TCRLA_Public/100511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, May 11, 2010, Vol. 11, No. 091

                            Headlines



A R G E N T I N A

AFOREY SA: Creditors' Proofs of Debt Due on June 14
ANABELLA SOFIA: Creditors' Proofs of Debt Due on June 30
BANCO MERCANTIL: S&P Raises Counterparty Credit Ratings to 'B/B'
BANCO SANTANDER: Moody's Withdraws 'B2' Long-Term Debt Rating
BANCO MERCANTIL: S&P Raises Counterparty Credit Ratings to 'B/B'

CABATA ADRIANITA: Creditors' Proofs of Debt Due on June 29
GEOGRAFIAS DEL SUR: Creditors' Proofs of Debt Due on June 16
METALKU SA: Asks for Opening of Preventive Contest
PARRILLA DON: Creditors' Proofs of Debt Due on August 27
TRAMANET SA: Creditors' Proofs of Debt Due on August 5

TRIAVET SA: Creditors' Proofs of Debt Due on September 10
VISTA CALZADOS: Creditors' Proofs of Debt Due on June 16
WAY COMPUTERS: Creditors' Proofs of Debt Due on May 24
TELECOM ARGENTINA: 1Q Net Income Up 17% to P$411 Million


B R A Z I L

BANCO CRUZEIRO: To Pay US$8.54 Million in Dividends
BANCO MACRO: Posts Ps.246.0 Million Net Income in 1st Quarter
COMPANHIA SIDERURGICA: To Buy Back 28.87MM Shares Outstanding
COMPANHIA SIDERURGICA: 'Disappointed' With Iron-Ore Sales
GOL LINHAS: May Raise Fares as Real Slump Hurts Operations

GOL LINHAS: Records Demand Growth of 26.5%; Load Factor of 63.2%


C A Y M A N  I S L A N D S

AIG PRIVATE: Creditors' Proofs of Debt Due on May 19
AIG PRIVATE: Members to Receive Wind-Up Report on June 10
DOMINION FUND: Creditors' Proofs of Debt Due on May 19
DOMINION FUND: Members to Receive Wind-Up Report on June 9
STENA GANGES: Creditors' Proofs of Debt Due on May 19

STENA GANGES: Members to Receive Wind-Up Report on June 8
STENA SNOWDROP: Creditors' Proofs of Debt Due on May 19
STENA SNOWDROP: Members to Receive Wind-Up Report on June 8
WORLD PASS: Creditors' Proofs of Debt Due on May 21
WORLD PASS: Members to Receive Wind-Up Report on June 21


C O L O M B I A

BANCOLOMBIA SA: Records COP341 Billion Net Income in First Qtr
ECOPETROL SA: ANP Lets Firm Buy Stake in Offshore Block
* COLOMBIA: Board Approves US$3.46 Billion Arrangement


G U A T E M A L A

* GUATEMALA: "Economy's Recovery Underway," IMF Says


J A M A I C A

CABLE & WIRELESS: LIME Expects to be Fully Compensated by Digicel


M E X I C O

AXTEL SAB: Moody's Reviews 'Ba3' Corporate Family Rating
CEMEX SAB: Gets Requisite Consent From Holders on Debentures
GMAC FINANCIERA: Moody's Reviews Ratings on Three Securities
HIPOTECARIA SU: S&P Downgrades Ratings on 17 Mexican RMBS Tranches


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Firm's Collapse to Affect Caribbean Region


V E N E Z U E L A

* VENEZUELA: IDB OKs US$140MM Loan to Improve Solid Waste Mngt


X X X X X X X X

* LATAM: Experiences Swift but Uneven Economic Rebound, IMF Says
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


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

The trustee will present the validated claims in court as
individual reports on August 11, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


ANABELLA SOFIA: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The court-appointed trustee for Anabella Sofia S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 30, 2010.

The trustee will present the validated claims in court as
individual reports on August 26, 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 7, 2010.


BANCO MERCANTIL: S&P Raises Counterparty Credit Ratings to 'B/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit ratings on Banco Mercantil Santa Cruz S.A. to
'B/B' from 'B-/C'.  The outlook is positive.

The upgrade on BMSC follows that on the Plurinational State of
Bolivia (B/Positive/B), as S&P believes that the better
perspectives for the Bolivian economy would have a positive impact
on the creditworthiness of that nation's banking system.

"The ratings on BMSC remain constrained by the uncertainty
intrinsic to Bolivia's financial system and the country's still
high sovereign risk," said Standard & Poor's credit analyst
Delfina Cavanagh.  "Nevertheless, despite the weak operating
environment, BMSC has shown consistent operating performance in
Bolivia for more than 100 years."

The bank enjoys a leading competitive position in the country,
good liquidity and profitability favored by a low-cost funding
base, and relatively good efficiency levels in addition to its
conservative management.

The ratings on Bolivia continue to be constrained by a fragmented
political landscape characterized by strong divisions among
regional, social, and ethnic lines.  The Bolivian economy is
highly dependent on external conditions and has performed better
than most of its regional peers, with growth of 3.4% in 2009
despite the deterioration in the global economy.

The positive outlook reflects the better perspective for the
Bolivian economy, including its banking system.

S&P could lower the ratings or revise the outlook if there is a
similar action on the rating on the sovereign or if the bank's
stand-alone credit quality significantly deteriorates.  Any upward
rating movement would be closely linked to the sovereign rating on
Bolivia.


BANCO SANTANDER: Moody's Withdraws 'B2' Long-Term Debt Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the global and national
scale ratings of Banco Santander Rio's global short and medium
term note program for up to US$250,000,000 for business reasons.
There is no longer any debt outstanding under the program.

Banco Santander Rio (Argentina) is headquartered in Buenos Aires
and it had assets of Ar$ 27.9 billion and deposits of
Ar$18.9 billion as of December 2009.

These ratings were withdrawn for Santander Rio's US$250 million
global short and medium term note program:

  -- Long term foreign currency debt rating: B2, Stable Outlook

  -- National Scale foreign currency debt rating: Aa3.ar, Stable
     Outlook


BANCO MERCANTIL: S&P Raises Counterparty Credit Ratings to 'B/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit ratings on Banco Mercantil Santa Cruz S.A. to
'B/B' from 'B-/C'.  The outlook is positive.

The upgrade on BMSC follows that on the Plurinational State of
Bolivia (B/Positive/B), as S&P believes that the better
perspectives for the Bolivian economy would have a positive impact
on the creditworthiness of that nation's banking system.

"The ratings on BMSC remain constrained by the uncertainty
intrinsic to Bolivia's financial system and the country's still
high sovereign risk," said Standard & Poor's credit analyst
Delfina Cavanagh.  "Nevertheless, despite the weak operating
environment, BMSC has shown consistent operating performance in
Bolivia for more than 100 years."

The bank enjoys a leading competitive position in the country,
good liquidity and profitability favored by a low-cost funding
base, and relatively good efficiency levels in addition to its
conservative management.

The ratings on Bolivia continue to be constrained by a fragmented
political landscape characterized by strong divisions among
regional, social, and ethnic lines.  The Bolivian economy is
highly dependent on external conditions and has performed better
than most of its regional peers, with growth of 3.4% in 2009
despite the deterioration in the global economy.

The positive outlook reflects the better perspective for the
Bolivian economy, including its banking system.

S&P could lower the ratings or revise the outlook if there is a
similar action on the rating on the sovereign or if the bank's
stand-alone credit quality significantly deteriorates.  Any upward
rating movement would be closely linked to the sovereign rating on
Bolivia.


CABATA ADRIANITA: Creditors' Proofs of Debt Due on June 29
----------------------------------------------------------
The court-appointed trustee for Cabata Adrianita S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 29, 2010.


GEOGRAFIAS DEL SUR: Creditors' Proofs of Debt Due on June 16
------------------------------------------------------------
The court-appointed trustee for Geografias del Sur S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 16, 2010.

The trustee will present the validated claims in court as
individual reports on August 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 24, 2010.


METALKU SA: Asks for Opening of Preventive Contest
--------------------------------------------------
Metalku SA asked for opening of preventive contest.

The company stopped making payments last March 31.


PARRILLA DON: Creditors' Proofs of Debt Due on August 27
--------------------------------------------------------
The court-appointed trustee for Parrilla Don Zoilo S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 27, 2010.


TRAMANET SA: Creditors' Proofs of Debt Due on August 5
------------------------------------------------------
Martin Stolkiner, the court-appointed trustee for Tramanet SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 5, 2010.

Mr. Stolkiner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

         Martin Stolkiner
         Avenida Cordoba 1367
         Argentina


TRIAVET SA: Creditors' Proofs of Debt Due on September 10
---------------------------------------------------------
The court-appointed trustee for Triavet S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 10, 2010.


VISTA CALZADOS: Creditors' Proofs of Debt Due on June 16
--------------------------------------------------------
Alberto Miguel Ladaga, the court-appointed trustee for Vista
Calzados SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 16, 2010.

Mr. Ladaga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

         Alberto Miguel Ladaga
         Tucuman 2166
         Argentina


WAY COMPUTERS: Creditors' Proofs of Debt Due on May 24
------------------------------------------------------
The court-appointed trustee for Way Computers Argentina S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 24, 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.


TELECOM ARGENTINA: 1Q Net Income Up 17% to P$411 Million
--------------------------------------------------------
Telecom Argentina SA recorded a net income of P$411 million for
the first quarter ended March 31, 2010, or +17% when compared to
the same period last year.

Consolidated Net Revenues was P$3,249 million (+15% vs. 1Q09).
Operating Profit Before Depreciation and Amortization reached
P$1.064 billion (+16% vs. 1Q09), 33% of Net Revenues.  Growth was
mainly fueled by broadband and mobile services in Argentina.

Operating Profit amounted to P$763 million (+16% vs. 1Q09), 23% of
Net Revenues.  Net Income reached P$411 million (+17% vs. 1Q09).
Investments (excluding materials) totaled P$343 million.

Net Financial Position active: P$860 million, an increase of
P$1.422 billion vs. 1Q09 due to the strong cash flow generation.

A cash dividend distribution was approved in the amount of P$1.053
billion to be paid in two installments: May 5, 2010, for the
amount of P$689 million and December 20, 2010, for the balance of
P$364 million.

A full text copy of the company's first quarter results is
available free at http://ResearchArchives.com/t/s?61b1

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


BANCO CRUZEIRO: To Pay US$8.54 Million in Dividends
---------------------------------------------------
Banco Cruzeiro do Sul SA will pay a dividend of BRL15.8 million
Brazilian (US$8.54 million), Rogerio Jelmayer at Dow Jones
Newswires reports.  The report relates that the dividend will be
paid in the form of interest on its own capital.

According to the report, the bank said it will pay BRL0.11 for
each outstanding share.  The dividends' distribution will be based
on shareholders' position as of May 7, but it did not set a date
for the payment, the report notes.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Moody's Investors Service assigned a Ba2 long-
term foreign currency debt rating to the US$250 million senior
unsecured notes issued by Banco Cruzeiro do Sul S.A.  The notes,
due in February 2015, were issued under the bank's existing US$1
billion Global Medium Term Note Program.  The outlook on the
rating is negative.


BANCO MACRO: Posts Ps.246.0 Million Net Income in 1st Quarter
-------------------------------------------------------------
Banco Macro S.A. posted its results for the first quarter ended
March 31, 2010.   All figures are in Argentine pesos and have been
prepared in accordance with Argentine GAAP.

The Bank's net income totaled Ps.246.0 million.  This result was
58% higher than the Ps.156.0 million posted for the first quarter
of 2009.  The annualized 1Q10 ROAE and ROAA were 28% and 3.6%,
respectively.

In 1Q10, the Bank's net financial income was Ps.654.0 million,
increasing 32% year over year.  In addition, Banco Macro's
operating income rose 36% YoY to Ps.422.3 million from Ps. 309.6
million.

Banco Macro's financing to private sector grew 5%, or Ps.547.8
million, quarter to quarter.  This growth was led by consumer
loans which rose 6% and "other loans" (which includes pre-export
financing and commercial loans to small and medium size companies
(SMEs)) which grew 8%.

Total deposits grew 5% or Ps.920.3 million QoQ, totaling Ps.19.5
billion and representing 79% of the Bank's total liabilities.
Public sector deposits, in the provinces where the Bank acts as
the financial agent, rose 19% recovering the level of previous
quarters.

Banco Macro continued showing a strong solvency ratio, with an
excess capital of Ps.2.5 billion (29.1% capitalization ratio) in
1Q10.  In addition, the Bank's liquid assets remained at a high
level, reaching 60.4% of its total deposits at March 31, 2010.

In 1Q10, the Bank's non-performing to total financing ratio
reached 2.95% and the coverage ratio was 118.6%, compared to 3.25%
and 116.1%, respectively, in the previous quarter.

                        About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 23, 2009, Fitch Ratings affirmed Banco Macro's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'B';

  -- Foreign and local currency short-term IDRs at 'B';

  -- Individual at 'D';


COMPANHIA SIDERURGICA: To Buy Back 28.87MM Shares Outstanding
-------------------------------------------------------------
Companhia Siderurgica Nacional approved the company's buyback
plans for up to 28.87 million shares outstanding, Rogerio Jelmayer
at Dow Jones Newswires reports, citing a company statement.

According to the report, the company has 812.6 million shares
outstanding.  The company said the program will be in place until
June 8.

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+.


COMPANHIA SIDERURGICA: 'Disappointed' With Iron-Ore Sales
---------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Companhia Siderurgica
Nacional S.A. said it was "disappointed" with first-quarter sales
of the steelmaking raw material after rainfall pared exports.

According to the report, Director of Investor Relations Paulo
Penido said that the above-average rain in the first quarter
disrupted rail and port shipments.  "Sales came lower than
expected, but that shouldn't affect IPO plans as much as the
ongoing crisis in Europe," Pedro Galdi, an analyst with Sao Paulo-
based SLW Corretora, told the news agency in a telephone
interview.  The report relates that Mr. Galdi gave the company a
"hold" rating.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2010, the company's 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; and 1Q10 EBITDA totaled R$1.3 billion, 91% up
on 1Q09;

                             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+.


GOL LINHAS: May Raise Fares as Real Slump Hurts Operations
----------------------------------------------------------
The Brazilian real's slump after a record gain in 2009 may affect
operations in coming quarters of Gol Linhas Aereas Inteligentes,
Felipe Frisch and Fabiola Moura at Bloomberg News report, citing
Chief Executive Officer Constantino de Oliveira Jr.

As reported in the Troubled Company Reporter-Latin America on
May 7, 2010, Bloomberg News said that Gol Linhas's first-quarter
profit fell 61% to BRL23.9 million (US$13.3 million) from BRL61.4
million a year earlier after a decline in the real increased the
value of its dollar-denominated debt.  The report related that net
sales rose 14% to BRL1.73 billion in the quarter.

"The company's debt and investments are tied to the dollar," Mr.
de Oliveira Jr. told the news agency in an interview.  "If the
dollar's tendency of rising is maintained, it will probably impact
the company's operations in the next quarters," he added.

According to the report, Mr. de Oliveira Jr. said that to
compensate for higher costs related to acquisitions and the
maintenance of airplanes, the company could reduce other expenses,
or increase fare prices.  Gol Linhas has US$225 million in dollar-
denominated bonds due in 2017 and US$200 million due in 2049,
according to data compiled by Bloomberg.  The report relates that
the company also has BRL400 million (US$215.6 million) in local-
currency bonds maturing in 2011.

Meanwhile, Mr. de Oliveira Jr., the report notes, said that Gol
Linhas hedges its operational expenses, not its debt, against
risks related to foreign-exchange volatility.  Mr. de Oliveira
Jr., the report relates, said that Gol Linhas would consider
investing in airports in case existing facilities are sold to
private investors.

Moreover, the report adds the airline plans to open two stores in
Sao Paulo, including one at a bus station, to sell tickets and
help attract the country's growing middle class that doesn't use
the Internet.

                          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.


GOL LINHAS: Records Demand Growth of 26.5%; Load Factor of 63.2%
----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. recorded its highest April
2010 demand figures in the domestic market since it began
operations in 2001.

                              Demand

In April 2010, demand on GOL's total and domestic route network
increased by 26.5% and 29.6%, respectively, fueled by the improved
economic scenario in Brazil and Latin America and the company's
competitive advantages in the business segment, especially its
higher flight frequency between Brazil's main airports,
particularly during business hours.  The rapid development of the
SMILES program and exemplary quality indices (punctuality,
regularity and client service), also helped GOL become the
traveler's airline of choice.

In comparison with the previous month, domestic and international
demand fell by 6.1% and 5.2% respectively, due to seasonality and
the smaller number of calendar days (31 days in March, versus 30
in April).

Demand on GOL's international route network grew by 5.6% year-
over-year, mainly reflecting the recovery of economic activity in
South America, on flights to Argentina and Chile, and high demand
on the Caribbean routes.

                              Capacity

In this context of demand growth, with its disciplined strategy of
capacity growth, capacity moved up by 17.4% over April 2009, in
line with the upturn in demand, and fell by 3.7% over March 2010,
given the smaller number of business days.

                      Load Factor and Yield

As a result, the Company's load factor increased by 4.5 p.p. over
April 2009 to 63.2% (63.7% on the domestic market and 59.4% on the
international market), and recorded a 1.50 p.p. decline over the
previous month.

Yields maintained their upward trajectory, averaging slightly
above 20 cents (R$), despite the seasonally weaker period.  As a
result, current yield levels are in line with the Company's
financial perspective.

                        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.


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


AIG PRIVATE: Creditors' Proofs of Debt Due on May 19
----------------------------------------------------
The creditors of AIG Private Equity Funding (Bermuda) Ltd. are
required to file their proofs of debt by May 19, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

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



AIG PRIVATE: Members to Receive Wind-Up Report on June 10
---------------------------------------------------------
The members of AIG Private Equity Funding (Bermuda) Ltd. will
receive, on June 10, 2010, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

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


DOMINION FUND: Creditors' Proofs of Debt Due on May 19
------------------------------------------------------
The creditors of Dominion Fund Limited are required to file their
proofs of debt by May 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 4, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


DOMINION FUND: Members to Receive Wind-Up Report on June 9
----------------------------------------------------------
The members of Dominion Fund Limited will receive, on June 9,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on May 4, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


STENA GANGES: Creditors' Proofs of Debt Due on May 19
-----------------------------------------------------
The creditors of Stena Ganges Ltd. are required to file their
proofs of debt by May 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2010.

The company's liquidator is:

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


STENA GANGES: Members to Receive Wind-Up Report on June 8
---------------------------------------------------------
The members of Stena Ganges Ltd. will receive, on June 8, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 29, 2010.

The company's liquidator is:

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


STENA SNOWDROP: Creditors' Proofs of Debt Due on May 19
-------------------------------------------------------
The creditors of Stena Snowdrop Ltd. are required to file their
proofs of debt by May 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2010.

The company's liquidator is:

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


STENA SNOWDROP: Members to Receive Wind-Up Report on June 8
-----------------------------------------------------------
The members of Stena Snowdrop Ltd. will receive, on June 8, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 29, 2010.

The company's liquidator is:

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


WORLD PASS: Creditors' Proofs of Debt Due on May 21
---------------------------------------------------
The creditors of World Pass Co. Ltd. are required to file their
proofs of debt by May 21, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 28, 2010.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road
         Pembroke HM 08, Bermuda


WORLD PASS: Members to Receive Wind-Up Report on June 21
--------------------------------------------------------
The members of World Pass Co. Ltd. will receive, on June 21, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 28, 2010.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road
         Pembroke HM 08, Bermuda


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


BANCOLOMBIA SA: Records COP341 Billion Net Income in First Qtr
--------------------------------------------------------------
Bancolombia S.A. posted its financial results for the first
quarter 2010.

Lower loan portfolio deterioration in 1Q10 vs. 1Q09.  New past due
loans before charge-offs in the last quarter were 27% lower than
in 1Q09, while charge-offs decreased 40% in 1Q10 as compared to
4Q09.  As a result, provision charges net of recoveries totaled
COP 142 billion in the quarter, down 53% and 58% as compared to
4Q09 and 1Q10 respectively.

Solid non-interest income throughout the quarter.  The combined
revenue of net fees and other operating income totaled COP 564
billion, which represents an increase of 14% as compared to 1Q09.
This performance is explained by solid results from our investment
banking unit, higher income from derivatives and solid fee
generation across our businesses.

Moderate expansion in operating expenses, which totaled
COP731 billion in 1Q10, up 2% as compared to 1Q09 and stable as
compared to 4Q09.

Mild recovery of lending activity in 1Q10.  COP denominated loans
grew 2% vs.4Q09, while USD denominated loans were stable.

Income from investments was significantly lower during 1Q10 as it
decreased 85% and 70% as compared to 4Q09 and 1Q09 respectively.
These decreases were driven by mark-to-market losses from our bond
portfolio, and also by a base effect caused by the higher income
from investments in 1Q09 and 4Q09, when there were mark-to-market
gains and extraordinary income from investments.

Strong balance sheet: reserves for loan losses represented 5.8% of
total loans and 138% of past due loans at the end of 1Q10, while
capital adequacy finished the quarter at 13.6% (Tier 1 ratio of
10.8%), higher than the 12.7% (Tier 1 ratio of 9.6%) reported at
the end of 1Q09.

Solid liquidity position: the ratio of net loans to deposits
(including borrowings from development banks) was 92% at the end
of 1Q10.

For the quarter ended March 31, 2010 ("1Q10"), Bancolombia's
consolidated net income totaled COP 341 billion (COP 433 per share
- USD 0.90 per ADR), which represents an increase of 10% as
compared to the results for the quarter ended March 31, 2009
("1Q09"), and a decrease of 8% as compared to the results for the
quarter ended December 31, 2009 ("4Q09").  Bancolombia's return on
average shareholders' equity ("ROE") for 1Q10 was 19.4%.

Bancolombia ended 1Q10 with COP 60,771 billion in assets, down 2%
and 6% as compared to 4Q09 and 1Q09, respectively. At the same
time, total liabilities amounted to COP 53,968 billion and
decreased 8% as compared to 1Q09.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating.  The
company also continues to carry ST FC Issuer Default ratings.


ECOPETROL SA: ANP Lets Firm Buy Stake in Offshore Block
-------------------------------------------------------
Brazil's National Petroleum Agency approved Hess Corp.'s sale of a
30% stake in the BM-ES-30 block to Ecopetrol SA, Jeff Fick at Dow
Jones Newswires reports.  The report relates that the approval
was listed in minutes from the ANP's latest board meeting held
May 11.

According to the report, Hess will remain operator of the block in
the Espirito Santo Basin, with a 30% stake.  The report relates
that Repsol YPF holds the remaining 40%.  Brazilian oil laws
require that the operator of any exploration block hold a 30%
stake.

Hess Corp., the report notes, also holds a stake in the Santos
Basin's BM-S-22 block, part of the so-called presalt cluster;
while Exxon Mobil Corp.(XOM) has a 40% operating stake in the
block.  The report says that the BM-S-22 block was home to the
Guarani prospect, one of the promising presalt basin's highest-
profile exploration failures. The well turned up dry in July 2009.

                     About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


* COLOMBIA: Board Approves US$3.46 Billion Arrangement
------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
successor one-year, SDR2.322 billion (about US$3.46 billion)
arrangement for Colombia under the Flexible Credit Line.  The
Colombian authorities have stated they intend to treat the
arrangement as precautionary and not draw on the line.  This
arrangement succeeds the previous one-year FCL agreed by the
Executive Board in May 2009.

The FCL is available to countries, such as Colombia, that have
demonstrated a very strong track record of sound macroeconomic
policies and institutional frameworks.  Colombia is the second
country to formally request a successor FCL arrangement, following
Mexico.

The FCL was established on March 24, 2009 as part of a major
reform of the Fund's lending framework.  The FCL is designed for
crisis prevention purposes as it provides the flexibility to draw
on the credit line at any time.  Disbursements are not phased nor
conditioned on compliance with policy targets as in traditional
IMF-supported programs.  This flexible access is justified by the
very strong track records of countries that qualify for the FCL,
which gives confidence that their economic policies will remain
strong.

Following the Executive Board discussion, Mr. John Lipsky, First
Deputy Managing Director and Acting Chair, made the following
statement:

"Colombia's solid macroeconomic performance in recent years has
been underpinned by a very strong policy framework.  Before the
global crisis, inflation was brought down to low single digits
under the inflation targeting regime and the medium-term fiscal
framework allowed for a substantial reduction in debt ratios,
while a flexible exchange rate and prudent debt management helped
to reduce vulnerabilities.  At the same time, strong prudential
supervision and regulation have kept the financial system sound.

"The strong policy framework allowed the authorities to conduct
countercyclical monetary and fiscal policies in response to the
global crisis.  In addition, the authorities secured official
external financing (including a one-year FCL for about US$10.5
billion) and took further steps to strengthen financial
regulation.  In the event, the domestic financial system did not
experience major strains and the government of Colombia maintained
access to international capital markets at favorable terms.

"Appropriate economic policies and the improvement in global
financial conditions led to resumed growth in mid-2009.  The
exchange rate has strengthened and equity prices have recovered
from troughs seen at the height of the crisis, and sovereign risk
premia have declined.  Looking forward, the outlook for 2010 is
generally positive, with output growth expected to exceed 2
percent.  Policies will remain underpinned by the rule-based
macroeconomic framework, and the authorities will remain vigilant
to any future shock.

"While global conditions have vastly improved since early 2009,
the authorities recognize that downside risks remain.  The
strength of the global recovery remains uncertain and the stimulus
measures in advanced economies have not yet produced strong
private sector demand.  It is against this background that, at the
authorities' request, the Executive Board today approved a one-
year arrangement under the FCL for 300 percent of quota; which the
authorities intend to treat as precautionary.

"Colombia's strong economic fundamentals and institutional
framework, its proven track record of sound macroeconomic
policies, and the additional insurance provided by the new FCL
arrangement, give confidence that the authorities are well
prepared to manage risks and pressures in the event that he global
environment deteriorates" Mr. Lipsky said.


=================
G U A T E M A L A
=================


* GUATEMALA: "Economy's Recovery Underway," IMF Says
----------------------------------------------------
A staff team from the International Monetary Fund visited
Guatemala during April 27 to May 6, 2010, to conduct the third
review of the Stand-By Arrangement approved in April 2009.  The
mission met with Minister of Finance Juan Alberto Fuentes Knight;
Central Bank Governor Maria Antonieta de Bonilla; Superintendent
of Banks Edgar Barquin; members of the Cabinet and Congress of the
Republic, and representatives of the private sector.

At the end of the visit Mr. Alejandro Lopez-Mejia, the IMF mission
chief for Guatemala, made the following statement:

"The recovery of the Guatemalan economy is under way.  There is a
gradual pick up in domestic demand, international trade, and
private capital flows.  International reserves are increasing, and
the quetzal has remained stable since end-March, following an
appreciation of 4.5 percent in the first quarter of the year.  The
financial system continues to hold up well, though credit to the
private sector remains slow despite ample liquidity.

"The near-term outlook has improved since the previous review in
December 2009, reflecting the improved global environment and also
partly due to cautious macroeconomic policies that paved the way
for a resuming higher growth.  The projection for output growth in
2010 has been revised upwards.  Inflation has picked up, mainly as
a result of one-off increases in food and electricity prices,
associated to the draught and the increase in international oil
prices.  Nonetheless, end-year inflation is projected to be around
5.5 percent, well within the central bank's target band.
International reserves increased in 2009, and are expected to
strengthen further in 2010.

"Performance under the precautionary SBA with the Fund remains
strong.  The authorities met by wide margins all quantitative
performance criteria for end-December 2009 and end-March 2010, and
annual inflation stayed within the inner consultation band set in
the program.  The two structural benchmarks for end-December (on
banks' liquidity and foreign currency risk management) were also
met.

"While supportive macroeconomic policies helped mitigate the
impact of the global crisis in Guatemala during 2009, the scope
for continued fiscal and monetary stimulus in 2010 is limited.  A
fiscal deficit for the central government of, at most, 3.1 percent
of GDP in 2010 is necessary to end the fiscal stimulus.  In view
of the ongoing recovery, we expect the authorities to allocate
part of the potential additional tax revenues to reduce the
deficit.  A lower fiscal deficit will be conducive to rebuilding
fiscal space, safeguarding the debt dynamics, and increasing the
scope for undertaking supportive fiscal policies in the future.
Monetary policy is expected to remain vigilant, and it is expected
that stance will be tightened if the inflation forecast deviates
from the target.

"Continued implementation of fiscal reforms is critical to
strengthen the resilience of the economy.  The mission reiterated
the importance of undertaking a comprehensive revenue reform to
reduce the fiscal deficit, while allowing for an increase in
public investment and social spending.  Continue strengthening tax
administration and expenditure management is also essential to
support fiscal consolidation.  At the same time, prompt
congressional approval of the amendments to the banking law should
remain a priority

"The authorities reiterated their intention to continue treating
the Stand-By Arrangement as precautionary.  The mission expects
that the IMF Executive Board will consider completion of the third
review of the Stand-By Arrangement in mid-June 2010."


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


CABLE & WIRELESS: LIME Expects to be Fully Compensated by Digicel
-----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) said that it expects to
be "fully compensated" and "reimbursed" by Digicel in relation to
a ruling by the UK High Court, Jamaica Observer reports.  The
report relates that the firm made the remarks in response to
reports that Digicel would be seeking to reduce costs awarded
against them in a suit it brought against Cable & Wireless.

According to the report, The High Court had awarded costs against
Digicel in its lawsuit against Cable & Wireless Communications and
scolded the Irish-owned telecoms provider for its handling of the
case.  The report relates that Digicel had brought suit against
Cable & Wireless claiming that C&W had deliberately and
intentionally delayed Digicel's entry into several markets in the
Caribbean between 2002 and 2006.

"We'd expect Digicel to say they want to negotiate on the costs.
They lost the case comprehensively, and the judge has awarded
costs against them.  We estimate that they have spent about œ10m
in legal costs already, so it doesn't surprise us that they want
to negotiate.  We are considering our position, but as we have
been awarded costs by the court, we are very well positioned," the
report quoted Donald Austin, executive vice- president, legal and
regulatory at LIME, as saying.

Mr. Austin, the report relates, said that in considering its
position in relation to negotiating costs, C&W will take into
consideration "the rebuke of the trial judge" in handing down the
decision in the case which C&W contends was "baseless".  "Any
negotiated settlement with Digicel can only be in the context of
our company being fully compensated and reimbursed for the
enormous expense brought on by a totally unnecessary and time-
wasting suit," Mr. Austin added.

                          About LIME

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

                      About Cable & Wireless

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

                         *     *     *

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

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


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


AXTEL SAB: Moody's Reviews 'Ba3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has placed Axtel, S.A.B. de C.V.'s Ba3
corporate family rating under review for possible downgrade as a
result of weaker than expected operating and financial results
during the first quarter 2010 and the company's weakened
competitive position.  These issues were affected by Moody's
action:

  -- US$275 million of 7.625% Senior Unsecured Global Notes due
     2017: Rating on review down

  -- US$490 million of 9% Senior Unsecured Global Notes due 2019:
     Rating on review down

During the first quarter 2010, Axtel reported weaknesses across
all of its businesses including the traditionally positive
segments like data services and integrated telecommunications
services.

During the review period, Moody's will focus on Axtel's ability to
reverse its declining trend and grow revenues and bring EBITDA
margin back to historical levels such that growth capex can be
financed with internally generated cash.  Moody's will also
analyze the extent to which persistent negative free cash flow
could place pressure on the company's liquidity position and the
degree to which the interconnection issues with incumbent Telmex
could jeopardize Axtel's competitive position.

Before the action, last action on Axtel's ratings was on March 11,
2010 when Moody's rated the company's US$190 million in notes due
in 2019.  The new notes were an add-on to the US$300 million
senior unsecured notes issued in September 2009 and due in 2019.

Based in Monterrey, Mexico, Axtel is a competitive local telephone
company providing bundled products including voice, data and
Internet services to business and residential users within Mexico.
Axtel provides telecommunications services using a suite of
technologies including FWA, WiMAX, copper, fiber-optic, point to
multipoint radios and traditional point to point microwave access,
among others.  Axtel is the second-largest fixed line telecom in
Mexico with about 8% revenues market share as of December 2009.
At present, Axtel serves 39 cities.  During the last twelve months
ended in March 31, 2010, the company's revenues reached
US$811 million with a 38% adjusted EBITDA margin.


CEMEX SAB: Gets Requisite Consent From Holders on Debentures
-------------------------------------------------------------
CEMEX, S.A.B. de C.V.  last week received requisite consents from
a majority of the holders on each of all four tranches of its
perpetual debentures, consisting of the U.S. dollar-denominated
6.196% Fixed-to-Floating Rate Callable Perpetual Debentures, the
U.S. dollar-denominated 6.640% Fixed-to-Floating Rate Callable
Perpetual Debentures, the U.S. dollar-denominated 6.722% Fixed-to-
Floating Rate Callable Perpetual Debentures and the Euro-
denominated 6.277% Fixed-to-Floating Rate Callable Perpetual
Debentures.  Accordingly, the condition relating to the receipt of
such requisite consents from eligible holders on or prior to the
Expiration Date has been satisfied for each of the exchange offers
relating to the four tranches of perpetual debentures.

The Exchange Offers expired at 11:59 p.m., New York City time, on
May 7, 2010 and will settle on May 12, 2010.

The Exchange Offers are being made within the United States only
to "qualified institutional buyers" pursuant to Rule 144A under
the Securities Act of 1933, as amended, and to persons that are
not "U.S. persons," as such term is defined in Rule 902(k) of
Regulation S under the Securities Act and who would be
participating in any transaction in accordance with Regulation S.
The new senior secured notes to be denominated in Dollars and
Euros, to be offered have not been registered under the Securities
Act and may not be offered or sold in the United States absent an
applicable exemption from registration requirements.  The Exchange
Offers are not being made to any person located or resident in the
Republic of Italy.

                          About CEMEX SAB

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

                           *     *     *

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


GMAC FINANCIERA: Moody's Reviews Ratings on Three Securities
------------------------------------------------------------
Moody's de M‚xico has placed the ratings of three subordinate
certificates from three GMAC Financiera, S.A. de C.V. Mexican
mortgage-backed securitizations on review for possible downgrade:
MXMACFW07-6U Class B Certificates, rated Caa3.mx (Mexican National
Scale Rating) and Caa3 (Global Scale, Local Currency); MXMACFW07-
4U Class B Certificates, rated Caa1.mx (Mexican National Scale
Rating) and Caa1 (Global Scale, Local Currency); MXMACFW07-2U
Class B Certificates, rated Caa1.mx (Mexican National Scale
Rating) and Caa1 (Global Scale, Local Currency).

The rating actions were prompted by the weaker than expected
performance of the underlying collateral over the past year.  The
last rating action on the affected certificates occurred on
April 1, 2009, when their ratings were downgraded from their
initial ratings.

The securitizations are backed by collateral from various
originators including Hipotecaria Su Casita S.A. de C.V.,
Hipotecaria Cr‚dito y Casa S.A. de C.V. and Cr‚dito Inmobiliario
S.A. de C.V.  The pools consist of first-lien, fixed-rate,
inflation-indexed (UDI-denominated) mortgages granted primarily to
low-income borrowers in Mexico.

As of March 31, 2010, delinquencies greater than 90 days
(including real estate owned, or REO) as a percentage of the
original pool balance were: MXMACFW07-6U (29.6% after 19 months of
seasoning), MXMACFW07-4U (22.7% after 33 months of seasoning), and
MXMACFW 07-2U (20.6% after 37 months of seasoning).

During the review period, Moody's will focus on the trends related
to performance, REOs, and severity of loss for sold REOs in order
to refine the recovery rate assumptions on the certificates.

                           Rating Action

The complete rating action is:

Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto M£ltiple, Entidad No Regulada.

Issuer: HSBC M‚xico, S.A., Instituci¢n de Banca M£ltiple, Grupo
Financiero HSBC, Divisi¢n Fiduciaria, acting only in its capacity
as trustee.

  -- MXMACFW07-6U Class B Certificates: Caa3 (Global Scale, Local
     Currency) and Caa3.mx (National Scale Rating) ratings placed
     on review for possible downgrade; the last rating action
     occurred on April 1, 2009, when the Caa3 rating was
     downgraded from Ba2 and the Caa3.mx rating was downgraded
     from A2.mx.

  -- MXMACFW07-4U Class B Certificates: Caa1 (Global Scale, Local
     Currency) and Caa1.mx (National Scale Rating) ratings placed
     on review for possible downgrade; the last rating action
     occurred on April 1, 2009, when the Caa1 rating was
     downgraded from Ba2 and the Caa1.mx rating was downgraded
     from A2.mx.

  -- MXMACFW 07-2U Class B Certificates: Caa1 (Global Scale, Local
     Currency) and Caa1.mx (National Scale Rating) ratings placed
     on review for possible downgrade; the last rating action
     occurred on April 1, 2009, when the Caa1 rating was
     downgraded from Ba2 and the Caa1.mx rating was downgraded
     from A1.mx.


HIPOTECARIA SU: S&P Downgrades Ratings on 17 Mexican RMBS Tranches
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 17
Mexican residential mortgage-backed securities tranches from
transactions originated and serviced by Hipotecaria Su Casita S.A.
de C.V. SOFOM E.N.R. and lowered its underlying ratings on three
of those tranches.  At the same time, S&P affirmed its ratings on
10 Mexican RMBS tranches.

The lowered ratings reflect the sustained deterioration of the
related transactions' credit enhancement, particularly during the
past 12 months, due to rising delinquencies and defaults.  S&P
expects these transactions' performance to continue deteriorating
due to the effects the global economic crisis had on the Mexican
economy, such as increasing unemployment rates and shrinking
disposable household incomes.  Although the Mexican economy has
started to recover, the recovery is unequal among different
economic sectors; recovery in employment rates and disposable
income may lag for some time.

The 'BB+' global scale rating and the 'mxA' Mexican national scale
rating on Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III's series BRHCCB 07U and BRHCCB 07-2U
certificates are based on the full financial guarantee insurance
policy provided by MBIA Mexico S.A. de C.V. (mxA/Negative CaVal
(Mexico) national scale rating and BB+/Negative/-- insurer
financial strength rating).  The 'BB+' global scale rating on
Hipotecaria Su Casita - Residential Mortgage Backed Notes' class A
cross-border notes is based on the full financial guarantee
insurance policy provided by MBIA Insurance Corp. (BB+/Negative/--
insurer financial strength rating).  Under S&P's criteria, the
issue rating on an insured bond reflects the higher of the rating
on the bond insurer (monoline) or the SPUR on the security.

S&P's affirmed ratings reflect the related transactions'
sufficient credit enhancement levels, which continued to support
the assigned ratings on the tranches under observed and projected
performance scenarios.  It is important to note, however, that
further severe weakening beyond S&P's projections would warrant a
new review of the transactions.

S&P estimated the transactions' delinquency, default, and current
credit enhancement levels according to S&P's methodology and
assumptions.  S&P analyzed the transactions using LEVELS Mexico to
determine their updated foreclosure frequency and loss severity
levels.  S&P then used its Mexican RMBS cash flow model to
determine each transaction's new rating based on the transaction's
financial position, projected performance, and structure.  S&P
modeled each transaction's expected recovery from asset
liquidation consistent with LEVELS Mexico output and current
methodology and assumptions.

Su Casita has been restructuring the defaulted loans underlying
some of its transactions, and the restructured loans appear to be
benefiting the related transactions' financial position and cash
flow.  S&P will continue to closely monitor the performance of the
restructured loans for recidivism, which could result in higher
foreclosures and loss severities.

As S&P had noted in its Dec. 22, 2009, Mexican RMBS Index, S&P
anticipate rating actions on some of the weaker Mexican RMBS
transactions, particularly those that have low levels of current
credit protection due to high defaults and low excess spread.

                          Ratings Lowered

  Hipotecaria Su Casita - Bursatilizaciones de Hipotecas Residenciales

                  Credit
   Tranche        protection*   Rating To  Rating From    Amount (mil.)
   -------        -----------   ---------  -----------    -------------
   BRHSCCB 05U         5.51     mxAA-       mxAAA             UDI87.6
   BRHSCCB 06         10.43     mxAA+       mxAAA            MXN270.0
   BRHSCCB 06U        11.83     mxAA-       mxAAA            UDI137.0
   BRHSCCB 06-2U     (2.69)     mxBBB+      mxA               UDI22.5
   BRHSCCB 06-3U       7.08     mxAA-       mxAAA            UDI131.0
   BRHSCCB 06-4U     (9.52)     mxBBB       mxA               UDI23.4
   BRHSCCB 06-5U      13.76     mxAA        mxAAA            UDI106.8

Hipotecaria Su Casita ? Bursatilizaciones de Hipotecas Residenciales III

                  Credit
   Tranche        protection*   Rating To  Rating From    Amount (mil.)
   -------        -----------   ---------  -----------    -------------
   BRHCCB 07U        (11.94)    mxA         mxAA             UDI120.9
   BRHCCB 07U        (11.94)    BB+/B(SPUR) BBB/BBB(SPUR)
   BRHCCB 07-2U      (11.94)    mxA         mxAA-            UDI425.2
   BRHCCB 07-2U      (11.94)    BB+/B(SPUR) BBB-/BBB-(SPUR)
   BRHCCB 07-3U      (25.23)    mxB+        mxA               UDI64.8
   BRHCCB 08U         (2.99)    mxA         mxAAA            UDI129.2
   BRHCCB 08-2U       (2.99)    mxA         mxAAA            UDI221.5
   BRHCCB 08-3U      (15.77)    mxBB        mxA               UDI43.5
   BRHCCB 08-4U       (4.58)    mxA-        mxAAA            UDI151.9
   BRHCCB 08-5U       (8.03)    mxA-        mxAAA            UDI165.2

    Hipotecaria Su Casita - Residential Mortgage Backed Notes

                  Credit
   Tranche        protection*   Rating To  Rating From    Amount (mil.)
   -------        -----------   ---------  -----------    -------------
   Class A            (0.01)    BB+/B(SPUR) BBB-/BBB-(SPUR)  US$151.9
   Class B           (11.10)    mxBB        mxA              MXN184.9

                         Ratings Affirmed

                     Hipotecaria Su Casita ?
           Bursatilizaciones de Hipotecas Residenciales

                         Credit
       Tranche           protection*      Rating       Amount (mil.)
       -------           -----------      ------       -------------
       BRHCGCB 03U           45.97        mxAAA            UDI40.2
       BRHCGCB 04U           16.30        mxAAA           UDI138.9
       BRHSCCB 06-6U          1.56        mxA              UDI15.1

                     Hipotecaria Su Casita ?
         Bursatilizaciones de Hipotecas Residenciales II

                         Credit
       Tranche           protection*      Rating       Amount (mil.)
       -------           -----------      ------       -------------
       BRHSCCB 06-2          17.57        mxAAA           MXN336.9
       BRHSCCB 06-3           5.59        mxA              MXN48.9
       BRHSCCB 07            17.78        mxAAA           MXN467.2
       BRHSCCB 07-2           4.49        mxA              MXN75.5

                     Hipotecaria Su Casita ?
         Bursatilizaciones de Hipotecas Residenciales III

                         Credit
       Tranche           protection*      Rating       Amount (mil.)
       -------           -----------      ------       -------------
       BRHCCB 07             17.94        mxAAA           MXN366.2
       BRHCCB 07-2           17.94        mxAAA           MXN745.8
       BRHCCB 07-3            2.98        mxA             MXN202.7

  * S&P calculated each transaction's credit protection by
    subtracting the quotient of the liabilities' outstanding
    amount and the current portion of the collateral (using
    standardized defaults according to Standard & Poor's RMBS
    index methodology) from one, and then adding the result to the
    subordinated series' amount or the disposable partial credit
    guarantee amount (each expressed as a percentage).  Negative
    percentages represent transactions with more liabilities than
    current assets (negative equity).

  UDI ? Unidad de Inversion.
  MXN ? Mexican pesos.
  SPUR - Standard & Poor's Underlying Ratings


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


CL FINANCIAL: Firm's Collapse to Affect Caribbean Region
--------------------------------------------------------
According to Curtis Rampersad at the Trinidad Express, a report by
the International Monetary Fund said that the collapse last year
of CL Financial Limited will continue to challenge the recovery of
smaller Caribbean islands.

According to the Express, in its Regional Economic Outlook-
Western Hemisphere report IMF said: 'The January 2009 collapse of
the Trinidad and Tobago-based CL Financial Group sent shock waves
throughout the Caribbean that are continuing to reverberate.'  The
Express relates that IMF said low debt and high reserves permitted
Trinidad and Tobago to bail out three domestic subsidiaries at a
cost of US$850 million (about 3.8% of GDP).  'However, higher
exposure combined with high debt levels in several countries in
the rest of the Caribbean pose significant challenges in dealing
with the problems created by the group's insurance subsidiaries,'
the IMF report stated, the Express says.

The IMF report, the Express notes, said that economic recovery in
Latin America and the Caribbean was advancing faster than
anticipated but at different speeds across countries.  The Express
relates that in countries like Trinidad and Tobago, Suriname and
Venezuela -which are classified as commodity-exporting countries-
a key challenge will be to break from past patterns of government
rising along with commodity export prices; while in tourism-
dependent countries like Barbados, Jamaica, St Lucia and Antigua
and Barbuda, the policy focus should be on easing hardships on the
poor.

                        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.


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


* VENEZUELA: IDB OKs US$140MM Loan to Improve Solid Waste Mngt
--------------------------------------------------------------
The Bolivarian Republic of Venezuela will improve its management
of municipal solid waste at the national level with a program
partially funded with a US$140 million loan from the Inter-
American Development Bank.

The project will seek to reduce and prevent the environmental and
health impacts of the improper management of waste by
strengthening institutions involved in providing these services.
It will finance the training of technical personnel in these
institutions and the construction of basic infrastructure for the
transfer and disposal of municipal solid waste, in order to
replace existing open-air dumps, among other activities.

The implementation of the project is expected to ensure that in
five years about 1100 tons of solid waste per day that are now
disposed in open dumps will instead be deposited in sanitary
landfills with environmental safeguards that will be built with
funds from the program.

The project is also expected to proportion of that solid waste
that will be separated for recycling purposes will increase to at
least 20% by the conclusion of the project.

The project plans to finance an estimated 5 to 8 sub-projects from
a total of 25 already identified by the Ministry of the Popular
Power for the Environment as part of an investment program created
to meet the increasing demands of the sector.

The IDB loan has a 25-year term including a grace period of five
years, and a variable interest rate based on the Libor.  Venezuela
will provide $60 million in local counterpart funds.

                         *     *     *

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


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


* LATAM: Experiences Swift but Uneven Economic Rebound, IMF Says
----------------------------------------------------------------
The recovery in Latin America and the Caribbean is advancing
faster than anticipated but at different speeds across countries,
the International Monetary Fund said in its latest Regional
Economic Outlook - Western Hemisphere report, which was launched
today in Montevideo, Uruguay.  According to the report, growth
continues to gather momentum in the region, driven primarily by a
strong rebound in private consumption and improved external
conditions.  For 2010, regional GDP is expected to grow by 4%,
after contracting by 1.8% in 2009.  The report sees however marked
differences in the outlook across countries.

"Overall, we expect a good performance for the LAC economies in
2010," said Nicolas Eyzaguirre, Director of the IMF's Western
Hemisphere Department.  "But within that regional picture,
countries with strong ties to global financial markets are likely
to stage a more vigorous recovery, helped by their access to ample
external financing and by strong prices for their commodity
exports.  On the other hand, some of the smaller economies will
experience more sluggish growth, and some of those will even
contract.  Accordingly, policy approaches will have to vary
considerably to ensure a sustainable recovery across countries."

For the purpose of analyzing the regional outlook, the report
divides LAC countries into four groups: 1) countries that are
exporters of commodities and have full access to global financial
markets (including Brazil, Chile, Colombia, Mexico and Peru); 2)
other commodity exporters; 3) commodity importers that rely
heavily on foreign tourism (mainly Caribbean countries); and, 4)
other commodity importing countries (including many in Central
America that rely on remittances from workers abroad).

For the first group of countries, the challenge is how to best
manage the upswing in the business cycle amid very favorable
external conditions.  As economic activity recovers, and inflation
and output gaps close, there will be a need to phase out
macroeconomic policy stimulus, starting with the fiscal side,
especially where private demand is gaining strong momentum.  For
some of the other commodity exporting countries, a key policy
challenge will be to break from past patterns of fiscal pro-
cyclicality as government revenue rises along with commodity
export prices.  For many commodity importing countries, where the
room for macroeconomic stimulus has been almost depleted, the
remaining space should be prudently saved and replenished if
possible to address potential downside risk scenarios.  In tourism
dependent countries where activity has been hurt by weak
employment conditions in the advanced economies, the policy focus
should be on easing hardships on the poor and maintaining
macroeconomic stability.

As for the United States and Canada, with recovery under way, the
near term policy focus is turning toward exit strategies.
Stimulus is appropriately being maintained to support growth.  But
for the United States attention will soon need to turn to getting
fiscal imbalances under control.  In particular, crafting a strong
medium-term consolidation strategy to underpin confidence in
fiscal sustainability will be essential.

                    On Guard Against New Booms

The report looks in depth at the challenges arising from the
return of favorable external financial conditions, analyzing how
economies in Latin America and other regions responded to similar
conditions in the past.  Episodes of cheap and abundant external
financing raise the risk of a boom-bust cycle, since they can lead
to surges in domestic demand and credit, as well as asset price
bubbles and larger current account deficits.

"The arrival of easy external financial conditions is good news
overall for emerging economies," said Mr. Eyzaguirre.  "But these
temporary episodes come with risks that need to be managed.  It's
important not to let easy conditions trigger too-rapid growth of
demand and credit, in new booms that could end badly later."

The report concludes that averting such risks depends on policies.
"An important message of our analysis is that policies can either
mitigate or amplify the eventual risks associated with easy
external financing," said Mr. Eyzaguirre.  "So the decisions taken
by policymakers right now are very important to avoiding trouble
later."

The situation calls for a set of policy responses, Mr. Eyzaguirre
said.  "The priorities are to allow significant flexibility of the
exchange rate, to maintain fiscal discipline and to use fiscal
policy to lean against excessive demand growth, and to use
macroprudential policies to keep financial systems stable."  If
these approaches together turn out to not be sufficient, he noted,
adding carefully designed taxes on capital inflows may help on a
temporary basis.


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

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


ARGENTINA

SOC COMERCIAL PL    SCDPF US       117956835    -250298760
SNIAFA SA-B         SDAGF US        11229696   -2670544.88
SOC COMERCIAL PL    CAD IX         117956835    -250298760
SOC COMERCIAL PL    CVVIF US       117956835    -250298760
SOC COMERCIAL PL    CADN EO        117956835    -250298760
COMERCIAL PL-ADR    SCPDS LI       117956835    -250298760
SOC COMERCIAL PL    COME AR        117956835    -250298760
SOC COMERCIAL PL    CADN SW        117956835    -250298760
COMERCIAL PLA-BL    COMEB AR       117956835    -250298760
COMERCIAL PL-C/E    COMEC AR       117956835    -250298760
COMERCIAL PLAT-$    COMED AR       117956835    -250298760
SNIAFA SA           SNIA AR         11229696   -2670544.88
SNIAFA SA-B         SNIA5 AR        11229696   -2670544.88
IMPSAT FIBER NET    IMPTQ US       535007008     -17165000
IMPSAT FIBER NET    330902Q GR     535007008     -17165000
IMPSAT FIBER NET    XIMPT SM       535007008     -17165000
IMPSAT FIBER-CED    IMPT AR        535007008     -17165000
IMPSAT FIBER-C/E    IMPTC AR       535007008     -17165000
IMPSAT FIBER-$US    IMPTD AR       535007008     -17165000
IMPSAT FIBER-BLK    IMPTB AR       535007008     -17165000


BRAZIL

DOC IMBITUBA-RTC    IMBI1 BZ       117726172   -17225602.7
DOC IMBITUBA-RTP    IMBI2 BZ       117726172   -17225602.7
TELECOMUNICA-ADR    81370Z BZ      248609064   -9345005.13
FABRICA TECID-RT    FTRX1 BZ        65955224   -56330080.2
PROMAN              PRMN3B BZ       13486223   -113662.457
TEKA-ADR            TEKAY US       236758337    -334535567
BOMBRIL             BMBBF US       300229620    -120551090
TELEBRAS-PF RCPT    CBRZF US       248609064   -9345005.13
TEKA                TKTQF US       236758337    -334535567
TEKA-PREF           TKTPF US       236758337    -334535567
REII INC            REIC US         16269472      -2354589
PET MANG-RIGHTS     RPMG1 BZ       111979912    -134952358
PET MANG-RIGHTS     RPMG2 BZ       111979912    -134952358
PET MANG-RECEIPT    RPMG9 BZ       111979912    -134952358
PET MANG-RECEIPT    RPMG10 BZ      111979912    -134952358
MMX MINERACAO       TRES3 BZ       981664768    -207254300
MMX MINERACA-GDR    MMXMY US       981664768    -207254300
SANESALTO           SNST3 BZ        28244078   -875835.818
B&D FOOD CORP       BDFCE US        16269472      -2354589
BOMBRIL-RGTS PRE    BOBR2 BZ       300229620    -120551090
BOMBRIL-RIGHTS      BOBR1 BZ       300229620    -120551090
MMX MINERACA-GDR    XMM CN         981664768    -207254300
TELEBRAS/W-I-ADR    TBH-W US       248609064   -9345005.13
MMX MINERACA-GDR    3M11 GR        981664768    -207254300
LAEP-BDR            MILK11 BZ      446499199   -70952298.9
LAEP INVESTMENTS    LEAP LX        446499199   -70952298.9
MMX MINERACAO       MMXCF US       981664768    -207254300
BALADARE            BLDR3 BZ       144928981   -33970462.8
TEXTEIS RENAU-RT    TXRX1 BZ        61309988   -90847301.6
TEXTEIS RENAU-RT    TXRX2 BZ        61309988   -90847301.6
TEXTEIS RENA-RCT    TXRX9 BZ        61309988   -90847301.6
TEXTEIS RENA-RCT    TXRX10 BZ       61309988   -90847301.6
TELEBRAS SA-RT      TELB9 BZ       248609064   -9345005.13
CIA PETROLIF-PRF    MRLM4 BZ       377602195   -3014291.72
CIA PETROLIFERA     MRLM3 BZ       377602195   -3014291.72
NOVA AMERICA SA     NOVA3 BZ        21287489    -183535527
NOVA AMERICA-PRF    NOVA4 BZ        21287489    -183535527
PROMAN              PRMN3 BZ        13486223   -113662.457
B&D FOOD CORP       BDFC US         16269472      -2354589
MMX MINERACAO-RT    MMXM1 BZ       981664768    -207254300
MMX MINERACA-RCT    MMXM9 BZ       981664768    -207254300
TELEBRAS SA         TELB3 BZ       248609064   -9345005.13
TELEBRAS SA         TLBRON BZ      248609064   -9345005.13
TELEBRAS SA         TBASF US       248609064   -9345005.13
TELEBRAS SA-PREF    TELB4 BZ       248609064   -9345005.13
TELEBRAS SA-PREF    TLBRPN BZ      248609064   -9345005.13
TELEBRAS-ADR        TBAPY US       248609064   -9345005.13
TELEBRAS-ADR        TBRAY GR       248609064   -9345005.13
TELEBRAS-CEDE PF    RCTB4 AR       248609064   -9345005.13
TELEBRAS-CED C/E    RCT4C AR       248609064   -9345005.13
TELEBRAS-CEDEA $    RCT4D AR       248609064   -9345005.13
TELEBRAS-CEDE BL    RCT4B AR       248609064   -9345005.13
TELEBRAS-ADR        TBH US         248609064   -9345005.13
TELEBRAS-ADR        TBX GR         248609064   -9345005.13
TELEBRAS-ADR        RTB US         248609064   -9345005.13
TELEBRAS-ADR        TBASY US       248609064   -9345005.13
TELEBRAS-RCT PRF    TELB10 BZ      248609064   -9345005.13
TELEBRAS-RTS CMN    RCTB1 BZ       248609064   -9345005.13
TELEBRAS-RTS PRF    RCTB2 BZ       248609064   -9345005.13
TELEBRAS-RTS CMN    TCLP1 BZ       248609064   -9345005.13
TELEBRAS-RTS PRF    TLCP2 BZ       248609064   -9345005.13
TELEBRAS-COM RT     TELB1 BZ       248609064   -9345005.13
TELEBRAS-CM RCPT    RCTB31 BZ      248609064   -9345005.13
TELEBRAS-CM RCPT    TELE31 BZ      248609064   -9345005.13
TELEBRAS-RCT        RCTB33 BZ      248609064   -9345005.13
TELEBRAS-CM RCPT    TBRTF US       248609064   -9345005.13
TELEBRAS-CM RCPT    RCTB32 BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    RCTB41 BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    TELE41 BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    RCTB42 BZ      248609064   -9345005.13
TELEBRAS-CEDE PF    TELB4 AR       248609064   -9345005.13
TELEBRAS-CED C/E    TEL4C AR       248609064   -9345005.13
TELEBRAS-CM RCPT    RCTB30 BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    RCTB40 BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    TBAPF US       248609064   -9345005.13
TELEBRAS-RECEIPT    TLBRUO BZ      248609064   -9345005.13
TELEBRAS-PF RCPT    TLBRUP BZ      248609064   -9345005.13
TELEBRAS-BLOCK      TELB30 BZ      248609064   -9345005.13
TELEBRAS-PF BLCK    TELB40 BZ      248609064   -9345005.13
TELEBRAS-CEDEA $    TEL4D AR       248609064   -9345005.13
ARTHUR LANGE        ARLA3 BZ        11642256   -17154461.9
ARTHUR LANGE SA     ALICON BZ       11642256   -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ        11642256   -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ       11642256   -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ        11642256   -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ        11642256   -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ        11642256   -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ       11642256   -17154461.9
ARTHUR LAN-DVD C    ARLA11 BZ       11642256   -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ       11642256   -17154461.9
BOMBRIL             BOBR3 BZ       300229620    -120551090
BOMBRIL CIRIO SA    BOBRON BZ      300229620    -120551090
BOMBRIL-PREF        BOBR4 BZ       300229620    -120551090
BOMBRIL CIRIO-PF    BOBRPN BZ      300229620    -120551090
BOMBRIL SA-ADR      BMBPY US       300229620    -120551090
BOMBRIL SA-ADR      BMBBY US       300229620    -120551090
CAF BRASILIA        CAFE3 BZ        51185419    -768343290
CAFE BRASILIA SA    CSBRON BZ       51185419    -768343290
CAF BRASILIA-PRF    CAFE4 BZ        51185419    -768343290
CAFE BRASILIA-PR    CSBRPN BZ       51185419    -768343290
CHIARELLI SA        CCHI3 BZ        22274027   -44537138.2
CHIARELLI SA        CCHON BZ        22274027   -44537138.2
CHIARELLI SA-PRF    CCHI4 BZ        22274027   -44537138.2
CHIARELLI SA-PRF    CCHPN BZ        22274027   -44537138.2
DOC IMBITUBA        IMBI3 BZ       117726172   -17225602.7
DOCAS IMBITUBA      IMBION BZ      117726172   -17225602.7
DOC IMBITUB-PREF    IMBI4 BZ       117726172   -17225602.7
DOCAS IMBITUB-PR    IMBIPN BZ      117726172   -17225602.7
SCHLOSSER           SCLO3 BZ        14638347   -55030424.6
SCHLOSSER SA        SCHON BZ        14638347   -55030424.6
SCHLOSSER-PREF      SCLO4 BZ        14638347   -55030424.6
SCHLOSSER SA-PRF    SCHPN BZ        14638347   -55030424.6
DOCA INVESTIMENT    DOCA3 BZ        88417961   -18059127.9
DOCAS SA            DOCAON BZ       88417961   -18059127.9
DOCA INVESTI-PFD    DOCA4 BZ        88417961   -18059127.9
DOCAS SA-PREF       DOCAPN BZ       88417961   -18059127.9
DOCAS SA-RTS PRF    DOCA2 BZ        88417961   -18059127.9
ACO ALTONA          EALT3 BZ        82202066   -11938002.3
ACO ALTONA SA       EAAON BZ        82202066   -11938002.3
ACO ALTONA-PREF     EALT4 BZ        82202066   -11938002.3
ACO ALTONA-PREF     EAAPN BZ        82202066   -11938002.3
FABRICA RENAUX      FTRX3 BZ        65955224   -56330080.2
FABRICA RENAUX      FRNXON BZ       65955224   -56330080.2
FABRICA RENAUX-P    FTRX4 BZ        65955224   -56330080.2
FABRICA RENAUX-P    FRNXPN BZ       65955224   -56330080.2
HAGA                HAGA3 BZ        16836496   -63947246.6
FERRAGENS HAGA      HAGAON BZ       16836496   -63947246.6
FER HAGA-PREF       HAGA4 BZ        16836496   -63947246.6
FERRAGENS HAGA-P    HAGAPN BZ       16836496   -63947246.6
TECEL S JOSE        SJOS3 BZ        17924946   -18569451.2
TECEL S JOSE        FTSJON BZ       17924946   -18569451.2
TECEL S JOSE-PRF    SJOS4 BZ        17924946   -18569451.2
TECEL S JOSE-PRF    FTSJPN BZ       17924946   -18569451.2
CIMOB PARTIC SA     GAFP3 BZ        36817395   -33083086.5
CIMOB PARTIC SA     GAFON BZ        36817395   -33083086.5
CIMOB PART-PREF     GAFP4 BZ        36817395   -33083086.5
CIMOB PART-PREF     GAFPN BZ        36817395   -33083086.5
GAZOLA              GAZO3 BZ        12452143   -40298506.3
GAZOLA SA           GAZON BZ        12452143   -40298506.3
GAZOLA-PREF         GAZO4 BZ        12452143   -40298506.3
GAZOLA SA-PREF      GAZPN BZ        12452143   -40298506.3
GAZOLA-RCPTS CMN    GAZO9 BZ        12452143   -40298506.3
GAZOLA-RCPT PREF    GAZO10 BZ       12452143   -40298506.3
GAZOLA SA-DVD CM    GAZO11 BZ       12452143   -40298506.3
GAZOLA SA-DVD PF    GAZO12 BZ       12452143   -40298506.3
IGB ELETRONICA      IGBR3 BZ       145256033    -273857292
GRADIENTE ELETR     IGBON BZ       145256033    -273857292
GRADIENTE-PREF A    IGBR5 BZ       145256033    -273857292
GRADIENTE EL-PRA    IGBAN BZ       145256033    -273857292
GRADIENTE-PREF B    IGBR6 BZ       145256033    -273857292
GRADIENTE EL-PRB    IGBBN BZ       145256033    -273857292
GRADIENTE-PREF C    IGBR7 BZ       145256033    -273857292
GRADIENTE EL-PRC    IGBCN BZ       145256033    -273857292
HERCULES            HETA3 BZ        11597352    -168514681
HERCULES SA         HERTON BZ       11597352    -168514681
HERCULES-PREF       HETA4 BZ        11597352    -168514681
HERCULES SA-PREF    HERTPN BZ       11597352    -168514681
RENAUXVIEW SA       TXRX3 BZ        61309988   -90847301.6
TEXTEIS RENAUX      RENXON BZ       61309988   -90847301.6
RENAUXVIEW SA-PF    TXRX4 BZ        61309988   -90847301.6
TEXTEIS RENAUX      RENXPN BZ       61309988   -90847301.6
PARMALAT            LCSA3 BZ       388720052    -213641144
PARMALAT BRASIL     LCSAON BZ      388720052    -213641144
PARMALAT-PREF       LCSA4 BZ       388720052    -213641144
PARMALAT BRAS-PF    LCSAPN BZ      388720052    -213641144
PARMALAT BR-RT C    LCSA5 BZ       388720052    -213641144
PARMALAT BR-RT P    LCSA6 BZ       388720052    -213641144
ESTRELA SA          ESTR3 BZ        61011894   -54580283.6
ESTRELA SA          ESTRON BZ       61011894   -54580283.6
ESTRELA SA-PREF     ESTR4 BZ        61011894   -54580283.6
ESTRELA SA-PREF     ESTRPN BZ       61011894   -54580283.6
RIOSULENSE SA       RSUL3 BZ        61902902   -11292932.5
RIOSULENSE SA       RSULON BZ       61902902   -11292932.5
RIOSULENSE SA-PR    RSUL4 BZ        61902902   -11292932.5
RIOSULENSE SA-PR    RSULPN BZ       61902902   -11292932.5
WETZEL SA           MWET3 BZ        81918484   -8800803.64
WETZEL SA           MWELON BZ       81918484   -8800803.64
WETZEL SA-PREF      MWET4 BZ        81918484   -8800803.64
WETZEL SA-PREF      MWELPN BZ       81918484   -8800803.64
MINUPAR             MNPR3 BZ        64999716    -103795048
MINUPAR SA          MNPRON BZ       64999716    -103795048
MINUPAR-PREF        MNPR4 BZ        64999716    -103795048
MINUPAR SA-PREF     MNPRPN BZ       64999716    -103795048
NORDON MET          NORD3 BZ        15697474   -20987944.8
NORDON METAL        NORDON BZ       15697474   -20987944.8
NORDON MET-RTS      NORD1 BZ        15697474   -20987944.8
NOVA AMERICA SA     NOVA3B BZ       21287489    -183535527
NOVA AMERICA SA     NOVAON BZ       21287489    -183535527
NOVA AMERICA-PRF    NOVA4B BZ       21287489    -183535527
NOVA AMERICA-PRF    NOVAPN BZ       21287489    -183535527
NOVA AMERICA-PRF    1NOVPN BZ       21287489    -183535527
NOVA AMERICA SA     1NOVON BZ       21287489    -183535527
PETRO MANGUINHOS    RPMG3 BZ       111979912    -134952358
PETRO MANGUINHOS    MANGON BZ      111979912    -134952358
PET MANGUINH-PRF    RPMG4 BZ       111979912    -134952358
PETRO MANGUIN-PF    MANGPN BZ      111979912    -134952358
RIMET               REEM3 BZ        63757622    -107162240
RIMET               REEMON BZ       63757622    -107162240
RIMET-PREF          REEM4 BZ        63757622    -107162240
RIMET-PREF          REEMPN BZ       63757622    -107162240
SANSUY              SNSY3 BZ       100279115   -45812488.8
SANSUY SA           SNSYON BZ      100279115   -45812488.8
SANSUY-PREF A       SNSY5 BZ       100279115   -45812488.8
SANSUY SA-PREF A    SNSYAN BZ      100279115   -45812488.8
SANSUY-PREF B       SNSY6 BZ       100279115   -45812488.8
SANSUY SA-PREF B    SNSYBN BZ      100279115   -45812488.8
BOTUCATU TEXTIL     STRP3 BZ        35101567   -13482713.5
STAROUP SA          STARON BZ       35101567   -13482713.5
BOTUCATU-PREF       STRP4 BZ        35101567   -13482713.5
STAROUP SA-PREF     STARPN BZ       35101567   -13482713.5
TEKA                TEKA3 BZ       236758337    -334535567
TEKA                TEKAON BZ      236758337    -334535567
TEKA-PREF           TEKA4 BZ       236758337    -334535567
TEKA-PREF           TEKAPN BZ      236758337    -334535567
TEKA-ADR            TKTPY US       236758337    -334535567
TEKA-ADR            TKTQY US       236758337    -334535567
VARIG SA            VAGV3 BZ       966298026   -4695211316
VARIG SA            VARGON BZ      966298026   -4695211316
VARIG SA-PREF       VAGV4 BZ       966298026   -4695211316
VARIG SA-PREF       VARGPN BZ      966298026   -4695211316
WIEST               WISA3 BZ        39838114   -93371563.1
WIEST SA            WISAON BZ       39838114   -93371563.1
WIEST-PREF          WISA4 BZ        39838114   -93371563.1
WIEST SA-PREF       WISAPN BZ       39838114   -93371563.1
FER C ATLANT        VSPT3 BZ       1.212E+09   -38389781.7
FER C ATLANT-PRF    VSPT4 BZ       1.212E+09   -38389781.7
FERROVIA CEN-DVD    VSPT11 BZ      1.212E+09   -38389781.7
FERROVIA CEN-DVD    VSPT12 BZ      1.212E+09   -38389781.7
FER C ATL-RCT CM    VSPT9 BZ       1.212E+09   -38389781.7
FER C ATL-RCT PF    VSPT10 BZ      1.212E+09   -38389781.7
SAUIPE SA           PSEGON BZ       10045350   -7741102.15
SAUIPE              PSEG3 BZ        10045350   -7741102.15
SAUIPE SA-PREF      PSEGPN BZ       10045350   -7741102.15
SAUIPE-PREF         PSEG4 BZ        10045350   -7741102.15
MMX MINERACAO       MMXM3 BZ       981664768    -207254300
TRESSEM PART SA     1TSSON BZ      981664768    -207254300
CIA PETROLIFERA     MRLM3B BZ      377602195   -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ      377602195   -3014291.72
CIA PETROLIFERA     1CPMON BZ      377602195   -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ      377602195   -3014291.72
LATTENO FOOD COR    LATF US         16269472      -2354589
VARIG PART EM TR    VPTA3 BZ        49432124    -399290426
VARIG PART EM-PR    VPTA4 BZ        49432124    -399290426
VARIG PART EM SE    VPSC3 BZ        96617351    -460274609
VARIG PART EM-PR    VPSC4 BZ        96617351    -460274609


CHILE

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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