TCRLA_Public/100414.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, April 14, 2010, Vol. 11, No. 072

                            Headlines



B E R M U D A

SYNCORA HOLDINGS: Insurance Unit Closes Transaction


B R A Z I L

BRASKEM SA: To Set Up Polyethylene Plant in Bolivia
HYUNDAI MOTOR: May Delay Brazil Plant by Five Months
MARFRIG ALIMENTOS: Plans to Focus on Brazil to Boost Sales
MARFRIG ALIMENTOS: To Open New Meat Plant
NOSSA CAIXA: Moody's Assigns 'Ba3' Currency Issuer Ratings


C A Y M A N  I S L A N D S

ARSENAL FUND: Commences Liquidation Proceedings
BLACK LION: Commences Wind-Up Proceedings
CELLAR FINANCE: Commences Liquidation Proceedings
CITCO INTERNATIONAL: Members Receive Wind-Up Report
COPS ASSURANCE: Commences Wind-Up Proceedings

DIAMOND LTD: Commences Wind-Up Proceedings
ELGIN CO: Commences Wind-Up Proceedings
GENUS 15 MASTER: Commences Liquidation Proceedings
HSBC LIFE: Commences Wind-Up Proceedings
KAIROS NORTH: Commences Wind-Up Proceedings

KINGDOM 5-KR-77: Commences Liquidation Proceedings
MILLBURN MCO: Commences Liquidation Proceedings
MORUMBI CAPITAL: Commences Liquidation Proceedings
MUTUAL FUND: Commences Liquidation Proceedings
MUTUAL FUND: Commences Liquidation Proceedings

MUTUAL FUND: Commences Liquidation Proceedings
NISSAY FUND: Commences Liquidation Proceedings
NOUS 1: Commences Liquidation Proceedings
OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order
OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order

OFFSHORE ENERGY: Commences Liquidation Proceedings
PGS FOCUS-KINETICS: Shareholders Receive Wind-Up Report
PORTLOW FINANCE: Commences Liquidation Proceedings
ROXBURGHE INVESTMENTS: Commences Wind-Up Proceedings
SECTOR COGNIMETRICA: Commences Liquidation Proceedings

SKYWALK INVESTMENTS: Commences Wind-Up Proceedings
STATS T1: Commences Liquidation Proceedings
TARGA FUND: Commences Liquidation Proceedings
VESTRY CAPITAL: Commences Wind-Up Proceedings
WILROS HOLDINGS: Commences Wind-Up Proceedings


C O L O M B I A

INTERCONEXION ELECTRICA: Delays Ferrovial's Unit Purchase


D O M I N I C A N  R E P U B L I C

TRICOM SA: Concludes US$500-Million Debt Restructuring
* DOMINICAN REPUBLIC: March 5.5% Revenue Jump Proves Recovery
* DOMINICAN REPUBLIC: Government to get US$120 Million From IMF


E C U A D O R

* ECUADOR: Banana Crop May Suffer From Record Rain, Institute Says


J A M A I C A

AIR JAMAICA: Western Air to Fill Airline's Routes in Bahamas
AIR JAMAICA: No Fall-Off in Airline Bookings
AIR JAMAICA: 'Trinidad Politics Won't Affect Divestment Deal'
* JAMAICA: Gasoline Retailers Planning Major Staff Cuts


P U E R T O  R I C O

POPULAR INC: Posts Wider First-Quarter Loss


T R I N I D A D  &  T O B A G O

CL FIN'L: Pays Out TT$1 Million Dividend Check to Clico Bank


V E N E Z U E L A

* VENEZUELA: Strategic Factors Strengthen Russian Relationship




                         - - - - -


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


SYNCORA HOLDINGS: Insurance Unit Closes Transaction
---------------------------------------------------
Syncora Holdings Ltd.'s wholly owned, New York financial guarantee
insurance subsidiary, Syncora Guarantee Inc. has closed the
outstanding transaction that formed part of the Company's
restructuring, previously approved by the New York Insurance
Department and announced by Syncora on July 17, 2009.  The terms
of the settlement are confidential.  The Company notes that the
closing of the transaction included a cash payment previously
reported in connection with the closing of the 2009 MTA and will
not materially impact Syncora Guarantee's previously reported
financial position or results of operations; and that the 1310
Order issued by the NYID on April 10, 2009 that temporarily
prohibits the Company from paying claims will remain in effect.

As noted in the press release of March 2, 2010 and explained in
the notes to Syncora's year-end 2009 financial statements, the
Company is currently faced with significant short-term liquidity
and surplus issues and is undertaking several remediation actions
designed to address these issues.  As a result, the Company is not
in a position to request that the NYID lift the 1310 Order unless
and until actions to resolve its liquidity and surplus issues are
completed.  The Company notes that there can be no guarantee that
its efforts will be successful or that if they are, and a request
is made of the NYID with respect to lifting the 1310 Order, that
the NYID will grant such a request.  The Company also cannot
guarantee that the NYID will not take further regulatory action,
which may include commencement of rehabilitation or liquidation
proceedings.

                   About Syncora Guarantee Inc.

Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly
owned subsidiary of Syncora Holdings Ltd.  Syncora Holdings Ltd.
is a Bermuda-domiciled holding company.

In April 2009, Standard & Poor's Ratings Services revised its
financial strength and financial enhancement ratings on Syncora
Guarantee Inc. to 'R' from 'CC'.  Standard & Poor's also revised
its counterparty credit rating on Syncora to 'D' from 'CC'.  An
insurer rated 'R' is under regulatory supervision because of its
financial condition.  The 'CC' counterparty credit, financial
strength, and financial enhancement ratings on Syncora Guarantee
U.K. Ltd. are unchanged because at this time, that company is not
subject to any regulatory orders that mandate the suspension of
claims payments.


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


BRASKEM SA: To Set Up Polyethylene Plant in Bolivia
---------------------------------------------------
Braskem S.A. intends to set up one metric ton per year,
polyethylene plant in Bolivia, by investing US$2 billion to
$3 billion, Fibre2fashion News reports.  The report relates Carlos
Brenner, Braskem International Projects Director, said that the
final project and the investment will be determined on the basis
of the studies that will be carried out for this installation.

According to the report, the plant is likely to be installed in
Puerto Suarez, Santa Cruz province.  The report relates that the
company discussed with, Carlos Villegas, President of Bolivia's
state-owned hydrocarbons company, YPFB, in La Paz.

The report notes that the project will be implemented within a
five-year time period.

Braskem SA, the report says, will utilize ethane derived from
natural gas, to produce plastic resin.  A part of the investment
has to be carried out by Bolivia for the process of separation of
ethane from gas to make the project feasible, while Braskem will
undertake the remaining procedures, Mr. Brenner added.

                      About Braskem S.A.

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

                           *     *     *

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


HYUNDAI MOTOR: May Delay Brazil Plant by Five Months
----------------------------------------------------
Hyundai Motor Co. may delay starting work on its Brazil plant by
at least five months because of political uncertainties in the
South American nation, Kyung Bok Cho at Bloomberg News reports,
citing Maeil Business Newspaper.

According to the report, the newspaper said that Hyundai had
planned to begin construction of the factory in May.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


MARFRIG ALIMENTOS: Plans to Focus on Brazil to Boost Sales
----------------------------------------------------------
Marfrig Alimentos SA plans to focus more on growing demand in the
Brazilian market to boost future sales, Bloomberg News reports.

According to the report, Company Chief Executive Officer Marcos
Molina said that Marfrig Alimentos' $706.2 mln acquisition of the
Seara poultry and pork businesses from Cargill Inc. will help fuel
local sales.  The company will also seek to expand the Seara brand
abroad, he added.

"We are looking for a more balanced sales profile, like 50-50
between domestic demand and exports," the report quoted Mr. Molina
as saying.  "We officially took over Seara on January 4 and have
plans to boost sales of its value-added products," he added.

                    About Marfrig Alimentos

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

                           *     *     *

As of April 14, 2010, the company continues to carry these low
ratings from the major rating agencies:

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



MARFRIG ALIMENTOS: To Open New Meat Plant
-----------------------------------------
Marfrig Alimentos SA plans to build a new poultry slaughterhouse
in Mato Grosso state for BRL150 million (US$84.8 million), Meat
Trade News Daily reports, citing local newspaper Valor Economico.

According to the report, the newspaper said that Seara Alimentos
Ltd., controlled by Marfrig, signed a letter of intent with Mato
Grosso's government to build the plant in Jaciara with the
capacity to slaughter 200,000 birds per day.  The company is
currently assessing possible sites for the slaughterhouse, Valor
added.

The report notes that Marfrig Alimentos has invested some RLR5
billion in acquiring 37 companies in three years to give a
presence in 13 countries.  The report says that the acquisition in
January of Seara, a local poultry, pork and consumer food company,
was part of Marfrig's diversification into poultry and pork from
beef production.

                    About Marfrig Alimentos

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

                           *     *     *

As of April 14, 2010, the company continues to carry these low
ratings from the major rating agencies:

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


NOSSA CAIXA: Moody's Assigns 'Ba3' Currency Issuer Ratings
----------------------------------------------------------
Moody's Investors Service assigned long- and short-term local
currency issuer ratings of Ba3 and Not Prime, respectively, to
Nossa Caixa Desenvolvimento -- Agencia de Fomento do Estado de Sao
Paulo S.A., the government development agency owned by the State
of Sao Paulo.  In addition, Moody's assigned to NCD foreign
currency issuer ratings of Ba3 and Not Prime, long and short-term,
respectively, as well as national scale ratings of A3.br and BR-2,
long and short-term.  The outlook is stable for all ratings.

According to Moody's, NCD's issuer rating is determined by these:
1) the institution's baseline credit assessment of 15 (on a scale
of 1 to 21, where 1 represents the lowest credit risk), which maps
to a B2 in the global rating scale; and 2) the assessment of high
support and dependence probability from its shareholder, the state
of Sao Paulo (rated by Moody's at Ba2; outlook stable).  Moody's
noted that the high likelihood of support from the government of
Sao Paulo -- which has subscribed sizable capital resources to the
agency -- lifts by two notches the stand-alone credit rating of
NCD.

In assigning its ratings, Moody's took into account the
essentially start-up profile of NCD, which is still in the process
of structuring its operations, its risk management functions and
staff, and has, therefore, a very limited track record.  The
agency was established in March 2009 with a mission of providing
medium and long-term financing to state-based small and medium
enterprises, in line with the state government's development and
economic policies.  Because the SME segment accounts for a
relevant portion of the state economy, NCD is confident it can
provide support to economic sectors, despite facing fierce
competition by well-established commercial banks.

Moody's noted that NCD's lack of financial history is somewhat
compensated by a sizable capital base that should adequately
support its growth plans; this cushion is particularly critical in
its initial phase of operations, when recurring earnings
generation is likely to be modest.  To ensure adequate asset
quality in its developing loan book, management intends to
prioritize secured lending, and adhere to disciplined risk
management, aided by its knowledge of the local economy.

Moody's acknowledges that the rating is constrained by the
relative uncertainty related to the execution of NCD' strategic
plan, as well as to management's ability to deploy its capital in
the origination of productive, healthy assets.  Profitability is
not expected to be a rating driver for this public institution,
but management's demonstrated capacity to establish revenues
diversification and recurrence would clearly have positive credit
implications for the ratings.

Moody's notes that NCD's operations and strategies are closely
linked to the state government's interest and policies, which may
expose it to political interference.  By the same token, Moody's
expect that any potential capital needs would likely be met by the
shareholder, and for that reason, Moody's assess the probability
of support from the state government to be high.  It is worth
mentioning that NCD is regulated by banking supervision and has
been currently engaged in implementing governance practices.

Nossa Caixa Desenvolvimento is headquartered in Sao Paulo, Brazil.
As of December 31, 2009, the development entity had total assets
of R$413.7 million (US$237.6 million) and equity of
R$405.5 million (US$203.8 million).

These ratings were assigned to Nossa Caixa Desenvolvimento S.A.  -
- Agencia de Fomento do Estado de Sao Paulo:

* Long-term local- currency issuer rating: Ba3, stable
* Short-term local- currency issuer rating: Not Prime
* Long-term foreign currency issuer rating: Ba3, stable
* Short-term foreign currency issuer rating: Not Prime
* Long-term national scale issuer rating in Brazil: A3.br, stable
* Short-term national scale issuer rating in Brazil: BR-2


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


ARSENAL FUND: Commences Liquidation Proceedings
-----------------------------------------------
Arsenal Fund Limited commenced liquidation proceedings on
January 6, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


BLACK LION: Commences Wind-Up Proceedings
-----------------------------------------
Black Lion Beverages (Cayman) Holding Limited commenced wind-up
proceedings on January 14, 2010.

Creditors are required to file their proofs of debt by March 5,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile: (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


CELLAR FINANCE: Commences Liquidation Proceedings
-------------------------------------------------
Cellar Finance Limited commenced liquidation proceedings on
January 21, 2010.

Creditors are required to file their proofs of debt by March 3,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


CITCO INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
Citco International Fund Services Ltd. received, on March 8, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COPS ASSURANCE: Commences Wind-Up Proceedings
---------------------------------------------
Cops Assurance, Ltd. commenced wind-up 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:

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


DIAMOND LTD: Commences Wind-Up Proceedings
------------------------------------------
The Diamond Ltd commenced wind-up proceedings on January 15, 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:

         Fidutec Ltd.
         c/o Charles Lee
         Telephone: +44 (0)153 470-0864
         Facsimile: +44 (0)153 470-0800
         Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Teachers Cooperative Savings Bldg
         Mesolongiou Street
         Flat 34, Limassol 3032
         Cyprus


ELGIN CO: Commences Wind-Up Proceedings
---------------------------------------
Elgin Co. Ltd. commenced wind-up proceedings on January 26, 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,


GENUS 15 MASTER: Commences Liquidation Proceedings
--------------------------------------------------
Genus 15 Master Fund Limited commenced liquidation proceedings on
January 7, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


HSBC LIFE: Commences Wind-Up Proceedings
----------------------------------------
HSBC Life Insurance (Cayman) Limited commenced wind-up proceedings
on January 8, 2010.

Only creditors who were able to file their proofs of debt by
March 8, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Dena Thompson
         Kevin Poole
         P.O. Box 1109, HSBC House, 68 West Bay Road
         Grand Cayman, Cayman Islands
         Telephone: 914-7546
         Facsimile: 949-6021
         P.O. Box 1109, HSBC House, 68 West Bay Road
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


KAIROS NORTH: Commences Wind-Up Proceedings
-------------------------------------------
Kairos North European Fund Ltd. commenced wind-up proceedings on
January 12, 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:

         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


KINGDOM 5-KR-77: Commences Liquidation Proceedings
--------------------------------------------------
Kingdom 5-KR-77, Ltd. commenced liquidation proceedings on
December 29, 2009.

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

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


MILLBURN MCO: Commences Liquidation Proceedings
-----------------------------------------------
Millburn MCO Limited commenced liquidation proceedings on
November 30, 2009.

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:

         Bernard G. McGrath
         David S. Walker
         c/o P.O. Box 1043, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 949-8062


MORUMBI CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
Morumbi Capital Fund commenced liquidation proceedings on
January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (1-Q) Limited commenced
liquidation proceedings on January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (6-C) Limited commenced
liquidation proceedings on January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (8-D) Global Focus Limited
commenced liquidation proceedings on January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, One Capital Place, George Town
         Grand Cayman KY1-1103, Cayman Islands


NISSAY FUND: Commences Liquidation Proceedings
----------------------------------------------
Nissay Fund (Cayman) Inc. commenced liquidation proceedings on
January 22, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


NOUS 1: Commences Liquidation Proceedings
-----------------------------------------
Nous 1, Ltd. commenced liquidation proceedings on January 22,
2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945-9208
         Facsimile: 345 945-9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman


OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order
------------------------------------------------
On January 18, 2010, the Grand Court of Cayman Islands entered an
order that winds up the operations of Octave Entertainment, Ltd.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche, P.O. Box 1787
         Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: rrintoul@deloitte.com


OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order
------------------------------------------------
On January 18, 2010, the Grand Court of Cayman Islands entered an
order that winds up the operations of Octave Entertainment Fund,
Ltd.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche, P.O. Box 1787
         Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: rrintoul@deloitte.com


OFFSHORE ENERGY: Commences Liquidation Proceedings
--------------------------------------------------
Offshore Energy Invest I commenced liquidation proceedings on
January 21, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


PGS FOCUS-KINETICS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of PGS Focus-Kinetics Ltd. received, on March 5,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PORTLOW FINANCE: Commences Liquidation Proceedings
--------------------------------------------------
Portlow Finance Limited commenced liquidation proceedings on
January 21, 2010.

Creditors are required to file their proofs of debt by March 3,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914-8655
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ROXBURGHE INVESTMENTS: Commences Wind-Up Proceedings
----------------------------------------------------
Roxburghe Investments 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


SECTOR COGNIMETRICA: Commences Liquidation Proceedings
------------------------------------------------------
Sector Cognimetrica Ltd. commenced liquidation proceedings on
January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


SKYWALK INVESTMENTS: Commences Wind-Up Proceedings
--------------------------------------------------
Skywalk Investments 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


STATS T1: Commences Liquidation Proceedings
-------------------------------------------
Stats T1 Master Fund commenced liquidation proceedings on
January 18, 2010.

Creditors are required to file their proofs of debt by
February 22, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TARGA FUND: Commences Liquidation Proceedings
---------------------------------------------
The Targa Fund of Funds SPC commenced liquidation proceedings on
January 20, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


VESTRY CAPITAL: Commences Wind-Up Proceedings
---------------------------------------------
Vestry Capital Partners Offshore, Ltd. commenced wind-up
proceedings on January 22, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to 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


WILROS HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
Wilros Holdings Limited commenced wind-up proceedings on
January 18, 2010.

Creditors are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


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


INTERCONEXION ELECTRICA: Delays Ferrovial's Unit Purchase
---------------------------------------------------------
Interconexion Electrica SA delayed the purchase of a 60% stake in
Ferrovial SA's Chilean highway after an earthquake damaged the
assets, Javier Marquina at Bloomberg News reports, citing Cinco
Dias.

According to the report, the newspaper said that the EUR209
million (US$284 million) sale may be delayed until the end of this
year.

Interconexion Electrica SA is Colombia's state-run transmission
firm.

                           *     *     *

As of January 13, 2010, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


TRICOM SA: Concludes US$500-Million Debt Restructuring
------------------------------------------------------
Tricom, S.A. has successfully concluded a recapitalization process
and the formation of its new Board of Shareholders, Dominican
Today reports, citing diariolibre.com.

According to the report, the transfer of control and conformation
of its Board of Shareholders had the approval of creditors, the
New York South District Chapter 11 Court judge, and the Dominican
Telecom Institute.  The report relates that the development
concludes process of more than six year since Tricom declared
itself in "default" on the debt with various international
financial organizations.

"Thanks to the company's good performance demonstrated in recent
years and the potential growth which the investors saw in Tricom,
the creditors accepted to eliminate their non-secured debts in
exchange for company shares, and confide in the company's future
which is now free from more than US$500 million in debt," the
report quoted diariolibre.com as saying.

                       About Tricom SA

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.  Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.

When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.


* DOMINICAN REPUBLIC: March 5.5% Revenue Jump Proves Recovery
-------------------------------------------------------------
The Internal Taxes Agency said that March revenues of RD$15.9
billion is a 5.5% jump over the same period last year, and beats
the National Budget target with 102.1%, for a RD$333 million
windfall, The Dominican Today reports.  The report relates that
the agency said that accumulated revenue in the January-March
period of RD$45.0 billion, or 6.6% above the same year ago period.

According to the report, the DGII Economic Studies Department
report notes that of the total estimated amount, the collection
had a RD$246.4 million surplus, or 100.5% of the estimated goal,
reached despite the negative performance of the Specific Tax on
Fuels, which to March 31 shows a RD$964.4 million deficit compared
with the estimated figure.

Internal Taxes, the report says, adds that first quarter revenue
figured show the Dominican economy's continued strong recovery,
maintaining a positive tendency since the last few months in 2009.


* DOMINICAN REPUBLIC: Government to get US$120 Million From IMF
---------------------------------------------------------------
The International Monetary Fund approved the letter of intent
corresponding to the first revision of the Stand By Agreement, for
79.27 million, of its reserve assets Special Drawing Right, equal
to US$120 million, which the government will receive this month,
The Dominican Republic reports.  The report relates that of that
amount US$25 million will be destined for the government's
budgetary support and US$54.27 million to bolster the Central
Bank's international reserves.

The report notes that throughout 2010 the IMF is expected to
disburse a total of 347.25 million DEG, or around US$526.02
million, of which US$151.48 million will be for the Government and
US$374.54 million for the Central Bank.

The approval of the first revision in the Stand By Agreement with
the IMF paves the way for the Government to resort to the
international markets to place bonds contained in the 2010 Budget,
with fresh funds injected to help maintain macroeconomic
stability, characterized by low inflation, recovery of growth and
a relatively stable exchange rate, the report adds.


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


* ECUADOR: Banana Crop May Suffer From Record Rain, Institute Says
------------------------------------------------------------------
Record rainfall in Ecuador, the world's largest banana exporter,
may damage new crops of the fruit as precipitation continues
through next month, Nathan Gill at Bloomberg News reports, citing
the National Meteorology and Hydrology Institute.  Rains in the
coastal banana-producing region will peak this month and continue
at "moderate intensities" through May, Humberto Enriquez, head
coordinator of weather forecasting at the Institute, told the news
agency in a telephone interview.

According to Bloomberg News, the agricultural regions of El Oro,
Los Rios, Guayas, and Manabi have been the worst hit by the rains.

"With the quantity of precipitation that we've had, it's very
probable banana planting has been affected," the report quoted Mr.
Enriquez as saying.  "Because of Ecuador's unique geography, it's
difficult to predict what the weather will do beyond a few days,
but we're expecting more rains on the coast," he added.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


AIR JAMAICA: Western Air to Fill Airline's Routes in Bahamas
------------------------------------------------------------
Privately owned Bahamas airline, Western Air, will fill the gap
created when Air Jamaica Limited stopped flying to that country,
RadioJamaica reports.  The report relates that Western Air will
offer direct flights to Kingston and Montego Bay from Nassau.

According to the report, the Nassau to Kingston flights will start
On April 12, while the Montego Bay route will begin on April 30.

The report notes that Western Air originally applied for the
routes in 2008, but only received word from the Jamaican Civil
Aviation Authority in January after Air Jamaica announced that it
was discontinuing service to the Bahamas.

                        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: No Fall-Off in Airline Bookings
--------------------------------------------
Air Jamaica Limited said that there has not been a significant
fall-off in bookings in light of the ongoing divestment of the
airline, Radiojamaica reports.

According to the report, concern was raised that news of the
impending transfer of  ownership of the national air carrier to
Caribbean Airlines would have led to a decline in the number of
travelers who fly on the airline.

However, the report relates, Airline Chief Executive Officer Bruce
Nobles said that while exact data are not available there has not
been a noticeable drop in bookings recorded by the airline.

"So it's a little hard to measure and say the bookings in June are
not where we thought they would be but how would I know what the
bookings in June are supposed to be, so it's pretty challenging to
specifically identify that.  I would not say that we have seen a
significant fall off that I can point to anything, in fact traffic
continues to be pretty close to plan," the report quoted Mr.
Nobles as saying.

                        About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: 'Trinidad Politics Won't Affect Divestment Deal'
-------------------------------------------------------------
Janet Silvera at Jamaica Gleaner reports that Jamaica Minister of
Finance Audley Shaw said that the dissolution of the Trinidadian
government will not affect the Air Jamaica Limited-Caribbean
Airlines Limited deal.

According to the report, Trinidad's Prime Minister Patrick Manning
asked President George Maxwell Richards to dissolve the Trinidad
and Tobago Parliament, paving the way for elections two and a half
years ahead of schedule.  The report relates that the news has
caused jitters in the industry, with aviation experts questioning
the implications that an election or change of government in
Trinidad could have on a deal that has reportedly been sealed.

However, the report notes, Mr. Shaw said, "Based on the deal,
decisions have already been made and we are well on track."

The report says Mr. Shaw said that he had done his own
consultation with the Air Jamaica Transition Committee and was
satisfied.  "I have been assured by Dennis Lalor, chairman of the
committee, which the latest developments will not have any effect
on the arrangements made between the two carriers," the report
quoted Mr. Shaw as saying.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2010, the transition date for the Caribbean Airlines to
begin its take over of Air Jamaica Limited is pushed through to
April 30/ May 1, 2010.  The report related 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 disclosed, 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 related.

                        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.


* JAMAICA: Gasoline Retailers Planning Major Staff Cuts
-------------------------------------------------------
The National Workers Union is seeking an urgent meeting with the
Jamaica Gasoline Retailers Association in the wake of reports that
gas station operators are considering significant staff cuts,
RadioJamaica reports.

According to the report, it is reported that operators, who have
suffered a fall off in fuel sales due to the gas tax, are thinking
of cutting back on staff and converting their businesses to self
service stations.  The report relates that this will result in
nearly 3,000 gas station employees losing their jobs.

RadioJamaica says NWU President, Vincent Morrison, said he will be
writing to the JGRA on Monday requesting a meeting to discuss the
matter.  The union is not in favor of the move to self service
stations, he added.  "It would be unfortunate that the JGRA would
want to put nearly 3,000 people out of work because of the
taxation policy of the government.  I would want to urge the JGRA
to look more carefully at their suggestion and I also want to
invite them to dialogue," the report quoted Mr. Morrison as
saying.

                           *     *     *

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


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


POPULAR INC: Posts Wider First-Quarter Loss
-------------------------------------------
Popular Inc. reported a seventh-straight quarterly loss as it
works around its credit problems to navigate the economic
downturn, Caribbean net News reports.

According to the report, in a preliminary report, the company said
net loss for the first quarter was US$85 million, compared with
US$52.5 million in the year-ago period.

The report notes that for the first quarter, Puerto Rico's largest
bank sees net interest income of about US$269 million, compared
with US$272.5 million last year.  The report relates that
provision for loan losses is expected to be about US$240 million,
compared with US$372.5 million in the year-ago period.

Meanwhile, the report notes, that the bank said it has commenced a
public offering of depositary shares, each representing an
interest in a share of its series D preferred stock, to raise
US$900 million.

The company, the report adds, said it intends to use net proceeds
for general corporate purposes, including positioning Popular to
participate in FDIC-assisted deals.

                        About Popular Inc.

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

                           *     *     *

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


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


CL FIN'L: Pays Out TT$1 Million Dividend Check to Clico Bank
------------------------------------------------------------
Camini Marajh at Trinidad Express reports that CL Financial
Limited Chairman Lawrence Duprey's corporate secretary, Gita
Sakal, was said to be paying out a dividend check of more than
TT$1 million to Clico Investment Bank as part payment on the
TT$78 million loan facility.

According to the report, the Central Bank lawsuit, Ms. Sakal,
under cover of a letter dated January 19, 2009, headed '2007
dividend-First Capital Ltd' enclosed a check for over TT$1 million
representing what she described as 'the dividend' for the CL
Financial year ended 2007.  The report relates that also in the
lead-up to the January 30, 2009, collapse of CL Financial, Andre
Monteil, on January 12, 2009 requested payment of his TT$21
million deposit held by CIB, which had matured in December 2008,
along with a further US$3 million or TT$18.9 million deposit in
Stone Street's name.

Mr. Monteil, the report notes, has so far been unable to cash his
deposits.

The report says that the lawsuit, which seeks to remedy the series
of transactions which left CIB with a TT$106.3 million liability
on its books, accused Monteil of self-dealing.   The report
relates that the lawsuit said that 'The loan involved self-dealing
by Mr. Monteil in that it was a transaction which benefited Stone
Street, a company of which he was the controlling shareholder,
director and chairman.'

The lawsuit, the Express discloses, also cited a list of
irregularities:

   -- The loan was not authorized by CIB, whether by its board of
      directors or its members in general meeting, before its
      disbursement to CIB;

   -- There was no proper disclosure to CIB by Monteil of his
      interest in Stone Street and the making of the loan, whether
      to CIB's board of directors or its members in general
      meeting;

   -- No proper due diligence in respect of the borrower or any
      security was carried our or required to be carried out prior
      to making an advance by way of loan;

   -- No lending procedures appropriate to the loan were complied
      with, whether properly or at all;

   -- No security for the loan was required or provided, prior to
      disbursement of the same;

   -- No documentation appropriate to the loan was required or
      prepared by CIB, prior to disbursement of the same;

   -- No valuation of the HMB shares was required by CIB to be
      provided by an independent valuer, nor was such valuation
      provided to it by such valuer, whether before disbursement
      of the loan or at all.

The lawsuit, the report says, held that Mr. Monteil was guilty of
breaches under common law and the Companies Act.  The action
contends that the loan and its disbursement were not authorized by
CIB and Stone Street was not entitled to the funds, the report
adds.

                       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
=================


* VENEZUELA: Strategic Factors Strengthen Russian Relationship
--------------------------------------------------------------
With the signing of new agreements on energy, the Bolivarian
Republic of Venezuela and the Russian Federation took a further
cooperation step in oil, gas, electricity, defense, technology,
agriculture, culture, education and housing.

During the historic visit of Prime Minister of the Russian
Federation, Vladimir Putin, Venezuelan President Hugo Chavez said
it is "a new equation that every day grows more with a set of
high-level strategic and geopolitical factors.  Regarding the
energy issue, the president stressed: that the presence of the
Russian Federation and its companies, and not in one, but four
fields in the Orinoco Oil Belt, the largest oil reserves, it is
important not only for Venezuela or Russia, but also for the
world."

The Venezuelan president said Russian support is needed to
consolidate the country's industrialization.  "We are grateful for
the invaluable support from Russia to Venezuela and to the
Bolivarian project, which has tangible benefits at everybody
sight," he said.

For his part, Russian Prime Minister Vladimir Putin, confirmed his
country's support to Venezuela in the areas that the South
American nation so requires.

Russia will be in four blocks from the Oil Belt.  In the energy
area, the People's Ministry for Energy and Petroleum and president
of Petroleos de Venezuela SA, Rafael Ramirez and his Russian
counterpart Sergei Snagov, signed a letter of intent to
incorporate the National Petroleum Consortium in the development
plan Ayacucho blocks 2, Ayacucho blocks 3 and Junin blocks 3 of
the Orinoco Oil Belt.

Venezuela and Russia also signed a memorandum of understanding for
the incorporation of different categories of oil tankers, in order
to ensure greater autonomy in gas and oil from Venezuela to its
export market.

Also it was signed a letter of intent to assess the feasibility of
installing a power plant with a generating capacity of 200 to 500
megawatts, by applying the combustion of coke technique, a product
resulting from refining heavy crude of the Orinoco Oil Belt (FPO),
an area in which investments are planned for more than 80 billion
dollars.

Additionally, the People's Ministry for Energy and Petroleum
(MENPET) and the Russian National Petroleum Consortium agreed to
pay the bonus for participation in the amount of $ 600 million out
of a total of one billion, to form joint venture Petromiranda,
which jointly operate the Junin block 6 of the FPO, where
extraction is estimated 50 thousand barrels per day and
development of oil infrastructure projects in the region.

Among the 31 agreements signed during the visit of Prime Minister
Putin to Venezuela there was an agreement to define mechanisms
that allow the establishment of a Caracas-Moscow air route, the
creation of a joint venture teams, with participation of 51%
Venezuelan 49% to renew Russian air fleets of Venezuela and other
Latin American countries and a contract for the purchase of 2
thousand cars.

Both leaders also signed a joint declaration by the Bicentennial
Commemoration of the Bolivarian Republic of Venezuela and the
completion of the Second World War with the great victory of the
Russian people against fascism.

                           *     *     *

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


                            ***********

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

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

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

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

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


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

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

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

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


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