TCRLA_Public/100413.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

              Tuesday, April 13, 2010, Vol. 11, No. 071

                            Headlines



B E R M U D A

PROTOSTAR LTD: Creditors Says Bankruptcy Plan 'Unconfirmable'


B R A Z I L

BANCO PANAMERICANO: Plans to Sell 10-Year Dollar Denominated Bonds
BIC BANCO: Plans to Sell 10-Year Dollar Denominated Bonds
COSAN SA: Raised to 'Overweight' at Morgan Stanley on Valuation


C A Y M A N  I S L A N D S

ATHENA GUARANTEED: Commences Wind-Up Proceedings
AXIS-PAN INC: Commences Liquidation Proceedings
BOJOS GROUP: Shareholders Receive Wind-Up Report
BOTAFOGO INTERNATIONAL: Commences Wind-Up Proceedings
CITCO INTERNATIONAL: Commences Liquidation Proceedings

COBALT HOLDINGS: Shareholders Receive Wind-Up Report
COMMODITY 3: Shareholders Receive Wind-Up Report
CRYSTAL FUND: Shareholder Receives Wind-Up Report
DANAH REALTY: Declares Dividend
ENMA REALTY: Declares Dividend

FOREST HILL: Commences Liquidation Proceedings
FOUR CORNERS: Commences Wind-Up Proceedings
GENNAKER I: Moody's Takes Rating Actions on Various Classes
GLOBAL LEVERAGED: Commences Wind-Up Proceedings
IAM MINI-FUND: Commences Liquidation Proceedings

JAY INTERNATIONAL: Commences Wind-Up Proceedings
JEREMY LIMITED: Commences Wind-Up Proceedings
KIERA ASSURANCE: Shareholder Receives Wind-Up Report
KIP PRESIDIUM FUND: Forced Into Chapter 7 by Creditors
LORIENT SHIPPING: Commences Wind-Up Proceedings

MARLIN FUND: Commences Liquidation Proceedings
MINU FINANCING: Commences Wind-Up Proceedings
MUTHANNA REALTY: Declares Dividend
NAUTILUS EXPLORATION: Shareholder Receives Wind-Up Report
NICHOLAS INVESTMENTS: Commences Wind-Up Proceedings

PGS FOCUS-KINETICS: Commences Liquidation Proceedings
PORTFIELDS INVESTMENTS: Commences Wind-Up Proceedings
RESIDENTIAL REINSURANCE: Shareholders Receive Wind-Up Report
SCOTTBOROUGH INVESTMENTS: Commences Wind-Up Proceedings
SONSON LTD: Commences Wind-Up Proceedings

TIEDEMANN GLOBAL: Commences Wind-Up Proceedings
TIEDEMANN JSB: Commences Wind-Up Proceedings


C H I L E

* CHILE: Plans First Foreign Bond to Pay for Earthquake Costs


C O L O M B I A

ECOPETROL SA: Nigeria Grants Patents to Firm


J A M A I C A

AIR JAMAICA: Transition to Begin April 30/May 1, 2010
AIR JAMAICA: U.S. Snubs Airline Deadline
CABLE & WIRELESS: LIME Launches Prepaid Mobile Internet Service
UC RUSAL: To Re-Open Ewarton Alumina Refinery
* JAMAICA: Taxation Policy Division to Re-Open


M E X I C O

CEMEX SAB: Proposes New Model for Affordable Housing Development
CEMEX SAB: To Invest US$100 Million Cement Plant in Peru
CEMEX SAB: S&P Affirms Corporate Credit Rating at 'B'
GRUPO TMM: To Post 1Q 2010 Earnings Release on April 30
TUBO DE PASTEJE: Obtains Order Extending Time to File Plan


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO International Life Chief Executive Officer Resigns


V E N E Z U E L A

BANESCO BANCO: Fitch Affirms Issuer Default Ratings at 'B'
PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


PROTOSTAR LTD: Creditors Says Bankruptcy Plan 'Unconfirmable'
-------------------------------------------------------------
Bankruptcy Law360 reports that the official committee of unsecured
creditors for ProtoStar Ltd. is objecting to the company's Chapter
11 reorganization plan, calling it "both nonconsensual and
patently unconfirmable on its face."

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


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


BANCO PANAMERICANO: Plans to Sell 10-Year Dollar Denominated Bonds
------------------------------------------------------------------
Banco Panamericano SA and Banco Industrial e Comercial SA (Bic
Banco) plan to sell 10-year dollar denominated bonds as early as
this month, Guillermo Parra-Bernal at Reuters reports, citing two
unnamed sources with direct knowledge of the plans.

According to the report, one source said that Banco Panamericano
hired the investment-banking units of Banco Bradesco, Itau
Unibanco, Standard Bank and UBS to manage the transaction.  The
report relates that BIC Banco plans to sell so-called Tier 2
subordinated bonds via HSBC, JPMorgan Chase and Standard
Chartered.

Bloomberg News notes that Brazilian banks are rushing to market to
lock in a relatively low yield for bond deals before jitters over
a deterioration in sovereign credit quality in Europe further
unsettle global credit markets.  The report notes that recent
offerings by blue-chip Brazilian banks are giving a lift to
smaller borrowers such as BIC and Panamericano in the search for
funding, as Brazil-focused investors hunt for greater returns on a
more diverse risk base.

Both Panamericano's and BIC's transactions follow a flurry of
offerings by Brazilian banks, which have raised more than US$4
billion from debt sales since November, according to Thomson
Reuters data.

                      About Banco Panamericano

Banco Panamericano S.A is headquartered in Sao Paulo and had
unconsolidated assets of R$7.7 billion (US$4.29 billion) in
September 2009.  Caixa Econ“mica Federal S.A. is headquartered in
Brasilia, and had consolidated total assets of R$341.9 billion
(US$190.5 billion) in the third quarter of 2009.

                             *     *     *

As of April 12, 2010, the bank continues to carry Moody's "Ba2"
Long term rating, Foreign currency LT Debt rating, LT Bank Deposit
ratings, and Subordinate debt rating.  The bank also carries a "D"
Bank Financial bank strength rating.

                          About Bic Banco

Banco Industrial e Comercial SA (Bic Banco) focuses on credit
operations to the Middle Market segment.
The bank has offices throughout Brazil and Cayman Islands.

                           *     *     *

As of April 12, 2010, the bank continues to carry Moody's "Ba1"
Long term rating, Foreign currency LT Debt rating, LT Bank Deposit
ratings, and Subordinate debt rating.  The bank also carries a
"D+" Bank Financial bank strength rating.


BIC BANCO: Plans to Sell 10-Year Dollar Denominated Bonds
---------------------------------------------------------
Banco Panamericano SA and Banco Industrial e Comercial SA (Bic
Banco) plan to sell 10-year dollar denominated bonds as early as
this month, Guillermo Parra-Bernal at Reuters reports, citing two
unnamed sources with direct knowledge of the plans.

According to the report, one source said that Banco Panamericano
hired the investment-banking units of Banco Bradesco, Itau
Unibanco, Standard Bank and UBS to manage the transaction.  The
report relates that BIC Banco plans to sell so-called Tier 2
subordinated bonds via HSBC, JPMorgan Chase and Standard
Chartered.

Bloomberg News notes that Brazilian banks are rushing to market to
lock in a relatively low yield for bond deals before jitters over
a deterioration in sovereign credit quality in Europe further
unsettle global credit markets.  The report notes that recent
offerings by blue-chip Brazilian banks are giving a lift to
smaller borrowers such as BIC and Panamericano in the search for
funding, as Brazil-focused investors hunt for greater returns on a
more diverse risk base.

Both Panamericano's and BIC's transactions follow a flurry of
offerings by Brazilian banks, which have raised more than US$4
billion from debt sales since November, according to Thomson
Reuters data.

                      About Banco Panamericano

Banco Panamericano S.A is headquartered in Sao Paulo and had
unconsolidated assets of R$7.7 billion (US$4.29 billion) in
September 2009.  Caixa Econ“mica Federal S.A. is headquartered in
Brasilia, and had consolidated total assets of R$341.9 billion
(US$190.5 billion) in the third quarter of 2009.

                             *     *     *

As of April 12, 2010, the bank continues to carry Moody's "Ba2"
Long term rating, Foreign currency LT Debt rating, LT Bank Deposit
ratings, and Subordinate debt rating.  The bank also carries a "D"
Bank Financial bank strength rating.

                          About Bic Banco

Banco Industrial e Comercial SA (Bic Banco) focuses on credit
operations to the Middle Market segment.
The bank has offices throughout Brazil and Cayman Islands.

                           *     *     *

As of April 12, 2010, the bank continues to carry Moody's "Ba1"
Long term rating, Foreign currency LT Debt rating, LT Bank Deposit
ratings, and Subordinate debt rating.  The bank also carries a
"D+" Bank Financial bank strength rating.


COSAN SA: Raised to 'Overweight' at Morgan Stanley on Valuation
---------------------------------------------------------------
Eric Martin at Bloomberg News reports that Cosan SA Industria &
Comercio was raised to "overweight" from "equal-weight" at Morgan
Stanley on April 12, 2010, on valuation.

Cosan SA may climb 34% to BR29, Javier Martinez, an analyst at
Morgan Stanley, wrote in an April 12, 2010 note obtained by the
news agency.  The report relates Mr. Martinez said that the
company will benefit from a joint venture with Royal Dutch Shell
Plc.

                           *     *     *

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


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


ATHENA GUARANTEED: Commences Wind-Up Proceedings
------------------------------------------------
Athena Guaranteed Financials Limited commenced wind-up proceedings
on January 18, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769-4422
         Facsimile: (+1) 345 769-9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach , PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


AXIS-PAN INC: Commences Liquidation Proceedings
-----------------------------------------------
Axis-Pan Inc. commenced liquidation proceedings on January 6,
2010.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Christopher P. Meyering
         667 Madison Avenue,
         New York, NY, 10065, USA


BOJOS GROUP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of The Bojos Group Corporation received, on
January 29, 2010, 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


BOTAFOGO INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------------
Botafogo International Ltd. commenced wind-up proceedings on
January 15, 2010.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CITCO INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
Citco International Fund Services Ltd. commenced liquidation
proceedings on December 30, 2009.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


COBALT HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Cobalt Holdings Limited. received, on
February 8, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COMMODITY 3: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Commodity 3 Year Guaranteed Fund received, on
February 15, 2010, 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


CRYSTAL FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Crystal Fund received, on February 25,
2010, the liquidators' 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


DANAH REALTY: Declares Dividend
-------------------------------
Danah Realty Investments, Ltd. declared dividend.

Only creditors who were able to file their proofs of debt by
March 1, 2010, were included in the company's dividend
distribution.

The company's liquidators are:

         Ali O. Al-Ghannam
         Mohammad Jalal Uddin
         Waleed M. Mohammed
         KFH Investment Services, Ltd.
         Kuwait Finance House
         International Real Estate Department
         PO Box 24989, Safat, 13110, Kuwait


ENMA REALTY: Declares Dividend
------------------------------
Enma Realty Investments, Ltd. declared dividend.

Only creditors who were able to file their proofs of debt by
March 1, 2010, were included in the company's dividend
distribution.

The company's liquidators are:

         Ali O. Al-Ghannam
         Mohammad Jalal Uddin
         Waleed M. Mohammed
         KFH Investment Services, Ltd.
         Kuwait Finance House
         International Real Estate Department
         PO Box 24989, Safat, 13110, Kuwait


FOREST HILL: Commences Liquidation Proceedings
----------------------------------------------
Forest Hill Partners Offshore, Ltd. commenced liquidation
proceedings on January 7, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

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


FOUR CORNERS: Commences Wind-Up Proceedings
-------------------------------------------
Four Corners Sentinel Fund, Ltd. commenced wind-up proceedings on
January 11, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GENNAKER I: Moody's Takes Rating Actions on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Gennaker I CDO Limited, a cash flow CDO backed by a
portfolio of structured finance securities.

  -- US$521,700,000 (US$478,601,122.04 prior to the final
     distribution) Class A-1A Floating Rate Notes Due 2045 Notes,
     Downgraded to Caa3; previously on April 23, 2009 Downgraded
     to B1

  -- US$0 Class A-1B Floating Rate Notes Due 2045 Notes,
     Downgraded to Caa3; previously on April 23, 2009 Downgraded
     to B1

  -- US$25,800,000 Class A-2 Floating Rate Notes Due 2045
     Notes, Downgraded to C; previously on April 23, 2009
     Downgraded to Caa3

The Class A-1A and A-1B notes are pari passu, however the Class A-
1B notes were never issued.

The transaction experienced an event of default on April 16, 2009,
and the trustee was directed to liquidate the collateral as a
post-event-of-default remedy.  Moody's was notified by the trustee
that a final distribution of liquidation proceeds has taken place
on March 29, 2010.  As a result of the liquidation, the Class A-1A
notes received US$331.1M out of the outstanding balance of
US$478.6M, resulting in a recovery of approximately 70% of the
par.  All other classes of notes suffered a 100% loss.  The rating
actions taken reflect the final liquidation distribution and
changes in the severity of loss associated with the downgraded
notes.

Moody's will subsequently withdraw the ratings of all classes of
notes due to the liquidation of collateral held by the Issuer.


GLOBAL LEVERAGED: Commences Wind-Up Proceedings
-----------------------------------------------
Global Leveraged Capital Middle Market CDO II commenced wind-up
proceedings on January 13, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


IAM MINI-FUND: Commences Liquidation Proceedings
------------------------------------------------
IAM Mini-Fund 13 Limited commenced liquidation proceedings on
January 14, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


JAY INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------
Jay International Ltd. commenced wind-up proceedings on
January 15, 2010.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JEREMY LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
Jeremy Limited commenced wind-up proceedings on January 11, 2010.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


KIERA ASSURANCE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Kiera Assurance Company, SPC received, on
February 19, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Stuart Jessop
         5th Floor, Regatta Office Park, PO Box 2185,
         Grand Cayman KY1-1105


KIP PRESIDIUM FUND: Forced Into Chapter 7 by Creditors
------------------------------------------------------
Carla Main at Bloomberg News reports that KIP Presidium Fund
(Cayman) LP, an affiliate of Knowledge Investment Partners, became
the subject of an involuntary Chapter 7 bankruptcy filing (Bankr.
N.D. Ohio Case No. 10-13159).

According to the report, the April 8 filing against the Beechwood,
Ohio-based KIP Presidium (Cayman) was made by Ramius Private
Select Ltd.  The claims giving rise to the filing are related to
purchases by the debtor in 2007 from two affiliate entities of
Ramius Private Select Ltd., the petitioning debtor said in court
files. The value of the claims wasn't provided in the court
filing.

The Bloomberg report adds that a related involuntary case was also
filed on April 8 in Cleveland (Bankr. N.D. Ohio Case No.
10-13156).  In that case, hedge fund KIP Presidium LP, General
Partner is the debtor and the petitioning creditor is Sequoia
Alternative Investments LP.  Knowledge Alternative Investment
Partners is a manager of "alternative investments in the education
sector," according to a statement issued by the company.


LORIENT SHIPPING: Commences Wind-Up Proceedings
-----------------------------------------------
Lorient Shipping Management Ltd. commenced wind-up proceedings on
January 12, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Campbell Directors Limited
         Scotia Centre, 4th Floor
         P.O. Box 268, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: 345-949-6258
         Facsimile: 345-945-2877


MARLIN FUND: Commences Liquidation Proceedings
----------------------------------------------
Marlin Fund Offshore, Ltd commenced liquidation proceedings on
January 8, 2010.

Only creditors who were able to file their proofs of debt by
March 1, 2010, will be included in the company's dividend
distribution.

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


MINU FINANCING: Commences Wind-Up Proceedings
---------------------------------------------
Minu Financing Ltd. commenced wind-up proceedings on January 15,
2010.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MUTHANNA REALTY: Declares Dividend
----------------------------------
Muthanna Realty Finance, Ltd. declared dividend.

Only creditors who were able to file their proofs of debt by
March 1, 2010, were included in the company's dividend
distribution.

The company's liquidators are:

         Ali O. Al-Ghannam
         Mohammad Jalal Uddin
         Waleed M. Mohammed
         KFH Investment Services, Ltd.
         Kuwait Finance House
         International Real Estate Department
         PO Box 24989, Safat, 13110, Kuwait


NAUTILUS EXPLORATION: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Nautilus Exploration Limited received, on
February 18, 2010, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         c/o Sylvia Lewis
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


NICHOLAS INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
Nicholas Investments Ltd. commenced wind-up proceedings on
January 15, 2010.

Only creditors who were able to file their proofs of debt by
February 15, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PGS FOCUS-KINETICS: Commences Liquidation Proceedings
-----------------------------------------------------
PGS Focus-Kinetics Ltd. commenced liquidation proceedings on
January 11, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PORTFIELDS INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------------
Portfields Investments Limited commenced wind-up proceedings on
January 19, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         William A. Reid
         PO Box 879, Snug Harbour
         West Bay Road, Grand Cayman KY1-1103


RESIDENTIAL REINSURANCE: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Residential Reinsurance 2003 Limited received,
on February 19, 2010, the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         c/o Shaun Geils
         HSBC Bank (Cayman) Ltd.
         Telephone: 949-7628
         Facsimile: 949-6021
         PO Box 1109, Grand Cayman
         Cayman Islands


SCOTTBOROUGH INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------------
Scottborough Investments Limited commenced wind-up proceedings on
January 19, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         William A. Reid
         PO Box 879, Snug Harbour
         West Bay Road, Grand Cayman KY1-1103


SONSON LTD: Commences Wind-Up Proceedings
-----------------------------------------
Sonson Ltd. commenced wind-up proceedings on January 19, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         William A. Reid
         PO Box 879, Snug Harbour
         West Bay Road, Grand Cayman KY1-1103


TIEDEMANN GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------------
Tiedemann Global Catalyst Ltd. commenced wind-up proceedings on
January 13, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


TIEDEMANN JSB: Commences Wind-Up Proceedings
--------------------------------------------
Tiedemann JSB Offshore, Ltd. commenced wind-up proceedings on
January 12, 2010.

Only creditors who were able to file their proofs of debt by
February 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands



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


* CHILE: Plans First Foreign Bond to Pay for Earthquake Costs
-------------------------------------------------------------
Chile plans to sell international bonds for the first time in six
years to help pay for reconstruction after February's earthquake,
Ivan Weissman and Sebastian Boyd at Bloomberg News report, citing
Finance Minister Felipe Larrain.  The report relates Mr. Larrain
said that the dollar bonds will have a 10-year maturity.  Other
terms of the sale will be set in about two months, he added.

According to the report, Mr. Larrain said Chile may tap more of
those funds to complement the debt sale plans and possible tax
increases to cobble together US$9 billion needed for rebuilding
after the February 27 earthquake.

Chile is "somewhat unique in a sense that is a very high- rated
sovereign, which hasn't been issuing for a while," the report
quoted Igor Arsenin, a strategist with Credit Suisse AG in New
York, as saying.  "It has this kind of diversification feature,
which some investors will like and there is demand for emerging-
market product, which is going to help," he added.

Chile's central bank, the report notes, said that the 8.8
magnitude temblor destroyed about 3% of Chile's capital stock and
knocked between 1 and 1.5 percentage points from potential
economic growth.  The report relates Mr. Larrain said that the the
total bill for repairs may come to almost US$30 billion of which
the government needs to find US$9 billion over four years.
Selling bonds abroad may take two or three months and tapping the
country's US$11 billion of copper savings would be quicker, he
added.



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


ECOPETROL SA: Nigeria Grants Patents to Firm
--------------------------------------------
The government of Nigeria has granted two invention patents to
Ecopetrol SA for the development of tools and equipment to reduce
oil theft in hydrocarbon transportation lines, adding up to 25
patents for the company, 19 of which are still in effect.

The first patent corresponds to a "Tool for the secure removal of
valves installed on fluid tubes".  The second patent was granted
for the design of the "Dosage equipment and procedure for the
stoppage of derivations in fluid transportation ducts based on
such equipment."

These systems were implemented by Ecopetrol at the beginning of
the 2000's with excellent results for the company, which went from
registering 7,200 stolen barrels of fuel per day in its systems to
approximately 300 barrels per day currently, in a strategy that
combined technology, security and judicial procedures.  Both
patents will be valid for a 20-year period, during which no
institution or government many use them without the due licenses
granted by Ecopetrol.

These patents reinforce the technological advantages associated
with the "Improvement in hydrocarbon transportation" program, lead
by the Colombian Oil Institute for Ecopetrol.  These tools are
also being patented in Colombia, Mexico, United States, Ecuador,
India and Russia.

                       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: Transition to Begin April 30/May 1, 2010
-----------------------------------------------------
Jamaica Minister of Finance Audley Shaw said that the decision to
push back the transition date for the Caribbean Airlines to begins
its take over of Air Jamaica Limited was mutual, Go-Jamaica News
reports.

According to the report, Mr. Shaw said that the plan is pushed
through to April 30/ May 1, 201.  The report relates that Air
Jamaica will continue to operate its routes, under the management
of Caribbean Airlines until it morphs into Caribbean Airlines.

Mr. Shaw, the report discloses, said that the date change was
mutually agreed on by both parties, who are still in consultation
with the United States and Canadian Departments of Transport, from
whom they must get permission.  Since the date has been moved from
April 12 to April 30, the new date for the redundancy of Air
Jamaica's staff is now April 30, 2010, he added, the report
relates.

                        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: U.S. Snubs Airline Deadline
----------------------------------------
The United States Department of Transportation has failed to grant
a desperate request from Air Jamaica Limited by April 5, 2010,
that would have allowed the airline an easier transition to
ownership by Trinidad-based Caribbean Airlines Limited, Jamaica
Observer reports.  The report relates that the government has
dispatched a team to Washington to try to convince the Department
to renegotiate Jamaica's current Open Skies Agreement, giving
Caribbean Airlines the right to operate on routes the Jamaican
airline currently flies.

According to the report, the technical team failed to get the
Americans' approval to grant the airline on its March 24 request.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2010, Jamaica Observer said that on March 24, 2010, the
airline wrote to the DOT asking for permission to continue to
operate on the terms of its existing authority during the six-to-
12-month transition period expected under the divestment agreement
with Caribbean Airlines Limited, which is to take effect on April
12, 2010.  The report related failing that permission, Air Jamaica
is asking the Americans for an urgent waiver of the DOT's standard
ownership and control policy, for it to maintain services for the
one-year period under its Transitional Services Agreement with
Caribbean Airlines.  "Air Jamaica respectfully requests the
Department's expedited consideration of the matters raised in this
letter, with a definitive DOT determination by no later than April
5, 2010," the airline's Washington-based counsel, George Carneal,
wrote in a letter obtained by the news agency.

The Observer says that speculation was rife that with the
extradition dispute over Jamaica's refusal to hand over Tivoli
Gardens strongman Christopher 'Dudus' Coke -- to face charges of
gun and drug trafficking -- the U.S. would use the occasion to
tighten the screws.  However, the Observer relates, Information
Minister Daryl Vaz said that the team currently in Washington was
reporting that the negotiations were going well.

Meanwhile, the report says Mr. Vaz explained that Cabinet had
approved an Open Skies policy for negotiation of future and
renegotiation of the current air service agreement between Jamaica
and other states.  With respect to the route schedule, there would
be no restriction in regard to route and traffic rights, frequency
of service or capacity, Mr. Vaz added.

                          About Air Jamaica

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

                           *     *     *

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

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


CABLE & WIRELESS: LIME Launches Prepaid Mobile Internet Service
---------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, is expanding the scope of its Internet service with
the launch of Prepaid Mobile Internet which offers customers
wireless internet service with a flexible pay-as-you-go option,
Jamaica Observer reports.

According to the report, the service, which is available island-
wide, allows customers to use USB modems to access wireless
Internet service so they can connect to the web while on the go
using laptops, netbooks and other devices.  The report relates
that the Prepaid Mobile Internet will also allow customers to
access the Internet from data enabled mobile handsets including
BlackBerry devices and other smartphones.

"With today's active lifestyles there is a heavy demand for
Internet connectivity on the go and now LIME's customers can enjoy
the convenience of wireless Internet service with the flexibility
of a prepaid option," the report quoted Geoff Houston, LIME
Managing Director for Jamaica and Cayman, as saying.

                              About LIME

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

                      About Cable & Wireless

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

                           *     *     *

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

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


UC RUSAL: To Re-Open Ewarton Alumina Refinery
---------------------------------------------
Russian aluminium giant UC Rusal said that it will re-open one of
its local plants on June 1, RadioJamaica reports.  The report
relates that the company said that it will restart the Ewarton
alumina refinery which is owned by its joint venture with the
Jamaican Government.

According to the report, the plant was shut down in March 2009 as
part of cost reduction measures.  The report notes that last
month, UC Rusal said it was planning to restart one area of its
local operations by this summer but did not give specifics.

The report notes that UC Rusal's announcement is a glimmer of hope
for the local bauxite/alumina sector which has been hit hard by
the closure of refineries due to the downturn in the demand for
aluminium on the world market.


* JAMAICA: Taxation Policy Division to Re-Open
----------------------------------------------
The Taxation Policy Division in the Ministry of Finance is to
re-open on April 12, 2020, after being closed for more than a week
to facilitate a police investigation into alleged irregularities,
RadioJamaica reports.

According to the report, the division was closed after it was
discovered that fraud was being committed in the issuing of tax
waivers and concessionary letters amounting to million of dollars.
The report relates Finance Minister Audley Shaw said that the
irregularities spanned several years.  The report notes that a
senior director of the Ministry is reportedly under investigation.

The closure, the report says, resulted in the suspension of
waivers as well as letters granting tax concessions.

                           *     *     *

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


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


CEMEX SAB: Proposes New Model for Affordable Housing Development
----------------------------------------------------------------
CEMEX, S.A.B. de C.V. proposed a new model for the development of
affordable housing at the World Economic Forum on Latin America
2010 held in Cartagena de Indias, Colombia.  Jesus Gonzalez,
president of CEMEX in Central America, presented this proposal at
the session "Eradicating Housing Deficits."

Gonzalez contributed to the round table on strategies for reducing
the housing deficit in developing countries by proposing a new
strategy based on CEMEX's successful experiences in providing
affordable housing solutions.  Mr. Gonzalez argued that the
problems facing many low-income families, including the poor
condition of self-constructed homes, common irregularities in land
titles, the high cost of urbanization in relation to the average
income, and the escalating housing deficit, are a result, in part,
of ineffective paradigms.

CEMEX's proposal is based on the notion that lower-income
individuals are capable of generating savings to pay for their own
house.  "Through our Patrimonio Hoy program, we have been able to
recognize that with the right assistance, a family and an entire
community can put aside the necessary funds to keep up with their
payment commitments," Mr. Gonzalez explained, rejecting the belief
that low-income populations have no saving capabilities.

This new model set forth by CEMEX seeks to establish rent schemes
as a viable alternative to homeownership.  This new view implies
that public policies be reformed to balance the protection of the
interests of landlords and tenants, promoting ownership patterns
based on associations and cooperatives, and allow the opportunity
for lease-to-own options.

Another barrier to overcome is the need to build housing faster
while simultaneously reducing costs through innovative solutions.
"There are new construction techniques, for example, using frames
for concrete construction that allow for the basic structure of a
house to be ready in four days", Mr. Gonzalez said.  This must be
complemented by government initiatives that cut red tape in
construction permits. Colombia, Guatemala, Honduras and Panama
have already made significant strides in this regard, reducing
costs and turnaround of new projects significantly.

The last idea highlighted by CEMEX is that low-income housing
projects are attractive for developers.  Mr. Gonzalez commented
that "large companies and developers have come together bringing
resources, technology and know-how to the benefit of the housing
sector".  In this regard, Colombia and Mexico are both prime
examples.  "Alleviating the housing deficit that prevails in Latin
America requires a joint effort between the public and private
sectors as well as NGO's.  We must build new alliances between
governments, developers, financial entities, and communities to
develop significant housing projects" he finalized.

                          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.


CEMEX SAB: To Invest US$100 Million Cement Plant in Peru
--------------------------------------------------------
CEMEX, S.A.B. de C.V. said it will invest US$100 million in a
cement plant in Peru as a way to expand its presence in the
country, The Associated Press reports.  The report relates that
Cemex SAB said that it will invest the money with the Blue Rock
Cement Holdings investment fund, which will build the US$230
million plant.

According to the report, Cemex SAB said the plant should be
completed by 2013 and will have an initial production capacity of
1 million tons per year.  The report relates Peru's construction
industry has seen an annual growth of more than 10% over the past
few years.

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.


CEMEX SAB: S&P Affirms Corporate Credit Rating at 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on Cemex S.A.B. de C.V. and three key subsidiaries,
including the 'B' corporate credit rating on the company.  The
outlook is positive.

At the same time, S&P assigned a 'B' foreign currency issue-level
rating (at the same level as the corporate credit rating on the
company) to Cemex's proposed fixed-rate, senior secured notes for
up to EUR525 million (due 2018) and $1.50 billion (due 2020).  S&P
also assigned the notes a recovery rating of '3', indicating
expectation of substantial (50% to 70%) recovery in the event of a
payment default.

The company is offering the proposed secured notes in exchange for
its perpetual debentures, with a total outstanding of
approximately $3 billion.  S&P affirmed the ratings on Cemex's
perpetual debentures at 'B-'.

"S&P's ratings on Cemex and three subsidiaries reflect the
company's concentration of cash flow in its key operating markets
and low cash flow generation compared with its debt," said
Standard & Poor's credit analyst Juan Pablo Becerra.  "However,
the ratings also incorporate the group's leading position in the
global cement, concrete, aggregates, and ready-mix businesses;
proven turnaround experience; operating efficiency; and aggressive
financial policy, as past acquisitions illustrate."

S&P has equalized its ratings on Cemex Mexico S.A. de C.V., Cemex
Inc., and Cemex Espana S.A.  with its ratings on Cemex because of
the strategic importance of each of these subsidiaries to the
group.  S&P has also equalized the ratings on Rinker Group Ltd.
with those on Cemex.

On April 5, 2010, Cemex announced an exchange offer of its
currently outstanding perpetual debentures.

Although it is offering this exchange at a significant discount
from par value of the existing debentures -- 68% to 72% of par --
S&P doesn't view it as a distressed exchange offer," said Mr.
Becerra.  "S&P believes that the terms and conditions on Cemex's
proposed notes, such as a significantly higher interest rate,
improved ranking, and a fixed maturity date, help compensate for
the loss of par value."

Furthermore, and according to its criteria, S&P views this
exchange offer as opportunistic, given that S&P does not expect
Cemex to face insolvency or bankruptcy in the near-to- medium term
if the offer is not accepted.

The current rating reflects S&P's expectation that Cemex will
improve its volumes and free operating cash flow generation during
2010, due to expected better conditions in the global economy.


GRUPO TMM: To Post 1Q 2010 Earnings Release on April 30
-------------------------------------------------------
Grupo TMM S.A.B. will publish first-quarter 2010 financial results
on Friday, April 30.

TMM's management will host a conference call and Webcast to review
financial and operational highlights on Monday, May 3, 2010, at
11:00 a.m. Eastern time.

To participate in the conference call, please dial (888) 471-3828
(domestic) or (719) 325-2406 (international) at least five minutes
prior to the start of the event.  Accompanying visuals and a
simultaneous Webcast of the meeting will be available at
http://www.visualwebcaster.com/event.asp?id=67826.

A replay of the conference call will be available through May 17
at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719)
457-0820, and entering passcode 4179301.  On the Internet a replay
will be available for 30 days at
http://www.visualwebcaster.com/event.asp?id=67826.

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


TUBO DE PASTEJE: Obtains Order Extending Time to File Plan
----------------------------------------------------------
Carla Main at Bloomberg News reports that Tubo de Pasteje SA de CV
and affiliate Cambridge-Lee Holdings, Inc. got an extension from
Judge Kevin J. Carey for the U.S. Bankruptcy Court for the
District of Delaware on their exclusive periods to file a plan of
reorganization and solicit support for it.  The Debtors now have
until Oct. 7 to file a plan of reorganization and they may solicit
support for the plan from creditors up until Dec. 6.

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions December 7, 2009 (Bankr. D. Del. Case
No. 09-14353) following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
filed for Chapter 11 protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
the stock of Cambridge-L


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


CL FIN'L: CLICO International Life Chief Executive Officer Resigns
------------------------------------------------------------------
Leroy Parris, chairman of CLICO Holdings (Barbados) Limited,
disclosed his retirement from office on Wednesday, April 7, 2001,
Caribbean360.com reports.  The report relates Mr. Parris cited
"pressure" as a factor in his decision.

According to the report, Mr. Parris said that he was retiring as
Chief Executive Officer of CLICO International Life with effect
from July 1, 2010.   The report relates that Mr. Parris would hold
on as chairman of the other companies under CLICO's Barbados
portfolio "until any changes are being made".

Caribbean360.com notes that Mr. Parris, who has been with Clico
for over 30 years and has been the face of the Barbados operations
for many of those years, follows the growing trend of executive
departures witnessed across the Trinidad operations of Clico
parent-company CL Financial so far this year.

                          About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between US$6
billion and US$8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


BANESCO BANCO: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn all
ratings for Venezuela-based Banesco Banco Universal:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B'; Outlook Stable;

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support at 5;

  -- Long-term National rating at 'A-(ven)';

  -- Short-term National rating at 'F-2(ven)';

  -- Support Floor at NF.

At the end of 2009, BBU remains Venezuela's largest bank in terms
of funds under management (assets plus investment funds), with a
market share of around 12%.  BBU's capital is directly or
indirectly controlled by Banesco Holding (79%), which is majority
owned by its founder, Juan Carlos Escotet.

Fitch will no longer provide rating coverage for BBU.


PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda
------------------------------------------------------------------
The Official Gazette No. 39,393 disclosed that the National
Assembly approved the establishment of the Joint Venture
Petromiranda, formed between Petroleos de Venezuela SA (PDVSA),
through the Venezuelan Petroleum Corporation, and the Russian
National Oil Consortium to operate in the Block Junin 6 of the
Orinoco Oil Belt.

Petromiranda will be governed by the Simon Bolivar National
Development Plan, First Socialist Plan 2007-2013 as well as the
Orinoco Socialist Project, through which it is ensure that the
steps undertaken by companies working in the Orinoco Oil Belt are
set to the needs of the country, in order to guarantee national
sovereignty and movement towards the consolidation of socialism.

On April 2, 2010, during a visit to Venezuela, the Prime Minister
of the Russian Federation, Vladimir Putin, signed in the presence
of the President of the Bolivarian Republic of Venezuela, Hugo
Chavez, the agreement between the People's Ministry for Energy and
Petroleum and National Oil Consortium to pay the participation
bond to form the joint venture Petromiranda, with the aim of
jointly exploiting the block Junin 6 of the Orinoco Oil Belt and
to develop oil and social infrastructure projects.

With a shareholding of 60% for the Venezuelan state and 40% for
the Russian consortium, Petromiranda will develop primary
activities in the oil sector under Article 9 of the Organic Law of
Hydrocarbons.  In an area of 447.86 square kilometers, which will
be define by a decision from the People's Ministry for Energy and
Petroleum, in which the new joint venture will be able to produce
up to an annual average of 450,000 barrels of heavy oil.

Additionally, the joint venture will undertake on secondary
recovery activities in order to achieve the planned production
profile for the defined area development plan.

Petromiranda could also develop upgrading activities for heavy and
extra heavy oil; make mixes of various grades of upgraded crude
products, as well as storage and transportation of the
hydrocarbons produced.

Like the other projects in the Orinoco Oil Belt, this new company
will honor the payment of royalties and taxes required by law and
it is committed to participate in projects that will result in
improving the population quality of life, especially on roads and
housing, as well as works of structural impact for the benefit of
all Venezuelans.   Also, it will develop and implement principles
of preservation of cultural and biological diversity, and strive
to minimize environmental impact in their activities.

Petromiranda may conduct the activities pointed out during the
period of 25 years from the publication date in the Official
Gazette.  This period could be renew for 15 years in the case that
the upgrader, that will be built in Soledad, Anzoategui state, was
put into operations and found itself functioning as provided in
the joint venture development plan and once the compliance with
the investment program in the development plan was verified.

PDVSA, as the one carrying out the Bolivarian government's oil
policy, plans and sets strategies to the development of oil
activities that honor the safeguarding of national sovereignty,
strengthen cooperation among peoples and builds socialism.

                           About PDVSA

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

                           *     *     *

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


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


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

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


ARGENTINA

SOC COMERCIAL PL     SCDPF US          117956834.8     -250298760
SNIAFA SA-B          SDAGF US          11229696.22    -2670544.88
SOC COMERCIAL PL     CAD IX            117956834.8     -250298760
SOC COMERCIAL PL     CVVIF US          117956834.8     -250298760
SOC COMERCIAL PL     CADN EO           117956834.8     -250298760
COMERCIAL PL-ADR     SCPDS LI          117956834.8     -250298760
SOC COMERCIAL PL     COME AR           117956834.8     -250298760
SOC COMERCIAL PL     CADN SW           117956834.8     -250298760
COMERCIAL PLA-BL     COMEB AR          117956834.8     -250298760
COMERCIAL PL-C/E     COMEC AR          117956834.8     -250298760
COMERCIAL PLAT-$     COMED AR          117956834.8     -250298760
SNIAFA SA            SNIA AR           11229696.22    -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696.22    -2670544.88
IMPSAT FIBER NET     IMPTQ US            535007008      -17165000
IMPSAT FIBER NET     330902Q GR          535007008      -17165000
IMPSAT FIBER NET     XIMPT SM            535007008      -17165000
IMPSAT FIBER-CED     IMPT AR             535007008      -17165000
IMPSAT FIBER-C/E     IMPTC AR            535007008      -17165000
IMPSAT FIBER-$US     IMPTD AR            535007008      -17165000
IMPSAT FIBER-BLK     IMPTB AR            535007008      -17165000


BRAZIL

DOC IMBITUBA-RTP     IMBI2 BZ          114896167.4    -16783228.4
TELECOMUNICA-ADR     81370Z BZ         248609064.5    -9345005.13
FABRICA TECID-RT     FTRX1 BZ          65955223.63    -56330080.2
PROMAN               PRMN3B BZ         13486222.68    -113662.457
TEKA-ADR             TEKAY US          236758336.6     -334535567
BOMBRIL              BMBBF US            300229620     -120551090
TELEBRAS-PF RCPT     CBRZF US          248609064.5    -9345005.13
TEKA                 TKTQF US          236758336.6     -334535567
TEKA-PREF            TKTPF US          236758336.6     -334535567
REII INC             REIC US              16631180       -1448544
PET MANG-RIGHTS      RPMG1 BZ          97015785.16     -251755220
PET MANG-RIGHTS      RPMG2 BZ          97015785.16     -251755220
PET MANG-RECEIPT     RPMG9 BZ          97015785.16     -251755220
PET MANG-RECEIPT     RPMG10 BZ         97015785.16     -251755220
MMX MINERACAO        TRES3 BZ          981664767.8     -207254300
MMX MINERACA-GDR     MMXMY US          981664767.8     -207254300
SANESALTO            SNST3 BZ          27381496.74     -870175.96
B&D FOOD CORP        BDFCE US             16631180       -1448544
BOMBRIL-RGTS PRE     BOBR2 BZ            300229620     -120551090
BOMBRIL-RIGHTS       BOBR1 BZ            300229620     -120551090
MMX MINERACA-GDR     XMM CN            981664767.8     -207254300
TELEBRAS/W-I-ADR     TBH-W US          248609064.5    -9345005.13
MMX MINERACA-GDR     3M11 GR           981664767.8     -207254300
LAEP-BDR             MILK11 BZ         446499199.2    -70952298.9
LAEP INVESTMENTS     LEAP LX           446499199.2    -70952298.9
MMX MINERACAO        MMXCF US          981664767.8     -207254300
BALADARE             BLDR3 BZ          144928980.8    -33970462.8
TEXTEIS RENAU-RT     TXRX1 BZ          58969047.84    -91550951.9
TEXTEIS RENAU-RT     TXRX2 BZ          58969047.84    -91550951.9
TEXTEIS RENA-RCT     TXRX9 BZ          58969047.84    -91550951.9
TEXTEIS RENA-RCT     TXRX10 BZ         58969047.84    -91550951.9
TELEBRAS SA-RT       TELB9 BZ          248609064.5    -9345005.13
GASCOIGNE EMP-PF     GASC4 BZ           1123596482     -536003486
ALL MALHA PAULIS     GASC3 BZ           1123596482     -536003486
CIA PETROLIF-PRF     MRLM4 BZ          377602195.2    -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195.2    -3014291.72
NOVA AMERICA SA      NOVA3 BZ             21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ             21287489     -183535527
PROMAN               PRMN3 BZ          13486222.68    -113662.457
B&D FOOD CORP        BDFC US              16631180       -1448544
MMX MINERACAO-RT     MMXM1 BZ          981664767.8     -207254300
MMX MINERACA-RCT     MMXM9 BZ          981664767.8     -207254300
TELEBRAS SA          TELB3 BZ          248609064.5    -9345005.13
TELEBRAS SA          TLBRON BZ         248609064.5    -9345005.13
TELEBRAS SA          TBASF US          248609064.5    -9345005.13
TELEBRAS SA-PREF     TELB4 BZ          248609064.5    -9345005.13
TELEBRAS SA-PREF     TLBRPN BZ         248609064.5    -9345005.13
TELEBRAS-ADR         TBAPY US          248609064.5    -9345005.13
TELEBRAS-ADR         TBRAY GR          248609064.5    -9345005.13
TELEBRAS-CEDE PF     RCTB4 AR          248609064.5    -9345005.13
TELEBRAS-CED C/E     RCT4C AR          248609064.5    -9345005.13
TELEBRAS-CEDEA $     RCT4D AR          248609064.5    -9345005.13
TELEBRAS-CEDE BL     RCT4B AR          248609064.5    -9345005.13
TELEBRAS-ADR         TBH US            248609064.5    -9345005.13
TELEBRAS-ADR         TBX GR            248609064.5    -9345005.13
TELEBRAS-ADR         RTB US            248609064.5    -9345005.13
TELEBRAS-ADR         TBASY US          248609064.5    -9345005.13
TELEBRAS-RCT PRF     TELB10 BZ         248609064.5    -9345005.13
TELEBRAS-RTS CMN     RCTB1 BZ          248609064.5    -9345005.13
TELEBRAS-RTS PRF     RCTB2 BZ          248609064.5    -9345005.13
TELEBRAS-RTS CMN     TCLP1 BZ          248609064.5    -9345005.13
TELEBRAS-RTS PRF     TLCP2 BZ          248609064.5    -9345005.13
TELEBRAS-COM RT      TELB1 BZ          248609064.5    -9345005.13
TELEBRAS-CM RCPT     RCTB31 BZ         248609064.5    -9345005.13
TELEBRAS-CM RCPT     TELE31 BZ         248609064.5    -9345005.13
TELEBRAS-RCT         RCTB33 BZ         248609064.5    -9345005.13
TELEBRAS-CM RCPT     TBRTF US          248609064.5    -9345005.13
TELEBRAS-CM RCPT     RCTB32 BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     RCTB41 BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     TELE41 BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     RCTB42 BZ         248609064.5    -9345005.13
TELEBRAS-CEDE PF     TELB4 AR          248609064.5    -9345005.13
TELEBRAS-CED C/E     TEL4C AR          248609064.5    -9345005.13
TELEBRAS-CM RCPT     RCTB30 BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     RCTB40 BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     TBAPF US          248609064.5    -9345005.13
TELEBRAS-RECEIPT     TLBRUO BZ         248609064.5    -9345005.13
TELEBRAS-PF RCPT     TLBRUP BZ         248609064.5    -9345005.13
TELEBRAS-BLOCK       TELB30 BZ         248609064.5    -9345005.13
TELEBRAS-PF BLCK     TELB40 BZ         248609064.5    -9345005.13
TELEBRAS-CEDEA $     TEL4D AR          248609064.5    -9345005.13
ARTHUR LANGE         ARLA3 BZ          11642255.92    -17154461.9
ARTHUR LANGE SA      ALICON BZ         11642255.92    -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642255.92    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642255.92    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642255.92    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642255.92    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642255.92    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642255.92    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ         11642255.92    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642255.92    -17154461.9
BOMBRIL              BOBR3 BZ            300229620     -120551090
BOMBRIL CIRIO SA     BOBRON BZ           300229620     -120551090
BOMBRIL-PREF         BOBR4 BZ            300229620     -120551090
BOMBRIL CIRIO-PF     BOBRPN BZ           300229620     -120551090
BOMBRIL SA-ADR       BMBPY US            300229620     -120551090
BOMBRIL SA-ADR       BMBBY US            300229620     -120551090
CAF BRASILIA         CAFE3 BZ          20168618.46     -728730286
CAFE BRASILIA SA     CSBRON BZ         20168618.46     -728730286
CAF BRASILIA-PRF     CAFE4 BZ          20168618.46     -728730286
CAFE BRASILIA-PR     CSBRPN BZ         20168618.46     -728730286
CHIARELLI SA         CCHI3 BZ          22274026.77    -44537138.2
CHIARELLI SA         CCHON BZ          22274026.77    -44537138.2
CHIARELLI SA-PRF     CCHI4 BZ          22274026.77    -44537138.2
CHIARELLI SA-PRF     CCHPN BZ          22274026.77    -44537138.2
DOC IMBITUBA         IMBI3 BZ          114896167.4    -16783228.4
DOCAS IMBITUBA       IMBION BZ         114896167.4    -16783228.4
DOC IMBITUB-PREF     IMBI4 BZ          114896167.4    -16783228.4
DOCAS IMBITUB-PR     IMBIPN BZ         114896167.4    -16783228.4
SCHLOSSER            SCLO3 BZ          11745600.44    -75930514.2
SCHLOSSER SA         SCHON BZ          11745600.44    -75930514.2
SCHLOSSER-PREF       SCLO4 BZ          11745600.44    -75930514.2
SCHLOSSER SA-PRF     SCHPN BZ          11745600.44    -75930514.2
CONST A LINDEN       CALI3 BZ          11147512.97      -15979177
CONST A LINDEN       LINDON BZ         11147512.97      -15979177
CONST A LIND-PRF     CALI4 BZ          11147512.97      -15979177
CONST A LIND-PRF     LINDPN BZ         11147512.97      -15979177
DOCA INVESTIMENT     DOCA3 BZ          88417960.92    -18059127.9
DOCAS SA             DOCAON BZ         88417960.92    -18059127.9
DOCA INVESTI-PFD     DOCA4 BZ          88417960.92    -18059127.9
DOCAS SA-PREF        DOCAPN BZ         88417960.92    -18059127.9
DOCAS SA-RTS PRF     DOCA2 BZ          88417960.92    -18059127.9
ACO ALTONA           EALT3 BZ          84614947.94    -14270921.5
ACO ALTONA SA        EAAON BZ          84614947.94    -14270921.5
ACO ALTONA-PREF      EALT4 BZ          84614947.94    -14270921.5
ACO ALTONA-PREF      EAAPN BZ          84614947.94    -14270921.5
FABRICA RENAUX       FTRX3 BZ          65955223.63    -56330080.2
FABRICA RENAUX       FRNXON BZ         65955223.63    -56330080.2
FABRICA RENAUX-P     FTRX4 BZ          65955223.63    -56330080.2
FABRICA RENAUX-P     FRNXPN BZ         65955223.63    -56330080.2
HAGA                 HAGA3 BZ          16483114.08      -62923102
FERRAGENS HAGA       HAGAON BZ         16483114.08      -62923102
FER HAGA-PREF        HAGA4 BZ          16483114.08      -62923102
FERRAGENS HAGA-P     HAGAPN BZ         16483114.08      -62923102
TECEL S JOSE         SJOS3 BZ          17924946.14    -18569451.2
TECEL S JOSE         FTSJON BZ         17924946.14    -18569451.2
TECEL S JOSE-PRF     SJOS4 BZ          17924946.14    -18569451.2
TECEL S JOSE-PRF     FTSJPN BZ         17924946.14    -18569451.2
CIMOB PARTIC SA      GAFP3 BZ          36817394.78    -33083086.5
CIMOB PARTIC SA      GAFON BZ          36817394.78    -33083086.5
CIMOB PART-PREF      GAFP4 BZ          36817394.78    -33083086.5
CIMOB PART-PREF      GAFPN BZ          36817394.78    -33083086.5
GAZOLA               GAZO3 BZ          12452143.07    -40298506.3
GAZOLA SA            GAZON BZ          12452143.07    -40298506.3
GAZOLA-PREF          GAZO4 BZ          12452143.07    -40298506.3
GAZOLA SA-PREF       GAZPN BZ          12452143.07    -40298506.3
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143.07    -40298506.3
GAZOLA-RCPT PREF     GAZO10 BZ         12452143.07    -40298506.3
GAZOLA SA-DVD CM     GAZO11 BZ         12452143.07    -40298506.3
GAZOLA SA-DVD PF     GAZO12 BZ         12452143.07    -40298506.3
IGB ELETRONICA       IGBR3 BZ          145256033.3     -273857292
GRADIENTE ELETR      IGBON BZ          145256033.3     -273857292
GRADIENTE-PREF A     IGBR5 BZ          145256033.3     -273857292
GRADIENTE EL-PRA     IGBAN BZ          145256033.3     -273857292
GRADIENTE-PREF B     IGBR6 BZ          145256033.3     -273857292
GRADIENTE EL-PRB     IGBBN BZ          145256033.3     -273857292
GRADIENTE-PREF C     IGBR7 BZ          145256033.3     -273857292
GRADIENTE EL-PRC     IGBCN BZ          145256033.3     -273857292
HERCULES             HETA3 BZ           11597351.7     -168514681
HERCULES SA          HERTON BZ          11597351.7     -168514681
HERCULES-PREF        HETA4 BZ           11597351.7     -168514681
HERCULES SA-PREF     HERTPN BZ          11597351.7     -168514681
RENAUXVIEW SA        TXRX3 BZ          58969047.84    -91550951.9
TEXTEIS RENAUX       RENXON BZ         58969047.84    -91550951.9
RENAUXVIEW SA-PF     TXRX4 BZ          58969047.84    -91550951.9
TEXTEIS RENAUX       RENXPN BZ         58969047.84    -91550951.9
PARMALAT             LCSA3 BZ          388720052.3     -213641144
PARMALAT BRASIL      LCSAON BZ         388720052.3     -213641144
PARMALAT-PREF        LCSA4 BZ          388720052.3     -213641144
PARMALAT BRAS-PF     LCSAPN BZ         388720052.3     -213641144
PARMALAT BR-RT C     LCSA5 BZ          388720052.3     -213641144
PARMALAT BR-RT P     LCSA6 BZ          388720052.3     -213641144
ESTRELA SA           ESTR3 BZ          61011893.59    -54580283.6
ESTRELA SA           ESTRON BZ         61011893.59    -54580283.6
ESTRELA SA-PREF      ESTR4 BZ          61011893.59    -54580283.6
ESTRELA SA-PREF      ESTRPN BZ         61011893.59    -54580283.6
RIOSULENSE SA        RSUL3 BZ          61902901.69    -11292932.5
RIOSULENSE SA        RSULON BZ         61902901.69    -11292932.5
RIOSULENSE SA-PR     RSUL4 BZ          61902901.69    -11292932.5
RIOSULENSE SA-PR     RSULPN BZ         61902901.69    -11292932.5
WETZEL SA            MWET3 BZ          81918484.19    -8800803.64
WETZEL SA            MWELON BZ         81918484.19    -8800803.64
WETZEL SA-PREF       MWET4 BZ          81918484.19    -8800803.64
WETZEL SA-PREF       MWELPN BZ         81918484.19    -8800803.64
MINUPAR              MNPR3 BZ          64999715.99     -103795048
MINUPAR SA           MNPRON BZ         64999715.99     -103795048
MINUPAR-PREF         MNPR4 BZ          64999715.99     -103795048
MINUPAR SA-PREF      MNPRPN BZ         64999715.99     -103795048
NORDON MET           NORD3 BZ          15498217.36    -20133536.7
NORDON METAL         NORDON BZ         15498217.36    -20133536.7
NORDON MET-RTS       NORD1 BZ          15498217.36    -20133536.7
NOVA AMERICA SA      NOVA3B BZ            21287489     -183535527
NOVA AMERICA SA      NOVAON BZ            21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ            21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ            21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ            21287489     -183535527
NOVA AMERICA SA      1NOVON BZ            21287489     -183535527
PETRO MANGUINHOS     RPMG3 BZ          97015785.16     -251755220
PETRO MANGUINHOS     MANGON BZ         97015785.16     -251755220
PET MANGUINH-PRF     RPMG4 BZ          97015785.16     -251755220
PETRO MANGUIN-PF     MANGPN BZ         97015785.16     -251755220
RIMET                REEM3 BZ          63757621.65     -107162240
RIMET                REEMON BZ         63757621.65     -107162240
RIMET-PREF           REEM4 BZ          63757621.65     -107162240
RIMET-PREF           REEMPN BZ         63757621.65     -107162240
SANSUY               SNSY3 BZ          100279114.9    -45812488.8
SANSUY SA            SNSYON BZ         100279114.9    -45812488.8
SANSUY-PREF A        SNSY5 BZ          100279114.9    -45812488.8
SANSUY SA-PREF A     SNSYAN BZ         100279114.9    -45812488.8
SANSUY-PREF B        SNSY6 BZ          100279114.9    -45812488.8
SANSUY SA-PREF B     SNSYBN BZ         100279114.9    -45812488.8
BOTUCATU TEXTIL      STRP3 BZ          35101566.77    -13482713.5
STAROUP SA           STARON BZ         35101566.77    -13482713.5
BOTUCATU-PREF        STRP4 BZ          35101566.77    -13482713.5
STAROUP SA-PREF      STARPN BZ         35101566.77    -13482713.5
TEKA                 TEKA3 BZ          236758336.6     -334535567
TEKA                 TEKAON BZ         236758336.6     -334535567
TEKA-PREF            TEKA4 BZ          236758336.6     -334535567
TEKA-PREF            TEKAPN BZ         236758336.6     -334535567
TEKA-ADR             TKTPY US          236758336.6     -334535567
TEKA-ADR             TKTQY US          236758336.6     -334535567
VARIG SA             VAGV3 BZ          966298025.5    -4695211316
VARIG SA             VARGON BZ         966298025.5    -4695211316
VARIG SA-PREF        VAGV4 BZ          966298025.5    -4695211316
VARIG SA-PREF        VARGPN BZ         966298025.5    -4695211316
WIEST                WISA3 BZ          39838113.86    -93371563.1
WIEST SA             WISAON BZ         39838113.86    -93371563.1
WIEST-PREF           WISA4 BZ          39838113.86    -93371563.1
WIEST SA-PREF        WISAPN BZ         39838113.86    -93371563.1
FER C ATLANT         VSPT3 BZ           1212489621    -38389781.7
FER C ATLANT-PRF     VSPT4 BZ           1212489621    -38389781.7
FERROVIA CEN-DVD     VSPT11 BZ          1212489621    -38389781.7
FERROVIA CEN-DVD     VSPT12 BZ          1212489621    -38389781.7
FER C ATL-RCT CM     VSPT9 BZ           1212489621    -38389781.7
FER C ATL-RCT PF     VSPT10 BZ          1212489621    -38389781.7
HOPI HARI SA         PQTM3 BZ          62168844.09    -55189836.7
HOPI HARI-PREF       PQTM4 BZ          62168844.09    -55189836.7
PARQUE TEM-DV CM     PQT5 BZ           62168844.09    -55189836.7
PARQUE TEM-DV PF     PQT6 BZ           62168844.09    -55189836.7
PARQUE TEM-RT CM     PQTM1 BZ          62168844.09    -55189836.7
PARQUE TEM-RT PF     PQTM2 BZ          62168844.09    -55189836.7
PARQUE TEM-RCT C     PQTM9 BZ          62168844.09    -55189836.7
PARQUE TEM-RCT P     PQTM10 BZ         62168844.09    -55189836.7
MMX MINERACAO        MMXM3 BZ          981664767.8     -207254300
TRESSEM PART SA      1TSSON BZ         981664767.8     -207254300
ALL MALHA PAULIS     GASC3B BZ          1123596482     -536003486
GASCOIGNE EMP-PF     GASC4B BZ          1123596482     -536003486
GASCOIGNE EMPREE     1GASON BZ          1123596482     -536003486
GASCOIGNE EMP-PF     1GASPN BZ          1123596482     -536003486
CIA PETROLIFERA      MRLM3B BZ         377602195.2    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195.2    -3014291.72
CIA PETROLIFERA      1CPMON BZ         377602195.2    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195.2    -3014291.72
LATTENO FOOD COR     LATF US              16631180       -1448544
VARIG PART EM TR     VPTA3 BZ          49432124.18     -399290426
VARIG PART EM-PR     VPTA4 BZ          49432124.18     -399290426
VARIG PART EM SE     VPSC3 BZ          96617351.14     -460274609
VARIG PART EM-PR     VPSC4 BZ          96617351.14     -460274609


CHILE

CHILESAT CO-ADR      TL US             506644998.8    -60450603.1
CHILESAT CORP SA     TELEX CI          506644998.8    -60450603.1
CHILESAT CO-RTS      CHISATOS CI       506644998.8    -60450603.1
TELMEX CORP SA       CHILESAT CI       506644998.8    -60450603.1
TELEX-A              TELEXA CI         506644998.8    -60450603.1
TELMEX CORP-ADR      CSAOY US          506644998.8    -60450603.1
TELEX-RTS            TELEXO CI         506644998.8    -60450603.1


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *