TCRLA_Public/100517.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

              Monday, May 17, 2010, Vol. 11, No. 095

                            Headlines



A R G E N T I N A

ALIDA SA: Creditors' Proofs of Debt Due on June 29
DAYOUB NAWRAS: Creditors' Proofs of Debt Due on July 2
OCEANAIRLINE SA: Creditors' Proofs of Debt Due on June 25
* ARGENTINA: May Sell US$1-Bil. Bonds in Debt Exchange


B E R M U D A

MPF CORP: To Seek Plan Confirmation on June 9


B R A Z I L

BRASKEM SA: Incurs BRL123-Million Net Loss in First Quarter
BRASKEM SA: Taps Marcela Drehmer as VP of Investor Relations
GERDAU AMERISTEEL: Chief Operating Officer to Resign From Post
JBS SA: Won't Hold IPO for Unit Until At Least 2011


C A Y M A N  I S L A N D S

BIRDNEST INVESTMENTS: Member to Hear Wind-Up Report on May 25
CHEYNE MULTI-STRATEGY: Members to Hear Wind-Up Report on June 11
CYRUS II: Members to Receive Wind-Up Report on June 4
FAIRFIELD ICAP: Members to Hear Wind-Up Report on June 25
FIX ASSET: Shareholder to Hear Wind-Up Report on June 1

FP VULCAN: Shareholders to Hear Wind-Up Report on June 11
GCM CREDIT: Shareholders to Hear Wind-Up Report on June 11
GLOBOPAR OVERSEAS: Shareholders to Hear Wind-Up Report on June 11
GREEN OASIS: Members to Receive Wind-Up Report on June 10
HMO EMERGING: Shareholders to Hear Wind-Up Report on June 11

KEYSTONE INVESTMENTS: Members to Hear Wind-Up Report on June 10
KINGDOM 5-KR-10: Members to Receive Wind-Up Report on June 10
KINGDOM 5-KR-48: Members to Receive Wind-Up Report on June 10
NOONDAY OFFSHORE: Shareholders to Hear Wind-Up Report on June 11
POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17

POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17
POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17
SAGEVIEW CAPITAL: Shareholders to Hear Wind-Up Report on June 11
SUNDOWNER CAYMAN: Members to Hear Wind-Up Report on May 31
WINDRUSH SECURITIES: Members to Hear Wind-Up Report on June 10


H A I T I

* HAITI: Gives IDB Mandate to Promote Major Education Reform


J A M A I C A

AIR JAMAICA: Ministry to Acquire 5 Floors of Office Building
AIR JAMAICA: Gov't to Settle Take Over of JA/US Transport Pact


M E X I C O

VITRO SAB: Bondholders to Seek Equity in Debt Talks


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Increase Power Capacity Generation
PETROLEOS DE VENEZUELA: To "Rescue' Sunken Gas Platform


X X X X X X X X

* LATAM: IDB Program to Improve Caribbean Competitiveness
* BOND PRICING: For the Week May 10, to May 14, 2010




                         - - - - -


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


ALIDA SA: Creditors' Proofs of Debt Due on June 29
--------------------------------------------------
Mirta Haydee Addario, the court-appointed trustee for Alida SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 29, 2010.

Ms. Addario will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 11, 2011.

The Trustee can be reached at:

         Mirta Haydee Addario
         Lavalle 1454
         Argentina


DAYOUB NAWRAS: Creditors' Proofs of Debt Due on July 2
------------------------------------------------------
Jose Manuel Montana, the court-appointed trustee for Dayoub
Nawras's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 2, 2010.

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

The Trustee can be reached at:

         Jose Manuel Montana
         Paraguay 2081


OCEANAIRLINE SA: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------------
The court-appointed trustee for Oceanairline S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 25, 2010.

The trustee will present the validated claims in court as
individual reports on August 24, 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 5, 2010.


* ARGENTINA: May Sell US$1-Bil. Bonds in Debt Exchange
------------------------------------------------------
Argentina is reviving shelved plans to sell up to US$1 billion
worth of dollar bonds due in 2017 as part of its debt exchange as
market conditions improve, Drew Benson at Bloomberg News reports,
citing Ambito Financiero newspaper.  The report relates that
unidentified Economy Ministry sources told the newspaper that the
government may offer the bond before a May 18 pricing deadline for
the notes at a rate below 11% if yields continue to drop by then.

According to the report, the newspaper said that investment funds
are expected to tender about 60% of Argentina's outstanding
defaulted bonds by today, the early deadline for institutional
investors.  The government is also considering an exchange for
performing Argentine law bonds (Bodens) due in 2012 and 2013 at
the end of the month, the newspaper added.

The newspaper, the report adds, said that the plan would be to
offer investors nine-year international dollar bonds.

                         *     *     *

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


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


MPF CORP: To Seek Plan Confirmation on June 9
---------------------------------------------
BankruptcyData.com reports that MPF Corp. will seek approval of
its sale-based plan at a confirmation hearing scheduled for
June 9.  MPF's reorganization plan contemplates the sale of the
assets.  The Debtor expects to sign an asset purchase agreement
with the buyer three days prior to the confirmation hearing.
Under the deal, the buyer will pay $104 million in cash and assume
certain liabilities.

                          About MPF Corp.

Headquartered in Bermuda, MPF Corp. Ltd. -- http://www.mpf-
corp.com/ -- engages in deep water oil and gas exploration.  The
company was established on April 25, 2006.  The company and
debtor-affiliate MPF Holding US LLC filed separate petitions for
Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D. Tex. Case Nos.
08-36086 and 08-36084).  MPF-01 followed on Sept. 25, 2008.

D. Bobbitt Noel, Jr., Esq. at Vinson & Elkins LLP, represents the
Debtors as counsel.  When the Debtors filed for protection from
creditors, they listed assets of $100 million to $500 million, and
the same range of debts.

The Bermuda Proceedings and the Chapter 11 cases in the U.S. run
as parallel proceedings, which is coordinated to effectuate the
Debtors' goal of providing for a restructuring of their businesses
or sale of assets as may be in the best interests of their estates
and creditors.


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


BRASKEM SA: Incurs BRL123-Million Net Loss in First Quarter
-----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Braskem SA incurred a
BRL123 million net loss in the first-quarter from with year-
earlier net income of BRL10 million; a second straight quarterly
loss after a declining currency increased foreign debt costs and
factory shutdowns pared production.

According to the report, Brazil's real fell 2.1% in the quarter,
which increased the interest cost of Braskem's dollar-denominated
debt, and import costs.  The report relates that unscheduled
shutdowns caused by power outages pared production of plastic
resins 7% from a year earlier.

Braskem SA, the report notes, reported a net financial loss of
BRL645 million, mainly because of the real's decline against the
dollar and a 206 million-real tax charge.  The report says that a
year earlier, the company reported a net financial loss of BRL208
million.

The company's net sales rose 37% to BRL4.46 billion in the quarter
after prices for basic petrochemicals and resins rose, boosted by
Chinese demand, the report adds.

                         About Braskem S.A.

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

                           *     *     *

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


BRASKEM SA: Taps Marcela Drehmer as VP of Investor Relations
------------------------------------------------------------
Business administrator Marcela Drehmer is the new person in charge
of Finance and Investor Relations at Braskem, succeeding Carlos
Fadigas, who after performing the function for three and a half
years has been appointed to run Braskem's business in the United
States, which has been reinforced with the acquisition of Sunoco
Chemicals.

According to Bernardo Gradin, CEO at Braskem, "the change is part
of the natural, planned succession process for leadership at
Braskem and it confirms the company's financial policy, where
Marcela has been active since 1994."

With a Bachelor's degree in Business Administration from the
University of Salvador - UNIFACS and an MBA in Finance from IBMEC-
Sao Paulo, Marcela Drehmer began her experience in the
petrochemical sector in 1994, when she joined the Finance
Department at OPP PetroquĦmica, one of the companies that formed
Braskem, where she was responsible for structured operations and
planning until 1999. She then transferred to Odebrecht S.A., where
she began to work directly in support of the holding's vice-
president for Investments.

In 2000, she left the country for her first international
experience as a participant in the Credit Suisse First Boston
Program for Corporate Finance Internship, in New York.  Returning
to Brazil, she participated in the Braskem creation process in
2002, occupying the position of manager of structured operations.
In following years, she stood out in setting up various financial
operations carried out by the company in the domestic and
international markets. She had been working as finance director
since 2005.

Marcela Drehmer will be responsible for giving continuity to the
work developed under the leadership of Carlos Fadigas, aligned
with Braskem's commitment to financial discipline and returns on
investment greater than the cost of capital.

Fadigas will assume Braskem America, former Sunoco Chemicals,
acquired in February of this year, with the mission to develop
Braskem's growth strategy in the United States, where the company
is the fourth largest producer of polypropylene. Bruce Rubin, who
had been running the operation, will take over as Vice-President
of Institutional Relations and New Business Development.

                        About Braskem S.A.

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

                           *     *     *

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


GERDAU AMERISTEEL: Chief Operating Officer to Resign From Post
--------------------------------------------------------------
Gerdau Ameristeel Corporation disclosed that Terry K. Sutter, Vice
President, Chief Operating Officer, will be leaving the company
for personal reasons effective May 21, 2010.

"On behalf of Gerdau Ameristeel, I would like to thank Terry for
his contributions to the company and wish him and his family well
for the future," said Mario Longhi, President and CEO.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


JBS SA: Won't Hold IPO for Unit Until At Least 2011
---------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that JBS SA won't hold
a planned initial public offering of its U.S. unit until 2011 at
the earliest.  "We have no plans for the IPO for this year," the
report quoted company executives as saying.

According to the report, JBS SA Chief Executive Officer Joesley
Batista said that this is the second time the company postponed
plans for a proposed initial share sale of its U.S. unit.  The
report recalls JBS SA said Jan. 28 it would delay the IPO after
"market conditions deteriorated."  CEO Batista, the report
relates, said then the sale could occur in the first half of the
year if conditions improved.

                          About JBS SA

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

                           *     *     *

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


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


BIRDNEST INVESTMENTS: Member to Hear Wind-Up Report on May 25
-------------------------------------------------------------
The sole member of Birdnest Investments Ltd. will hear on, May 25,
2010, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Edward Lavelle
         HSBC Guyerzeller Trust Company SA
         5 Rue Alfred-Vincent, PO Box 2019
         CH-1211 Geneva 1, Switzerland


CHEYNE MULTI-STRATEGY: Members to Hear Wind-Up Report on June 11
----------------------------------------------------------------
The members of Cheyne Multi-Strategy Relative Value Fund Inc. will
receive, on June 11, 2010, at 9:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CYRUS II: Members to Receive Wind-Up Report on June 4
-----------------------------------------------------
The members of Cyrus II Holdings SPC will receive, on June 4,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         John C. McKenna, CA
         Telephone: (441) 292 5526
         e-mail: john.mckenna@frsl.bm
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FAIRFIELD ICAP: Members to Hear Wind-Up Report on June 25
---------------------------------------------------------
The members of Fairfield ICAP Absolute Return Fund Ltd will
receive, on June 25, 2010, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FIX ASSET: Shareholder to Hear Wind-Up Report on June 1
-------------------------------------------------------
The sole shareholder of Fix Asset Management Ltd. will receive, on
June 1, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eleni Anna Papanastasopoulou
         6, Athineon str, P. Faliro. 175 61
         Athens, Greece


FP VULCAN: Shareholders to Hear Wind-Up Report on June 11
---------------------------------------------------------
The shareholders of FP Vulcan Holdings will receive, on June 11,
2010, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GCM CREDIT: Shareholders to Hear Wind-Up Report on June 11
----------------------------------------------------------
The shareholders of GCM Credit Opportunity Fund, Ltd. will
receive, on June 11, 2010, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GLOBOPAR OVERSEAS: Shareholders to Hear Wind-Up Report on June 11
-----------------------------------------------------------------
The shareholders of Globopar Overseas Ltd. will receive, on
June 11, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GREEN OASIS: Members to Receive Wind-Up Report on June 10
---------------------------------------------------------
The members of Green Oasis Ltd. will receive, on June 10, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HMO EMERGING: Shareholders to Hear Wind-Up Report on June 11
------------------------------------------------------------
The shareholders of HMO Emerging Market Fund will receive, on
June 11, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KEYSTONE INVESTMENTS: Members to Hear Wind-Up Report on June 10
---------------------------------------------------------------
The members of Keystone Investments Limited will receive, on
June 10, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         PO Box 707, Grand Cayman KY1-1107


KINGDOM 5-KR-10: Members to Receive Wind-Up Report on June 10
-------------------------------------------------------------
The members of Kingdom 5-KR-10, Ltd. will receive, on June 10,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321, Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-48: Members to Receive Wind-Up Report on June 10
-------------------------------------------------------------
The members of Kingdom 5-KR-48, Ltd. will receive, on June 10,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center - Floor 66
         PO Box 1, Riyadh 11321, Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


NOONDAY OFFSHORE: Shareholders to Hear Wind-Up Report on June 11
----------------------------------------------------------------
The shareholders of Noonday Offshore II, Inc. will receive, on
June 11, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17
-------------------------------------------------------------
The members of Pokrovsky Hills Holding Company I, Limited. will
receive, on June 17, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17
-------------------------------------------------------------
The members of Pokrovsky Hills Holding Company II, Limited. will
receive, on June 17, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


POKROVSKY HILLS: Members to Receive Wind-Up Report on June 17
-------------------------------------------------------------
The members of Pokrovsky Hills Holding Company III, Limited. will
receive, on June 17, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SAGEVIEW CAPITAL: Shareholders to Hear Wind-Up Report on June 11
----------------------------------------------------------------
The shareholders of Sageview Capital Master, Ltd. will receive, on
June 11, 2010, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SUNDOWNER CAYMAN: Members to Hear Wind-Up Report on May 31
----------------------------------------------------------
The members of Sundowner Cayman Limited will receive, on May 31,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


WINDRUSH SECURITIES: Members to Hear Wind-Up Report on June 10
--------------------------------------------------------------
The members of Windrush Securities Limited will receive, on
June 10, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         PO Box 707, Grand Cayman KY1-1107


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


* HAITI: Gives IDB Mandate to Promote Major Education Reform
------------------------------------------------------------
Haitian President Rene Preval gave the Inter-American Development
Bank a mandate to work with Haiti's Ministry of Education and
National Education Commission to prepare a major reform of the
Haitian education system.

The five-year plan, which would require around $2 billion in
funding from foreign donors, will be aimed at expanding tuition-
free education services in Haiti.  At present, nearly 90 percent
of Haitian schools are private.  Even before the Jan. 12
earthquake, which destroyed or damaged more than 4,000 schools,
around half the children of primary education age were not
enrolled in school.

In a press conference held on the grounds of the National Palace,
Preval noted that he has limited time before his term ends in Feb.
2011, so he urged donors to press ahead with key initiatives that
will have to be carried on by future presidents.

"Let's use these eight months to engage in projects that must
continue after this period," Preval said.  "So let's quickly
prepare the education plan, so that it can get moving, let's sign
as many roads projects as possible, as many electricity projects
as possible.  We have eight months to do all of this together."

IDB President Luis Alberto Moreno said the Bank could provide $250
million in grants over five years for the education reform plan,
which it would seek to leverage with donations from foreign
universities, corporations, foundations and individuals interested
in supporting Haitian educational institutions.  He added that he
would call on other donors, such as the World Bank, to support
Haiti's new plan.

"Our commitment to Haiti, as you know, is very important. We were
given, as part of a recent capital increase, the possibility of
giving Haiti $200 million a year in grants for the next 11 years,"
said Moreno, who mentioned roads, water, energy, agriculture and
private sector investments as other sectors in which the IDB
expects to be active in the coming years.

Moreno added that the education reform plan is likely to be one of
the first to be presented for additional funding to the Haitian
Interim Reconstruction Commission and the Multi-Donor Trust Fund.
These agencies were established after the March 31 United Nations
conference where international donors pledged to provide Haiti
nearly $10 billion to recover from the earthquake.

Along with financial support from the IDB and other donors, the
Haitian government will also receive technical assistance from
leading experts in education reform.  One key advisor will be Paul
Vallas, who led the transformation of the New Orleans public
schools system after Hurricane Katrina.

Under the proposed reform, most Haitian schools would become
publicly funded but privately run institutions, foregoing tuition
charges.  A central fund would be established for the government
to pay salaries of all teachers and school administrators
participating in the new system.

In order to participate in the reformed system, schools would have
to undergo a certification process to verify the number of
children served and staff hired.  As incentives to take part in
the plan, schools would receive financial support to upgrade their
facilities as well as text books and educational materials.

To remain certified, schools would have to meet increasingly
stringent standards, including the adoption of a national
curriculum, teacher training and facility improvement programs.

At the same time, the plan will finance the creation of new
schools, using existing buildings suitable for educational
purposes and constructing new ones in safe locations and following
quake- and hurricane-proof standards.  Schools would also be used
to provide critical services such as nutrition, health care and
other social services.

The plan could also serve as a platform for many other innovations
for improving Haiti's education system, including the recruitment
of highly educated persons to serve as teachers in Haiti or the
creation of partnerships between Haitian and foreign educational
institutions.


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


AIR JAMAICA: Ministry to Acquire 5 Floors of Office Building
------------------------------------------------------------
Jamaica Ministry of Industry, Investment and Commerce plans to
acquire the five floors of Air Jamaica Limited Building that
houses the airline's offices in downtown Kingston in the coming
months, Jamaica Information Service reports.

According to the report, Portfolio Minister, Hon. Karl Samuda
informed that the Ministry is currently in the process of
acquiring the airline's five floors that houses the airline's
offices.  "We have entered into an agreement and in fact, have
made a payment, having tendered for the property, and it is our
intention within the next six months to move the Ministry from New
Kingston to downtown," the report quoted Mr. Samuda as saying.

Mr. Samuda, the report notes, said that the space would also
accommodate the offices of the Factories Corporation of Jamaica.
Plans to move JAMPRO's offices from New Kingston to downtown
Kingston, he added.

                        About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: Gov't to Settle Take Over of JA/US Transport Pact
--------------------------------------------------------------
The Jamaican government is to send a team to Washington to resolve
the issue of the proposed designation of Caribbean Airlines as a
carrier under the Jamaica/US Air Transport Agreement, RadioJamaica
reports.  The report relates that the meeting follows the May 1
sale of Air Jamaica to the Trinidadian carrier.

According to the report, Daryl Vaz, Information Minister,
disclosed that Transport Minister, Mike Henry, has submitted a
report to Cabinet on consultations held with the US State
Department, regarding the air transport agreement.  The report
relates that the report advised of the decision of the U.S.
Department of Transportation that the interim ownership and
control structure between Air Jamaica and Caribbean Airlines is
still under review.

However, the report adds, as an interim measure, a 60-day
extension has been granted for Air Jamaica's operations in the US
while the review process is underway.

                       About Air Jamaica

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

                           *     *     *

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

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


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


VITRO SAB: Bondholders to Seek Equity in Debt Talks
---------------------------------------------------
Vitro, S.A.B. de C.V. bondholders are proposing that the company
allow them to convert some debt into equity as part of a $1.5
billion restructuring, Thomas Black at Bloomberg News repots.  The
report relates that an unnamed source said that the proposal calls
for the company to give creditors an option to receive shares in
the future in return for lowering the company's debt.

According to the report, Vitro SAB and bondholders have failed to
come to an agreement since the company defaulted on bonds and
derivative payments in February 2009 as glass demand plummeted in
the global recession.  The report relates that the company sent
bondholders, including Fidelity Management & Research and Lord
Abbett & Co., two offers in September and March that slashed debt
by half and didn't include an equity option.

The source, the report notes, said that bondholders estimate that
Vitro's sustainable debt level, or the amount it's able to cover
with cash flow, is more than US$1.2 billion and would be willing
to reach that amount with debt and an equity option.

Bloomberg News says Vitro SAB's March proposal reduced debt to
about US$660 million from more than US$1.5 billion.  That offer
was worth just over 30 cents on the dollar, according to Jim
Harper, director of corporate research at BCP Securities in
Greenwich, Connecticut, the report relates.

The company's 9.125% bonds due in 2017 traded at 44 cents on the
dollar on May 11, according to Trace, the bond price-reporting
system of the Financial Industry Regulatory Authority, the report
adds.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


PETROLEOS DE VENEZUELA: To Increase Power Capacity Generation
-------------------------------------------------------------
Petroleos de Venezuela SA, through the South Central Division,
promotes the expansion project for the Power Generating System in
the Guafita Operational Area, with the objective of ensuring
energy security along with a sustainable growth pace on oil
operations in the Apure District.

A delegation from the Russian Federation composed of companies
representatives from Saturn-Gas Turbines, INTER RAO UES and ISC
Mobile, moves forward in engineering and visualization for the
installation of power stations that will increase the power
generating capacity of the oil industry itself in the plains
region.

In this regard, Jose Moreno, Manager of Electrical Services of
South Central Division, stated that the work undertaken between
PDVSA and the Russian companies allows technical exchange and the
strengthening of the Venezuela-Russia relationship in the
framework of existing energy and oil agreements by both nations.

Throughout the project, there is an on going planning of an
expansion of electricity generation sources which envisions a
growth in the oil production and infrastructure areas in the
operational field Guafita for the year 2010.

The Power Services Management of PDVSA, together with the Russian
Federation companies, are conducting further work on the
installation of the plant, which will increase the current
capacity generation of 30-60 megawatts, to meet energy demand in
the oil fields and new infrastructure for the management of
production effluents.

The station will consist of 10 equipments with an installed
capacity of 6 megawatts of generation each, with a system of
liquid diesel fuel, which will contribute to secure, reliable and
clean operations.

Also, the oil industry, together with a delegation of Russian
companies, reviews the installation of another power generating
system in Sipororo, Portuguesa State, to supply 50 megawatts to
the National Electricity System (SEN), providing energy to the
communities of Barinas and Portuguesa states.

PDVSA, through the South Central Division, will release the power
surplus generated to the Communities of the P ez Municipality,
Apure state, contributing to the strengthening of the SEN to
ensure power supply in the plains region.

                           About PDVSA

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

                           *     *     *

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

                           *     *     *

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


PETROLEOS DE VENEZUELA: To "Rescue' Sunken Gas Platform
-------------------------------------------------------
Petroleos de Venezuela SA and Aban Offshore Ltd. will try to
"rescue" the Aban Pearl gas platform and 400,000 liters (105,540
gallons) of gasoil in the rig that sank off the country's coast,
Daniel Cancel at Bloomberg News reports.  PDVSA will use remote-
controlled robots to inspect the platform under water as it
investigates the incident's causes, Company Vice President Eulogio
Del Pino said an e-mailed statement obtained by the newspaper.

According to the report, Mr. Del Pino said that Venezuela expects
a new platform to arrive within two months and may hire another
rig to continue exploration.  "We're staying on schedule to begin
producing gas from our offshore projects on Nov. 25, 2012, as
planned," the report quoted Mr. Del Pino as saying.  "We're
studying the possibility of bringing a third drilling platform to
continue developing the project," he added.

The Aban Pearl, the report says, sank after its floatation system
failed, causing the rig to tip over in waters between Venezuela
and Trinidad and Tobago.  PDVSA President Rafael Ramirez, the
report relates, said that there's no environmental danger to the
area off the South American country's northern coast after PDVSA
sealed a gas well and evacuated the 95 workers.

                        About PDVSA

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

                           *     *     *

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

                           *     *     *

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


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


* LATAM: IDB Program to Improve Caribbean Competitiveness
---------------------------------------------------------
The Inter-American Development Bank has approved a multi-faceted
program to improve competitiveness and boost private sector
development in 15 Caribbean countries.

The program, known as Compete Caribbean, is a joint initiative of
the IDB, the Canadian International Development Agency, and the
United Kingdom's Department of International Development.

The program will be implemented in Antigua and Barbuda, The
Bahamas, Barbados, Belize, Dominican Republic, Dominica, Grenada,
Guyana, Haiti, Jamaica, St Lucia, St Kitts and Nevis, St Vincent
and the Grenadines, Suriname, and Trinidad and Tobago.

Compete Caribbean will provide technical assistance and investment
funding to a variety of activities aimed at establishing
productive development policies, implementing business climate
reforms, launching clustering initiatives, and promoting small and
medium-sized enterprises throughout the region.

The program, to be carried out in close collaboration with
regional institutions, governments and private sector entities,
has an estimated total cost of US$32.55 million.

CIDA is contributing a CAN$20 million grant (around US$18.70
million) and DFID is providing a EUR8.656 million grant (approx.
US$13.85 million).

The IDB will establish and manage a program coordinating unit in
Barbados for the effective implementation of the program.  The
Bank will also provide the expertise to identify, design and
implement the projects included in Compete Caribbean.

The program is expected to contribute to an increase in non-
traditional exports, from the average 2.2% of GDP in recent years
to a 5% of GDP by 2017.  It is also expected to create 8,000 new
jobs, and make measurable advances in gender equality indicators.
All 15 countries are expected to advance positions in the global
rankings measuring competitiveness and business climate.

Caribbean economies were hit hard by the recent global recession,
given the inherent constraints of their size and their limited
diversification.  Tourism dropped, demand for Caribbean exports
fell, and foreign direct investment decreased, bringing a
reduction in income that significantly affected the countries' GDP
and national reserves.

"Even without the burden of the global downturn, the Caribbean
economies face the structural challenge of defining new areas of
competitive advantage", said IDB project team leader Jose Jorge
Saavedra. "We hope this initiative will help the region overcome
some of its constraints to growth, and help increase productivity,
exports, and employment in strategic sectors."


* BOND PRICING: For the Week May 10, to May 14, 2010
----------------------------------------------------

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


ARGENTINA

ARGENT- DIS            5.83   12/31/2033 ARS           96.10834
ARGENT-$DIS            8.28   12/31/2033 USD           71.96667
ARGENT-PAR             1.18   12/31/2038 ARS             36.085
ARGENT-?DIS            7.82   12/31/2033 EUR         60.7143753
ARGNT-BOCON PR13          2   3/15/2024  ARS           67.33817
BOGAR 2018                2   2/4/2018   ARS           119.6886
BUENOS AIRE PROV      9.375   9/14/2018  USD             74.578
BUENOS AIRE PROV      9.375   9/14/2018  USD             74.578

BRAZIL

CESP                   9.75   1/15/2015  BRL         69.6717817


CAYMAN ISLAND

BARION FUNDING         1.44   12/20/2056 GBP         30.6409495
BARION FUNDING         0.63   12/20/2056 GBP         17.2482432
BCP FINANCE CO        4.239              EUR         65.7869997
BCP FINANCE CO        5.543              EUR               65.5
BES FINANCE LTD        5.58              EUR         67.9333022
BES FINANCE LTD       6.984   2/7/2035   EUR         67.6149998
BISHOPSGATE ASSE      4.808   8/14/2044  GBP           74.25483
CHINA MED TECH            4   8/15/2013  USD                 69
CHINA SUNERGY          4.75   6/15/2013  USD             72.897
DUBAI HLDNG COMM       4.75   1/30/2014  EUR            74.0625
DUBAI HLDNG COMM          6   2/1/2017   GBP           70.95834
ESFG INTERNATION      5.753   #N/A Field EUR              64.25
FERTINITRO FIN         8.29   4/1/2020   USD               69.5
INDEPENDENCIA IN         12   12/30/2016 USD               49.5
MAZARIN FDG LTD        1.44   9/20/2068  GBP         28.1151605
PUBMASTER FIN         6.962   6/30/2028  GBP           73.72262
SHINSEI FIN CAYM      6.418   #N/A Field USD         73.8290985
SHINSEI FINANCE        7.16   #N/A Field USD                 73
SOLARFUN POWER H        3.5   1/15/2018  USD             61.659


   PUERTO RICO

PUERTO RICO CONS        6.2   5/1/2017   USD                 54
PUERTO RICO CONS        6.5   4/1/2016   USD                 58


VENEZUELA

PETROLEOS DE VEN          5   10/28/2015 USD         60.0188024
PETROLEOS DE VEN      5.125   10/28/2016 USD             57.129
PETROLEOS DE VEN       5.25   4/12/2017  USD         60.2662614
PETROLEOS DE VEN      5.375   4/12/2027  USD         48.8703673
PETROLEOS DE VEN        5.5   4/12/2037  USD         47.4968821
PETROLEOS DE VEN        4.9   10/28/2014 USD         65.5730313
SIDETUR FINANCE          10   4/20/2016  USD                 73
VENEZUELA                 7   12/1/2018  USD            66.4375
VENEZUELA              7.75   10/13/2019 USD            67.3125
VENEZUELA                 6   12/9/2020  USD           58.59375
VENEZUELA                 9   5/7/2023   USD           70.85001
VENEZUELA              8.25   10/13/2024 USD              64.25
VENEZUELA              9.25   9/15/2027  USD            73.8125
VENEZUELA              7.65   4/21/2025  USD            61.9625
VENEZUELA              9.25   5/7/2028   USD           68.58334
VENEZUELA              5.75   2/26/2016  USD             69.125
VENEZUELA              9.25   9/15/2027  USD         73.3180861
VENEZUELA                 7   3/31/2038  USD         57.6338259
VENEZUELA                 7   3/31/2038  USD           56.21667
VENZOD - 189000       9.375   1/13/2034  USD            69.5625


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *