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

              Tuesday, May 25, 2010, Vol. 11, No. 101

                            Headlines



A R G E N T I N A

ABASTECIMIENTOS: Creditors' Proofs of Debt Due on August 16
CAJA DE VALORES: S&P Affirms 'B-/C' Counterparty Credit Rating
CAJA DE VALORES: S&P Affirms Counterparty Credit Rating at 'B-/C'
CARDIOLOGIA GLOBAL: Creditors' Proofs of Debt Due on July 16
ELECTRONICA MEGATONE: Moody's Assigns 'B3' Corporate Family Rating

ESQUINA ARRIBEATOS: Creditors' Proofs of Debt Due on July 5
EXEL MED: Creditors' Proofs of Debt Due on August 23
LOS SOLARES: Creditors' Proofs of Debt Due on June 28
MARAYES SA: Asks for Opening of Preventive Contest
MONTES DE AGUA: Creditors' Proofs of Debt Due on August 10

TELENOVA ARGENTINA: Creditors' Proofs of Debt Due on July 8


B E R M U D A

CHEVRON OVERSEAS: Creditors' Proofs of Debt Due on June 2
CHEVRON OVERSEAS: Members to Receive Wind-Up Report on June 24
CHEVRON OVERSEAS: Creditors' Proofs of Debt Due on June 2
CHEVRON OVERSEAS: Members to Receive Wind-Up Report on June 23
CREATIVE ENERGY: Scheme Creditors to Hold Meeting on June 9

DSG TRADING: Creditors' Proofs of Debt Due on June 1
DSG TRADING: Members to Receive Wind-Up Report on June 22
DUAL-STRATEGY: Creditors' Proofs of Debt Due on June 1
DUAL-STRATEGY: Members to Receive Wind-Up Report on June 23
MAN IPB: Creditors' Proofs of Debt Due on June 1

MAN IPB: Members to Receive Wind-Up Report on June 23
MAN MS: Creditors' Proofs of Debt Due on June 1
MAN MS: Members to Receive Wind-Up Report on June 23


B R A Z I L

BANCO INDUSTRIAL: Moody's Upgrades Bank Financial Strength to D
COMPANHIA SIDERURGICA: Guarantees Export Funding of R$2 Billion


C A Y M A N  I S L A N D S

PARMALAT SPA: EUR1-Bil. PCF Claim Settlement Becomes Final


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: IMF Cuts Growth Forecast From 4% to 2.9%


E C U A D O R

ODEBRECHT SA: In Talks With Ecuador Over Seizure
* ECUADOR: In Talks With Odebrecht SA Over Seizure


J A M A I C A

AIR JAMAICA: New Owner Reassures Community
JAMAICA URBAN TRANSIT: Withdraws Service to Downtown
SUGAR COMPANY OF JAMAICA: Gov't Yet to Deliver Sugar to Eridania


M E X I C O

GRUPO MEXICO: Sees Copper Prices Rising on Demand From China
SATMEX SA: Gov't May Sell Firm to MVS Comunicaciones & EchoStar


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Rules Out Gas Leak in "Aban Pearl" Area
PETROLEOS DE VENEZUELA: Dominican Senate to Study Refinery Deal
PETROLEOS DE VENEZUELA: Moody's Affirms CITGO's Ba2 Corporate
* VENEZUELA: Plans to Hike Oil Output by 300,000 Barrels/Day


X X X X X X X X

* Large Companies With Insolvent Balance Sheets






                         - - - - -


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


ABASTECIMIENTOS: Creditors' Proofs of Debt Due on August 16
-----------------------------------------------------------
Ruben Daniel Sarafian, the court-appointed trustee for
Abastecimientos Publicitarios SRL's bankruptcy proceedings, will
be verifying creditors' proofs of claim until August 16, 2010.

Mr. Sarafian 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. 11, 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:

         Ruben Daniel Sarafian
         Tucuman 1545
         Argentina


CAJA DE VALORES: S&P Affirms 'B-/C' Counterparty Credit Rating
--------------------------------------------------------------
On May 21, 2010, Standard & Poor's Ratings Services affirmed its
'B-/C' foreign-currency counterparty credit rating on Caja de
Valores S.A.  S&P also lowered the local-currency counterparty
credit rating to 'B-/C' from 'B/B'.  The outlook is stable.  With
this rating action Caja de Valores local and foreign currency
ratings are at the same level as those on the Republic of
Argentina.

S&P has equalized its local currency ratings on Caja with its 'B-'
foreign currency ratings because S&P believes Caja's operations
are exposed to Argentina's political and regulatory risks.
Therefore, a differentiation between the foreign- and local-
currency ratings is not sustainable, since Caja's ability and
willingness to fulfill its commercial and financial obligations in
a timely manner could be affected by the risk of potential
sovereign interference with the company's operations.

Caja's ratings are constrained by the high level of systemic risk
inherent to Argentina and by the firm's revenue structure, which
is highly dependant on domestic securities transaction volumes,
leading to uneven profits during economic and financial crises.

These negative factors are counterbalanced by the company's
critical role and good track record in serving the Argentinean
capital markets as the sole depositary trust operating in the
country.  Despite weaker economic conditions in the past two
years, Caja's profitability remains to be sound, its liquidity is
ample, and its capitalization levels are high.  S&P expects Caja
will continue to show relative strong credit fundamentals, low
operational risk, and good operating framework.

Caja performs several trust bank functions and data-processing
services for its principal shareholders, Mercado de Valores de
Buenos Aires S.A. and Bolsa de Comercio de Buenos Aires (the
Buenos Aires Stock Exchange).  Caja's securities-safekeeping
functions are statutorily separated from Merval's obligation to
guarantee the settlement of securities traded on the Bolsa.
Caja's other roles include mortgage bills registrar and numbering
agent.  Caja is solely responsible for the safekeeping and
registration of the securities it holds; Merval's sole
responsibility is acting as central counterparty.

Caja promotes efficiency and the security of the Argentinean
securities market by "dematerializing" securities (the actual
paper bonds are destroyed and replaced by electronic records).
Only 1% of these are physical certificates, considerably reducing
operating risks.  Caja has three additional lines of defense to
protect itself from operational losses:

* A strong balance sheet with a liquid investment portfolio
  representing 90% of total assets as of March 31, 2010, and a
  solid capital base;

* Insurance coverage for up to $125 million covering most of the
  operating risks found in Caja's operations; and

* Guarantees provided by Caja's shareholders, Bolsa and Merval,
  for up to Argentine pesos (ARP) 60 million.

Caja's profitability has traditionally been strong, a function of
its effective monopoly in Argentina.  Nonetheless, it depends
largely on market volumes and market participants' economic and
financial situations.  Caja posted negative results only in 2002,
during Argentina's severe economic and financial crisis.  Since
2005, strong economic activity has helped the Argentinean capital
markets recover.

During the first quarter of 2010, market turbulence continued to
affect Caja's results.  Caja registered a decline in total returns
over the year, posting a 2.8% return on average assets as of March
31, 2010.  However, capitalization remains strong, with total
capital to assets of 24.0%.  The company's reserves and retained
earnings are strong and fully available in case of extraordinary
losses that might erode capital.

