TCRLA_Public/100518.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 18, 2010, Vol. 11, No. 096

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Vantis Extended Debt Facilities Until May 15
STANFORD INT'L: LatAm Victims Denounce U.S. DOJ's Role in Case
* ANTIGUA & BARBUDA: EU Approves EUR10 Million Grant for Country


A R G E N T I N A

IDEA FACTORY: Creditors' Proofs of Debt Due on June 14
RINCON DEL: Creditors' Proofs of Debt Due on June 25
TOP LEATHER: Creditors' Proofs of Debt Due on July 7
* ARGENTINA: Gets US$10 Billion in Swap Participation


B R A Z I L

COMPANHIA SIDERURGICA: Yields Less Than Gerdau SA
GERDAU SA: CSN Yields Less Than Firm as Economy Beats U.S.
MARFRIG ALIMENTOS: Records R$3.4-Bil. Gross Revenue in First Qtr.
VANGUARDA PARTICIPACOES: Moody's Withdraws Provisional B3 Ratings


C A Y M A N  I S L A N D S

ARMOUR GROUP: Shareholder to Receive Wind-Up Report on June 8
BELVEDERE JAPAN: Member to Receive Wind-Up Report on June 4
BELVEDERE JAPAN: Member to Receive Wind-Up Report on June 4
CCP SHIROCCO: Shareholders to Receive Wind-Up Report on June 10
HARNESS LIQUID: Member to Receive Wind-Up Report on June 10

HARNESS LIQUID: Member to Receive Wind-Up Report on June 10
LAND BROTHERS: Shareholders to Receive Wind-Up Report on June 11
LEHMAN BROTHERS: Shareholder to Receive Wind-Up Report on June 25
NRG ENERGY: Shareholders to Receive Wind-Up Report on May 31
NORTHERN LIGHTS: Shareholders to Receive Wind-Up Report on June 1

OLZ PANFINANCIAL: Shareholder to Receive Wind-Up Report on June 10
PACIFIC STAR: Shareholders to Receive Wind-Up Report on June 1
PELICAN FINANCE: Shareholders to Receive Wind-Up Report on June 10
POLARIS CAPITAL: Members to Receive Wind-Up Report on June 10
REDROCK LIMITED: Shareholder to Receive Wind-Up Report on June 11

ROBECO WPG: Shareholder to Receive Wind-Up Report on June 10
WEST SIDE: Shareholders to Receive Wind-Up Report on June 1
WEST SIDE: Shareholders to Receive Wind-Up Report on June 1
ZA GENERAL: Member to Receive Wind-Up Report on May 31
ZA INTERNATIONAL: Member to Receive Wind-Up Report on May 31

ZA INTERNATIONAL: Member to Receive Wind-Up Report on May 31


C O L O M B I A

ISAGEN SA: Colombia Moves Sale After Presidential Elections


J A M A I C A

* JAMAICA: Sees 1.2% Decline in Personal Loans


M E X I C O

CEMEX SAB: Advances in Key Indicators for Viable Dev't Strategy
ELEMENTIA SA: Moody's Withdraws Provisional Ba2 Ratings
GRUPO MEXICO: Court Approves Plan to Acquire Ferrosur
GRUPO POSADAS: Expands Internationally


P U E R T O  R I C O

POPULAR INC: Capital Raise Cues Fitch to Revise Watch to Positive


S T  K I T T S  &  N E V I S

FOUR SEASONS NEVIS: Court Paves Way for Reopening of Resort


U R U G U A Y

FEDERACION URUGUAYA: Fitch Affirms & Withdraws B Ratings


V E N E Z U E L A

GRUMA SAB: Venezuela Expropriates Firm's Venezuelan Subsidiary


X X X X X X X X

LATAM: IDB to Finance Projects for Business Improvement
* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INT'L: Vantis Extended Debt Facilities Until May 15
------------------------------------------------------------
Vantis Business Recovery Services extended its debt facilities
until 15 May 2011, UK City media reports.  The report relates that
Vantis indicated that, it has agreed a term loan of GBP19 million
and a further facility for GBP34.6 million and that it is making
annualized costs savings of GBP5 million but net debt was GBP40.4
million at the end of October 2009.

According to the report, Vantis warned in March that its profits
for the year to April 2010 would fall short of expectations
because of lower than expected revenues from the business recovery
division.  The report relates that the Company has money owing
from the liquidation of Stanford International Bank, still does
not know when it will receive money owed, subject to the
completion of US criminal proceedings, as reported in March.

                           About Vantis

Vantis Business Recovery Services --- http://www.vantisplc.com/--
- is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

               About Stanford International Bank

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

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

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

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

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


STANFORD INT'L: LatAm Victims Denounce U.S. DOJ's Role in Case
--------------------------------------------------------------
Latin Americans, victims of the pyramidal fraud perpetrated by
Robert Allen Stanford, represented by the Coalicion Victimas De
Stanford America Latina, denounce the role played by the US
Department of Justice in its inexplicable silence on the "Stanford
Case".  They call it "shameful".

Jaime R. Escalona, Leader of the Coalition, said, "Why did the
competent Authorities not act, even though since 1989, Scotland
Yard and the FBI had suspicions that the origins of the
vertiginous growth of Stanford's businesses were in Colombian drug
money?"

To understand the miserable history of R. Allen Stanford and his
criminal behavior, we should begin in 1985, when he was issued a
banking license to operate his first bank, the International
Guardian Bank in the small Caribbean Island of Montserrat, a
British Overseas Territory.

As a result of a complaint presented to the Montserrat authorities
by an American computer programmer hired to update the computer
system of another Bank on the Island, Dick Marston from Scotland
Yard was brought in to investigate R. Allen Stanford and his bank
in Montserrat.  This English officer conducted a joint
investigation with the FBI that lasted several years. Once
detailed intelligence was received which confirmed the presumption
that R. Allen Stanford was laundering drug money for major
Colombian drug traffickers, in May of 1991, the Montserrat
authorities revoked the license that allowed the operation of his
bank, the Guardian International Bank.  He was not incarcerated.

Jaime R. Escalona said, "Why was there merit enough to revoke his
license to operate the Bank on the Island of Montserrat and but
not to detain him or open a case against him for money
laundering?"

"The same suspicions of fraud and money laundering accompanied
Stanford's businesses in the following years, to the Island of
Antigua and to the United States," explained the Leader of the
Coalicion Victimas De Stanford America Latina.

In 1999, a DEA (Drug Enforcement Administration) investigation
revealed that members of the Mexican drug Cartel had deposited
$3.1 million into Mr. Stanford's accounts.  However, instead of
stopping his companies and putting him behind bars, the DEA forced
him to write them a check for the same amount and made him a
confidential informant.

Mr. Escalona said, "Is it possible that because he was a DEA
informant, R. Allen Stanford was spared and allowed to keep his
criminal empire for more than 10 years? Why so little thought for
the victims?"

As a result of the civil complaint by the SEC (Securities and
Exchange Commission) that froze the funds of the certificates of
deposit (CDs) issued by the Stanford International Bank Limited,
the DOJ has been looking into assets related to Stanford and his
Companies, in various countries, to retain them through a
"Criminal Restriction Order", because of a presumed precedence of
drug trafficking, until Stanford is sentenced beyond the year
2011.

The Coalicion Victimas De Stanford America Latina asks: "If the
DOJ retains Stanford's assets and does not allow their
liquidation, how are the Receivers and Liquidators going to
distribute them to the victims?"

"It is a shameful, indignant and unacceptable act," Escalona said
of the actions of the DOJ over the last 20 years.  "Is it possible
that the DOJ never cared for the misfortune of the innocent
depositors, and used them as part of a facade to capture drug
traffickers?"

Mr. Escalona affirmed: "The honest victims of Stanford are not
responsible for the use of their savings in illicit businesses.
If there are doubts about the origins of some of the funds
invested in CDs, is it not more just and transparent that the
Receivers and Liquidators demand that the creditors show the
origins of their invested funds, rather than the DOJ confiscate
these insignificant found assets, which should be immediately
distributed among the victims?"

Mr. Escalona concluded, saying: "The US Government should assume
its enormous responsibility before the victims and restitute the
patrimony that was stolen from them".

                About Stanford International Bank

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

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

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

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

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


* ANTIGUA & BARBUDA: EU Approves EUR10 Million Grant for Country
----------------------------------------------------------------
The European Commission has approved a grant of EUR10 million
(approx. EC$30 million) for Antigua and Barbuda, Caribbean Net
News.  The report relates that the financing will be provided
under the European Union's Vulnerability Flex (V-Flex) mechanism,
which was introduced in August 2009 in the wake of the global
financial crisis.

According to the report, to qualify for the grant, requesting
countries must have "a high degree of economic, social and
political vulnerability, the right policies in place to fight the
crisis and sufficient absorptive capacity as well as a financing
gap in their budgets where EU support can make a difference by
closing or significantly reducing this gap."  The report relates
Finance Minister Harold Lovell has said the development is, "Yet
another indication that our Fiscal Consolidation Programme is the
correct way to put us on a path of sustainable development."


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


IDEA FACTORY: Creditors' Proofs of Debt Due on June 14
------------------------------------------------------
Irma Aguilera, the court-appointed trustee for Idea Factory SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 4, 2010.

Ms. Aguilera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

         Irma Aguilera
         Luis Saenz Pea 1690
         Argentina


RINCON DEL: Creditors' Proofs of Debt Due on June 25
----------------------------------------------------
Marta Susana Polistina, the court-appointed trustee for Rincon del
Abanico SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 25, 2010.

Ms. Polistina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

         Marta Susana Polistina
        Hipolito Yrigoyen 4027
         Argentina


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

Mr. Sosa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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:

         Juan Carlos Sosa
         Viamonte 783
         Argentina


* ARGENTINA: Gets US$10 Billion in Swap Participation
-----------------------------------------------------
Argentina received US$10 billion of defaulted bonds during the
first week of its offer to restructure US$18.3 billion of debt,
Eliana Raszewski at Bloomberg News reports, citing El Cronista
newspaper.

According to the report, the newspaper said that the amount
exceeds the 50% acceptance rate that the banks managing the
exchange, including Barclays Capital Plc, pledged to the
government.  The report relates the newspaper added that
Argentina's government, which has said it may sell US$1 billion
worth of dollar bonds due in 2017 as part of the debt swap, may
delay the sale because investors would ask a 13% interest rate.

                           *     *     *

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


COMPANHIA SIDERURGICA: Yields Less Than Gerdau SA
-------------------------------------------------
Veronica Navarro Espinosa and Gabrielle Coppola at Bloomberg News
report that Cia. Siderurgica Nacional SA is paying the least to
borrow relative to Gerdau SA in more than two months on prospects
the economy will grow at the fastest pace in 24 years.  CSN's
6.875% bonds due in 2019 yield 6.26%, or 23 basis points less than
Gerdau SA's similar-maturity notes, after yielding as much as 44
basis points, or 0.44 percentage point, more on Jan. 6, according
to data compiled by Bloomberg.

According to the report, the yield reversal that began on Feb. 26
shows investors are betting CSN is better positioned to benefit
from Brazil's expansion.  The report relates that CSN receives
about 80% of its revenue from the local economy while Gerdau SA
earns 40% from Brazil and 31 percent from the U.S.  "Gerdau has a
large business in the U.S., which performed well during the first
quarter, but has lower margins and doesn't have as positive an
outlook in our view as the domestic steel market in Brazil," the
report quoted Christopher Buck, an emerging-market credit analyst
for Barclays Plc in New York, as saying.

Bloomberg News, citing a central bank survey of analysts,
discloses that Brazil's gross domestic product will grow 6.3% in
2010.  The U.S. economy will expand as much as 3.5%, the Federal
Reserve projected in January, the report says.

Yields on CSN's US$750 million of 2019 bonds have tumbled 65 basis
points this year while yields on Porto Alegre-based Gerdau's
US$1.25 billion of 7% notes that mature in 2020 dropped nine basis
points, according to Bloomberg data.  The report relates that
CSN's yields may rise as concern grows that the company will
increase its debt to finance a 34 billion real investment plan.

CSN has enough cash generation and doesn't foresee difficulties
financing its investment plan, spokeswoman Flavia Ferreira said in
an e-mailed response obtained by the news agency.  The company has
financing options including local and international capital
markets and loans from the state-owned development bank BNDES, she
added.

                            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+.

                        About Gerdau S.A.

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

                           *     *     *

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


GERDAU SA: CSN Yields Less Than Firm as Economy Beats U.S.
----------------------------------------------------------
Veronica Navarro Espinosa and Gabrielle Coppola at Bloomberg News
report that Cia. Siderurgica Nacional SA is paying the least to
borrow relative to Gerdau SA in more than two months on prospects
the economy will grow at the fastest pace in 24 years.  CSN's
6.875% bonds due in 2019 yield 6.26%, or 23 basis points less than
Gerdau SA's similar-maturity notes, after yielding as much as 44
basis points, or 0.44 percentage point, more on Jan. 6, according
to data compiled by Bloomberg.

According to the report, the yield reversal that began on Feb. 26
shows investors are betting CSN is better positioned to benefit
from Brazil's expansion.  The report relates that CSN receives
about 80% of its revenue from the local economy while Gerdau SA
earns 40% from Brazil and 31 percent from the U.S.  "Gerdau has a
large business in the U.S., which performed well during the first
quarter, but has lower margins and doesn't have as positive an
outlook in our view as the domestic steel market in Brazil," the
report quoted Christopher Buck, an emerging-market credit analyst
for Barclays Plc in New York, as saying.

Bloomberg News, citing a central bank survey of analysts,
discloses that Brazil's gross domestic product will grow 6.3% in
2010.  The U.S. economy will expand as much as 3.5%, the Federal
Reserve projected in January, the report says.

Yields on CSN's US$750 million of 2019 bonds have tumbled 65 basis
points this year while yields on Porto Alegre-based Gerdau's
US$1.25 billion of 7% notes that mature in 2020 dropped nine basis
points, according to Bloomberg data.  The report relates that
CSN's yields may rise as concern grows that the company will
increase its debt to finance a 34 billion real investment plan.

CSN has enough cash generation and doesn't foresee difficulties
financing its investment plan, spokeswoman Flavia Ferreira said in
an e-mailed response obtained by the news agency.  The company has
financing options including local and international capital
markets and loans from the state-owned development bank BNDES, she
added.

                            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+.

                        About Gerdau S.A.

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

                           *     *     *

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


MARFRIG ALIMENTOS: Records R$3.4-Bil. Gross Revenue in First Qtr.
-----------------------------------------------------------------
Marfrig Alimentos S.A. posted its results for the first quarter of
2010.

                       1Q 2010 HIGHLIGHTS

  --  Gross revenue was R$ 3.4 billion, up 26.0% and 40.0% on 4Q09
      (R$ 2.7 billion) and 1Q09 (R$2.4 billion), respectively.
  --  Net revenue came to R$3.2 billion, 43.2% and 26.0% higher
      than in 1Q09 (R$2.2 billion) and 4Q09 (R$2.6 billion),
      respectively;

  --  EBITDA was R$406.9 million, increasing by 148.8% and 103.4%
      on 1Q09 (R$163.6 million) and 4Q09 (R$200.0 million),
      respectively;

  --  EBITDA margin stood at 12.6%, compared with 7.8% in 4Q09 and
      7.3% in 1Q09;

  --  Marfrig recorded net income of R$ 41.7 million, reversing
      the loss of R$38.2 million recorded in 1Q09 and reducing by
      62.7% from the R$111.7 million recorded in 4Q09;

  --  In relation to the recent acquisitions added to our
      Operational activities, we consolidated into our figures in
      1Q10: SEARA, Zenda (only 1 month), 5 plants leased to
      meatpacker Mercosul, which operated the whole quarter, and 3
      plants leased to meatpacker Margen, which operated for only
      1 month in the quarter;

  --  The company began the repositioning process of the brand
      SEARA in the domestic market in Brazil through investments
      in sports marketing, which included sponsoring the Santos
      Soccer Team and the Brazilian Soccer Team (2010 to 2014) in
      all categories.

  --  SEARA will increase its international exposure by sponsoring
      the championships organized by FIFA (Federation
      Internationale de Football Association) until the World Cup
      of 2014, through a contract which also envisages the
      exposure of the brands PATY, MOY PARK and PEMMICAN.

  --  SEARA, which began presenting consistent return rates, was
      ranked for the first time in its history among the 50 most
      valuable brands in Brazil, in a survey conducted by the
      BrandAnalytics Institute and Millward Brown published in
      Isto e Dinheiro.

  Main Financial Indicators in 1Q 2010, R$ million

                                  1Q09      1Q10        change %
                                      ----       ----        --------
  GROSS OPERATING REVENUE             2,445.5    3,431.9       40.3%
  -----------------------             -------    -------       ----
                     Domestic Market  1,483.2    1,954.7       31.8%
                     ---------------  -------    -------       ----
                             Exports    962.3    1,477.2       53.5%
                             -------    -----    -------       ----
  NET REVENUE                         2,250.9    3,222.5       43.2%
  -----------                         -------    -------       ----
  GROSS INCOME                          313.4      640.5      104.4%
  ------------                          -----      -----      -----
  GROSS MARGIN                            1.9%      19.9%     600 pb
  ------------                            ---       ----      ------
  OPERATING INCOME FOR THE PERIOD       (38.2)      41.7        N/A
  -------------------------------       -----       ----        ---
  NET MARGIN                             -1.7%       1.3%     300 pb
  ----------                             ----        ---      ------
  EBITDA                                163.6      406.9      148.7%
  ------                                -----      -----      -----
  EBITDA MARGIN                           7.3%      12.6%     530 pb
  -------------                           ---       ----      ------

                    About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                          *     *     *

As of April 14, 2010, the company continues to carry these low
ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;
  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and
  -- Fitch ratings' "B+" LT Issuer Credit ratings


VANGUARDA PARTICIPACOES: Moody's Withdraws Provisional B3 Ratings
-----------------------------------------------------------------
Moody's has withdrawn the provisional (P) B3 local currency
Corporate Family Rating to Vanguarda Participacoes S.A. and the
(P) B3 foreign currency rating to its proposed guaranteed USD 200
million senior unsecured notes due 2015.

The provisional ratings assigned on January 21, 2010 have been
withdrawn because Vanguarda is no longer expected to issue the
guaranteed USD 200 million senior unsecured notes due 2015. The
ratings had been assigned on a provisional basis pending the
successful completion of the offering.

Moody's last rating action on Vanguarda was on January 21, 2010,
when we assigned Vanguarda's (P) B3 local currency CFR and (P) B3
foreign currency rating to its proposed guaranteed US$200 million
senior unsecured notes due 2015.


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


ARMOUR GROUP: Shareholder to Receive Wind-Up Report on June 8
-------------------------------------------------------------
The sole shareholder of Armour Group Holdings Limited will
receive, on June 8, 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:

         K.D. Blake
         c/o Jenny Broadbridge
         Telephone: 345-815-2686
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BELVEDERE JAPAN: Member to Receive Wind-Up Report on June 4
-----------------------------------------------------------
The member of Belvedere Japan Fund Limited will receive, on
June 4, 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:

         David Sargison
         31 Woodland Drive
         Lower Valley, Bodden Town
         Grand Cayman KY1-1502, Cayman Islands
         Telephone: 345 925 7444


BELVEDERE JAPAN: Member to Receive Wind-Up Report on June 4
-----------------------------------------------------------
The member of Belvedere Japan Master Fund Limited will receive, on
June 4, 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:

         David Sargison
         31 Woodland Drive
         Lower Valley, Bodden Town
         Grand Cayman KY1-1502, Cayman Islands
         Telephone: 345 925 7444


CCP SHIROCCO: Shareholders to Receive Wind-Up Report on June 10
---------------------------------------------------------------
The shareholders of CCP Shirocco Limited will receive, on June 10,
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:

         Stuart Sybersma
         c/o Mervin Solas
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


HARNESS LIQUID: Member to Receive Wind-Up Report on June 10
-----------------------------------------------------------
The member of Harness Liquid Macro Fund will receive, on June 10,
2010, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


HARNESS LIQUID: Member to Receive Wind-Up Report on June 10
-----------------------------------------------------------
The member of Harness Liquid Macro Master Fund Limited will
receive, on June 10, 2010, at 4:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LAND BROTHERS: Shareholders to Receive Wind-Up Report on June 11
----------------------------------------------------------------
The shareholders of Land Brothers Holdings will receive, on
June 11, 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:

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


LEHMAN BROTHERS: Shareholder to Receive Wind-Up Report on June 25
-----------------------------------------------------------------
The sole shareholder of Lehman Brothers Global Bond Fund,
(Offshore) 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:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986


NRG ENERGY: Shareholders to Receive Wind-Up Report on May 31
------------------------------------------------------------
The shareholders of NRG Energy Insurance Ltd. will receive, on
May 31, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         c/o Kieran Mehigan
         P.O. Box 1051GT, Governors Square
         23 Lime Tree Bay Avenue, George Town
         Grand Cayman KY1-1102, Cayman Islands


NORTHERN LIGHTS: Shareholders to Receive Wind-Up Report on June 1
-----------------------------------------------------------------
The shareholders of Northern Lights Holding Ltd. will receive, on
June 1, 2010, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Roanne Limited
         11-15 Seaton Place, St Helier
         Jersey JE4 8XP, Channel Islands
         Telephone: +44 1534 497145


OLZ PANFINANCIAL: Shareholder to Receive Wind-Up Report on June 10
------------------------------------------------------------------
The sole shareholder of OLZ Panfinancial will receive, on June 10,
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:

         Keith Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


PACIFIC STAR: Shareholders to Receive Wind-Up Report on June 1
--------------------------------------------------------------
The shareholders of Pacific Star Fund, Ltd will receive, on
June 1, 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:

         Richard Fogerty
         c/o Matthew Wright
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: matthew.wright@zolfocooper.ky


PELICAN FINANCE: Shareholders to Receive Wind-Up Report on June 10
------------------------------------------------------------------
The shareholders of Pelican Finance Ltd. will receive, on June 10,
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:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman


POLARIS CAPITAL: Members to Receive Wind-Up Report on June 10
-------------------------------------------------------------
The shareholders of Polaris Capital 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         4th Floor, FirstCaribbean House
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


REDROCK LIMITED: Shareholder to Receive Wind-Up Report on June 11
-----------------------------------------------------------------
The sole shareholder of Redrock Limited will receive, on June 11,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


ROBECO WPG: Shareholder to Receive Wind-Up Report on June 10
------------------------------------------------------------
The sole shareholder of Robeco WPG Opportunistic Value Overseas
Fund, Ltd. will receive, on June 10, 2010, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Bradley Kruger
         Telephone: (345) 815-1877
         Facsimile: (345) 949-9876


WEST SIDE: Shareholders to Receive Wind-Up Report on June 1
-----------------------------------------------------------
The shareholders of West Side Offshore Partners Master Fund, Ltd.
will receive, on June 1, 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:

         West Side Advisors LLC
         1995 Broadway, 8th Fl.
         New York, NY 10023, USA


WEST SIDE: Shareholders to Receive Wind-Up Report on June 1
-----------------------------------------------------------
The shareholders of West Side Offshore Partners will receive, on
June 1, 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:

         West Side Advisors LLC
         1995 Broadway, 8th Fl.
         New York, NY 10023, USA


ZA GENERAL: Member to Receive Wind-Up Report on May 31
------------------------------------------------------
The member of ZA General Partner Limited will receive, on
May 31, 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:

         Gordon I. Macrae
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


ZA INTERNATIONAL: Member to Receive Wind-Up Report on May 31
------------------------------------------------------------
The member of ZA International Fund Limited will receive, on
May 31, 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:

         Gordon I. Macrae
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


ZA INTERNATIONAL: Member to Receive Wind-Up Report on May 31
------------------------------------------------------------
The member of ZA International Master Fund Limited will receive,
on May 31, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gordon I. Macrae
         c/o Barry Hunte
         Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: barry.hunte@zolfocooper.ky


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


ISAGEN SA: Colombia Moves Sale After Presidential Elections
-----------------------------------------------------------
Colombia won't sell power generator Isagen SA while President
Alvaro Uribe is in office, allowing the next government to decide
whether to sell its majority share in the company after taking
power in August, Matthew Bristow at Bloomberg News reports, citing
Finance Minister Oscar Zuluaga.  The report relates that the
government was seeking at least COP3 trillion (US$1.5 billion) for
its 57% stake in Isagen.

According to the report, Mr. Zuluaga said that proceeds from the
sale were included in the country's 2010 budget, meaning the next
government will need to either dispose of the stake or find other
means to finance planned spending.  "We're in the final stage of
the presidential campaign so we've decided to leave the decision
on whether to sell Isagen to the next government," the report
quoted Mr. Zuluaga as saying.  The new government needs to decide
"whether it continues with the process, issues more debt, reduces
expenditures or finds other alternatives to finance this year's
budget," he added.

The country's presidential elections will be held May 30, 2010.

                         About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


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


* JAMAICA: Sees 1.2% Decline in Personal Loans
----------------------------------------------
Despite efforts by commercial banks to attract more borrowers, the
demand for loans is yet to pick up as recession-hit Jamaicans
continue to curtail their appetite for credit, RadioJamaica
reports.  The report relates that data from the Bank of Jamaica
show that personal loans declined by 1.2% during the January to
March quarter.  This followed a marginal increase of 0.3% in the
previous quarter, the report adds.

According to the report, the Central Bank says the outturn for the
review quarter is in contrast to average growth of 4.6% for the
last five March quarters and reflects the slowdown in consumption
expenditure.  The report relates that a breakdown of the fall-off
in the demand for personal loans revealed that the stock of credit
for the purchase of motor cars declined by 0.6%, following a 2.4%
drop in the previous quarter.  The slower rate of decline was
influenced by the 20% reduction in the Special Consumption Tax on
cars at the end of the March quarter, the report adds.

                          *     *     *

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


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


CEMEX SAB: Advances in Key Indicators for Viable Dev't Strategy
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed significant advances in key
performance indicators for their viable development strategy,
which stresses high-priority areas such as industrial security,
environment and climatic change, land management and biodiversity,
and community contributions in their areas of operations, The
Dominican Today reports.  "In 2009, despite the challenges
prompted by the global economic crisis, CEMEX reinforced its
commitment with its viable development initiatives," the report
quoted CEMEX President and Chairman of the Board Lorenzo H.
Zambrano, as saying.  "All told our initiatives implemented since
2006 to face climatic change have allowed us to prevent the
discharge of 1.5 million tons of CO2 into the atmosphere, in a
annualized base, which is equivalent to what approximately 290,000
automobiles would emit in one year," he added.

Mr. Zambrano, the report notes, also said that that CEMEX's
accomplishments is the result of their dedication to generate a
positive impact through their global operations and their efforts
to build a viable future along with their groups of interest.  "We
reiterate our commitment to face climatic change and contribute to
the development of an economy with low carbon emissions," Mr.
Zambrano said, the report relates.

                         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.


ELEMENTIA SA: Moody's Withdraws Provisional Ba2 Ratings
-------------------------------------------------------
Moody's has withdrawn Elementia, S.A.'s provisional (P) Ba2
Corporate Family Rating and the (P) Ba2 rating assigned to the
company's recently proposed USD 400 million senior unsecured notes
due 2020.

Moody's originally assigned both provisional ratings on May 4,
2010, but withdrew them May 13, as Elementia currently no longer
expects to issue the proposed 2020 notes.  The ratings had been
assigned on a provisional basis pending the successful completion
of the offering.

Elementia, S.A., headquartered in Mexico City, Mexico, is a major
manufacturer of semi-finished copper and aluminum products and
various types of fiber cement products.  In 2009, the company
generated MXN8.8 billion (USD646 million) of revenues.


GRUPO MEXICO: Court Approves Plan to Acquire Ferrosur
-----------------------------------------------------
A Mexican court will ask anti-trust regulators to recognize miner
Grupo Mexico's purchase of a railroad as legal, Jason Lange at
Reuters reports.

According to the report, Grupo Mexico bought Mexican railroad
Ferrosur in 2005 through a subsidiary, but antitrust regulators
objected.  The report relates that Grupo Mexico also owns Mexican
railroad Ferromex.

In a filing with the Mexican stock exchange, Grupo Mexico said the
court will publish its decision in the coming days and that the
regulators are not expected to appeal, the report notes.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


GRUPO POSADAS: Expands Internationally
--------------------------------------
Grupo Posadas has expanded its Fiesta Rewards loyalty program
internationally by adding 13 Caesar Park and Caesar Business
hotels in Brazil, Argentina and Chile to its existing portfolio of
nearly 100 Mexican hotels, Travel Daily News reports.  The report
relates that the program now provides coverage across Latin
America, allowing guests to earn and redeem rewards at 110 hotels
under seven distinct brands in more than 50 beach and city
destinations.

According to the report, participating brands include Live Aqua,
Fiesta Americana Grand, Fiesta Americana, Fiesta Inn, One Hotels,
Caesar Park and Caesar Business.

The report notes that the loyalty program allows the company to
better meet the needs and preferences of frequent travelers across
South America.  As a result, the report relates, the program will
add more than 10,000 new members from Brazil, Argentina and Chile
to the more than two million members already enrolled.

Grupo Posadas, the report says, plans to further develop the
Fiesta Rewards program by launching an online rewards catalog with
local suppliers in each country later this year.  In 2011, the
company will launch Fiesta Rewards Groups and Fiesta Rewards
Business to offer specific loyalty programs for each market
segment, Travel Daily News adds.

                          About Grupo Posadas

Headquartered in Mexico City, Grupo Posadas, S.A.B. de C.V., is a
leading hotel chain operator in Latin America, with MXN7.05
billion (USD580 million) in revenues for the 12 months ended
March 31, 2009, and 109 hotels and 19,653 rooms in operation.
Posadas derives most of its revenues from Mexico, where it
operates its key 5 and 4-star Fiesta Americana and Fiesta Inn
formats, a 3-star format ("One") and its Vacation Club timeshare
business.  The company also operates hotels in Brazil, Argentina
and Chile under its Caesar Park and Caesar Business brands and has
a small operation in Texas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 20, 2010, Moody's Investors Service changed Grupo Posadas,
S.A.B. de C.V.'s rating outlook to stable from negative and
affirmed the company's B2 corporate family and senior unsecured
debt ratings.


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


POPULAR INC: Capital Raise Cues Fitch to Revise Watch to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Watch to Positive from
Negative on Popular Inc. (BPOP) and its subsidiaries following
BPOP's recent capital raise and acquisition of Westernbank Puerto
Rico (W).  Fitch has also revised the Rating Watch to Positive
from Negative on the sub-holding company, Popular North America,
Inc.'s (PNA).  At the same, Fitch has removed the Rating Watch
Negative on the bank entities, including the lead bank Banco
Popular de Puerto Rico (BPPR).

The Rating Watch Positive reflects Fitch's view that the financial
flexibility of the holding company is improving following some
recent developments, particularly BPOP's announcement to monetize
its EVERTEC unit combined with its recent capital raise. BPOP has
received preliminary interest with bids that could potentially
fetch a price of about US$1 billion.  If the sale is successful
and within the valuation guidance management has disclosed, it
would provide additional liquidity and capital.  A deal is
expected to be announced and closed by the third quarter.  Fitch
also recognizes the boost to capital provided by the recent
offering of US$1.15 billion in depository shares that mandatory
converted into common equity on May 11, 2010.  Further, the
completion late last year of BPOP's exchange offer improved the
composition of the capital structure adding more common equity.
The Rating Watch Positive on the preferred and trust preferred
instruments acknowledges that the holding company's capital and
liquidity position is improving and the potential for continued
positive momentum.

Following the recent capital raise, BPOP acquired W through a
FDIC-assisted transaction.  The deal includes US$9.2 billion of
assets (with about US$8.7 billion in loans) and US$2.5 billion of
core deposits.  BPOP and the FDIC have a 80% loss sharing
agreement in place that covers single-family residential mortgages
for 10 years and commercial loans for five years.  Fitch believes
that BPOP will benefit from this acquisition given the synergies
between the two companies.  Further, Fitch views the FDIC's
approval of the acquisition as a positive sign by regulators that
BPOP's financial position is adequate to manage through its
problem loans.

Fitch has affirmed the ratings for BPNA and BPPR simultaneously
removed the Rating Watch Negative.  The Rating Outlook is Stable.
As previously announced, Fitch has been conducting an expanded
review of commercial real estate (CRE) exposures for financial
institutions applying various stress scenarios.  (For additional
information, see the Fitch report 'U.S. CRE Exposure Review',
dated Nov. 16, 2009).  Through various scenarios, BPOP's tangible
and regulatory capital remained at levels viewed as acceptable for
the current rating level.  Based on this analysis, Fitch expects
credit stress to persist throughout 2010, however, the additional
capital coupled with improved reserve levels are expected to
provide adequate coverage of future losses.

Resolution of the Rating Watch Positive will hinge on the
completion of the EVERTEC sale within management's guidance of
valuation, details of the sale structure, greater clarity
regarding BPOP's strategy with the Westernbank franchise and a
detailed review of the acquired loan portfolio as well as further
evidence of stabilizing credit trends for the overall BPOP
franchise.  A Rating Watch Positive could potentially lead to a
one or two notch upgrade, which would more closely align the
ratings with the bank level ratings.

Fitch's rating actions are the result of a focused review of
Fitch's 'Master Global Financial Institutions Criteria' dated
Dec. 29, 2009.  This review concentrated in particular on credit
risk, capitalization, liquidity, and stress testing.  In
performing its analysis of Recovery Ratings, Fitch employed some
assumptions that were more conservative than those outlined in its
criteria 'Recovery Ratings for Financial Institutions' dated
Dec. 30, 2009.  Some of the recovery rates for certain loan
categories were assumed to be lower to reflect the current
distressed credit environment.

Fitch has revised the Rating Watch to Positive from Negative on
the following ratings:

Popular, Inc. (Popular):
--Long-term Issuer Default Rating (IDR) 'B';
--Senior unsecured 'B/RR4';
--Preferred stock 'C/RR6';
--Individual 'D/E'.

Popular North America, Inc.
--Long-term IDR 'B';
--Senior unsecured 'B/RR4';
--Individual rating 'D/E'.

BanPonce Trust I
--Trust preferred 'CC/RR6'.

Popular Capital Trust I
--Trust preferred 'CC/RR6'.

Popular Capital Trust II
--Trust preferred 'CC/RR6'.

Popular North America Capital Trust I
--Trust preferred 'CC/RR6'.

The following ratings were affirmed and assigned a Stable Outlook:

Popular, Inc. (Popular):
--Short-term IDR at 'B';
--Short-term debt at 'B'.

Popular North America, Inc.
--Short-term IDR at 'B';
--Short-term debt at B.

Banco Popular North America
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B'.
--Individual rating at 'D'.

Banco Popular de Puerto Rico
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B';
--Individual rating at 'D'.

The following ratings were affirmed:

Popular, Inc. (Popular):
--Support at '5'
--Support floor at 'NF'.

Popular North America, Inc.
--Support at '5'
--Support floor at 'NF'.

Banco Popular North America
--Support at '5';
--Support floor at 'NF'.

Banco Popular de Puerto Rico
--Support at '4';
--Support floor at 'B'.


============================
S T  K I T T S  &  N E V I S
============================


FOUR SEASONS NEVIS: Court Paves Way for Reopening of Resort
-----------------------------------------------------------
A U.S. court ruling has brought an end to litigation that was
aimed at driving the Four Seasons' Resort in Nevis into
bankruptcy, Caribbean360.com reports.  The report relates that the
development paves the way for the property to be reopened by
December.

The report recalls that the 196-room resort had been closed since
October 2008 because of extensive damage from Hurricane Omar and
then had bankruptcy proceedings filed against it in March by
Capstead Mortgage Company, a lender to the resort's owners.  The
report relates that Capstead's action delayed foreclosure
proceedings being undertaken in the Nevis court by mortgage
servicer Wachovia Corporation in conjunction with banks holding
$69 million in debt on the resort.

However, according to Cariibbean360.com, the Nevis government,
along with the Four Seasons Resort Estates Homeowners Association
Limited, had filed a motion asking the bankruptcy court in
Delaware to abstain from hearing Capstead's case.  The report
relates that Premier Joseph Parry said that the court has ruled in
the government's favour, putting aside the case.  "This means that
the foreclosure proceedings in Nevis can now go ahead.  At the end
of these foreclosure proceedings, the lenders could end up owning
the property and could continue arrangements to open up the Four
Seasons Resort Nevis, by the end of the year," the report quoted
Mr. Parry as saying.

                  About Four Seasons Resort Nevis

The Four Seasons Resort Nevis opened on February 14, 1991 as the
first five-star property in the Caribbean.  Before Hurricane Omar
put it out of commission, it was considered one of the best hotels
in the entire Caribbean and was the largest employer in the
island.


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


FEDERACION URUGUAYA: Fitch Affirms & Withdraws B Ratings
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Federacion Uruguaya de
Cooperativas de Ahorro y Credito's (FUCAC) Issuer Default Ratings
(IDRs) and outstanding credit ratings as follows:
--Foreign currency IDR at 'B';
--Local currency IDR at 'B';
--Support at '5';
--Support rating floor 'NF'.

Fitch also affirms FUCAC's national long-term rating at 'BBB-
(uy)'.

The Rating Outlook is Stable.

FUCAC's ratings are based on its improved performance over the
past few years, as well as its good capitalization and its
adequate liquidity position.  The ratings also take into account
its niche franchise and FUCAC's decision to abandon its regulatory
status as a Financial Intermediary and operate as a 'Credit
Manager Company'.

FUCAC's performance was good in 2009, in spite of being lower than
a year before because of inflation adjustment and an extraordinary
loss. Otherwise, its profitability outperformed that of the
Uruguayan banking system.

Credit risk is the mayor risk of the company.  Asset quality has
historically been somewhat weak due to FUCAC's focus on the low-
income segment of the population.  However, the loan loss reserve
coverage was so far bigger than past due loans (loans 60 days or
more overdue) and more than 100% of non-performing loans.

During 2007, FUCAC decided to abandon its regulatory status as a
Financial Intermediary due to its heavy regulatory requirements
and operate as a 'Credit Manager Company'.  As a result, it had to
pay back its deposits. New funding is based financial instruments,
capital and bank loans.

FUCAC's balance sheet is well-matched in terms of currency and
tenors and FUCAC has maintained adequate levels of liquidity.
Because of the new funding structure the cooperative could operate
with lower levels of liquidity than the Uruguayan banking system.

According to its new regulatory status, Fucac has a lower capital
requirement, however its capitalization is solid, with an
equity/assets ratio of 52.4% at end-September 2009, higher than
the banking system (12,8%).


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


GRUMA SAB: Venezuela Expropriates Firm's Venezuelan Subsidiary
--------------------------------------------------------------
The Venezuelan government has issued a decree expropriating food
company Molinos Nacionales CA (Monaca), a subsidiary of Mexico's
Gruma SAB, The Latin America Herald Times reports.  The report
relates that the executive order authorized the "forced
acquisition" of Monaca, a producer of wheat and corn flour, rice,
oil, oats and other basic food products, several of them subject
to price controls.

According to the report, the decree states that the government
must ensure the job security of Monaca's workers, saying they
could be employed by the new state-run entity.  The report relates
that the measure comes just days after the government said
Venezuela's food-supply problems were due to "rumors" generated by
the political opposition to stir up displeasure with President
Hugo Chavez's leftist administration.

Gruma SAB, the report discloses, said that it will demand that the
Venezuelan government provide "prompt, adequate and effective"
compensation for the nationalization of Monaca.  The report,
citing a company statement, relates that Monaca has always
complied with Venezuelan law, met customers' demand for its
products in a timely manner and even boosted production by 13
percent since November 2009.  Gruma operates in Venezuela though
Spanish consortium Valores Mundiales and therefore the
expropriation of Monaca "is legally protected by the terms of the
treaty between Spain and Venezuela for the promotion and
reciprocal protection of investments," the company added.

The report points out that under that accord, Spanish investments
in Venezuela are protected and "forced acquisition" can only occur
for reasons of public benefit and with prompt, adequate and
effective compensation for the investor.

Gruma SAB, the report notes, said it will begin negotiations with
the Venezuelan government over the next few days to determine the
scope of the expropriated assets, the price and form of payment.
The consortium said it has instructed its executives in Spain,
Venezuela and Mexico to continue normal operations so that food
supplies are not affected, The Times added.

Monaca has six plants in Venezuela and is controlled by Mexican
group Gruma, which has an almost 73% stake.

                        About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Standard & Poor's Ratings Services said that its
ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate
credit rating, remain on CreditWatch with negative implications,
where they were placed on Oct. 13, 2008.  S&P based that action on
its perception of GRUMA's more aggressive financial policy,
including the use of derivative instruments.


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


LATAM: IDB to Finance Projects for Business Improvement
-------------------------------------------------------
Eight organizations and researchers will receive financing from
the Inter American Development Bank to carry out activities and
studies with the goal of improving registration procedures and
management of businesses in several countries in Latin America and
the Caribbean.

The organizations were selected after the first request for
proposals by Better Conditions for Productivity (MAP, for its
initials in Spanish).  MAP uses funds from IDB and the Fondo
Fiduciario General de Espana (General Trust Fund of Spain), to
finance activities and research that improve the business
environment for micro, small-and medium-sized enterprises in the
region and helps governments create public policy that encourages
private sector competitiveness.

In its first call for proposals, open from December 12, 2009,
through February 15, 2010, MAP received 199 projects from 17
different countries.  The goal was to gather ideas for projects to
simplify business registration, licensing and operations and for
better tax and labor regulations.  These proposals were also
intended to help reduce the level of informality and boost
business productivity.

According to some estimates, in Latin America and the Caribbean
more than 50% of economic activity is never accounted for in
commercial registries, leading to evasion of tax and social
security obligations.

"Our principal intention is to aid projects that contribute to
improve productivity of businesses and the design of public
policy," said Martin Chrisney from Better Conditions for
Productivity, part of the Capital Markets and Financial
Institutions Division of the IDB.   "We are very interested in
promoting a rigorous evaluation of the impact of these policies to
help show which is the best road to choose."

                          The Winners

Three of the eight proposals selected by the MAP committee to
receive financing in 2010 are activity based; the remainder
consist of research studies.  The projects based on activities to
improve the business climate will receive up to EUR125,000 each;
the research projects up to EUR15,000 each.

Those selected to undertake activities are ECON Estudio, from
Colombia; the FUNDES International organization, and the
Guatemalan Managers Association which will undertake training
workshops aimed at formalizing micro enterprises, and carry out a
program to reduce the number of procedures that firms are required
to complete.

The five research projects will be carried out by:

   -- CIESS-Econometrica (Bolivia);
   -- University of Colorado and the Planning Institute of
      Jamaica;
   -- the consulting firm Bonilla & Associates (Chile);
   -- investigators for the Institute for the Economic and Social
      Development of Argentina and Torcuato Di Tella University,
      also from Argentina; and
   -- the Polytechnic School of Litoral in alliance with the
      Center for Fiscal Studies in Ecuador.

Among other objectives, these investigators will evaluate the
impact of programs to simplify the process to register businesses
and to pay taxes in countries like Argentina and Bolivia, and the
impact of seed capital funding for enterprises in Chile.  In
Jamaica, the researchers will study the effects of different
fiscal designs on the efficiency of collection of taxes, while in
Ecuador they will evaluate a simplified tax regime.

The MAP initiative will launch a second request for proposals in
June 2011.

                           About the MAP

The IDB's Better Conditions for Productivity is a public/private
initiative.  It provides grants for projects that aim to reduce
the impact that informality has on economic activity, improve
access to financing and foster productive development policies and
activities that improve the functioning and productivity of micro
and small enterprises.

                             About IDB

Founded in 1959, the IDB is the world's largest and oldest
regional development bank.  In March its 48 member countries
agreed in principle to increase its capital resources to boost its
lending capacity to US$12 billion a year, nearly double its
present sustainable level.  The United States is the single
biggest shareholder, with a 30% stake in the IDB's capital.
Collectively, Latin American and Caribbean borrowing member
countries own a controlling majority of shares.


* 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

IMBI1 BZ       DOC IMBITUBA-RTC       117726172    -17225602.7
IMBI2 BZ       DOC IMBITUBA-RTP       117726172    -17225602.7
81370Z BZ      TELECOMUNICA-ADR       248609065    -9345005.13
FTRX1 BZ       FABRICA TECID-RT      65955223.6    -56330080.2
PRMN3B BZ      PROMAN                13486222.7    -113662.457
TEKAY US       TEKA-ADR               236758337     -334535567
BMBBF US       BOMBRIL                300229620     -120551090
CBRZF US       TELEBRAS-PF RCPT       248609065    -9345005.13
TKTQF US       TEKA                   236758337     -334535567
TKTPF US       TEKA-PREF              236758337     -334535567
REIC US        REII INC                16269472       -2354589
RPMG1 BZ       PET MANG-RIGHTS        111979912     -134952358
RPMG2 BZ       PET MANG-RIGHTS        111979912     -134952358
RPMG9 BZ       PET MANG-RECEIPT       111979912     -134952358
RPMG10 BZ      PET MANG-RECEIPT       111979912     -134952358
TRES3 BZ       MMX MINERACAO          981664768     -207254300
MMXMY US       MMX MINERACA-GDR       981664768     -207254300
SNST3 BZ       SANESALTO               28244078    -875835.818
BDFCE US       B&D FOOD CORP           16269472       -2354589
BOBR2 BZ       BOMBRIL-RGTS PRE       300229620     -120551090
BOBR1 BZ       BOMBRIL-RIGHTS         300229620     -120551090
XMM CN         MMX MINERACA-GDR       981664768     -207254300
TBH-W US       TELEBRAS/W-I-ADR       248609065    -9345005.13
3M11 GR        MMX MINERACA-GDR       981664768     -207254300
MILK11 BZ      LAEP-BDR               446499199    -70952298.9
LEAP LX        LAEP INVESTMENTS       446499199    -70952298.9
MMXCF US       MMX MINERACAO          981664768     -207254300
BLDR3 BZ       BALADARE               144928981    -33970462.8
TXRX1 BZ       TEXTEIS RENAU-RT      61309988.3    -90847301.6
TXRX2 BZ       TEXTEIS RENAU-RT      61309988.3    -90847301.6
TXRX9 BZ       TEXTEIS RENA-RCT      61309988.3    -90847301.6
TXRX10 BZ      TEXTEIS RENA-RCT      61309988.3    -90847301.6
TELB9 BZ       TELEBRAS SA-RT         248609065    -9345005.13
MRLM4 BZ       CIA PETROLIF-PRF       377602195    -3014291.72
MRLM3 BZ       CIA PETROLIFERA        377602195    -3014291.72
NOVA3 BZ       NOVA AMERICA SA         21287489     -183535527
NOVA4 BZ       NOVA AMERICA-PRF        21287489     -183535527
PRMN3 BZ       PROMAN                13486222.7    -113662.457
BDFC US        B&D FOOD CORP           16269472       -2354589
MMXM1 BZ       MMX MINERACAO-RT       981664768     -207254300
MMXM9 BZ       MMX MINERACA-RCT       981664768     -207254300
TELB3 BZ       TELEBRAS SA            248609065    -9345005.13
TLBRON BZ      TELEBRAS SA            248609065    -9345005.13
TBASF US       TELEBRAS SA            248609065    -9345005.13
TELB4 BZ       TELEBRAS SA-PREF       248609065    -9345005.13
TLBRPN BZ      TELEBRAS SA-PREF       248609065    -9345005.13
TBAPY US       TELEBRAS-ADR           248609065    -9345005.13
TBRAY GR       TELEBRAS-ADR           248609065    -9345005.13
RCTB4 AR       TELEBRAS-CEDE PF       248609065    -9345005.13
RCT4C AR       TELEBRAS-CED C/E       248609065    -9345005.13
RCT4D AR       TELEBRAS-CEDEA $       248609065    -9345005.13
RCT4B AR       TELEBRAS-CEDE BL       248609065    -9345005.13
TBH US         TELEBRAS-ADR           248609065    -9345005.13
TBX GR         TELEBRAS-ADR           248609065    -9345005.13
RTB US         TELEBRAS-ADR           248609065    -9345005.13
TBASY US       TELEBRAS-ADR           248609065    -9345005.13
TELB10 BZ      TELEBRAS-RCT PRF       248609065    -9345005.13
RCTB1 BZ       TELEBRAS-RTS CMN       248609065    -9345005.13
RCTB2 BZ       TELEBRAS-RTS PRF       248609065    -9345005.13
TCLP1 BZ       TELEBRAS-RTS CMN       248609065    -9345005.13
TLCP2 BZ       TELEBRAS-RTS PRF       248609065    -9345005.13
TELB1 BZ       TELEBRAS-COM RT        248609065    -9345005.13
RCTB31 BZ      TELEBRAS-CM RCPT       248609065    -9345005.13
TELE31 BZ      TELEBRAS-CM RCPT       248609065    -9345005.13
RCTB33 BZ      TELEBRAS-RCT           248609065    -9345005.13
TBRTF US       TELEBRAS-CM RCPT       248609065    -9345005.13
RCTB32 BZ      TELEBRAS-CM RCPT       248609065    -9345005.13
RCTB41 BZ      TELEBRAS-PF RCPT       248609065    -9345005.13
TELE41 BZ      TELEBRAS-PF RCPT       248609065    -9345005.13
RCTB42 BZ      TELEBRAS-PF RCPT       248609065    -9345005.13
TELB4 AR       TELEBRAS-CEDE PF       248609065    -9345005.13
TEL4C AR       TELEBRAS-CED C/E       248609065    -9345005.13
RCTB30 BZ      TELEBRAS-CM RCPT       248609065    -9345005.13
RCTB40 BZ      TELEBRAS-PF RCPT       248609065    -9345005.13
TBAPF US       TELEBRAS-PF RCPT       248609065    -9345005.13
TLBRUO BZ      TELEBRAS-RECEIPT       248609065    -9345005.13
TLBRUP BZ      TELEBRAS-PF RCPT       248609065    -9345005.13
TELB30 BZ      TELEBRAS-BLOCK         248609065    -9345005.13
TELB40 BZ      TELEBRAS-PF BLCK       248609065    -9345005.13
TEL4D AR       TELEBRAS-CEDEA $       248609065    -9345005.13
ARLA3 BZ       ARTHUR LANGE          11642255.9    -17154461.9
ALICON BZ      ARTHUR LANGE SA       11642255.9    -17154461.9
ARLA4 BZ       ARTHUR LANGE-PRF      11642255.9    -17154461.9
ALICPN BZ      ARTHUR LANGE-PRF      11642255.9    -17154461.9
ARLA1 BZ       ARTHUR LANG-RT C      11642255.9    -17154461.9
ARLA2 BZ       ARTHUR LANG-RT P      11642255.9    -17154461.9
ARLA9 BZ       ARTHUR LANG-RC C      11642255.9    -17154461.9
ARLA10 BZ      ARTHUR LANG-RC P      11642255.9    -17154461.9
ARLA11 BZ      ARTHUR LAN-DVD C      11642255.9    -17154461.9
ARLA12 BZ      ARTHUR LAN-DVD P      11642255.9    -17154461.9
BOBR3 BZ       BOMBRIL                300229620     -120551090
BOBRON BZ      BOMBRIL CIRIO SA       300229620     -120551090
BOBR4 BZ       BOMBRIL-PREF           300229620     -120551090
BOBRPN BZ      BOMBRIL CIRIO-PF       300229620     -120551090
BMBPY US       BOMBRIL SA-ADR         300229620     -120551090
BMBBY US       BOMBRIL SA-ADR         300229620     -120551090
CAFE3 BZ       CAF BRASILIA          51185418.9     -768343290
CSBRON BZ      CAFE BRASILIA SA      51185418.9     -768343290
CAFE4 BZ       CAF BRASILIA-PRF      51185418.9     -768343290
CSBRPN BZ      CAFE BRASILIA-PR      51185418.9     -768343290
CCHI3 BZ       CHIARELLI SA          22274026.8    -44537138.2
CCHON BZ       CHIARELLI SA          22274026.8    -44537138.2
CCHI4 BZ       CHIARELLI SA-PRF      22274026.8    -44537138.2
CCHPN BZ       CHIARELLI SA-PRF      22274026.8    -44537138.2
IMBI3 BZ       DOC IMBITUBA           117726172    -17225602.7
IMBION BZ      DOCAS IMBITUBA         117726172    -17225602.7
IMBI4 BZ       DOC IMBITUB-PREF       117726172    -17225602.7
IMBIPN BZ      DOCAS IMBITUB-PR       117726172    -17225602.7
SCLO3 BZ       SCHLOSSER             14638346.7    -55030424.6
SCHON BZ       SCHLOSSER SA          14638346.7    -55030424.6
SCLO4 BZ       SCHLOSSER-PREF        14638346.7    -55030424.6
SCHPN BZ       SCHLOSSER SA-PRF      14638346.7    -55030424.6
DOCA3 BZ       DOCA INVESTIMENT      88417960.9    -18059127.9
DOCAON BZ      DOCAS SA              88417960.9    -18059127.9
DOCA4 BZ       DOCA INVESTI-PFD      88417960.9    -18059127.9
DOCAPN BZ      DOCAS SA-PREF         88417960.9    -18059127.9
DOCA2 BZ       DOCAS SA-RTS PRF      88417960.9    -18059127.9
EALT3 BZ       ACO ALTONA            82202066.3    -11938002.3
EAAON BZ       ACO ALTONA SA         82202066.3    -11938002.3
EALT4 BZ       ACO ALTONA-PREF       82202066.3    -11938002.3
EAAPN BZ       ACO ALTONA-PREF       82202066.3    -11938002.3
FTRX3 BZ       FABRICA RENAUX        65955223.6    -56330080.2
FRNXON BZ      FABRICA RENAUX        65955223.6    -56330080.2
FTRX4 BZ       FABRICA RENAUX-P      65955223.6    -56330080.2
FRNXPN BZ      FABRICA RENAUX-P      65955223.6    -56330080.2
HAGA3 BZ       HAGA                  16836495.9    -63947246.6
HAGAON BZ      FERRAGENS HAGA        16836495.9    -63947246.6
HAGA4 BZ       FER HAGA-PREF         16836495.9    -63947246.6
HAGAPN BZ      FERRAGENS HAGA-P      16836495.9    -63947246.6
SJOS3 BZ       TECEL S JOSE          17924946.1    -18569451.2
FTSJON BZ      TECEL S JOSE          17924946.1    -18569451.2
SJOS4 BZ       TECEL S JOSE-PRF      17924946.1    -18569451.2
FTSJPN BZ      TECEL S JOSE-PRF      17924946.1    -18569451.2
GAFP3 BZ       CIMOB PARTIC SA       36817394.8    -33083086.5
GAFON BZ       CIMOB PARTIC SA       36817394.8    -33083086.5
GAFP4 BZ       CIMOB PART-PREF       36817394.8    -33083086.5
GAFPN BZ       CIMOB PART-PREF       36817394.8    -33083086.5
GAZO3 BZ       GAZOLA                12452143.1    -40298506.3
GAZON BZ       GAZOLA SA             12452143.1    -40298506.3
GAZO4 BZ       GAZOLA-PREF           12452143.1    -40298506.3
GAZPN BZ       GAZOLA SA-PREF        12452143.1    -40298506.3
GAZO9 BZ       GAZOLA-RCPTS CMN      12452143.1    -40298506.3
GAZO10 BZ      GAZOLA-RCPT PREF      12452143.1    -40298506.3
GAZO11 BZ      GAZOLA SA-DVD CM      12452143.1    -40298506.3
GAZO12 BZ      GAZOLA SA-DVD PF      12452143.1    -40298506.3
IGBR3 BZ       IGB ELETRONICA         145256033     -273857292
IGBON BZ       GRADIENTE ELETR        145256033     -273857292
IGBR5 BZ       GRADIENTE-PREF A       145256033     -273857292
IGBAN BZ       GRADIENTE EL-PRA       145256033     -273857292
IGBR6 BZ       GRADIENTE-PREF B       145256033     -273857292
IGBBN BZ       GRADIENTE EL-PRB       145256033     -273857292
IGBR7 BZ       GRADIENTE-PREF C       145256033     -273857292
IGBCN BZ       GRADIENTE EL-PRC       145256033     -273857292
HETA3 BZ       HERCULES              11597351.7     -168514681
HERTON BZ      HERCULES SA           11597351.7     -168514681
HETA4 BZ       HERCULES-PREF         11597351.7     -168514681
HERTPN BZ      HERCULES SA-PREF      11597351.7     -168514681
TXRX3 BZ       RENAUXVIEW SA         61309988.3    -90847301.6
RENXON BZ      TEXTEIS RENAUX        61309988.3    -90847301.6
TXRX4 BZ       RENAUXVIEW SA-PF      61309988.3    -90847301.6
RENXPN BZ      TEXTEIS RENAUX        61309988.3    -90847301.6
LCSA3 BZ       PARMALAT               388720052     -213641144
LCSAON BZ      PARMALAT BRASIL        388720052     -213641144
LCSA4 BZ       PARMALAT-PREF          388720052     -213641144
LCSAPN BZ      PARMALAT BRAS-PF       388720052     -213641144
LCSA5 BZ       PARMALAT BR-RT C       388720052     -213641144
LCSA6 BZ       PARMALAT BR-RT P       388720052     -213641144
ESTR3 BZ       ESTRELA SA            61011893.6    -54580283.6
ESTRON BZ      ESTRELA SA            61011893.6    -54580283.6
ESTR4 BZ       ESTRELA SA-PREF       61011893.6    -54580283.6
ESTRPN BZ      ESTRELA SA-PREF       61011893.6    -54580283.6
RSUL3 BZ       RIOSULENSE SA         61902901.7    -11292932.5
RSULON BZ      RIOSULENSE SA         61902901.7    -11292932.5
RSUL4 BZ       RIOSULENSE SA-PR      61902901.7    -11292932.5
RSULPN BZ      RIOSULENSE SA-PR      61902901.7    -11292932.5
MWET3 BZ       WETZEL SA             81918484.2    -8800803.64
MWELON BZ      WETZEL SA             81918484.2    -8800803.64
MWET4 BZ       WETZEL SA-PREF        81918484.2    -8800803.64
MWELPN BZ      WETZEL SA-PREF        81918484.2    -8800803.64
MNPR3 BZ       MINUPAR                 69459816      -67796211
MNPRON BZ      MINUPAR SA              69459816      -67796211
MNPR4 BZ       MINUPAR-PREF            69459816      -67796211
MNPRPN BZ      MINUPAR SA-PREF         69459816      -67796211
NORD3 BZ       NORDON MET            15697474.1    -20987944.8
NORDON BZ      NORDON METAL          15697474.1    -20987944.8
NORD1 BZ       NORDON MET-RTS        15697474.1    -20987944.8
NOVA3B BZ      NOVA AMERICA SA         21287489     -183535527
NOVAON BZ      NOVA AMERICA SA         21287489     -183535527
NOVA4B BZ      NOVA AMERICA-PRF        21287489     -183535527
NOVAPN BZ      NOVA AMERICA-PRF        21287489     -183535527
1NOVPN BZ      NOVA AMERICA-PRF        21287489     -183535527
1NOVON BZ      NOVA AMERICA SA         21287489     -183535527
RPMG3 BZ       PETRO MANGUINHOS       111979912     -134952358
MANGON BZ      PETRO MANGUINHOS       111979912     -134952358
RPMG4 BZ       PET MANGUINH-PRF       111979912     -134952358
MANGPN BZ      PETRO MANGUIN-PF       111979912     -134952358
REEM3 BZ       RIMET                 63757621.7     -107162240
REEMON BZ      RIMET                 63757621.7     -107162240
REEM4 BZ       RIMET-PREF            63757621.7     -107162240
REEMPN BZ      RIMET-PREF            63757621.7     -107162240
SNSY3 BZ       SANSUY                 100279115    -45812488.8
SNSYON BZ      SANSUY SA              100279115    -45812488.8
SNSY5 BZ       SANSUY-PREF A          100279115    -45812488.8
SNSYAN BZ      SANSUY SA-PREF A       100279115    -45812488.8
SNSY6 BZ       SANSUY-PREF B          100279115    -45812488.8
SNSYBN BZ      SANSUY SA-PREF B       100279115    -45812488.8
STRP3 BZ       BOTUCATU TEXTIL       35101566.8    -13482713.5
STARON BZ      STAROUP SA            35101566.8    -13482713.5
STRP4 BZ       BOTUCATU-PREF         35101566.8    -13482713.5
STARPN BZ      STAROUP SA-PREF       35101566.8    -13482713.5
TEKA3 BZ       TEKA                   236758337     -334535567
TEKAON BZ      TEKA                   236758337     -334535567
TEKA4 BZ       TEKA-PREF              236758337     -334535567
TEKAPN BZ      TEKA-PREF              236758337     -334535567
TKTPY US       TEKA-ADR               236758337     -334535567
TKTQY US       TEKA-ADR               236758337     -334535567
VAGV3 BZ       VARIG SA               966298026    -4695211316
VARGON BZ      VARIG SA               966298026    -4695211316
VAGV4 BZ       VARIG SA-PREF          966298026    -4695211316
VARGPN BZ      VARIG SA-PREF          966298026    -4695211316
WISA3 BZ       WIEST                 39838113.9    -93371563.1
WISAON BZ      WIEST SA              39838113.9    -93371563.1
WISA4 BZ       WIEST-PREF            39838113.9    -93371563.1
WISAPN BZ      WIEST SA-PREF         39838113.9    -93371563.1
VSPT3 BZ       FER C ATLANT          1212489621    -38389781.7
VSPT4 BZ       FER C ATLANT-PRF      1212489621    -38389781.7
VSPT11 BZ      FERROVIA CEN-DVD      1212489621    -38389781.7
VSPT12 BZ      FERROVIA CEN-DVD      1212489621    -38389781.7
VSPT9 BZ       FER C ATL-RCT CM      1212489621    -38389781.7
VSPT10 BZ      FER C ATL-RCT PF      1212489621    -38389781.7
PSEGON BZ      SAUIPE SA             10045350.1    -7741102.15
PSEG3 BZ       SAUIPE                10045350.1    -7741102.15
PSEGPN BZ      SAUIPE SA-PREF        10045350.1    -7741102.15
PSEG4 BZ       SAUIPE-PREF           10045350.1    -7741102.15
MMXM3 BZ       MMX MINERACAO          981664768     -207254300
1TSSON BZ      TRESSEM PART SA        981664768     -207254300
MRLM3B BZ      CIA PETROLIFERA        377602195    -3014291.72
MRLM4B BZ      CIA PETROLIF-PRF       377602195    -3014291.72
1CPMON BZ      CIA PETROLIFERA        377602195    -3014291.72
1CPMPN BZ      CIA PETROLIF-PRF       377602195    -3014291.72
LATF US        LATTENO FOOD COR        16269472       -2354589
VPTA3 BZ       VARIG PART EM TR      49432124.2     -399290426
VPTA4 BZ       VARIG PART EM-PR      49432124.2     -399290426
VPSC3 BZ       VARIG PART EM SE      96617351.1     -460274609
VPSC4 BZ       VARIG PART EM-PR      96617351.1     -460274609


CHILE

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