TCRLA_Public/100429.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, April 29, 2010, Vol. 11, No. 083

                            Headlines



A R G E N T I N A

AVL FARMA: Creditors' Proofs of Debt Due on May 31
FIPASA SA: Creditors' Proofs of Debt Due on March 26
GOATI SRL: Creditors' Proofs of Debt Due on June 10
GWU SRL: Creditors' Proofs of Debt Due on June 10
INVERSIONES Y REPRESENTACIONES: Fitch Assigns Ratings on Notes

LA FRONTERA: Creditors' Proofs of Debt Due on April 27
PRODUCTOS FRESCOS: Creditors' Proofs of Debt Due on June 14
SAMEG SA: Creditors' Proofs of Debt Due on June 22
TERADYS SA: Creditors' Proofs of Debt Due on June 23


B E R M U D A

AUSABLE INSURANCE: Commences Wind-Up Proceedings
AUSABLE INSURANCE: Members to Receive Wind-Up Report on May 12
MASTER DEDICATED: Commences Wind-Up Proceedings
MASTER DEDICATED: Members to Receive Wind-Up Report on May 12
MULTI-STRATEGY FUND: Commences Wind-Up Proceedings

MULTI-STRATEGY: Members to Receive Wind-Up Report on May 12


B R A Z I L

BANCO BRADESCO: To Create New Credit Card Company
JBS SA: To Raise BRL1.84 Billion After Delaying U.S. Unit's IPO


C A Y M A N  I S L A N D S

ADASTRA REALTY: Commences Liquidation Proceedings
ALPHAGEN PICTOR: Creditors' Proofs of Debt Due on May 26
AMA CORPORATION: Creditors' Proofs of Debt Due on May 24
ASIA WEST: Creditors' Proofs of Debt Due on May 26
BACK NINE: Creditors' Proofs of Debt Due on May 18

BEVERLY CAPITAL: Creditors' Proofs of Debt Due on May 26
BEVERLY CAPITAL: Creditors' Proofs of Debt Due on May 26
CYCLADES INVESTMENTS: Creditors' Proofs of Debt Due on June 15
CZ320-99 C/D/E: Commences Wind-Up Proceedings
EOC CORP: Creditors' Proofs of Debt Due on May 18

EYRY III: Creditors' Proofs of Debt Due on May 24
GALLIANT OPPORTUNITIES: Creditors' Proofs of Debt Due on May 20
GEMINI AA: Creditors' Proofs of Debt Due on May 26
GLG ABSOLUTE: Creditors' Proofs of Debt Due on June 7
GMT CASEMA: Creditors' Proofs of Debt Due on May 26

INVESTCORP WMG: Creditors' Proofs of Debt Due on June 28
INVESTCORP WMG: Creditors' Proofs of Debt Due on June 28
MACQUARIE HELIX: Creditors' Proofs of Debt Due on May 26
MACQUARIE HELIX: Creditors' Proofs of Debt Due on May 26
PHIBRO OFFSHORE: Creditors' Proofs of Debt Due on May 26

PLATYPUS AUSTRALIAN: Creditors' Proofs of Debt Due on May 26
SEVEN STARS: Creditors' Proofs of Debt Due on May 26
SILVER POINT: Creditors' Proofs of Debt Due on May 26
ST CLAIR: Creditors' Proofs of Debt Due on May 16
SUMILEAF CORPORATION: Creditors' Proofs of Debt Due on May 26

TVA OPPORTUNITY: Creditors' Proofs of Debt Due on May 26
WESLEY CAPITAL: Creditors' Proofs of Debt Due on May 26
WESTERN SHIELD: Creditors' Proofs of Debt Due on May 26


C H I L E

CORP GROUP: Fitch Assigns Issuer Credit Rating at 'BB'


C O L O M B I A

ECOPETROL SA: Quifa Reserves Stand at 251-Mil.M Barrels
PACIFIC RUBIALES: Quifa Reserves Stand at 251M Barrels


H A I T I

* HAITI: United Nation Forgives Country's Debt


J A M A I C A

AIR JAMAICA: Cabinet Approves Airline's Divestment Tomorrow
AIR JAMAICA: Airline Pilots Offered New Contracts
NATIONAL COMMERCIAL BANK: Increases Dividend Payout by 73%
WINDALCO: Scholarships Still in Place Despite Job Redundancies
WINDALCO: Plans to Reopen Ewarton Plant in June


M E X I C O

AXTEL SAB: To Host First Qtr. Conference Call on April 30
CEMEX SAB: Q1 Consolidated Net Sales Drops 10% to US$3 Billion
CEMEX SAB: In Talks to Buy Stake in India-based Penna Cement


P E R U

DOE RUN PERU: Posts Plant as Collateral to Finish Cleanup


P U E R T O  R I C O

FIRSTBANK PUERTO: S&P Puts 'B' Rating on CreditWatch Negative


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Rules Out Resumption of Isla Refinery Ops


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AVL FARMA: Creditors' Proofs of Debt Due on May 31
--------------------------------------------------
The court-appointed trustee for AVL Farma S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 31, 2010.

The trustee will present the validated claims in court as
individual reports on July 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 6, 2010.


FIPASA SA: Creditors' Proofs of Debt Due on March 26
----------------------------------------------------
The court-appointed trustee for Fipasa S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 26, 2010.

The trustee will present the validated claims in court as
individual reports on May 11, 2010.  The National Commercial Court
of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 28, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 2, 2011.


GOATI SRL: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------
The court-appointed trustee for Goati S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 10, 2010.

The trustee will present the validated claims in court as
individual reports on August 2, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 23, 2010.


GWU SRL: Creditors' Proofs of Debt Due on June 10
-------------------------------------------------
The court-appointed trustee for GWU S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 10, 2010.

The trustee will present the validated claims in court as
individual reports on August 6, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 17, 2010.


INVERSIONES Y REPRESENTACIONES: Fitch Assigns Ratings on Notes
--------------------------------------------------------------
Fitch Ratings has assigned these ratings to Inversiones y
Representaciones' proposed notes:

  -- US$150 million series 2 senior unsecured notes 'B/RR4';

  -- US$150 million series 2 senior unsecured notes, National
     Scale Rating, 'AA-(arg)'.

The Rating Outlook for all ratings is Stable.

IRSA's foreign and local currency Issuer Default Ratings are:

  -- Foreign currency IDR 'B';
  -- Local currency IDR 'B+';
  -- National Scale Ratings 'AA- (arg)'.

The terms and conditions of the proposed notes state that the
total amount of the issuance could increase up to US$250 million
(remaining portion under the US$400 million Global Program).  The
tenor of the issuance is expected to be between five to 10 years.
The proceeds will be used to fund capital expenditures and
investments, replacement of short-term debt and capital
contributions to subsidiaries.

IRSA's 'B+' local currency IDR reflects the company's strong
market position and diversified portfolio of real estate assets in
Argentina.  The 'B+' rating also factors the company's positive
operating trends, the positive improvement in the company's
corporate structure, and relatively low leverage levels.  The 'B+'
LC IDR rating is constrained by the company's exposure to market
cyclicality due to the heavy concentration of its assets in
Argentina.  The rating also reflects the company's exposure to a
devaluation of the Argentina pesos due to its peso revenues and
U.S. dollar denominated debt (partially offset by its assets
denominated in dollars).  IRSA's foreign currency IDR continues to
be constrained at the level of 'B' due to the 'B' Country Ceiling
assigned to Argentina by Fitch.

The Stable Outlook reflects Fitch's expectations that IRSA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA
around 3.0 times.  The company's cash flow from operations is
expected to become more stable and predictable as a result of
recent actions taken by the company.  These actions include the
sale of 80% of Alto Palermo's consumer financing subsidiary,
Tarshop, and the increase in its stake in APSA to 93% from 63%.

Strong Market Position and Diversified Portfolio:

Through its subsidiary APSA, IRSA has a leading market share in
the shopping center segment of the market within the city of
Buenos Aires City and the greater Buenos Aires area.  The shopping
centers segment accounted for about 42% of IRSA's consolidated
EBITDA for the fiscal year ended June 30, 2009 (49% at Dec. 31,
2009).

IRSA's second most important business division is its office-
building segment, which accounts for about 23% of the company's
EBITDA.  IRSA is the clear leader in the development and
management of office buildings in Buenos Aires, with a market
share of approximately 20% in the premium segment.  The balance of
IRSA's EBITDA is derived from three premium hotels, as well as its
residential property development division.  Importantly, both IRSA
and APSA own key parcels of land in strategic areas of Buenos
Aires, which could be sold to improve the company's liquidity, or
used in new developments.  The book value of this undeveloped land
exceeds US$100 million.

Improving Trend in Operating Results:

For the last 12 months ended Dec. 31, 2009, IRSA recorded sales
and EBITDA of US$358 million and US$197 million, respectively.
These figures compare to US$358 million and US$127 million for the
fiscal year ended in June 2009.  IRSA's cash flow generation
during the LTM allowed it to finance capital expenditures of
US$69 million and distribute US$14 million of dividends.  Free
cash flow totaled US$66 million.

The improvement in IRSA's cash flow generation was due to the
positive performance of IRSA's office rental and residential real
estate development business units.  The company also benefited
from the strong performance of APSA's shopping malls and the
stabilization of its consumer financing subsidiary, Tarshop S.A.

Reorganization of Corporate Structure a Positive:

IRSA has taken several steps to rationalize its businesses during
the past year.  Fitch views these actions as positive as they
should make the company's cash flow more stable and predictable.
During January 2010, the company reached an agreement with Parque
Arauco to acquire a 29.55% stake the later has in APSA.  This
transaction will increase IRSA's control on APSA to 93%.  It also
includes Parque Arauco's US$15.4 million hold of APSA's
convertible notes.  IRSA has already paid US$6 million to Parque
Arauco, and is expected to pay an additional US$120 million to
Parque Arauco by November 2010.

In December 2009 APSA agreed to sell 80% of its consumer
credit card subsidiary, Tarshop, to Banco Hipotecario for
US$26.8 million.  The transaction is subject to Central Bank's
approval.  From a credit perspective, Fitch views APSA's decision
to sell Tarshop as a positive since it will allow the company to
focus on its core business, real estate.

Adequate Leverage But Below Average Liquidity:

IRSA had US$369 million of debt as of Dec. 31, 2009.  It is
comprised primarily of IRSA's US$150 million notes maturing during
2017 and the APSA's US$120 million notes and US$50 million peso
linked notes, maturating 2017 and 2012, respectively.  IRSA's
leverage, as measured by net debt/EBITDA, was 1.6 times for 2009,
a reduction from the average net debt ratio of 2.2x maintained by
the company between 2007 and 2009.  IRSA's ratings incorporate the
expectation that the company's leverage would increase to between
3.3x and 3.5x by the end of fiscal year ended 2010.  Nevertheless,
the leverage ratio remains comfortable within the rating category.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, and size of the asset base.  IRSA
portfolio of assets is strong with US$1.1 billion of undepreciated
book capital at Dec. 31, 2009.  These assets are mostly
unencumbered, as secured debt accounted for only US$4.5 million of
the company's US$369 million total debt load.  Leverage measured
by total debt as a percentage of undepreciated book capital was
35% at the end of December 2009.  On a market value basis, these
ratios would be even lower.

IRSA's cash position has been trending negative during the last
two years, as cash has decreased to US$51 million as of Dec. 31,
2009, from US$135 million as of June 30, 2008.  The company's
liquidity position, measured by the ratio of cash to short-term
debt, was below average at 0.5x as of Dec. 31, 2009.  The
declining trend in the company's liquidity over the past year is
attributable to the resources oriented to support APSA's financial
consumer business (Tarshop).  The company maintains a large pool
of unencumbered assets that could provide alternative sources of
financing if required.  During 2009, the company sold non-
strategic properties for US$52 million.

Rating Drivers:

Any significant increase in IRSA's leverage beyond expectations
could pressure ratings.  A downturn in the Argentine economy would
hurt the company's results and could also lead to a negative
rating action.  IRSA's FC IDR is constrained by the 'B' Country
Ceiling of Argentina.  An upgrade or downgrade of the Argentine
Country Ceiling would impact IRSA's FC IDR.

IRSA is a leading real estate company in the Argentine market
founded 1943.  IRSA's diversified business portfolio splits among
office rental, real estate & hotel developments and shopping
centers.  The company's stock is listed in the Buenos Aires Stock
Exchange and in the NYSE.  The company's main shareholder is
Cresud S.A., with a 57% stake.  The company's strategy focuses on
the enhancement of its real estate asset portfolio, within its
different business units.  To this end, IRSA maintains a
substantial amount of land reserves for future projects.


LA FRONTERA: Creditors' Proofs of Debt Due on April 27
------------------------------------------------------
The court-appointed trustee for La Frontera Misionera S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 27, 2010.

The trustee will present the validated claims in court as
individual reports on June 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 6, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 21, 2010.


PRODUCTOS FRESCOS: Creditors' Proofs of Debt Due on June 14
-----------------------------------------------------------
The court-appointed trustee for Productos Frescos S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 14, 2010.

The trustee will present the validated claims in court as
individual reports on August 11, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 23, 2010.


SAMEG SA: Creditors' Proofs of Debt Due on June 22
--------------------------------------------------
The court-appointed trustee for Sameg S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 22, 2010.

The trustee will present the validated claims in court as
individual reports on September 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 12, 2010.


TERADYS SA: Creditors' Proofs of Debt Due on June 23
----------------------------------------------------
The court-appointed trustee for Teradys S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 23, 2010.

The trustee will present the validated claims in court as
individual reports on August 23, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 13, 2010.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 18, 2011.


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


AUSABLE INSURANCE: Commences Wind-Up Proceedings
------------------------------------------------
Ausable Insurance Co., Ltd. commenced wind-up proceedings on
April 7, 2010.

Only creditors who were able to file their proofs of debt by
April 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


AUSABLE INSURANCE: Members to Receive Wind-Up Report on May 12
--------------------------------------------------------------
The members of Ausable Insurance Co., Ltd. will receive, on
May 12, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MASTER DEDICATED: Commences Wind-Up Proceedings
-----------------------------------------------
Master Dedicated Multi-Strategy Fund Ltd. commenced wind-up
proceedings on April 7, 2010.

Only creditors who were able to file their proofs of debt by
April 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MASTER DEDICATED: Members to Receive Wind-Up Report on May 12
-------------------------------------------------------------
The members of Master Dedicated Multi-Strategy Fund Ltd. will
receive, on May 12, 2010, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MULTI-STRATEGY FUND: Commences Wind-Up Proceedings
--------------------------------------------------
Multi-Strategy Fund Ltd. commenced wind-up proceedings on April 7,
2010.

Only creditors who were able to file their proofs of debt by
April 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MULTI-STRATEGY: Members to Receive Wind-Up Report on May 12
-----------------------------------------------------------
The members of Multi-Strategy Fund Ltd. will receive, on May 12,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on April 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


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


BANCO BRADESCO: To Create New Credit Card Company
-------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Banco
Bradesco and Banco do Brasil agreed to create a new credit card
company to compete with Visa and Mastercard locally.  The report
relates that each bank will contribute existing credit card assets
to the new firm, Elo, which will start off being worth BRL15
billion (US$8.5 billion).

According to the report, Marcelo Noronha, Bradesco's card's
department director, said that the banks hope to wrestle 15% of
the credit card market away from Visa, Mastercard and other
competitors over the next five years.  The report relates Mr.
Noronha said he sees the local card market growing around 60% over
the next five years to 800 million cards.

Dow Jones Newswires says that Banco Bradesco will have a 50.01%
stake in the joint venture, while Banco do Brasil will have a
49.99% share.  Mr. Noronha, the report relates, said that Elo will
construct a new platform and the partial merger of card operations
will generate synergies of BRL1 billion.

                    About Banco Bradesco

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

                           *     *     *

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


JBS SA: To Raise BRL1.84 Billion After Delaying U.S. Unit's IPO
---------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that JBS SA is raising
BRL1.84 billion (US$1.04 billion) through the sale of new voting
shares three months after delaying the listing of its U.S.-based
unit.

According to the report, JBS SA is selling 230 million shares,
including a possible supplementary offering, for BRL8 each.  The
report relates JBS said earlier this month it would sell as many
as 270 million voting shares.

JBS SA, the report notes, postponed the US$2 billion initial
public offering of its JBS USA Holdings Inc. unit in January,
saying market conditions "deteriorated."  The report says that
JBS's share sale will help raise funds to expand its global
distribution after several acquisitions, according to the
prospectus.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                          *     *     *

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, LT Corp Family rating, and senior unsecured debt
rating.  The company also continues to carry Standard and Poor's
B+ Issuer Credit ratings.


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


ADASTRA REALTY: Commences Liquidation Proceedings
-------------------------------------------------
Adastra Realty Resources Fund, Ltd commenced liquidation
proceedings on April 12, 2010.

The company's liquidators are:

         Kenneth Krys
         Mathew Clingerman
         Krys & Associates Cayman Limited
         Governors Square Building 6
         2nd Floor, 23 Lime Tree Bay Avenue
         PO Box 31237, Grand Cayman KY1- 1205
         Cayman Islands


ALPHAGEN PICTOR: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of The Alphagen Pictor Fund Limited are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 9, 2010.

The company's liquidator is:

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


AMA CORPORATION: Creditors' Proofs of Debt Due on May 24
--------------------------------------------------------
The creditors of AMA Corporation are required to file their proofs
of debt by May 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 7, 2010.

The company's liquidator is:

         Tseng, Chiang Sheng
         Telephone: 886-228943447
         Facsimile: 886-228943324
         4th Floor, No. 150, Li-te Road Taipei 112
         Taiwan, R.O.C.


ASIA WEST: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------
The creditors of Asia West Environment Fund 2002 Management Ltd.
are required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


BACK NINE: Creditors' Proofs of Debt Due on May 18
--------------------------------------------------
The creditors of Back Nine Investments are required to file their
proofs of debt by May 18, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 8, 2010.

The company's liquidator is:

         Robert Bigelow III
         c/o Bigelow & Hart Capital Management LLC
         7 North Willow Street, Suite 8A
         Montclair, NJ 07042, USA


BEVERLY CAPITAL: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Beverly Capital Master Fund, Ltd are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2010.

The company's liquidator is:

         dms Corporate Services Ltd.
         20 Genesis Close
         dms House 2nd Floor, Grand Cayman
         Cayman Islands


BEVERLY CAPITAL: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Beverly Capital Partners Offshore Fund Ltd are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2010.

The company's liquidator is:

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


CYCLADES INVESTMENTS: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------------------
The creditors of Cyclades Investments are required to file their
proofs of debt by June 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 15, 2010.

The company's liquidator is:

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


CZ320-99 C/D/E: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on April 14, 2010, the
shareholder of CZ320-99 C/D/E Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
April 14, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Connan Hill
         Sylvia Lewis
         Conna Hill and Sylvia Lewis
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


EOC CORP: Creditors' Proofs of Debt Due on May 18
-------------------------------------------------
The creditors of EOC Corp IV are required to file their proofs of
debt by May 18, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 8, 2010.

The company's liquidator is:

         Robert Bigelow III
         c/o Bigelow & Hart Capital Management LLC
         7 North Willow Street, Suite 8A
         Montclair, NJ 07042, USA


EYRY III: Creditors' Proofs of Debt Due on May 24
-------------------------------------------------
The creditors of Eyry III Fund SPC are required to file their
proofs of debt by May 24, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 13, 2010.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345)-526-1688
         Mirco Centre, Unit 215, PO Box 11371
         North Sound Road, Grand Cayman KY1-1008
         Cayman Islands


GALLIANT OPPORTUNITIES: Creditors' Proofs of Debt Due on May 20
---------------------------------------------------------------
The creditors of Galliant Opportunities Master Fund GP Inc. are
required to file their proofs of debt by May 20, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2010.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9876
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


GEMINI AA: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------
The creditors of Gemini AA Funding Company are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Bernard G. McGrath
         69 Dr. Roy's Drive, PO Box 1043
         Grand Cayman KY1-1102, Cayman Islands


GLG ABSOLUTE: Creditors' Proofs of Debt Due on June 7
-----------------------------------------------------
The creditors of GLG Absolute Return Bond Fund are required to
file their proofs of debt by June 7, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


GMT CASEMA: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
The creditors of GMT Casema Holding Limited are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 12, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


INVESTCORP WMG: Creditors' Proofs of Debt Due on June 28
--------------------------------------------------------
The creditors of Investcorp WMG Asia Fund Limited are required to
file their proofs of debt by June 28, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


INVESTCORP WMG: Creditors' Proofs of Debt Due on June 28
--------------------------------------------------------
The creditors of Investcorp WMG Asia Master Fund Limited are
required to file their proofs of debt by June 28, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MACQUARIE HELIX: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Macquarie Helix Japan Fund are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

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


MACQUARIE HELIX: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Macquarie Helix Japan Master Fund are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

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


PHIBRO OFFSHORE: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Phibro Offshore Commodities Fund I Ltd are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 15, 2010.

The company's liquidator is:

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


PLATYPUS AUSTRALIAN: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------------
The creditors of Platypus Australian Long/Short Fund are required
to file their proofs of debt by May 26, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 14, 2010.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205


SEVEN STARS: Creditors' Proofs of Debt Due on May 26
----------------------------------------------------
The creditors of Seven Stars Corporation are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

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


SILVER POINT: Creditors' Proofs of Debt Due on May 26
-----------------------------------------------------
The creditors of Silver Point 2008 Opportunity Fund, Ltd. are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 9, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


ST CLAIR: Creditors' Proofs of Debt Due on May 16
-------------------------------------------------
The creditors of St Clair Insurance Company are required to file
their proofs of debt by May 16, 2010, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         Dena Thompson
         Kevin Poole
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


SUMILEAF CORPORATION: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------------
The creditors of Sumileaf Corporation are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 13, 2010.

The company's liquidator is:

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


TVA OPPORTUNITY: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of TVA Opportunity Fund are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 13, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


WESLEY CAPITAL: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of Wesley Capital I Master, Ltd. are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005, Cayman Islands


WESTERN SHIELD: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of Western Shield Casualty SPC, Ltd are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2010.

The company's liquidator is:

         Chris Huth
         Telephone (303)-996-5447
         Facsimile: (303)-388-5585
         dms Corporate Services LTD.
         dms House, 2nd Floor
         PO Box 1344, Grand Cayman KY1-1108


=========
C H I L E
=========


CORP GROUP: Fitch Assigns Issuer Credit Rating at 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issuer credit rating to Chile-based holding company Corp Group
Interhold S.A. and a 'BB' rating to its upcoming $150 million in
five-year, bullet-maturity, Regulation S senior secured notes.

Proceeds from the issuance are to be applied primarily to
finance part of the January 2010 acquisition of a 20% equity stake
in VTR Global Com S.A. for Chilean pesos 167.00 billion (about
$320 million) by Interhold subsidiary Corp Rec S.A. (not rated),
Interhold's minority shareholder and nonoperating holding company.

After completion of this bond issue, Corp Rec is to be
restructured and Interhold is to indirectly own 20% of VTR.  VTR
is a Chilean company that offers cable, telephony, and Internet
services in and around Santiago and in other major cities in
Chile.

"The ratings reflect Interhold's heavy reliance on dividends
coming indirectly from its CorpBanca subsidiary, its high double
leverage, and the group's aggressive business expansion and
liquidity management," said Standard & Poor's credit analyst
Sergio Fuentes.

This is evidenced by the debt financing of the recent acquisition
of 100% of ING Rentas Vitalicias S.A., a Chilean life insurance
company, in November 2009, and 20% of VTR in January 2010.

"These risks are partially mitigated by the group's good position
in the Chilean banking and insurance sectors, and CorpBanca's good
earnings capacity," Mr. Fuentes added.

The gap between S&P's 'BB' rating on Interhold and its 'BBB+'
long-term counterparty credit rating on largest indirect cash
provider CorpBanca results mainly from multiple structural
subordinations, high double leverage, low liquidity, and projected
refinancing needs in 2015.

The stable outlook reflects S&P's expectation that Interhold will
receive sufficient dividends, mainly from Corp Group Banking S.A.
(49.6% owner of CorpBanca), to service its bonds, and that it will
have enough financial flexibility to refinance part of its bond
maturity in 2015.  The stable outlook also assumes that Interhold
will take on no additional debt.


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


ECOPETROL SA: Quifa Reserves Stand at 251-Mil.M Barrels
--------------------------------------------------
Pacific Rubiales Energy Corp. said that reserves at its Quifa
field in Colombia stand at an estimated 251 million barrels of
crude, Darcy Crowe at Dow Jones Newswires reports.  The report
relates that the figure is lower than the estimated 280 million
barrels of crude that Colombian President Alvaro Uribe said on
April 17 had been established for the Quifa field.

The field is a partnership between Pacific Rubiales and Ecopetrol
SA.

According to the report, Ecopetrol covers 30% of all costs and
investments at the site, in return for at least 40% of the oil and
gas after royalties.  The report relates that Ecopetrol declared
the Quifa oil field commercially viable.

Dow Jones Newswires notes that Pacific Rubiales said in a
statement that it was readying a request to continue exploration
at Quifa and plans to spend US$43.4 million in exploration at
Quifa in 2010 in addition to US$65.5 million for the construction
of production facilities.

                     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+';

                      About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.


PACIFIC RUBIALES: Quifa Reserves Stand at 251M Barrels
------------------------------------------------------
Pacific Rubiales Energy Corp. said that reserves at its Quifa
field in Colombia stand at an estimated 251 million barrels of
crude, Darcy Crowe at Dow Jones Newswires reports.  The report
relates that the figure is lower than the estimated 280 million
barrels of crude that Colombian President Alvaro Uribe said on
April 17 had been established for the Quifa field.

The field is a partnership between Pacific Rubiales and Ecopetrol
SA.

According to the report, Ecopetrol covers 30% of all costs and
investments at the site, in return for at least 40% of the oil and
gas after royalties.  The report relates that Ecopetrol declared
the Quifa oil field commercially viable.

Dow Jones Newswires notes that Pacific Rubiales said in a
statement that it was readying a request to continue exploration
at Quifa and plans to spend US$43.4 million in exploration at
Quifa in 2010 in addition to US$65.5 million for the construction
of production facilities.

                     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+';

                      About Pacific Rubiales

Pacific Rubiales Energy Corporation produces heavy crude oil.  The
company focuses on the exploration, development, and production of
heavy crude oil in the Llanos Basin of Colombia.

                           *     *     *

As of December 21, 2009, the company continues to carry Standard
and Poor's B+ LT Issuer Credit ratings.


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


* HAITI: United Nation Forgives Country's Debt
----------------------------------------------
The United Nations agency tasked with reducing rural poverty has
approved a debt-relief package for disaster-stricken Haiti in a
bid to help the country get back on its feet after the earthquake
that struck the Caribbean nation on January 12, Jamaica Gleaner
reports.  "The agreement provides the basis for permanent debt
forgiveness of Haiti's debt burden to our organization," the
report quoted Kanayo Nwanze, President of the International Fund
for Agricultural Development, as saying.

According to the report, Mr. Nwanze said that the net present
value of Haiti's debt to IFAD is US$50.7 million.  The report
relates that under the agreement to write off the debt, the UN
said IFAD will contribute up to 30% of the debt relief
requirement, with UN member-states needing to contribute the
remaining 70%.

"Without this type of relief, Haiti would have been hard pressed
to repay its outstanding loans to the organization, to the
detriment of the critical reconstruction and development
activities," Mr. Nwanze said, the report notes.  "With the
generous contributions from our members - plus a significant
investment on our part - we are breaking that cycle," he added.

The Gleaner discloses that IFAD said it responded 'rapidly' to the
January earthquake with a US$2.5 million grant for irrigation and
watershed rehabilitation in a project that is expected to benefit
about 12,000 households in rural areas directly affected by the
earthquake.   "A small portion of Haiti's debt was already
forgiven by organizations, like IFAD, under the Highly Indebted
Poor Countries Debt Initiative, but the bulk remained," the report
quoted Josefina Stubbs, director of IFAD's Latin America and the
Caribbean division, as saying.  "By relieving the country of this
burden, we are freeing up funds for redevelopment and
reconstruction," he added.


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


AIR JAMAICA: Cabinet Approves Airline's Divestment Tomorrow
-----------------------------------------------------------
The Jamaican cabinet has given its approval for the divestment of
Air Jamaica Limited to Caribbean Airlines effective tomorrow,
April 30, 2010, Jamaica Information Service reports.  The report
relates that Minister of Finance and the Public Service Audley
Shaw made the announcement after the Cabinet meeting.

Mr. Shaw told JIS News that he will make a detailed statement on
the divestment to Parliament on May 4, 2010.

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

                        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: Airline Pilots Offered New Contracts
-------------------------------------------------
New contracts have been offered to Air Jamaica Limited pilots to
work for Caribbean Airlines Limited after April 30's handover,
RadioJamaica reports.  The report, citing copies of the re-
employment contracts, relates Aircraft Captains are being offered
a salary package of US$5,600 and JM$166,000 for each 28-day
period.  The report notes that performance based pay will also
form part of the compensation.

According to the report, pilots can earn up to 23% of basic salary
as performance based pay.  The report relates that the pilots, who
received the offers, are expected to respond in 48 hours.

Caribbean Airlines, the report notes, is expected to take over 5
of Air Jamaica's profitable routes as of Saturday May 1.  To
facilitate a smooth transition, pilots have been offered six month
contracts to continue working for Caribbean Airlines with an
option for a further six month extension, the report adds.

                        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.


NATIONAL COMMERCIAL BANK: Increases Dividend Payout by 73%
----------------------------------------------------------
National Commercial Bank Jamaica Limited plans to pay out JM$1.55
billion in dividends in May following the JM$2.2 billion already
paid out to ordinary shareholders for the first half of its
financial year, The Jamaica Observer reports.   The report relates
that this brings the total dividend payout for the current
financial year to JM$3.75 billion, which is 73% higher than last
year's dividend payment, which totaled JM$2.17 billion.

According to the report, NCB notified the stock exchange that it
would pay out an interim dividend of JM$0.61 per ordinary stock
unit to stockholders on record as at May 7, 2010 and payable on
May 20, 2010.  The report relates that the X-Date is May 5, 2010.

As reported in the Troubled Company Reporter-Latin America on
April 26, 2010, RadioJamaica said that NCB's net profit decline by
7.8% to JM$2.55 billion for the quarter ended March 31, 2010, from
the previous quarter, RadioJamaica reports.  The report related
that company's operating profit for the three months declined by
5.7% to JM$7.1 billion.  According to the report, NCB said that
the Debt Exchange Program(JDX), which was concluded on February
24, resulted in the expected reduced yields and longer maturities
on its locally issued investment securities.  The report said that
the results for the March quarter included approximately one month
of reduced securities income.

                         About NCB Jamaica

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

                           *     *     *

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


WINDALCO: Scholarships Still in Place Despite Job Redundancies
--------------------------------------------------------------
West Indies Alumina Company will honor its obligation regarding
scholarships tenable at the tertiary level for children of the now
former workers despite making its 762 permanent workers redundant
and halting production, Jamaica Gleaner reports.

According to the report, National Workers Union President Vincent
Morrison said that this was one of the agreements struck between
the union and the management of the company.  "The NWU has an
agreement with the company for the scholarship program to run to
its full extent," Mr. Morrison told The Gleaner in an interview.

Mr. Morrison, the report relates, said that all students,
including those who started university last September, would
continue to enjoy the benefits of the scholarship for the duration
of their tenure, whether for four years, or seven years as in the
case of medical students.  The report says that the scholarship
program has been in place for a number of years and impacted all
levels of education.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that Windalco will end its
bauxite production in Jamaica and make 762 permanent jobs
redundant on March 31.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.  The Gleaner
disclosed that Kayon Wallace, Windalco's senior communications
officer, said that, as of April 1, a 'take-care' organization
comprising a small complement of contract workers will be
responsible for preserving the company's assets and meeting legal
and community obligations.  The report added that Mr. Wallace said
that the company will still be involved in agricultural activities
that formed part of its original mandate.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


WINDALCO: Plans to Reopen Ewarton Plant in June
-----------------------------------------------
UC Rusal plans to reopen its Windalco Ewarton plant in June -- six
months ahead of schedule -- but earnings from alumina will likely
stay down for 2010, The Jamaica Observer reports.  The report
relates that the rationale given for the reopening of the plant
was growing demand for the commodity and higher world market
prices.

According to the report, the St. Catherine-based plant will
increase Jamaica's alumina capacity for 2010 by 23%, but Jamalco;
the Clarendon-based plant that was the only plant to remain open
throughout the recession; already saw export from its Rocky Point
port drop 4.5% during the first quarter of 2010.

The report notes that the half-year production won't be enough to
offset the output already lost this year due to Alpart and
Windalco both remaining closed to date.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that Windalco will end its
bauxite production in Jamaica and make 762 permanent jobs
redundant on March 31.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.  The Gleaner
disclosed that Kayon Wallace, Windalco's senior communications
officer, said that, as of April 1, a 'take-care' organization
comprising a small complement of contract workers will be
responsible for preserving the company's assets and meeting legal
and community obligations.  The report added that Mr. Wallace said
that the company will still be involved in agricultural activities
that formed part of its original mandate.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


AXTEL SAB: To Host First Qtr. Conference Call on April 30
---------------------------------------------------------
Axtel, S.A.B. de C.V. will host its First Quarter 2010 conference
call on Friday, April 30, 2010 @ 12:00 p.m. New York time; 11:00
a.m. Monterrey/Mexico City time.

To access the call, please dial:
U.S. Participants - (888) 693-3477
International Participants - (973) 582-2710
Conference Code - 66468185

To access the replay, please dial:
In the U.S. - (800) 642-1687
Outside of the U.S. - (706) 645-9291
Conference Code - 66468185

                         About Axtel SAB

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings services said that it
has affirmed its 'BB-' rating on Axtel S.A.B. de C.V.'s senior
unsecured notes following the proposed addition of $190 million to
its US$300 million in 144A/Reg S long-term senior unsecured notes
due in 2019.


CEMEX SAB: Q1 Consolidated Net Sales Drops 10% to US$3 Billion
--------------------------------------------------------------
CEMEX, S.A.B. de C.V.'s consolidated net sales decreased 10% in
the first quarter of 2010 to approximately US$3.0 billion from
2009.  EBITDA decreased 23% in the first quarter of 2010 to US$515
million versus the same period of 2009.  Consolidated cement sales
volumes decreased 6% versus the same period in 2009, while ready-
mix and aggregates sales volumes decreased 16% and 13%,
respectively.

The decline in sales during the first quarter of 2010 was due
primarily to lower volumes in Mexico, the U.S. and Europe, partly
offset by higher prices in several markets.  The infrastructure
sector continues to be the main driver of demand in most of the
markets in which the Company operates.  Free cash flow after
maintenance capital expenditures for the quarter was negative
US$171 million.

At the end of the first quarter, net debt plus the Company's
perpetual securities was approximately US$18 billion, representing
a decrease of US$3 billion when compared to the same period last
year.

A full text copy of the company's first quarter financial results
is available free at http://ResearchArchives.com/t/s?60dc

                         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.


CEMEX SAB: In Talks to Buy Stake in India-based Penna Cement
------------------------------------------------------------
CEMEX, S.A.B. de C.V. is in talks to buy a stake in south India-
based Penna Cement, Prashant Mehra at Reuters reports, citing the
Times of India.

According to the report, the company has been exploring
opportunities in India for a while but was weighed down by the
global economic turmoil.  The report relates The Times said that
the company has now initiated a dialogue with the Hyderabad-based
Penna.  "We are looking for a strategic partner and are in early
stages of discussions with a few people," Penna Cement Chairman P
Prathap Reddy told The Times, Reuters relates.

Reuters notes that Penna operates three plants in Andhra Pradesh
state, with total capacity of five million tonnes, and is in the
process of setting up another plant there.

                         About CEMEX SAB

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

                           *     *     *

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

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

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


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


DOE RUN PERU: Posts Plant as Collateral to Finish Cleanup
---------------------------------------------------------
Doe Run Peru has posted its plant as collateral to make good on a
pledge to finish an environmental cleanup and restart its smelter
by the end of July or risk a government takeover, Patricia Velez
at Reuters reports, citing Peru Mining Minister Pedro Sanchez.
The report relates that the company said it had posted collateral
to ensure it would finish the cleanup work and fire up the
smelter.

"To guarantee (the completion) of the environmental cleanup, the
company has presented its smelter (as collateral) and we have
accepted this," the report quoted Mr. Sanchez as saying.  The
company had offered the plant and the land underneath it, he
added.

Mr. Sanchez, the report points out, said that the government might
take over the company if it fails to meet the deadline.

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

                         About Doe Run Peru

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

                          *     *     *

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


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


FIRSTBANK PUERTO: S&P Puts 'B' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' long-
term counterparty rating on FirstBank Puerto Rico on CreditWatch
with negative implications.

"The CreditWatch placement primarily reflects S&P's expectations
for FirstBank's continued high credit losses and the need to
further build reserves, which could contribute to additional net
losses and pressures on risk-adjusted capital ratios, which, in
S&P's view, are very low," said Standard & Poor's credit analyst
Lidia Parfeniuk.

The bank announced weak first-quarter financial results on
April 26.  Specifically, S&P views negatively the continuing rise
and elevated nonperforming assets and net chargeoffs while
reserves are very low.  S&P sees potential for further
deterioration -- most notably in the real estate and construction-
related loan portfolios in Puerto Rico, which are suffering from a
protracted recession there.  In S&P's opinion, the loan portfolios
in Florida also remain problematic, particularly the commercial
real estate component, although exposures are being reduced and
the bulk of losses have been taken in its view.  S&P expects the
difficult economy in Puerto Rico to persist and put additional
pressure on the real estate market, which is seeing high levels of
housing inventory and lower absorption rates of newly constructed
homes and condominiums, and therefore expect nonperforming loans
and NCOs to rise further in future quarters.

Capital ratios have declined in recent quarters and S&P expects
them to remain under pressure given S&P sees additional net losses
due to a continued high level of loan loss provisions.
Specifically, the adjusted common equity to total risk assets
ratio declined to below 3% as of March 31, 2010, which is very
weak, in S&P's view.  The bank is currently seeking to convert its
preferred shares into common equity and may pursue other
initiatives to raise additional common equity.  However, S&P
thinks there is uncertainty regarding the company's ability to
execute on its various capital initiatives.

In order to resolve the CreditWatch, S&P will assess the bank's
success in raising capital in the near term.  Should FirstBank be
successful in significantly boosting its common equity capital,
S&P would expect to affirm the 'B' long-term counterparty credit
rating.  However, if the bank is unable to materially raise its
common equity levels, then S&P could lower the rating by one or
two notches.


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


PETROLEOS DE VENEZUELA: Rules Out Resumption of Isla Refinery Ops
-----------------------------------------------------------------
Petroleos de Venezuela's Curacao-based Isla refinery ruled a plan
to start its operations in April, EL Universal News reports,
citing Kenneth Gijsbertha, a spokesman for the Isla refinery.
According to the report, citing Reuters, the 320,000 bpd refinery
halted operations early in March due to a failure in the plant
that provides water, electricity, and steam to the refinery.

The report relates that PDVSA President Rafael Ramirez said that
Isla refinery would restart operation in late April, but now the
plant is expected to resume operations in May.

                             About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


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


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

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

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

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

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

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

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

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

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

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

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

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

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *