRLA_Public/100412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, April 12, 2010, Vol. 11, No. 070

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Seeks to Sell Magazines, Boutique Bank


A R G E N T I N A

NEUQUEN: Provincial Law 2684 Cues S&P to Retain 'B-' Rating
* ARGENTINA: U.S. Judge Seizes US$105 Million in Argentine Funds


B R A Z I L

BANCO ABC: Moody's Assigns 'Ba1' Rating on US$300 Mil. Notes
BRF-BRASIL: Hopes for Merger Approval in Second Quarter
FREEPORT MCMORAN: 'Major' Chile Investment on Copper Find
USIMINAS SIDERURGICA: May Spin Off Iron-Ore Unit This Quarter
CONSTRUTORA NORBERTO: S&P Affirms 'BB' Corporate Credit Rating


C A Y M A N  I S L A N D S

ACCIPITER LIFE: Shareholders' Final Meeting Set for April 22
ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5
ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5
AXIS-PAN INC: Shareholders' Final Meeting Set for April 23
BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20

BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20
CAPELLA FINANCE: Shareholder to Hear Wind-Up Report on April 29
CASAM CRABEL: Shareholders' Final Meeting Set for May 6
CASAM GLOBAL: Shareholders' Final Meeting Set for May 6
CASAM GRAHAM: Shareholders' Final Meeting Set for May 6

CENTOLIRE LIMITED: Members' Final Meeting Set for April 29
COAST ALPHA: Shareholders' Final Meeting Set for May 6
COAST SEACLIFF: Shareholders' Final Meeting Set for May 6
FAIRFIELD ASIAN: Members' Final Meeting Set for May 21
FAIRFIELD MANHASSET: Members' Final Meeting Set for May 21

FAIRFIELD TREELINE: Members' Final Meeting Set for May 21
FEM CURRENCY: Shareholders' Final Meeting Set for May 6
FIRST DOMEAL: Shareholders' Final Meeting Set for May 5
GANDHARA (GP): Shareholders' Final Meeting Set for May 3
HELENE TOKYO: Shareholders' Final Meeting Set for May 5

LEAP LTD: Shareholders' Final Meeting Set for May 6
MAHIS LIMITED: Members' Final Meeting Set for April 29
MILKY WAY: Shareholders' Final Meeting Set for May 5
MOMENTUM SYNTHETIC: Shareholders' Final Meeting Set for April 30
MULTIPLUS CORPORATION: Shareholders' Final Meeting Set for May 5

SPICA REAL: Shareholder to Hear Wind-Up Report on April 29
UNITY HOLDCO: Shareholders' Final Meeting Set for May 4
UNITY MULTI-TECH: Shareholder to Hear Wind-Up Report on April 21
YK FUNDING: Shareholders' Final Meeting Set for April 30


C H I L E

* CHILE: Gets US$10MM Loan for Public Transport System Improvement


C O L O M B I A

CHIQUITA BRANDS: Accused of International Terrorism
ECOPETROL SA: May Bid to Seek Oil in Guatemalan Areas
ECOPETROL SA: First Dividend Payment Slated for April 26
ECOPETROL SA: Completes First Phase of STAR Project
PACIFIC RUBIALES: Completes First Phase of STAR Project

* COLOMBIA: Fitch Assigns 'BB+' Rating on US$800 Million Bonds


E C U A D O R

PETROECUADOR: Government Creates New Hydrocarbons Firm


P E R U

BANCO INTERNACIONAL: Fitch Assigns Rating on Junior Notes at 'BB'


X X X X X X X X

* BOND PRICING: For the Week April 5, to April 9, 2010




                         - - - - -


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


STANFORD INT'L: Receiver Seeks to Sell Magazines, Boutique Bank
---------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Stanford
Financial Group court-appointed receiver, Ralph Janvey, asked for
permission to sell Robert Allen Stanford's stakes in a Houston
television station, a pair of glossy horse-industry magazines, a
boutique bank in the U.S. Virgin Islands and a publicly traded
precious-metals firm.  The report relates that Mr. Janvey's
private-equity advisers have found three buyers willing to pay a
total of US$6.1 million for Mr. Stanford's holdings in the
separate companies, all of which are experiencing financial
difficulty.

According to the report, Kevin Sadler, Esq., Mr. Janvey's laywer,
said in court papers filed in federal court in Dallas, that the
Park Hill Group, which is marketing Mr. Stanford's private-equity
portfolio for Mr. Janvey, "concluded that these offers represent
the highest dollar value available for the receivership.  The
report relates that Mr. Sadler said prospective investors are
refused to inject direly needed capital into the businesses as
long as Stanford remains an investor.

Bloomberg News notes that USFR's largest holding is a full-power
independent UHF television station in Houston, known as Channel
55, which Stanford bought for US$31.5 million in late 2006.  The
report relates that the company also owns two glossy magazines for
horse enthusiasts -- "Cowboys & Indians" and "Western & English
Today" -- and a video production division formed last year to make
TV ads, infomercials and promotional videos.  The report recalls
Mr. Janvay said that during 2008 and the first nine months of
2009, the media group's operating losses exceeded US$14 million.
At yearend 2009, it had about US$1.1 million in overdue payables
and risked insolvency without an immediate cash infusion, Mr.
Janvey added.

Mr. Janvey, Bloomberg News says, has also located a buyer for Mr.
Stanford's 8% share of Merchants Commercial Bank, a one-branch
bank in St. Thomas, U.S. Virgin Islands, that he co-founded with a
US$1.1 million investment in 2006.  The report relates that an
unidentified existing investor in the bank has agreed to pay
US$536,250 for the stake in MCB, whose portfolio consists
primarily of local real estate loans.

Meanwhile, Mr. Sadler said that property values in the U.S. Virgin
Islands have plunged, causing a 700% increase in the number of
non- performing loans on the bank's books.  The report relates
that as of yearend 2009, 6.6% of MCB's total loans, or US$4.6
million, were considered non-performing.  That sum is "materially
higher than the comparable ratio range of 1% to 3% found at large
and regional banks in the United States," Mr. Sadler added.

Moreover, the report notes, DGSE Cos., a precious-metals and
jewelry company based in Dallas, agreed to pay Mr. Janvey US$3.6
million for Mr. Stanford's stake in the firm and its subsidiary.
Mr. Sadler, the report relates, said that Mr. Stanford holds about
30% of DGSE's shares, which are listed on the American Stock
Exchange, as well as US$10.5 million in secured and unsecured debt
by DGSE's rare coin unit, Superior Galleries of Woodland Hills,
California.  The report relates that the Superior unit has lost
almost US$20 million in the past eight years, according to court
papers, and DGSE had threatened to liquidate the business unless
Janvey approved the sale.

                  About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009 before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


NEUQUEN: Provincial Law 2684 Cues S&P to Retain 'B-' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services stated that its 'raA+' and 'B-'
ratings on the Province of Neuquen's US$250 million secured
amortizing notes due 2014 remain on CreditWatch with negative
implications, where they were placed Nov. 30, 2009, following the
Nov. 26, 2009, announcement of Provincial Law 2684.  Provincial
Law 2684, which was enacted on Jan. 15, 2010, enables the
government of the Province of Neuquen to issue new debt in
exchange for the outstanding secured amortizing notes.  As of
April 8, 2010, the debt exchange proposal and its respective terms
and conditions have not yet been formalized or presented to
investors.

The rated transaction's credit performance, in S&P's opinion,
continues to be adequate: As of Jan. 31, 2010, the production
ratio for the three selected oil areas (El Trapial, Entre Lomas,
and Puesto Hernandez) was 1.63.  In addition, the quarterly
production for these three areas has remained stable over the past
12 months, averaging 876,093.7 cubic millimeters per quarter,
which, when multiplied by the price of the well head, results in
an average royalty collection of US$28.85 million per quarter.
The next scheduled debt service payment is due April 18, 2010.

S&P will continue to monitor the development of the debt exchange
proposal and evaluate its potential impact on the transaction's
ratings.  It's likely that S&P will significantly lower the
ratings on the notes if the new exchange notes' terms and
conditions offer less value than originally promised to current
investors.  On the other hand, S&P will affirm the ratings on the
notes if the new exchange notes' terms and conditions do not
materially change or the potential changes do not impair the
bonds' creditworthiness.


* ARGENTINA: U.S. Judge Seizes US$105 Million in Argentine Funds
----------------------------------------------------------------
Argentina quickly said it would file a court appeal after U.S.
District Court Judge Thomas Griesa ruled that bondholders can
seize US$105 million in Argentine central bank deposits held in
the United States, The Associated Press reports.  An unnamed bank
spokesman told The AP that Argentina was optimistic because
similar rulings had been overturned.

According to the report, the decision, nevertheless, drove down
Argentine bond prices just as the cash-strapped government
prepares a US$20 billion debt-swap offer in hopes of satisfying
the bondholders and ending the lawsuits.  The report relates that
Argentina has been in a seemingly endless legal battle with
bondholders who refused to accept about 30 cents on the dollar for
debt they bought before the country's record $95 billion default
in 2002.

Judge Griesa, the report discloses, said that Argentina is
willfully defying its legal obligations and ''has thus enmeshed
the court in years of wasteful litigation with no end in sight.''

The AP says that more threatening for Argentina is the basis for
his ruling: that President Cristina Fernandez has proven through
her actions that the country's Central Bank lacks independence.
That could expose Argentina's funds to other seizures, and
increase the perception around the world that the country is a
risky place to invest, the report relates.

The judge issued the order at the request of the hedge fund firm
Elliott Management Corp. and an affiliated company, NML Capital
Ltd.

                           *     *     *

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


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


BANCO ABC: Moody's Assigns 'Ba1' Rating on US$300 Mil. Notes
------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency debt rating to the US$300 million subordinated unsecured
notes issued by Banco ABC Brasil S.A.  The notes are due April
2020, and are eligible for Tier II equity upon regulatory
approval.  The outlook on the rating is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential off
BAB's Baa3 global local currency deposit rating, as per Moody's
notching convention.

The last rating action on Banco ABC Brasil was on September 22,
2009, when Moody's upgraded the bank's long and short term foreign
currency deposit ratigns to Baa3/P-3, from Ba2/NP.  The action was
in connection with the sovereign action on Brazil's foreign
currency deposit ceiling.

Banco ABC Brasil is headquartered in Sao Paulo, Brazil and had
total consolidated assets of R$7,377 million (US$4,237 million)
and equity of R$1,218 million (US$612.3 million) as of
December 31, 2009.

This rating was assigned to the US$300 billion Subordinated
Unsecured Tier II Notes due 2020:

  -- Ba1 long-term foreign currency debt rating, stable outlook


BRF-BRASIL: Hopes for Merger Approval in Second Quarter
-------------------------------------------------------
BRF Brasil Foods SAhopes to receive regulatory approval by the end
of the second quarter to complete the merger of Perdigao SA and
Sadia SA, Ken Parks at Dow Jones Newswires reports, citing Luiz
Fernando Furlan, co-chairman of BRF Brasil Foods.  "We are doing
our homework so that in the moment we get approval we can move
very quickly with the integration," the report quoted Luiz
Fernando Furlan, co-chairman of BRF Brasil Foods, as saying.

According to the report, Mr. Furlan said that exports this year
should be an improvement over 2009, but will still be "below
normal."  The report relates Mr. Furlan said that markets in
Japan, the Middle East, and Latin America are recovering, while
Europe remains weak.

Dow Jones Newswires notes that BRF Foods Brasil will look to
further expand its international presence once it completes the
merger of Perdigao and Sadia.

Mr. Furlan, the report relates, said that the Middle East, which
is already an important buyer of the company's products, and the
U.S., where its products face trade barriers, are markets where
BRF Brasil Foods would like to expand. "There is nothing on the
table this year. All of our efforts are on realizing the benefits
of the integration" of the two companies, he added.

                    About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *
As of April 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating.  The company also continues to carry
Standard and Poor's BB+ LT Issuer Credit Ratings.


FREEPORT MCMORAN: 'Major' Chile Investment on Copper Find
---------------------------------------------------------
Freeport McMoRan Copper & Gold Inc. is considering a "major"
investment in Chile after finding more copper near its El Abra
mine, Matthew Craze and Peter Millard at Bloomberg News reports,
citing Chief Executive Officer Richard Adkerson.  The report
relates Mr. Adkerson said that Freeport and Codelco, its partner
in the El Abra mine, are doing early exploration work on a new
resource nearby.

According to the report, Mr. Adkerson said that Freeport McMoRan
will spend US$100 million this year to explore for copper and gold
after cutting back on investments in 2009 amid concern over the
world economy.   The report relates that Codelco and Freeport can
use existing infrastructure at El Abra to hold down expansion
costs, said Scotia Capital Inc.'s Lawrence Smith.  "Because it is
adjacent to an existing operation, they would be leveraging off of
the existing infrastructure" to boost output, the report quoted
Smith, a mining analyst with a "sector perform" rating on
Freeport, as saying.  "The economics would be more attractive," he
added.

                     About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

Freeport-McMoran, formerly Phelps Dodge Corp., has mining
operations in Chile, Peru, Colombia, Venezuela, and Ecuador.

                         *     *     *

As reported in the Troubled Company Reporter on March 30, 2010,
Fitch Ratings affirmed Freeport-McMoRan Copper & Gold Inc's 'BB'
Convertible preferred stock.


USIMINAS SIDERURGICA: May Spin Off Iron-Ore Unit This Quarter
-------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Usinas
Siderurgicas de Minas Gerais SA may spin off its mining unit as
soon as this quarter as rising iron-ore prices make a share sale
more attractive.  The report relates Chief Financial Officer
Ronald Seckelmann said that the company plans to sell 20% of the
unit to a strategic partner before holding an initial public
offering.

"Mining businesses became more attractive after the iron- ore
price increase," Mr. Seckelmann told the news agency in a
telephone interview from the southeastern Brazilian city of Belo
Horizonte.  "We are already in talks with potential investors for
the mining project," he added.

Mr. Seckelmann, the report relates, said that the spinoff includes
iron-ore mines, a 20% stake in railroad operator MRS Logistica SA
and an iron-ore port project in Itaguai, Brazil.

Meanwhile, the company plans to boost annual iron-ore output more
than fivefold to 29 million metric tons by 2014, spokesman
Leonardo Castro Alves said in an e-mailed statement obtained by
the news agency.

                        About Usinas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


CONSTRUTORA NORBERTO: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services said that it revised its outlook
on Brazilian engineering and construction company Construtora
Norberto Odebrecht S.A., while affirming the ratings, including
the 'BB' global scale and 'brAA-' national scale long-term
corporate credit ratings, on the company.

At the same time, S&P raised its national scale short-term
corporate credit rating to 'brA-1' from 'brA-2'.

"The rating and outlook actions reflect S&P's expectation that CNO
will benefit from strong E&C activity in the next few years,
particularly in Brazil, with the country's sizable investments in
infrastructure," said Standard & Poor's credit analyst Victor
Saulytis.  "This will likely lead to stronger backlogs, revenues,
and cash flows."

S&P further expect that CNO will strengthen its project portfolio,
improve its profitability, and report stronger credit metrics.
S&P also believe that the Odebrecht Group, of which CNO is a part,
has already contributed its equity portion to the new businesses
in which it has invested heavily in the past few years.
Therefore, S&P assumes that CNO will likely reduce the amounts of
new guarantees it provides on parent-level debt, although S&P
expects it will continue contributing excess cash flows to its
parent.

The positive outlook reflects S&P's expectation that CNO's credit
metrics will improve due to fewer new guarantees on parent-level
debt and a likely increase in revenues, cash flows, and backlog
due to favorable market trends for E&C in Brazil and
internationally.  S&P also expects that CNO will maintain moderate
levels of its own debt by relying on client advances to finance
working capital needs.


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


ACCIPITER LIFE: Shareholders' Final Meeting Set for April 22
------------------------------------------------------------
The shareholders of Accipiter Life Sciences Fund II (Offshore) Ltd
will hold their final meeting, on April 22, 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:

         K. Beighton
         c/o Alex Lawson
         Telephone: 345-815-2667
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5
----------------------------------------------------------
The shareholders of Alson Signature Fund Offshore, Ltd. will hold
their final meeting, on May 5, 2010, at 10:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5
----------------------------------------------------------
The shareholders of Alson Signature Fund Offshore Portfolio, Ltd.
will hold their final meeting, on May 5, 2010, at 10:15 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AXIS-PAN INC: Shareholders' Final Meeting Set for April 23
----------------------------------------------------------
The shareholders of Axis-Pan Inc. will hold their final meeting,
on April 23, 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:

         Christopher P. Meyering
         Sciens Hedge Fund Management LLC
         667 Madison Avenue
         New York, NY 10065 USA


BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20
--------------------------------------------------------------
The sole shareholder of Brevan Howard India Opportunities Fund
Limited will receive, on April 20, 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:

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


BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20
--------------------------------------------------------------
The sole shareholder of Brevan Howard India Opportunities Master
Fund Limited will receive, on April 20, 2010, at 9:45 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAPELLA FINANCE: Shareholder to Hear Wind-Up Report on April 29
---------------------------------------------------------------
The sole shareholder of Capella Finance Corporation will hear, on
April 29, 2010, at 10:45 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


CASAM CRABEL: Shareholders' Final Meeting Set for May 6
-------------------------------------------------------
The shareholders of Casam Crabel Two Plus Fund Limited will hold
their final meeting, on May 6, 2010, at 3:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CASAM GLOBAL: Shareholders' Final Meeting Set for May 6
-------------------------------------------------------
The shareholders of Casam Global Futures Program Fund Limited will
hold their final meeting, on May 6, 2010, at 3:40 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CASAM GRAHAM: Shareholders' Final Meeting Set for May 6
-------------------------------------------------------
The shareholders of Casam Graham Global Diversified Portfolio Fund
Limited will hold their final meeting, on May 6, 2010, at
3:50 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CENTOLIRE LIMITED: Members' Final Meeting Set for April 29
----------------------------------------------------------
The members of Centolire Limited will hold their final meeting, on
April 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COAST ALPHA: Shareholders' Final Meeting Set for May 6
------------------------------------------------------
The shareholders of Coast Alpha Strategy Investments Ltd. will
hold their final meeting, on May 6, 2010, at 3:10 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COAST SEACLIFF: Shareholders' Final Meeting Set for May 6
---------------------------------------------------------
The shareholders of Coast Seacliff Strategy Investments Ltd. will
hold their final meeting, on May 6, 2010, at 3:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FAIRFIELD ASIAN: Members' Final Meeting Set for May 21
------------------------------------------------------
The members of Fairfield Asian Era Fund Ltd will hold their final
meeting, on May 21, 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:

