TCRLA_Public/100426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, April 26, 2010, Vol. 11, No. 080

                            Headlines



A R G E N T I N A

BANCO DE VALORES: Moody's Assigns 'Ba3' Rating on Debt Securities


B E R M U D A

C & L FARMING: Creditors' Proofs of Debt Due on May 5
ESTABLECIMIENTO LOS: Creditors' Proofs of Debt Due on May 28
GASPAR Y OCTORINO: Creditors' Proofs of Debt Due on May 18
MERCURY COMMUNICATIONS: Requests for Preventive Contest
MULTIGESTION ARGENTINA: Requests for Bankruptcy


B R A Z I L

BRASKEM FINANCE: Fitch Assigns 'BB+' Rating on US$750 Mil. Notes
BRASKEM FINANCE: S&P Assigns 'BB+' Senior Unsec. Debt Rating
BRASKEM FINANCE: Moody's Assigns 'Ba1' Rating on Senior Notes
FIBRIA CELULOSE: S&P Affirms 'BB' Corporate Family Rating
FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating on Senior Notes

BANCO PATAGONIA: Moody's Reviews 'Ba2' Long-Term Deposit Ratings


C A Y M A N  I S L A N D S

BRUNSWICK PARTNERS: Shareholders' Final Meeting Set for May 6
CHINA XIYANG: Shareholders' Final Meeting Set for May 4
CREINVEST (CAYMAN): Shareholder to Hear Wind-Up Report on May 3
CROSSFIELDS OFFSHORE: Shareholder to Hear Wind-Up Report on May 13
CRYSTAL CAPITAL: Shareholders' Final Meeting Set for May 14

FIRST DECISION: Sole Member to Hear Wind-Up Report May 14
FORE CONVERTIBLE: Shareholders' Final Meeting Set for May 14
FORE CONVERTIBLE: Shareholders' Final Meeting Set for May 14
FORE ERISA: Shareholders' Final Meeting Set for May 14
L T GOLD: Shareholders' Final Meeting Set for May 4

LEHMAN BROTHERS: Sole Shareholder to Hear Wind-Up Report April 30
MAKO ARBPLUS: Shareholders' Final Meeting Set for May 14
MAKO (GENERAL PARTNER): Shareholders' Final Meeting Set for May 14
MAKO GFG: Shareholders' Final Meeting Set for May 14
MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on May 12

MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on May 12
NRG ENERGY: Shareholders' Final Meeting Set for May 31
ORICO SPV: Shareholders' Final Meeting Set for May 12
ORPHEUS LIMITED: Shareholders' Final Meeting Set for May 14
PENTAGRAM OFFSHORE: Shareholders' Final Meeting Set for May 12

PENTAGRAM MASTER: Shareholders' Final Meeting Set for May 12
PURSUIT CAPITAL: Shareholder to Hear Wind-Up Report on May 12
SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4
SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4
SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4

SELECTIUM HOLDINGS: Shareholders to Hear Wind-Up Report on May 4
SMITH BREEDEN: Shareholders' Final Meeting Set for May 14
SOUTH SOUND: Shareholders' Final Meeting Set for May 18
SUFLINKS HOLDINGS: Shareholders' Final Meeting Set for May 4
WILSHIRE US: Shareholders' Final Meeting Set for May 14


C O L O M B I A

ECOPETROL SA: Approves Commercial Viability of Quifa Field


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Moody's Upgrades Gov't Bond Ratings to 'B1'


H A I T I

* HAITI: To Receive US$5.2-Million Fund From IDB & MIF


J A M A I C A

AIR JAMAICA: Trinidadian Gov't OKs US$50MM Funding to Aid Sale
AIR JAMAICA: Employees Want Answers on Airline's Future
CABLE & WIRELESS: Digicel to Pay Firm's Legal Costs
DIGICEL GROUP: To Pay Cable & Wireless' Legal Costs
NATIONAL COMMERCIAL BANK: To Give JS$10M Fund for Dispatched Staff

NATIONAL COMMERCIAL BANK: Relocates Harbour Branch to Windward Rd
NATIONAL COMMERCIAL BANK: Net Profit Drops 7.8% to JM$2.55 Billion
NORANDA BRAUXITE: More Bauxite Workers Out of Work




                         - - - - -


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A R G E N T I N A
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BANCO DE VALORES: Moody's Assigns 'Ba3' Rating on Debt Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba3 (Global Scale, Local Currency) to the
Debt Securities of Fideicomiso Financiero Tarjeta Privada XVIII
issued by Banco de Valores -- acting solely in its capacity as
Issuer and Trustee.

Moody's also assigned ratings of Ca.ar (Argentine National Scale)
and Ca (Global Scale, Local Currency) to the subordinated
Certificates.

                            Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds and a residual piece, all of
them backed by a pool of credit card receivables originated and
serviced by Banco Privado de Inversiones.  The VDF original
balance is equal to 80% of the original pool balance.

At closing, the VDF were backed by credit card outstanding balance
generated by eligible accounts.  The ownership of those accounts
remains with the originator but the receivables assigned to the
trust.  The transaction has five reserve funds: an expenses fund,
a liquidity reserve fund, a backup servicer replacement fund, and
sinking funds for the interest and principal.

The VDF will bear a floating interest rate (BADLAR + 300bps) with
a minimum rate of 13% and a maximum rate of 22%.  If an early
amortization event occurs, the revolving period will terminate
automatically.

After the grace period of one month and beginning in the second
month after closing, scheduled interest and principal will be paid
in that order, on each payment date.  Principal is scheduled to be
paid in six monthly installments.  If the scheduled principal is
not paid on time, it will not constitute an event of default under
the terms of the transaction documents, given that the promise to
investors is to receive ultimate principal before the legal final
maturity date.

During the revolving period, the originator will sell new
receivables to the trust.  These receivables will be purchased
from the cash flow coming from collections.  The documents of the
transaction allow for a direct offset of these two cashflows.  By
having this procedure no cash has to be transferred back and forth
to the trust account and as a result, trust expenses are
minimized.

                        Seller And Servicer

BPI is the seller of the receivables and the primary servicer of
the transaction.  The bank was founded in 1993 to provide
financial services to the middle-high and high income segment of
the market.  In 1996, BPI began issuing MasterCard and Visa credit
cards to its customers.

Banco Macro S.A. is the designated backup servicer.  If a servicer
replacement trigger is hit, the trustee is obligated to
immediately notify BM and Visa and MasterCard.  The trustee, who
receives pool and borrower data from the servicer on a monthly
basis, will transfer this information to the backup servicer.  In
addition, Visa and MasterCard will also have duplicate data which
they can transfer to BM, if necessary.  Given that BM is a member
of the Visa and MasterCard system, the transfer of data should be
straightforward.

BM will be entitled to receive this information as the new owner
of the accounts according to the conditional assignment contract
which will become effective upon the occurrence of a servicer
replacement event.  Thus, even if BPI's membership in the Visa and
MasterCard networks is terminated, credit card customers will not
have their credit lines suspended.

The servicer will transfer collections to the trust account on a
weekly basis.  As a result, there is one week of commingling risk
at the originator/servicer level which may affect the deal should
the originator/servicer enter into a reorganization process.  This
risk is mitigated by the ability of BM, once it is appointed as
backup servicer, to service the receivables, and by the servicer
replacement reserve account that will be funded at closing with
0.5 times the next interest payment.  This reserve account can be
used to pay interest during the transition process.  In addition,
there is another reserve account equivalent to 1.5 times the next
interest payment.  These aggregated funds provide a total coverage
of two monthly interest payments.

                         Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels (20% for
VDF), as well as the historical performance of BPI's portfolio.
In addition, Moody's considered factors common to consumer loans
securitizations such as delinquencies, payments rate and losses;
as well as specific factors related to the Argentine market, such
as the probability of an increase in losses if there are changes
in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses with minimum of 2%, most likely
of 10%, and maximum of 30%.  Also, Moody's assumed a triangular
distribution for the payments rate with minimum of 10%, most
likely of 15%, and maximum of 30%.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If BPI is removed as servicer, Banco Macro
S.A. will be appointed as the back-up servicer.

                           Rating Action

Originator: Banco Privado de Inversiones S.A.

  -- ARS 22,400,000 in Floating Rate Securities of "Fideicomiso
     Financiero Tarjeta Privada XVIII", VDF rated Aaa.ar
     (Argentine National Scale) and Ba3 (Global Scale, Local
     Currency)

  -- ARS 5,600,000 in Certificates of "Fideicomiso Financiero
     Tarjeta Privada XVIII", CP rated Ca.ar (Argentine National
     Scale) and Ca (Global Scale, Local Currency)


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B E R M U D A
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C & L FARMING: Creditors' Proofs of Debt Due on May 5
-----------------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for C & L
Farming SA's reorganization proceedings, will be verifying
creditors' proofs of claim until May 5, 2010.

Mr. Haimovici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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:

         Claudio Jorge Haimovici
         Maipu 267
         Argentina


ESTABLECIMIENTO LOS: Creditors' Proofs of Debt Due on May 28
------------------------------------------------------------
Luis Ricardo Kralj, the court-appointed trustee for
Establecimiento Los Pioneros SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until May 28, 2010.

Mr. Kralj will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 1, 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:

         Luis Ricardo Kralj
         Bouchard 468
         Argentina


GASPAR Y OCTORINO: Creditors' Proofs of Debt Due on May 18
----------------------------------------------------------
Hugo D'Ubaldo, the court-appointed trustee for Gaspar y Octorino
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 18, 2010.

Mr. D'Ubaldo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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:

         Hugo D'Ubaldo
         Tucuman 1577
         Argentina


MERCURY COMMUNICATIONS: Requests for Preventive Contest
-------------------------------------------------------
Mercury Communications SA requested for preventive contest.

The company stopped making payments last March 12.


MULTIGESTION ARGENTINA: Requests for Bankruptcy
-----------------------------------------------
Multigestion Argentina SA requested for its own bankruptcy.  The
company stopped making payments last December 15, 2009.


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


BRASKEM FINANCE: Fitch Assigns 'BB+' Rating on US$750 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Braskem Finance
Limited's proposed notes issuance of approximately US$750 million
due 2020 which will be unconditionally guaranteed by Braskem S.A.
The guarantee will rank pari passu with other unsecured and
unsubordinated obligations of Braskem.  The majority of this
issuance proceeds will be used to refinance Quattor Participacoes
S.A's indebtedness, company in which is in process of being
incorporated.

Fitch currently rates Braskem:

  -- Long-Term foreign Issuer Default Rating 'BB+';
  -- Long-Term local currency IDR 'BB+';
  -- National Scale Rating 'AA(bra)'.

The Rating Outlook is Stable.

Braskem's ratings were affirmed on Jan. 25, 2010, following the
announcement of an agreement to acquire certain assets of Unipar
for BRL700 million plus the assumption of up to BRL170 million in
long-term obligations of BNDES Participacoes S.A. due 2015, which
is currently under negotiation for tenor extension.  The assets to
be acquired include Quattor Participacoes S.A, Polibutenos S.A
Industria Quimica and Unipar Comercial e Distribuidora S.A. To
finance this transaction, Braskem's shareholders committed to
contribute with a minimum amount of BRL3,5 billion.  Thus, Fitch
understood that the transaction would not materially affect the
company's leverage or liquidity over the short and medium term.

On April 8, 2010, Braskem concluded its capitalization program in
the amount of BRL3.7 billion.  This transaction reinforced
Braskem's capital structure and should reduce refinancing
pressures after Quattor's incorporation.  Braskem's main
shareholders, Odebrecht S.A and Petrobras S.A, contributed with
BRL1 billion and BRL2.5 billion, respectively.  Currently,
Odebrecht and Petrobras have 97% and 73.5%, respectively, of
Braskem's voting and total capital.

Strategically, the acquisition is positive for Braskem as it
further strengthens the company's business in the domestic market
(market share in thermoplastic resins will reach 80%) and its
competitive position in the global petrochemical market.  Fitch
believes that Braskem should benefit from cost and operating
synergies as well as an improving business environment, which
should result in lower leverage approaching 3.0 times by the end
of 2010.  Further deleveraging efforts beyond 2011 are uncertain
and ultimately will depend on Braskem's level of investments, as
the company continues to have ambitions plans to reach a more
significant position in the global petrochemical industry.

On Feb. 1, 2010, Braskem announced its international expansion
with the acquisition of the polypropylene business of Sunoco
Chemicals, Inc. (Sunoco Chemicals) in the U.S. for US$350 million.
Fitch considered the size of this transaction manageable, and
believes that Braskem would benefit from greater geographical
diversification of its business as a result of this transaction.
Sunoco Chemicals' privileged location, logistics structure and
access to competitive raw materials are the main drivers for its
acquisition.  Sunoco Chemicals' operating cash generation in 2009
was BRL150 million (around US$80 million).

Braskem's ratings reflect its dominant position in the Brazilian
and Latin American petrochemical sector.  Integration of its
activities gives Braskem a competitive advantage within the
region's petrochemical industry.  The stronger partnership with
Petrobras and higher raw material diversification resulted from
the recent acquisitions also favors its business profile.  The
company's ratings are also supported by its strong liquidity and
extended debt profile that helps mitigate the current high
leverage resulting from the acquisitions.

Braskem's performance is strongly focus on the Brazilian economy,
as around 80% of its revenue is generated by the local market,
although its prices are benchmarked to the international market.
For 2010 and 2011, Fitch expects that the Brazilian economy will
grow 5.3% and 4.6%, respectively.  The favorable environment for
the domestic market should partially mitigate the lower
profitability coming with the expected cycle downturn of the
global petrochemical industry.  Braskem's main challenges are
related to the assets integration recently acquired within a
scenario of pressured prices for its products.  Nevertheless,
Braskem has a strong track record of integrating acquisitions that
result in improved operating performance and generate incremental
of cash flow along the time.

The proposed notes issuance is in line with the strategy of
refinancing Quattor's indebtedness.  As of December 2009, Quattor
showed high refinancing risk.  At that period, Quattor's total
debt was BRL7.4 billion, with 42% due up to 2011, cash position
was BRL672.7 million and Ebitda reached BRL550.7 million.  As of
December 2009, Braskem's total debt was BRL11.6 billion, and cash
and marketable securities was BRL3.1 billion, with amortizations
of BRL4.1 million until 2011, including the tax rescheduling
program.  Braskem's Ebitda and FFO were BRl 2.5billion and
BRL1.6 billion, respectively.

Braskem's credit metrics are weak for the rating category.  The
company's ability to return its metrics to prior levels will be
key to maintaining its ratings at current levels.  The total
debt/EBITDA ratio was slightly lower in 2009, at 4.7 times
compared to 2008, at 5.0x.  The net debt/EBITDA ratios were 3.4x
and 3.8x, respectively.  On a pro forma basis, incorporating the
Quattor and Sunoco acquisitions, Braskem's net leverage ratio was
5.0x at the end of 2009.  Considering the capital injection
(BRL3.7 billion), the ratio declines to 3.6x.

Braskem's liquidity remains substantial and essential to support
the rating.  Even after the acquisition, Braskem's liquidity
position remains robust compared to its short-term debt and
scheduled amortizations.  With the capitalization resources, the
company's cash position (BRL7.5 billion) should be sufficient to
cover scheduled debt amortizations through 2011.  The strategy
shall be pre-paying Quattor's debts and look for improvements in
terms of payment terms and financial cost.  Fitch understands that
in view of the strong liquidity shown and proven access to the
international debt market in recent years, Braskem should be
successful in its strategy.

Key Rating Drivers:

Braskem's ratings may suffer negative pressures if the company
fails to refinance Quattor's debt profile.  The ratings may also
suffer negative pressures if the company is unable to capture the
expected synergies from the recent acquisitions within a less
favorable operating environment, reducing gains in operating cash
flow and frustrating de-leveraging trend.  In the short to medium
term, event risk remains high, as the company will continue to
seek growth through acquisitions abroad.  Depending on the
financing strategy for future strategic actions, size and funding
for any investment plan could negatively affect the company's
leverage, liquidity and credit ratings.  The ratings could benefit
from a greater-than-expected cash generation which could translate
into sustainable reduction in leverage and have a positive effect
on the company credit profile.


BRASKEM FINANCE: S&P Assigns 'BB+' Senior Unsec. Debt Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
senior unsecured debt rating to Braskem Finance Ltd.'s forthcoming
issuance of notes due in 2020.

Brazil-based petrochemical company Braskem S.A. (BB+/Stable/--)
will guarantee the notes unconditionally.  Braskem will use the
proceeds to improve its debt structure by replacing more expensive
and shorter term obligations, and for other corporate purposes.

The rating on the notes is the same as that on the guarantor,
because they compare equally with other of Braskem's unsecured
debt.  The company's secured debt represented less the than 15% of
its assets (10%) as of December 2009.

S&P's corporate credit rating on Braskem reflects the company's
exposure to the volatile input costs and working capital swings of
the petrochemical business; high debt leverage and aggressive
credit metrics for the current rating category; reliance on the
local market to sustain margins; and risks inherent in its plans
to expand production internationally, including the development of
greenfield projects abroad.  Braskem's dominant position in the
Brazilian petrochemical industry; integrated production and
economies of scale; geographic diversification and strengthening
export capabilities, especially after the acquisition of Quattor;
and technological expertise supporting the development of new
products and value-added services partly offset the risks.

                           Ratings List

                           Braskem S.A.

     Corporate Credit Rating                     BB+/Stable/--

                            New Rating

                       Braskem Finance Ltd.

          Senior unsecured notes due 2020            BB+


BRASKEM FINANCE: Moody's Assigns 'Ba1' Rating on Senior Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 foreign currency rating
to the approximately US$750 million senior unsecured notes due
2020 to be issued by Braskem Finance Ltd. (Cayman Islands) and
guaranteed by Braskem S.A. The rating outlook is stable.  The net
proceeds from the issuance will be used to refinance existing
debt, thus improving the company's debt maturity profile without
increasing its leverage.  The notes rating is not constrained by
Brazil's sovereign ceiling of Baa2 with a positive outlook.

Rating assigned is:

Issuer: Braskem Finance Ltd. (Cayman Islands)

  -- approximately US$750 million senior unsecured notes due 2020
     guaranteed by Braskem S.A.: Ba1 foreign currency rating

Existing ratings:

Issuer: Braskem S.A.

  -- Corporate Family Rating: Ba1 (global scale); Aa2.br
     (Brazilian national scale)

Issuer: Braskem Finance Ltd. (Cayman Islands)

  -- US$500 million senior unsecured notes due 2018 guaranteed by
     Braskem S.A.: Ba1 foreign currency rating

The outlook for all ratings is stable.

The rating of the proposed notes and the stable outlook assume
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

Braskem's Ba1 corporate family rating is supported by its large
size as the largest petrochemical company in Brazil and in the
Americas by production capacity, with above industry average
operating margins that result from historically high capacity
utilization rates, long-term client relationships, product
customization and logistics-related barriers for thermoplastic
resin imports.  The rating also factors in the company's high
exposure to volatile naphtha prices, its low geographic
diversification compared to international peers, and the event
risk associated with the company's internationalization process,
which includes potential investments in greenfield projects in
neighboring countries.  The recent acquisitions of Quattor
Participa‡?es S.A. and Sunoco Chemical's assets in the U.S. have
helped to improve the operational diversity of Braskem by adding
three relevant site locations.  Finally, Braskem's above-average
level of disclosure, its overall good governance practices and the
relevant interest of Petrobras in the company are regarded as
credit positives.  The Ba1 rating of the notes at the same level
as Braskem's Ba1 (outlook stable) corporate family rating
anticipates the decline in the near term of the level of secured
debt and debt with claim priority towards about 20% of Braskem's
total consolidated debt pro-forma for Quattor and Sunoco
Chemicals' polypropylene assets in the U.S.

The stable outlook reflects Moody's expectation that Braskem will
maintain its leading position in the Brazilian thermoplastic
resins market, improve its consolidated margins, and prudently
manage its liquidity position (maintaining a minimum cash position
of BRL 3 billion) and capital structure, which would include
reducing leverage in terms of Total Adjusted Net Debt to EBITDA to
about 3.0x in the near term.  Also, the stable outlook assumes
that the greenfield projects will be structured in a way to ring-
fence Braskem from any obligations other than the anticipated
equity contribution.

Given Braskem's high leverage for its rating category Moody's do
not anticipate upward pressure on the company's rating or outlook
over the near term.  Nevertheless, the rating or outlook could be
upgraded if leverage decreases to a level which Moody's considers
to be more compatible with the volatile nature of Braskem's cash
flows, with Total Adjusted Net Debt to EBITDA expected to
stabilize at around 2.5x even during years when there is margin
pressure.  An upgrade would also require that Braskem maintain
strong liquidity.  Finally, Braskem's ability to maintain EBITDA
margins above 15% during a down cycle in the global industry would
be positive for the ratings.

Negative pressure on the rating or outlook could result from
weaker liquidity management or from persistently high leverage,
with Retained Cash Flow (defined as Funds from Operations less
Dividends) to Total Adjusted Net Debt materially below 20% and
Total Adjusted Net Debt to EBITDA above 3.0x.  Furthermore, the
rating or outlook could be negatively affected if Braskem assumes
higher risks in greenfield projects than anticipated.  The foreign
currency rating of Braskem Finance Ltd's guaranteed notes could be
under negative pressure if Braskem's level of consolidated secured
debt does not decline as anticipated over the near term or in case
Braskem provides guarantees to Quattor's debt.

Moody's last rating action on Braskem occurred on January 22,
2010, when its corporate family ratings of Ba1 on the global scale
and Aa2.br on the Brazilian national scale and its stable outlook
were affirmed following the announced agreement to acquire the
control of Quattor.  On February 1, 2010, Moody's commented that
Braskem's ratings and outlook were unaffected by the announced
acquisition of the polypropylene operations of Sunoco Chemicals.

Pro-forma for the acquisition of Quattor and Sunoco's
polypropylene assets in U.S., Braskem is the largest petrochemical
company in the Americas, with annual production capacity of some
6.5 million tons of thermoplastic resins besides aromatics and
automotive gasoline.  Consolidated net revenues in 2009 pro-forma
for Quattor and Sunoco Chemical polypropylene assets amounted to
US$11 billion.


FIBRIA CELULOSE: S&P Affirms 'BB' Corporate Family Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings,
including the 'BB' corporate credit rating with a positive
outlook, on Fibria Celulose S.A.

At the same time, S&P assigned its 'BB' rating to the forthcoming
issuance of senior unsecured notes by Fibria's wholly owned
subsidiary, Fibria Overseas Finance Ltd.

"The rating affirmation considers the significant improvement in
prices for market pulp in the past few months, and continuing
liability management by the company.  However, given the company's
current high financial leverage and large maturities coming due in
2010, coupled with very volatile market pulp prices, S&P believes
evidence of debt reduction and confirmation of market trends are
relevant factors for an upgrade.  The positive market environment
reflects secular trends -- including strong demand from China for
hardwood pulp -- and the temporary production interruptions in
Chile, Finland, and Sweden that have resulted in a reduction in
global inventories," said Standard & Poor's credit analyst Luisa
Vilhena.  "S&P believes these trends will likely sustain market
pulp prices at levels substantially higher than those originally
incorporated in S&P's projections, so that Fibria will likely
accelerate the improvement of its financial profile, which could
lead to an upward rating action in the next few quarters."


FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating on Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating to the proposed senior unsecured notes due 2020 in the
amount of approximately US$500 million (upsizable up to
US$750 million) to be issued by Fibria Overseas Finance Ltd
(Cayman Islands) and fully and unconditionally guaranteed by
Fibria Celulose S.A. The rating outlook is stable.  The net
proceeds from the issuance will be used to pre-pay existing
secured debt, improving Fibria's debt maturity profile and its
financial flexibility.

Rating assigned is:

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  -- approximately US$500 million senior unsecured guaranteed
     notes due 2020: Ba1 (foreign currency)

Existing ratings:

Issuer: Fibria Celulose S.A.

  -- Corporate Family Rating: Ba1 (global scale); Aa2.br
     (Brazilian national scale)

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  -- US$1 billion senior unsecured guaranteed notes due 2019: Ba1
     (foreign currency)

The outlook for all ratings is stable.

The Ba1 rating of the proposed notes and the stable outlook assume
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

Fibria's Ba1 corporate family rating reflects its leading position
as the largest producer of market pulp in the world, its extremely
competitive production costs which are among the lowest worldwide
based on a long-term sustainable business model depicted by
structural cost advantages when compared with most international
peers, including self-sufficiency in wood fiber and electricity
and efficient logistics.  Fibria's relative low product diversity
and its small size when compared with global peers as measured by
net revenues are constraining factors for its rating.  Operational
diversity is good with production spread over five plants,
although 83% of capacity is concentrated in three mills.

Revenues are largely generated under long-term supply contracts
that support stable sales volume with good geographic
diversification.  Additionally, the Ba1 rating incorporates the
benefit from the ownership by and expected support from Votorantim
Participacoes S.A. (Baa3, outlook stable) due to existing cross
default provisions in part of Votorantim's outstanding debt.
Also, Moody's view of Fibria's strong ownership considers the fact
that the Brazilian Development Bank BNDES (A3, outlook stable) is
currently its largest individual shareholder through its
subsidiary BNDES Participa‡?es S.A. (A3, outlook stable) with
33.6% of Fibria's voting and total capital as of December 31,
2009, and a major lender to the company.

In 2009, Fibria's doubled consolidated net revenues of
BRL6 billion (US$3 billion) reflects the full consolidation of
Aracruz Celulose and the additional capacity from the Tres Lagoas
mill.  Lower pulp prices affected operating margins, which however
remained strong when compared to global peers with EBITDA margin
of 30% (37% in 2008) thanks to its structural cost advantages.  As
anticipated, leverage increased significantly during 2009 as a
result of the acquisition of Aracruz, with Total Adjusted Debt to
EBITDA of 8.2x (or 6.1x on a net debt basis).  Nevertheless,
Moody's expect the company will benefit from the sharply improved
BEKP prices since mid 2009 and consistent demand to reduce debt
from free cash flow over the near term, with leverage likely
declining below 4x by 2010 year-end.  Based on the lack of
significant new capacity coming on stream in the near term and
strong demand in China, Moody's believe that the current favorable
market conditions will remain in the foreseeable future.

Liquidity remains healthy based on Fibria's large cash position of
BRL 3.9 billion as of December 31, 2009, that covers 92% of short
term adjusted debt.  Moody's expect Fibria will be free cash flow
positive in 2010 and will continue to have ample access to short
term pre-export financing.  Also, Moody's believe that the
Brazilian Development Bank - BNDES will continue to finance a
substantial portion of Fibria's capital spending, which will
decline in 2010 and focus on maintenance and reforestation
following the conclusion of the Tres Lagoas mill in 2009.

The stable outlook reflects Moody's view that BEKP market
conditions will remain favorable over the near term, supporting
improved operating margins and cash flow generation.  Moody's
expect that Fibria will prudently manage capex and focus on free
cash flow available for debt reduction, while maintaining healthy
liquidity.

The ratings or outlook could upgraded if Fibria manages to reduce
leverage as measured by Total Adjusted Net Debt (net of cash
available for debt reduction) to EBITDA approaching 3x together
with Retained Cash Flow (defined as Funds From Operations less
Dividends) less Capex to Total Adjusted Net Debt above 12% on a
consistent basis.

Conversely, the ratings or outlook could be negatively affected in
case free cash flow remains negative preventing a significant debt
reduction as anticipated, or in case of deterioration in
liquidity.  Also, a deterioration of VPAR's credit quality could
negatively impact Fibria's ratings.  A substantial increase in
secured debt could negatively affect the senior unsecured notes
rating.

Our last rating action on Fibria was on March 23, 2010, when
Moody's affirmed its existing ratings and revised their outlook to
stable from negative.

Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper.  In 2009 Fibria reported consolidated net
revenues of BRL 6 billion (US$3 billion converted by the average
foreign exchange rate for the period).


BANCO PATAGONIA: Moody's Reviews 'Ba2' Long-Term Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
Banco Patagonia S.A.'s Ba2 long-term local currency deposit
rating, as well as the Aa1.ar national scale rating.  All other
ratings were affirmed, including the bank's D bank financial
strength rating.

The rating action is in response to the announcement of Banco do
Brasil's (BB) acquisition of 51% of Patagonia's capital.  Moody's
rates BB as C+ for financial strength, with local and foreign
deposits at A2 and Baa3, respectively.

Moody's noted that the review for possible upgrade of the deposit
ratings reflects Moody's expectation that BB's controlling
interest in Patagonia would enhance the creditworthiness of its
deposits, as suggested by BB's higher ratings.  The partnership
with BB is likely to offer Banco Patagonia access to alternative
business opportunities, particularly among corporations that are
engaged in the regional market, thus allowing Patagonia to
leverage the banking distribution for additional cross selling.
In affirming the D bank financial strength rating for Patagonia,
Moody's noted that the rating is supported by its well established
lending and services operation with small and medium companies, as
well as a low-risk retail franchise, all supported by a robust
capitalization.

Moody's said the upgrade of Patagonia's deposits is contingent
upon the completion of its deal with BB, and to the approval by
Brazilian and Argentinean regulatory authorities.  The deal is
valued at US$79.66 million, 40% of which will be paid at the
closing of the transaction.

The transaction should add substantial scope to Banco Patagonia's
Brazilian corporate finance operation as it benefits from BB's
franchise and

Patagonia is headquartered in Buenos Aires and had total assets of
Ar$9.8 billion as of December 2009.

These actions have been taken:

* Ba2 long-term local currency deposit rating: review for upgrade

* Aa1.ar national scale local currency deposit rating: review for
  upgrade

These ratings were affirmed

* D bank financial strength rating, stable outlook

* Caa1 foreign currency deposit rating, stable outlook

* B2 foreign currency debt rating, stable outlook

* Not Prime foreign and local currency short term deposit ratings,
  stable outlook

* Ba1.ar national scale foreign currency deposit rating, stable
  outlook

* Aa3.ar national scale foreign currency subordinated debt rating,
  stable outlook


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


BRUNSWICK PARTNERS: Shareholders' Final Meeting Set for May 6
-------------------------------------------------------------
The shareholders of Brunswick Partners Six Limited will hold their
final meeting, on May 6, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CHINA XIYANG: Shareholders' Final Meeting Set for May 4
-------------------------------------------------------
The shareholders of China Xiyang Fertilizer Group Company Limited
will hold their final meeting, on May 4, 2010, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CREINVEST (CAYMAN): Shareholder to Hear Wind-Up Report on May 3
---------------------------------------------------------------
The sole shareholder of Creinvest (Cayman) Ltd will receive, on
May 3, 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 Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


CROSSFIELDS OFFSHORE: Shareholder to Hear Wind-Up Report on May 13
------------------------------------------------------------------
The sole shareholder of Crossfields Offshore Fund I, Ltd. will
receive, on May 13, 2010, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9876


CRYSTAL CAPITAL: Shareholders' Final Meeting Set for May 14
-----------------------------------------------------------
The shareholders of Crystal Capital Offshore Warehouse Ltd. will
hold their final meeting, on May 14, 2010, at 11:00 a.m., to
receive 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


FIRST DECISION: Sole Member to Hear Wind-Up Report May 14
---------------------------------------------------------
The sole member of First Decision Limited will receive, on May 14,
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:

         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


FORE CONVERTIBLE: Shareholders' Final Meeting Set for May 14
------------------------------------------------------------
The shareholders of Fore Convertible Master Fund, Ltd. will hold
their final meeting, on May 14, 2010, at 9:00 a.m., to receive 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


FORE CONVERTIBLE: Shareholders' Final Meeting Set for May 14
------------------------------------------------------------
The shareholders of Fore Convertible Offshore Fund, Ltd. will hold
their final meeting, on May 14, 2010, at 8:30 a.m., to receive 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


FORE ERISA: Shareholders' Final Meeting Set for May 14
------------------------------------------------------
The shareholders of Fore Erisa Fund, Ltd. will hold their final
meeting, on May 14, 2010, at 8:45 a.m., to receive 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


L T GOLD: Shareholders' Final Meeting Set for May 4
---------------------------------------------------
The shareholders of L T Gold 3 will hold their final meeting, on
May 4, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


LEHMAN BROTHERS: Sole Shareholder to Hear Wind-Up Report April 30
-----------------------------------------------------------------
The sole shareholder of Lehman Brothers Global Bond Fund,
(Offshore) Ltd will receive, on April 30, 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:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986


MAKO ARBPLUS: Shareholders' Final Meeting Set for May 14
--------------------------------------------------------
The shareholders of Mako Arbplus (General Partner) Inc. will hold
their final meeting, on May 14, 2010, at 10:30 a.m., to receive
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


MAKO (GENERAL PARTNER): Shareholders' Final Meeting Set for May 14
------------------------------------------------------------------
The shareholders of Mako (General Partner) Inc. will hold their
final meeting, on May 14, 2010, at 10:15 a.m., to receive 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


MAKO GFG: Shareholders' Final Meeting Set for May 14
----------------------------------------------------
The shareholders of Mako GFG General Partner Inc. will hold their
final meeting, on May 14, 2010, at 10:00 a.m., to receive 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


MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on May 12
----------------------------------------------------------------
The sole shareholder of Mallet Global Events Enhanced, Ltd. will
receive, on May 12, 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:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815 1802
         Facsimile: (345) 949 1986


MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on May 12
----------------------------------------------------------------
The sole shareholder of Mallet Global Events Fund, Ltd. will
receive, on May 12, 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:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815 1802
         Facsimile: (345) 949 1986


NRG ENERGY: Shareholders' Final Meeting Set for May 31
------------------------------------------------------
The shareholders of NRG Energy Insurance Ltd. will hold their
final meeting, on May 31, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         c/o Kieran Mehigan
         P.O. Box 1051 G.T., Governors Square
         23 Lime Tree Bay Avenue, George Town
         Grand Cayman KY1-1102, Cayman Islands


ORICO SPV: Shareholders' Final Meeting Set for May 12
-----------------------------------------------------
The shareholders of Orico SPV Holdings will hold their final
meeting, on May 12, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for May 14
-----------------------------------------------------------
The shareholders of Orpheus Limited will hold their final meeting,
on May 14, 2010, at 9:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PENTAGRAM OFFSHORE: Shareholders' Final Meeting Set for May 12
--------------------------------------------------------------
The shareholders of Pentagram Offshore Fund, Ltd will hold their
final meeting, on May 12, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PENTAGRAM MASTER: Shareholders' Final Meeting Set for May 12
------------------------------------------------------------
The shareholders of Pentagram Master Fund, Ltd will hold their
final meeting, on May 12, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PURSUIT CAPITAL: Shareholder to Hear Wind-Up Report on May 12
-------------------------------------------------------------
The sole shareholder of Pursuit Capital Partners Fund SPV Limited
will receive, on May 12, 2010, at 12:00 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 8151755
         Facsimile: (345) 949 9876


SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4
-----------------------------------------------------------
The shareholders of Salamanca Cayman 2 will hold their final
meeting, on May 4, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4
-----------------------------------------------------------
The shareholders of Salamanca Cayman 1 will hold their final
meeting, on May 4, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


SALAMANCA CAYMAN: Shareholders' Final Meeting Set for May 4
-----------------------------------------------------------
The shareholders of Salamanca Cayman 3 will hold their final
meeting, on May 4, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


SELECTIUM HOLDINGS: Shareholders to Hear Wind-Up Report on May 4
----------------------------------------------------------------
The shareholders of Selectium Holdings Fund Limited will receive,
on May 4, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Third Floor, Harbour Centre
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SMITH BREEDEN: Shareholders' Final Meeting Set for May 14
---------------------------------------------------------
The shareholders of Smith Breeden Credit Funding Ltd. will hold
their final meeting, on May 14, 2010, at 10:45 a.m., to receive
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


SOUTH SOUND: Shareholders' Final Meeting Set for May 18
-------------------------------------------------------
The shareholders of South Sound House Ltd. will hold their final
meeting, on May 18, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


SUFLINKS HOLDINGS: Shareholders' Final Meeting Set for May 4
------------------------------------------------------------
The shareholders of Suflinks Holdings Ltd. will hold their final
meeting, on May 4, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WILSHIRE US: Shareholders' Final Meeting Set for May 14
-------------------------------------------------------
The shareholders of The Wilshire US Large Cap Alpha Fund, Ltd.
will hold their final meeting, on May 14, 2010, at 9:30 a.m., to
receive 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


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


ECOPETROL SA: Approves Commercial Viability of Quifa Field
----------------------------------------------------------
Ecopetrol SA's Board of Directors approved the commercial
viability of the Southwest Quifa Field, located in the Meta
district, within the Quifa Partnership Contract Area.

The commercial viability declaration means that, after evaluating
the field's potential and the results obtained during the
exploration and testing stages, Ecopetrol has decided to take part
in the commercial development of the field together with the
operator, Meta Petroleum.

The Quifa Partnership Contract was signed on December 22, 2003.
Ecopetrol covers 30% of all costs and investments, and receives a
minimum share of 40% of the hydrocarbons after royalties.

The Southwest Quifa field has a commercial area of approximately
40 thousand hectares with 11 producing wells to date that yield
over 2,300 barrels of heavy crude per day.  The development plan
estimates an average daily production of 30,000 barrels a day by
2011.

The Quifa field is adjacent to Rubiales, a field in which
Ecopetrol and Pacific Rubiales (producer and owner of Meta
Petroleum) have shares.

At present, Ecopetrol has an average daily production at the Meta
district of approximately 198 thousand barrels per day, mainly
from direct fields and shares in fields run jointly with other
companies.

The commercial viability of the Southwest Quifa field is part of
Ecopetrol's strategy to incorporate reserves in adjacent areas to
production fields and contributes towards reaching a production of
one million equivalent barrels (oil and natural gas) by 2015

                      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: Moody's Upgrades Gov't Bond Ratings to 'B1'
-----------------------------------------------------------------
Moody's Investors Service upgrade of the Dominican Republic's
government bond ratings to B1 from B2 reflects a reassessment of
the country's overall credit resilience after the global financial
crisis.

"Despite being a small open economy with close ties to the U.S.,
the Dominican Republic demonstrated a higher-than-expected level
of economic and financial resilience to external shocks," said
Mauro Leos, vice president and senior credit officer in Moody's
Sovereign Risk Group.  "As a result, Moody's has repositioned the
country's sovereign ratings, even as they remain at the lower end
of the rating scale for now."

In addition to the Dominican Republic's long-term track record as
a high-growth economy, its ability to post positive GDP growth
last year denoted an increased ability to overcome external shocks
relative to the past, said the analyst.  This observation has been
reinforced by recent indications that growth is resuming at a
higher-than-expected pace.

"Even though fiscal policy flexibility remains limited, events
last year confirmed an increased ability of monetary and exchange
rate policies to manage external shocks and to mitigate the impact
of adverse external conditions on domestic economic activity,"
said Leos.

Leos indicated that the decision to move the rating was reinforced
by favorable developments in the country's institutional framework
that, over time, could result in improved credit prospects.  For
example, strengthened bank supervision and effective enforcement
of prudential regulations have significantly reduced risks derived
from contingent liabilities in the banking system.  Official
efforts that were effective in developing a domestic market for
government bonds were also cited by Moody's as contributing to the
upgrade.

"The creation of a domestic market for government bonds, while
still in an early stage, is a relevant credit event as it will
progressively provide the government with access to longer-term
local-currency financing," said Leos.  "Over time, this should
allow the government to reduce the share of foreign currency-
denominated debt, a vulnerability still present in the government
balance sheet."

According to Leos, consideration of further upgrades would
require: (i) confirmation that the phase of fiscal consolidation
contemplated in the IMF program is moving forward, (ii)
indications of continued expansion and financial deepening in the
domestic market for government bonds, and (iii) evidence of
tangible progress in the reform of the electricity sector.

In addition to the upgrade in the Dominican Republic's government
bond rating, Moody's upgraded the country ceiling for foreign
currency bank deposits to B2 from B3 and the country ceiling for
foreign currency bonds to Ba2 from Ba3.  The local currency
country ceilings remain at A1.  The outlook for all ratings is
stable.

The last rating action on the Dominican Republic was implemented
on May 2, 2007, when Moody's upgraded the sovereign rating to B2
from B3 with a stable outlook.


=========
H A I T I
=========


* HAITI: To Receive US$5.2-Million Fund From IDB & MIF
------------------------------------------------------
A project backed by the U.S. non-governmental organization Habitat
for Humanity International and the Inter-American Development
Bank's Multilateral Investment Fund will help 500 families hit by
the earthquake rebuild or repairs their homes in the Haitian city
of Cabaret.

In Cabaret, 30 kilometers north of Port-au-Prince, some 3,000
families lost their houses due to the January 12 earthquake.
About 9,000 other families need to repair their damaged homes.

The US$5.2 million project will employ HFHI's "learn by doing"
methodology to train participants in building techniques, making
construction materials, setting up microenterprises, managing
risks and protecting the environment.

The project will give priority to poor families where women are
heads of household as well as to those who have lost their means
to make a living due to the earthquake or were displaced from
Port-au-Prince and wish to settle in Cabaret.

Through this and other projects in Haiti, HFHI's team of local and
foreign experts expects to provide not only housing solutions but
also to assist in rebuilding the social and economic fabric of
communities hit by the earthquake.

The MIF, which will make a US$3 million grant to the project with
HFHI, is supporting another housing initiative in Haiti led by the
Latin American NGO Un Techo Para Mi Pais, which is building
temporary shelters in the southern cities of Grand Goave and
Leogane.

An autonomous fund administered by the IDB, the MIF promotes
private sector development in Latin America and the Caribbean,
with an emphasis on microenterprises and small businesses.

Habitat for Humanity International is an ecumenical Christian
ministry that drafts volunteers to help poor families build
decent, safe and affordable homes. Since its founding in 1976,
HFHI has built, repaired or improved more than 300,000 houses in
3,000 communities around the world.  The Atlanta, Georgia-based
NGO has set itself the goal of assisting 50,000 families affected
by the earthquake in Haiti.


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


AIR JAMAICA: Trinidadian Gov't OKs US$50MM Funding to Aid Sale
--------------------------------------------------------------
The Trinidad and Tobago government has approved US$50 million in
funding to assist in the consummation of the Caribbean Airlines
Limited-Air Jamaica Limited deal, RadioJamaica reports.  The
report relates that the fund will facilitate Caribbean Airlines
taking over several profitable routes now being serviced by Air
Jamaica.

According to the report, Trinidad's Trade and Industry Minister,
Mariano Browne, while not confirming the sum of money committed to
the project, admitted that funds had been approved by the Cabinet.
The report relates that the money will be used for training pilots
and cabin crews, marketing strategies and cover other expenses
necessary to sustain the Air Jamaica routes.

Mr. Browne, the report notes, made it clear that Caribbean
Airlines would not acquire any of Air Jamaica's debts nor purchase
any of its assets.  The report relates that the financial
commitment comes despite continuous assurances from various
Trinidadian Government officials that no money would be used in
negotiating the deal with Air Jamaica.

                        About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: Employees Want Answers on Airline's Future
-------------------------------------------------------
Air Jamaica Limited Chief Executive Officer Bruce Nobles said that
there is no guarantee that he will be able to meet the deadline
imposed by unions representing workers at the soon to be divested
airline, RadioJamaica reports.   The report relates Mr. Nobles
said that he was still gathering information requested by the
unions.

According to Jamaica Observer, the National Workers Union, one of
the unions representing Air Jamaica's employees has written to Mr.
Nobles, to answer a number of outstanding concerns, Jamaica
Observer reports.  The Observer relates that in a letter to the
president, the union said that in order to guarantee a seamless
transition to Caribbean Airlines, information must be provided by
April 23, 2010.

"I will respond . . . in due course.  I can't answer the question
any more direct than that.  The information is still being worked
on and I will answer the questions in due course," the report
quoted Mr. Nobles as saying.

The Observer notes that with the April 30 sale date for Air
Jamaica just a week away, workers say they are still in the dark
over their future with the carrier.  The Observer says that NWMU
said that it is still awaiting official documentation concerning
the deal reached between Caribbean Airlines and the Bruce Golding-
led administration.  "We are not aware of any information about
the culture, the policies, the actual job offer, the number of
persons needed, what are the criteria . . . moreso, as the union
that represents the workers until the very last day, we have not
been informed sufficiently to guide our members," the report
quoted NWU spokesman Granville Valentine as saying.

M. Valentine, the Observer adds, also expressed concern that those
employees who have retired and those who have opted for voluntary
redundancy still did not know how their pension and other benefits
would be worked out.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2010, the transition date for the Caribbean Airlines to
begin its take over of Air Jamaica Limited is pushed through to
April 30/ May 1, 2010.  The report related that Air Jamaica will
continue to operate its routes, under the management of Caribbean
Airlines until it morphs into Caribbean Airlines.  Mr. Shaw, the
report disclosed, said that the date change was mutually agreed on
by both parties, who are still in consultation with the United
States and Canadian Departments of Transport, from whom they must
get permission.  Since the date has been moved from April 12 to
April 30, the new date for the redundancy of Air Jamaica's staff
is now April 30, 2010, he added, the report related.

                        About Air Jamaica

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

                           *     *     *

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

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


CABLE & WIRELESS: Digicel to Pay Firm's Legal Costs
---------------------------------------------------
Cable & Wireless Communications, the parent company of Lime
(formerly Cable & Wireless Jamaica), has been awarded costs after
it won a major battle in the United Kingdom (UK) High Court
against its competitor Digicel Group, RadioJamaica reports.  The
report relates that the costs relate to claims that Cable and
Wireless unlawfully delayed Digicel's entry as a competitor in the
Caribbean telecoms market.

According to the report, the UK High Court dismissed the claim,
and ordered Digicel to pay Cable & Wireless Communications and
defendant parties' costs of their defense.  The report relates
that the defendants expect to recover the substantial majority of
their costs which ran to at least GBP15.5 million or US$24
million.

RadioJamaica notes that the claims suggested that Cable & Wireless
had breached the telecoms statutes in Barbados, Cayman, St Lucia,
St Vincent & the Grenadines, Grenada and the Turk & Caicos Islands
which Digicel was entering as a competitor from 2002 to 2006.  The
report says that similar allegations were also made against TSTT,
the Trinidad & Tobago-based telecom operator, in which Cable &
Wireless Communications holds a minority stake.

RadioJamaica News adds that the High Court ruled Cable & Wireless
Communications was entitled to costs in six out of the seven
jurisdictions.

                     About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2

                           About LIME

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

                      About Cable & Wireless

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

                         *     *     *

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

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


DIGICEL GROUP: To Pay Cable & Wireless' Legal Costs
---------------------------------------------------
Cable & Wireless Communications, the parent company of Lime
(formerly Cable & Wireless Jamaica), has been awarded costs after
it won a major battle in the United Kingdom (UK) High Court
against its competitor Digicel Group, RadioJamaica reports.  The
report relates that the costs relate to claims that Cable and
Wireless unlawfully delayed Digicel's entry as a competitor in the
Caribbean telecoms market.

According to the report, the UK High Court dismissed the claim,
and ordered Digicel to pay Cable & Wireless Communications and
defendant parties' costs of their defense.  The report relates
that the defendants expect to recover the substantial majority of
their costs which ran to at least GBP15.5 million or US$24
million.

RadioJamaica notes that the claims suggested that Cable & Wireless
had breached the telecoms statutes in Barbados, Cayman, St Lucia,
St Vincent & the Grenadines, Grenada and the Turk & Caicos Islands
which Digicel was entering as a competitor from 2002 to 2006.  The
report says that similar allegations were also made against TSTT,
the Trinidad & Tobago-based telecom operator, in which Cable &
Wireless Communications holds a minority stake.

RadioJamaica News adds that the High Court ruled Cable & Wireless
Communications was entitled to costs in six out of the seven
jurisdictions.

                     About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2

                           About LIME

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

                      About Cable & Wireless

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

                         *     *     *

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

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


NATIONAL COMMERCIAL BANK: To Give JS$10M Fund for Dispatched Staff
------------------------------------------------------------------
National Commercial Bank Jamaica Limited plans to provide grant
funding of up to JM$10 Million to staff members affected by the
Bank's recent major redundancy exercise through the NCB Post
Redundancy Entrepreneurship Program.  On April 12, 2010, displaced
staff had access to the funds geared towards financing their
entrepreneurial pursuits and securing their financial
independence.

NCB sees this decision as one that not only benefits the former
staff and their families; the SME sector is also viewed as a
beneficiary. "We consider the PREP to be an excellent means by
which we can enrich the lives of our former employees, while
positively impacting the SME sector through the deployment of well
trained and talented business operators backed by the country's
largest financial institution, NCB," stated Patrick Hylton, Group
Managing Director, NCB.

Since the separation activity in March, NCB has provided affected
staff with free consultation sessions facilitated by qualified and
experienced psychologists, outplacement services (resume
preparation and posting and links to career search and placement
engines, mock interview sessions and individual discussions with
HR personnel to aid the process of transition.

The most recent recipient of the coveted JEF Employer of Choice
Award took its outreach plan a step further by hosting an
entrepreneurship workshop for the former employees following the
restructuring exercise.  The workshop was geared towards
disseminating information and practical tips on starting a viable
business in a tough economy, which will no doubt generate
increased momentum when the budding SMEs gain access to the
anticipated cash injection.

Rickert Allen, NCB's Senior General Manager-Group Human Resources
was enthusiastic about the Programme stating, "Redundancy is
traditionally seen as a negative activity; primarily because it is
not planned for by the affected staff.  However, viewed with an
open mind, redundancy can present a world of opportunities that
may not have otherwise been explored.  For those former employees
who meet the basic requirements to access the funds and possess
the stick-to-it-iveness and tenacity required to be a successful
business owner, NCB will help to make your dreams of becoming your
own boss happen for you."

Qualifying persons are those who were advised of their separation
from NCB in the week of March 5, 2010.  Each successful applicant
will receive a JM$250,000 grant towards the start up of a viable
business venture.  The offer will be open from April 12 to
June 30, 2010.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL BANK: Relocates Harbour Branch to Windward Rd
-----------------------------------------------------------------
National Commercial Bank Jamaica Limited has relocated its Harbour
View Branch to the Windward Rd location on April 5, 2010.  The
merger was a success and the first day of operations as the new
Windward Road branch was April 6, 2010.  NCB has viewed this move
as a positive one, as the Harbour View location posed several
challenges for achieving optimal operations and customer
satisfaction. NCB will maintain an ABM in the Harbour View area
and will preserve its ties to the Harbour View community.

"With the upgraded Windward Road branch, we relish in our new
found ability to serve both Harbour View and Windward Road
customers better due to the increased staff complement, upgraded
facilities and a renewed focus on providing optimum customer
service," effused the location's new branch manager, Donna-Marie
Solomon.

Audrey Tugwell Henry, Senior General Manager, Retail Banking
Division was equally pleased with the success of the relocation
and the continued relationship with both communities.  "NCB has
firm roots planted in both communities and while there is no
physical branch location in Harbour View at this time, NCB remains
very much a part of the Harbour View community," she stated.  NCB
pledges to continue to contribute to the community's development
through the NCB Foundation and their people will continue to serve
Harbour View inside and outside of the banking hall.

NCB has committed to serving Windward Road customers even better
as a result of this modified location.  It is their intention to
continue to grow along with the community whose vibrancy they have
come to know and admire.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL BANK: Net Profit Drops 7.8% to JM$2.55 Billion
------------------------------------------------------------------
The National Commercial Bank Jamaica Limited's net profit decline
by 7.8% to JM$2.55 billion for the quarter ended March 31, 2010,
from the previous quarter, RadioJamaica reports.  The report
relates that company's operating profit for the three months
declined by 5.7% to JM$7.1 billion.

According to the report, NCB said that the Debt Exchange
Program(JDX), which was concluded on February 24, resulted in the
expected reduced yields and longer maturities on its locally
issued investment securities.  The report relates that the results
for the March quarter included approximately one month of reduced
securities income.

RadioJamaica notes that for the six months to the end of last
month, NCB saw its total loans and advances, decline by JM$1.3
billion to JM$86.4 billion.

The report says that the economic downturn also took a toll on the
ability of the bank's customers to repay their loans.  The report
relates that during the period, non-performing loans totaled
JM$2.9 billion reflecting a JM$600 million increase over the
corresponding period last year.  This represented 3.3% of gross
loans compared to 2.6% as at March 2009, the report adds.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


NORANDA BRAUXITE: More Bauxite Workers Out of Work
--------------------------------------------------
About 160 workers at the St. Ann-based Noranda Bauxite Company are
out of a job, RadioJamaica reports.  The report relates that the
company confirmed that it has cut down the size of its work force
as a result of operational changes which will result in out
sourcing to third parties for certain areas of its mining
operations.

According to the report, terminations which took effect on
April 23, will affect permanent and temporary employees.  However,
the report relates, Noranda Bauxite states that it will be
rehiring 27 persons for positions that have arisen as a result of
the staff shake up.  In addition, RadioJamaica discloses that the
company said employees whose positions have been terminated will
have the opportunity to become part of the alternative contractor
mining operations which is now being instituted.

Meanwhile, the report says that Noranda Bauxite said it has been
meeting with the three unions that represent workers at the
Discovery Bay facility to examine alternatives.  The company, the
report adds, also noted that the decision to reduce the staff
complement was in keeping with its plan to be assured of increased
bauxite production.


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *