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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, April 27, 2010, Vol. 11, No. 081

                            Headlines



A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'B-' Counterparty Credit Rating
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
LA ROCKA: Creditors' Proofs of Debt Due on June 8
PAN AMERICAN: Fitch Assigns 'BB-' Rating on Proposed Note Offering
TRILOC SA: Creditors' Proofs of Debt Due on May 21

* ARGENTINA: ATFA Joins NY State Senate Hearing on Country's Debt


B E R M U D A

CENTRAL EUROPEAN: Expects Ad Revenues to Increase
VALIDUS HOLDINGS: Taps Board of Director to Talbot Underwriting


C A Y M A N  I S L A N D S

ACP ASSET: Shareholders' Final Meeting Set for May 4
ACP CHINA: Shareholders' Final Meeting Set for May 4
ARSENAL FUND: Shareholders' Final Meeting Set for May 10
F PROPERTIES: Shareholders' Final Meeting Set for May 19
GAVEAU LTD: Shareholders' Final Meeting Set for May 16

INTEGRAL CAPITAL: Shareholders' Final Meeting Set for May 19
MUZINICH SPC: Shareholders' Final Meeting Set for May 19
PBC ONE: Shareholders' Final Meeting Set for May 18
PERELLA WEINBERG: Shareholders' Final Meeting Set for May 19
PICO FUND: Sole Shareholder to Receive Wind-Up Report on May 31

PLEIADES CAPITAL: Shareholders' Final Meeting Set for May 19
PORTLAND CAPITAL: Shareholders' Final Meeting Set for May 19
PORTLAND GENERAL: Shareholders' Final Meeting Set for May 19
PORTLAND GLOBAL: Shareholders' Final Meeting Set for May 19
PORTLAND GLOBAL: Shareholders' Final Meeting Set for May 19

RANGER LONG: Shareholders' Final Meeting Set for May 10
SCAPE US: Sole Shareholder to Receive Wind-Up Report on May 18
SIXTINA 11: Shareholders' Final Meeting Set for May 19
UFJ PREFERRED: Shareholders' Final Meeting Set for May 19


C O L O M B I A

ECOPETROL SA: May Sell Stake After Elections


D O M I N I C A N  R E P U B L I C

PETROLEOS DE VENEZUELA: Seeks to Share Cost in Refinery Deal


J A M A I C A

AIR JAMAICA: Union Fuming Over Lack of Gov't Response
AIR JAMAICA: NWU Predicts Second Sale Deadline Will Be Missed
SUGAR COMPANY OF JAMAICA: DBJ Extends Deadline for Factory Bids
* JAMAICA: Banana Sector Recovers After 2 Consecutive Years


M E X I C O

CEMEX SAB: Extends Early Tender Period in Exchange
TV AZTECA: Will Pay Unspecified Cash Amount to Investors


P E R U

* PERU: To Use US$65.8 Million to Help Buy Back Bonds


V E N E Z U E L A

PETROLOES DE VENEZUELA: Cardon FCC Will Be Down Up to Seven Days
* VENEZUELA: May Nationalize Gold Mining, Says President Chavez
* VENEZUELA: Economy May Shrink for a Second Year


X X X X X X X X

* Fitch Issues List on Latin American Rating Actions for March
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


BANCO PATAGONIA: S&P Affirms 'B-' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
counterparty credit rating on Argentina-based Banco Patagonia S.A.
The outlook remained stable.

S&P's ratings on Banco Patagonia were not immediately affected by
the April 21 announcement that Banco do Brasil S.A. (BBB-
/Stable/A-3) will buy a stake in Banco Patagonia.  With the sale,
BdB will own 51% of the votes and outstanding corporate capital of
Banco Patagonia.  The closing of the transaction is subject to
approvals by the Argentine Central Bank, antitrust authorities in
Argentina, the Brazilian Central Bank, and BdB's shareholders.

"The transaction would further leverage Banco Patagonia's business
diversity through Banco do Brazil's extensive client network
operating in Argentina," said Standard & Poor's credit analyst
Sebasti n Liutvinas.

The ratings on Banco Patagonia primarily reflect the risk inherent
in operating in Argentina.  The bank is challenged to increase its
still low market participation and sustain its diversification of
revenues.

However, these weaknesses are somewhat mitigated by the bank's
solid financial standing, evidenced by good asset quality, above-
market-average profitability, ample liquidity, and relatively high
capitalization.

Because of S&P's uncertainties about the Argentine economy, S&P
believes the close linkage between the credit quality of the
Republic of Argentina (B-/Stable/C) and that of the Argentine
financial system directly affect the bank's business and
prospects.

The stable outlook on Banco Patagonia reflects that on the
sovereign.  Rating upside is limited by the rating on the
sovereign.


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Rating on Class A
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXXIV issued by
Deutsche Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.

Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale) and
Caa3 (Global Scale, Local Currency) to the subordinated
Certificates.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 19,378 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,000,372.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

                            Structure

Deutsche Bank S.A.  (Issuer and Trustee) issued three classes of
Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of
Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 313 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 19% or lower
than 12%.  The Class C Fixed Rate Securities will bear a fixed
interest rate of 19%.

Overall credit enhancement is comprised of subordination: 65% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

                        Rating Rationale

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments 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 centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. (Argentina) will be appointed as the back-up
servicer.

                          Rating Action

                 Originator: Banco Supervielle S.A.

  -- ARS 28,000,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXIV",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS 40,000,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXIV",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS 8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXIV",
     rated Ba1.ar (Argentine National Scale) and Caa1 (Global
     Scale, Local Currency)

  -- ARS 4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXXIV", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)


LA ROCKA: Creditors' Proofs of Debt Due on June 8
-------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for La Rocka SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 8, 2008.

Mr. Adrogue 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. 8, 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:

         Ricardo Adrogue
         Bouchard 468
         Argentina


PAN AMERICAN: Fitch Assigns 'BB-' Rating on Proposed Note Offering
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' and 'AAA(arg)' rating to Pan
American Energy LLC Sucursal Argentina's proposed note offering of
up to US$500 million.  The new notes will be guaranteed by Pan
American Energy, LLC, which is also rated 'BB-'.  Proceeds from
this issuance will be used to finance capital expenditures and to
refinance debt.  Fitch also affirmed PAME's 7.75% notes at 'BB-
/AAA(arg)' and the issuer's national scale long-term rating at
'AAA (arg)'.  In addition, Fitch affirmed PAE LLC's foreign
currency Issuer Default Ratings at 'BB-' and its local currency
IDR at 'BB'.  The Outlook for all ratings is Stable.

PAE's ratings are supported by the company's long-lived reserve
base, adequate leverage and solid credit metrics.  The two-notch
foreign currency IDR above the country ceiling of Argentina is
supported by PAE LLC's reliable strong cash flow generation, high
level of dollar-denominated export revenues relative to total debt
which mitigates its exposure to currency mismatch, and its ability
to maintain up to 70% of export revenues offshore which mitigates
transfer and convertibility risk; PAE exports totaled $1.9 billion
in 2009.  In addition, the company has a track record of payment
during stressed sovereign scenarios and a strong shareholder, BP,
Fitch rated 'AA+'.

The Stable Outlook reflects Fitch's expectations that the company
will maintain its leading position in the Argentina's upstream oil
and gas segment as management continues to replace reserves and
moderately increase its oil output.  PAE's credit profile
continues to be challenged by the weak sovereign and regulatory
environment, including significant government interference in this
sector, and inflation pressures on its cost structure.

The proposed up to US$500 million debt issuance will result in an
increase in leverage that is within Fitch expectations.  The
company will use the proceeds to refinance upcoming debt
maturities for around US$175 million in 2010, as cash flow after
capex will be moderately negative.  Following the closing of the
transaction Debt to EBITDA will remain below 1.5 times and
interest coverage above 8x.  At December 2009, PAE's consolidated
debt amounted to US$1.5 billion with debt to capitalization at
25%.  Core borrowing facilities are mostly held at the Argentine
branch level and its consolidated debt is adequately structured in
the long term (85% of total debt).  PAE's debt profile is composed
of senior unsecured notes, multilateral loans and other financing.
PAE fully guarantees the long-term debt of the Argentine branch.
PAE had an adequate liquidity position as of December 2009 with
US$221 million in cash.

Profitability in 2009 was above expectations mostly due to PAE's
increase in revenues.  Under the Petroleo Plus regime established
for companies which incorporate oil reserves and oil production
increases volumes from new fields, PAE received tax certificates
which were used to pay for a portion of export tariffs.  In 2009
export revenues for US$1.9 billion accounted for 70% of
consolidated sales.  The decrease in crude oil demand from
domestic refineries allowed for a higher volume of exports.  As
domestic crude oil demand resumes growth in 2010, export volumes
are expected to return to more normalized levels.  As of December
2009 credit protection measures remained strong with EBITDA to
interest at 13.5x and Debt to EBITDA at 1.0x.

PAE is the second largest producer of oil and gas in Argentina,
accounting for approximately 17% of domestic 2009 production.
PAE, a company based in the United States, is owned by BP (60%)
and Bridas Corp. (40%).


TRILOC SA: Creditors' Proofs of Debt Due on May 21
--------------------------------------------------
Miguel Angel Tregob, the court-appointed trustee for Triloc SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 21, 2010.

Mr. Tregob 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:

         Miguel Angel Tregob
         Ecuador 1449


* ARGENTINA: ATFA Joins NY State Senate Hearing on Country's Debt
-----------------------------------------------------------------
American Task Force Argentina co-chair Robert Shapiro and
Executive Director Robert Raben were invited to speak before the
New York State Senate Committee on Banks as witnesses, providing
expertise on the impact of the Argentine debt default on the
United States and encouraging the legislature to help bring
pressure on Argentina to resolve its outstanding debts.  Dr.
Shapiro and The Honorable Raben emphasized the impact of the
Argentine debt crisis on New York State and outlined concrete
steps for the legislature.

"Argentina's negative impact on New York State continues to grow
as the Argentine government refuses to honor its outstanding debts
to thousands of foreign lenders.  New York holders of Argentine
bonds have lost an estimated US$903 million as a result of
Argentina's debt default and refusal to restructure those
defaulted bonds on normal terms.  By our estimation, Argentina
currently owes American investors a total of US$3.82 billion,"
ATFA co-chair Dr. Robert Shapiro said.  "Until Argentina offers
its creditors a fair value for these bonds and resolves its
outstanding court judgments, the country will continue to be
unable to access foreign credit."

Presided over by Chairman Brian X. Foley, the hearing allowed a
number of experts on Argentina's 2001 debt default and 2005
restructuring to detail the impact debt on bondholders, taxpayers
and other investors, in New York State as well as across the
United States and the rest of the world.  Supporting the repayment
of Argentine debt, witnesses offered their insight into possible
ways to resolve the long impasse between the Argentine government
and its foreign creditors.

"As Executive Director of ATFA, I have worked to garner support
for the Judgment Evading Foreign States Accountability Act (JEFSA)
in the U.S. Congress, which aims to present a solution to the
detrimental impact of Argentine debt on U.S. taxpayers, creditors
and investors, and currently has 13 co-sponsors from New York
alone," Robert Raben, ATFA Executive Director, said. "In addition,
here in the New York State Senate, there's a resolution,
Resolution J3954, which urges the New York State Congressional
delegation to support JEFSA."

Following the hearing, Dr. Shapiro commented on Argentina's recent
announcement of the debt swap, "The rumors that Argentina's new
offer would be unacceptable have, unfortunately, turned out to be
true -- this offer is actually worse than the 2005 offer," said
Shapiro.  "Under the current terms, Argentina would end up paying
only 25 percent of what the country owes to creditors. The offer
is especially disappointing, given the vast improvements in the
country's ability to honor all of its obligations."

Additional witnesses who testified in the hearing include:

  -- Carolyn B. Lamm -- Partner, White & Case LLP

  -- Dr. Claudio Loser -- Senior Fellow, Inter-American Dialogue;
     President, Centennial Group Latin America LLC; Former Western
     Hemisphere Director for the IMF

  -- James M. Roberts -- Research Fellow for Economic Freedom and
     Growth, Center for International Trade and Economics (CITE),
     The Heritage Foundation

  -- Mark Botsford -- Argentine creditor, U.S. taxpayer

  -- Dr. Thomas Halper -- Political Science Department Chair,
     Baruch College

  -- Dr. Richard W. Rahn -- Chairman, Institute for Global
     Economic Growth

  -- Dennis Hranitzky -- Counsel, Dechert LLP

  -- Alexander Yanos -- Partner, Freshfields Bruckhaus Deringer

  -- Dr. Arturo Porzecanski -- Distinguished Economist-in-
     Residence, American University School of International
     Service

  -- John Missing -- Partner, Debevoise & Plimpton LLP

  -- Robert Cohen -- Partner, Dechert LLP

Made up of an alliance of diverse organizations, ATFA's leadership
includes Executive Director Robert Raben, a former Assistant
Attorney General at the U.S. Department of Justice, and two co-
chairs, The Honorable Robert J. Shapiro, former Under Secretary of
Commerce for Economic Affairs in the Clinton Administration, and
Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the
United Nations in New York from 1997 to 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


CENTRAL EUROPEAN: Expects Ad Revenues to Increase
-------------------------------------------------
Central European Media Enterprises Limited expects regional TV ad
prices to begin rising in the second half after reaching "bottom"
in the first quarter, The Royal Gazette reports.

"We see some signals that the mood in our markets has improved a
little bit and the prices for advertisers will start to rise again
in the second half," the report quoted Chief Executive Officer
Adrian Sarbu as saying.  During declines, "we continued to support
clients by promotion packages and other incentives," he added.

According to the report, CME has been battling a slump of as much
as 30% in TV ad spending in 2009 after companies cut marketing
budgets during the economic crisis.  The report relates that the
company said in February its markets may begin to rebound in the
second half.

Mr. Sarbu, the report notes, said that CME's first-quarter TV ad
revenue remained "weak" in most markets or even "bottomed" in some
from a year ago.  The report relates Mr. Sarbu added that Slovenia
and Croatia performed better in the period from a year earlier.

                   About Central European Media

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service has affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.


VALIDUS HOLDINGS: Taps Board of Director to Talbot Underwriting
---------------------------------------------------------------
Validus Holdings, Limited's specialty insurance subsidiary, Talbot
Underwriting, Ltd., has appointed Peter Bilsby to its Board of
Directors effective immediately.

Michael Carpenter, Talbot's Chairman, said, "Since joining our
team in September 2009, Peter has been a major contributor to the
strategic direction of the business.  His leadership skills,
industry experience and firsthand knowledge of underwriting
complex books of business will make him a valuable asset to
Talbot's Board.  We look forward to benefiting from Peter's
insight and counsel at the Board level."

Mr. Bilsby added, "I am honored to have been selected to serve on
Talbot's Board with such a talented and dynamic group of
professionals.  I am looking forward to working with the other
Board members as we seek to capitalize on the many opportunities
for Talbot."

In addition to his new role on the Talbot Board, Mr. Bilsby has
been named Head of Underwriting Management and Head of Reinsurance
Purchasing at Talbot.  He also will continue to serve as Head of
Talbot's Global Aerospace practice.

                       About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


ACP ASSET: Shareholders' Final Meeting Set for May 4
----------------------------------------------------
The shareholders of ACP Asset Management (Cayman) Limited will
hold their final meeting, on May 4, 2010, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ACP CHINA: Shareholders' Final Meeting Set for May 4
----------------------------------------------------
The shareholders of ACP China Property Fund will hold their final
meeting, on May 4, 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:

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


ARSENAL FUND: Shareholders' Final Meeting Set for May 10
--------------------------------------------------------
The shareholders of Arsenal Fund Limited will hold their final
meeting, on May 10, 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:

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


F PROPERTIES: Shareholders' Final Meeting Set for May 19
--------------------------------------------------------
The shareholders of F Properties Holdings Inc. will hold their
final meeting, on May 19, 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:

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


GAVEAU LTD: Shareholders' Final Meeting Set for May 16
------------------------------------------------------
The shareholders of Gaveau Ltd. will hold their final meeting, on
May 16, 2010, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


INTEGRAL CAPITAL: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Integral Capital Offshore Partners, Ltd. will
hold their final meeting, on May 19, 2010, at 3:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MUZINICH SPC: Shareholders' Final Meeting Set for May 19
--------------------------------------------------------
The shareholders of Muzinich SPC will hold their final meeting, on
May 19, 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:

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


PBC ONE: Shareholders' Final Meeting Set for May 18
---------------------------------------------------
The shareholders of PBC One Holdings, Limited will hold their
final meeting, on May 18, 2010, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Perella Weinberg Partners Aerospace, Defense
and Security Offshore Fund Ltd. will hold their final meeting, on
May 19, 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:

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


PICO FUND: Sole Shareholder to Receive Wind-Up Report on May 31
---------------------------------------------------------------
The sole shareholder of Pico Fund Limited will receive, on May 31,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Wilton McDonald
         Telephone: (345) 914-4620
         Facsimile: (345) 815-0570


PLEIADES CAPITAL: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Pleiades Capital will hold their final
meeting, on May 19, 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:

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


PORTLAND CAPITAL: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Portland Capital (Cayman) Limited will hold
their final meeting, on May 19, 2010, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PORTLAND GENERAL: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Portland General Partner Limited will hold
their final meeting, on May 19, 2010, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for May 19
-----------------------------------------------------------
The shareholders of Portland Global Real Estate Securities Fund
will hold their final meeting, on May 19, 2010, at 2:05 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders' Final Meeting Set for May 19
-----------------------------------------------------------
The shareholders of Portland Global Real Estate Securities Master
Fund will hold their final meeting, on May 19, 2010, at 2:10 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RANGER LONG: Shareholders' Final Meeting Set for May 10
-------------------------------------------------------
The shareholders of Ranger Long Short Opportunity Fund (Cayman),
Ltd. will hold their final meeting, on May 10, 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:

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


SCAPE US: Sole Shareholder to Receive Wind-Up Report on May 18
--------------------------------------------------------------
The sole shareholder of Scape US Mezzanine Fund will receive, on
May 18, 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:

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


SIXTINA 11: Shareholders' Final Meeting Set for May 19
------------------------------------------------------
The shareholders of Sixtina 11 Eclectic Pacific Fund Limited will
hold their final meeting, on May 19, 2010, at 2:15 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


UFJ PREFERRED: Shareholders' Final Meeting Set for May 19
---------------------------------------------------------
The shareholders of UFJ Preferred Capital 1 Limited will hold
their final meeting, on May 19, 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:

         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: May Sell Stake After Elections
--------------------------------------------
Colombia may sell a 5% stake in Ecopetrol SA after mid-year
presidential elections as the government seeks to narrow its
budget gap, said the head of the nation's oil regulator, Bloomberg
News reports.  "It has to be decided soon because those funds are
needed," the report quoted Armando Zamora, director of the state-
run National Hydrocarbons Agency, as saying.

According to the report, outgoing President Alvaro Uribe is
seeking ways to close a budget deficit in 2010 that's forecast to
be the nation's biggest in five years amid sluggish economic
growth.  The report relates that a 5% stake in Ecopetrol is worth
about US$2.85 billion.  A sale would reduce the government's stake
to about 85 percent, the report says.

Finance Minister Oscar Ivan Zuluaga, the report notes, said that
the government may sell as much as 15% of Ecopetrol.  Chief
Executive Officer Javier Gutierrez told the news agency in an
interview that Ecopetrol was considering a 9.9% stake sale next
year to fund investments.

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


PETROLEOS DE VENEZUELA: Seeks to Share Cost in Refinery Deal
------------------------------------------------------------
Venezuela has reportedly conditioned its purchase of a 49% stake
in the Dominican Republic's refinery (Refidomsa) by asking the
Dominican government to share the estimated cost of US$1.2 billion
to refurbish the facility, The Dominican Today reports.

According to the report, citing eldia.com.do, the plan is
currently the world's most ambitious, given its daily production
estimated at 1.2 million barrels, and which requires a 30.0
billion dollar investment.  The report relates that it would also
be the reason behind the several postponements, the most recent on
April 19, as the Dominican Government had planned.

The Dominican Today says that Venezuelan diplomatic and economic
sources said if it maintains its position, defended by some of
Caracas' top ministers, the deal may fall through.

As reported in the Troubled Company Reporter-Latin America on
January 15, 2010, Dominican Republic Treasury Minister Vicente
Bengoa said that the sale of a stake in REFIDOMSA, to Venezuelan
par Petroleos de Venezuela would was postponed.  According to the
report, the signing of the contract was scheduled in the country
for yearend, but situation unforeseen by PDVSA authorities and
because of the last summit of the countries grouped in regional
organism ALBA, spearheaded by Venezuela, made that date
impossible.  The Dominican Government will get US$131.5 million
for the 49% refinery stake.

                           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.


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


AIR JAMAICA: Union Fuming Over Lack of Gov't Response
-----------------------------------------------------
The National Worker Union, the union representing Air Jamaica
Limited's workers, are fuming after the airline's management
ignored the April 23 deadline to provide crucial information on
next week's transfer of ownership of the cash strapped entity,
RadioJamaica reports.

According to the report, Granville Valentine, Vice President of
the National Worker's Union, blasted Air Jamaica CEO Bruce Nobles
for showing scant regard to the employees' concerns.  "We have not
received that and we are quite disappointed but not surprised
based on how the process has been going.  We are aware that there
is a mad haste to finalize or organize certain aspects of the
closure but we are still saying that the process must be followed
in a particular manner and critical information given to the
workers, and by extension, their unions," the report quoted Mr.
Valentine as saying.

RadioJamaica notes that more than 1,000 Air Jamaica workers are
slated to lose their jobs come next week ahead of Caribbean
Airlines assuming control of the national airline on Friday,
April 30.

As reported in the Troubled Company Reporter-Latin America on
April 26, 2010, the Jamaica Observer said that NWU wrote to Mr.
Nobles to answer a number of outstanding concerns.  The Observer
related 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.

                         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: NWU Predicts Second Sale Deadline Will Be Missed
-------------------------------------------------------------
The National Workers Union, which represents Air Jamaica Limited's
workers, has expressed doubt on the Jamaican government's ability
to complete preparations in time for April 30's sale of the
airline's routes, RadioJamaica reports.  The report relates that
NWU said that there are signs that the deadline will again be
missed.

According to the report, transfer of the routes was originally
scheduled for April 12 but was extended until this week to
facilitate the tying up of loose ends in the proposed deal.  The
report notes NWU predicted that the original deadline would be
missed, saying there are signs that a repeat is coming.

"Because no document has been singed and for the sale to be
finalized, that negotiation has to be finalized and that document
has to be signed by the party, there has been no signing and this
is one of the things that surprised us and it is a bit frightening
for some of the workers what kind of situation are we going in,"
the report quoted NWU Vice President Granville Valentine as
saying.

                       About Air Jamaica

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

                           *     *     *

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

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



SUGAR COMPANY OF JAMAICA: DBJ Extends Deadline for Factory Bids
---------------------------------------------------------------
Investors interested in purchasing the remaining Sugar Company of
Jamaica Limited' sugar factories that are still on the auction
block have been given more time to present offers, RadioJamaica
reports.

According to the report, the Development Bank of Jamaica has
revealed a three-week extension of the deadline for the submission
of expressions of interest for the estates and factories at Frome,
Monymusk and Bernard Lodge.  The report relates that the May 3
deadline for proposals to be submitted was moved to May 24.

The report notes that proposals are being sought for the
financing, modernization, operation and management of the three
entities.

The DBJ, the report discloses, said that the assets are being sold
en bloc or in separate packages.  With the government intent on
selling the properties under a single agreement, the DBJ said it
will give preference to investors who want to acquire them in one
deal, the report adds.

                            About SCJ

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

                           *     *     *

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


* JAMAICA: Banana Sector Recovers After 2 Consecutive Years
-----------------------------------------------------------
There are more signs that the local banana sector has recovered
from two consecutive years of setbacks caused by natural
disasters, RadioJamaica reports.

According to the report, information contained in the latest
Economic and Social Survey of Jamaica shows banana production was
estimated at 52,765 tons in 2009 up from the 36,200 tonnes
reported in 2008.  The report relates that the Planning Institute
of Jamaica said more favorable conditions prevailed during last
year and this facilitated the improvement in output.

The report recalls that more than 80% of Jamaica's banana industry
was destroyed by Hurricane Dean in 2007 and Tropical Storm Gustav
the following year.

                           *     *     *

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


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


CEMEX SAB: Extends Early Tender Period in Exchange
--------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the extension of the early tender
date for its four separate private offers to exchange CEMEX's
currently outstanding Perpetual Debentures for new senior secured
notes to be denominated in Dollars and Euros until 11:59 p.m., New
York City time, on April 30, 2010, the scheduled expiration date
for the Exchange Offers.

The Exchange Offers were launched on April 5, 2010, and all other
terms of the Exchange Offers remain unchanged from the terms
announced in the Supplement dated April 19, 2010 to the Offering
Memorandum dated April 5, 2010.  The issuer of the New Senior
Secured Notes is CEMEX Espana, S.A., acting through its Luxembourg
branch.  The Issuer is offering to exchange:

1. any and all of the properly tendered and accepted outstanding
   U.S. dollar-denominated 6.196% Fixed-to-Floating Rate Callable
   Perpetual Debentures at US$713.75 per US$1,000 principal
   amount for New Dollar Senior Secured Notes (the "USD 6.196%
   Exchange Offer"),

2. any and all of the properly tendered and accepted outstanding
   U.S. dollar-denominated 6.64% Fixed-to-Floating Rate Callable
   Perpetual Debentures at US$716.25 per US$1,000 principal
   amount for New Dollar Senior Secured Notes (the "USD 6.64%
   Exchange Offer"),

3. any and all of the properly tendered and accepted outstanding
   U.S. dollar-denominated 6.722% Fixed-to-Floating Rate Callable
   Perpetual Debentures at US$723.75 per US$1,000 principal
   amount for New Dollar Senior Secured Notes (the "USD 6.722%
   Exchange Offer"), and

4. any and all of the properly tendered and accepted outstanding
   Euro-denominated 6.277% Fixed-to-Floating Rate Callable
   Perpetual Debentures at EUR687.50 per EUR1,000 principal
   amount for either New Euro Senior Secured Notes or New Dollar
   Senior Secured Notes at the option of the exchanging holder
   (the "Euro Exchange Offer" and, together with the USD 6.196%
   Exchange Offer, the USD 6.64% Exchange Offer and the USD 6.722%
   Exchange Offer, the "Exchange Offers").  The exchange of Euro-
   denominated Perpetual Debentures for New Dollar Senior Secured
   Notes will be done at US$1.3468 per EUR1.00, the official
   exchange rate published by the European Central Bank on
   April 1, 2010.

The Exchange Offers will expire at 11:59 p.m., New York City time,
on April 30, 2010, unless extended or earlier terminated (which
the Issuer may do in its absolute discretion).  Eligible holders
of the Perpetual Debentures who properly tender their Perpetual
Debentures by the Second Revised Early Tender Date will receive an
additional fee of US$30 payable in additional principal amount of
New Senior Secured Notes per US$1,000 of principal amount tendered
for the U.S. dollar-denominated Perpetual Debentures, and EUR30
payable in additional principal amount of New Senior Secured Notes
per EUR1,000 of principal amount tendered for the Euro-denominated
Perpetual Debentures.  Withdrawal rights expired at the Original
Early Tender Date, and there will be no withdrawal rights for the
remainder of the Exchange Offers.

As of 5:00 p.m., New York City time on April 23, 2010, the
following amounts had been properly tendered and not withdrawn by
series in addition to consenting to the Proposed Amendments to the
indentures governing the Perpetual Debentures and the underlying
Dual Currency Notes and the related amendments to certain
collateral documents:

(1) US$200,824,000 in aggregate principal amount (or 57.38%) of
    outstanding U.S. dollar-denominated 6.196% Fixed-to-Floating
    Rate Callable Perpetual Debentures.

(2) US$363,159,000 in aggregate principal amount (or 48.42%) of
    outstanding U.S. dollar-denominated 6.64% Fixed-to-Floating
    Rate Callable Perpetual Debentures.

(3) US$432,985,000 in aggregate principal amount (or 48.11%) of
    outstanding U.S. dollar-denominated 6.722% Fixed-to-Floating
    Rate Callable Perpetual Debentures.

(4) EUR447,892,000 in aggregate principal amount (or 61.36%) of
    outstanding Euro-denominated 6.277% Fixed-to-Floating Rate
    Callable Perpetual Debentures.

The requisite consents from a majority of the holders of the U.S.
dollar-denominated 6.196% Fixed-to-Floating Rate Callable
Perpetual Debentures and the Euro-denominated 6.277% Fixed-to-
Floating Rate Callable Perpetual Debentures related to the USD
6.196% Exchange Offer and the Euro Exchange Offer, respectively,
were received and not revoked on April 16, 2010.  Accordingly, the
condition relating to the receipt of such requisite consents from
eligible holders on or prior to the Expiration Date has been
satisfied for each of the USD 6.196% Exchange Offer and the Euro
Exchange Offer.

In light of the amount of the Perpetual Debentures which have been
tendered by the Revised Early Tender Date, and considering the
interest rates payable in respect of the Perpetual Debentures not
yet tendered and its other current costs in respect of its other
financial instruments, CEMEX has no present intention to redeem
any series of the Perpetual Debentures as and when the Perpetual
Debentures become redeemable.  After an initial "no call" period,
which varies between five and ten years depending on the issue
date of various series of Perpetual Debentures, the Perpetual
Debentures are redeemable at the option of the issuer, with the
earliest call date occurring in December 2011.

Furthermore, although consummation of the Exchange Offers will
preclude the deferral of the June 30, 2010 interest payment on the
Perpetual Debentures, if and when all conditions to interest
deferral on the Perpetual Debentures have been satisfied and if it
is required for CEMEX to satisfy its other contractual obligations
or realize its financial objectives, CEMEX will consider
exercising its option to defer on subsequent interest dates.

The New Senior Secured Notes denominated in Dollars will mature in
10 years, pay a coupon of 9.25% annually, and be callable
commencing on the fifth anniversary of their initial issuance.
The New Senior Secured Notes denominated in Euros will mature in 7
years, pay a coupon of 8.875% annually, and be callable commencing
on the fourth anniversary of their original issuance. The terms of
the Exchange Offers provide for the exchange of the Perpetual
Debentures at discounts from their principal amounts and thus, to
the extent Perpetual Debentures are exchanged for New Senior
Secured Notes, will reduce the aggregate principal amount of
CEMEX's outstanding financial obligations.

The New Senior Secured Notes in Dollars and Euros (i) will
represent senior obligations of the Issuer, (ii) will be
unconditionally guaranteed on a senior secured basis by the same
guarantors of the Dual Currency Notes: CEMEX, S.A.B. de C.V.,
CEMEX Mexico, S.A. de C.V., and New Sunward Holding B.V., and
(iii) since the New Senior Secured Notes are refinancing or
replacing existing financial indebtedness under the Financing
Agreement dated August 14, 2009, as amended, will share the same
Collateral that secures the obligations under the Dual Currency
Notes, the Financing Agreement and other senior secured debt
having the benefit of such Collateral.

Holders of Perpetual Debentures who want to participate in the
Exchange Offers must consent to the Proposed Amendments to the
indentures governing the Perpetual Debentures and the underlying
Dual Currency Notes and the related amendments to certain
collateral documents.  Each Exchange Offer is subject to, among
other things, the condition that the consents of holders
representing at least a majority in aggregate principal amount of
the outstanding Perpetual Debentures of the applicable series have
been received and not revoked.  None of the Exchange Offers is
contingent on the completion of any other Exchange Offer. Each
Exchange Offer may be modified, extended or cancelled at any time.

The Exchange Offers are being made within the United States only
to "qualified institutional buyers" pursuant to Rule 144A under
the Securities Act of 1933, as amended, and to persons that are
not "U.S. persons," as such term is defined in Rule 902(k) of
Regulation S under the Securities Act and who would be
participating in any transaction in accordance with Regulation S.
The New Senior Secured Notes to be offered have not been
registered under the Securities Act and may not be offered or sold
in the United States absent an applicable exemption from
registration requirements.  The Exchange Offers are not being made
to any person located or resident in the Republic of Italy. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy Perpetual Debentures or New Senior
Secured Notes in any jurisdiction in which such an offer or sale
would be unlawful.

The New Senior Secured Notes will not be registered with the
National Securities Registry, maintained by the Mexican National
Banking and Securities Commission, and may not be offered or sold
publicly in Mexico.  The New Senior Secured Notes may be offered
in Mexico to qualified and institutional investors, pursuant to
the private placement provisions set forth in Article 8 of the
Mexican Securities Market Law.

The New Senior Secured Notes will not be publicly listed.

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.

The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.

Cemex hopes to use compensation from Venezuela to reduce its US$15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide.  Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.


TV AZTECA: Will Pay Unspecified Cash Amount to Investors
--------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that TV Azteca SA de CV
will propose paying investors cash during its next shareholders
meeting without mentioning the amount.  According to the report,
the company will propose "giving a reimbursement in cash to
shareholders."

Meanwhile, the report notes, TV Azteca said it will also propose a
dividend at the April 30 meeting.  It did not say how much the
dividend would be.

                           About TV Azteca

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating.


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


* PERU: To Use US$65.8 Million to Help Buy Back Bonds
-----------------------------------------------------
John Quigley at Bloomberg News reports that Peru plans to use
US$65.8 million of cash to help fund a buyback of US$415 million
of international bonds.  According to the report, the government
will sell more bonds "when market conditions are more favorable"
to replenish the cash it takes from the Treasury to make the
payment.  The report relates that the government said that the
buyback of bonds maturing from 2012 to 2016 as part of an effort
to reduce its short-term debt.

Bloomberg News says the government is also financing the buyback
using cash from a reopening of the February 2042 sol bond on April
19.  After offering up to US$389 million, the government sold
US$334 million of notes yielding 7.10%, 10 basis points more than
the price in the secondary market, Scotiabank Peru analyst
Estefany Castillo told the news agency in a phone interview.  The
result showed there is limited demand from local investors for
large offerings of long-term debt, Mr. Castillo addded.

The report notes that as part of its debt restructuring, the
government also reopened its 2033 global bond in exchange for
US$1.4 billion of the shorter-dated bonds as it seeks to extend
the maturity of public debt.  Mr. Castillo, the report relates,
said that the government had sought to extend the maturity on a
total of US$3.37 billion of debt maturing between 2012 and 2016,
but found there isn't enough of an appetite for longer-term debt
in the international market.


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


PETROLOES DE VENEZUELA: Cardon FCC Will Be Down Up to Seven Days
-----------------------------------------------------------------
The fluid catalytic cracking unit at Petroleos de Venezuela's
305,000 barrel-a-day Cardon refinery could be out of service until
early May after a fire broke out there, Dan Molinski at Dow Jones
Newswires reports.  The report relates that PDVSA said workers are
looking into the causes of the fire and will make the needed
repairs as soon as possible.

According to the report, PDVSA said that fuel supplies for
domestic and international markets won't be impacted as a result
of the catalytic cracker unit problem because it has enough
inventories on hand throughout its refining network.  The report
relates Jesus Luongo, director of refining at PDVSA, said workers
are also doing a clean-up job at the refinery, which is located in
western Venezuela.  "The plant is running, detouring around the
section that suffered damage," the report quoted Mr. Luongo as
saying.  "At the latest about five days, seven days tops, the unit
will be completely in service," he added.

Dow Jones Newswires says that the Cardon refinery is one of the
country's most important crude-processing facilities.

                            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.


* VENEZUELA: May Nationalize Gold Mining, Says President Chavez
---------------------------------------------------------------
Jose Orozco at Bloomberg News reports that Venezuelan President
Hugo Chavez threatened to nationalize gold mining concessions in
the South American country.  The report relates President Chavez
said that Venezuela may end concessions because of "capitalist
mafias" comprising national and multinational companies that
destroy the environment and exploit workers.  "If we are going to
exploit gold, we would have to nationalize all that, recover and
end the concessions," the report quoted President Chavez as
saying.

According to the report, President Chavez has taken control of
foreign oil, utility and metals companies in the country while
vowing to transform Venezuela into a socialist state.  The report
says central bank President Nelson Merentes has pledged to finance
gold production in Bolivar state and to build a gold refinery in
order to boost international reserves and develop non-oil export
industries.

                          *     *     *

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


* VENEZUELA: Economy May Shrink for a Second Year
-------------------------------------------------
Jose Orozco at Bloomberg News reports that President Hugo Chavez
said that Venezuela's economy may shrink for a second year.  The
report relates that the country's the economy fell into its first
recession since 2003 last year, shrinking 3.3%.

According to the report, the International Monetary Fund said that
Venezuela will contract 2.6% this year, the only major Latin
American economy to shrink, in part because of power shortages.
The report, citing Morgan Stanley, relates President Chavez
devalued the bolivar by as much as 50% on January 8 in an effort
to narrow the country's budget deficit, which is projected to be
3.2% of GDP.

RBS analyst Boris Segura, the report notes, said that Royal Bank
of Scotland Plc lowered its forecast for Venezuela's economy this
year to a 3% contraction as electricity shortages crimp production
and restricted dollar sales curb imports.  The foreign exchange
administration commission, known as Cadivi, has failed to allot
sufficient dollars to importers to boost production, he added, the
report relates.

                           *     *     *

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


===============
X X X X X X X X
===============


* Fitch Issues List on Latin American Rating Actions for March
--------------------------------------------------------------
Fitch Ratings has released a comprehensive list of 40 Latin
America National scale rating changes for the month of March 2010,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating actions were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Matone Securitizadora S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'A (bra)';
  -- Rating Outlook revised to Positive from Stable;
  * (Rating action took place on March 5, 2010.)

Fincasa Hipotecaria S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'BBB (mex)';
  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on March 5, 2010.)

Ixe Automotriz S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'BBB+ (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 5, 2010.)

Creditos Imobiliarios Residenciais (Brasil)

  -- Series 2006-51 national long-term rating to 'AAA (bra)' from
     'AA (bra)'

  -- Series 2007-71 national long-term rating to 'A (bra)' from
     'BBB+ (bra)'

  * (Rating action took place on March 8, 2010.)

Unicreco Servytur (Mexico)

  -- National long-term rating to 'BB+ (mex)' from 'BB (mex)'
  * (Rating action took place on March 9, 2010.)

Banco BISA S.A. (Bolivia)

  -- National long-term rating to 'AAA (bol)' from 'AA+ (bol)'
  -- National short-term rating to 'F1+ (bol)' from 'F1 (bol)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 16, 2010.)

Companhia de Concessoes Rodoviarias S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'A (bra)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 19, 2010.)

Corporacion Interamericana de Entretenimiento (Mexico)

  -- National long-term rating to 'BB- (mex)' from 'D (mex)'
  -- National short-term rating to 'B (mex)' from 'D (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 23, 2010.)

Grupo KUO (Mexico)

  -- National long-term rating to 'BBB+ (mex)' from 'BBB (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 23, 2010.)

Asociacion Popular de Ahorros y Prestamos (Republica Dominicana)

  -- National long-term rating to 'A (dom)' from 'A- (dom)'
  -- National short-term rating to 'F-1 (dom)' from 'F-2 (dom)'
  * (Rating action took place on March 26, 2010.)

Municipio de Cancun (Mexico)

  -- National long-term rating to 'BBB- (mex)' from 'BB+ (mex)'
  -- Rating Outlook is Stable;
  * (Rating action took place on March 26, 2010.)

Banco Mariva (Argentina)

  -- National short-term rating to 'A1 (arg)' from 'A2(arg)'
  * (Rating action took place on March 30, 2010.)

Fitch has also downgraded these ratings:

Municipio de Tampico (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 3, 2010.)

Gafisa FIDC - Credito Imobiliario (Brasil)

  -- National long-term rating to 'AA- (bra)' from 'AA+ (bra)'
  * (Rating action took place on March 5, 2010.)

Ixe Grupo Financiero S.A.B. (Mexico)

  -- National short-term rating to 'F2 (mex)' from 'F1 (mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on March 5, 2010.)

Municipio de Bahia de Banderas (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  * (Rating action took place on March 16, 2010.)

Value Arrendadora, S.A. (Mexico)

  -- National long-term rating to 'A- (mex)' from 'A (mex)';
  -- National short-term rating to 'F2 (mex)' from 'F1 (mex)';
  -- National long-term rating Outlook is Stable;
  * (Rating action took place on March 19, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Municipio de Cuernavaca (Mexico)

  -- National long-term rating at 'AA-(mex)';
  -- Rating Watch revised to Negative;
  * (Rating action took place on March 26, 2010.)

Megabono and Megabono Credito (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 30, 2010.)

GMAC I, II and III (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Sucredito II and III (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Confibono XXXI to LXII (Argentina)

  -- Stable Rating Outlook assigned;
  * (Rating action took place on March 31, 2010.)

Fitch has affirmed and withdrawn these ratings:

CMR Falabella XVIII (Argentina)

  -- ARP17.50 million certificates of participation at 'B (arg)';
  * (Rating action took place on March 2, 2010.)

Fava XXI (Argentina)

  -- ARP5.15 million certificates of participation at 'CCC (arg)';
  * (Rating action took place on March 2, 2010.)

BN Valores S.A. (Costa Rica)

  -- National long-term rating AA+ (cri)
  -- National short-term rating F1+ (cri)
  * (Rating action took place on March 8, 2010.)

FPB Bank Inc. (Panama)

  -- National long-term rating 'B (pan)'
  -- National short-term rating 'B (pan)'
  * (Rating action took place on March 8, 2010.)

Jantesa S.A. (Venezuela)

  -- National long-term rating 'B (ven)'
  -- National short-term rating 'B (ven)'
  * (Rating action took place on March 9, 2010.)

Consubond LXV (Argentina)

  -- ARP1.73 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubond LXVII (Argentina)

  -- ARP4.86 million class B notes at 'A- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubond LXIX (Argentina)

  -- ARP18.72 million class A notes at 'AAA (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXIV (Argentina)

  -- ARP1.81 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXV (Argentina)

  -- ARP1.72 million class C notes at 'BBB- (arg)';
  * (Rating action took place on March 9, 2010.)

Consubono XXXVI (Argentina)

  -- ARP3.16 million class B notes at 'A- (arg)';
  * (Rating action took place on March 9, 2010.)

Minerva FIDC Credito Mercantil (Brasil)

  -- BRL17.60 million senior series 2009-2 'AA (bra)'
  * (Rating action took place on March 10, 2010.)

Megabono XXVII (Argentina)

  -- ARP9.08 million certificates of participation at 'B- (arg)';
  * (Rating action took place on March 18, 2010.)

Megabono XXVIII (Argentina)

  -- ARP9.72 million certificates of participation at 'B- (arg)';
  * (Rating action took place on March 18, 2010.)

CFA V (Argentina)

  -- ARP27.99 million certificates of participation at 'CCC
     (arg)';

  * (Rating action took place on March 18, 2010.)

Comision Estatal de Aguas de Queretaro (Mexico)

  -- National long-term rating 'A- (mex)';
  * (Rating action took place on March 19, 2010.)

Municipio de Tecamac (Mexico)

  -- National long-term rating 'BBB (mex)';
  * (Rating action took place on March 19, 2010.)

Banco Internacional (Chile)

  -- National long-term rating 'A (cl)'
  -- National short-term rating 'N1 (cl)'
  * (Rating action took place on March 25, 2010.)


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                           Total
                                         Total      Shareholders
                                         Assets           Equity
Company             Ticker               (US$MM)          (US$MM)
-------             ------           ------------         -------


ARGENTINA

SOC COMERCIAL PL      SCDPF US          117956835     -250298760
SNIAFA SA-B           SDAGF US         11229696.2    -2670544.88
SOC COMERCIAL PL      CAD IX            117956835     -250298760
SOC COMERCIAL PL      CVVIF US          117956835     -250298760
SOC COMERCIAL PL      CADN EO           117956835     -250298760
COMERCIAL PL-ADR      SCPDS LI          117956835     -250298760
SOC COMERCIAL PL      COME AR           117956835     -250298760
SOC COMERCIAL PL      CADN SW           117956835     -250298760
COMERCIAL PLA-BL      COMEB AR          117956835     -250298760
COMERCIAL PL-C/E      COMEC AR          117956835     -250298760
COMERCIAL PLAT-$      COMED AR          117956835     -250298760
SNIAFA SA             SNIA AR          11229696.2    -2670544.88
SNIAFA SA-B           SNIA5 AR         11229696.2    -2670544.88
IMPSAT FIBER NET      IMPTQ US          535007008      -17165000
IMPSAT FIBER NET      330902Q GR        535007008      -17165000
IMPSAT FIBER NET      XIMPT SM          535007008      -17165000
IMPSAT FIBER-CED      IMPT AR           535007008      -17165000
IMPSAT FIBER-C/E      IMPTC AR          535007008      -17165000
IMPSAT FIBER-$US      IMPTD AR          535007008      -17165000
IMPSAT FIBER-BLK      IMPTB AR          535007008      -17165000

BRAZIL

DOC IMBITUBA-RTC      IMBI1 BZ          117726172    -17225602.7
DOC IMBITUBA-RTP      IMBI2 BZ          117726172    -17225602.7
TELECOMUNICA-ADR      81370Z BZ         248609064    -9345005.13
FABRICA TECID-RT      FTRX1 BZ         65955223.6    -56330080.2
PROMAN                PRMN3B BZ        13486222.7    -113662.457
TEKA-ADR              TEKAY US          236758337     -334535567
BOMBRIL               BMBBF US          300229620     -120551090
TELEBRAS-PF RCPT      CBRZF US          248609064    -9345005.13
TEKA                  TKTQF US          236758337     -334535567
TEKA-PREF             TKTPF US          236758337     -334535567
REII INC              REIC US            16269472       -2354589
PET MANG-RIGHTS       RPMG1 BZ          111979912     -134952358
PET MANG-RIGHTS       RPMG2 BZ          111979912     -134952358
PET MANG-RECEIPT      RPMG9 BZ          111979912     -134952358
PET MANG-RECEIPT      RPMG10 BZ         111979912     -134952358
MMX MINERACAO         TRES3 BZ          981664768     -207254300
MMX MINERACA-GDR      MMXMY US          981664768     -207254300
SANESALTO             SNST3 BZ         27381496.7     -870175.96
B&D FOOD CORP         BDFCE US           16269472       -2354589
BOMBRIL-RGTS PRE      BOBR2 BZ          300229620     -120551090
BOMBRIL-RIGHTS        BOBR1 BZ          300229620     -120551090
MMX MINERACA-GDR      XMM CN            981664768     -207254300
TELEBRAS/W-I-ADR      TBH-W US          248609064    -9345005.13
MMX MINERACA-GDR      3M11 GR           981664768     -207254300
LAEP-BDR              MILK11 BZ         446499199    -70952298.9
LAEP INVESTMENTS      LEAP LX           446499199    -70952298.9
MMX MINERACAO         MMXCF US          981664768     -207254300
BALADARE              BLDR3 BZ          144928981    -33970462.8
TEXTEIS RENAU-RT      TXRX1 BZ         58969047.8    -91550951.9
TEXTEIS RENAU-RT      TXRX2 BZ         58969047.8    -91550951.9
TEXTEIS RENA-RCT      TXRX9 BZ         58969047.8    -91550951.9
TEXTEIS RENA-RCT      TXRX10 BZ        58969047.8    -91550951.9
TELEBRAS SA-RT        TELB9 BZ          248609064    -9345005.13
CIA PETROLIF-PRF      MRLM4 BZ          377602195    -3014291.72
CIA PETROLIFERA       MRLM3 BZ          377602195    -3014291.72
NOVA AMERICA SA       NOVA3 BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ           21287489     -183535527
PROMAN                PRMN3 BZ         13486222.7    -113662.457
B&D FOOD CORP         BDFC US            16269472       -2354589
MMX MINERACAO-RT      MMXM1 BZ          981664768     -207254300
MMX MINERACA-RCT      MMXM9 BZ          981664768     -207254300
TELEBRAS SA           TELB3 BZ          248609064    -9345005.13
TELEBRAS SA           TLBRON BZ         248609064    -9345005.13
TELEBRAS SA           TBASF US          248609064    -9345005.13
TELEBRAS SA-PREF      TELB4 BZ          248609064    -9345005.13
TELEBRAS SA-PREF      TLBRPN BZ         248609064    -9345005.13
TELEBRAS-ADR          TBAPY US          248609064    -9345005.13
TELEBRAS-ADR          TBRAY GR          248609064    -9345005.13
TELEBRAS-CEDE PF      RCTB4 AR          248609064    -9345005.13
TELEBRAS-CED C/E      RCT4C AR          248609064    -9345005.13
TELEBRAS-CEDEA $      RCT4D AR          248609064    -9345005.13
TELEBRAS-CEDE BL      RCT4B AR          248609064    -9345005.13
TELEBRAS-ADR          TBH US            248609064    -9345005.13
TELEBRAS-ADR          TBX GR            248609064    -9345005.13
TELEBRAS-ADR          RTB US            248609064    -9345005.13
TELEBRAS-ADR          TBASY US          248609064    -9345005.13
TELEBRAS-RCT PRF      TELB10 BZ         248609064    -9345005.13
TELEBRAS-RTS CMN      RCTB1 BZ          248609064    -9345005.13
TELEBRAS-RTS PRF      RCTB2 BZ          248609064    -9345005.13
TELEBRAS-RTS CMN      TCLP1 BZ          248609064    -9345005.13
TELEBRAS-RTS PRF      TLCP2 BZ          248609064    -9345005.13
TELEBRAS-COM RT       TELB1 BZ          248609064    -9345005.13
TELEBRAS-CM RCPT      RCTB31 BZ         248609064    -9345005.13
TELEBRAS-CM RCPT      TELE31 BZ         248609064    -9345005.13
TELEBRAS-RCT          RCTB33 BZ         248609064    -9345005.13
TELEBRAS-CM RCPT      TBRTF US          248609064    -9345005.13
TELEBRAS-CM RCPT      RCTB32 BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      RCTB41 BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      TELE41 BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      RCTB42 BZ         248609064    -9345005.13
TELEBRAS-CEDE PF      TELB4 AR          248609064    -9345005.13
TELEBRAS-CED C/E      TEL4C AR          248609064    -9345005.13
TELEBRAS-CM RCPT      RCTB30 BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      RCTB40 BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      TBAPF US          248609064    -9345005.13
TELEBRAS-RECEIPT      TLBRUO BZ         248609064    -9345005.13
TELEBRAS-PF RCPT      TLBRUP BZ         248609064    -9345005.13
TELEBRAS-BLOCK        TELB30 BZ         248609064    -9345005.13
TELEBRAS-PF BLCK      TELB40 BZ         248609064    -9345005.13
TELEBRAS-CEDEA $      TEL4D AR          248609064    -9345005.13
ARTHUR LANGE          ARLA3 BZ         11642255.9    -17154461.9
ARTHUR LANGE SA       ALICON BZ        11642255.9    -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ         11642255.9    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ        11642255.9    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ         11642255.9    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ         11642255.9    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ         11642255.9    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ        11642255.9    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ        11642255.9    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ        11642255.9    -17154461.9
BOMBRIL               BOBR3 BZ          300229620     -120551090
BOMBRIL CIRIO SA      BOBRON BZ         300229620     -120551090
BOMBRIL-PREF          BOBR4 BZ          300229620     -120551090
BOMBRIL CIRIO-PF      BOBRPN BZ         300229620     -120551090
BOMBRIL SA-ADR        BMBPY US          300229620     -120551090
BOMBRIL SA-ADR        BMBBY US          300229620     -120551090
CAF BRASILIA          CAFE3 BZ         51185418.9     -768343290
CAFE BRASILIA SA      CSBRON BZ        51185418.9     -768343290
CAF BRASILIA-PRF      CAFE4 BZ         51185418.9     -768343290
CAFE BRASILIA-PR      CSBRPN BZ        51185418.9     -768343290
CHIARELLI SA          CCHI3 BZ         22274026.8    -44537138.2
CHIARELLI SA          CCHON BZ         22274026.8    -44537138.2
CHIARELLI SA-PRF      CCHI4 BZ         22274026.8    -44537138.2
CHIARELLI SA-PRF      CCHPN BZ         22274026.8    -44537138.2
DOC IMBITUBA          IMBI3 BZ          117726172    -17225602.7
DOCAS IMBITUBA        IMBION BZ         117726172    -17225602.7
DOC IMBITUB-PREF      IMBI4 BZ          117726172    -17225602.7
DOCAS IMBITUB-PR      IMBIPN BZ         117726172    -17225602.7
SCHLOSSER             SCLO3 BZ         14638346.7    -55030424.6
SCHLOSSER SA          SCHON BZ         14638346.7    -55030424.6
SCHLOSSER-PREF        SCLO4 BZ         14638346.7    -55030424.6
SCHLOSSER SA-PRF      SCHPN BZ         14638346.7    -55030424.6
DOCA INVESTIMENT      DOCA3 BZ         88417960.9    -18059127.9
DOCAS SA              DOCAON BZ        88417960.9    -18059127.9
DOCA INVESTI-PFD      DOCA4 BZ         88417960.9    -18059127.9
DOCAS SA-PREF         DOCAPN BZ        88417960.9    -18059127.9
DOCAS SA-RTS PRF      DOCA2 BZ         88417960.9    -18059127.9
ACO ALTONA            EALT3 BZ         82202066.3    -11938002.3
ACO ALTONA SA         EAAON BZ         82202066.3    -11938002.3
ACO ALTONA-PREF       EALT4 BZ         82202066.3    -11938002.3
ACO ALTONA-PREF       EAAPN BZ         82202066.3    -11938002.3
FABRICA RENAUX        FTRX3 BZ         65955223.6    -56330080.2
FABRICA RENAUX        FRNXON BZ        65955223.6    -56330080.2
FABRICA RENAUX-P      FTRX4 BZ         65955223.6    -56330080.2
FABRICA RENAUX-P      FRNXPN BZ        65955223.6    -56330080.2
HAGA                  HAGA3 BZ         16836495.9    -63947246.6
FERRAGENS HAGA        HAGAON BZ        16836495.9    -63947246.6
FER HAGA-PREF         HAGA4 BZ         16836495.9    -63947246.6
FERRAGENS HAGA-P      HAGAPN BZ        16836495.9    -63947246.6
TECEL S JOSE          SJOS3 BZ         17924946.1    -18569451.2
TECEL S JOSE          FTSJON BZ        17924946.1    -18569451.2
TECEL S JOSE-PRF      SJOS4 BZ         17924946.1    -18569451.2
TECEL S JOSE-PRF      FTSJPN BZ        17924946.1    -18569451.2
CIMOB PARTIC SA       GAFP3 BZ         36817394.8    -33083086.5
CIMOB PARTIC SA       GAFON BZ         36817394.8    -33083086.5
CIMOB PART-PREF       GAFP4 BZ         36817394.8    -33083086.5
CIMOB PART-PREF       GAFPN BZ         36817394.8    -33083086.5
GAZOLA                GAZO3 BZ         12452143.1    -40298506.3
GAZOLA SA             GAZON BZ         12452143.1    -40298506.3
GAZOLA-PREF           GAZO4 BZ         12452143.1    -40298506.3
GAZOLA SA-PREF        GAZPN BZ         12452143.1    -40298506.3
GAZOLA-RCPTS CMN      GAZO9 BZ         12452143.1    -40298506.3
GAZOLA-RCPT PREF      GAZO10 BZ        12452143.1    -40298506.3
GAZOLA SA-DVD CM      GAZO11 BZ        12452143.1    -40298506.3
GAZOLA SA-DVD PF      GAZO12 BZ        12452143.1    -40298506.3
IGB ELETRONICA        IGBR3 BZ          145256033     -273857292
GRADIENTE ELETR       IGBON BZ          145256033     -273857292
GRADIENTE-PREF A      IGBR5 BZ          145256033     -273857292
GRADIENTE EL-PRA      IGBAN BZ          145256033     -273857292
GRADIENTE-PREF B      IGBR6 BZ          145256033     -273857292
GRADIENTE EL-PRB      IGBBN BZ          145256033     -273857292
GRADIENTE-PREF C      IGBR7 BZ          145256033     -273857292
GRADIENTE EL-PRC      IGBCN BZ          145256033     -273857292
HERCULES              HETA3 BZ         11597351.7     -168514681
HERCULES SA           HERTON BZ        11597351.7     -168514681
HERCULES-PREF         HETA4 BZ         11597351.7     -168514681
HERCULES SA-PREF      HERTPN BZ        11597351.7     -168514681
RENAUXVIEW SA         TXRX3 BZ         58969047.8    -91550951.9
TEXTEIS RENAUX        RENXON BZ        58969047.8    -91550951.9
RENAUXVIEW SA-PF      TXRX4 BZ         58969047.8    -91550951.9
TEXTEIS RENAUX        RENXPN BZ        58969047.8    -91550951.9
PARMALAT              LCSA3 BZ          388720052     -213641144
PARMALAT BRASIL       LCSAON BZ         388720052     -213641144
PARMALAT-PREF         LCSA4 BZ          388720052     -213641144
PARMALAT BRAS-PF      LCSAPN BZ         388720052     -213641144
PARMALAT BR-RT C      LCSA5 BZ          388720052     -213641144
PARMALAT BR-RT P      LCSA6 BZ          388720052     -213641144
ESTRELA SA            ESTR3 BZ         61011893.6    -54580283.6
ESTRELA SA            ESTRON BZ        61011893.6    -54580283.6
ESTRELA SA-PREF       ESTR4 BZ         61011893.6    -54580283.6
ESTRELA SA-PREF       ESTRPN BZ        61011893.6    -54580283.6
RIOSULENSE SA         RSUL3 BZ         61902901.7    -11292932.5
RIOSULENSE SA         RSULON BZ        61902901.7    -11292932.5
RIOSULENSE SA-PR      RSUL4 BZ         61902901.7    -11292932.5
RIOSULENSE SA-PR      RSULPN BZ        61902901.7    -11292932.5
WETZEL SA             MWET3 BZ         81918484.2    -8800803.64
WETZEL SA             MWELON BZ        81918484.2    -8800803.64
WETZEL SA-PREF        MWET4 BZ         81918484.2    -8800803.64
WETZEL SA-PREF        MWELPN BZ        81918484.2    -8800803.64
MINUPAR               MNPR3 BZ           64999716     -103795048
MINUPAR SA            MNPRON BZ          64999716     -103795048
MINUPAR-PREF          MNPR4 BZ           64999716     -103795048
MINUPAR SA-PREF       MNPRPN BZ          64999716     -103795048
NORDON MET            NORD3 BZ         15697474.1    -20987944.8
NORDON METAL          NORDON BZ        15697474.1    -20987944.8
NORDON MET-RTS        NORD1 BZ         15697474.1    -20987944.8
NOVA AMERICA SA       NOVA3B BZ          21287489     -183535527
NOVA AMERICA SA       NOVAON BZ          21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ          21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ          21287489     -183535527
NOVA AMERICA-PRF      1NOVPN BZ          21287489     -183535527
NOVA AMERICA SA       1NOVON BZ          21287489     -183535527
PETRO MANGUINHOS      RPMG3 BZ          111979912     -134952358
PETRO MANGUINHOS      MANGON BZ         111979912     -134952358
PET MANGUINH-PRF      RPMG4 BZ          111979912     -134952358
PETRO MANGUIN-PF      MANGPN BZ         111979912     -134952358
RIMET                 REEM3 BZ         63757621.6     -107162240
RIMET                 REEMON BZ        63757621.6     -107162240
RIMET-PREF            REEM4 BZ         63757621.6     -107162240
RIMET-PREF            REEMPN BZ        63757621.6     -107162240
SANSUY                SNSY3 BZ          100279115    -45812488.8
SANSUY SA             SNSYON BZ         100279115    -45812488.8
SANSUY-PREF A         SNSY5 BZ          100279115    -45812488.8
SANSUY SA-PREF A      SNSYAN BZ         100279115    -45812488.8
SANSUY-PREF B         SNSY6 BZ          100279115    -45812488.8
SANSUY SA-PREF B      SNSYBN BZ         100279115    -45812488.8
BOTUCATU TEXTIL       STRP3 BZ         35101566.8    -13482713.5
STAROUP SA            STARON BZ        35101566.8    -13482713.5
BOTUCATU-PREF         STRP4 BZ         35101566.8    -13482713.5
STAROUP SA-PREF       STARPN BZ        35101566.8    -13482713.5
TEKA                  TEKA3 BZ          236758337     -334535567
TEKA                  TEKAON BZ         236758337     -334535567
TEKA-PREF             TEKA4 BZ          236758337     -334535567
TEKA-PREF             TEKAPN BZ         236758337     -334535567
TEKA-ADR              TKTPY US          236758337     -334535567
TEKA-ADR              TKTQY US          236758337     -334535567
VARIG SA              VAGV3 BZ          966298026    -4695211316
VARIG SA              VARGON BZ         966298026    -4695211316
VARIG SA-PREF         VAGV4 BZ          966298026    -4695211316
VARIG SA-PREF         VARGPN BZ         966298026    -4695211316
WIEST                 WISA3 BZ         39838113.9    -93371563.1
WIEST SA              WISAON BZ        39838113.9    -93371563.1
WIEST-PREF            WISA4 BZ         39838113.9    -93371563.1
WIEST SA-PREF         WISAPN BZ        39838113.9    -93371563.1
FER C ATLANT          VSPT3 BZ         1212489621    -38389781.7
FER C ATLANT-PRF      VSPT4 BZ         1212489621    -38389781.7
FERROVIA CEN-DVD      VSPT11 BZ        1212489621    -38389781.7
FERROVIA CEN-DVD      VSPT12 BZ        1212489621    -38389781.7
FER C ATL-RCT CM      VSPT9 BZ         1212489621    -38389781.7
FER C ATL-RCT PF      VSPT10 BZ        1212489621    -38389781.7
SAUIPE SA             PSEGON BZ        10045350.1    -7741102.15
SAUIPE                PSEG3 BZ         10045350.1    -7741102.15
SAUIPE SA-PREF        PSEGPN BZ        10045350.1    -7741102.15
SAUIPE-PREF           PSEG4 BZ         10045350.1    -7741102.15
MMX MINERACAO         MMXM3 BZ          981664768     -207254300
TRESSEM PART SA       1TSSON BZ         981664768     -207254300
CIA PETROLIFERA       MRLM3B BZ         377602195    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ         377602195    -3014291.72
CIA PETROLIFERA       1CPMON BZ         377602195    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ         377602195    -3014291.72
LATTENO FOOD COR      LATF US            16269472       -2354589
VARIG PART EM TR      VPTA3 BZ         49432124.2     -399290426
VARIG PART EM-PR      VPTA4 BZ         49432124.2     -399290426
VARIG PART EM SE      VPSC3 BZ         96617351.1     -460274609
VARIG PART EM-PR      VPSC4 BZ         96617351.1     -460274609

CHILE

CHILESAT CO-ADR       TL US             506644999    -60450603.1
CHILESAT CORP SA      TELEX CI          506644999    -60450603.1
CHILESAT CO-RTS       CHISATOS CI       506644999    -60450603.1
TELMEX CORP SA        CHILESAT CI       506644999    -60450603.1
TELEX-A               TELEXA CI         506644999    -60450603.1
TELMEX CORP-ADR       CSAOY US          506644999    -60450603.1
TELEX-RTS             TELEXO CI         506644999    -60450603.1


                            ***********

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.


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