The stable outlook incorporates Caja's conservative operating
philosophy, strong cash generation, and strong financial profile.
Any ratings upside is limited by the high economic, political, and
regulatory risk in Argentina.  S&P could lower the ratings if
Argentina's business environment further deteriorates or Caja's
financial profile significantly worsens.

                            Downgraded

                       Caja de Valores, S.A.

                     Counterparty Credit Rating

                                    To                 From
                                    --                 ----
  Local Currency                    B-/Stable/C        B/Stable/B

                         Ratings Affirmed

                       Caja de Valores, S.A.

                     Counterparty Credit Rating

         Foreign Currency                      B-/Stable/C


CAJA DE VALORES: S&P Affirms Counterparty Credit Rating at 'B-/C'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B-/C' foreign-currency counterparty credit rating on Caja de
Valores S.A.  S&P also lowered the local-currency counterparty
credit rating to 'B-/C' from 'B/B'.  The outlook is stable.  With
this rating action Caja de Valores local and foreign currency
ratings are at the same level as those on the Republic of
Argentina.

"S&P has equalized its local currency ratings on Caja with its
'B-' foreign currency ratings because S&P believes Caja's
operations are exposed to Argentina's political and regulatory
risks," said Standard & Poor's credit analyst Delfina Cavanagh.
"Therefore, a differentiation between the foreign- and local-
currency ratings is not sustainablesince Caja's ability and
willingness to fulfill its commercial and financial obligations in
a timely manner could be affected by the risk of potential
sovereign interference with the company's operations."

Caja's ratings are constrained by the high level of systemic risk
inherent to Argentina and by the firm's revenue structure, which
is highly dependant on domestic securities transaction volumes,
leading to volatile profitability during economic and financial
crises.

These negative factors are counterbalanced by the company's
critical role and good track record in serving the Argentinean
capital markets as the sole depositary trust operating in the
country.  Despite weaker economic conditions in the past two
years, Caja's profitability remains to be sound, its liquidity is
ample, and its capitalization levels are high.  S&P expects Caja
will continue to show relative strong credit fundamentals, low
operational risk, and good operating framework.

The stable outlook incorporates Caja's conservative operating
philosophy, strong cash generation, and strong financial profile.
Any ratings upside is limited by the high economic, political, and
regulatory risk in Argentina.  "S&P could lower the ratings if
Argentina's business environment further deteriorates or Caja's
financial profile significantly worsens," Ms. Cavanagh.


CARDIOLOGIA GLOBAL: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------------
Adriana Patricia Barragan, the court-appointed trustee for
Cardiologia Global SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 16, 2010.

Ms. Barragan will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 4, 2011.

The Trustee can be reached at:

         Adriana Patricia Barragan
         Lavalle 1290
         Argentina


ELECTRONICA MEGATONE: Moody's Assigns 'B3' Corporate Family Rating
------------------------------------------------------------------
Moody's Latin America has assigned a first-time B3 local currency
corporate family rating and an A2.ar Argentina National Scale
Rating to Electronica Megatone S.A.  The outlook is stable.

"The B3 and A2.ar ratings are supported by the company's position
as one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Megatone brand name.
The ratings reflect EM's diversified product mix, low adjusted
leverage and its well-established relationships with suppliers,"
said Moody's AVP Analyst, Veronica Amendola.  "The ratings also
consider EM's solid position in selling recognized brand names
home appliances and an adequate liquidity profile," said Ms.
Amendola.

However, the ratings are constrained by EM's retail finance model,
with significant credit exposure to consumer loans extended
through Megatone own financing source.  Moody's notes that EM's
consumer credit segment has been the principal earnings' generator
and has been funded by the securitization market.  Moody's will
closely monitor EM's ability to continue to access the market for
securitization financing.  EM's relatively small scale, limited
geographical diversification and the competitive environment also
constrain the ratings.

EM's B3 local currency rating reflects its global default and loss
expectation, while the A2.ar national scale rating reflects the
standing of EM's credit quality relative to its domestic peers.
Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A2.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

The stable ratings outlook reflects Moody's expectation that EM
will continue to successfully implement its business model, thus
allowing the retailer to maintain adequate credit metrics for its
rating category.  The stable outlook assumes that EM will
successfully uphold its market position, even in an ongoing
challenging competitive environment.  Finally, the outlook
reflects Moody's expectations that EM will be able to maintain
adequate access to the securitization market, even in the more
adverse market conditions.

EM ratings could be upgraded if EM could encompasses a more solid
business profile, by reducing its exposure to the securitization
market.  In addition upward pressure could result from increased
size and geographical diversification, along with an improving
business environment in Argentina leading to an improving retail
business segment.  Quantitatively, upward momentum could result if
EM's total adjusted debt to EBITDA is sustained below 1.5 times
(2.2 times as of the last twelve months ended February 28, 2010)
and operating margins of above 3.5% (0.7% as of the last twelve
months ended February 28, 2010).  Additionally, a more predictable
outlook for economic activity in Argentina would be important for
upward pressure.

Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the market for
securitization financing.  In addition, a greater than expected
loan delinquencies and the impact of the expected downturn in the
Argentinean economy on the availability of consumer loans could
cause negative pressure on ratings.  Quantitatively, a downgrade
could result from a drop in EM's EBIT margin to below 10% on a
three-year average basis or a significant increase in leverage,
with total adjusted debt to EBITDA of above 3.5 times.
Indications of a weakening market share in the domestic retail
market could also drive negative pressure.

Headquartered in Santa Fe province, Argentina, EM is a leading
regional appliance retailer operating 72 stores across 9
provinces.  With total revenues of US$167 million as of the last
twelve months ended February 28, 2010, the company was founded in
1963 and is one of the three retailers licensing "Megatone" brand
name in Argentina.


ESQUINA ARRIBEATOS: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------------
The court-appointed trustee for Esquina Arribeatos S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 5, 2010.

The trustee will present the validated claims in court as
individual reports on September 1, 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 14, 2010.


EXEL MED: Creditors' Proofs of Debt Due on August 23
----------------------------------------------------
Maria Paulina Alva, the court-appointed trustee for Exel Med SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 23, 2010.

Ms. Alva 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. 11, 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:

         Maria Paulina Alva
         Montevideo 586
         Argentina


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

The trustee will present the validated claims in court as
individual reports on August 10, 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
November 22, 2010.


MARAYES SA: Asks for Opening of Preventive Contest
--------------------------------------------------
Marayes SA asked for the opening of preventive contest.

The company stopped making payments last March 10, 2010.


MONTES DE AGUA: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------------
The court-appointed trustee for Montes de Agua S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 10, 2010.

The trustee will present the validated claims in court as
individual reports on September 21, 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
May 12, 2011.


TELENOVA ARGENTINA: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
Roberto Alfredo Mazzarella, the court-appointed trustee for
Telenova Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 8, 2010.

Mr. Mazzarella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Roberto Alfredo Mazzarella
         Ortega y Gasset 1827
         Argentina


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B E R M U D A
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CHEVRON OVERSEAS: Creditors' Proofs of Debt Due on June 2
---------------------------------------------------------
The creditors of Chevron Overseas Exploration Limited are required
to file their proofs of debt by June 2, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton, Bermuda


CHEVRON OVERSEAS: Members to Receive Wind-Up Report on June 24
--------------------------------------------------------------
The members of Chevron Overseas Exploration Limited will receive,
on June 24, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton, Bermuda


CHEVRON OVERSEAS: Creditors' Proofs of Debt Due on June 2
---------------------------------------------------------
The creditors of Chevron Overseas Petroleum Azerbaijan Limited are
required to file their proofs of debt by June 2, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton, Bermuda


CHEVRON OVERSEAS: Members to Receive Wind-Up Report on June 23
--------------------------------------------------------------
The members of Chevron Overseas Petroleum Azerbaijan Limited
will receive, on June 23, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton, Bermuda


CREATIVE ENERGY: Scheme Creditors to Hold Meeting on June 9
-----------------------------------------------------------
As directed by the Supreme Court of Bermuda, the scheme creditors
of Creative Energy Solutions Holdings Limited will hold their
meeting on June 9, 2010, at 11:00 a.m., at the 14th Floor of The
Hong Kong Club Building, 3A Chater Road, in Central, Hong Kong.


DSG TRADING: Creditors' Proofs of Debt Due on June 1
----------------------------------------------------
The creditors of DSG Trading (Series 2) Limited are required to
file their proofs of debt by June 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


DSG TRADING: Members to Receive Wind-Up Report on June 22
---------------------------------------------------------
The members of DSG Trading (Series 2) Limited will receive, on
June 22, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


DUAL-STRATEGY: Creditors' Proofs of Debt Due on June 1
------------------------------------------------------
The creditors of Dual-Strategy Guaranteed Fund (Series 2) Limited
are required to file their proofs of debt by June 1, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


DUAL-STRATEGY: Members to Receive Wind-Up Report on June 23
-----------------------------------------------------------
The members of Dual-Strategy Guaranteed Fund (Series 2) Limited
will receive, on June 23, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


MAN IPB: Creditors' Proofs of Debt Due on June 1
------------------------------------------------
The creditors of Man IPB Multi-Strategy Euro Trading Ltd are
required to file their proofs of debt by June 1, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


MAN IPB: Members to Receive Wind-Up Report on June 23
-----------------------------------------------------
The members of Man IPB Multi-Strategy Euro Trading Ltd will
receive, on June 23, 2010, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


MAN MS: Creditors' Proofs of Debt Due on June 1
-----------------------------------------------
The creditors of Man MS Sterling Ltd are required to file their
proofs of debt by June 1, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


MAN MS: Members to Receive Wind-Up Report on June 23
----------------------------------------------------
The members of Man MS Sterling Ltd will receive, on June 23, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

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


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


BANCO INDUSTRIAL: Moody's Upgrades Bank Financial Strength to D
---------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating (BFSR) of Banco Industrial do Brasil S.A. to D from D-.  At
the same time, Moody's upgraded BIB's long-term global local
currency and foreign currency deposit ratings to Ba2 from Ba3.
The rating agency also upgraded BIB's Brazilian national scale
deposit ratings to A1.br and BR-1 from A3.br and BR-2, long- and
short-term, respectively.  The short-term global local currency
and foreign currency deposit ratings of Not Prime were affirmed.
The outlook on all these ratings is stable.

Moody's noted that the upgrade of BIB's BFSR to D is supported by
a banking franchise that has shown a track record of modest, yet
consistent, revenue generation, leading to its profitability
indicators and asset quality metrics presenting low volatility
over the past years.  The bank's strategy of pursuing operational
growth through the use of prudent standards for credit approval,
backed by high asset collateralization and by the monitoring of
credit seasoning with proprietary systems, resulted in fairly
predictable performance.

The rating agency highlighted that BIB's franchise remains
inherently constrained by a funding structure that lacks
granularity given its business orientation as a bank operating in
the wholesale segment.  Because of that, Moody's will continue
monitoring BIB's exposure to high concentrations in deposits.
Nevertheless, in 2009, management was able to increase BIB's
deposit base at a gradual and consistent pace, while keeping
funding expenses from expanding in an environment of tight
liquidity.

The upgrade of BIB's global local currency (GLC) deposit rating to
Ba2 results from the bank's improved stand-alone creditworthiness,
as denoted by Moody's raising BIB's baseline credit assessment to
Ba2.  The rating agency stated that BIB's GLC deposit ratings do
not benefit from systemic support because of the bank's small
participation in the country's retail deposit market.

Moody's took its last rating action on BIB on April 3rd, 2007,
when Moody's Investors Service assigned a D- bank financial
strength rating to BIB.  On that same date, Moody's assigned
global local currency and foreign currency deposit ratings of Ba3
and Not Prime well as Brazilian national scale ratings of A3.br
and BR-2.

Banco Industrial do Brasil S.A. is headquartered in Sao Paulo,
Brazil.  As of December 2009, the bank had total assets of
approximately R$1.8 billion (US$1.0 billion) and equity of
R$385 million (US$221 million).

These ratings of Banco Industrial were upgraded:

- Bank financial strength rating: to D from D-, with stable
   outlook

- Long-term global local-currency deposit rating: to Ba2 from
   Ba3, with stable outlook

- Long-term foreign-currency deposit rating: to Ba2 from Ba3,
   with stable outlook

- Brazilian national scale deposit ratings: to A1.br and BR-1
   from A3.br and BR-2, with stable outlook

These ratings of Banco Industrial were affirmed:

- Short-term global local-currency deposit rating: Not Prime

- Short-term foreign-currency deposit rating: Not Prime


COMPANHIA SIDERURGICA: Guarantees Export Funding of R$2 Billion
---------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has guaranteed the Export
Credit Note issued by its subsidiary Congonhas Minerios S.A. in
favor of Banco do Brasil S.A., involving export funding of R$2
billion, to be amortized over 8 years.

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+.


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


PARMALAT SPA: EUR1-Bil. PCF Claim Settlement Becomes Final
----------------------------------------------------------
Parmalat announced at the end of March that the settlement
agreement with Parmalat Capital Finance (presently in liquidation
in the Cayman Islands) which was previously announced on February
25, 2010, has been approved by the Cayman Court, and is now final.

By that settlement, Parmalat resolved over EUR1 billion in claims
made against it by PCF.  Pursuant to the terms of the settlement,
Parmalat will allocate 5.6 million shares of stock already issued
to PCF and currently frozen by order of the Parma court.  Parmalat
will also issue 12.4 million new shares of stock to PCF and
release claims it had asserted against PCF in the Cayman Islands.

PCF will, in turn, release all of its claims against Parmalat and
assign to Parmalat its rights in a $45 million debt plus interests
from Parmalat de Venezuela, together with certain other claims.

                       About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: IMF Cuts Growth Forecast From 4% to 2.9%
--------------------------------------------------------------
The International Monetary Fund has reduced its growth forecast
for Dominican Republic.  IMF said that Dominican Republic will
grow at a rate of 2.9% of its Gross Domestic Product in 2010,
below the 4% predicted for the rest of Latin America, The
Dominican Today reports, citing according to estimates of the
International Monetary Fund.

According to the report, IMF Main Adviser for the Western
Hemisphere Department, Miguel Savastano, said that one of the
factors that explain which Central American countries that are
going to grow as much as their continental neighbors is that they
are raw material importers.  The report relates Mr. Savastano
affirmed that Latin America will grow at 4 percent.

The IMF report, The Dominican Today says, estimates a 4.5% growth
and even higher for those nations such as Mexico, Brazil, Peru,
Chile or Colombia, because they are "net raw material exporters."

                        *     *     *

According to a Bloomberg report dated April 24, 2010, Moody's
ratings raised Dominican Republic's government bond rating to B1,
four levels below investment grade, from B2 with a stable outlook.


=============
E C U A D O R
=============


ODEBRECHT SA: In Talks With Ecuador Over Seizure
------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador is in talks
with Construtora Norberto Odebrecht SA, and may disclose an
agreement to end a dispute over seized assets in "coming days."
Electricity and Renewable Energy Minister Miguel Calahorrano told
the news agency in an interview that Ecuadorean President Rafael
Correa will announce details of the negotiations as early as next
week.

"We are in conversations and in the coming days we will announce
to the country if we've reached an agreement," the report quoted
Mr. Calahorrano as saying.  "We are optimistic about the talks and
are searching for a solution that benefits the nation," he added,
the report relates.

As reported in the Troubled Company Reporter-Latin America on
October 8, 2009, Reuters said President Correa expelled Odebrecht
SA in September and seized the company's installations over a
disputed hydroelectric dam that the government says was badly
built.  The report related that the company later offered to
comply with the government's demands for reimbursement of damages
in a last ditch effort to keep US$800 million worth of contracts
with the government.  In an October 1 report, Reuters disclosed
that after Ecuador expelled the firm, it sent troops to seize
US$800 million worth of projects, including an airport, two
hydroelectric plants and a rural irrigation project.  Mr. Correa
also threatened not to pay back a US$200 million loan from Brazil
linked to Odebrecht SA, Reuters added.

                        About Odebrecht

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: In Talks With Odebrecht SA Over Seizure
--------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador is in talks
with Construtora Norberto Odebrecht SA, and may disclose an
agreement to end a dispute over seized assets in "coming days."
Electricity and Renewable Energy Minister Miguel Calahorrano told
the news agency in an interview that Ecuadorean President Rafael
Correa will announce details of the negotiations as early as next
week.

"We are in conversations and in the coming days we will announce
to the country if we've reached an agreement," the report quoted
Mr. Calahorrano as saying.  "We are optimistic about the talks and
are searching for a solution that benefits the nation," he added,
the report relates.

As reported in the Troubled Company Reporter-Latin America on
October 8, 2009, Reuters said President Correa expelled Odebrecht
SA in September and seized the company's installations over a
disputed hydroelectric dam that the government says was badly
built.  The report related that the company later offered to
comply with the government's demands for reimbursement of damages
in a last ditch effort to keep US$800 million worth of contracts
with the government.  In an October 1 report, Reuters disclosed
that after Ecuador expelled the firm, it sent troops to seize
US$800 million worth of projects, including an airport, two
hydroelectric plants and a rural irrigation project.  Mr. Correa
also threatened not to pay back a US$200 million loan from Brazil
linked to Odebrecht SA, Reuters added.

                        About Odebrecht

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


AIR JAMAICA: New Owner Reassures Community
------------------------------------------
The owners of Caribbean Airlines reassured the Jamaican community
that it will maintain the partnerships Air Jamaica Limited formed
and may even boost its efforts, Georgia East at Sun Sentinel
reports.

According to the report, Air Jamaica and Caribbean Airlines
updated the community on the marriage between the two airlines.
"This is the start of our partnerships," the report quoted Ian
Brunton, CEO of Caribbean Airlines, as saying.  The airline
understands the deep roots Air Jamaica has in South Florida and
plans to grow them deeper, he added, the report relates.

Sun Sentinel notes community leaders said that in order for
Caribbean Airlines to win over some of the Air Jamaica's loyal
customers; it has to engage the community on many platforms.

"Our people are so polarized because of the way Air Jamaica left
us," the report quoted Bevan "Duke" Earle, WAVS host and editor of
the Caribbean Voice newspaper, as saying.  "It's going to take a
lot of legwork to get people back," he added, the report relates.

As reported in the Troubled Company Reporter-Latin America on
May 5, 2010, RadioJamaica said that effective May 1, 2010,
Caribbean Airlines assumed responsibility for the routes which
were managed by Air Jamaica.  The report relates that 1,000 of the
1,600 workers whose positions were made redundant were rehired on
short term contracts for the transition period which is expected
to last between six months to a year.

                         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.


JAMAICA URBAN TRANSIT: Withdraws Service to Downtown
----------------------------------------------------
Jamaica Urban Transit Company has withdrawn all its services to
downtown, RadioJamaica reports.  The report relates that as a
result of the bus line's move, all JUTC routes which either
terminate or originate in downtown Kingston have been re-routed
from the area.

According to the report, the new arrangement included buses from
Portmore, which normally travel via Marcus Garvey Drive.  The
report relates that these units will now travel via Hagley Park
Road and terminate at the Half-Way Tree Transport Centre, with the
reverse arrangement being applicable.

Similarly, the report notes, the Spanish Town to downtown routes
will now travel to Three Miles, then via Hagley Park Road to the
Half-Way Tree Transport Centre.  The report says that JUTC routes
from Chancery to downtown Kingston will likewise now run via Three
Miles and Hagley Park Road to the Half-Way Tree Transport Centre.

RadioJamaica says that in the case of the 500 route from the Half-
Way Tree Transport Centre to downtown Kingston, this will now
terminate at Cross Roads, with the reverse being applicable.

All the arrangements, especially those for the easterly routes,
will be assessed on a daily basis going forward, to determine
where any adjustments may be merited, the report adds.

                           About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, RadioJamaica said JUTC defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilized at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


SUGAR COMPANY OF JAMAICA: Gov't Yet to Deliver Sugar to Eridania
----------------------------------------------------------------
Mark Titus at Jamaica Gleaner reports that the Jamaican government
is yet to deliver all the raw sugar promised to Eridania Suisse
SA, but has already paid back the funds seeded by the European
trader and refiner.  The report relates that the government has
paid off the US$15 million advanced from the forward sale of
79,000 tonnes of raw sugar from the 2009/10 crop.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaican
government received the US$15-million capital injection from
Eridania Suisse to ensure the continued operation of Sugar Company
of Jamaica holdings Limited's three sugar estates -- Frome in
Westmoreland, Monymusk in Clarendon, and Bernard Lodge in St
Catherine.  The report said the money will be used to undertake
field maintenance work on the three estates, as well as
preparatory works for the Frome and Monymusk factories.  According
to the report, Agriculture and Fisheries Minister Christopher
Tufton said the Cabinet has approved the arrangement, which should
"effectively ensure" the factories' sugar production output for
the 2009/10 crop year, while the process of divestment continues.

According to the Gleaner, SCJ General Manger John Gayle said that
the repayment included interest charges, which, from his comments,
appear to have amounted to around US$500,000 paid from the first
shipment to Eridania in February.  "So far, we made roughly US$24
million," the report quoted Mr. Gayle as saying.  "They took US$15
million from that, so we got a little under US$9 million; this
means we have no liability," Mr. Gayle added, the report relates.

The Gleaner notes that the parties had agreed that a portion of
the pre-financed amount would be deducted from each shipment of
raw sugar delivered until the full payment plus interest is made.
"We have paid off the pre-financed amount, plus interest - US$5.5
million from the first shipment, US$5 million from the second and
another US$5 million from the third, for a total of US$15.5
million," Mr. Gayle said, the Gleaner relates.

The three shipments amounted to 61,000 tonnes -- the Sugar
Association of the Caribbean puts Jamaica's exports to Europe at a
more precise 60,802 tonnes up to theend of April -- with the
remaining 18,000 tonnes to be shipped by July, The Gleaner
discloses.  The report notes that the two government-owned sugar
factories which contributed to the supplies are Frome in
Westmoreland and Monymusk in Clarendon.   The Bernard Lodge, St
Catherine, facility no longer makes sugar, but the cane grown
there makes up the 426,000 tonnes process at Monymusk, the report
adds.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


GRUPO MEXICO: Sees Copper Prices Rising on Demand From China
------------------------------------------------------------
Carlos Manuel Rodriguez at Bloomberg News reports that Grupo
Mexico SAB sees copper prices extending their recovery amid "very
strong demand from China."

"In May, we expect an extremely good copper import demand from
China," Chief Financial Officer Daniel Muniz told the news ageny
in an interview.  Possible Chinese monetary policy changes "will
not impact Chinese copper demand," he added, the report relates.

According to the report, demand from China has helped copper
prices to more than double since 2004.  The report relates Mr.
Muniz said that the metal's production will remain weak.

Mr. Muniz said in the interview with Bloomberg that there are only
a few copper developments "and these are facing increased
regulations, labor challenges."  "Most of the copper companies
will be pleased if they can keep their production level," he
added.

Mr. Muniz, the report adds, said that the company forecasts the
price of copper to rise above US$3.25 a pound this year.

                       About Grupo Mexico

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.


SATMEX SA: Gov't May Sell Firm to MVS Comunicaciones & EchoStar
---------------------------------------------------------------
The Mexican government may sell Satelites Mexicanos, S.A. de C.V.
to MVS Comunicaciones and its partner EchoStar, Poder360 reports.

According to the report, Mexico Communications and Transportation
Secretary Juan Molinar Horacasitas said that the sale of the
company to MVS Comunicaciones and its U.S. partner, Echostar
Satellite Services, could be finalized soon.  The report relates
that the negotiations hinge upon the price of the sale.

Poder360 says that in the first instance the deal was set at
US$347 million, and later at US$374 million.

                          About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's fleet offers
hemispheric and regional coverage throughout the Americas.

                           *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


PETROLEOS DE VENEZUELA: Rules Out Gas Leak in "Aban Pearl" Area
---------------------------------------------------------------
Petroleos de Venezuela SA has dismissed that there is gas leak
near the Aban Pearl gas platform.  The General Manager Exploration
and Production Offshore confirmed the absence of gas in the area
after a permanent monitoring was done and specialized equipment
was put into place.

PDVSA now has sea and air monitors placed in the vicinity; and
vessels that are equipped with three thousand feet of containment
booms and three skimmers.  There is also a team in place that is
highly specialized in the control of gas spills.  The team's
professional experience ensures the environment safety.

PDVSA said that it was aided and supported by the Bolivarian Navy
of Venezuela, the National Institute of Aquatic Spaces, Coast
Guard and the Regional Government, in its quest to safeguard the
environment.

As reported in the Troubled Company Reporter-Latin America on
May 17, 2010, Bloomberg News said that 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.  The report related Aban
Pearlsank 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 noted, 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 TCR-LA 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: Dominican Senate to Study Refinery Deal
---------------------------------------------------------------
The Dominican Republic Executive Branch has submitted the contract
for the sale of a 49% stake in Refidomsa, the country's only
refinery, to Venezuela to the Senate, The Dominican Today reports.
The report relates that it is expected that the Senate will give a
quick approval for the transaction.

According to the report, a Senate commission headed by its
president Reinaldo Pared received the bill from Treasury minister
Vicente Bengoa, who said the sale would take effect as so as both
legislative chambers approve it.  The report relates Mr. Pared
said that the government will receive 49% of the funds within
three months after both chambers of Congress approve the deal, and
signed into Law by the Executive Branch.

Mr. Pared, the report notes, said that a senate session will be
held to introduce the bill and form the commission which will
study it, adding that given the Treasury minister's explanations
the lawmakers will approve the deal quickly.

As reported in the Troubled Company Reporter-Latin America on
May 6, 2010, Dow Jones Newswires said that Venezuela has been
talking about purchasing the minority stake in Refidoms's 34,000
barrel-a-day refinery for nearly a year.   The report related that
the value of the 49% stake has been reported at more than US$130
million, though Venezuelan officials say it will paid by shaving
off some of the debt the Dominican Republic owes Venezuela from
oil sales.  President Chavez, the report noted, said that buying a
stake in the refinery will also allow Venezuela logistically to
provide fuel to Haiti as the earthquake-ravaged country rebuilds
itself.

                             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 TCR-LA 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: Moody's Affirms CITGO's Ba2 Corporate
-------------------------------------------------------------
Moody's Investors Service affirmed CITGO Petroleum Corporation's
Ba2 Corporate Family Rating and assigned a Ba2 rating (LGD 3, 41%)
to CITGO's $300 million Term Loan B facility due 2015 and its
$1.5 billion of senior secured notes, downgraded the rating on its
pollution control bonds to Ba2 (LGD 3, 41%), and upgraded the PDR
rating to Ba2 from Ba3.  It also assigned a Ba1 rating (LGD 3,
39%) to the company's proposed $700 million revolving credit
facility due 2013.  The outlook for the ratings is stable.
Moody's will withdraw the existing Ba1 ratings for the Senior
Secured Term Loan, Term Loan B ratings and floating rate IRBs upon
completion of the new financings.

CITGO will use most of the proceeds from the notes and Term Loan B
to repay $1.7 billion of outstanding Term Loans A & B and its
floating rate industrial revenue bonds.  The new $700 million
revolver will remain undrawn as a source of liquidity for CITGO.

The affirmation of the CFR reflects prospects for modestly
improved financial results in 2010, despite a continuing difficult
refining environment, the near-term expected settlement of the
note receivable from its parent, Petróleos de Venezuela (PDVSA),
and the improved liquidity and financial flexibility that CITGO
will derive from the financings, which also provide a strong
collateral package to creditors.

CITGO sustained a net loss of $137.8 million in 2009, driven
primarily by narrowing light/heavy crude differentials and weak
product demand.  Prospects for 2010, are modestly improved
although the company could again be cash flow negative after
capital spending.  However, PDVSA has accelerated repayment of
balances due under its loan payable to CITGO, with the expectation
that the intercompany loan will be completely repaid sometime in
the third quarter of 2010,.  Including these proceeds, CITGO must
be able to fully fund its capital spending in 2010, without
increasing debt. In addition, while capital spending will remain
elevated for investments to manufacture ultra-low sulfur diesel,
the company is taking steps to enhance liquidity and working
capital management.

CITGO's liquidity will improve as a result of the new financings,
with some $700 million in unused revolving credit capacity
extended to 2013, cash on the balance sheet, and the repayment of
variable rate IRBs that had required backing of letters of credit.
The refinancing will defer significant required debt reduction to
beyond 2012, including the amortizing Term Loan B.

Creditors also will benefit from an expanded collateral package
including all three of CITGO's large-scale refineries, its
inventories, and a portion of its accounts receivable.  Collateral
coverage, including a fully drawn revolving credit, is estimated
at 3.6X total debt.  While all of the creditors rank pari passu,
in default any borrowings under the revolving credit facility will
have a first claim on a significant portion of inventories and is
cushioned by significant liabilities below it in the capital
structure.  As a result, the revolver is rated one notch above the
Term Loan B, senior secured notes, and other bonds, reflecting
both the revolver's relatively stronger overcollateralization and
its smaller share of CITGO's proforma capital structure.

Moody's notes that underlying the CITGO's Ba2 CFR is a baseline
credit assessment of 13 (corresponding to Ba3).  CITGO, as a
wholly-owned subsidiary of PDVSA, is subject to joint default
analysis as a government-related issuer.

Moody's last rating action affecting CITGO occurred on September
29, 2009, when its ratings were downgraded.

CITGO Petroleum Corporation is headquartered in Houston, Texas.
Petroleos de Venezuela is located in Caracas, Venezuela.


* VENEZUELA: Plans to Hike Oil Output by 300,000 Barrels/Day
------------------------------------------------------------
President Hugo Chavez said that Venezuela will increase oil
production by some 300,000 barrels a day starting near the end of
this year, Dan Molinski at Dow Jones Newswires reports.

According to the report, Venezuela said that it currently produces
about 3 million barrels of crude oil a day.  However, the report
relates, estimates from OPEC and the International Energy Agency
put Venezuelan oil production much lower, somewhere between 2.2
million and 2.4 million barrels a day.

The report notes that oil accounts for more than one-third of
Venezuela's gross domestic product, more than half of government
revenue and about nine-tenths of the country's exports.

Dow Jones Newswires recalls that Venezuela's economy has been in
recession since last year and another contraction is expected in
2010 as it deals with electricity and water shortages, rising
inflation and problems with its currency.  As such, the country
could use the extra income from higher oil output, the report
says.

                           *     *     *

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


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


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

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


ARGENTINA

SOC COMERCIAL PL     SCDPF US          135360485.9      -251112324
SNIAFA SA-B          SDAGF US          11229696.22     -2670544.88
SOC COMERCIAL PL     CAD IX            135360485.9      -251112324
SOC COMERCIAL PL     CVVIF US          135360485.9      -251112324
SOC COMERCIAL PL     CADN EO           135360485.9      -251112324
COMERCIAL PL-ADR     SCPDS LI          135360485.9      -251112324
SOC COMERCIAL PL     COME AR           135360485.9      -251112324
SOC COMERCIAL PL     CADN SW           135360485.9      -251112324
COMERCIAL PLA-BL     COMEB AR          135360485.9      -251112324
COMERCIAL PL-C/E     COMEC AR          135360485.9      -251112324
COMERCIAL PLAT-$     COMED AR          135360485.9      -251112324
SNIAFA SA            SNIA AR           11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696.22     -2670544.88
IMPSAT FIBER NET     IMPTQ US            535007008       -17165000
IMPSAT FIBER NET     330902Q GR          535007008       -17165000
IMPSAT FIBER NET     XIMPT SM            535007008       -17165000
IMPSAT FIBER-CED     IMPT AR             535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR            535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR            535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR            535007008       -17165000

BRAZIL

DOC IMBITUBA-RTC     IMBI1 BZ          117726171.8     -17225602.7
DOC IMBITUBA-RTP     IMBI2 BZ          117726171.8     -17225602.7
TELECOMUNICA-ADR     81370Z BZ         244857049.7     -14105541.5
FABRICA TECID-RT     FTRX1 BZ          63036914.74       -59781833
PROMAN               PRMN3B BZ         13486222.68     -113662.457
TEKA-ADR             TEKAY US          236758336.6      -334535567
BOMBRIL              BMBBF US          292257858.7      -115839632
TELEBRAS-PF RCPT     CBRZF US          244857049.7     -14105541.5
TEKA                 TKTQF US          236758336.6      -334535567
TEKA-PREF            TKTPF US          236758336.6      -334535567
REII INC             REIC US              16269472        -2354589
PET MANG-RIGHTS      RPMG1 BZ          111979912.3      -134952358
PET MANG-RIGHTS      RPMG2 BZ          111979912.3      -134952358
PET MANG-RECEIPT     RPMG9 BZ          111979912.3      -134952358
PET MANG-RECEIPT     RPMG10 BZ         111979912.3      -134952358
SANESALTO            SNST3 BZ          28244077.96     -875835.818
B&D FOOD CORP        BDFCE US             16269472        -2354589
BOMBRIL-RGTS PRE     BOBR2 BZ          292257858.7      -115839632
BOMBRIL-RIGHTS       BOBR1 BZ          292257858.7      -115839632
TELEBRAS/W-I-ADR     TBH-W US          244857049.7     -14105541.5
LAEP-BDR             MILK11 BZ         446499199.2     -70952298.9
LAEP INVESTMENTS     LEAP LX           446499199.2     -70952298.9
BALADARE             BLDR3 BZ          144928980.8     -33970462.8
TEXTEIS RENAU-RT     TXRX1 BZ          61309988.29     -90847301.6
TEXTEIS RENAU-RT     TXRX2 BZ          61309988.29     -90847301.6
TEXTEIS RENA-RCT     TXRX9 BZ          61309988.29     -90847301.6
TEXTEIS RENA-RCT     TXRX10 BZ         61309988.29     -90847301.6
TELEBRAS SA-RT       TELB9 BZ          244857049.7     -14105541.5
CIA PETROLIF-PRF     MRLM4 BZ          377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195.2     -3014291.72
NOVA AMERICA SA      NOVA3 BZ             21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ             21287489      -183535527
PROMAN               PRMN3 BZ          13486222.68     -113662.457
STEEL DO BRASIL      STLB3 BZ          24189041.24     -2271641.06
B&D FOOD CORP        BDFC US              16269472        -2354589
TELEBRAS SA          TELB3 BZ          244857049.7     -14105541.5
TELEBRAS SA          TLBRON BZ         244857049.7     -14105541.5
TELEBRAS SA          TBASF US          244857049.7     -14105541.5
TELEBRAS SA-PREF     TELB4 BZ          244857049.7     -14105541.5
TELEBRAS SA-PREF     TLBRPN BZ         244857049.7     -14105541.5
TELEBRAS-ADR         TBAPY US          244857049.7     -14105541.5
TELEBRAS-ADR         TBRAY GR          244857049.7     -14105541.5
TELEBRAS-CEDE PF     RCTB4 AR          244857049.7     -14105541.5
TELEBRAS-CED C/E     RCT4C AR          244857049.7     -14105541.5
TELEBRAS-CEDEA $     RCT4D AR          244857049.7     -14105541.5
TELEBRAS-CEDE BL     RCT4B AR          244857049.7     -14105541.5
TELEBRAS-ADR         TBH US            244857049.7     -14105541.5
TELEBRAS-ADR         TBX GR            244857049.7     -14105541.5
TELEBRAS-ADR         RTB US            244857049.7     -14105541.5
TELEBRAS-ADR         TBASY US          244857049.7     -14105541.5
TELEBRAS-RCT PRF     TELB10 BZ         244857049.7     -14105541.5
TELEBRAS-RTS CMN     RCTB1 BZ          244857049.7     -14105541.5
TELEBRAS-RTS PRF     RCTB2 BZ          244857049.7     -14105541.5
TELEBRAS-RTS CMN     TCLP1 BZ          244857049.7     -14105541.5
TELEBRAS-RTS PRF     TLCP2 BZ          244857049.7     -14105541.5
TELEBRAS-COM RT      TELB1 BZ          244857049.7     -14105541.5
TELEBRAS-CM RCPT     RCTB31 BZ         244857049.7     -14105541.5
TELEBRAS-CM RCPT     TELE31 BZ         244857049.7     -14105541.5
TELEBRAS-RCT         RCTB33 BZ         244857049.7     -14105541.5
TELEBRAS-CM RCPT     TBRTF US          244857049.7     -14105541.5
TELEBRAS-CM RCPT     RCTB32 BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     RCTB41 BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     TELE41 BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     RCTB42 BZ         244857049.7     -14105541.5
TELEBRAS-CEDE PF     TELB4 AR          244857049.7     -14105541.5
TELEBRAS-CED C/E     TEL4C AR          244857049.7     -14105541.5
TELEBRAS-CM RCPT     RCTB30 BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     RCTB40 BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     TBAPF US          244857049.7     -14105541.5
TELEBRAS-RECEIPT     TLBRUO BZ         244857049.7     -14105541.5
TELEBRAS-PF RCPT     TLBRUP BZ         244857049.7     -14105541.5
TELEBRAS-BLOCK       TELB30 BZ         244857049.7     -14105541.5
TELEBRAS-PF BLCK     TELB40 BZ         244857049.7     -14105541.5
TELEBRAS-CEDEA $     TEL4D AR          244857049.7     -14105541.5
ARTHUR LANGE         ARLA3 BZ          11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ         11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642255.92     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ         11642255.92     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642255.92     -17154461.9
BOMBRIL              BOBR3 BZ          292257858.7      -115839632
BOMBRIL CIRIO SA     BOBRON BZ         292257858.7      -115839632
BOMBRIL-PREF         BOBR4 BZ          292257858.7      -115839632
BOMBRIL CIRIO-PF     BOBRPN BZ         292257858.7      -115839632
BOMBRIL SA-ADR       BMBPY US          292257858.7      -115839632
BOMBRIL SA-ADR       BMBBY US          292257858.7      -115839632
CAF BRASILIA         CAFE3 BZ          18540302.12      -790303366
CAFE BRASILIA SA     CSBRON BZ         18540302.12      -790303366
CAF BRASILIA-PRF     CAFE4 BZ          18540302.12      -790303366
CAFE BRASILIA-PR     CSBRPN BZ         18540302.12      -790303366
CHIARELLI SA         CCHI3 BZ          22274026.77     -44537138.2
CHIARELLI SA         CCHON BZ          22274026.77     -44537138.2
CHIARELLI SA-PRF     CCHI4 BZ          22274026.77     -44537138.2
CHIARELLI SA-PRF     CCHPN BZ          22274026.77     -44537138.2
DOC IMBITUBA         IMBI3 BZ          117726171.8     -17225602.7
DOCAS IMBITUBA       IMBION BZ         117726171.8     -17225602.7
DOC IMBITUB-PREF     IMBI4 BZ          117726171.8     -17225602.7
DOCAS IMBITUB-PR     IMBIPN BZ         117726171.8     -17225602.7
SCHLOSSER            SCLO3 BZ          14638346.67     -55030424.6
SCHLOSSER SA         SCHON BZ          14638346.67     -55030424.6
SCHLOSSER-PREF       SCLO4 BZ          14638346.67     -55030424.6
SCHLOSSER SA-PRF     SCHPN BZ          14638346.67     -55030424.6
DOCA INVESTIMENT     DOCA3 BZ          88417960.92     -18059127.9
DOCAS SA             DOCAON BZ         88417960.92     -18059127.9
DOCA INVESTI-PFD     DOCA4 BZ          88417960.92     -18059127.9
DOCAS SA-PREF        DOCAPN BZ         88417960.92     -18059127.9
DOCAS SA-RTS PRF     DOCA2 BZ          88417960.92     -18059127.9
ACO ALTONA           EALT3 BZ          80346369.77     -11622480.4
ACO ALTONA SA        EAAON BZ          80346369.77     -11622480.4
ACO ALTONA-PREF      EALT4 BZ          80346369.77     -11622480.4
ACO ALTONA-PREF      EAAPN BZ          80346369.77     -11622480.4
FABRICA RENAUX       FTRX3 BZ          63036914.74       -59781833
FABRICA RENAUX       FRNXON BZ         63036914.74       -59781833
FABRICA RENAUX-P     FTRX4 BZ          63036914.74       -59781833
FABRICA RENAUX-P     FRNXPN BZ         63036914.74       -59781833
HAGA                 HAGA3 BZ          16836495.92     -63947246.6
FERRAGENS HAGA       HAGAON BZ         16836495.92     -63947246.6
FER HAGA-PREF        HAGA4 BZ          16836495.92     -63947246.6
FERRAGENS HAGA-P     HAGAPN BZ         16836495.92     -63947246.6
TECEL S JOSE         SJOS3 BZ          17924946.14     -18569451.2
TECEL S JOSE         FTSJON BZ         17924946.14     -18569451.2
TECEL S JOSE-PRF     SJOS4 BZ          17924946.14     -18569451.2
TECEL S JOSE-PRF     FTSJPN BZ         17924946.14     -18569451.2
CIMOB PARTIC SA      GAFP3 BZ          36817394.78     -33083086.5
CIMOB PARTIC SA      GAFON BZ          36817394.78     -33083086.5
CIMOB PART-PREF      GAFP4 BZ          36817394.78     -33083086.5
CIMOB PART-PREF      GAFPN BZ          36817394.78     -33083086.5
GAZOLA               GAZO3 BZ          12452143.07     -40298506.3
GAZOLA SA            GAZON BZ          12452143.07     -40298506.3
GAZOLA-PREF          GAZO4 BZ          12452143.07     -40298506.3
GAZOLA SA-PREF       GAZPN BZ          12452143.07     -40298506.3
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143.07     -40298506.3
GAZOLA-RCPT PREF     GAZO10 BZ         12452143.07     -40298506.3
GAZOLA SA-DVD CM     GAZO11 BZ         12452143.07     -40298506.3
GAZOLA SA-DVD PF     GAZO12 BZ         12452143.07     -40298506.3
IGB ELETRONICA       IGBR3 BZ          145256033.3      -273857292
GRADIENTE ELETR      IGBON BZ          145256033.3      -273857292
GRADIENTE-PREF A     IGBR5 BZ          145256033.3      -273857292
GRADIENTE EL-PRA     IGBAN BZ          145256033.3      -273857292
GRADIENTE-PREF B     IGBR6 BZ          145256033.3      -273857292
GRADIENTE EL-PRB     IGBBN BZ          145256033.3      -273857292
GRADIENTE-PREF C     IGBR7 BZ          145256033.3      -273857292
GRADIENTE EL-PRC     IGBCN BZ          145256033.3      -273857292
HERCULES             HETA3 BZ           11597351.7      -168514681
HERCULES SA          HERTON BZ          11597351.7      -168514681
HERCULES-PREF        HETA4 BZ           11597351.7      -168514681
HERCULES SA-PREF     HERTPN BZ          11597351.7      -168514681
HOTEIS OTHON SA      HOOT3 BZ            238707299     -35774972.9
HOTEIS OTHON SA      HOTHON BZ           238707299     -35774972.9
HOTEIS OTHON-PRF     HOOT4 BZ            238707299     -35774972.9
HOTEIS OTHON-PRF     HOTHPN BZ           238707299     -35774972.9
RENAUXVIEW SA        TXRX3 BZ          61309988.29     -90847301.6
TEXTEIS RENAUX       RENXON BZ         61309988.29     -90847301.6
RENAUXVIEW SA-PF     TXRX4 BZ          61309988.29     -90847301.6
TEXTEIS RENAUX       RENXPN BZ         61309988.29     -90847301.6
PARMALAT             LCSA3 BZ          388720052.3      -213641144
PARMALAT BRASIL      LCSAON BZ         388720052.3      -213641144
PARMALAT-PREF        LCSA4 BZ          388720052.3      -213641144
PARMALAT BRAS-PF     LCSAPN BZ         388720052.3      -213641144
PARMALAT BR-RT C     LCSA5 BZ          388720052.3      -213641144
PARMALAT BR-RT P     LCSA6 BZ          388720052.3      -213641144
ESTRELA SA           ESTR3 BZ          61011893.59     -54580283.6
ESTRELA SA           ESTRON BZ         61011893.59     -54580283.6
ESTRELA SA-PREF      ESTR4 BZ          61011893.59     -54580283.6
ESTRELA SA-PREF      ESTRPN BZ         61011893.59     -54580283.6
RIOSULENSE SA        RSUL3 BZ          61902901.69     -11292932.5
RIOSULENSE SA        RSULON BZ         61902901.69     -11292932.5
RIOSULENSE SA-PR     RSUL4 BZ          61902901.69     -11292932.5
RIOSULENSE SA-PR     RSULPN BZ         61902901.69     -11292932.5
WETZEL SA            MWET3 BZ          84310495.87     -7570637.42
WETZEL SA            MWELON BZ         84310495.87     -7570637.42
WETZEL SA-PREF       MWET4 BZ          84310495.87     -7570637.42
WETZEL SA-PREF       MWELPN BZ         84310495.87     -7570637.42
MINUPAR              MNPR3 BZ          69459816.04       -67796211
MINUPAR SA           MNPRON BZ         69459816.04       -67796211
MINUPAR-PREF         MNPR4 BZ          69459816.04       -67796211
MINUPAR SA-PREF      MNPRPN BZ         69459816.04       -67796211
NORDON MET           NORD3 BZ          15697474.11     -20987944.8
NORDON METAL         NORDON BZ         15697474.11     -20987944.8
NORDON MET-RTS       NORD1 BZ          15697474.11     -20987944.8
NOVA AMERICA SA      NOVA3B BZ            21287489      -183535527
NOVA AMERICA SA      NOVAON BZ            21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ            21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ            21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ            21287489      -183535527
NOVA AMERICA SA      1NOVON BZ            21287489      -183535527
PETRO MANGUINHOS     RPMG3 BZ          111979912.3      -134952358
PETRO MANGUINHOS     MANGON BZ         111979912.3      -134952358
PET MANGUINH-PRF     RPMG4 BZ          111979912.3      -134952358
PETRO MANGUIN-PF     MANGPN BZ         111979912.3      -134952358
RIMET                REEM3 BZ          63757621.65      -107162240
RIMET                REEMON BZ         63757621.65      -107162240
RIMET-PREF           REEM4 BZ          63757621.65      -107162240
RIMET-PREF           REEMPN BZ         63757621.65      -107162240
SANSUY               SNSY3 BZ          147187163.2     -86606310.8
SANSUY SA            SNSYON BZ         147187163.2     -86606310.8
SANSUY-PREF A        SNSY5 BZ          147187163.2     -86606310.8
SANSUY SA-PREF A     SNSYAN BZ         147187163.2     -86606310.8
SANSUY-PREF B        SNSY6 BZ          147187163.2     -86606310.8
SANSUY SA-PREF B     SNSYBN BZ         147187163.2     -86606310.8
BOTUCATU TEXTIL      STRP3 BZ          35101566.77     -13482713.5
STAROUP SA           STARON BZ         35101566.77     -13482713.5
BOTUCATU-PREF        STRP4 BZ          35101566.77     -13482713.5
STAROUP SA-PREF      STARPN BZ         35101566.77     -13482713.5
TEKA                 TEKA3 BZ          236758336.6      -334535567
TEKA                 TEKAON BZ         236758336.6      -334535567
TEKA-PREF            TEKA4 BZ          236758336.6      -334535567
TEKA-PREF            TEKAPN BZ         236758336.6      -334535567
TEKA-ADR             TKTPY US          236758336.6      -334535567
TEKA-ADR             TKTQY US          236758336.6      -334535567
VARIG SA             VAGV3 BZ          966298025.5     -4695211316
VARIG SA             VARGON BZ         966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ          966298025.5     -4695211316
VARIG SA-PREF        VARGPN BZ         966298025.5     -4695211316
WIEST                WISA3 BZ          39838113.86     -93371563.1
WIEST SA             WISAON BZ         39838113.86     -93371563.1
WIEST-PREF           WISA4 BZ          39838113.86     -93371563.1
WIEST SA-PREF        WISAPN BZ         39838113.86     -93371563.1
FER C ATLANT         VSPT3 BZ           1212489621     -38389781.7
FER C ATLANT-PRF     VSPT4 BZ           1212489621     -38389781.7
FERROVIA CEN-DVD     VSPT11 BZ          1212489621     -38389781.7
FERROVIA CEN-DVD     VSPT12 BZ          1212489621     -38389781.7
FER C ATL-RCT CM     VSPT9 BZ           1212489621     -38389781.7
FER C ATL-RCT PF     VSPT10 BZ          1212489621     -38389781.7
SAUIPE SA            PSEGON BZ         10045350.13     -7741102.15
SAUIPE               PSEG3 BZ          10045350.13     -7741102.15
SAUIPE SA-PREF       PSEGPN BZ         10045350.13     -7741102.15
SAUIPE-PREF          PSEG4 BZ          10045350.13     -7741102.15
CIA PETROLIFERA      MRLM3B BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195.2     -3014291.72
LATTENO FOOD COR     LATF US              16269472        -2354589
VARIG PART EM TR     VPTA3 BZ          49432124.18      -399290426
VARIG PART EM-PR     VPTA4 BZ          49432124.18      -399290426
VARIG PART EM SE     VPSC3 BZ          96617351.14      -460274609
VARIG PART EM-PR     VPSC4 BZ          96617351.14      -460274609


CHILE

CHILESAT CO-ADR      TL US             506644998.8     -60450603.1
CHILESAT CORP SA     TELEX CI          506644998.8     -60450603.1
CHILESAT CO-RTS      CHISATOS CI       506644998.8     -60450603.1
TELMEX CORP SA       CHILESAT CI       506644998.8     -60450603.1
TELEX-A              TELEXA CI         506644998.8     -60450603.1
TELMEX CORP-ADR      CSAOY US          506644998.8     -60450603.1
TELEX-RTS            TELEXO CI         506644998.8     -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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