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        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 22, 2010, Vol. 11, No. 078

                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA SUN: Staff Back at Work Without Pay Amid Pending Closure
STANFORD INT'L: Antigua Staff Back at Work at Stanford-Owned Paper


B E R M U D A

BERMUDA COMMERCIAL: Moody's to Seek Future Profile Clarification
CENTRAL EUROPEAN: Closes Acquisition of Bulgaria's bTV


B R A Z I L

BANCO CRUZEIRO: To Sell Shares in Offer
BANCO INDUSTRIAL: Launches US$300 Million, 10-Year Bond Deal
BANCO INDUSTRIAL: Moody's Assigns 'Ba2' Rating on US$300MM Notes
BANCO DO NORDESTE: Moody's Assigns 'D' Bank Strength Rating
GOL LINHAS: Seeks Code-Share Agreement With Delta Air

MARFRIG ALIMENTOS: Wins Top Quota to Export Argentine Beef to EU
MINERVA SA: To Buy Back Up to 3.43 Million Shares


C A Y M A N  I S L A N D S

ACC COLOMBIA: Creditors' Proofs of Debt Due on May 12
ANETP LTD: Creditors' Proofs of Debt Due on May 12
ARCO AUTOMOTIVE: Creditors' Proofs of Debt Due on May 12
ARCO LUM: Creditors' Proofs of Debt Due on May 12
ARCO NEW: Creditors' Proofs of Debt Due on May 12

CEDAR LANE: Creditors' Proofs of Debt Due on May 12
CEDAR LANE: Creditors' Proofs of Debt Due on May 12
CF OFFSHORE: Placed Under Voluntary Liquidation
CHINA XIYANG: Creditors' Proofs of Debt Due on May 4
CPIM STRUCTURED: Creditors' Proofs of Debt Due on May 12

CPIM STRUCTURED: Creditors' Proofs of Debt Due on May 12
CRYSTAL CAPITAL: Creditors' Proofs of Debt Due on May 12
KOCH NITROGEN: Creditors' Proofs of Debt Due on May 7
MAKO ARBPLUS: Creditors' Proofs of Debt Due on May 12
MAKO (GENERAL PARTNER): Creditors' Proofs of Debt Due on May 12

MAKO GFG: Creditors' Proofs of Debt Due on May 12
NATIONAL HOLDINGS: Creditors' Proofs of Debt Due on May 3
NRG ENERGY: Creditors' Proofs of Debt Due on May 10
ORICO SPV: Creditors' Proofs of Debt Due on May 12
ORPHEUS LIMITED: Creditors' Proofs of Debt Due on May 12

PELOTON ABS: Commences Liquidation Proceedings
PELOTON (CAYMAN): Commences Liquidation Proceedings
PELOTON FUND: Commences Liquidation Proceedings
PELOTON MULTI-STRATEGY: Commences Liquidation Proceedings
PELOTON MULTI-STRATEGY: Commences Liquidation Proceedings

PENTAGRAM MASTER: Creditors' Proofs of Debt Due on May 12
SAENZ HOFMANN: Creditors' Proofs of Debt Due on May 12
SMITH BREEDEN: Creditors' Proofs of Debt Due on May 12
SOUTH SOUND: Creditors' Proofs of Debt Due on May 12
WILSHIRE US: Creditors' Proofs of Debt Due on May 12


B O L I V I A

BANCO SOLIDARIO: Moody's Assigns 'B1' Global Currency Debt Rating


J A M A I C A

JAMAICAN CREDIT: S&P Lifts Rating on US$225 Mil. Notes to 'BB-'
NATIONAL COMMERCIAL: S&P Raises Counterparty Credit Rating to 'B-'
SUGAR COMPANY OF JAMAICA: Gov't Secure Sugar Deal With Tate & Lyle
SUGAR COMPANY OF JAMAICA: Frome Estate to Surpass Projections


M E X I C O

CEMEX SAB: Extends Early Deadline for Perpetual Notes Swap


P A R A G U A Y

* PARAGUAY: Gross Domestic Profit Falls 3.8% Last Year


P E R U

* PERU: Performance Impressive by Domestic & Int'l Standards


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: OKs Pompano Apartments Sale at 46% Discount


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit Repowers Cylinder Plants in Tuy
PETROLEOS DE VENEZUELA: Paraguana Gets First Wind Farm Equipment


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ANTIGUA SUN: Staff Back at Work Without Pay Amid Pending Closure
----------------------------------------------------------------
The staff of Robert Allen Stanford-owned newspaper, Antigua Sun,
returned to work without pay -- despite an announcement that it
would close -- because they want to keep the daily in the public's
eye, Etaiwan News reports, citing the paper's managing editor
Timothy Payne.  The report relates Mr. Payne said that several
financing options are being considered to keep the newspaper
afloat but did not provide details.

According to the report, the newspaper's April 19, 2010, 16-page
edition did not mention the paper's financial problems or the
staff decision to continue working.

As reported in the Troubled Company Reporter-Latin America on
April 20, 2010, The Associated Press said that Mr. Stanford's
Caribbean newspapers -- Antigua Sun and the Sun St. Kitts and
Nevis -- were ordered closed because of financial constraints.
The Antigua Sun has operated for 13 years, and the Sun St. Kitts
and Nevis nearly six years.  According to the report, about 50
employees of the two newspapers received a letter stating that
Stanford-owned Sun Printing & Publishing "will be unable to
sustain operations in the immediate future."  The report related
that the letter, signed by General Manager Patrick Henry, stated
that the company's directors were working with lawyers to explore
possible financing options.  The report added that last month, the
Antigua Sun stopped publishing for several days as it struggled to
pay its bills.

              About Stanford International Bank

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

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

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

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

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


STANFORD INT'L: Antigua Staff Back at Work at Stanford-Owned Paper
------------------------------------------------------------------
The staff of Robert Allen Stanford-owned newspaper, Antigua Sun,
returned to work without pay -- despite an announcement that it
would close -- because they want to keep the daily in the public's
eye, Etaiwan News reports, citing the paper's managing editor
Timothy Payne.  The report relates Mr. Payne said that several
financing options are being considered to keep the newspaper
afloat but did not provide details.

According to the report, the newspaper's April 19, 2010, 16-page
edition did not mention the paper's financial problems or the
staff decision to continue working.

As reported in the Troubled Company Reporter-Latin America on
April 20, 2010, The Associated Press said that Mr. Stanford's
Caribbean newspapers -- Antigua Sun and the Sun St. Kitts and
Nevis -- were ordered closed because of financial constraints.
The Antigua Sun has operated for 13 years, and the Sun St. Kitts
and Nevis nearly six years.  According to the report, about 50
employees of the two newspapers received a letter stating that
Stanford-owned Sun Printing & Publishing "will be unable to
sustain operations in the immediate future."  The report related
that the letter, signed by General Manager Patrick Henry, stated
that the company's directors were working with lawyers to explore
possible financing options.  The report added that last month, the
Antigua Sun stopped publishing for several days as it struggled to
pay its bills.

              About Stanford International Bank

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

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

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

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

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


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


BERMUDA COMMERCIAL: Moody's to Seek Future Profile Clarification
----------------------------------------------------------------
On Thursday April 15, 2010, Bermuda Commercial Bank Limited
(deposits at Baa3, bank financial strength rating at D+, and
outlook is stable) announced that Permanent Investments Limited
has acquired all BCB's common shares previously held by its
largest shareholder, First Curacao International Bank N.V.  These
shares represent 54% of BCB's issued and outstanding shares.
Permanent has also purchased all of FCIB's outstanding options in
BCB.  In addition, Permanent has also agreed to make a cash offer
to acquire all the remaining issued and outstanding common shares
of BCB at a 27% premium over the last traded price prior to the
announcement of the acquisition on April 15, 2010.

Moody's said the acquisition, which was approved by the Bermuda
Monetary Authority, ended the lingering uncertainties over the
ultimate ownership of the bank.  However, the rating agency will
seek to clarify the new owner's views regarding the bank's future
operating and financial profile, including its capitalization and
investment guidelines.  This will influence the bank's future
rating direction.

The bank's strategy has focused on providing banking services to
the international business community in Bermuda.  Its balance
sheet is highly liquid with the bulk of its assets being held in
cash and deposits with banks.  The bank has no debt and is very
highly capitalized.  Therefore, there is limited near term risk to
depositors.

Moody's last rating action on Bermuda Commercial Bank Limited was
on January 30, 2008, when Moody's confirmed the bank's ratings at
D+ for financial strength and Baa3 and Prime-3 for long- and
short-term deposits with a stable outlook.

Bermuda Commercial Bank Limited, headquartered in Hamilton,
Bermuda reported assets of US$423 million in its latest audited
financial statements for the fiscal year-ended September 30, 2009.


CENTRAL EUROPEAN: Closes Acquisition of Bulgaria's bTV
------------------------------------------------------
Central European Media Enterprises Ltd. closed a previously
disclosed transaction to acquire from News Corporation the bTV
group in Bulgaria, which includes bTV, the leading free-to-air
commercial television channel in Bulgaria, as well as bTV Cinema
and bTV Comedy cable channels and several radio stations.  Total
cash consideration was US$400 million plus a payment of US$13
million for a working capital adjustment.

Adrian Sarbu, President and CEO of CME, commented: "The
acquisition of the bTV group is a milestone for CME.  We have now
reset our business as a vertically integrated media and
entertainment operation focused on Central and Eastern Europe.
Our region is one of the most dynamic in the world and we look
forward to returning to fast growth once our markets recover.
Bulgaria will be the sixth country to implement CME's operating
model whose success is based on audience leadership and high
operating leverage across multichannel television, internet and
content."

                    About Central European Media

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

                           *     *     *

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


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


BANCO CRUZEIRO: To Sell Shares in Offer
---------------------------------------
Banco Cruzeiro do Sul SA offered to sell BRL428 million (US$242
million) worth of new and existing stock to replenish the lender's
capital base, Guillermo Parra-Bernal at Reuters reports, citing a
newspaper statement.  The report relates the statement said that
the offering could be increased by 4.4 million shares if demand
outpaces supply.

According to the report, Brazilian banks are taking on debt in
local and international markets and selling shares to boost their
capital and ramp up lending without hindering their solvency
ratios.  The report notes that the shares should start trading on
April 30 in Sao Paulo.

The bank hired Bank of America Merrill Lynch, UBS and BTG Pactual
to manage the offering.

                         About Banco Cruzeiro

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

                           *     *     *

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


BANCO INDUSTRIAL: Launches US$300 Million, 10-Year Bond Deal
------------------------------------------------------------
Banco Industrial e Comercial SA (Bicbanco) launched a US$300
million, 10-year bond deal offering a yield of 8.625%, Kejal Vyas
at Dow Jones Newswires reports, citing an unnamed source.

According to the report, the securities, which carry a coupon of
8.5%, are set to price on April 20, 2010.  The report relates that
HSBC Holdings PLC, J.P. Morgan Chase & Co. and Standard Chartered
PLC (STAN.LN, 2888.HK) are lead managers of the 144a/RegS deal.

The report notes that Bicbanco's bond offer follows a roadshow
conducted by company officials that concluded April 15, 2010.  Dow
Jones Newswires says that the transaction comes at a time when a
series of small and mid-tier Brazilian banks are issuing new
dollar-denominated debt, following the steps of the country's
banking heavyweights, which have been highly active in the capital
markets over the last 12 months.

                          About Bicbanco

Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil, with BRL10.937 billion in total assets and BRL1.630
billion in equity as of March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 15, 2010, Moody's Investors Service assigned a Ba1 long-
term foreign currency debt rating to the US$275 million senior
unsecured notes issued by Banco Industrial e Comercial S/A.  The
notes, due in January 2013, were issued under the bank's existing
US$1 billion Global EURMedium-term Note Program.  The outlook on
the rating is stable.


BANCO INDUSTRIAL: Moody's Assigns 'Ba2' Rating on US$300MM Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the US$300 million subordinated notes
issued by Banco Industrial e Comercial S.A.  The notes are due
April 2020, and will be eligible for Tier 2 equity treatment upon
regulatory approval.  The outlook on the rating is stable.

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential to
BICBANCO's Ba1 global local currency deposit rating, per Moody's
notching convention.  Moody's also noted that BICBANCO's foreign
currency debt ratings remain unconstrained by Brazil's Baa2
foreign currency country ceiling for bonds and notes.

The last rating action on BICBANCO was on January 13, 2010, when
Moody's assigned long-term foreign currency debt rating of Ba1 to
BICBANCO's US$275 million senior unsecured notes.  All other
ratings remained unchanged.

BICBANCO is headquartered in Sao Paulo, Brazil, with assets
totaling BRL11.4 billion (US$6.5 billion) and equity of
BRL1.8 billion (US$1.0 billion) as of December 31, 2009.

This rating was assigned to the US$300 million Subordinated Notes
due 2020:

* Long-term foreign currency debt rating: Ba2, with stable outlook


BANCO DO NORDESTE: Moody's Assigns 'D' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D to Banco do Nordeste do Brasil S.A., as well as local-
currency deposit ratings of Baa2 and Prime-2, long and short-term,
respectively.  At the same time, the rating agency assigned BNB
long and short-term foreign currency deposit ratings of Baa3 and
Prime-3 and national scale ratings in Brazil of Aaa.br and BR-1.
All the ratings have stable outlooks, except for the Baa3 foreign
currency deposit rating, which carries a positive outlook, in line
with the outlook on the sovereign ceilings for Brazil.

Moody's noted that BNB's D unsupported BFSR reflects its important
regional franchise and broad retail-bank footprint, as well as its
role as a development arm of the federal government for the
Northeastern region of Brazil.  The rating also acknowledges BNB's
constitutional mandate to manage the resources of the FNE (Fundo
Constitucional de Financiamento do Nordeste), an important tool to
promote the region's economic and social development, and one that
provides the bank with stable and recurring fee-based revenues.
Also of note is the bank's high liquidity level, which benefits
from the investment of FNE's unallocated resources.  The bank's
access to stable, granular, and low-cost funding in the region
supports the growing credit penetration of local consumers and
SMEs, which are BNB's core market segments.

Conversely, the rating is constrained by BNB's tighter
capitalization relative to privately owned commercial banks.  The
robust credit growth reported over the past two years -- in part
reflecting the bank's role in assisting the government's recent
counter-cyclical economic measures -- together with pressures from
an aggressive dividend-distribution policy, has largely consumed
its excess capital.  Moody's views such dynamics as potentially
constraining the bank's future loan growth plans.  Moody's note
that BNB's leverage capability has been partially restored through
the issuance of subordinated debt placed with FNE, which however,
implies a lower quality capital.

Also constraining the rating is BNB's limited corporate governance
structure -- a challenge that is common to other government-owned
institutions-and which likely exposes the bank to potential
political interference.  In addition, the fast growth of the
bank's loan book may well mask asset quality deterioration, thus
challenging management as the credit portfolio grows under
competitive market conditions.

The bank's Baa2 global local-currency deposit rating derives from
a baseline credit assessment of Ba2, a translation from the D
BFSR, which receives three notches of uplift reflecting Moody's
assessment of a high probability of systemic support coming from
the federal government.  This suggests BNB's important position in
the regional economy as well as its role in providing long-term
financing in support of public policy.  Moody's also takes into
account formal guarantees provided by the National Treasury to
some of BNB's obligations.

The last rating action on Banco do Nordeste do Brasil was on
August 5, 2005, when Moody's withdrew all ratings for business
reasons.

Banco do Nordeste do Brasil is headquartered in Fortaleza, Brazil.
As of December 2009, BNB had total assets of BRL19.1 billion
(US$11.0 billion) and shareholders' equity of BRL2.1 billion
(US$1.2 billion).

These ratings were assigned to Banco do Nordeste do Brasil S.A.:

* Bank financial strength rating: D, stable outlook

* Long-term global local-currency deposit rating: Baa2, stable
  outlook

* Short-term global local-currency deposit rating: Prime-2

* Long-term foreign-currency deposit rating: Baa3, positive
  outlook

* Short-term foreign-currency deposit rating: Prime-3

* Long-term Brazilian national scale deposit ratings: Aaa.br,
  stable outlook

* Short-term Brazilian national scale deposit ratings: BR-1


GOL LINHAS: Seeks Code-Share Agreement With Delta Air
-----------------------------------------------------
GOL Linhas Aereas Inteligentes SA and Delta Air Lines Inc. have
asked authorities aviation in Brazil and the U.S. to approve a
code-share agreement, which would allow them to sell tickets on
each other's flights, The Associated Press reports.

According to the report, GOL Linhas said that the agreement will
initially allow Delta to sell tickets on more than 45 GOL flights
within Brazil.  The report relates that the deal also will cover
two GOL flights between Brazil and Paraguay and Uruguay, pending
government approval.

GOL Linhas, the report notes, said that frequent fliers of each
airline will be able to earn miles on the other one starting in
June.

                        About GOL Linhas

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

                           *     *     *

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


MARFRIG ALIMENTOS: Wins Top Quota to Export Argentine Beef to EU
----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Marfrig Alimentos
SA won the largest share of an Argentine quota to export premium
beef at a special tariff to the European Union.

According to the report, citing the government's official gazette,
Marfrig's Quickfood SA and three other units will be allowed to
ship a combined 3,122 metric tons under the Hilton Quota before
June 30.  The report relates that JBS SA's JBS Argentina SA was
awarded 3,000 tons, the biggest individual share of the quota
divided between about 70 meatpackers.

The report notes that Argentina received about 50% of a 58,000-ton
quota divided among eight countries.  The other countries awarded
permits are Canada, the U.S., Brazil, Paraguay, Uruguay, New
Zealand and Australia, the report says.

                      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


MINERVA SA: To Buy Back Up to 3.43 Million Shares
-------------------------------------------------
Minerva S.A.'s board approved a program to buy back up to 3.43
million outstanding shares, Rogerio Jelmayer at Dow Jones
Newswires reports.

According to the report, the company has 34.3 million shares
outstanding.  The report relates that the company said the program
will be in place from May 18, 2010 until May 18, 2011.

Minerva S.A. produces and sells beef, leather and live cattle in
Brazil, and is one of the country's three largest exporters in the
sector in terms of gross sales revenue, exporting to around 80
countries.   The company has presence in the Brazilian states of
Sao Paulo, Goias, Tocantins, Mato Grosso do Sul as well as in
Paraguay, Minerva operates seven slaughter and deboning plants,
two tanneries and five distribution centers.  Minerva also
operates in the food service segment through the joint venture
Minerva Dawn Farms (MDF), which has current meat processing
capacity of 10 to 15 tons per hour, producing food made from beef,
pork and poultry.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Fitch Ratings has assigned a 'B/RR4' rating to
Minerva's proposed US$250 million senior unsecured notes due 2020
to be issued by Minerva Overseas II Ltd (a special-purpose vehicle
wholly-owned by Minerva and incorporated in the Cayman Islands),
which is unconditionally guaranteed by Minerva S.A.  Fitch
also maintains these ratings on Minerva, which remain on Rating
Watch Negative:

Minerva S.A.

  -- Local currency Issuer Default Rating 'B';
  -- Foreign currency IDR 'B';
  -- National rating 'BBB-(bra)'.

Minerva Overseas Ltd

  -- US$200 million senior unsecured notes due 2017 'B/RR4'.


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


ACC COLOMBIA: Creditors' Proofs of Debt Due on May 12
-----------------------------------------------------
The creditors of ACC Colombia International Cayman C Ltd. are
required to file their proofs of debt by May 12, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 18, 2010.

The company's liquidator is:

         Francesco Nino Piovanetti
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         c/o Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ANETP LTD: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------
The creditors of ANETP Ltd. are required to file their proofs of
debt by May 12, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 22, 2010.

The company's liquidator is:

         Francesco Nino Piovanetti
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         c/o Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO AUTOMOTIVE: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Arco Automotive International Ltd. are required
to file their proofs of debt by May 12, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 19, 2010.

The company's liquidator is:

         Francesco Nino Piovanetti
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         c/o Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO LUM: Creditors' Proofs of Debt Due on May 12
-------------------------------------------------
The creditors of Arco Lum Holdings Ltd are required to file their
proofs of debt by May 12, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 18, 2010.

The company's liquidator is:

         Francesco Nino Piovanetti
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         c/o Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


ARCO NEW: Creditors' Proofs of Debt Due on May 12
-------------------------------------------------
The creditors of Arco New Europe Cable & Telecom Partners, GP are
required to file their proofs of debt by May 12, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2010.

The company's liquidator is:

         Francesco Nino Piovanetti
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         c/o Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Jersey, JE4 8PN
         Channel Islands
         Arco Capital Management
         #48 Road 165 Suite 6000
         City View Plaza II, Guaynabo
         Puerto Rico 00968


CEDAR LANE: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------
The creditors of Cedar Lane Entertainment Fund, Ltd. are required
to file their proofs of debt by May 12, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 26, 2010.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8238
         e-mail: rrintoul@deloitte.com


CEDAR LANE: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------
The creditors of Cedar Lane Entertainment, Ltd. are required to
file their proofs of debt by May 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 26, 2010.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8238
         e-mail: rrintoul@deloitte.com


CF OFFSHORE: Placed Under Voluntary Liquidation
-----------------------------------------------
On February 8, 2010, the sole shareholder of CF Offshore Ltd.
passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

         Bernard McGrath
         c/o Caledonian House
         69 Dr. Roy's Drive
         P.O. Box 1043, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 814-4863


CHINA XIYANG: Creditors' Proofs of Debt Due on May 4
----------------------------------------------------
The creditors of China Xiyang Fertilizer Group Company Limited are
required to file their proofs of debt by May 4, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


CPIM STRUCTURED: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of CPIM Structured Credit Fund 500 Inc. are required
to file their proofs of debt by May 12, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2010.

The company's liquidator is:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


CPIM STRUCTURED: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of CPIM Structured Credit Fund 500 L.P. are required
to file their proofs of debt by May 12, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2010.

The company's liquidator is:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


CRYSTAL CAPITAL: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Crystal Capital Offshore Warehouse Ltd. are
required to file their proofs of debt by May 12, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2010.

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


KOCH NITROGEN: Creditors' Proofs of Debt Due on May 7
-----------------------------------------------------
The creditors of Koch Nitrogen Transportation, Ltd. are required
to file their proofs of debt by May 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 5, 2010.

The company's liquidators are:

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


MAKO ARBPLUS: Creditors' Proofs of Debt Due on May 12
-----------------------------------------------------
The creditors of Mako Arbplus (General Partner) Inc. are required
to file their proofs of debt by May 12, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2010.

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


MAKO (GENERAL PARTNER): Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------------
The creditors of Mako (General Partner) Inc. are required to file
their proofs of debt by May 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2010.

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


MAKO GFG: Creditors' Proofs of Debt Due on May 12
-------------------------------------------------
The creditors of Mako GFG General Partner Inc. are required to
file their proofs of debt by May 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2010.

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


NATIONAL HOLDINGS: Creditors' Proofs of Debt Due on May 3
---------------------------------------------------------
The creditors of National Holdings (Cayman) Limited are required
to file their proofs of debt by May 3, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2010.

The company's liquidator is:

         Guernsey Global Trust Limited
         P.O. Box 472, St Peter's House, Le Bordage
         St Peter Port, Guernsey, GY1 6AX


NRG ENERGY: Creditors' Proofs of Debt Due on May 10
---------------------------------------------------
The creditors of NRG Energy Insurance Ltd. are required to file
their proofs of debt by May 10, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2010.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         P.O. Box 1051 G.T, 23 Lime Tree Bay Avenue,
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


ORICO SPV: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------
The creditors of Orico SPV Holdings are required to file their
proofs of debt by May 12, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 30, 2010.

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


ORPHEUS LIMITED: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Orpheus Limited are required to file their proofs
of debt by May 12, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 29, 2010.

The company's liquidator is:

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


PELOTON ABS: Commences Liquidation Proceedings
----------------------------------------------
Peloton ABS Fund commenced liquidation proceedings on March 18,
2010.

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

The company's liquidator is:

         Patrick Joseph Brazzill
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


PELOTON (CAYMAN): Commences Liquidation Proceedings
---------------------------------------------------
Peloton (Cayman) Limited commenced liquidation proceedings on
March 18, 2010.

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

The company's liquidator is:

         Patrick Joseph Brazzill
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


PELOTON FUND: Commences Liquidation Proceedings
-----------------------------------------------
Peloton Fund Partner (GP) Limited commenced liquidation
proceedings on March 18, 2010.

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

The company's liquidator is:

         Patrick Joseph Brazzill
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


PELOTON MULTI-STRATEGY: Commences Liquidation Proceedings
---------------------------------------------------------
Peloton Multi-Strategy Master Fund commenced liquidation
proceedings on March 18, 2010.

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

The company's liquidator is:

         Patrick Joseph Brazzill
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


PELOTON MULTI-STRATEGY: Commences Liquidation Proceedings
---------------------------------------------------------
Peloton Multi-Strategy Fund commenced liquidation proceedings on
March 18, 2010.

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

The company's liquidator is:

         Patrick Joseph Brazzill
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


PENTAGRAM MASTER: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------
The creditors of Pentagram Master Fund, Ltd are required to file
their proofs of debt by May 12, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 23, 2010.

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


SAENZ HOFMANN: Creditors' Proofs of Debt Due on May 12
------------------------------------------------------
The creditors of Saenz Hofmann Global Opportunity Fund are
required to file their proofs of debt by May 12, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2010.

The company's liquidator is:

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


SMITH BREEDEN: Creditors' Proofs of Debt Due on May 12
------------------------------------------------------
The creditors of Smith Breeden Credit Funding Ltd. are required to
file their proofs of debt by May 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2010.

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


SOUTH SOUND: Creditors' Proofs of Debt Due on May 12
----------------------------------------------------
The creditors of South Sound House Ltd. are required to file their
proofs of debt by May 12, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166, Grand Cayman, KY1-1102


WILSHIRE US: Creditors' Proofs of Debt Due on May 12
----------------------------------------------------
The creditors of The Wilshire US Large Cap Alpha Fund, Ltd. are
required to file their proofs of debt by May 12, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2010.

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


=============
B O L I V I A
=============


BANCO SOLIDARIO: Moody's Assigns 'B1' Global Currency Debt Rating
-----------------------------------------------------------------
Moody's Latin America assigned a Aa2.bo National Scale local
currency debt rating to the second issuance of Bs.27 million
(approximately US$3.85 million) under Banco Solidario's
US$26 million subordinated debt program.

At the same time, Moody's Investors Service assigned a B1 global
local-currency subordinated debt rating to this second issuance.

The outlook on the ratings is stable.

Moody's noted that subordination was taken into consideration in
the assignment of the global debt ratings; subordinated debt is
usually rated one notch below the senior global local currency
deposit rating (i.e., Ba3 in the case of Banco Solidario).

Moody's National Scale ratings are intended primarily for use by
Bolivian domestic investors, and they are not comparable to
Moody's globally applicable ratings, which do not carry the ".bo"
notation.  An Aa.bo rating on Moody's Bolivia National Scale
indicates an issuer or issue with a very strong creditworthiness
and a low likelihood of credit loss, relative to other domestic
issuers.

Banco Solidario is headquartered in La Paz, Bolivia, and had
assets of Bs.3.4 billion and deposits of Bs.2.5 billion as of
December 31, 2009.

These ratings were assigned to Banco Solidario's Bs.27 million
debt issuance:

* Global Local-Currency Debt Rating: B1, stable outlook

* Bolivia National Scale Local Currency Debt Rating: Aa2 .bo,
  stable outlook


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


JAMAICAN CREDIT: S&P Lifts Rating on US$225 Mil. Notes to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Jamaican
Credit Card Merchant Voucher Receivables Master Trust's
US$225 million floating-rate certificates series 2001-A due 2013
to 'BB-' from 'B' and removed the rating from CreditWatch with
positive implications, where it was placed March 8, 2010.

S&P's rating on the series 2001-A certificates reflects its long-
term sovereign credit rating on Jamaica ('B-'); its foreign and
local currency ratings on National Commercial Bank Jamaica Ltd.
(B-/Stable/C); and its 'BB-' survivability assessment on NCB,
which addresses the bank's ability to acquire the necessary Visa
and MasterCard merchant voucher assets to service the transaction
even under a state of selective default or other financial
impairment.  The rating also reflects its view of the
transaction's strong credit enhancement level through
overcollateralization and other structural features that mitigate
sovereign interference risk and other credit risks.

The rating actions on the series 2001-A certificates follow the
April 20, 2010, raising of its long-term foreign and local
currency credit ratings on NCB to 'B-' from 'CCC' and the
subsequent raising of its survivability assessment on NCB to 'BB-'
from 'B'.

S&P's rating actions on NCB reflect the Feb. 24, 2010, raising of
its sovereign credit rating on Jamaica to B-/Stable/C from SD/--
/SD following the sovereign's completion of its debt
restructuring.  its ratings on NCB are constrained by the
sovereign ratings on Jamaica due to the bank's high exposure to
securities and loans issued by the Jamaican government and public
entities.  In addition, NCB's high loan concentration and the
challenging economic environment are additional factors that
constrain its ratings on the bank.  S&P's rating on NCB also
reflects the bank's strong market position and adequate financial
profile.

S&P's 'BB-' survivability assessment on NCB remains three notches
above its counterparty credit rating on NCB based on its
expectation that the Jamaican government could give certain
assistance to the bank, if needed, due to NCB's significant market
share in the country, its adequate financial performance, its
large branch network, and its large deposit base.

The trust's performance has been strong since 2001.  As of April
2010, the series 2001-A transaction's quarterly debt service
coverage ratio was 7.56x, a decrease from historical levels.  In
its view, this lower DSCR reflects a decline in collections due to
the global economic downturn and the fact that the transaction has
finished its interest-only payment period and has begun paying
principal.

NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer.  The payment rights include the
amounts owed in regard to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively.  These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.

       Rating Raised And Removed From Creditwatch Positive
  Jamaican Credit Card Merchant Voucher Receivables Master Trust
                          Series 2001-A

                    Rating
                    ------
Series         To             From               Amount (mil. US$)
------         --             ----               -----------------
2001-A         BB-            B/Watch Pos                   225.0


NATIONAL COMMERCIAL: S&P Raises Counterparty Credit Rating to 'B-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on National Commercial Bank Jamaica Ltd., including raising the
long-term counterparty credit rating to 'B-' from 'CCC'.  At the
same time, S&P affirmed the short-term rating at 'C'.  The ratings
were removed from CreditWatch Positive, where they were placed
March 1, 2010.  S&P also raised its survivability assessment on
NCB to 'BB-' from 'B'.  The outlook is stable.

"The rating action primarily reflects the upgrade of Jamaica to
'B-/Stable/C' from 'SD' after completing its debt restructuring,"
said Standard & Poor's credit analyst Alfredo Enrique Calvo.  The
sovereign ratings constrain the ratings on NCB due to the high
exposure of the bank, in terms of securities and loans, to the
government and public entities.  Its high loan concentration and
challenging economic environment also constrain the ratings.
NCB's strong market position and adequate financial profile
support the ratings.

NCB maintains a large exposure to Jamaica's government in the form
of securities and loans (57% of total loans and securities as of
December 2009).  As a consequence of Jamaica's sovereign debt
exchange, NCB's interest margins will be pressured by the lower
interest rate paid on these securities, which represent more than
60% of NCB's interest income.  This affects NCB's profitability
levels.  However, considering the bank's efforts to improve other
revenue sources and its cost containment policy, S&P expects the
bank's profitability levels to remain strong.  At fiscal year-end
2009, NCB's return on assets was 3.3%, and S&P does not expect it
to be less than 2.5% in 2010.

Concentration in NCB's assets is still high due to its loan
portfolio's corporate orientation (68% of total loans), and its
significant exposure to government.  In the future, S&P does not
expect diversification improvements considering the limited growth
prospects for 2010.  Demand for credit is scarce in Jamaica and
considering NCB's conservative underwriting policies, S&P does not
expect the bank to grow in the retail segment in the current
economic environment.  However, S&P expects loans to small and
midsize enterprises to become a larger part of the total loan
portfolio.

The bank maintains its leading position in Jamaica's banking
industry, with a market share of more than 35% in both loans and
deposits.  NCB's market presence benefits from its strong band-
name recognition and its well-diversified base of products.  The
bank maintains an important presence in retail banking, and holds
a leading position in the island's local and international credit
card business.

The stable outlook reflects S&P's view that NCB's financial
profile will benefit from the Jamaican government's improved
financial position following its debt restructuring, and will be
supported by the bank's conservative risk management practices.
Any positive rating action would depend on the sovereign rating on
Jamaica, assuming the bank maintains its current profile and
weathers current conditions adequately.  A negative rating action
could take place if current conditions in the local and global
markets significantly pressure the bank's liquidity in either
Jamaican or U.S. dollars, or if profitability declines
significantly and asset quality deteriorates dramatically.


SUGAR COMPANY OF JAMAICA: Gov't Secure Sugar Deal With Tate & Lyle
------------------------------------------------------------------
The Jamaican government has entered into a Pre-financing Agreement
with British refinery, Tate and Lyle, to provide that entity with
100,000 tonnes of raw sugar per annum from the Sugar Company of
Jamaica Limited, RadioJamaica reports.  The report relates that
this is in exchange for pre-financing in the amount of US$46
million over a two year period.  The agreement with Tate and Lyle
also allows the government to retain 2,300 jobs at SCJ, the report
adds.

According to the report, the agreement with Tate and Lyle will
succeed the current pre-financing agreement with Eridania Suisse
of Italy.  The report relates that Agriculture Minister Dr.
Christopher Tufton says the agreement with Tate and Lyle has
proven an effective means of continuing the operations of SCJ's
Frome, Monymusk and Bernard Lodge sugar estates pending their
divestment.

"What the agreement does for us is secure continued operations on
government owned estates. The last sugar crop was financed through
Italian firm Eridania Suisse, so we sought to negotiate another
agreement this time with Tate and Lyle.  They were successful in
completing that agreement with us where they will provide US$26
million this crop year and US$20 million next crop year in
exchange for 100,000 tonnes," the report quoted Dr. Tufton as
saying.

Meanwhile, the report notes, the Agriculture Minister added that
the government continues efforts to divest SCJ's three remaining
sugar factories.

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


SUGAR COMPANY OF JAMAICA: Frome Estate to Surpass Projections
-------------------------------------------------------------
The Sugar Company of Jamaica Limited's Frome Estate said it could
exceed its production target for the 2009/2010 Crop Season,
RadioJamaica reports.  The report relates that the Season at the
Frome Estate was scheduled to officially close on April 20, 2010.

However, the report notes, Operations Manager Victor Wright said
that reaping will continue until all the cane is processed.  The
report relates Mr. Wright is optimistic that production targets
will be met and likely surpassed.

According to the report, at the start of the Season, a production
target of 42,000 tonnes of sugar was set, but this was later
revised to 40,900 tonnes due to the temporary suspension of
reaping for two weeks in January to allow waterlogged fields to
dry out.  To date, the report says, the Westmoreland-based factory
has produced 37,426 tonnes of sugar.  As a result, Mr. Wright said
that Frome will reach the revised target if not the original
figure of 42,000 tonnes, the report adds.

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


CEMEX SAB: Extends Early Deadline for Perpetual Notes Swap
----------------------------------------------------------
CEMEX, S.A.B. de C.V. is extending the early deadline for holders
of its perpetual notes to tender them in a swap, while lowering
the minimum amount that can be swapped to bring on board smaller
holders, Anthony Harrup at Dow Jones Newswires reports.

According to the report, Cemex SAB is offering to redeem perpetual
debentures for new notes in dollars or euros, and holders who
submit their perpetuals by April 23, 2010, will receive an
additional US$30 per US$1,000, or EUR30 per EUR1,000 of principal
value.  The report relates that the exchange offer runs to the end
of the month.

Cemex SAB, the report notes, said that it moved the early deadline
to April 23 from April 16 because some investors saw delays
receiving documents about the offer from their custodians.  The
report relates that the company is also reducing the minimum
denomination to US$70,000 from US$100,000 to accommodate holders
who have smaller amounts and have expressed an interest in the
swap.

The offer, the report says, extends to three series of dollar-
denominated perpetuals and one series of euro-denominated
perpetuals.

Dow Jones Newswires notes that Cemex SAB said that as of last
Friday, investors had tendered around US$906 million of the US$2
billion in dollar-denominated perpetual notes, and EUR428 million
of its EUR730 million in euro-denominated perpetual notes.  Cemex
plans to replace the dollar perpetuals with new 10-year notes and
the euro-denominated perpetuals with new 7-year notes, the report
adds.

                        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.


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


* PARAGUAY: Gross Domestic Profit Falls 3.8% Last Year
------------------------------------------------------
Robert Rennhack, chief of an International Monetary Fund mission
to Paraguay, issued the following statement in Asuncion:

"The IMF mission that visited Asuncion from April 7-20 wishes to
thank the authorities for friendly, open and fruitful discussions,
and for help in organizing very useful meetings with
entrepreneurs, bankers, and donors.  In all these, we have
confirmed that the economic team has bolstered its credibility
significantly by maintaining macroeconomic stability in the face
of the challenges of severe drought and the global financial
crisis in 2009.

"While real GDP fell by 3.8% in 2009, monetary and fiscal policy
shifted to a countercyclical stance-aided by the real effective
depreciation of the Guarani-that helped limit the fall in domestic
demand.  In spite of the policy stimulus, inflation eased to 1.9%
during the year.  At the same time, the government employed a
countercyclical spending policy through a substantial increase in
public investment (which grew by 67 percent in nominal terms) and
in conditional cash transfers, without curtailing other spending
categories.  In spite of this significant increase of public
expenditures, the fiscal balance closed with a surplus of 0.1% of
GDP, thanks to an increase in tax collection by 6.4% as compared
to 2008.  As a result, public debt remained low at 23% of GDP,
while the quality of bank supervision strengthened further.

"The external current account deficit declined in 2009, and net
capital inflows rose, as residents repatriated funds held abroad-
an important signal of confidence.  This allowed the central bank
to gain about US$1 billion in net international reserves, which
reached US$3.8 billion (25% of GDP) by end-2009.  This reserve
cushion helps safeguard the country from the effects of external
shocks and enhances the credibility of macroeconomic policies.

"The macroeconomic policies and a supportive external environment
will help the economy rebound in 2010, with real GDP expected to
grow by 6%.  Favorable weather conditions will help produce a
record harvest in soy and other agricultural products, which-
together with renewed growth in key trading partners-will produce
a healthy recovery in exports and-through the agriculture sector's
links with the rest of the economy-promote a recovery in private
investment.  With the recovery in domestic demand and higher
international commodity prices, inflation is projected to rise to
5% in 2010 and to decrease to lower levels in the medium term,
while the external current account deficit would rise moderately
in relation to GDP.  At the same time, with continued net capital
inflows, net international reserves could rise to US$4.1 billion.
Demand policies will support the economic recovery in 2010.
Monetary policy will manage liquidity to keep inflation in line
with the central bank's 5% goal.

"For 2010, tax revenues are expected to rise in nominal terms.  If
the personal income tax is implemented, with a required
declaration of assets, this will help improve tax collection,
formalize the economy, and strengthen tax administration.  The
government should, however, maintain fiscal discipline by setting
clear spending priorities and by phasing in spending increases
during the current and the next budget year in a gradual manner,
consistent with the performance of revenues, and to ensure
continued fiscal sustainability, which is at the core of
macroeconomic equilibrium.

"The mission encouraged the government to press ahead with its
agenda of institutional reforms to provide an even firmer anchor
for confidence and sustain vigorous economic growth.  These
reforms would include the development of a medium-term framework
for fiscal policy, further efforts to strengthen tax
administration and broaden the tax base, a more strategic focus
for public enterprise reform, the gradual adoption of inflation
targeting by the central bank, and further progress to improve
financial supervision.  As always the Fund stands ready to provide
technical assistance in these areas and wishes the government
every success in these endeavors."


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


* PERU: Performance Impressive by Domestic & Int'l Standards
------------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
on April, 14, 2010, the Article IV consultation with Peru.1

                          Background

Peru's economic performance over the last decade has been
impressive by domestic and international standards.  Strong
economic fundamentals, a sound institutional policy framework, and
a solid track-record of prudent macroeconomic policies helped
reduce vulnerabilities, achieve record-high economic growth, and
advance significantly with poverty reduction.  Reflecting on these
achievements, Peru was granted investment grade by Fitch and
Standard & Poor's in 2008 and by Moody's at end-2009,
consolidating its standing among major emerging market economies.
Peru's medium-term prospects remain bright, linked to sustained
efforts in the implementation of an ambitious structural reform
agenda.

Peru's economic resilience during the global financial crisis was
the result of the proactive policy response and sound
fundamentals.  Growth in Peru decelerated sharply in 2009, due to
the global financial crisis, but remained positive at about 1
percent for the year, despite a few months in negative territory.
Thanks to the strong buffers built in recent years, Peru was able
to implement a significant monetary and fiscal policy response,
which helped to avoid a credit crunch, support domestic demand and
sustain employment.  The central bank injected substantial
liquidity in the financial system and lowered the policy rate to
an historic low of 1.25%.  A significant fiscal stimulus plan was
introduced, which entailed a positive fiscal impulse of about 2.5%
of GDP in 2009.  Peru's financial sector proved resilient to the
global financial crisis thanks to the sound prudential framework
put in place in past years and its strong initial standing, and it
has remained well-capitalized, liquid and profitable.  Peru's
external financial account showed also resilience to the global
financial crisis, with a resurgence of capital inflows and
appreciation pressures in recent months.  To moderate currency
volatility, the central bank has intervened in the foreign
exchange market, purchasing US$2.5 billion so far this year.

Economic activity is expected to grow strongly in 2010, with
limited slack in resource utilization thanks to the successful
policy response.  With the economy already gaining momentum, a
sustained improvement in global conditions and the remaining
stimulus, staff projects growth at 6.25% this year and 6% in 2011.
Peru's recovery appears less dependent on policy support than in
other advanced and emerging market economies, as it did not open a
significant output gap and the balance sheets of the corporate,
household, and financial sectors remain unimpaired.  Moreover, the
balance of risks to growth in Peru appears tilted to the upside,
linked to prospects of renewed capital inflows to strong emerging
markets and domestic demand dynamics, including the cyclical
rebuilding of inventories and acceleration of private investment
projects put on hold last year.  A relapse in global growth and a
return of global risk aversion are the principal tail risk that
could encumber the growth outlook for Peru.

                    Executive Board Assessment

Executive Directors commended the Peruvian authorities for their
impressive track-record of prudent macroeconomic policies which
helped limit the impact of the global crisis and jump start a
vigorous economic rebound.  Given its strong fundamentals, the
economy is expected to return to rapid growth.  Peru's medium?term
outlook remains bright, supported by the authorities' ambitious
reform agenda.

Directors noted that the balance of risks to Peru's growth is
tilted to the upside because of domestic demand dynamics and
renewed capital inflows.  They agreed that, with limited slack in
resource utilization, these risks call for early withdrawal of
policy stimulus to avoid a buildup in inflationary pressures.
Directors also noted that a renewed surge in capital inflows would
require close monitoring and would benefit from a strategy that
focuses on fiscal consolidation and greater exchange rate
flexibility.  Directors observed that normalizing monetary
conditions may rely on a combination of measures, including
reserve requirements, along with macro?prudential measures to
prevent credit and asset booms.

Directors welcomed the authorities' intention to manage spending
plans carefully to achieve in 2011 the fiscal deficit limit
established by the Fiscal Responsibility and Transparency Law.
They supported the plans to strengthen the Oil Price Stabilization
Fund (FEPC) for addressing the rising liabilities and reducing
fiscal risks.  Directors also welcomed the authorities' interest
in exploring ways to reduce pro-cyclicality of the fiscal
framework.

Directors noted the progress made with de-dollarization over the
last decade and agreed that improved fundamentals would continue
to advance this process and allow the exchange rate to play a
larger role as shock absorber.  A gradual increase in currency
flexibility could foster the development of foreign exchange
hedging instruments and reduce dollarization.

Directors commended the authorities' resolve to further solidify
Peru's strong prudential framework, with some regulatory norms
ahead of international standards.  The challenge would be to
reassess the framework in light of the moving international
standards, and incorporate in it the elements relevant for Peru.
Directors noted that it would be important to continue
strengthening macro?prudential supervision.  Consideration could
be given to assessing the scope for incorporating systemic risk
into the regulatory framework, reviewing the crisis resolution
framework, and extending the prudential perimeter to cooperatives
and public financial institutions.

Directors welcomed the authorities' ambitious reform agenda to
preserve high growth over the medium term, underpinned by
continued prudent macroeconomic policies.  The authorities' plans
to further develop Peru's capital market would be key to
effectively channel resources to sustained capital formation over
the long term. Directors encouraged the authorities to continue
with their poverty reduction efforts.


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


FIRSTBANK PUERTO RICO: OKs Pompano Apartments Sale at 46% Discount
------------------------------------------------------------------
FirstBank Puerto Rico approved the short sale of 153 units in a
Pompano Beach apartment complex for 46% off its mortgage to the
seller, South Florida Business News reports.  The report recalls
that in 2005, Regency 288 LLC, a company managed by Miami condo
convertor Luis R. Boschetti, bought the Breezes at Palm Aire at
2803-2837 North Course Drive.

According to the report, after selling 210 units, Mr. Boschetti
refinanced it with a US$9.8 million mortgage from FirstBank in
October 2008.  The report relates that no sales had been recorded
since then.

The report says that on April 30, Regency 288 sold the remaining
units in Palm Aire for US$5 million to Course Drive Investments, a
Miami company managed by Jorge and Ruben Garcia-Sarraff.  The
report discloses that FirstBank immediately released Regency 288
from the US$9.8 million mortgage.

                     About FirstBank Puerto Rico

FirstBank Puerto Rico is a full-service bank.  The bank accepts
deposits, make loans and provides other services for the public.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1).  Following the downgrade, the
rating outlook is negative.


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


PETROLEOS DE VENEZUELA: Unit Repowers Cylinder Plants in Tuy
------------------------------------------------------------
With the aim of optimizing the distribution of Liquefied Petroleum
Gas (LPG), PDVSA Gas Comunal installed 10 new points on the
platform filling plant Ocumare del Tuy, Miranda State.  This will
produce a thousand bottles more, leading to communities south of
the state of Aragua, Altagracia de Orituco and part of the Valles
del Tuy, approximately 6 thousand cylinders per day.

Through this expansion, the company ensures increased production
capacity of cylinders, resulting in improved fuel supply, as it is
able to stock a greater number of cylinders in one working day.
Thus, giving effect to plan reengineering filling plants provided
by the Company as a strategy to meet the demand of the service.

On the other hand, it is projected the installation of two new
storage centers in the city of Maracay San Casimiro and Urdaneta
Municipality, Miranda state, for a total of three storage centers
mobile gas containers, taking into account that Bicentennial
collection center is already operating in Ocumare del Tuy; this is
a part of the transfer of domestic gas distribution to organized
communities.

PDVSA Gas Comunal develops strategies to expand the production and
supply of LPG and it provides quality service to all Venezuelans,
distributing the bottles to more distant populations of the
country.

                          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.


PETROLEOS DE VENEZUELA: Paraguana Gets First Wind Farm Equipment
----------------------------------------------------------------
The Paraguana peninsula in Falcon state will become in 2011 the
first part of the country where they will launch a wind farm.

The Petroleos de Venezuela, through the Paraguana Refining Center,
developed this project framed in the Oil Sowing Plan, which seeks
to generate profits for the group making the most of natural
resources, in this case, a windy weather characteristic of this
Falcon region.

The Paraguana wind farm will be located between Amuay and Los
Taques populations and it will generate 100 megawatts of
electrical power that will join the regional electric system.

The project aims to reduce consumption of fossil fuels and
diversify sources of primary energy for electricity generation in
Paraguana.

Likewise, the construction of the first wind farm in Venezuela
aims to promote tourism in the region because their spaces will be
built in the Wind Museum, a lookout on top of a wind turbine and
an inn.

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

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