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


FAIRFIELD MANHASSET: Members' Final Meeting Set for May 21
----------------------------------------------------------
The members of Fairfield Manhasset Offshore Fund Ltd will hold
their final meeting, on May 21, 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:

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


FAIRFIELD TREELINE: Members' Final Meeting Set for May 21
---------------------------------------------------------
The members of Fairfield Treeline Fund Ltd will hold their final
meeting, on May 21, 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:

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


FEM CURRENCY: Shareholders' Final Meeting Set for May 6
-------------------------------------------------------
The shareholders of Fem Currency Portfolio Ltd. will hold their
final meeting, on May 6, 2010, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Louis Grosjean
         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: Shareholders' Final Meeting Set for May 5
-------------------------------------------------------
The shareholders of First Domeal Holdings will hold their final
meeting, on May 5, 2010, at 9:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GANDHARA (GP): Shareholders' Final Meeting Set for May 3
--------------------------------------------------------
The shareholders of Gandhara (GP) Limited will hold their final
meeting, on May 3, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HELENE TOKYO: Shareholders' Final Meeting Set for May 5
-------------------------------------------------------
The shareholders of Helene Tokyo will hold their final meeting, on
May 5, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LEAP LTD: Shareholders' Final Meeting Set for May 6
---------------------------------------------------
The shareholders of Leap Ltd. will hold their final meeting, on
May 6, 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:

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


MAHIS LIMITED: Members' Final Meeting Set for April 29
------------------------------------------------------
The members of Mahis Limited will hold their final meeting, on
April 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MILKY WAY: Shareholders' Final Meeting Set for May 5
----------------------------------------------------
The shareholders of Milky Way Capital Limited will hold their
final meeting, on May 5, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MOMENTUM SYNTHETIC: Shareholders' Final Meeting Set for April 30
----------------------------------------------------------------
The shareholders of Momentum Synthetic CDO Limited will hold their
final meeting, on April 30, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MULTIPLUS CORPORATION: Shareholders' Final Meeting Set for May 5
----------------------------------------------------------------
The shareholders of Multiplus Corporation will hold their final
meeting, on May 5, 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:

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


SPICA REAL: Shareholder to Hear Wind-Up Report on April 29
----------------------------------------------------------
The sole shareholder of Spica Real Estate Investment Corporation
will hear, on April 29, 2010, at 10:45 a.m., the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


UNITY HOLDCO: Shareholders' Final Meeting Set for May 4
-------------------------------------------------------
The shareholders of Unity Holdco Limited will hold their final
meeting, on May 4, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


UNITY MULTI-TECH: Shareholder to Hear Wind-Up Report on April 21
----------------------------------------------------------------
The sole shareholder of Unity Multi-Tech Holdings Ltd. will hear,
on April 21, 2010, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9876


YK FUNDING: Shareholders' Final Meeting Set for April 30
--------------------------------------------------------
The shareholders of YK Funding Corporation will hold their final
meeting, on April 30, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=========
C H I L E
=========


* CHILE: Gets US$10MM Loan for Public Transport System Improvement
------------------------------------------------------------------
The Inter-American Development Bank approved a US$10 million loan
to support Chilean Government plans to implement reforms to
improve public transportation throughout the country, including
the areas affected by the earthquake and tsunami that struck Chile
on February 27.

The funding will help finance studies and provide technical
assistance and advisory support to the Transport Ministry on the
implementation of reforms to improve the service and strengthen
the operation and the impact of assistance and subsidy programs
for public transport in the regions.

The prioritization of those investments, as well as pre-investment
studies supported by the loan, could target coastal cities struck
by the earthquake and tsunami.

The IDB's assistance will help analyze institutional systems to
enhance efficiency in planning and managing public transportation
systems in the country's metropolitan areas.  In the regions, it
will help to improve the oversight capacity of the investment
plans and will finance the upgrading of the vehicle fleet in rural
areas.

The program will also shore up school transport and regional
transport in remote rural areas that due to their geographic
location, their very small population, or their socioeconomic
characteristics are unable to sustain a profitable transportation
system.

The IDB loan will help finance plans to improve public
transportation in the regions, providing support to investment
initiatives to improve the management, infrastructure, and
regulation of the country's various municipal public transport
systems, as well as other infrastructure and connectivity
projects.

The loan is for a 10-year term, including a three-year grace
period, and carries a variable interest rate based on LIBOR.  The
government of Chile will provide US$2.68 million in local
counterpart funds.


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


CHIQUITA BRANDS: Accused of International Terrorism
---------------------------------------------------
Chiquita Brands International Inc. is facing a serious civil
compaint under the Anti-Terrorism act in Florida for allegedly
providing material support to the Revolutionary Armed Forces of
Colombia, The Associated Press reports.  The report relates that
the "materials" include weapons, money and ammo.

According to the report, the FARC is a known terror organization
responsible for the murder and kidnapping of thousands.  The
report relates that the suit is being brought by a group of
plaintiffs of FARC victims and victim's families.

The AP says that the primary plaintiff is Keith Stansell, a
Florida citizen who was kidnapped and injured by FARC in 2003, and
was rescued in 2008.  The report says that the suit is likely to
be addressed in the next earnings release, or by press release on
the company Web site.

                        About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's principal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Mar 22, 2010, Moody's Investors Service has upgraded the corporate
family rating of Chiquita Brands International, Inc., to B2 from
B3.   At the same time, Moody's upgraded the ratings on Chiquita's
senior unsecured notes to Caa1 from Caa2 and the ratings on the
senior secured credit facility of Chiquita Brands LLC, a wholly
owned operating subsidiary of Chiquita, to Ba2 from Ba3.  The
ratings outlook is stable.


ECOPETROL SA: May Bid to Seek Oil in Guatemalan Areas
-----------------------------------------------------
Ecopetrol S.A. may bid for exploration rights in areas in
Guatemala, Inti Landauro at Dow Jones Newswires reports, citing
Chief Executive Officer Javier Gutierrez.

According to the report, the company has recently looked outside
Colombia in a bid to expand its reserves.  The report relates that
Mr. Gutierrez said that the company plans to expand the export
capacity of its port of Covenas on the Caribbean coast to allow
the loading of ships with a capacity of 2 million tons, up from 1
million tons.

As reported in the Troubled Company Reporter-Latin America on
April 9, 2010, Bloomberg News said that Ecopetrol SA is targeting
expansion in Brazil and the Gulf of Mexico in a bid to boost
production within five years.  The report related Mr. 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.

                       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+';


ECOPETROL SA: First Dividend Payment Slated for April 26
--------------------------------------------------------
Ecopetrol S.A. disclosed that the first payment of COP$31 per
share as a dividend for 2010 will be paid from April 26, 2010.
The ex-dividend period begins on April 12, 2010.

Pursuant to External Circular No. 13 of 1998 of the Securities
Superintendence of Colombia, the-ex dividend period consists of 10
stock market business days immediately preceding the relevant
dividend payment date.  Anyone buying stock during the ex-dividend
period will not be entitled to the dividend. Stockholders who are
registered holders of shares prior to the beginning of the ex-
dividend period will be entitled to the dividend payment from that
date.

The total dividend payment of COP$91 per share for 2010 was
approved by the Company's General Shareholders' Meeting on
March 25, 2010, to be paid in three installments of COP$31, COP$30
and COP$30.

                        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+';


ECOPETROL SA: Completes First Phase of STAR Project
---------------------------------------------------
Ecopetrol S.A. and Pacific Rubiales Energy completed the first
phase of the Synchronized Thermal Additional Recovery or STAR
project, and the start of the second phase, as contemplated by the
memorandum of understanding or MoU executed between the parties,
Datamonitor News reports.

According to the report, on the basis of a number of studies and
tests, it has reportedly been determined that the Rubiales crude
has a stable and controllable ignition point at reservoir
conditions, that the fire front thereby generated is stable, and
that there is evidence of significant additional recovery
potential by using the STAR process at the Rubiales field.

The report notes that as part of the second phase of the STAR
project contemplated in the MoU, Ecopetrol and Pacific Rubiales
will now proceed with the definition of the required parameters
for the implementation of the pilot project in the Rubiales field
and for next stages of projectsaid.

The report discloses that Ronald Pantin, CEO of Pacific Rubiales,
said: "We firmly believe that the STAR technology will play a key
role in the development of heavy oil reserves in Colombia and at
the Rubiales field in particular.  "We are very happy to continue
to be able to work with our partner Ecopetrol in opening new
frontiers for the oil industry in Colombia through the technology
being developed as part of STAR," the report quoted Mr. Pantin as
saying.

                       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+';

                        About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.


PACIFIC RUBIALES: Completes First Phase of STAR Project
-------------------------------------------------------
Ecopetrol S.A. and Pacific Rubiales Energy completed the first
phase of the Synchronized Thermal Additional Recovery or STAR
project, and the start of the second phase, as contemplated by the
memorandum of understanding or MoU executed between the parties,
Datamonitor News reports.

According to the report, on the basis of a number of studies and
tests, it has reportedly been determined that the Rubiales crude
has a stable and controllable ignition point at reservoir
conditions, that the fire front thereby generated is stable, and
that there is evidence of significant additional recovery
potential by using the STAR process at the Rubiales field.

The report notes that as part of the second phase of the STAR
project contemplated in the MoU, Ecopetrol and Pacific Rubiales
will now proceed with the definition of the required parameters
for the implementation of the pilot project in the Rubiales field
and for next stages of projectsaid.

The report discloses that Ronald Pantin, CEO of Pacific Rubiales,
said: "We firmly believe that the STAR technology will play a key
role in the development of heavy oil reserves in Colombia and at
the Rubiales field in particular.  "We are very happy to continue
to be able to work with our partner Ecopetrol in opening new
frontiers for the oil industry in Colombia through the technology
being developed as part of STAR," the report quoted Mr. Pantin as
saying.

                       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+';

                        About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.


* COLOMBIA: Fitch Assigns 'BB+' Rating on US$800 Million Bonds
--------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to the Republic of Colombia US$800 million Global bond
(7.75% coupon) maturing in 2021.  The foreign currency rating
applies to the new instrument because, while the bond is local
currency-denominated, the payment will be made in U.S. dollars.
The proceeds of the bond issuance will be used to complete the
2010 international financing plan.

The rating is in line with Colombia's foreign currency Issuer
Default Rating.  Colombia's creditworthiness is underpinned by its
record of macroeconomic stability, deft liability management, an
unblemished debt service record, comparatively conservative fiscal
policies and greater institutional strength in comparison to
peers.  Furthermore, increased credibility of the macroeconomic
policy framework, a strengthened financial system, relatively
modest external debt levels, and a flexible exchange rate helped
Colombia weather the external shocks emanating from the global
financial crisis.

These credit strengths, though, are balanced by comparatively high
fiscal and external solvency ratios.  Colombia also remains
vulnerable to external shocks due to limited trade integration,
high commodity dependence, and trade exposure to Venezuela.


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


PETROECUADOR: Government Creates New Hydrocarbons Firm
------------------------------------------------------
President Rafael Correa created Empresa Publica de Hidrocarburos
(EP Petroecuador) to replace the state firm Petroecuador,
Poder360.com reports.  The report relates that the new firm will
have financial, administrative, budgetary and management autonomy

According to the report, before the period established by the
Public Business Law expires for state entities to change their
company status, President Rafael Correa issued Executive Order
315, with which he created the new firm Empresa P£blica de
Hidrocarburos del Ecuador (EP Petroecuador), which will replace
state company Petroecuador.  The report relates that the new
company will have financial, administrative, budgetary and
management autonomy.

EP Petroecuador, the report notes, will assume the same goods as
its predecessor as well as the same employees.  As to
Petroecuador's affiliates, these will be administered by a general
management board, the report says.

The government, the report adds, said the creation of this new
firm is intended to maximize the management of strategic sectors,
improve the offering of public services, provide sustainable use
of natural resources or public goods, and provide for the
development of other activities.

                       About Petroecuador

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

                           *     *     *

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

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


=======
P E R U
=======


BANCO INTERNACIONAL: Fitch Assigns Rating on Junior Notes at 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned Banco Internacional del Peru's upcoming
60-year U.S. dollar junior subordinated fixed/floating notes an
expected long-term foreign currency rating of 'BB'.  The notes --
for an amount to be determined -- will be issued by Interbank; it
is management's intention that the debt will be assumed by the
bank's planned Panamanian branch, once local regulators approve
its license to operate.

Principal will mature in 60 years, and interest payments will be
made semi-annually during the first 10 years and quarterly
afterwards.  The notes will carry a fixed interest rate to be set
at time of issuance that will become a Libor-based floating
interest rate at the end of the 10th year whenever that rate is
higher than the initial fixed rate plus a spread to be determined.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

Interbank has a long-term local currency Issuer Default Rating of
'BBB-', and a long-term foreign currency IDR of 'BBB-'.  The bank
has outstanding subordinated debt in the local market that Fitch
does not rate.  The expected rating of the junior subordinated
notes is notched two notches below the bank's long-term local
currency IDR of 'BBB-'.  This reflects the notes subordinated
status and the fact that the notes rank junior to Interbank's
present or future subordinated debt.

The securities, which will be recognized by Peru's regulator as
Tier I instruments for regulatory capital purposes, will likely be
considered as Fitch's class E securities and receive 100% equity-
credit under the agency's guidelines regarding its capital
assessment approach, reflecting their high loss absorption
capacity.

Interbank will use the proceeds from the planned issue to sustain
its capital ratios at an adequate level as it continues growing in
the wake of the global financial crisis.  Eligible hybrids and
other capital securities (equity like instruments) can only
account for 30% of Fitch's definition of eligible capital, which
is defined as core capital plus eligible hybrid debt and other
capital securities.

Interbank is a medium-sized Peruvian bank, fourth in a highly
concentrated market with a market share of about 11.2% by assets.
A universal bank with a clear bias towards retail banking,
Interbank is a top contender in each retail segment and boasts the
country's largest ATM network.  Interbank is controlled by
Intergroup Financial Services which owns 99.3% of its shares.

Fitch rates Interbank:

  -- Foreign currency long-term Issuer Default Rating 'BBB-';
  -- Foreign currency short-term IDR 'F3';
  -- Local currency long-term IDR 'BBB-';
  -- Local currency short-term IDR 'F3';
  -- Individual rating 'C';
  -- Support rating: '3';
  -- Support floor 'BB'.

The Rating Outlook is Stable.


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


* BOND PRICING: For the Week April 5, to April 9, 2010
------------------------------------------------------

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


ARGENTINA

ARGENT-$DIS             8.28     12/31/2033    USD        71.27834
ARGENT-PAR              1.18     12/31/2038    ARS         37.0347
ARGENT-=DIS             7.82     12/31/2033    EUR       65.753334
ARGNT-BOCON PR13           2     3/15/2024     ARS        74.76733
BANCO MACRO SA         10.75     6/7/2012      USD       72.259793
BUENOS AIRE PROV       9.625     4/18/2028     USD       72.965577


BRAZIL

CESP                    9.75     1/15/2015     BRL       71.474982


CAYMAN ISLAND

BANIF FIN LTD              3     12/31/2019    EUR          73.615
BARION FUNDING          1.44     12/20/2056    GBP        29.95058
BARION FUNDING          0.63     12/20/2056    GBP       16.792561
BCP FINANCE CO         4.239     #N/A N Ap     EUR       72.564777
BCP FINANCE CO         5.543     #N/A N Ap     EUR       73.064223
BES FINANCE LTD        6.984     2/7/2035      EUR        72.91335
BISHOPSGATE ASSE       4.808     8/14/2044     GBP        71.54384
CHINA MED TECH             4     8/15/2013     USD              66
CHINA SUNERGY           4.75     6/15/2013     USD          70.625
DUBAI HLDNG COMM           6     2/1/2017      GBP        75.27856
FERTINITRO FIN          8.29     4/1/2020      USD           71.25
INDEPENDENCIA IN          12     12/30/2016    USD       55.266666
MAZARIN FDG LTD         1.44     9/20/2068     GBP       27.493085
PUBMASTER FIN          6.962     6/30/2028     GBP        72.00954
SHINSEI FIN CAYM       6.418     #N/A N Ap     USD           71.05
SHINSEI FIN CAYM       6.418     #N/A N Ap     USD       71.842114
SHINSEI FINANCE         7.16     #N/A N Ap     USD           70.75
SOLARFUN POWER H         3.5     1/15/2018     USD          66.789


   PUERTO RICO

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


VENEZUELA

PETROLEOS DE VEN        5.25     4/12/2017     USD       62.736333
PETROLEOS DE VEN       5.375     4/12/2027     USD       50.500934
PETROLEOS DE VEN         5.5     4/12/2037     USD        48.55625
PETROLEOS DE VEN           5     10/28/2015    USD       63.184993
PETROLEOS DE VEN         4.9     10/28/2014    USD       67.823028
PETROLEOS DE VEN       5.125     10/28/2016    USD       60.683537
SIDETUR FINANCE           10     4/20/2016     USD           72.75
VENEZUELA               5.75     2/26/2016     USD        72.93835
VENEZUELA                  7     12/1/2018     USD        71.74516
VENEZUELA               7.75     10/13/2019    USD        72.49554
VENEZUELA                  6     12/9/2020     USD        63.16114
VENEZUELA                  9     5/7/2023      USD        74.99386
VENEZUELA               8.25     10/13/2024    USD        70.41864
VENEZUELA               7.65     4/21/2025     USD         66.7695
VENEZUELA               9.25     5/7/2028      USD        74.93362
VENEZUELA                  7     3/31/2038     USD       60.338951
VENEZUELA                  7     3/31/2038     USD            59.9
VENZOD - 189000        9.375     1/13/2034     USD          74.884



                            ***********

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.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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           * * * End of Transmission * * *