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

              Friday, April 23, 2010, Vol. 11, No. 079

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Victims Denounce Alan Dershowitz's Role in Case
STANFORD INT'L: Sept. Hearing Set on Validity of Lloyd's Policy
STANFORD INT'L: SEC's Ft. Worth Office Aware of Fraud Since 1997


A R G E N T I N A

AGROPECUARIA DICARGO: Creditors Proofs of Debt Due on June 7
DELTA METALSUR: Creditors Proofs of Debt Due on June 8
GUARDIA REAL: Requests for Preventive Contest
MIR KEMICAL: Asks for Preventive Contest
POLYMER'S SRL: Creditors Proofs of Debt Due on May 3

TURISMO ESTRELLA: Creditors Proofs of Debt Due on May 10


B R A Z I L

GERDAU AMERISTEEL: Councilman Withdraws Bill to Aid Firm
USINIMAS SIDERURGICAS: Chief Executive Branco to Step Down


C A Y M A N  I S L A N D S

ACTIVE FUND: Creditors' Proofs of Debt Due on May 13
ACTIVE FUND: Members to Receive Wind-Up Report on May 20
BABSON GLOBAL: Creditors' Proofs of Debt Due on May 12
CROSSFIELDS OFFSHORE: Creditors' Proofs of Debt Due on May 3
DRIEHAUS INTERNATIONAL: Creditors' Proofs of Debt Due on May 12

F PROPERTIES: Creditors' Proofs of Debt Due on May 12
FORE CONVERTIBLE: Shareholders to Receive Wind-Up Report on May 14
GAVEAU LTD: Creditors' Proofs of Debt Due on May 12
INTEGRAL CAPITAL: Creditors' Proofs of Debt Due on May 12
MILLBURN MCO: Creditors' Proofs of Debt Due on May 12

MOMENTUM FUND: Creditors' Proofs of Debt Due on May 13
MOMENTUM FUND: Members to Receive Wind-Up Report on May 20
MUZINICH SPC: Creditors' Proofs of Debt Due on May 12
PBC ONE: Creditors' Proofs of Debt Due on May 12
PERELLA WEINBERG: Creditors' Proofs of Debt Due on May 12

PETROPROD 1: Commences Liquidation Proceedings
PETROPROD 2: Commences Liquidation Proceedings
PETROPROD 3: Commences Liquidation Proceedings
PETROPROD D&P: Commences Liquidation Proceedings
PETROPROD D&P: Commences Liquidation Proceedings

PICO FUND: Creditors' Proofs of Debt Due on May 28
PLEIADES CAPITAL: Creditors' Proofs of Debt Due on May 12
PORTLAND GENERAL: Creditors' Proofs of Debt Due on May 12
PORTLAND GLOBAL: Creditors' Proofs of Debt Due on May 12
PORTLAND GLOBAL: Creditors' Proofs of Debt Due on May 12

PURSUIT CAPITAL: Creditors' Proofs of Debt Due on May 12
SCAPE US: Creditors' Proofs of Debt Due on May 11
SIXTINA 11: Creditors' Proofs of Debt Due on May 12
SUFLINKS HOLDINGS: Creditors' Proofs of Debt Due on May 3
UFJ PREFERRED: Creditors' Proofs of Debt Due on May 12


C O L O M B I A

ECOPETROL SA: Approves Development Of Quifa Field
PACIFIC RUBIALES: Ecopetrol SA Okays Quifa Field Development


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: To Sell Benchmark Bonds Overseas


H O N D U R A S

HONDUTEL: Seeks New Strategic Investors


J A M A I C A

AIR JAMAICA: Gov't Budget Will Cover Obligations to Staff
PETROLEUM CORP: Ex-Boss Denies Knowledge of Cash Skimming Scheme


M E X I C O

CEMEX SAB: Deals With Attenda for Fully Managed SAP Cloud Services
CREDITO INMOBILIARIO: Moody's Cuts Ratings on Two Securitizations
URBI DESARROLLOS: Starts Operations in Queretaro State


P A N A M A

BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'


P E R U

DOE RUN PERU: Smelter May Re-open in July
EDELNOR SA: Records PEN46.2 Million Net Income in First Quarter


V E N E Z U E L A

PETROLEOS DE VENEZUELA: CVP Unit Has Tie-up with Chinese Firm





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


STANFORD INT'L: Victims Denounce Alan Dershowitz's Role in Case
---------------------------------------------------------------
Latin-American victims of the pyramidal fraud perpetrated by
Robert Allen Stanford, represented by the Coalicion Victimas de
Stanford America Latina, denounced Alan M. Dershowitz, professor
of the Harvard School of Law, for accepting a role in the defense
team of Mr. Stanford with the only purpose of fighting against his
incarceration.

In an article published in The Harvard Crimson, written by E.
Benjamin Samuels and dated April 15, 2010, titled "Dershowitz
Takes Ponzi Scheme Case"; the law professor Alan M. Deshowitz
declared that he has agreed to serve on the defense team of R.
Allen Stanford who is facing 21 criminal charges in the
perpetration of a Ponzi scheme.

"It is unacceptable and outrageous that a professor of law from
Harvard University's School of Law is more concerned for the
incarceration of the heartless R. Allen Stanford than for the
suffering of thousands of victims, that without their savings,
were left in misery", commented Jaime R. Escalona, Leader of the
Coalicion Victimas de Stanford America Latina.

According to Professor Dershowitz, "The Constitution provides for
bail, and he has been denied bail . . . in a manner that doesn't
permit him to prepare his defense."

"I believe every person is innocent until proven guilty and an
accused person is entitled to a vigorous defense," declared J.
Lorand Matory, a former professor at Harvard and chair of the
African and African American Studies department at Duke
University.

"With the respect and consideration that sadly these professors do
not have for the Stanford's victims, we invite them to be informed
in order to overcome their evident ignorance about the magnitude
of our tragedy", affirmed Mr. Escalona.

"To help them to better understand the truth of the situation, we
would like to inform them that the majority of the Latin American
victims are elderly and/or ill and close to retirement", stated
Mr. Escalona.  "These are citizens of countries lacking a social
security system that would guarantee a dignified retirement, that
invested all of their savings in certificates of deposit (CDs)
issued by Stanford International Bank Limited (Antigua), looking
to preserve their patrimony from devaluations, high inflation and
the arbitrary decisions from their governments; because of an
innocent "little angel" called Sir R. Allen Stanford that now
claims justice behind bars, today these victims find themselves
together with their desperate family members, in a most desperate
state of poverty".

For this the Coalicion Victimas de Stanford America Latina asks:
"Is it just that a crime of this magnitude should be alleviated
with the payment of bail? If the money exists for bail, why not
distribute it among so many elderly victims that do no longer have
the means to address their medical emergencies? If the "little
angel" is so innocent like they claim, where are the US$7.2
billion dollars from the 27,992 victims from 113 countries?"

Mr. Escalona concludes saying: "I urge professors Dershowitz and
Lorand Matory, with their prestige, legal knowledge and the
support from their universities, Harvard and Duke; use your
resources for good and help us to pressure the US Government for
the restitution of our patrimony that was robbed because of the
negligence, incompetence and complicity of its regulatory agencies
and by the compromising silence by the US Department of Justice
(DOJ), that allowed that R. Allen Stanford to perpetrate this
massive fraud for more than a decade".

                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: Sept. Hearing Set on Validity of Lloyd's Policy
---------------------------------------------------------------
Juan A. Lozano at The Associated Press reports that Robert Allen
Stanford and three executives -- all facing charges of bilking
investors out of US$7 billion as part of a massive Ponzi scheme --
will have to wait another five months before learning if they will
have to foot their own legal bills.

According to the report, U.S. District Judge Nancy Atlas scheduled
a September hearing to determine whether Mr. Stanford and the
executives or British insurer Lloyd's of London will have to pay.
The report relates that an appeals court last month ruled legal
fees for Mr. Stanford and the executives must continue to be paid
by an insurance policy that takes care of such expenses.

The AP notes that Lloyd's said the policy doesn't pay on charges
of money laundering, which Mr. Stanford and others are accused of
doing.  The appeals court said a lower court must determine if
money laundering was committed in order for the policy to be
invalid.

According to the report, Judge Atlas said that attorneys for
Lloyd's of London would have to prove how Mr. Stanford and each of
the executives committed money laundering.

The AP relates that the dispute over payment of legal fees is part
of a civil lawsuit filed by Stanford and the executives against
Lloyd's of London and is separate from the criminal case, which is
being handled by another federal judge.

                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: SEC's Ft. Worth Office Aware of Fraud Since 1997
----------------------------------------------------------------
Mary L. Schapiro, chairman of the U.S. Securities and Exchange
Commission, issued a statement on April 16, 2010, regarding SEC
Office of the Inspector General Report 526 -- "Investigation of
the SEC's Response to Concerns Regarding Robert Allen Stanford's
Alleged Ponzi Scheme".

According to Ms. Schapiro, "This report recounts events that
occurred at the Commission between 1997 and 2005.  Since that
time, much has changed and continues to change regarding the
agency's leadership, its internal procedures and its culture of
collaboration.  The report makes seven recommendations, most of
which have been implemented since 2005.  We will carefully analyze
the report and implement any additional reforms as necessary for
effective investor protection."

According to the OIG report, the OIG investigation found that the
SEC's Fort Worth office was aware since 1997 that Robert Allen
Stanford was likely operating a Ponzi scheme, having come to that
conclusion a mere two years after Stanford Group Company,
Stanford's investment adviser, registered with the SEC in 1995.
"We found that over the next 8 years, the SEC's Fort Worth
Examination group conducted four examinations of Stanford's
operations, finding in each examination that the CDs could not
have been 'legitimate,' and that it was 'highly unlikely' that the
returns Stanford claimed to generate could have been achieved with
the purported conservative investment approach.  Fort Worth
examiners dutifully conducted examinations of Stanford in 1997,
1998, 2002 and 2004, concluding in each case that Stanford's CDs
were likely a Ponzi scheme or a similar fraudulent scheme.  The
only significant difference in the Examination group's findings
over the years was that the potential fraud grew exponentially,
from $250 million to US$1.5 billion," the report said.

The OIG investigation also found that the SEC bureaucracy may have
discouraged the staff from pursuing novel legal cases.  The report
said the former head of the Fort Worth office confirmed that the
arduous process of getting the SEC staff's approval in Washington,
D.C., to recommend an Enforcement action to the Commission was a
factor in deciding which investigations to pursue.  A former
branch chief in the examination program stated that she believed
that the desire of the Enforcement staff to avoid difficult cases
was partly due to the challenges in dealing with the Commission's
bureaucracy.

A full-text copy of the OIG report is available at no charge
at http://sec.gov/news/studies/2010/oig-526.pdf

                  About Stanford International Bank

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

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

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

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

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


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


AGROPECUARIA DICARGO: Creditors Proofs of Debt Due on June 7
------------------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Agropecuaria
Dicargo SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 7, 2010.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Susana Taboada
         Ezeiza 2461
         Argentina


DELTA METALSUR: Creditors Proofs of Debt Due on June 8
------------------------------------------------------
Mario Nicolas Degese, the court-appointed trustee for Delta
Metalsur SA's reorganization proceedings, will be verifying
creditors' proofs of claim until June 8, 2010.

Mr. Degese will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 17, 2011.

The Trustee can be reached at:

         Mario Nicolas Degese
         Bouchard 468
         Argentina


GUARDIA REAL: Requests for Preventive Contest
---------------------------------------------
Guardia Real SA asked for preventive contest.  The company stopped
making payments last March 2, 2009.


MIR KEMICAL: Asks for Preventive Contest
----------------------------------------
Mir Kemical SRL asked for preventive contest.

The company stopped making payments last October 22, 2009.


POLYMER'S SRL: Creditors Proofs of Debt Due on May 3
----------------------------------------------------
Gustavo Adolfo Aran, the court-appointed trustee for Polymer's
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until May 3, 2010.

Mr. Aran will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Gustavo Adolfo Aran
         Viamonte 1464
         Argentina


TURISMO ESTRELLA: Creditors Proofs of Debt Due on May 10
--------------------------------------------------------
Horacio Jorge Czaban, the court-appointed trustee for Turismo
Estrella Condor SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 10, 2010.

Mr. Czaban will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Czaban
         Uruguay 660


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


GERDAU AMERISTEEL: Councilman Withdraws Bill to Aid Firm
--------------------------------------------------------
David Bauerlein at The Florida Times-Union reports that
Jacksonville Councilman Ray Holt is withdrawing a bill that would
have given Gerdau Ameristeel a tax break for its Baldwin steel
mill.  The report relates Mr. Holt introduced legislation in
December calling for Gerdau Ameristeel to get a five-year
exemption from paying the city's public service tax on
electricity.

According to the report, Mr. Holt said that the city cannot afford
to sacrifice money needed to balance the budget without getting a
commitment from Gerdau Ameristeel to expand its operation here.

"I still somewhat fear for their financial future here in
Jacksonville, but at this point, we really need a commitment from
them to bring more business to Jacksonville in order to justify
the cut in (tax) dollars," the report quoted Mr. Holt as saying.

Mr. Holt, the report notes, said that he would support financial
incentives if the company did make a commitment to increase jobs
or expand the size of the plant.  The Times says that Mr. Holt's
bill cited the cost of electricity in Jacksonville as a reason for
Gerdau Ameristeel shifting business to its factories in Tennessee
and New Jersey.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


USINIMAS SIDERURGICAS: Chief Executive Branco to Step Down
----------------------------------------------------------
Lucia Kassai and Rodrigo Orihuela at Bloomberg News report that
Usinas Siderurgicas de Minas Gerais S.A. Chief Executive Officer
Marco Antonio Castello Branco plans to step down his post, two
years after taking up the role.  The report relates that Wilson
Brumer, the current chairman, will be the next Chief Executive.

According to the report, Mr. Branco's decision to leave was made
in agreement with shareholders.  The report relates that the
company's new chairman will be Israel Vainboim.

                            About Usinas

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

                           *     *     *

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


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


ACTIVE FUND: Creditors' Proofs of Debt Due on May 13
----------------------------------------------------
The creditors of Active Fund Limited are required to file their
proofs of debt by May 13, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         David A.K. Walker
         c/o Julia Yates
         Telephone: (345) 914 8605
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ACTIVE FUND: Members to Receive Wind-Up Report on May 20
--------------------------------------------------------
The members of Active Fund Limited will receive, on May 20, 2010,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Julia Yates
         Telephone: (345) 914 8605
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


BABSON GLOBAL: Creditors' Proofs of Debt Due on May 12
------------------------------------------------------
The creditors of Babson Global Macro, 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 April 1, 2010.

The company's liquidator is:

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


CROSSFIELDS OFFSHORE: Creditors' Proofs of Debt Due on May 3
------------------------------------------------------------
The creditors of Crossfields Offshore Fund I, Ltd. are required to
file their proofs of debt by May 3, 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:

         Ogier
         c/o Susan Taber
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


DRIEHAUS INTERNATIONAL: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------------
The creditors of Driehaus International Small Cap Growth 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 30, 2010.

The company's liquidator is:

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


F PROPERTIES: Creditors' Proofs of Debt Due on May 12
-----------------------------------------------------
The creditors of F Properties Holdings 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 April 1, 2010.

The company's liquidator is:

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


FORE CONVERTIBLE: Shareholders to Receive Wind-Up Report on May 14
------------------------------------------------------------------
The shareholders of Fore Convertible Intermediate Fund, Ltd. will
receive, on May 14, 2010, at 9:15 a.m., 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


GAVEAU LTD: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------
The creditors of Gaveau 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 16, 2010.

The company's liquidator is:

         David Dyer
         PO Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


INTEGRAL CAPITAL: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------
The creditors of Integral Capital Offshore Partners, 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 29, 2010.

The company's liquidator is:

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


MILLBURN MCO: Creditors' Proofs of Debt Due on May 12
-----------------------------------------------------
The creditors of Millburn MCO 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 liquidation proceedings on November 30,
2009.

The company's liquidators are:

         Bernard G. Mcgrath
         David S. Walker
         c/o P.O. Box 1043, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0050
         Facsimile: (345) 949-8062


MOMENTUM FUND: Creditors' Proofs of Debt Due on May 13
------------------------------------------------------
The creditors of Momentum Fund Limited are required to file their
proofs of debt by May 13, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         David A.K. Walker
         c/o Julia Yates
         Telephone: (345) 914 8605
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


MOMENTUM FUND: Members to Receive Wind-Up Report on May 20
----------------------------------------------------------
The members of Momentum Fund Limited will receive, on May 20,
2010, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Julia Yates
         Telephone: (345) 914 8605
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


MUZINICH SPC: Creditors' Proofs of Debt Due on May 12
-----------------------------------------------------
The creditors of Muzinich SPC 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 April 1, 2010.

The company's liquidator is:

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


PBC ONE: Creditors' Proofs of Debt Due on May 12
------------------------------------------------
The creditors of PBC One Holdings, 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 liquidation proceedings on March 31, 2010.

The company's liquidator is:

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


PERELLA WEINBERG: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------
The creditors of Perella Weinberg Partners Aerospace, Defense and
Security Offshore 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 30, 2010.

The company's liquidator is:

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


PETROPROD 1: Commences Liquidation Proceedings
----------------------------------------------
On March 26, 2010, a special resolution was passed that
voluntarily liquidates the business of Petroprod 1 Ltd.

The company's liquidator is:

         Walkers
         c/o KPMG, 2nd Floor, Century Yard
         Cricket Square, Elgin Avenue, George Town
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands


PETROPROD 2: Commences Liquidation Proceedings
----------------------------------------------
Petroprod 2 Ltd commenced liquidation proceedings on March 26,
2010.

The company's liquidator is:

         Simon Whicker
         Kris Beighton
         c/o Walkers
         KPMG, 2nd Floor, Century Yard
         Cricket Square, Elgin Avenue, George Town
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands


PETROPROD 3: Commences Liquidation Proceedings
----------------------------------------------
On March 26, 2010, a special resolution was passed that
voluntarily liquidates the business of Petroprod 3 Ltd.

The company's liquidators are:

         Simon Whicker
         Kris Beighton
         c/o Walkers
         KPMG, 2nd Floor, Century Yard
         Cricket Square, Elgin Avenue, George Town
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands


PETROPROD D&P: Commences Liquidation Proceedings
------------------------------------------------
On March 26, 2010, a special resolution was passed that
voluntarily liquidates the business of Petroprod D&P 1 Ltd.

The company's liquidators are:

         Simon Whicker
         Kris Beighton
         c/o Walkers
         KPMG, 2nd Floor, Century Yard
         Cricket Square, Elgin Avenue, George Town
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands


PETROPROD D&P: Commences Liquidation Proceedings
------------------------------------------------
On March 26, 2010, a special resolution was passed that
voluntarily liquidates the business of Petroprod D&P 2 Ltd.

The company's liquidators are:

         Simon Whicker
         Kris Beighton
         c/o Walkers
         KPMG, 2nd Floor, Century Yard
         Cricket Square, Elgin Avenue, George Town
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands


PICO FUND: Creditors' Proofs of Debt Due on May 28
--------------------------------------------------
The creditors of Pico Fund Limited are required to file their
proofs of debt by May 28, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 20,
2009.

The company's liquidator is:

         Wilton McDonald
         Telephone: (345) 914-4601
         Facsimile: (345) 815-0570
         c/o P.O. Box 32338, 3rd Floor
         Genesis Building, George Town
         Grand Cayman KY1-1209, Cayman Islands


PLEIADES CAPITAL: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------
The creditors of Pleiades Capital 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 31, 2010.

The company's liquidator is:

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


PORTLAND GENERAL: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------------
The creditors of Portland General Partner 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 liquidation proceedings on March 30, 2010.

The company's liquidator is:

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


PORTLAND GLOBAL: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Portland Global Real Estate Securities 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:

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


PORTLAND GLOBAL: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Portland Global Real Estate Securities Master
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:

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


PURSUIT CAPITAL: Creditors' Proofs of Debt Due on May 12
--------------------------------------------------------
The creditors of Pursuit Capital Partners Fund SPV 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 30, 2010.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


SCAPE US: Creditors' Proofs of Debt Due on May 11
-------------------------------------------------
The creditors of Scape US Mezzanine Fund are required to file
their proofs of debt by May 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2010.

The company's liquidator is:

         Peter Herrmann
         15 Farnaby Drive, Sevenoaks, TN13 2LQ
         United Kingdom
         Telephone: +44 207 645 8564
         Facsimile: +44 207 374 4805


SIXTINA 11: Creditors' Proofs of Debt Due on May 12
---------------------------------------------------
The creditors of Sixtina 11 Eclectic Pacific Fund 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 liquidation proceedings on March 23, 2010.

The company's liquidator is:

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


SUFLINKS HOLDINGS: Creditors' Proofs of Debt Due on May 3
---------------------------------------------------------
The creditors of Suflinks Holdings Ltd. are required to file their
proofs of debt by May 3, 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:

         David E. Bryant
         11 Bath Street, St. Helier, Jersey JE2 4ST
         Channel Islands
         Telephone: 1 (345) 949-8613
         Facsimile: 1 (345) 945-2877


UFJ PREFERRED: Creditors' Proofs of Debt Due on May 12
------------------------------------------------------
The creditors of UFJ Preferred Capital 1 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 liquidation proceedings on March 23, 2010.

The company's liquidator is:

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


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


ECOPETROL SA: Approves Development Of Quifa Field
-------------------------------------------------
Ecopetrol SA will take part in the development of the Southwest
part of the Quifa field in Colombia's Meta province in partnership
with Canada-listed oil Pacific Rubiales, Matthew Bristow at Dow
Jones Newswires reports.  The report relates that the development
plan estimates an average daily production of 30,000 barrels a day
by 2011, up from more than 2,300 barrels of heavy crude per day,
the statement said.

According to the report, the field is currently operated by Meta
Petroleum, a subsidiary of Pacific Rubiales.  The report relates
Colombian President Alvaro Uribe said that reserves at the Quifa
field stand at 280 million barrels of crude.  The report ntoes
that Pacific Rubiales declined to comment on Uribe's remarks,
saying they are still in the process of certifying the reserves.

Dow Jones Newswires says that under the Quifa Partnership
Contract, signed in 2003, Ecopetrol covers 30% of all costs and
investments at the site, in return for at least 40% of the oil and
gas after royalties.


                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


PACIFIC RUBIALES: Ecopetrol SA Okays Quifa Field Development
------------------------------------------------------------
Ecopetrol SA will take part in the development of the Southwest
part of the Quifa field in Colombia's Meta province in partnership
with Canada-listed oil Pacific Rubiales, Matthew Bristow at Dow
Jones Newswires reports.  The report relates that the development
plan estimates an average daily production of 30,000 barrels a day
by 2011, up from more than 2,300 barrels of heavy crude per day,
the statement said.

According to the report, the field is currently operated by Meta
Petroleum, a subsidiary of Pacific Rubiales.  The report relates
Colombian President Alvaro Uribe said that reserves at the Quifa
field stand at 280 million barrels of crude.  The report ntoes
that Pacific Rubiales declined to comment on Uribe's remarks,
saying they are still in the process of certifying the reserves.

Dow Jones Newswires says that under the Quifa Partnership
Contract, signed in 2003, Ecopetrol covers 30% of all costs and
investments at the site, in return for at least 40% of the oil and
gas after royalties.


                      About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


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


* DOMINICAN REPUBLIC: To Sell Benchmark Bonds Overseas
------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that the
Dominican Republic plans to sell dollar bonds in the country's
first international dollar offering in more than three years.  The
report relates that the country, which hired Barclays Plc and
Citigroup Inc. to arrange the offering, will begin meeting with
bond investors April 23, 2010.

According to the report, the Dominican Republic is tapping
overseas debt markets to take advantage of its lowest borrowing
costs since January 2008.  The report, citing JPMorgan Chase &
Co., relates that the extra yield investors demand to own the
country's dollar bonds instead of U.S. Treasuries narrowed to 3.22
percentage points on April 15 from 4.05 points at the end of last
year.

"The issue will be well received by the market and provide
positive momentum for Dominican Republic assets," the reprt quoted
Alejandro Grisanti, an analyst at Barclays Plc in New York, as
saying.  The report relates Mr. Grisanti has an "overweight"
rating on the country's bonds as "reconstruction aid flows for
Haiti are likely to be funneled via the Dominican Republic."

Bloomberg News notes Barclays said that the Dominican Republic's
economy will grow 7.9% this year, after expanding 3.5% in 2009.


===============
H O N D U R A S
===============


HONDUTEL: Seeks New Strategic Investors
---------------------------------------
Hondutel could seek an alliance with a strategic investor to help
it to better compete in the increasingly competitive local market,
Telegeography News reports, citing BNamericas.

According to the report, BNamericas said a local analyst said that
Hondutel may adopt such a plan as it looks to upgrade its outdated
network to compete with Digicel, Tigo and Claro.  The report
relates that as it stands, the operator's mobile capabilities are
limited to voice calls and SMS-only and its core fixed line
business -- which generates some 60% of annual revenues -- is in
slow decline.

Hondutel is the state-owned fixed-line telecommunications
monopoly of Honduras.  It is currently seeking ways of fending
off competition since it lost its monopoly on long distance
telephony on Dec. 25, 2005.

                           *    *    *

As reported in Troubled Company Reporter on Jan. 11, 2006,
analysts stated that Hondutel will have to find a strategic
partner in order to survive the competition in the Internet and
mobile telephony segments, as it faces an uncertain future after
its monopoly of the international long distance market, opening
up the market to greater competition.


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


AIR JAMAICA: Gov't Budget Will Cover Obligations to Staff
---------------------------------------------------------
Jamaica Prime Minister Bruce Golding said that provisions have
been made in the 2010/11 Budget to satisfy the Government's
obligations to Air Jamaica Limited's staff, Jamaica Information
Service reports.

"We have made provisions in the budget to satisfy, promptly, all
our obligations to the staff of Air Jamaica, some of whom will be
offered employment by Caribbean Airlines," the report quoted Mr.
Golding as saying.

According to the report, Mr. Golding said that Caribbean Airlines
is committed to servicing the routes that are vital to Jamaica's
interests.  "They will fly these routes under the Air Jamaica
flag, at least for the initial period, under licence from the
Government of Jamaica," he added.

Mr. Golding, the report notes, said that that while it would have
been ideal to keep the airline "in Jamaican hands", no plausible
offer was forthcoming and every study done suggested that its
chances of success hinged on being merged with another carrier, in
order to achieve the necessary economies.

                          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.


PETROLEUM CORP: Ex-Boss Denies Knowledge of Cash Skimming Scheme
----------------------------------------------------------------
Dismissed Group Managing Director of the Petroleum Corporation of
Jamaica Dr. Ruth Potopsingh is denying knowledge that there was a
cash skimming scheme at the state-run entity, RadioJamaica
reports.

According to the report, auditors who investigated the operations
of the PCJ between 2006 and 2007 are reporting that they uncovered
evidence of this practice involving funds from the Petrocaribe
Agreement.  However, the report relates Dr. Potopsingh said that
she was not aware of this.  "I was not aware of any cash skimming
scheme. What took place, and I said it in my response, if there
was in fact a cash skimming scheme it should be referred to the
relevant authorities and steps taken," the report quoted Dr.
Potopsingh as saying.  "I was not implicated or involved in giving
any directives to channel Petrocaribe investment earnings into any
account other than the account that belongs to the Petrocaribe
Development Fund," Dr. Potopsingh added.

The report notes that auditors have recommended that the PCJ take
steps to recover funds removed under the cash skimming scheme; and
a separation of some of the financial functions between the PCJ
and its subsidiary Petcom.  The report relates the auditors have
suggested that Petcom refrain from using its funds to cash cheques
from the PCJ or any of its subsidiaries.

In addition, RadioJamaica says, the auditors want an evaluation of
Petcom-owned service stations to determine if rents and fees are
being charged at market values and to take correction action where
necessary.  RadioJamaica relates that the report presented by the
auditors following their probe into the Petroleum Corporation's
operations found that there were unhealthy financial relations
between the entity and Petcom.  According to the audit, more than
$3 million was obtained, for more than a year, through the cash-
skimming scheme that was facilitated through the PCJ's canteen
bank account and Petcom operations, RadioJamaica adds.


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


CEMEX SAB: Deals With Attenda for Fully Managed SAP Cloud Services
------------------------------------------------------------------
Attenda Limited has signed a contract with building materials
company CEMEX UK, to provide operational managed services for its
business critical U.K. Legacy SAP system.

CEMEX selected Attenda in a competitive tendering process to
replace its existing outsourcing arrangement with a more flexible
commercial contract that would reduce costs.  The goal was to
provide the capability to 'right-size' the infrastructure and
service level for its UK Legacy SAP environment, to match the
reduced number of users, whilst retaining functionality for the
users and providing access to historical data for legal and audit
reasons.

As Erwin Von Doelling, Head of IT Services for CEMEX Shared
Services of EMEA & Asia explains, "The cost of our existing
outsourcing arrangement was disproportionate to the number of
users on this legacy platform."  He continues, "We needed to
provision for a low risk, scalable infrastructure as a service for
our UK Legacy SAP system, in order to avoid unnecessary CAPEX
investment and to provide greater commercial flexibility for the
future."  In the contract, Attenda is managing the infrastructure
solution for CEMEX's UK Legacy SAP environment, including
production, QA and Development systems, with interfaces to other
CEMEX systems.  The Attenda solution has delivered cost
reductions, through re-sizing of the infrastructure, whilst still
retaining a dual centre design for disaster recovery.

                           About CEMEX

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.


CREDITO INMOBILIARIO: Moody's Cuts Ratings on Two Securitizations
-----------------------------------------------------------------
Moody's de Mexico has downgraded two Mexican construction loan
securitizations issued and serviced by Credito Inmobiliario:
CICB06 Series A certificates' underlying rating downgraded to Baa3
from Baa1 (Global Scale, Local Currency), and CICB08 Series A
certificates downgraded to B3 from Baa3 (Global Scale, Local
Currency) and to Ba3.mx from Aa2.mx (Mexican National Scale).  All
affected ratings remain on review for further possible downgrade.

The downgrades are based on the sharp deterioration in the
portfolios' delinquency status and the significant decline in both
interest collections and principal collections arising from home
sales proceeds.

Defaulted loans (defined as 30 days past due in principal or 90
days past due in interest payments) increased from 0% as of
November 2009 to 59% in both transactions as of the last servicer
reports received (February 2010 for the CICB06 transaction and
March 2010 for the CICB08 transaction).  According to Credito
Inmobiliario, the main driver for the increase in delinquencies
were developer defaults with respect to their scheduled monthly
interest payments as a consequence of a lack of home sales.

Moody's notes that both transactions are currently in early
amortization, therefore no new loans can be transferred to the
trust.  Once an early amortization of the certificates has been
declared, all principal collections must be used to amortize the
certificates after establishing the appropriate reserves to fund
future disbursements for existing projects.  The legal maturity
for the CICB06 senior certificates is December 2016 while the
legal maturity of the CICB08 senior certificates is May 2013.

During the review period, Moody's will focus on the causes for the
sudden and simultaneous delinquencies of a high number of
developers, the viability of the projects in the pools, the pace
of home sales, the quality of the servicer's construction advance
oversight, and the servicer's remediation strategies to cure
delinquent and defaulted loans.  Furthermore, the rating action
for the CICB08 certificates reflects a high probability of default
on the CICB08 certificates.  As a result, during the review period
Moody's will focus on the level of recoveries expected on the
CICB08 certificates.

                        CICB06 Certificates

Moody's has downgraded the underlying rating of the CICB06 senior
certificates to Baa3 from Baa1 (Global Scale, Local Currency) and
placed it on review for further possible downgrade.  The current
ratings of the senior certificates, Aa3 (Global Scale, Local
Currency) and Aaa.mx (Mexican National Scale), are not affected.
They are primarily based on the financial guaranty provided by
Assured Guaranty, formerly Financial Security Assurance (Aa3
insurance financial strength rating) issued in favor of the senior
certificate holders.  The guaranty unconditionally and irrevocably
guarantees timely payment of interest and payment of principal on
the final maturity date of the senior certificates.

The downgrade of the CICB06 underlying rating is based on the
rapid increase in portfolio delinquencies and the significant
slowdown in sales.  However, this transaction has certain positive
features such as a static loan pool, a low bond factor of 11% for
the CICB06 senior certificates, and six years before the legal
final maturity date in 2016.

The securitized loan portfolio has displayed a dramatic increase
in delinquencies, particularly in the higher delinquency buckets.
The defaulted pool balance (defined as 30 days past due in
principal or 90 days past due in interest payments) reached 59% as
of February 2010, as compared to 0% three months earlier, while
delinquencies greater than 31 days past due now represent 70% of
the outstanding pool balance as compared to 34% as of November
2009.

Furthermore, approximately half of the securitized pool (49%) has
had a change of only 5% or less in loan balance in the last 6
months, signaling that approximately half of the securitized pool
has experienced either a slow pace of disbursements due to
construction delays and/or a relatively low level of home sales
proceeds applied to amortize the loan balance.

As of February 2010, the average construction completion rate for
the underlying housing development projects was 88% across 39
projects, weighted by their total lines of credit amounts.  The
pool is concentrated in the low income segment with an average
unit (home) value of approximately MXN$413,000.  The low-income
housing sector is less risky as it benefits from a housing
shortage and more readily available mortgage financing from quasi-
governmental entities.  The maturity date of the loan with the
latest maturity in the pool is August 2010, while the legal
maturity of the transaction is December 2016, thereby providing a
cushion of six years in the event that project or sales delays
require extensions to the original maturity date.

Moody's notes that as of April 2010 the outstanding certificate
balance is approximately MXN$75 million or 11% of the original
Series A certificates' balance.  Virtually all collections have
been utilized to amortize the Series A certificates after
establishing the reserves needed to make future disbursements on
the construction loans.  The transaction has approximately
MXN$17.2 million in cash as of April 2010 and benefits from
approximately 81% gross credit enhancement in the form of
overcollateralization.

                       CICB08 Certificates

The downgrade of the CICB08 to B3 (Global Scale, Local Currency)
and Ba3.mx (Mexican National Scale) reflects a rapid increase in
defaults and delinquencies and a considerable slowdown in the pace
of sales, which suggest heightened extension risk in this
transaction.

The loan portfolio has experienced a sharp deterioration in
performance in recent months, as the defaulted pool balance
(defined as 30 days past due in principal or 90 days past due in
interest payments) reached 59.3% in March 2010 as compared to 0%
defaults reported as of November 2009.  Delinquencies greater than
31 days past due have reached 81% of the outstanding pool balance
as of March 2010, from 26.4% in November 2009.

Also, the monthly interest and principal collections have
decreased significantly in the last four months.  The monthly
payment rate decreased from 2.3% as of November 2009 to 0.3% as of
March 2010.  According to the company, the very low payment rate,
which is calculated by dividing the monthly principal collections
by the prior month's construction loan pool balance, is a
consequence of the significant slowdown in house sales.  As a
result, there is a higher risk that project delays may extend the
life of numerous loans beyond the final maturity date of the
transaction and that the rated certificates will not be fully paid
by the legal final maturity.

Moody's notes that as of March 2010, approximately 83% of the pool
has had a change of 5% or less in loan balance in the last 6
months, signaling that the loans have experienced either a slow
pace of disbursements due to construction delays and/or a
relatively low level of home sales proceeds applied to amortize
the loan balance.

The maturity date of the loan with the latest maturity in the pool
is August 2010, while the legal maturity of the transaction is May
2013, thereby providing a cushion of three years in the case of
project or sales delays requiring extensions to the original
maturity date.  Nonetheless, the likelihood that this period of
three years will be insufficient to amortize the underlying
construction loans and repay the certificates in full has
increased.  Principal collections have been very volatile in
recent months, and several projects have received and will require
extensions to their original maturity dates for various reasons,
including construction or sales delays.  As of March 2010, the
senior certificates had gross credit enhancement of 23% in the
form of overcollateralization and cash holdings equivalent to
MXP$82.9 million to protect against extension and default risk.
However, some of these cash holdings may be needed to make future
disbursements on loans that have not yet fully utilized their
available lines of credit.

As of March 2010, the average construction completion rate for the
underlying housing development projects was approximately 72%
across 27 projects, weighted by their total lines of credit
amounts.  The pool is concentrated in the low to middle-income
segment with an average unit (home) value of approximately
MXN$486,000.  The low-income housing sector is less risky as it
benefits from a housing shortage and more readily available
mortgage financing from quasi-governmental entities.
Approximately 27% of the pool balance is comprised of vertical
construction housing, which is riskier than horizontal
construction, since the construction has to be nearly 100% built
before sales can materialize.

Moody's believes that the CICB08 senior certificates exhibit
certain structural features that increase transaction governance
and strengthen the transaction, such as the periodic third party
audit on collections, the static pool nature, and loans that have
been originated with an accelerated amortization mechanism.
However, based on the poor collateral performance and the
inadequate current level of gross credit enhancement of 23%,
Moody's believes that the probability of default on the rated
certificates has considerably increased.

                           Rating Action

The complete rating action is:

Originator and Servicer: Credito Inmobiliario S.A. de C.V.

Issuer: HSBC Mexico S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- CICB06 Series A Certificates: underlying ("shadow") rating
     downgraded to Baa3 from Baa1(Global Scale, Local Currency)
     and placed on review for possible downgrade.  The last rating
     action occurred on January 5, 2010 when the underlying rating
     of Baa1 (Global Scale, Local Currency) was confirmed.

  -- CICB08 Series A Certificates: downgraded to B3 from Baa3
     (Global Scale, Local Currency) and to Ba3.mx from Aa2.mx
     (Mexican National Scale), and placed on review for further
     possible downgrade.  The last rating action occurred on
     January 5, 2010 when the ratings were downgraded to Baa3 from
     Baa1 (Global Scale, Local Currency) and to Aa2.mx from Aaa.mx
     (Mexican National Scale).


URBI DESARROLLOS: Starts Operations in Queretaro State
------------------------------------------------------
Urbi Desarrollos Urbanos has started operations in the State of
Queretaro as part of its 2010 geographical expansion plan.  Urbi
seeks to develop more than 2,600 homes within the next three
years.  The plan is seen to create more than 20,000 jobs in the
region.

Urbi's presence in the state is part of its plan to be an active
participant in the country's most important medium-size cities
that show growth and economic dynamism, through its City Licensee
Manager and Landowner Partnership scheme, which gives Urbi a
significant competitive advantage as it allows the company to
secure viable land and reduce initial working capital investment
to maintain a profitable growth.

"The region is an economic development pole, whose geographical
location and significant job-creating investments, will allow us
to serve the housing needs of the population, particularly those
on the defensive segments, with mortgages from Infonavit,"
mentioned Luis Negrete, Urbi's City Licensee Manager in Queretaro.

"Through the City Licensee Manager scheme, we entered the
Queretaro market, and were able to widen our geographical
diversification by 60% in just 2 years to 2009.  In 2010 we plan
to open 8 additional Strategic Business Units under this scheme
and through the selective integration of housing projects under
progress focused on the defensive housing segments, which we will
serve through Infonavit, Fovissste or SHF mortgages," noted
Salvador Gonzalez, Urbi's Business Development Director.

UrbiVilla del Real in the municipality of Queretaro will be one of
the first developments in the area that, following Urbi's
sustainable development and social responsibility principles, will
have a theme park for the preservation of endemic species as part
of the actions taken to foster social awareness and promote
environmentalism amongst residents in the area as part of a joint
effort with the local institutions and authorities.

                      About Urbi Desarrollos

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately $30.8 billion Mexican pesos and equity of
approximately $16 billion Mexican pesos at June 30, 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


===========
P A N A M A
===========


BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------
Fitch Ratings has assigned Banco Nacional de Panama these ratings:

  -- Foreign Currency Long-Term Issuer Default Rating 'BBB-';
  -- Foreign Currency Short-Term IDR 'F3';
  -- Individual Rating 'C/D';
  -- Support Ratings '2';
  -- Support Floor 'BBB-'.

The Rating Outlook is Positive.

At the same time, Fitch has affirmed Banconal's National Long-Term
Rating at 'AA+(Pan)' and the National Short-Term Rating at 'F1+'.

The Outlook for the National Ratings is Stable.

Banconal's IDRs reflect the support it would receive from its sole
shareholder, the Republic of Panama, should it be required; the
Outlook is in line with that of Panama's Sovereign Rating.
Banconal's Individual ratings consider its strong franchise, ample
liquidity, low cost deposit base and sound capitalization; they
also factor in its weak IT systems, below average portfolio
quality, loan and deposit concentration, and low revenue
diversification.

Given the explicit provision in Banconal's inception law (which
Fitch considers an implicit guarantee) and its systemic importance
as well as its role as the financial agent of the government, the
bank would certainly receive support from the Panamanian
government.  There is a high probability that Panama will be able
to support Banconal given its economic standing and prospects.
Hence, there is limited downward risk for Banconal's IDRs;
however, the Individual rating could be pressured downwards should
liquidity deteriorate or should the bank's performance decline
leading to an erosion of its capital base.

Banconal is Panama's largest state-controlled commercial bank and
the third largest bank in the country by assets; it holds about 9%
of the system's assets at December 2009.  Banconal serves
customers in the public sector, corporate and retail segments
through a network of 67 branches and 140 ATMs; it is 100% owned by
the Republic of Panama.


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


DOE RUN PERU: Smelter May Re-open in July
-----------------------------------------
Doe Run Peru's La Oroya smelter will not restart operations on
April 29, 2010, as had been agreed earlier this year with workers,
Francisca Pouiller at Mining Weekly reports, citing Company
President Juan Carlos Huyhua.  The report, citing El Comercio
newspaper, relates Mr. Huyhua said that Doe Run is close to
reaching an agreement with its business partners and suppliers,
and is optimistic that operations will restart by July 26, which
is the deadline set by Peru's Congress.

According to the report, Mr. Huyhua argued, though, that the
"inflexible" laws and timetables imposed on the company are making
it more difficult to reach agreements with its partners.  The
report relates that workers' union at La Oroya had been informed
of the decision to delay restarting the smelter, but does not
accept it.

The report says that union members plan to show up for work next
Friday, April 30.

Meanwhile, the report notes, Doe Run executives, the vice Minister
for Mining, Archbishop Pedro Barreto and workers' representatives
are scheduled to meet to evaluate the situation and plan the
reopening of the smelter.

According to a TCRLA report on January 26, 2010, Bloomberg News
said that Doe Run Peru is "close" to reaching an agreement on
US$156 million of debt to reopen its zinc and lead smelter.  The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations.  Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.

                      About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


EDELNOR SA: Records PEN46.2 Million Net Income in First Quarter
---------------------------------------------------------------
Empresa Electrica Del Norte Grande S.A. posted a first-quarter net
income of PEN46.2 million (US$16.3 million) compared with net
income of PEN38.3 million in the previous year period, Robert
Kozak at Dow Jones Newswires reports.

According to the report, Edelnor attributed results to increased
revenue for the quarter.  The report relates that the said that
gross revenue totaled PEN417.4 million in the first quarter
compared with PEN402.9 million in the same quarter a year earlier.

Headquartered 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.


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


PETROLEOS DE VENEZUELA: CVP Unit Has Tie-up with Chinese Firm
-------------------------------------------------------------
As part of the energy strategy of the Bolivarian Government,
Petroleos de Venezuela SA -- through its subsidiary Corporacion
Venezolana del Petroleo -- signed a Memorandum of Understanding
with the Chinese oil company CNPC, for the formation of a joint
venture for the execution of production activities and improvement
of 400 thousand barrels of extra heavy crude in Block Junin 4 of
the Orinoco Oil Belt, in addition to the construction of an
improver in Mapire, Anzoategui state.

The development plan of this joint venture will last for 25 years,
from the time of its formation and in its initial phase it will
reach 50 thousand barrels in 2012 to progressively increase 400
thousand barrels per day in 2016, when the plant begins its
operations to improve oil.

The joint venture provides an integrated view that encompasses
activities of exploration, production, improvement of extra-heavy
crude, oil marketing and transportation improvements and other
products obtained in the process.

The development of this field will generate the crude to be
processed in refineries to be built between PDVSA and CNPC in
China to meet growing demand in the Asian market.

This joint venture of production and improvement of extra heavy
crude will be constituted with PDVSA, as the majority shareholder
with a shareholding of 60% and 40% for CNPC.

With the establishment of this joint venture, Venezuela is
positioned as a leader in production, improvement and marketing of
heavy and extra heavy crude oil worldwide, and it  is another
example of the interest of international oil companies to invest
in the development of Gaza, in addition to promote social and
industrial development of the Orinoco-Apure axis.

Block Junin 4 strengthens cooperation in the energy field between
the Bolivarian Republic of Venezuela and the People's Republic of
China, through joint development of liquid hydrocarbon reserves,
the world's largest, in order to achieve mutual benefits for both
peoples.

                            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.


                            ***********

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
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