TCRLA_Public/100415.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

              Thursday, April 15, 2010, Vol. 11, No. 073

                            Headlines



B R A Z I L

BANCO BRADESCO: Bradesco Asset Management Boosts Workforce by 35%
BANCO SOFISA: To Pay US$37 Million in Dividends
SUL AMERICA: Cut to 'Neutral' From 'Buy' at Banco BTG Pactual


C A Y M A N  I S L A N D S

ATHENA GUARANTEED: Shareholder Receives Wind-Up Report
BOTAFOGO INTERNATIONAL: Members Receive Wind-Up Report
COPS ASSURANCE: Shareholders Receive Wind-Up Report
DANAH REALTY: Members Receive Wind-Up Report
ELGIN CO: Shareholders Receive Wind-Up Report

ENMA REALTY: Members Receive Wind-Up Report
FOREST HILL: Members Receive Wind-Up Report
FOUR CORNERS: Shareholders Receive Wind-Up Report
GLOBAL LEVERAGED: Shareholders Receive Wind-Up Report
HSBC LIFE: Shareholder Receives Wind-Up Report

IAM MINI-FUND: Shareholders Receive Wind-Up Report
JAY INTERNATIONAL: Members Receive Wind-Up Report
JEREMY LIMITED: Shareholder Receives Wind-Up Report
KAIROS NORTH: Shareholders Receive Wind-Up Report
KINGDOM 5-KR-77: Shareholders Receive Wind-Up Report

LORIENT SHIPPING: Shareholder Receives Wind-Up Report
MARLIN FUND: Members Receive Wind-Up Report
MILLBURN MCO: Member Receives Wind-Up Report
MINU FINANCING: Members Receive Wind-Up Report
MUTHANNA REALTY: Members Receive Wind-Up Report

NICHOLAS INVESTMENTS: Members Receive Wind-Up Report
PANTERA GLOBAL: Shareholder Receives Wind-Up Report
PORTFIELDS INVESTMENTS: Shareholders Receive Wind-Up Report
ROXBURGHE INVESTMENTS: Shareholders Receive Wind-Up Report
SCOTTBOROUGH INVESTMENTS: Shareholders Receive Wind-Up Report

SKYWALK INVESTMENTS: Shareholders Receive Wind-Up Report
SONSON LTD: Shareholders Receive Wind-Up Report
TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
TIEDEMANN JSB: Shareholder Receives Wind-Up Report
WILROS HOLDINGS: Shareholders Receive Wind-Up Report


C H I L E

EDELNOR: Gov't Stake May Be Sold to Fund Chile Reconstruction


G U Y A N A

* GUYANA: Economy Weathered Impact of Global Crisis


J A M A I C A

AIR JAMAICA: Recession Cuts Into Airline Revenue
AIR JAMAICA: Offers New York-Kingston Fares from JM$129
ALOCA INC: Manages to Reduce Losses
* JAMAICA: Economic Confidence Down


M E X I C O

CEMEX SAB: Keeping Trinidad Cement Stake


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Rig Workers' Walkout is Illegal


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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B R A Z I L
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BANCO BRADESCO: Bradesco Asset Management Boosts Workforce by 35%
-----------------------------------------------------------------
Banco Bradesco S.A.'s asset management unit, Bradesco Asset
Management, is increasing its workforce by 35% to lure more
overseas funds and take advantage of the nation's "best market
conditions possible," Camila Fontana and Francisco Marcelino at
Bloomberg News report, citing Superintendent-Director Denise
Pavarina.  The report relates Ms. Pavarina said that BRAM will
hire 40 people and place one-third of them outside the country to
sell Brazilian-asset funds in Europe, Latin America, the U.S. and
Japan. The company now has 114 employees.

"We're going to do whatever it takes to be international," Mr.
Pavarina told Bloomberg News in an interview.  "We need to take
some steps to be ready and be considered an international house,"
she added.

According to the report, Brazilian assets have outperformed since
the aftermath of Lehman Brothers Holdings Inc.'s collapse in
September 2008 as the economy recovered from the recession faster
than most nations.  The report, citing JPMorgan & Chase Co.,
relates that in the past 12 months, the Bovespa stock index has
jumped 54%, the currency rose 24%and international bonds returned
an average 14.7%.  Brazilian assets will continue to climb as the
government keeps inflation under control, unemployment falls and
foreign inflows increase, Ms. Pavarina said, the report notes.

Ms. Pavarina, the report discloses, said that Bradesco already
markets to investors in Japan and Chile and may sell the new funds
directly or through partnerships such as with Banco de Chile in
Santiago and Mitsubishi UFJ Financial Group, located in Tokyo,
Pavarina said.   The company has plans to cover companies outside
Brazil to position the bank as a Latin American asset manager and
cater to international clients seeking to invest across the
region, she added.

