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

              Friday, April 30, 2010, Vol. 11, No. 084

                            Headlines



A R G E N T I N A

ANTIGUA MUNICH: Proofs of Claim Verification Deadline is May 21
CERAMICA TROPEZON: Creditors' Proofs of Debt Due on June 23
COLIALCO SA: Creditors' Proofs of Debt Due on June 18
ESTABLECIMIENTO LOS: Creditors' Proofs of Debt Due on May 28
FOUR SEASONS: Creditors' Proofs of Debt Due on June 2

GLOBAL CEREALES: Creditors' Proofs of Debt Due on June 10
LINK SRL: Creditors' Proofs of Debt Due on June 1
NEW SAN: Moody's Assigns 'B2' Rating on Local Bond Issuance
PAN AMERICAN: S&P Withdraws 'B+' Rating at Company's Request
TOP LEATHER: Creditors' Proofs of Debt Due on July 7


B A R B A D O S

COLUMBUS INTERNATIONAL: Moody's Assigns Ratings on Senior Notes
COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating


B E R M U D A

CENTRAL EUROPEAN: To Release 1Q Financial Results on May 5
KFEX LTD: Creditors' Proofs of Debt Due on May 14
KFEX LTD: Member to Hear Wind-Up Report on May 21
KIEX LTD: Creditors' Proofs of Debt Due on May 14
KIEX LTD: Member to Hear Wind-Up Report on May 21

KOCH KIG: Creditors' Proofs of Debt Due on May 14
KOCH KIG: Member to Hear Wind-Up Report on May 21
KOCH PLASTICS: Creditors' Proofs of Debt Due on May 14
KOCH PLASTICS: Member to Hear Wind-Up Report on May 21
LEHMAN RE: Supreme Court Appoints Schwarzmann as Liquidator


B R A Z I L

BRASKEM SA: Scales Back Venezuela Petrochem Project
GOL LINHAS: To Release First Quarter Earnings on May 5
MAGNESITA REFRATARIOS: To Create Joint Venture with Krosaki Harima
PETROLEOS DE VENEZUELA: Braskem Scales Back Petrochem Project


C A Y M A N  I S L A N D S

AJB LIMITED: Members to Receive Wind-Up Report on May 28
ATHENA CO: Creditors' Proofs of Debt Due on May 26
BRAZCOMP 1: Creditors' Proofs of Debt Due on May 26
CALYON INVESTMENT: Shareholders to Hear Wind-Up Report on May 28
CANTILLON EUROPE: Shareholders to Hear Wind-Up Report on May 28

CANTILLON WORLD: Shareholders to Hear Wind-Up Report on May 28
CASA ASSET: Shareholders to Hear Wind-Up Report on May 28
CENTENNIAL CO: Creditors' Proofs of Debt Due on May 26
DACANA LIMITED: Shareholders to Receive Wind-Up Report on June 21
DALMATIAN MASTER: Shareholders to Receive Wind-Up Report on May 28

EQUUS CAPITAL: Creditors' Proofs of Debt Due on May 26
EVERGREEN INTERNATIONAL: Shareholders to Meet on May 28
FAIRFIELD KOREAN: Shareholders to Hear Wind-Up Report on June 11
FIRST STATE: Shareholders to Hear Wind-Up Report on May 25
FIRST STATE: Shareholders to Hear Wind-Up Report on May 25

ING LEASE: Creditors' Proofs of Debt Due on May 26
J.O.F. HOLDING: Creditors' Proofs of Debt Due on May 26
J.O.F. PENSION: Creditors' Proofs of Debt Due on May 26
KAYNE ANDERSON: Shareholders to Receive Wind-Up Report on May 28
KRUG REALTY: Sole Shareholder to Receive Wind-Up Report on May 26

LOOMIS SAYLES: Shareholders to Hear Wind-Up Report on May 28
LOOMIS SAYLES: Shareholders to Hear Wind-Up Report on May 28
S.A.C. STRUCTURED: Shareholders to Hear Wind-Up Report on May 28
SECURION II: Sole Shareholder to Receive Wind-Up Report on May 31
SMITH BREEDEN: Shareholders to Hear Wind-Up Report on May 28

SPM COMPOSITE: Shareholders to Hear Wind-Up Report on May 28
SSF III: Sole Shareholder to Receive Wind-Up Report on May 26
SWISS & GLOBAL: Shareholders to Hear Wind-Up Report on June 17
WESLEY CAPITAL: Shareholders to Hear Wind-Up Report on May 28
ZORRO NO. 1: Creditors' Proofs of Debt Due on May 26


C O L O M B I A

PACIFIC RUBIALES: Closes US$250MM Revolving Credit Facility


J A M A I C A

AIR JAMAICA: Travelers Threaten to Sue Airline
AIR JAMAICA: Government Completes US$300 Million Airline Deal
AIR JAMAICA: BITU Takes Issue With Caribbean Airlines Contracts
NORANDA ALUMINUM: Jamaican Unit to Reduce Workforce


P E R U

DOE RUN PERU: Given Until End-July to Reopen Smelter


T R I N I D A D  &  T O B A G O

CL FIN'L: Chairman Resigns From Post on May 31


U R U G U A Y

BANCO BILBAO: S&P Affirms 'BB-/B' Counterparty Credit Ratings


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Spend US$669MM on Thermoelectric Plants
PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda




                         - - - - -


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


ANTIGUA MUNICH: Proofs of Claim Verification Deadline is May 21
---------------------------------------------------------------
The court-appointed trustee for Antigua Munich S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until May 21, 2010.


CERAMICA TROPEZON: Creditors' Proofs of Debt Due on June 23
-----------------------------------------------------------
The court-appointed trustee for Ceramica Tropezon 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 20, 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 1, 2010.


COLIALCO SA: Creditors' Proofs of Debt Due on June 18
-----------------------------------------------------
The court-appointed trustee for Colialco S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 18, 2010.

The trustee will present the validated claims in court as
individual reports on August 20, 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 1, 2010.


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


FOUR SEASONS: Creditors' Proofs of Debt Due on June 2
-----------------------------------------------------
The court-appointed trustee for Four Seasons S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 2, 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 14, 2010.


GLOBAL CEREALES: Creditors' Proofs of Debt Due on June 10
---------------------------------------------------------
The court-appointed trustee for Global Cereales S.A.'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.


LINK SRL: Creditors' Proofs of Debt Due on June 1
-------------------------------------------------
The court-appointed trustee for Link S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 1, 2010.

The trustee will present the validated claims in court as
individual reports on July 28, 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 10, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 10, 2011.


NEW SAN: Moody's Assigns 'B2' Rating on Local Bond Issuance
-----------------------------------------------------------
Moody's Latin America assigned a B2 global scale rating and an
A1.ar Argentina National Scale Rating to New San S.A.'s
ARS75 million proposed local bond issuance.  At the same time,
Moody's affirmed New San's corporate family rating of B2 on its
global scale rating.  All of the ratings assigned are local
currency ratings.  The outlook for all ratings is stable.

"The upgrade on the national scale rating to A1.ar is prompted by
the recent tax amendment with fiscal benefits for the local
electronic products manufacturing industry, coupled with the 2010
World Cup Soccer event that would likely boost New San's revenues
and funds from operations in the near term specially given
recently signed agreements to assemble original equipment
manufacturers' products.  The B2 and the A1.ar ratings reflect New
San's position as one of the leading consumer electronics
manufacturers in Argentina, its diversified product portfolio with
market leadership in the television and residential air
conditioning segments and its flexible manufacturing base, with
four plants located strategically to serve the Argentine consumer
market," said Moody's AVP-Analyst Ver¢nica Am‚ndola.

The ratings also reflect New San's low leverage for its rating
category and its well-established relationships with parts
suppliers, one of which is New San's 45% minority shareholder,
Sanyo Electric Co., Ltd (Sanyo, rated Baa1).  Finally, the ratings
reflect the ability of New San's management to effectively manage
the business during the recent very tough operating conditions
which enabled the company to minimize the impact on revenues and
operating margins.

New San's key credit negatives include the particularly
challenging competitive environment, with its exclusive focus on
the Argentine consumer market, relatively small scale in relation
to its global peers, high customer concentration and low margins.
The company's business model is likely to become increasingly
challenged as consumers switch from TV to LCD products and as the
air conditioning business line matures.  The company's tight
liquidity profile, with most of it debt structured in the short
term, is also a credit negative, although Moody's expect that New
San could have some flexibility to manage its capital expenditure
needs.

New San's B2 local currency rating reflects its global default and
loss expectation, while the A1.ar national scale rating is based
on the standing of New San's credit quality relative to its
domestic peers.  Moody's National Scale Ratings (NSRs) are
intended to be relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Argentina are
designated by the ".ar" suffix.  Issuers or issues rated A1.ar
present the average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country

The stable outlook is based on Moody's expectation that New San
will continue to successfully implement its business model while
pursuing its growth strategy and receive support from Sanyo during
what is likely to be a challenging Argentine economic environment.
The stable ratings outlook reflects Moody's expectation that New
San's revenue growth and operating margins will benefit from the
recent tax measures coupled with the 2010 Soccer World Cup.
Finally, the stable outlook reflects Moody's belief that New San
will continue to be able to roll over its advised bank lines due
to its long standing bank relationships.

An upgrade of the ratings or outlook could result from increased
size and geographical diversification, along with an improving
business environment in Argentina, the stabilization of operating
margins and solid market share trends.

Although unlikely in the near term, negative pressure on the
ratings or outlook could result from a greater than anticipated
impact of a potential expected Argentine economic downturn on New
San's business, likely driven by a major increase in unemployment,
or a deterioration in the liquidity profile.

Quantitatively, a downgrade could result from a drop in New San's
EBIT margin to below 4% or a significant increase in leverage,
with retained cash flow to total debt below 20%.  Indications of a
weakening market share in the domestic retail market could also
place pressure on the ratings, especially if New San is unable to
remain among the leaders in the important flat-panel display
segment.

Headquartered in Buenos Aires, Argentina, New San is one of the
leading manufacturers of digital consumer electronics products,
components and audio and home appliances.  With total revenues of
ARS 945 million as of December 31, 2009 and a widely known brand
name in the local retail market, New San is a 55% family-owned
company and 45% owned by Sanyo Electric Co, Ltd (Japan).


PAN AMERICAN: S&P Withdraws 'B+' Rating at Company's Request
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' rating on Delaware-incorporated Argentinean oil and gas
producer Pan American Energy LLC at the company's request.

PAE, through its Argentina branch, is that nation's second-largest
oil and gas producer and is 60% owned by BP PLC (the remaining 40%
is owned by Bridas Corp.).


TOP LEATHER: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The court-appointed trustee for Top Leather S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 7, 2010.

The trustee will present the validated claims in court as
individual reports on September 3, 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 18, 2010.


===============
B A R B A D O S
===============


COLUMBUS INTERNATIONAL: Moody's Assigns Ratings on Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned ratings to Columbus
International Inc.'s 11.5% US$190 million in senior secured notes
due 2014.  The new notes will be an add-on to the US$450 million
senior secured notes (rated B2, stable) issued by the company in
November 2009 and due in 2014.  Proceeds from the reopening will
be used to repay debt, including about US$135 million in bank loan
plus accruals at the Trinidad & Tobago subsidiary, originally
maturing in 2011.  The remainder will be used for capital
expenditures and for general corporate purposes.  The outlook on
the ratings is stable.

While financial leverage will increase slightly, debt maturity
profile will improve from the add-on transaction.  However, the
expected accelerated capex will place pressure on Columbus' free
cash flow generation in the short and medium term and will delay
its return to a positive free cash generation.  For these reasons,
and based on the favorable economic prospects for Latin America
for the next couple of years, the add-on notes transaction is
neutral to Columbus ratings.  Going forward, however, cash inflows
from the sale of IRUs (Indefeasible Rights of Use), a major cash
source, is expected to at least stabilize at 2009 levels and will
help finance ongoing growth capex; otherwise, if negative cash
flow persists or growth capex must be reduced significantly with
negative impact on revenues, downward pressure could develop on
Columbus' ratings.

Columbus' B2 ratings reflect the company's modest size and cash
flow generation, high leverage, limited operating track record,
and high business risk derived from being a small telecom operator
in Central America and the Caribbean.  In addition, the company's
free cash flow generation is dependent upon its ability to grow
revenues, sustain margins and reduce capital expenditures.  These
risks are mitigated by Columbus' state-of-the-art and
significantly underutilized sub-sea network, which offers room to
grow revenues with limited competitive risk.  In addition, ratings
consider the upside growth potential for its cable TV/telecom
business in broadband and the company's solid market shares in its
coverage areas.  The ratings consider the fact that most of the
fiber cable network build out has been completed and that capital
investments will by and large be growth-related, which should
allow the company to start building up cash and reduce leverage in
the medium term.

Upon prepayment of its bank debt, Columbus' guaranteed senior
secured notes due 2014 will be the company's sole debt.  The notes
are guaranteed by certain of its subsidiaries and are secured by
certain assets of Columbus and the senior guarantors, including
real property located in the United States and Jamaica.

Pro-forma for the proposed add-on 2014 notes, consolidated
liquidity is good as cash on hands plus expected cash generation
for 2010 and 2011 cover interest payments, capex, taxes, and
working capital.  With the add-on, Columbus will not have any debt
maturing before November 2014.  In addition, with roughly 90% of
the company's projected capital expenditures directed at network
expansion, the company has the flexibility to scale that back in
the event of a liquidity shortfall, which could be caused by a
delay in sales of IRU (Indefeasible Rights of Use).

The ratings' stable outlook is based on Moody's expectations that
Columbus will have a successful execution of its business plan and
will be free cash flow neutral over the next 24 months.

The ratings are unlikely to be upgraded in the near term because
of the company's small revenue size and negative to flat free cash
flow.  However, over the longer term, should Columbus manage to
increase revenues and post sustainable and increasing positive
free cash flow, an upgrade could be considered.  A ratings
downgrade could occur in case of an extended period of negative
free cash flow and weaker interest coverage, measured by EBITDA
minus capex to interest expenses.  In addition, an
underperformance of the company's business or a major acquisition
that drive adjusted debt/EBITDA to above 4 times with limited
prospects for a rapid reduction would put negative pressure on
Columbus' ratings.

The last rating action on Columbus occurred on December 3, 2009,
when Moody's assigned B2 ratings to Columbus and its notes.

Columbus is a Barbados-based holding company which was founded in
2004 and grew from acquisitions and network expansion.  It is a
diversified Caribbean communications holding company whose core
operating business is 1) the development of an undersea fiber
optic cable network as well as the sale and lease of telecom
broadband capacity and IP services ("wholesale") to
telecommunications carriers, Internet Service Providers and large
corporations operating in 22 countries and territories in the
Caribbean, Latin America and North America and 2) providing cable
television services, high speed internet access, digital phone and
internet infrastructure services (retail) in Trinidad & Tobago,
Jamaica and Grenada.  The company's costumer base is comprised of
leading telecom companies such as Sprint International, Telgua
(owned by America Movil), Telmex, CanTV, Telefonica, AT&T and ETB.
Retail services are provided to subscribers in Trinidad & Tobago,
Jamaica, and Grenada.  Columbus is a privately-held company with
over 1,200 employees.  In 2009, revenues and adjusted EBITDA
amounted to US$267 million and US$133 million, respectively.


COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on both Columbus International Inc. and on the
company's senior secured notes following the proposed addition of
up to $185 million to its $450 million in long-term senior secured
notes due in 2014.  The outlook is stable.

"The ratings on Barbados-based communications company Columbus
reflect: its weak business risk profile and its highly leveraged
financial risk profile; its exposure to foreign exchange risk,
which is somewhat mitigated by its U.S. dollar-denominated
revenues; its exposure to regulatory and license renewal risk; and
the rapid pace of technological change in its capital-intensive
industry," said Standard & Poor's credit analyst Marcela Duenas.
"Mitigating factors include Columbus' technologically advanced
subsea cable network throughout the Pan-Caribbean region, its
favorable growth prospects in the markets where it operates due to
low penetration rates, and its geographic diversification."

The rating on the notes reflects the upstream guarantees provided
by most of Columbus' subsidiaries, which mitigates the notes'
structural subordination.  According to Standard and Poor's
criteria, S&P considers these guarantees as sound, since the
subsidiaries providing senior guarantees represent about 80% of
the company's consolidated EBITDA.  Additionally, 73% of the
proceeds from the reopening of the notes will be downstreamed to
prepay its Trinidadian subsidiary's operating debt.

The stable outlook reflects S&P's expectation that Columbus will
generate sustained positive free operating cash flow from 2010
onwards.  "S&P could lower the rating if a major debt-financed
acquisition or operating weakness leads to a higher debt-to-EBITDA
ratio or if the company does not generate free operating cash flow
going forward.  On the other hand, while not likely in the near
term, S&P could raise the rating if Columbus is able to decrease
its leverage," Ms. Duenas added.


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


CENTRAL EUROPEAN: To Release 1Q Financial Results on May 5
----------------------------------------------------------
Central European Media Enterprises Ltd. will release its first
quarter 2010 financial results before U.S. market hours on
Wednesday, May 5, 2010.

CME will also host a teleconference and video webcast to discuss
its first quarter 2010 results on Wednesday, May 5, 2010 at 9:00
a.m. New York time (2:00 p.m. London and 3:00 p.m. Prague time).
The video webcast and teleconference will refer to presentation
slides which will be available on CME's Web site at
http://www.cetv-net.com/prior to the call.

To access the teleconference, U.S. and international callers may
dial +1 785-424-1051 ten minutes prior to the start time and
reference passcode 7CETVQ1.  The conference call will be video
webcasted live via http://www.cetv-net.com/

                  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.


KFEX LTD: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------
The creditors of KFEX, Ltd. are required to file their proofs of
debt by May 14, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KFEX LTD: Member to Hear Wind-Up Report on May 21
-------------------------------------------------
The member of KFEX, Ltd. will receive, on May 21, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KIEX LTD: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------
The creditors of KIEX, Ltd. are required to file their proofs of
debt by May 14, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KIEX LTD: Member to Hear Wind-Up Report on May 21
-------------------------------------------------
The member of KIEX, Ltd. will receive, on May 21, 2010, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KOCH KIG: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------
The creditors of Koch KIG Investments, Ltd. are required to file
their proofs of debt by May 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2010.

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KOCH KIG: Member to Hear Wind-Up Report on May 21
-------------------------------------------------
The member of Koch KIG Investments, Ltd. will receive, on May 21,
2010, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 31, 2010.

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KOCH PLASTICS: Creditors' Proofs of Debt Due on May 14
------------------------------------------------------
The creditors of Koch Plastics Holding, Ltd. are required to file
their proofs of debt by May 14, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


KOCH PLASTICS: Member to Hear Wind-Up Report on May 21
------------------------------------------------------
The member of Koch Plastics Holding, Ltd. will receive, on May 21,
2010, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A.L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


LEHMAN RE: Supreme Court Appoints Schwarzmann as Liquidator
-----------------------------------------------------------
On April 8, 2010, the Supreme Court of Bermuda entered an order
that appoints Dan Schwarzmann as the liquidator of Lehman Re Ltd.


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


BRASKEM SA: Scales Back Venezuela Petrochem Project
---------------------------------------------------
Braskem SA agreed with Petroleos de Venezuela to cut investments
in a petrochemicals plant in Venezuela and delay a second one,
Cesar Bianconi at Reuters reports.

According to the report, Braskem SA said that it agreed with PDVSA
to lower investment in the 450 million tonne per year Propilsur
polypropylene joint venture by US$500 million, from an initial
US$1 billion.  The report relates that the company also said it
would consider relocating the project to be closer to the
Paraguana Refining Complex in western Venezuela.

The two companies, the report says, also agreed to delay the
construction of the Poliamerica polyethylene project by one year
to review cheaper feedstock options.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating

                            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.


GOL LINHAS: To Release First Quarter Earnings on May 5
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. will release its first quarter
earnings report on May 5, 2010 at http://www.voegol.com.br/ir/

In accordance with fair disclosure and corporate governance best
practices, GOL started its Quiet Period on April 26, and will end
immediately after the conference calls on May 6.

Conference Calls:

English
May 6, 2010
9:00 a.m. US EDT
10:00 a.m. Brasilia Time

Phone: (1 800) 860-2442 (US only)
       (1 412) 858-4600 (Other countries)
Code: GOL

Replay: (1 877) 344-7529 (US only)
        (1 412) 317-0088 (Other countries)
Code: 440221#1

Portuguese

May 6, 2010
10:30 a.m. US EDT
11:30 a.m. Brasilia Time

Phone: (55 11) 2188-0155
Code: GOL
Replay: (55 11) 2188-0155
Code: GOL

                         About GOL Linhas

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

                           *     *     *

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


MAGNESITA REFRATARIOS: To Create Joint Venture with Krosaki Harima
------------------------------------------------------------------
Magnesita Refratarios SA will create a joint venture with Japan's
Krosaki Harima Corp, Bloomberg News reports.  According to the
report, citing a regulatory filing, the joint venture is aimed to
produce refractory products for sale in the U.S., Canada and
Mexico.

Magnesita Refratarios SA is a Brazil-based holding company.  The
Company is a vertically integrated refractory producer supplying
the steel and cement industries.  The Company exports its raw
materials, dead burned magnesia (DBM) and refractories to several
countries worldwide. Magnesita operates industrial facilities in
North and South America, Europe and Asia.  In addition, it
operates a research and development center, which supports the
needs of the Company and its branches.

                           *     *     *

As of April 29, 2010, the company continues to carry Moody's B1
Long term rating and LT Corp Family rating.  The company also
continues to carry Standard and Poor's BB- Issuer credit ratings.


PETROLEOS DE VENEZUELA: Braskem Scales Back Petrochem Project
-------------------------------------------------------------
Braskem SA agreed with Petroleos de Venezuela to cut investments
in a petrochemicals plant in Venezuela and delay a second one,
Cesar Bianconi at Reuters reports.

According to the report, Braskem SA said that it agreed with PDVSA
to lower investment in the 450 million tonne per year Propilsur
polypropylene joint venture by US$500 million, from an initial
US$1 billion.  The report relates that the company also said it
would consider relocating the project to be closer to the
Paraguana Refining Complex in western Venezuela.

The two companies, the report says, also agreed to delay the
construction of the Poliamerica polyethylene project by one year
to review cheaper feedstock options.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating

                            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.


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


AJB LIMITED: Members to Receive Wind-Up Report on May 28
--------------------------------------------------------
The members of AJB Limited will receive, on May 28, 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:

         Juan A. Bacardi
         Lyford Financial Centre
         Lyford Manor
         P.O. Box N-7776-521, Nassau, Bahamas


ATHENA CO: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------
The creditors of Athena Co., 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 7, 2010.

The company's liquidator is:

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


BRAZCOMP 1: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
The creditors of Brazcomp 1 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 16, 2010.

The company's liquidator is:

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


CALYON INVESTMENT: Shareholders to Hear Wind-Up Report on May 28
----------------------------------------------------------------
The shareholders of Calyon Investment Products Limited will
receive, on May 28, 2010, at 10:45 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CANTILLON EUROPE: Shareholders to Hear Wind-Up Report on May 28
---------------------------------------------------------------
The shareholders of Cantillon Europe Ltd. will receive, on May 28,
2010, at 9:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CANTILLON WORLD: Shareholders to Hear Wind-Up Report on May 28
--------------------------------------------------------------
The shareholders of Cantillon World Ltd. will receive, on May 28,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CASA ASSET: Shareholders to Hear Wind-Up Report on May 28
---------------------------------------------------------
The shareholders of Casa Asset Funding Corporation will receive,
on May 28, 2010, at 9:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Cullinane
         Suite # 4-201, Governors Square
         P.O. Box 32311, Grand Cayman KY1-1209
         Cayman Islands


CENTENNIAL CO: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of Centennial Co., 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 7, 2010.

The company's liquidator is:

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


DACANA LIMITED: Shareholders to Receive Wind-Up Report on June 21
-----------------------------------------------------------------
The shareholders of Dacana Limited will receive, on June 21, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert E. Gibb
         Fordsar (Cayman) Limited
         Centennial Towers, Suite 204,
         2454 West Bay Road, West Bay
         PO Box 335, Grand Cayman KY1-1301
         Cayman Islands


DALMATIAN MASTER: Shareholders to Receive Wind-Up Report on May 28
------------------------------------------------------------------
The shareholders of Dalmatian Master Fund Ltd. will receive, on
May 28, 2010, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


EQUUS CAPITAL: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of Equus Capital Funding 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 16, 2010.

The company's liquidator is:

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


EVERGREEN INTERNATIONAL: Shareholders to Meet on May 28
-------------------------------------------------------
The shareholders of Evergreen International SMID CAP Absolute
Return Offshore Fund Ltd will receive, on May 28, 2010, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


FAIRFIELD KOREAN: Shareholders to Hear Wind-Up Report on June 11
----------------------------------------------------------------
The shareholders of Fairfield Korean Equity Fund Ltd will receive,
on June 11, 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:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FIRST STATE: Shareholders to Hear Wind-Up Report on May 25
----------------------------------------------------------
The shareholders of First State Investments Global Energy Long
Short Fund Ltd will receive, on May 25, 2010, at 10:00 a.m., the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Hall Chadwick
         Richard Albarran
         Blair Pleash
         c/o Rothstein Kass
         27 Hospital Road, Grand Cayman KY1-1109
         Cayman Islands


FIRST STATE: Shareholders to Hear Wind-Up Report on May 25
----------------------------------------------------------
The shareholders of First State Investments Global Energy Long
Short Master Fund Ltd will receive, on May 25, 2010, at
10:30 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Hall Chadwick
         Richard Albarran
         Blair Pleash
         c/o Rothstein Kass
         27 Hospital Road, Grand Cayman KY1-1109
         Cayman Islands


ING LEASE: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------
The creditors of ING Lease Japan Zeta 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 March 29, 2010.

The company's liquidator is:

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


J.O.F. HOLDING: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of J.O.F. Holding Corp. 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:

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


J.O.F. PENSION: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of J.O.F. Pension Holding Corp. 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:

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


KAYNE ANDERSON: Shareholders to Receive Wind-Up Report on May 28
----------------------------------------------------------------
The shareholders of Kayne Anderson Capital Income Fund, Ltd. will
receive, on May 28, 2010, at 8:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002, Cayman Islands


KRUG REALTY: Sole Shareholder to Receive Wind-Up Report on May 26
-----------------------------------------------------------------
The sole shareholder of Krug Realty Fund will receive, on May 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Wilton McDonald
         260 Old Prospect Road
         P.O. Box 2083GT, Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 325 4040


LOOMIS SAYLES: Shareholders to Hear Wind-Up Report on May 28
------------------------------------------------------------
The shareholders of Loomis Sayles Energy Hedge Fund Ltd. will
receive, on May 28, 2010, at 11:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LOOMIS SAYLES: Shareholders to Hear Wind-Up Report on May 28
------------------------------------------------------------
The shareholders of Loomis Sayles Hedged Loan Alpha, Ltd. will
receive, on May 28, 2010, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


S.A.C. STRUCTURED: Shareholders to Hear Wind-Up Report on May 28
----------------------------------------------------------------
The shareholders of S.A.C. Structured Investments GP, Ltd. will
receive, on May 28, 2010, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SECURION II: Sole Shareholder to Receive Wind-Up Report on May 31
-----------------------------------------------------------------
The sole shareholder of Securion II Ltd. will receive, on May 31,
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:

         Kevin Ross
         333 E. City Ave., Suite 300
         Bala Cynwyd, Pennsylvania PA 19004, USA
         Telephone: 610-668-1400
         Facsimile: 215-893-4863


SMITH BREEDEN: Shareholders to Hear Wind-Up Report on May 28
------------------------------------------------------------
The shareholders of Smith Breeden Alpha Strategies Funding Ltd.
will receive, on May 28, 2010, at 9:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SPM COMPOSITE: Shareholders to Hear Wind-Up Report on May 28
------------------------------------------------------------
The shareholders of SPM Composite Offshore Fund, Ltd. will
receive, on May 28, 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:

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


SSF III: Sole Shareholder to Receive Wind-Up Report on May 26
-------------------------------------------------------------
The sole shareholder of SSF III Fino Holdings GP, Ltd. will
receive, on May 26, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Andrew Morehouse
         Telephone: (345) 815 1801
         Facsimile: (345) 949 9876


SWISS & GLOBAL: Shareholders to Hear Wind-Up Report on June 17
--------------------------------------------------------------
The shareholders of Swiss & Global Asset Management (Cayman) Ltd
will receive, on June 17, 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:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


WESLEY CAPITAL: Shareholders to Hear Wind-Up Report on May 28
-------------------------------------------------------------
The shareholders of Wesley Capital I, Ltd. will receive, on
May 28, 2010, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ZORRO NO. 1: Creditors' Proofs of Debt Due on May 26
----------------------------------------------------
The creditors of Zorro No. 1 Finance Inc. 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


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


PACIFIC RUBIALES: Closes US$250MM Revolving Credit Facility
-----------------------------------------------------------
Pacific Rubiales Energy Corp. has closed the syndication of its
previously announced US$250 million unsecured revolving credit
facility.  As a result of the great interest generated among
lenders by the facility, as demonstrated by the significant
oversubscription, the amount of the facility was increased to
US$250 million from the US$200 million initially contemplated.
Bank of America Merrill Lynch acted as Global Coordinator and
Joint Bookrunner.  Banco de Bogota, Banco de Occidente, Banco
Santander (Colombia), Bancolombia and Royal Bank of Canada also
acted as Bookrunners.  BBVA Argentaria and JP Morgan Chase Bank
were the Mandated Lead Arrangers while Banco de Credito del Peru
and Global Bank Corporation were Arrangers.

The facility will replace existing smaller facilities currently
available to the company and will be utilized to support short and
medium term revolving credit needs of the company as they may
arise in the ordinary course of business.  The company does not
expect to fully draw down the facility during the 2010 financial
year.

Pricing of the facility varies in accordance with the rating
assigned to the company's senior debt securities by Standard &
Poor's Ratings Group and Fitch Inc.  The company will pay
commitment fees on the unutilized portion of any outstanding
commitments under the facility and regular spread over any
disbursed amounts.  Based on the company's current rating and
expected usage, the commitment fee will be 100 basis points and
the applicable margin will be LIBOR+ 325 basis points.

Subject to customary acceleration events set out in the credit
agreement, or unless terminated earlier by the company without
penalty, repayment of the outstanding principal on the facility
will be made in full on the second anniversary of the closing
date.

                      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.


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


AIR JAMAICA: Travelers Threaten to Sue Airline
----------------------------------------------
Several Air Jamaica Limited passengers are threatening to file
lawsuits against the airline and the government if they lose their
jobs in the United States after the cancellation of flights
because of April 28's strike action by the airline's employees,
Jamaica Gleaner reports.

According to the report, the disgruntled passengers, who are
Jamaicans residing in Fort Lauderdale, were among scores of
frustrated travelers who were scheduled to depart from the
Sangster International Airport in Montego Bay, St James, to Fort
Lauderdale, Florida.  The report relates that the Air Jamaica
flight was scheduled to depart at 12:35 p.m., but shortly before
1 p.m. they were informed that the flight had been cancelled.
This was apparently pending the outcome of a crucial meeting
between the Government and union representatives over the sale of
the national carrier to Trinidad-owned Caribbean Airlines, the
report says.

The Gleaner notes that the Air Jamaica counters appeared to be
undermanned as passengers reported being at the airport for up to
two and a half hours before being attended to.  By around 1:00
p.m., operations at the airports had returned to normal.

                       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: Government Completes US$300 Million Airline Deal
-------------------------------------------------------------
Aretha Welch at the Trinidad Express reports the deal to bring
Caribbean Airlines Limited and Air Jamaica Limited together is
done.  The report relates that it will cost an estimated JM$300
million (US$50 million) for Caribbean Airlines to acquire and
operate six Air Jamaica aircraft and eight of its routes.

According to the report, Air Jamaica will retain 1,000 of its
1,800 employees, who will run its operations that were acquired by
Caribbean Airlines in the deal.  The report relates Caribbean
Airlines Chairman Arthur Lok Jack said that the US$50 million
which has been approved by Cabinet will be used as operating
capital and expenditure.  The Jamaica government will now own a
16% share in Caribbean Airlines, while the Government of Trinidad
and Tobago will retain an 84% shareholding.

The Express says that the eight routes which Caribbean Airlines
will now operate with the Air Jamaica fleet are:

   -- Kingston to Ft Lauderdale,
   -- Kingston to New York,
   -- Kingston to Toronto,
   -- Montego Bay to Fort Lauderdale,
   -- Montego Bay to New York,
   -- Montego Bay to Philadelphia,
   -- Kingston to Grand Cayman, and
   -- Kingston to Nassau.

Mr. Jack, the report discloses, confirmed that about 800 employees
were laid off at Air Jamaica when the acquisition was finalized;
while 1,000 employees, including flight attendants, engineers and
pilots, have been retained.  Pension costs and separation packages
for employees will be handled by the Jamaican government, he
added.

The report relates that all Air Jamaica's debt and closure costs
-- an estimated US$800 million -- will be kept, also, by the
Jamaican government.

Meanwhile, the report notes, Caribbean Airlines will also take up
Air Jamaica's frequent flyer program and will honor all Air
Jamaica tickets.  The report relates that Air Jamaica's fleet will
also retain its name and logo until Caribbean Airlines finalizes
either the purchase of leasing of a new fleet from either Airbus
or Boeing later this year.

Mr. Jack, the report adds, anticipates the transition should take
about three to six months, but said Air Jamaica tickets will
continue to be sold, and people who board Air Jamaica flights will
continue to be greeted by Air Jamaica's crew.

                      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: BITU Takes Issue With Caribbean Airlines Contracts
---------------------------------------------------------------
Concern has been raised about some of the contracts being offered
to Air Jamaica Limited workers by Caribbean Airlines, RadioJamaica
reports.  The report relates Bustamante Industrial Trade Union
said that several of the terms and conditions of employment are in
contravention of local laws.

"And there are some concerns with some of those contracts,
including and not limited to, whether or not the operations or
regulations supporting those contracts are in sync with the
Jamaican legislation and we are speaking specifically to aviation
rules," the report quoted Kavan Gayle, BITU President, as saying.

Meanwhile, the report notes, the Steering Committee meeting set on
April 27 involving Air Jamaica's management and trade union
officials was postponed.  The report relates Mr. Gayle said his
union will be going to the meeting armed with a list of questions.

"One if there is approval in the budget for redundancy payments to
be made upon separation of the employee, whether or not there has
been approval in the budget for the statutory deductions both NHT
and NIS and they will be made to the relevant authorities," Mr.
Gayle said, the report relates.

                       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.


NORANDA ALUMINUM: Jamaican Unit to Reduce Workforce
---------------------------------------------------
Noranda Bauxite Limited, a wholly-owned subsidiary of Noranda
Aluminum Holding Corporation, announced a workforce reduction in
its Jamaican bauxite mining operations.  The change to contract
mining is expected to generate savings of approximately $4 million
to $5 million annually through reduced operating costs and
improved operating efficiencies.

The workforce restructuring plan reduced headcount by roughly 160
employees through a combination of voluntary retirement packages
and involuntary terminations.  Substantially all activities
associated with this workforce reduction have been completed as of
the time of the announcement.  The company estimates these actions
will result in approximately $3 million to $4 million of pre-tax
charges to be recorded in second quarter 2010, primarily due to
one-time termination benefits and pension benefits.  This charge
does not reflect the amount, if any, of non-cash charges for the
disposal of certain long-lived assets.

                      About Noranda Aluminum

Franklin, Tennessee-based Noranda Aluminum Holding Corporation --
http://www.norandaaluminum.com/-- is a North American integrated
producer of value-added primary aluminum products, as well as high
quality rolled aluminum coils.  The Company has two businesses, an
upstream and downstream business.  The primary metals -- or
upstream business -- produce primary aluminum.  The rolling mills
-- or downstream business -- are one of the largest foil producers
in North America and a major producer of light gauge sheet
products.  Noranda Aluminum Holding Corporation is a private
company owned by affiliates of Apollo Management, L.P.

At December 31, 2009, the Company had total assets of
$1.697 billion against total current liabilities of
$166.851 million; long-term debt, net of $944.166 million, pension
and OPEB liabilities of $106.393 million, other long-term
liabilities of $55.632 million, deferred tax liabilities of
$330.382 million, and common stock subject to redemption of
$2.000 million.  At December 31, 2009, the Company had
stockholders' equity of $86.164 million.

                           *     *     *

As reported by the Troubled Company Reporter on March 23, 2010,
Standard & Poor's Ratings Services raised its corporate credit
rating on Noranda Aluminum Holding Corp. and its subsidiary,
Noranda Aluminum Acquisition Corp. to 'B-' from 'CCC+'.

The TCR said on January 27, 2010, that Moody's Investors Service
upgraded Noranda Aluminum Holding Corporation's Corporate Family
Rating and Probability of Default Rating to B3 from Caa1.


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


DOE RUN PERU: Given Until End-July to Reopen Smelter
----------------------------------------------------
Francisca Pouiller at Mining Weekly reports that Doe Run Peru been
granted another 30 days to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.

According to the report, authorities said that this would be the
last extension the mining company would ask for.  The report
relates that government affirmed that if the company does not
stick to this new agreement, the smelter could go to State
ownership.

Doe Run Peru, the report points out, pledged its assets as
collateral for a guarantee that the firm will restart operations
by the end of July.  "The company presented, as a guarantee, the
assets of the smelter, as well as the lands, and we analyzed this
and approved it, for this is the way the PAMA will be fulfilled, ,
the report quoted Energy and Mines Minister Pedro Sanchez as
saying.  "The company has no more arguments for not restarting
operations with this new agreement," the minister added.

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.


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


CL FIN'L: Chairman Resigns From Post on May 31
----------------------------------------------
CLICO Holdings Barbados Limited Chairman Leroy Parris's
resignation and departure from the company will be sooner than he
previously indicated, Caribbean360.com reports.  The report
relates Leroy Parris earlier this month disclosed that he would
retire from CLICO International Life Insurance at the end of July,
saying that the "pressure" was getting to him.

However, the report notes, Mr. Parris said in a recent press
release that he was retiring, with immediate effect, as Chairman
of CLICO Mortgage and Finance Corporation and that he would step
down from his other positions -- chairman of CLICO International
Life Insurance Limited, CLICO International General Insurance and
their parent company CLICO Holdings Barbados Limited -- on
May 31.

According to the report, Mr. Parris' announcement came on the same
day that Opposition Leader Mia Mottley failed to have a resolution
passed in Parliament to debate the matter of protection for CLICO
customers who had purchased life insurance policies after the
Supervisor of Insurance had barred CLICO International Life from
writing new business in August 2009.

Mr. Parris, the report notes, recently indicated that the company
had sold over 800 new policies in the first two months of this
year and Mottley said such action is in direct contravention of
the Insurance Act and reflects "a blatant disregard" CLICO Life
Insurance for the rule of law.

                       About CL Financial

CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean.  Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies showed a deficit between US$6
billion and US$8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


BANCO BILBAO: S&P Affirms 'BB-/B' Counterparty Credit Ratings
-------------------------------------------------------------
On April 28, 2010, Standard & Poor's Ratings Services affirmed its
ratings, including the 'BB-/B' counterparty credit ratings, on
Banco Bilbao Vizcaya Argentaria Uruguay.  The outlook remains
stable.

S&P's ratings on BBVA Uruguay reflect the bank's ample financial
position and the explicit support from its parent, Banco Bilbao
Vizcaya Argentaria S.A. (AA/Negative/A-1+).  The ratings also
incorporate BBVA Uruguay's high liquidity and adequate
capitalization.  However, as do its Uruguayan peers, BBVA Uruguay
still suffers from the low demand for credit in a financial system
that is still consolidating, and its business opportunities are
still limited.

With total assets of Uruguayan pesos (UYU) 17.93 million
($914 million) as of Dec. 31, 2009, the bank is the fifth-largest
among the 12 private banks operating in Uruguay, with a market
share of 9% of total loans.  Although BBVA Uruguay focuses on
granting loans to the largest companies in Uruguay -- representing
about 84% of its total nonfinancial-sector credit portfolio -- it
also offers a wide range of retail services and products.  The
bank's deposits rose slightly in late 2009, by about 1%, while its
net credit portfolio increased 25% for the year.

The bank's ratio of loans delinquent more than 60 days has
improved since 2002, falling to a low 0.6% of the total portfolio.
This compares favorably with the average for Uruguayan private
banks.  As BBVA Uruguay expands its local financial intermediation
exposure, S&P expects delinquencies to rise toward levels closer
to their historical averages, which would not present much greater
risk given the bank's current low delinquencies.

Uruguay's private-banking and intermediation businesses have
traditionally featured low financial margins, especially in light
of the degree of dollarization in the Uruguayan economy and the
bank's high liquidity.  However, BBVA Uruguay has consistently
shown higher profits than those in the Uruguayan banking system as
a whole because of the bank's high efficiency.  In 2009, BBVA
Uruguay's profits deteriorated, to a return on average assets
(ROAA) of 0.03%, even though it was one of the four banks in
Uruguay to show a positive profit.  Lower results were a
consequence of a lower financial margin and exchange rate
adjustments.  In S&P's view, the bank needs to increase its
intermediation, especially in more-profitable niches, and raise
its fees to maintain reasonable profits.

S&P believes BBVA Uruguay has an adequate capital base for its
current assets and any potential growth.  As of Dec. 31, 2009, its
ratio of adjusted equity to assets, based on S&P's methodology,
was 8.2%.

The stable outlook reflects that on the Oriental Republic of
Uruguay (BB-/Stable/B).  S&P could raise the ratings on the bank
if S&P raise the sovereign ratings, reflecting the explicit
support provided by the parent.

                         Ratings Affirmed

             Banco Bilbao Vizcaya Argentaria Uruguay

                    Counterparty Credit Rating

        Global Scale                          BB-/Stable/B
        National Scale                        uyAA/Stable/--
        Certificate Of Deposit                BB-/B


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


PETROLEOS DE VENEZUELA: To Spend US$669MM on Thermoelectric Plants
------------------------------------------------------------------
Venezuela said it plans to spend US$669 million on three new
thermoelectric projects that will link-up with the national
electricity grid and help meet rising demand for power, Dan
Molinski at Dow Jones Newswires reports.  The report relates the
government said that the projects will be managed by Petroleos de
Venezuela, and completion of them is expected around October.

According to the report, the projects together will add 900
megawatts of electricity capacity to the national system.

Venezuela, the report notes, has been suffering through an
electricity crisis since late 2009 as a drought reduced the
usefulness of the country's hydropower plants, which supply the
country with nearly three-quarters of its power.  In response, the
report relates, the government has pledged to increase installed
capacity on the main grid to nearly 30 gigawatts by the end of
this year from 24 gigawatts at the start of 2010.

                         About PDVSA

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

                           *     *     *

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


PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda
------------------------------------------------------------------
The National Assembly approved the establishment of the Joint
Venture Petromiranda, formed between Petroleos de Venezuela SA,
through the Venezuelan Petroleum Corporation, and the Russian
National Oil Consortium to operate in the Block Junin 6 of the
Orinoco Oil Belt, This information was reported by the Official
Gazette No. 39,393 on March 24, 2010.

Petromiranda will be governed by the Simon Bolivar National
Development Plan, First Socialist Plan 2007-2013 as well as the
Orinoco Socialist Project, through which it is ensure that the
steps undertaken by companies working in the Orinoco Oil Belt are
set to the needs of the country, in order to guarantee national
sovereignty and movement towards the consolidation of socialism.

On April 2, 2010, during a visit to Venezuela, the Prime Minister
of the Russian Federation, Vladimir Putin, signed in the presence
of the President of the Bolivarian Republic of Venezuela, Hugo
Chavez, the agreement between the People's Ministry for Energy and
Petroleum and National Oil Consortium to pay the participation
bond to form the joint venture Petromiranda, with the aim of
jointly exploiting the block Junin 6 of the Orinoco Oil Belt and
to develop oil and social infrastructure projects.

With a shareholding of 60% for the Venezuelan state and 40% for
the Russian consortium, Petromiranda will develop primary
activities in the oil sector under Article 9 of the Organic Law of
Hydrocarbons.  In an area of 447.86 square kilometers, which will
be define by a decision from the People's Ministry for Energy and
Petroleum, in which the new joint venture will be able to produce
up to an annual average of 450 thousand barrels of heavy oil.

Additionally, the joint venture will undertake on secondary
recovery activities to achieve the planned production profile for
the defined area development plan.

Petromiranda could also develop upgrading activities for heavy and
extra heavy oil; make mixes of various grades of upgraded crude
products, as well as storage and transportation of the
hydrocarbons produced.

Like the other projects in the Orinoco Oil Belt, this new company
will honor the payment of royalties and taxes required by law and
it is committed to participate in projects that will result in
improving the population quality of life, especially on roads and
housing, as well as works of structural impact for the benefit of
all Venezuelans.  Also, it will develop and implement principles
of preservation of cultural and biological diversity, and strive
to minimize environmental impact in their activities.

Petromiranda may conduct the activities pointed out during the
period of 25 years from the publication date in the Official
Gazette.  This period could be renew for 15 years in the case that
the upgrader, that will be built in Soledad, Anzoategui state, was
put into operations and found itself functioning as provided in
the joint venture development plan and once the compliance with
the investment program in the development plan was verified.

PDVSA, as the one carrying out the Bolivarian government's oil
policy, plans and sets strategies to the development of oil
activities that honor the safeguarding of national sovereignty,
strengthen cooperation among peoples and builds socialism.

                            About PDVSA

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

                           *     *     *

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


                            ***********

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

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

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

                            ***********


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

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


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

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