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

              Monday, May 10, 2010, Vol. 11, No. 090

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Senators Appeal to President Obama for Investors
* ANTIGUA & BARBUDA: Senators Appeal to Obama for SIBL Investors


A R G E N T I N A

ALVIMER SA: Creditors' Proofs of Debt Due on June 21
ANTIGUA MUNICH: Creditors' Proofs of Debt Due on May 21
CIBERMODO SRL: Creditors' Proofs of Debt Due on June 7
COMPANIA ALEMANA: Creditors' Proofs of Debt Due on June 2
FARMACIA LATINOAMERICANA: Creditors' Proofs of Debt Due on June 22

INTERPOINT SRL: Creditors' Proofs of Debt Due on June 24
P. GALIMBERTI Y CIA: Creditors' Proofs of Debt Due on June 4
PETROBRAS ENERGIA: Posts ARS180 Million Net Profit in First Qtr.
PETROBRAS ENERGIA: S&P Affirms 'B+' Rating on Refining Asset Sale
PETROBRAS ENERGIA: Refining Asset Sale Cues S&P to Affirms Rating

TROTTING SA: Creditors' Proofs of Debt Due on July 8


B E R M U D A

VALIDUS HOLDINGS: Discloses Modified Dutch Auction Tender Offer
VALIDUS HOLDINGS: Posts $118.4 Million Net Loss in First Qtr


B R A Z I L

BANCO DAYCOVAL: To Pay US$53.8 Million in Dividends
BRASKEM SA: Taps Carlos Jose Fadigas de Souza Filho as New CFO
CAMARGO CORREA: Cimpor Shareholders Taps New Board Chairman, CEO
COMPANHIA SIDERURGICA: First Qtr EBITDA Margin Reaches 41%
GERDAU SA: Records R$ 7.1-Billion Net Revenue in First Quarter


J A M A I C A

AIR JAMAICA: Finance Minister Says "Divestment Deal Fair"
AIR JAMAICA: Closes Ticket Offices in Miami


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Sell Bonds in 'Coming Weeks'


X X X X X X X X

* BOND PRICING: For the Week May 3, to May 8, 2010




                         - - - - -


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


STANFORD INT'L: Senators Appeal to President Obama for Investors
----------------------------------------------------------------
As the approval of International Monetary Fund's US$124 million
loan to Antigua and Barbuda is almost near, Mississippi Republican
Senators, Roger Wicker and Thad Cochran, made an appeal to U.S.
President Barack Obama on behalf of Stanford investors,
Caribbean360.com reports.  The report relates that the senators
called on the Antigua and Barbuda government to release several
hundred million dollars that it has seized from fraud accused
Robert Allen Stanford since he was charged with a multi-billion
fraud last year.

According to the report, the lawmakers sent a letter to the
President, calling on him to urge U.S. representatives at the IMF
to vote against the loan to Antigua and Barbuda.  The report
relates that the Senators, along with 10 others who signed the
letter, urged Obama to take swift action to prevent the pending
IMF loan from moving forward.

The report notes that IMF's financial aid for Antigua and Barbuda
is expected to be approved either at the end of this month or
early June.

As reported in the Troubled Company Reporter-Latin America on
May 5, 2010, Caribbean360.com said that the Latin America branch
of the Stanford Victims Coalition has blasted the International
Monetary Fund for ignoring requests for Antigua & Barbuda to be
blocked from getting financial assistance because of the role
investor believe the country played in Stanford's fraud.
According to Caribbean360.com, Mr. Stanford's investors are trying
to block Antigua and Barbuda from accessing any funds from the
IMF.  The report related that the SVC, through lawyers from the
New York firm Morgenstern & Blue LLC, has written to members of
Congress to get help blocking any IMF loan.  Caribbean360.com
added that the SVC wants to prevent Antigua and Barbuda from
getting any money unless it takes steps to compensate those who
lost their money in the fraud.

              About Stanford International Bank

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

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

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

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

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


* ANTIGUA & BARBUDA: Senators Appeal to Obama for SIBL Investors
-----------------------------------------------------------------
As the approval of International Monetary Fund's US$124 million
loan to Antigua and Barbuda is almost near, Mississippi Republican
Senators, Roger Wicker and Thad Cochran, made an appeal to U.S.
President Barack Obama on behalf of Stanford investors,
Caribbean360.com reports.  The report relates that the senators
called on the Antigua and Barbuda government to release several
hundred million dollars that it has seized from fraud accused
Robert Allen Stanford since he was charged with a multi-billion
fraud last year.

According to the report, the lawmakers sent a letter to the
President, calling on him to urge U.S. representatives at the IMF
to vote against the loan to Antigua and Barbuda.  The report
relates that the Senators, along with 10 others who signed the
letter, urged Obama to take swift action to prevent the pending
IMF loan from moving forward.

The report notes that IMF's financial aid for Antigua and Barbuda
is expected to be approved either at the end of this month or
early June.

As reported in the Troubled Company Reporter-Latin America on
May 5, 2010, Caribbean360.com said that the Latin America branch
of the Stanford Victims Coalition has blasted the International
Monetary Fund for ignoring requests for Antigua & Barbuda to be
blocked from getting financial assistance because of the role
investor believe the country played in Stanford's fraud.
According to Caribbean360.com, Mr. Stanford's investors are trying
to block Antigua and Barbuda from accessing any funds from the
IMF.  The report related that the SVC, through lawyers from the
New York firm Morgenstern & Blue LLC, has written to members of
Congress to get help blocking any IMF loan.  Caribbean360.com
added that the SVC wants to prevent Antigua and Barbuda from
getting any money unless it takes steps to compensate those who
lost their money in the fraud.

              About Stanford International Bank

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

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

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

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

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


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


ALVIMER SA: Creditors' Proofs of Debt Due on June 21
----------------------------------------------------
Jose Ariel Sallon, the court-appointed trustee for Alvimer SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 21, 2010.

Mr. Sallon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Ariel Sallon
         Libertad 860
         Argentina


ANTIGUA MUNICH: Creditors' Proofs of Debt Due on May 21
-------------------------------------------------------
Andrea Lemos, the court-appointed trustee for Antigua Munich SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 21, 2010.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on March 1, 2011.

The Trustee can be reached at:

         Andrea Lemos
         Libertad 293
         Argentina


CIBERMODO SRL: Creditors' Proofs of Debt Due on June 7
------------------------------------------------------
Alejandra Viviana Paz, the court-appointed trustee for Cibermodo
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until June 7, 2010.

Ms. Paz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 10, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Alejandra Viviana Paz
         Lavalle 1646
         Argentina


COMPANIA ALEMANA: Creditors' Proofs of Debt Due on June 2
---------------------------------------------------------
Mariela Adriana Bellani, the court-appointed trustee for Compania
Alemana SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 2, 2010.

Ms. Bellani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mariela Adriana Bellani
         Marcelo Torcuato de Alvear 1364
         Argentina


FARMACIA LATINOAMERICANA: Creditors' Proofs of Debt Due on June 22
------------------------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for
Farmacia Latinoamericana SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 22, 2010.

Ms. Eidelstein will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Griselda Isabel Eidelstein
         Lambare 1140
         Argentina


INTERPOINT SRL: Creditors' Proofs of Debt Due on June 24
--------------------------------------------------------
Francisco Jose Salto, the court-appointed trustee for Interpoint
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 24, 2010.

Mr. Salto will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 37, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Francisco Jose Salto
         Av. Cordoba 1351
         Argentina


P. GALIMBERTI Y CIA: Creditors' Proofs of Debt Due on June 4
------------------------------------------------------------
Armando Luis Molinari, the court-appointed trustee for P.
Galimberti y Cia. SAICIF's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 4, 2010.

Mr. Molinari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Armando Luis Molinari
         Rodriguez Pena 110
         Argentina


PETROBRAS ENERGIA: Posts ARS180 Million Net Profit in First Qtr.
---------------------------------------------------------------
Petrobras Energia SA has posted a first-quarter net profit of
ARS180 million (US$46.2 million) from a net loss of ARS205 million
a year earlier, Taos Turner at Dow Jones Newswires reports.

According to the report, earnings rose largely because of higher
operating results, which totaled ARS510 million from ARS33 million
a year earlier.  The report relates that Petrobras Energia also
said lower financial losses helped boost year-on-year earnings.

The report notes that refining and distribution topped the
company's sales categories at ARS1.595 billion from ARS1.3
billion.  Exploration and production-related income totaled ARS951
million compared with ARS804 million a year earlier, the report
says.

The company's total net sales were ARS3.3 billion compared with
ARS2.66 billion a year ago, the report adds.

                      About Petrobras Energia

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                           *     *     *

As of May 7, 2010, the company continues to carry Moody's "Ba1"
Issuer and Long term rating; "Ba2" Senior Secured debt and senior
unsecured debt ratings, and B2 LT Corp family rating.  The company
also continues to carry Fitch's "BB-" LT FC Issuer Default ratings
and Foreign Curency LT Debt rating.


PETROBRAS ENERGIA: S&P Affirms 'B+' Rating on Refining Asset Sale
-----------------------------------------------------------------
On May 6, 2010, Standard & Poor's Ratings Services affirmed its
'B+' ratings on Argentinean oil and gas company Petrobras Energia
S.A. following the announcement on the sale of refining and
marketing assets.  The outlook is stable.

S&P's ratings on PESA mainly reflect the economic incentives
provided by its main shareholder, Petroleo Brasileiro S.A., to
support the company in light of its strategic importance as a key
foreign subsidiary in Latin America.  The rating also reflects:
PESA's significant exposure to uncertain and rapidly changing
economic and regulatory rules, mainly in Argentina, Venezuela, and
Ecuador; and its significant need for capital expenditures to
develop its reserve base and increase production levels.  These
factors are partially mitigated by the company's market position
as Argentina's second-largest integrated oil and gas company, and
a competitive cost position in exploration and production
activities.

S&P's foreign currency rating on PESA is two notches above its
stand-alone credit quality, two notches above S&P's foreign
currency rating on Argentina, and two notches above S&P's transfer
and convertibility risk assessment on that country.  This rating
reflects the partial insulation from risk afforded the company by
certain mitigating factors, such as S&P's expectation of a certain
degree of potential parental support from Petrobras, and, to a
lesser extent, substantial offshore liquidity.

The rating affirmation takes into consideration these factors:

* S&P views the announced asset sale transaction as part of the
  Petrobras' group strategy to optimize its asset portfolio and
  its level of integration between E&P and R&M activities;

* The transaction does not change S&P's view on the potential
  parent support incorporated in PESA's ratings, because the main
  underlying factors behind such support (like economic
  incentives, and shared name, among others) remain, in S&P's
  opinion, unchanged;

* PESA would continue being able to post credit metrics
  commensurate with its stand-alone credit quality, which is two
  notches below its final rating.  This could mean, for example, a
  funds from operations-to-total debt ratio in excess of 15%;

* Following several recent asset sales (most importantly, its
  Peruvian E&P assets), PESA has benefited from a strong liquidity
  position which, as of March 31, 2010, covered almost all
  principal debt maturities through 2012; and

* Going forward, S&P expects PESA to reduce its nominal debt by
  applying divestment proceeds to repay principal maturities in
  order to reach a level of leverage more in line with its reduced
  asset base.

PESA's liquidity position is adequate, based on its high cash
balances and good level of financial flexibility, which is
significantly enhanced because of its ownership by Petrobras.  As
of March 31, 2010, total debt stood at $1.4 billion, including
around $426 million from 2010 alone, while cash reserves amounted
to about $364 million.  In addition, following the sale of 60% of
its main upstream operation in Peru to its controlling
shareholder, PESA had about $450 million in intercompany
receivables with Petrobras International Braspetro B.V. as of
March 31, 2010 -- adding additional flexibility.  Debt maturities
of about $426 million in 2010 include $77 million with banks (that
S&P expects PESA to continue refinancing) and $350 million in
bonds (coming due in July) that would be repaid with the Peruvian
divestment proceeds.

S&P doesn't expect the company to make significant dividend
payments that would jeopardize its ability to repay its debts.
Instead, S&P expects PESA to direct cash to capex so it can
increase production and reduce debt, thereby improving its capital
structure.

The stable outlook reflects S&P's expectation that Petrobras will
continue to have enough economic incentives to support its
Argentinean operations in a number of potential stress scenarios,
including one of severe sovereign default.  Any rating upside
would depend on S&P's perception of an improvement in Argentina's
country risk, which in turn would increase Petrobras's incentives
to support PESA.  On the other hand, the rating and/or outlook
could come under negative pressure if significant government
intervention materially affects the company's stand-alone business
and/or financial risk profile, creating fewer incentives for
Petrobras to provide support.

                         Ratings Affirmed

                      Petrobras Energia S.A.

                     Corporate Credit Rating

        Foreign Currency                      B+/Stable/--

                     Petrobras Energia S.A.

            Senior Unsecured                       B+
            Senior Unsecured                       BBB-


PETROBRAS ENERGIA: Refining Asset Sale Cues S&P to Affirms Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' ratings on Argentinean oil and gas company Petrobras Energia
S.A. following the announcement on the sale of refining and
marketing assets.  The outlook is stable.

"S&P's ratings on PESA mainly reflect the economic incentives
provided by its main shareholder, Petroleo Brasileiro S.A., to
support the company in light of its strategic importance as a key
foreign subsidiary in Latin America," said Standard & Poor's
credit analyst Luciano Gremone.  "The rating also reflects: PESA's
significant exposure to uncertain and rapidly changing economic
and regulatory rules, mainly in Argentina, Venezuela, and Ecuador;
and its significant need for capital expenditures to develop its
reserve base and increase production levels.  These factors are
partially mitigated by the company's market position as
Argentina's second-largest integrated oil and gas company, and a
competitive cost position in exploration and production
activities."

The rating affirmation takes into consideration these factors:

* S&P views the announced asset sale transaction as part of the
  Petrobras' group strategy to optimize its asset portfolio and
  its level of integration between E&P and R&M activities;

* The transaction does not change S&P's view on the potential
  parent support incorporated in PESA's ratings, because the main
  underlying factors behind such support (like economic
  incentives, and shared name, among others) remain, in S&P's
  opinion, unchanged;

* PESA would continue being able to post credit metrics
  commensurate with its stand-alone credit quality, which  is two
  notches below its final rating.  This could mean, for example, a
  funds from operations-to-total debt ratio in excess of 15%;

* Following several recent asset sales (most importantly, its
  Peruvian E&P assets), PESA has benefited from a strong liquidity
  position which, as of March 31, 2010, covered almost all
  principal debt maturities through 2012; and

* Going forward, S&P expects PESA to reduce its nominal debt by
  applying divestment proceeds to repay principal maturities in
  order to reach a level of leverage more in line with its reduced
  asset base.

The stable outlook reflects S&P's expectation that Petrobras will
continue to have enough economic incentives to support its
Argentinean operations in a number of potential stress scenarios,
including one of severe sovereign default.  "Any rating upside
would depend on S&P's perception of an improvement in Argentina's
country risk, which in turn would increase Petrobras's incentives
to support PESA.  On the other hand, the rating and/or outlook
could come under negative pressure if significant government
intervention materially affects the company's stand-alone business
and/or financial risk profile, creating fewer incentives for
Petrobras to provide support," Mr. Gremone added.


TROTTING SA: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------
Vilma Vaello, the court-appointed trustee for Trotting SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 8, 2010.

Ms. Vaello will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Vilma Vaello
         Tucuman 1455
         Argentina


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


VALIDUS HOLDINGS: Discloses Modified Dutch Auction Tender Offer
---------------------------------------------------------------
Validus Holdings, Ltd.'s Board of Directors has approved a shelf
tender offer pursuant to which the Company may repurchase up to
$300 million in common shares.  The tender offer is part of the
Company's program disclosed on February 17, 2010, whereby the
Company's Board of Directors authorized the Company to return up
to $750 million to shareholders through share repurchases or other
means.

The tender offer will proceed by way of a "modified Dutch
auction", pursuant to which Validus shareholders may tender all or
a portion of their common shares (1) at a price of not less than
$24.00 and not more than $27.50, in increments of $0.25 per share
or (2) without specifying a purchase price, in which case their
common shares will be purchased at the purchase price determined
in accordance with the tender offer.  When the tender offer
expires, the Company will select the lowest price within the range
of prices specified enabling the Company to purchase up to $300
million of its common shares.  Shareholders will receive the
purchase price in cash, without interest, for common shares
tendered at prices equal to or less than the purchase price,
subject to the conditions of the tender offer, including the
provisions relating to proration, "odd lot" priority and
conditional tender in the event that the aggregate cost to
purchase all of the common shares tendered at or less than the
purchase price exceeds $300 million.  These provisions will be
described in the Offer to Purchase relating to the tender offer
that will be distributed to shareholders.  All common shares
purchased by the Company will be purchased at the same price.  All
common shares tendered at prices higher than the purchase price
will be returned promptly to shareholders.

The tender offer will not be conditional upon obtaining financing
or any minimum number of common shares being tendered; however,
the tender offer will be subject to a number of other terms and
conditions, which will be specified in the Offer to Purchase.  The
tender offer will expire at 5:00 p.m., New York City time, on June
8, 2010, unless withdrawn or extended by the Company.  Georgeson
Inc. will serve as information agent for the tender offer.

While the Company's Board of Directors has authorized the tender
offer, it has not, nor has the Company, the dealer manager, the
information agent or the depositary made any recommendation to the
Company's shareholders as to whether to tender or refrain from
tendering their common shares or as to the price or prices at
which they may choose to tender their common shares.  Shareholders
must make their own decision as to whether to tender their common
shares and, if so, how many common shares to tender and the price
or prices at which they will tender them.  Shareholders are urged
to discuss their decision with their tax advisors, financial
advisors and/or brokers.

                      About Validus Holdings

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

                           *     *     *

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



VALIDUS HOLDINGS: Posts $118.4 Million Net Loss in First Qtr
------------------------------------------------------------
Validus Holdings, Ltd. reported a net loss of ($118.4) million, or
($0.95) per diluted common share for the three months ended
March 31, 2010, compared with net income of $94.9 million, or
$1.20 per diluted common share, for the three months ended
March 31, 2009.

The company's net operating (loss) for the three months ended
March 31, 2010 was ($136.4) million, or ($1.09) per diluted share,
compared with net operating income of $100.4 million, or $1.27 per
diluted common share, for the three months ended March 31, 2009.

Net operating (loss) income, a non-GAAP financial measure, is
defined as net (loss) income excluding net realized and unrealized
gains or losses on investments, foreign exchange gains and losses
and non-recurring items.

Ed Noonan, Chairman and Chief Executive Officer of Validus
commented on the results: "Our results were affected by the
elevated level of catastrophe activity during the quarter,
principally the Chilean earthquake which stands among the most
costly industry losses in history outside of the United States."

                     About Validus Holdings

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

                           *     *     *

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


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


BANCO DAYCOVAL: To Pay US$53.8 Million in Dividends
---------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Banco
Daycoval SA's board has approved the payment of BRL96.7 million
(US$53.8 million) in dividends.

According to the report, Banco Daycoval said that the total amount
represents a dividend of BRL0.45 per share.  The report relates
that the distribution will be based on shareholders' position as
of May 5 and will be paid starting May 20.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 15, 2010, Fitch Ratings has assigned a final 'BB' Foreign
Currency Long-Term Rating to US$300 million of senior notes of
Banco Daycoval S.A., with interest payable semi annually and
principal due at maturity in March 2015.


BRASKEM SA: Taps Carlos Jose Fadigas de Souza Filho as New CFO
--------------------------------------------------------------
Braskem S.A. disclosed the nomination of Carlos Jose Fadigas de
Souza Filho as its new CFO and Investor Relations Director, as of
January 2007, replacing Paul Altit, who will take over new
responsibilities at Construtora Norberto Odebrecht.  Mr. Altit
played a key role in Braskem's performance since its creation in
2002, resulting in major contributions to the strengthening of the
Company's financial position, and to the completion of its
corporate integration process.

Mr. Fadigas, 36, is graduated in Business Administration from
Unifacs, Bahia, and holds an MBA degree from the Institute for
Management Development in Switzerland.  He started his career at
Citibank in 1990 and served in several positions at OPP and
Trikem, companies that were merged into Braskem.  Since 2002, he
has been the CFO of CNO, and participated in important
transactions in the local and international capital markets.

Mr. Fadigas' appointment is a good example of the Company's
commitment to adequately employ its best talents, promoting a
natural turnover of its leading executives.  "Fadigas has a sound
experience in the financial and petrochemical areas and a good
knowledge of international markets, and will certainly make a
major contribution to the Company's process of growth with value
creation, accelerating its internationalization process", says CEO
Jose Carlos Grubisich.  "His mission will be to give continuity to
the excellent job so far developed by Paul Altit, who is
recognized by the entire financial sector as having been decisive
in consolidating Braskem as a world-class company", says
Grubisich.

The commitment to creating value for all shareholders by
increasing its strategic flexibility and reducing the cost of
capital, will remain a key priority for Braskem's financial
management.  "The Company's growth strategy will continue to be
based on a consistent investment policy, combined with capital
discipline, thus ensuring adequate return on capital employed",
says Mr. Fadigas.

                        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


CAMARGO CORREA: Cimpor Shareholders Taps New Board Chairman, CEO
----------------------------------------------------------------
Cimpor has chosen Antonio Castro Guerra as its new chairman
following recent entries into the Portuguese cement maker's
shareholder structure of Brazil's Votorantim and Camargo Correa
SA, The PortugaL News reports.

According to the report, Cimpor's new chairman is a former state
secretary for industry and was proposed by Camargo, Votorantim,
Investifino and Caixa Geral de Depositos.  The report relates that
Cimpor's principal investors also selected Francisco Lacerda as
chief executive.

As reported in the Troubled Company Reporter-Latin America on
February 18, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy an additional 2.492% stake in Cimpor-Cimentos de
Portugal SGPS SA.  The report related that Camargo Correa is
buying the stake from investors indicated by Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA
and agreed to pay EUR6.50 euros a share.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';


COMPANHIA SIDERURGICA: First Qtr EBITDA Margin Reaches 41%
----------------------------------------------------------
Companhia Siderurgica Nacional posted its results for the first
quarter of 2010:

     -- Steel product sales volume totaled 1.3 million tonnes in
        1Q10, 96% up on 1Q09, led by the domestic market;

     -- Net revenue came to R$3.2 billion in 1Q10, 30% up on 1Q09,
        thanks to the strong recovery of steel product sales;

     -- Gross profit in 1Q10 stood at R$1.4 billion, 85% more than
        in 1Q09;

     -- 1Q10 EBITDA totaled R$1.3 billion, 91% up on 1Q09;

     -- EBITDA in the last 12 months amounted to R$4.2 billion,
        leading to a reduction in net debt/EBITDA ratio to 1.56x
        when compared to the 1.74x ratio recorded at the close of
        2009;

     -- The 1Q10 EBITDA margin reached 41%, 13 p.p. up on 1Q09,
        confirming CSN's operating margin recovery;

     -- Net income in 1Q10 totaled R$482 million, 31% up on 1Q09;

     -- CSN is a highly capitalized company, with a cash position
        of R$9.1 billion; and

     -- In 1Q10, CSN's shares appreciated by 27% on the Sao Paulo
        Stock Exchange, the second highest appreciation among the
        shares composing the Bovespa Index (IBOVESPA), which
        appreciated by 3% in the period. On the NYSE, CSN's ADR
        prices posted an expressive increase of 25%, compared to a
        4% appreciation of the Dow Jones index.

                               About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GERDAU SA: Records R$ 7.1-Billion Net Revenue in First Quarter
--------------------------------------------------------------
Gerdau S.A's posted its results for the first quarter of 2010:

     -- Shipments reached 4.1 million tonnes in the 1Q10, 32%
        higher than in the 1Q09, mainly due to a recovery on sales
        for construction and industry in the Brazilian domestic
        market of Brazil Business Operation.

     -- Net Revenue reached R$ 7.1 billion in the 1Q10, slightly
        higher than 1Q09, due to higher shipments, partially
        offset by the Real appreciation in the period.

     -- 1Q10 EBITDA reached R$ 1.4 billion, more than doubling the
        value recorded in the 1Q09. The EBITDA margin reached 20%
        in the 1Q10, compared to 9% in the 1Q09.

     -- Net Income was R$ 573 million in the 1Q10, compared to
        R$35 million in the 1Q09.

     -- Investments in fixed assets totaled R$ 233 million in the
        1Q10.

     -- Net Debt was R$ 10.1 billion on March, 31st 2010,
        representing 2.2x of the last 12 months EBITDA.

     -- The company approved a payment of dividend, in the form of
        interest on equity, of R$ 170 million (R$0.12/share), for
        Gerdau S.A. shareholders, and R$ 65 million (R$0.16/share)
        for Metalurgica Gerdau S.A. shareholders, based on the
        results of the 1Q10.  The payment will be on May 27, 2010.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


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


AIR JAMAICA: Finance Minister Says "Divestment Deal Fair"
---------------------------------------------------------
Jamaica Minister of Finance and the Public Service, Audley Shaw,
said that the government is satisfied that the partnership with
T&T's Caribbean Airlines Ltd meets the objectives of the Air
Jamaica Limited Divestment Project and protects the interests of
the government and Jamaica as a whole, The Guardian reports.

According to the report, citing a statement in the House of
Representatives, Mr. Shaw said that the financial deal between the
government and CAL is fair and "from the point of view of the
government, is even superior to the ones contemplated in the
initial CAL's bid or by the other bidder.  "Stating that the
interests of the Air Jamaica passengers have been protected, he
said that CAL has strong airline expertise and appropriate
capital, the report relates.

"The partnership will ensure the provision of adequate and
sustainable airlift to and from Jamaica, which remains a favoured
tourist destination and the cash drain on the government's
resources associated with the financial obligations to Jamaica's
national airline will cease," the report quoted Mr. Shaw as
saying.  The report relates that on May 1, CAL took over financial
responsibility for Air Jamaica and after a period of between six
and 12 months, CAL will fully enforce its plan to provide
sustainable airlift to and from Jamaica.  With the sale of Air
Jamaica, the government has assumed responsibility of the total
debt of the airline, which amounts to US$939.99 million as at
February 10, the report says.

                        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: Closes Ticket Offices in Miami
-------------------------------------------
Air Jamaica Limited's Miami Ticket Office is now closed, South
Florida Caribbean news reports.  The report relates that ticketing
services will now be available to passengers at:

   * AirJamaica.com -- Credit card ticket purchases with no
     ticketing fees

   * Reservations Centre -- Credit card ticket purchases
     (800) 523-5585

   * FLL Int'l Airport
     - Cash and credit card ticket purchases
     - Authorized 7th Heaven ticket redemptions
     - Tickets requiring an exchange of coupon or payment by
       voucher

   * JFK Airport

     - Cash and credit card ticket purchases
     - Authorized 7th Heaven ticket redemptions
     - Tickets requiring an exchange of coupon or payment by
       voucher

The report says that the hours for these ticketing channels are:

AirJamaica.Com 7 days 24 hours
Reservations Center 7 days 6:00am to 12:00 midnight EST
FLL Int'l Airport 7 days 6:30am to 8:45pm
JFK Int'l Airport 7 days 3:30am to 2:30pm

                        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.


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


PETROLEOS DE VENEZUELA: To Sell Bonds in 'Coming Weeks'
-------------------------------------------------------
Petroleos de Venezuela SA may sell US$3 billion of bonds in the
"coming weeks" to shore up the bolivar in the unregulated market,
Daniel Cancel at Bloomberg News reports, citing Barclays Plc.
The securities will be purchased by the central bank and resold in
the secondary market Barclays analyst Alejandro Grisanti said in
an e-mailed note obtained by the news agency.  The bonds may have
a coupon of 4.75% and mature in 2012 or 2013, he added.

According to the report, the central bank's auction of $523.6
million of dollar bonds payable in bolivars has failed to arrest
the currency's 25% plunge this year.  The report relates that
local investors typically buy dollar bonds sold by the government
and PDVSA with bolivars and sell them abroad to obtain foreign
currency.

"The weaker the bolivar the higher the probability of new
issuance," the report quoted Mr. Grisanti as saying.  "Given the
reluctance of the central bank to increase the amount and
frequency of the auctions, we are changing our view of new
issuance, believing that it will likely be brought to market in
the coming weeks," he added.  The report notes that Mr. Grisanti
cut his recommendation for Venezuela bonds to "Market Weight" from
"Overweight."

                            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.

                           *     *     *

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


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




* BOND PRICING: For the Week May 3, to May 8, 2010
--------------------------------------------------

Issuer                 Coupon  Maturity    Currency     Price
------                 ------  --------   --------       -----


ARGENTINA

ARGENT-$DIS            8.28    12/31/2033  USD              65.15
ARGENT-$DIS            8.28    12/31/2033  USD              67.25
ARGENT-PAR             1.18    12/31/2038  ARS              32.97
ARGENT-?DIS            7.82    12/31/2033  EUR              58.88
ARGNT-BOCON PR13          2     3/15/2024  ARS              68.36
BANCO MACRO SA        10.75      6/7/2012  USD           73.32992
BUENOS AIRE PROV      9.625     4/18/2028  USD          71.686353
BUENOS AIRE PROV      9.375     9/14/2018  USD          75.069688


BRAZIL

CESP                   9.75     1/15/2015  BRL           69.78383


CAYMAN ISLAND

BARION FUNDING         0.63    12/20/2056  GBP          17.511004
BARION FUNDING         1.44    12/20/2056  GBP          30.944604
BCP FINANCE CO        4.239  N/A           EUR          60.958333
BCP FINANCE CO        5.543                EUR          61.908469
BES FINANCE LTD       6.984      2/7/2035  EUR          67.341666
BES FINANCE LTD        5.58  N/A           EUR          63.947923
BISHOPSGATE ASSE      4.808     8/14/2044  GBP              74.86
CHINA MED TECH            4     8/15/2013  USD                 69
CHINA SUNERGY          4.75     6/15/2013  USD             72.897
DUBAI HLDNG COMM       4.75     1/30/2014  EUR          75.916667
DUBAI HLDNG COMM          6      2/1/2017  GBP              68.88
EFG ORA FUNDING         1.7    10/29/2014  EUR              63.55
ESFG INTERNATION      5.753  N/A           EUR            64.8125
FERTINITRO FIN         8.29      4/1/2020  USD                 71
INDEPENDENCIA IN         12    12/30/2016  USD             49.625
MAZARIN FDG LTD        1.44     9/20/2068  GBP           28.36805
PUBMASTER FIN         6.962     6/30/2028  GBP              72.82
SHINSEI FIN CAYM      6.418  N/A           USD             70.625
SHINSEI FINANCE        7.16  N/A           USD                 80
SOLARFUN POWER H        3.5     1/15/2018  USD             61.659


   PUERTO RICO

PUERTO RICO CONS        6.2      5/1/2017  USD                 50
PUERTO RICO CONS        6.5      4/1/2016  USD               53.5


VENEZUELA

PETROLEOS DE VEN       5.25     4/12/2017  USD           60.10112
PETROLEOS DE VEN      5.125    10/28/2016  USD          59.318139
PETROLEOS DE VEN        5.5     4/12/2037  USD            46.2265
PETROLEOS DE VEN          5    10/28/2015  USD          58.888288
PETROLEOS DE VEN        4.9    10/28/2014  USD          64.715079
PETROLEOS DE VEN      5.375     4/12/2027  USD          48.185875
SIDETUR FINANCE          10     4/20/2016  USD              74.55
VENEZUELA                 7     12/1/2018  USD              69.74
VENEZUELA              7.75    10/13/2019  USD              68.13
VENEZUELA                 6     12/9/2020  USD              58.75
VENEZUELA                 9      5/7/2023  USD              69.88
VENEZUELA              7.65     4/21/2025  USD              60.85
VENEZUELA              8.25    10/13/2024  USD              62.88
VENEZUELA                 7     3/31/2038  USD              55.88
VENEZUELA              9.25     9/15/2027  USD                 73
VENEZUELA                 7     3/31/2038  USD          62.321074
VENEZUELA              5.75     2/26/2016  USD              69.25
VENEZUELA              9.25      5/7/2028  USD              68.88
VENZOD - 189000       9.375     1/13/2034  USD               70.5


                            ***********

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 * * *