                         About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


BANCO SOFISA: To Pay US$37 Million in Dividends
-----------------------------------------------
Banco Sofisa SA's board has approved the payment of BRL64.8
million (US$37 million) in dividends, in the form of interest on
its own capital, Rogerio Jelmayer at Dow Jones Newswires reports.

According to the report, the dividends, which represent BRL0.47
per share, will be paid September 28, 2010, to holders as of
April 12.

Banco Sofisa SA is a full service commercial bank.  The bank
specializes in credit for small to medium companies,
Banco operates branches throughout Brazil.

As of April 14, 2010, the bank continues to carry Moody's Ba1 Long
term rating, LT Bank Deposits ratings, and Senior
Unsecured Debt rating.  The bank also carries moody's D+ Bank
Financial Rating.


SUL AMERICA: Cut to 'Neutral' From 'Buy' at Banco BTG Pactual
-------------------------------------------------------------
Laura Price at Bloomberg News reports that Sul America SA was cut
to "neutral" from "buy" on April 14, 2010, at Banco BTG Pactual SA
after its "strong" stock performance.

According to the report, citing analysts Eduardo Nishio and
Eduardo Rosman, BTG Pactual increased its price estimate for Sul
America to BRL53 from BRL45.

Headquartered in Rio de Janeiro, Brazil, Sul America SA --
http://www.sulamerica.com.br/-- is a multiline insurance
company.  It provides a range of insurance coverage to
companies, individuals and governmental entities.  The company
offers investment funds, health, life and property insurance.
Sul America also provides asset and healthcare management
services.  It owns Saepar Servicos e Participacoes SA.  The
company holds shares in other companies, such as Sul America
Companhia Nacional de Seguros and Sul America Companhia de
Seguro Saude.

                           *     *     *

As of April 15, 2010, the company continues t carry Standard and
Poor's BB- LT Issuer Credit ratings.  The company also
continues to carry Fitch's BB LT Issuer Default ratings and Senior
Unsecured Debt ratings, and B ST Issuer Default ratings.


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


ATHENA GUARANTEED: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Athena Guaranteed Financials Limited received,
on March 5, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


BOTAFOGO INTERNATIONAL: Members Receive Wind-Up Report
------------------------------------------------------
The members of Botafogo International Ltd. received, on
February 15, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


COPS ASSURANCE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cops Assurance, 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:

         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


DANAH REALTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Danah Realty Investments, Ltd. received, on
March 2, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.

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


ELGIN CO: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Elgin Co. Ltd. received, on February 23, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ENMA REALTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Enma Realty Investments, Ltd. received, on March 2,
2010, the liquidators' report on the company's wind-up proceedings
and property disposal.

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: Members Receive Wind-Up Report
-------------------------------------------
The members of Forest Hill Partners Offshore, Ltd. received, on
March 1, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FOUR CORNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Four Corners Sentinel Fund, 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:

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


GLOBAL LEVERAGED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Global Leveraged Capital Middle Market CDO II
received, on March 5, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HSBC LIFE: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of HSBC Life Insurance (Cayman) Limited received,
on March 8, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Dena Thompson
         Kevin Poole
         Telephone: 914-7546
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


IAM MINI-FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of IAM Mini-Fund 13 Limited received, on
February 1 , 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


JAY INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Jay International Ltd. received, on February 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


JEREMY LIMITED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Jeremy Limited received, on January 11, 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 Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


KAIROS NORTH: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Kairos North European Fund Ltd. received, on
March 4, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


KINGDOM 5-KR-77: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Kingdom 5-KR-77, Ltd. received, on
February 23, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

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


LORIENT SHIPPING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Lorient Shipping Management 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:

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


MARLIN FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Marlin Fund Offshore, Ltd received, on March 1,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MILLBURN MCO: Member Receives Wind-Up Report
--------------------------------------------
The member of Millburn MCO Limited received, on March 15, 2010,
the liquidators' report on the company's wind-up proceedings and
property disposal.

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


MINU FINANCING: Members Receive Wind-Up Report
----------------------------------------------
The members of Minu Financing Ltd. received, on February 15, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MUTHANNA REALTY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Muthanna Realty Finance, Ltd. received, on March 2,
2010, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


NICHOLAS INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Nicholas Investments Ltd. received, on February 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PANTERA GLOBAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pantera Global Macro Fund Ltd. received, on
March 1, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Mike Tremmel
         Telephone: +1.415.869-6600
         Facsimile: +1.415.869-6610


PORTFIELDS INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Portfields Investments Limited received, on
February 23, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ROXBURGHE INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Roxburghe Investments Ltd. received, on
February 23, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SCOTTBOROUGH INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Scottborough Investments Limited received, on
February 23, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SKYWALK INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Skywalk Investments Ltd. received, on
February 23, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


SONSON LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Sonson Ltd. received, on February 23, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Tiedemann Global Catalyst Ltd. received, on
March 3, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


TIEDEMANN JSB: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Tiedemann JSB Offshore, Ltd. received, on
March 3, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


WILROS HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Wilros Holdings Limited received, on March 1,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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

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C H I L E
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EDELNOR: Gov't Stake May Be Sold to Fund Chile Reconstruction
-------------------------------------------------------------
The Chilean government's 40% share in Empresa Electrica Del Norte
Grande S.A. (aka Edelnor) maybe sold to finance post-earthquake
reconstruction, The Pulse reports, citing President Pinera.

According to the report, although Mr. Pinera has emphasized that
the government will neither sell Codelco (the National Corporation
of Copper) -- the government body which owns the 40% share in
Edelnor -- nor Enap -- another nationally owned energy company --
he has nonetheless suffered severe criticism by the nationally
owned companies because of his proposals.

The report notes that the federation of trade unions of
professionals and supervisors of Codelco condemns the proposed
privatization, warning that it could contribute to rising energy
costs and the loss of national energy independence.

                         About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.



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G U Y A N A
===========


* GUYANA: Economy Weathered Impact of Global Crisis
---------------------------------------------------
The Executive Board of the International Monetary Fund concluded
on March 17, 2010, the Article IV consultation with Guyana.

Guyana has weathered the impact of the global crisis well by
regional and global standards.  Newly released GDP series (re-
based to 2006 prices) suggest that economic activity expanded by
3.3% in 2009, compared to 2% in 2008, largely on the back of a
recovery in agriculture in the second half of the year along with
continued strong gold production and robust activity in the non-
tradable sector.  This mitigated the adverse impact of global and
weather shocks on output in early 2009.  End-year inflation fell
to 3.6% from 6.4% as of end-2008, reflecting the softening in
world commodity prices.

In 2009, the external current account deficit narrowed, and the
international reserve position strengthened significantly.  The
current account deficit declined by 5% of GDP (to 8.5% of GDP),
largely led by a reduction in imports, particularly of fuel.
This, together with strong official inflows (including
concessional loans and grants, and the Fund's Special Drawing
Rights allocation) and steady short-term capital inflows by
commercial banks-attracted to higher domestic interest rates-
helped offset a decline in Foreign Direct Investment and raised
Guyana's gross international reserves to US$623 million by end-
year (over 5 months of imports).  The nominal exchange rate
remained stable, and the real effective exchange rate is assessed
to be broadly in equilibrium.  The impact of the crisis on the
financial sector has been limited so far, although expansion in
private sector credit has moderated to about 6% in 2009 (down from
nearly 22% in 2008), reflecting both a deceleration in private
sector credit demand, as well as tighter lending standards by the
banking sector.

Macroeconomic policies have remained prudent.  Monetary policy
tightened somewhat in 2009, supporting the decline in inflation
and external stability.  The fiscal deficit for the non-financial
public sector declined to 3.3% of GDP (equivalent to 5.3% of old
GDP) from 4.7% of GDP in 2008, on the back of higher-than expected
revenues that supported the full execution of priority spending,
including on infrastructure.  Guyana's public debt has fallen from
93.1% of GDP as of end-2006 to 56.8% of GDP in 2009, assisted by
debt relief operations and fiscal consolidation efforts.

Structural reform has continued to focus on further reducing
vulnerabilities and entrenching long term growth.  On the
financial sector, the authorities have consolidated insurance and
bank supervision at the central bank, incorporated risk-based
supervision, issued new guidelines on risk management and enacted
the Anti-Money Laundering/Combating the Financing of Terrorism
legislation and the Money Transfer Agencies Act.  In the fiscal
area, a modern chart of accounts for capital expenditure has been
introduced into the integrated financial management system,
enhancing the accounting and transparency of public investment.
Efforts to further strengthen the Guyana Revenue Authority also
continued, including consolidating the new functional
organization, completing the rolling out of the integrated tax
information system, and improvements in the filing, refund,
arrears collection and audit functions.  Reforms to support growth
centered on modernizing the sugar sector, and on implementing the
Low Carbon Development Strategy (LCDS), which could help Guyana
benefit from external resources in exchange for the preservation
of its rainforests in the world's carbon credit markets-including
through a model agreement signed with Norway, whose resources will
allow, among others, the development of non-traditional economic
sectors and the conversion of Guyana's energy sector.

Guyana's outlook remains positive in the near and medium term,
although some important challenges remain. Growth is expected to
benefit from the global recovery, the modernization of the sugar
sector and the start up of investment projects, which could spur
average growth to 4-5% in the medium term.  The current account
would widen somewhat in 2010 with the uptick in domestic demand
and the increase in fuel prices, but would narrow gradually over
time.  Nonetheless, challenges remain, particularly if the upturn
in world economic activity were slower than envisaged; or if oil
prices were to rise more sharply than projected.  Slower progress
than expected with the modernization of the sugar sector could
also complicate this outlook, particularly in light of the recent
phasing out of the preferential sugar prices by the EU, which will
increasingly expose Guyana to world-price volatility.  Upside
potential is related to the full implementation of the LCDS, the
eventual exploitation of Guyana's oil reserves and the sound
completion of key large public-private investment projects over
the next few years.

                     Executive Board Assessment

Executive Directors noted that Guyana has weathered the global
crisis well, sustaining a solid macroeconomic performance
supported by prudent policies.  Directors commended the
authorities' commitment to further entrench macroeconomic
stability and fiscal sustainability, while promoting long-term
growth and development to improve the country's standard of living
and reduce poverty.

Directors observed that the strong fiscal consolidation in 2009
provides space for a more gradual tightening over the near term to
support infrastructure investment and growth.  A cautious fiscal
stance remains nevertheless warranted given remaining
vulnerabilities.  Directors therefore supported the authorities'
commitment to maintain prudent expenditure policies and to
continue implementing structural reforms aimed at safeguarding
fiscal sustainability.

Directors commended the authorities' intention to continue seeking
highly concessional terms when contracting debt and to minimize
fiscal risks from public investment and public-private-
partnerships (PPPs), paying close attention to international best
practices.  They welcomed the authorities' efforts to continue to
enhance the quality of the assessment and fiscal accounting of
public investment.  Directors commended the authorities'
commitment to reflect any firm or contingent liabilities related
to PPPs in the public debt statistics.

Directors welcomed the authorities' efforts to achieve sustainable
long-term growth, including under the Low Carbon Development
Strategy.  Continued modernization of the sugar sector and
diversification of Guyana's productive base are key to sustaining
growth.  In this context, Directors stressed the importance for
the public sugar company to implement its recovery measures and
ensure that the new plant at Skeldon becomes fully operational in
the near term.

Directors commended the authorities' prudent monetary policy aimed
at maintaining low inflation.  They noted that the exchange rate
appears broadly aligned with fundamentals, and that the current
exchange rate policy has served the country well.  Looking
forward, some Directors supported a gradual approach toward
greater exchange rate flexibility, while others considered that a
more detailed assessment of the advantages and disadvantages of
greater exchange rate flexibility in Guyana is needed.

Directors noted that the financial system has not been directly
affected by the global crisis.  They welcomed ongoing efforts to
further strengthen supervision and enhance the banking system's
resilience.  Directors encouraged the authorities to require banks
to increase provisioning, monitor asset quality, and further
tighten the legislation on the exposure to large borrowers and
related-party lending.  They commended the recent amendment to
bring insurance supervision under the purview of the central bank,
and recommended gradually bringing all non-bank financial
institutions under a similar regulatory perimeter.

Directors commended the continued upgrading of Guyana's
statistical capacity.  They welcomed the completion of the
national accounts rebasing exercise, which resulted in a
significant upward revision of GDP data.  Directors welcomed the
authorities' intention to review the requirements of the General
Data Dissemination System (GDDS).

Directors supported the forthcoming publication of the Poverty
Reduction Strategy Paper to underpin the authorities' long-
standing commitment to poverty reduction and reaching the
Millennium Development Goals.

It is expected that the next Article IV consultation with Guyana
will be held on the standard 12-month cycle.


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


AIR JAMAICA: Recession Cuts Into Airline Revenue
------------------------------------------------
Air Jamaica Limited has suffered a near US$100 million drop in
revenue due to the effects of the recession and the reduction of
its fleet of aircraft, RadioJamaica reports.  The report relates
that information contained in the just published Economic and
Social Survey Jamaica 2009 shows the airline's total operating
revenue for the year was US$257 million down from US$351 million
in 2008.

According to the report, the decline reflected lower inflows from
all revenue categories with earnings from passengers falling by
US$92 million to US$207 million.  The report says that at the
start of last year Air Jamaica operated on 16 routes, five fewer
than in 2008.

RadioJamaica discloses that the fleet of aircraft was reduced from
14 to nine and despite higher passenger loads the airline's basic
operating data showed declines in most areas of operations.
Revenue passengers, the report relates, declined by 24% to 1.1
million which is believed to have been caused by the negative
impact of the global recession on travel.

                       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: Offers New York-Kingston Fares from JM$129
-------------------------------------------------------
Air Jamaica Limited is offering one-way fares for travel between
New York and Kingston, Jamaica, for JM$129 each way, Caribbean
News Digital News reports.  The report relates that the special
fare is available for travel between April 13 and April 28 on
Tuesdays and Wednesdays.

According to the report, tickets must be purchased at least 14
days in advance.  The report says that the $129 fare is one-way
and subject to government taxes and fees.

                       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.


ALOCA INC: Manages to Reduce Losses
-----------------------------------
Alcoa Inc. said that it has managed to reduce its losses,
RadioJamaica reports.

According to the report, Alcoa has seen its first-quarter loss
narrow as revenue rose and metal prices increased.  The report
relates the company reported a net loss of US$201 million for the
three months to March, from a US$497 million loss a year ago.

The report notes that although the price of aluminium has been
increasing during the past year, it is still well below its record
high of US$3,380 per tonne, reached in July 2008.

Alcoa, which is part owner of the Jamalco Plant in Clarendon,
faced one-off charges of US$295 million, largely as a result of
closing two plants and tax impacts from federal health care
reforms, the report says.  RadioJamaica adds that revenue in the
quarter rose 18% to US$4.9 billion.

                           About Alcoa Inc.

Alcoa Inc. produces alumina (aluminum's principal ingredient,
processed from bauxite) and aluminum. Its operations include
bauxite mining, alumina refining, and aluminum smelting; primary
products include alumina and its chemicals, automotive
components, and sheet aluminum for beverage cans. The Company is
based in New York.

                           *     *     *

As of April 14, 2010, the company continues to carry Alcoa Inc.'s
Ba2 Preferred Stock rating.  The company also continues to carry
Fitch's BB Preferred Stock rating.


* JAMAICA: Economic Confidence Down
-----------------------------------
Confidence in the Jamaican economy has plunged to their lowest
levels since 2003, Radiojamaica reports.  The report relates that
the drop in the confidence levels come despite the government
inking a deal with the International Monetary Fund.

According to the report, the agreement is billed as a means of
getting Jamaica out of the economic downturn.  However, the report
notes, a recent survey have shown that the confidence in both
sectors is woefully down.

                         *     *     *

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: Keeping Trinidad Cement Stake
----------------------------------------
CEMEX, S.A.B. de C.V. has backtracked on its plan to sell off its
20% holdings in Trinidad Cement Limited, having successfully
rescheduled its debts, Jamaica Gleaner reports.

According to the report, Sierra Trading, the vehicle used by the
Mexican company for its holdings in TCL, is also looking to
reclaim a seat on the TCL board, which it gave up last year after
it started searching for a buyer.  The report relates that
Sierra's holdings in TCL amount to some 49.9 million shares,
valued at TT$175 million or TT$3.51 per share.

The report notes that Cemex SAB also owns 42.187 million shares or
4.96 per cent of TCL's Jamaican subsidiary, Caribbean Cement
Company Limited, through Scancem International (St Lucia) Limited.

TCL, according to the report, said Cemex representative Luis
Miguel Cantce Pinto is expected to take up his position as a
director on TCL's board effective April 30, to be confirmed at its
annual general meeting in June.

                       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.


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


PETROLEOS DE VENEZUELA: Rig Workers' Walkout is Illegal
-------------------------------------------------------
A walkout that began last week by workers at drilling rigs
operated by several foreign companies is illegal and unjustified,
Dan Molinski at Dow Jones Newswires reports, citing Jorge Esteves,
head of labor relations in Petroleos de Venezuela's eastern
division.  The report relates Mr. Esteves said that the work
stoppage in eastern Monagas state began April 6 and is causing
financial losses for PDVSA and the nation.

According to the report, Mr. Esteves said that the contract
workers are upset over an issue related to their pay, but said no
formal complaint was filed by the workers that could legitimize
their decision to stop working.

Dow Jones Newswires notes that the rig workers provide services
for:

   -- China National Petroleum Corp.
   -- Schlumberger Ltd.,
   -- Precision Drilling Trust, and
   -- Petrex.

Mr. Esteves, the report adds, said that so far, the work stoppage
hasn't affected production as the drilling rigs are at new wells.
"But down the line this could affect output."

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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 * * *