TCRLA_Public/100531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, May 31, 2010, Vol. 11, No. 105

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Lloyd's Balks at Owner's Newest Legal Team Fees


A R G E N T I N A

ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'
ALTO PARANA: S&P Affirms 'BB-' Corporate Credit Rating
BARON BLUE: Creditors' Proofs of Debt Due on July 15
DOLLEY SA: Creditors' Proofs of Debt Due on June 30
EQUITY TRUST: Moody's Assigns 'Ba2' Global Rating on Notes

EMAPA SERVICIOS: Creditors' Proofs of Debt Due on August 2
MERCADO A TERMINO: Moody's Assigns 'Ba3' Global Issuer Rating
SEMIT SA: Creditors' Proofs of Debt Due on June 7


B E R M U D A

PROTOSTAR LTD: Plan on Hold Pending Suit on Lien Validity


B R A Z I L

BRASKEM SA: May Disclose U.S. Acquisition in Few Months
GOL LINHAS: Fitch Upgrades Issuer Default Ratings to 'BB-'
EMBRATEL SA: To Merge Operations With Parent Firm
TAM SA: Fitch Downgrades Long-Term Issuer Default Ratings to 'B+'
TRANSAX INTERNATIONAL: Posts US$392,013 Net Loss for Q1 2010


C A Y M A N  I S L A N D S

BBCM INVESTMENTS: Shareholders to Hear Wind-Up Report on June 25
EVERGREEN INTERNATIONAL: Members to Hear Wind-Up Report on June 25
FCI LTD: Shareholders to Hear Wind-Up Report on June 27
FLOATING RATE: Creditors' Proofs of Debt Due on June 14
FOCUS ABSOLUTE: Creditors' Proofs of Debt Due on June 18

GEMINI BB: Members to Receive Wind-Up Report on June 25
GLACIER PEAK: Shareholder to Receive Wind-Up Report on June 23
HERTZ (CAYMAN ISLANDS): Member to Hear Wind-Up Report on June 22
LCM ALPHANUMERIC: Shareholders to Hear Wind-Up Report on June 27
MEZZANINE CAPITAL: Shareholders to Hear Wind-Up Report on June 25

MULTI FUND: Shareholder to Receive Wind-Up Report on June 24
NS REPACK: Shareholders to Receive Wind-Up Report on June 25
PLATINUM GROVE: Shareholder to Receive Wind-Up Report on June 25
PLATINUM GROVE: Shareholder to Receive Wind-Up Report on June 25
ST CAPITAL: Shareholders to Hear Wind-Up Report on June 25

TAIB FUNDS: Shareholder to Receive Wind-Up Report on June 24
TIEDEMANN GLOBAL: Shareholder to Receive Wind-Up Report on June 16
TIEDEMANN JSB: Shareholder to Receive Wind-Up Report on June 16
TWENTY-FIRST CENTURY: Member to Hear Wind-Up Report on June 28
WASHINGTON SQUARE: Shareholders to Hear Wind-Up Report on June 25


C O L O M B I A

CHIQUITA BRANDS: Activists Demand Donation to Paramilitary Victims
ECOPETROL SA: To Venture Into Small Renewable Energy Projects


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Expects Part of US$120MM Debt Will be Paid Soon


M E X I C O

AXTEL SAB: Moody's Downgrades Corporate Family Rating to 'B2'
CEMEX SAB: Discloses Subscription Issue Price of New CPOs
COMERCIAL MEXICANA: Reaches Debt Restructuring Pact With Creditors
CONTROLADORA COMERCIAL: Fitch Withdraws All 'D' Ratings
TV AZTECA: Expands Commercial Relationship With Aldea


X X X X X X X X

* BOND PRICING: For the Week May 24, to May 28, 2010




                         - - - - -


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


STANFORD INT'L: Lloyd's Balks at Owner's Newest Legal Team Fees
---------------------------------------------------------------
Attorneys for the insurance company paying Robert Allen Stanford's
legal bills, Lloyd's of London, told U.S. District Judge Nancy
Atlas that the company refuses to pay for Mr. Stanford's newest
criminal defense team -- his fourth since being indicted on
charges alleging he had orchestrated a US$7 billion Ponzi scheme,
The Associated Press reports.  The report relates that the
insurance company said that it is already tired of supporting Mr.
Stanford's revolving door of attorneys and has already spent more
than US$6 million on lawyers from 10 firms to defend him.

According to the report, Barry Chasnoff, an attorney for Lloyd's
of London, said that the insurer had concerns that one of Mr.
Stanford's new attorneys, who was approved just last month, had
already asked to be released because of differences with Mr.
Stanford and the other new attorney on the case.  The report notes
Mr. Chasnoff said that several of Mr. Stanford's previous
attorneys left the case because the financier was difficult to
work with.  The report relates that in a latest hearing, Mr.
Stanford represented himself because his attorneys in the lawsuit
stopped working for him due to a "conflict of interest."

The AP says that Mr. Stanford told Judge Atlas that he has been
taken advantage of, has never seen any of the bills submitted by
his prior attorneys and doesn't know what work many of them
actually did.

Judge Atlas, the report discloses, set a hearing on June 3, 2010,
to detail how the US$6 million in legal fees for civil and
criminal cases have been spent.  "We are going to get to the
bottom of why so much money is being spent in Mr. Stanford's
defense," the report quoted Judge Atlas as saying.

               About Stanford International Bank

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  A criminal case was
pursued against him in June 2009 before the U.S. District Court in
Houston, Texas.  Mr. Stanford pleaded not guilty to 21 charges of
multi-billion dollar fraud, money-laundering and obstruction of
justice.  Assistant Attorney General Lanny Breuer, as cited by
Agence France-Presse News, said in a 57-page indictment that Mr.
Stanford could face up to 250 years in prison if convicted on all
charges.  Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on the criminal charges.  The
criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court,
Southern District of Texas (Houston).  The civil case is SEC v.
Stanford International Bank, 3:09-cv-00298-N, U.S. District Court,
Northern District of Texas (Dallas)


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


ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'
---------------------------------------------------------
On May 27, 2010, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Argentinean forest company Alto
Parana S.A. and removed it from CreditWatch with negative
implications where it was placed on Feb. 10, 2010.  The outlook is
stable.  At the same time, S&P affirmed the 'BBB' rating on the
company's US$270 million notes due 2017, which benefit from a full
corporate guarantee provided by Alto Parana's parent company,
Celulosa Arauco y Constitución S.A.

The ratings on Alto Parana reflect S&P's belief that the company's
99.97% controlling shareholder, ARAUCO, has sufficient economic
incentives to support the firm, given its strategic importance as
a key foreign subsidiary in Latin America.  The stand-alone
ratings, in turn, reflect the inherent operating risks in
Argentina; its narrow, mostly commodity-oriented product mix; and
its modest scale compared with rated peers; Competitive cost
positions in forest management, pulp production, sawmill products,
and panels partially mitigate these factors.

The rating affirmation takes into consideration S&P's opinion
that, even if Alto Parana is obliged to pay the tax claim
regarding certain income-tax deductions on a 2001 bond issuance,
the company would be able to pay the disputed tax through a
combination of internal and external resources, maintaining its
main financial metrics commensurate with its current stand-alone
ratings, for example its funds from operations-to-total debt ratio
of at least 20% and total-debt-to-EBITDA below 4x.  The
contingency tax totals about US$150 million (including principal,
interest, and penalties), but a potential near-term obligation
until the central matter is ruled would be about US$100 million,
as this figure excludes penalties.

S&P's local-currency rating on Alto Parana is three notches above
that on Argentina.  This reflects S&P's opinion that, in a severe
sovereign default scenario, Alto Parana would be able to generate
sufficient local-currency resources to meet all of its financial
obligations, in both local and foreign currency, without the risk
of direct sovereign intervention.

S&P's foreign-currency rating on Alto Parana remains three notches
above S&P's foreign-currency rating on Argentina and three notches
above S&P's transfer and convertibility risk assessment for the
country, reflecting the partial insulation from risk from several
mitigating factors.  Those factors include: the formal guarantees
the company has from ARAUCO; what S&P believes are strong
incentives for the firm to continue paying its foreign debt even
in a sovereign-stress scenario; the company's substantial foreign-
currency generation; and its well-extended debt maturity profile.
Alto Parana's liquidity position is adequate, mainly as a result
of its extended debt maturity profile and its good free operating
cash flow generation compared with cash interest payments of about
US$20 million per year.  As of March 31, 2010, the company had
about US$38 million in consolidated cash and cash equivalents
mostly allocated in its Brazilian subsidiary (and about US$7
million on a nonconsolidated basis), while consolidated short-term
debt including accrued interest totaled US$24 million.  Most of
Alto Parana's debt is in its US$270 million guaranteed bullet bond
that comes due in 2017.  Alto Parana's liquidity position benefits
from the financial flexibility provided by its parent's potential
support.  Liquidity could become pressured if the Court rules
against the company on its tax contingency.  In this event, S&P
expects that Alto Parana would reduce or even suspend dividend
payments and likely increase debt in order to meet the obligation.
The company has already approved retaining its 2009 earnings at a
shareholders meeting.

The stable outlook reflects S&P's expectation that ARAUCO would
still have the incentive to support Alto Parana under a distressed
scenario, and that the company will maintain its manageable debt
maturity schedule.  S&P could raise the rating if its assessment
of Argentina's country risk improves, which, in turn, would boost
ARAUCO's incentives to support Alto Parana.  On the other hand,
the rating and/or outlook could come under pressure if the
company's leverage becomes more aggressive (for example with a
total-debt-to EBITDA ratio consistently above 4x), if unexpected
significant sovereign indirect risk materially affects the
company's stand-alone business and/or financial risk profile, or
if S&P's perception of parental support wanes.

           Ratings Affirmed; CreditWatch/Outlook Action

                          Alto Parana S.A.

                              To                 From
                              --                 ----
Corporate Credit Rating      BB-/Stable/--      BB-/Watch Neg/--

                         Ratings Affirmed

                          Alto Parana S.A.

                      Corporate Credit Rating

      National Scale                        raAAA/Stable/--

                         Alto Parana S.A.

               US$270 mil. Senior Unsecured Notes

             Global Scale                          BBB
             National Scale                        raAAA


ALTO PARANA: S&P Affirms 'BB-' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Argentinean forest company Alto Parana S.A. and
removed it from CreditWatch with negative implications where it
was placed on Feb. 10, 2010.  The outlook is stable.  At the same
time, S&P affirmed the 'BBB' rating on the company's US$270
million notes due 2017, which benefit from a full corporate
guarantee provided by Alto Parana's parent company, Celulosa
Arauco y Constitución S.A.

"The ratings on Alto Parana reflect S&P's belief that the
company's 99.97% controlling shareholder, ARAUCO, has sufficient
economic incentives to support the firm, given its strategic
importance as a key foreign subsidiary in Latin America," said
Standard & Poor's credit analyst Luciano Gremone.  "The stand-
alone ratings, in turn, reflect the inherent operating risks in
Argentina; its narrow, mostly commodity-oriented product mix; and
its modest scale compared with rated peers; Competitive cost
positions in forest management, pulp production, sawmill products,
and panels partially mitigate these factors."

The rating affirmation takes into consideration S&P's opinion
that, even if Alto Parana is obliged to pay the tax claim
regarding certain income-tax deductions on a 2001 bond issuance,
the company would be able to pay the disputed tax through a
combination of internal and external resources, maintaining its
main financial metrics commensurate with its current stand-alone
ratings, for example its funds from operations -to-total debt
ratio of at least 20% and total-debt-to-EBITDA below 4x.  The
contingency tax totals about US$150 million (including principal,
interest, and penalties), but a potential near-term obligation
until the central matter is ruled would be about US$100 million,
as this figure excludes penalties.

The stable outlook reflects S&P's expectation that ARAUCO would
still have the incentive to support Alto Parana under a distressed
scenario, and that the company will maintain its manageable debt
maturity schedule.  "We could raise the rating if S&P's assessment
of Argentina's country risk improves, which, in turn, would boost
ARAUCO's incentives to support Alto Parana.  On the other hand,
the rating and/or outlook could come under pressure if the
company's leverage becomes more aggressive (for example with a
total-debt-to EBITDA ratio consistently above 4x), if unexpected
significant sovereign indirect risk materially affects the
company's stand-alone business and/or financial risk profile, or
if S&P's perception of parental support wanes," Mr. Gremone added.


BARON BLUE: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------
The court-appointed trustee for Baron Blue S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
July 15, 2010.

The trustee will present the validated claims in court as
individual reports on September 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
October 22, 2010.


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

The trustee will present the validated claims in court as
individual reports on August 25, 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 6, 2010.


EQUITY TRUST: Moody's Assigns 'Ba2' Global Rating on Notes
----------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba2 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Pvcred Serie II issued by Equity Trust
Company (Argentina) S.A. - acting solely in its capacity as Issuer
and Trustee.

Moody's also assigned ratings of Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency) to the Class B Debt
Securities; and ratings of C.ar (Argentine National Scale) and C
(Global Scale, Local Currency) to the subordinated Certificates.

The assigned ratings are based on these factors:

  - The initial credit enhancement provided through a
    subordination of 77%, 20% and 2% for the VRDA TF, the VRDA TV
    and the VRDB, respectively.

  - The available excess spread in the transaction

  - The ability of Banco Comafi (Ba3/Aa2.ar) to act as servicer
    and custodian

  - The ability of Equity Trust Company (Argentina) S.A.  to act
    as trustee in this transaction

  - The credit quality of the underlying loans

  - The availability of various reserve accounts including a
    liquidity reserve fund equivalent to two interest payments on
    the VRDA and an expense reserve fund.

                       The Securitized Pool

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
8,360 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

These personal loans were originated through Pvcred branches
(using the trade mark "Provencred") and were granted to pensioners
and low/middle income employees.

                             Structure

Equity Trust Company (Argentina) S.A. (Issuer and Trustee) issued
three classes of Debt Securities (Class A Fixed Rate Securities,
Class A Floating Rate Securities and Class B Debt Securities) and
one class of Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus 295 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 13%.  The Class B Fixed Rate Securities will bear a
fixed interest rate of 52%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                         Rating Rationale

The transaction has strong initial subordination levels of 77% and
20% for the VRDA TF and the VRDA TV respectively.  Also, the
subordination levels will increase overtime due to the turbo
sequential payment structure.

The transaction also benefits from an estimated 34.5% annual
excess spread, before considering losses or prepayments.

Moody's analyzed the historical performance data of pool's similar
to the one being securitized in this transaction to determine the
default assumption.  For the range of vintage data analyzed (from
January 2007 to November 2009), Moody's observed a relatively
stable performance of the orinator's portfolio in terms of
delinquency levels.  The highest delinquency level was observed in
the 2Q 2008's vintage, and it reach approximately 13% (90+
delinquencies calculated over the original balance) after 21
months of seasoning.  In assigning the rating to this transaction,
Moody's assumed a triangular distribution for losses centered
around the most likely scenario of 20%.  Also, Moody's assumed a
triangular distribution for the prepayments centered around a most
likely scenario of 20%.

Moody's checked the available credit enhancement levels using a
cashflow model that has been developed to incorporate a series of
structural features of the transaction.

Moody's considered how the cashflow generated by the collateral is
allocated to the different classes in the transaction.  To
determine the rating assigned to each tranche, Moody's used an
expected loss methodology that reflected the probability of
default for each series of notes times the severity of the loss
expected for each series of notes, in addition to other
qualitative assessments.

Moody's also evaluated the dependence of the transaction on the
collection agent, Pvcred S.A., which will collect loan payments
mainly in its branches.  The collection agent is obliged to submit
collections within 72 hours to the trust account.  Moody's believe
that this risk is consistent with the fact that the collection
agent belongs to Grupo Comafi (Banco Comafi is rated Ba3/Aa2.ar).
A future change in the ownership structure of Pvcred may have an
impact on the rating of this transaction.

                          Rating Action

                      Originator: Pvcred S.A.

  -- ARS 10,708,588 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie II", rated Aaa.ar
     (Argentine National Scale) and Ba2 (Global Scale, Local
     Currency)

  -- ARS 26,538,675 in Class A Floating Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie II", rated Aaa.ar
     (Argentine National Scale) and Ba2 (Global Scale, Local
     Currency)

  -- ARS 8,380,634 in Class B Debt Securities of "Fideicomiso
     Financiero Pvcred Serie II", rated Caa2.ar (Argentine
     National Scale) and Caa3 (Global Scale, Local Currency)

  -- ARS 931,182 in Certificates of "Fideicomiso Financiero Pvcred
     Serie II", rated C.ar (Argentine National Scale) and C
     (Global Scale, Local Currency).


EMAPA SERVICIOS: Creditors' Proofs of Debt Due on August 2
----------------------------------------------------------
The court-appointed trustee for Emapa Servicios S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 2, 2010.


MERCADO A TERMINO: Moody's Assigns 'Ba3' Global Issuer Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long term global local
currency issuer rating to Mercado a Termino de Buenos Aires S.A.
On the National Scale, Moody's Latin America assigned a Aa2.ar
local currency issuer rating.  The ratings have a stable outlook.

MATba is a clearinghouse for futures and American option commodity
contracts (including soybean, wheat, corn and sunflower).

Moody's noted that MATba concentrates substantial share of the
soybean and wheat futures contracts traded in Argentina.  The
total commodities trading market, however, is relatively small,
thus reflecting in lack of diversification of MATba's customer
base and asset class.  The firm also faces competition from other
smaller regional clearing houses, which combined result in
business volumes being modest overall.

The rating takes into consideration MATba's modest earnings base
and non-diversified operations, which reflects the volatile nature
of the Argentinean operating environment, as well as the lack of
depth of the domestic derivatives market.

As with other clearinghouses and exchanges, MATba's key credit
risks include a) the business model relies on technology and
innovation, which demands investments; b) competitive threats that
could erode its market share and pricing power; and c) the
importance of risk management to deal with operational, credit,
market and liquidity risks.

Moody's notes that with its earnings generation -- EBITDA was Ar$
0.5 million as of December 2009 (six month period) -- MATba could
be constrained in its ability to expand its business scope while
maintaining updated its IT platform.  Moreover, limitations on
expanding its business volumes may imply that competitive threats
become more critical to its performance.

On the other hand, conservative margining process -- margins have
to be replenished before the beginning of each trading session --
as well as daily stress analysis, ensure close risk monitoring in
scenarios with considerable volatilities.  MATba's relatively
robust capital base, which represented 90% of total assets by end
of 2009, is also positive, as it is the lack of financial
leverage.

MATba counts with a strict admission process for parties aiming to
trade, and, as an entity regulated by the CNV (the equivalent to
the SEC in Argentina), it has to comply with existing regulations
related to auditing and trading best practices.

Mercado a Termino de Buenos Aires is headquartered in Buenos
Aires, Argentina, and had assets of ARS47 million and an equity of
ARS42.7 million as of December 31, 2009.

These ratings were assigned to Mercado a Termino de Buenos Aires
S.A.:

  -- Global Local Currency Issuer Rating: Ba3, stable outlook
  -- National Scale Local Currency Issuer Rating: Aa2.ar


SEMIT SA: Creditors' Proofs of Debt Due on June 7
-------------------------------------------------
The court-appointed trustee for Semit S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 7, 2010.

The trustee will present the validated claims in court as
individual reports on July 28, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 13, 2010.


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


PROTOSTAR LTD: Plan on Hold Pending Suit on Lien Validity
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that ProtoStar Ltd. sold
its two satellites and is now seeking an Aug. 25 extension of its
exclusive period to propose a Chapter 11 plan.  A hearing on the
Company's request for a third extension is scheduled for July 7.

According to Bloomberg, the Company, while it already has a
reorganization plan, held up taking a vote of creditors while it
attempts to "broker a consensual resolution of these Chapter 11
cases by resolving disputes amongst its lenders and unsecured
creditors."   The official committee of unsecured creditors sued
lenders in November to challenge liens against the ProtoStar I
satellite.

The ProtoStar I satellite was sold for US$210 million to an
affiliate of Intelstat Holdings Ltd.  Most of the sale proceeds
are being held pending the outcome of the lawsuit.  The ProtoStar
II satellite was sold for US$185 million cash to an affiliate of
SES SA.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.


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


BRASKEM SA: May Disclose U.S. Acquisition in Few Months
-------------------------------------------------------
Braskem SA may disclose an acquisition in the U.S. in the next few
months, Bloomberg News reports, citing Valor Economico newspaper.

According to the report, the newspaper, citing Carlos Fadigas,
head of Braskem's U.S. operations, said that the company is mainly
seeking polyethylene-and PVC-producing assets.

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

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch Ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


GOL LINHAS: Fitch Upgrades Issuer Default Ratings to 'BB-'
----------------------------------------------------------
Fitch Ratings has upgraded Gol Linhas Aereas Inteligentes S.A.'s
ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     to 'BB-' from 'B+';

  -- Long-term National Rating to 'A-(bra)' from 'BBB(bra)'.

Fitch also has upgraded the ratings of GOL's perpetual notes
(US$200 million) and senior notes (US$200 million) to 'BB-' from
'B+/RR4'.

The Rating Outlook is Stable.

The rating upgrade reflects the company's consistent improvements
in cash flow generation, comfortable liquidity; and continued
decline in leverage during the last several quarters.  The upgrade
also factors in expectations that the company will continue
lowering its net leverage, while maintaining an ample cash
position.  The company is exposure to fuel cost volatility and
other industry-related risks, such as revenue volatility, high
operating leverage and increasing competition.  The ratings
incorporate the high degree of sensitivity of GOL's operations to
changes in the macroeconomic scenario.

The Stable Outlook reflects expectations that GOL will maintain
its solid market position as Brazil's second largest airline and
that the company will continue to benefit from stronger domestic
demand for domestic air travel in the business and leisure
segments following the recovery in Brazil's economy.

Business Strategy Focused on Domestic Market:

GOL has a solid market position in the Brazilian domestic market
with a 41.4% market share at the end of March 2010; this segment
is benefiting the most from the improving Brazilian economy.  In
the first quarter of 2010 (1Q'10) and 4Q'09, Brazil's domestic
flight demand, measured by revenue passenger kilometers (domestic
RPK) increased by 35% and 39.3%, respectively, over the same
periods of the prior year.  While Brazil's demand for
international traffic increased at lower rates of 12.8% and 12.5%,
respectively, during the same periods.

The company has focused its operations primarily in the domestic
market and is taking advantage of the most profitable routes in
Brazil, and from its access to approximately 45%-50% of the
available slots in Brazil's most important airports.  This
business strategy allowed the company to maintain EBITDAR margins
around 20% during the last six quarters ended in March 2010.

Solid Liquidity, Cash 20%-25% Revenues:

Positively, the company dramatically improved its liquidity during
the last four quarters as well as GOL's commitment to maintain
specific cash targets in the range of 20%-25% over its last 12-
month period revenues.  The company ended the 1Q'10 with a cash
position of BRL1.4 billion, 2.5 times and 7.7x higher than its
cash position by the end of fiscal year 2008 (R$415 million) and
1Q'09 (BRL396 million), respectively.  Steps taken by GOL during
2009 to improve its liquidity included a capital increase of
BRL203.5 million and the issuance of BRL400 million in local
debentures due in 2011.  In addition, the company completed an
equity offering which generated net proceeds of BRL602 million.
The company also raised BRL255 million through the advance sale of
miles to Bradesco and Banco do Brasil.

Improving Cash Flow Generation, Further Deleverage Expected:

The rating upgrade includes expectations that GOL's net leverage
will be around 4x by the end of FY 2010 as the company continues
to improve cash flow generation, measured by EBITDAR and reduce
its net leverage.  EBITDAR improvements are expected to be driven
by higher load factors and lower ex-fuel costs, while yields are
not expected to improve.  During the LTM ended March 2010, GOL
generated BRL1.3 billion of EBITDAR, an improvement from BRL826
and BRL681 million during the comparable period in 2009 and FY
2008, respectively.

GOL's total debt adjusted for operating leases was BRL7.3 billion
at the end of March 2010, while its cash and marketable securities
balance was BRL1.4 billion.  These figures result in an adjusted
net debt-to-EBITDAR ratio of 4.7x for the LTM ended in March 2010,
which favorably compares with the company's net leverage by the
end of December 2008 and September 2009 of 11.0x and 6.2x,
respectively.  GOL's on-balance sheet debt totals BRL3.2 billion
by the end of March 2010 and consists of BRL1.8 billion of secured
debt and financial leases, BRL134 million in PDP loans, and
BRL687 million in local public debentures and perpetual bonds.
Lease expense for the LTM were BRL583 million, resulting in an
off-balance-sheet debt adjustment of BRL4.1 billion.

High Operational Risk:

GOL's operational results are highly correlated to the domestic
economy.  The lack of product and geographic diversification in
the company's business model is the result of the domestic
passenger segment representing approximately 90% of its revenues.
The ratings also incorporate the positive current business
environment affecting the domestic segment as the Brazilian
economy is expected to grow by 5.5% and 4.5% during 2010 and 2011,
respectively.  Negative changes in the macro economic scenario
could create pressure on ratings.

The company is exposed to currency risk as approximately 90% of
the company's revenues are denominated in local currency, while
its cost structure has a significant component in U.S. dollars,
representing approximately 60% of the company's total costs.  In
addition, the company's debt is mostly denominated in U.S.
dollars, segment that represents approximately 80% of the
company's total debt.  Also factored in the ratings is the
company's exposure to oil price volatility since fuel costs
represent approximately 32%-42% of its cost structure.


Over Capacity Risk, Increasing Competition:

Based on the company's fleet plan, over capacity risk is moderate
during the next two years, 2010 and 2011.  By 2013, the company's
increase in capacity, and thereafter, could potentially generate
some over-capacity and affect the company's cash flow generation.
GOL's fleet plan for the next two years considers the increase of
its operational fleet from 108 aircrafts by the end of March 2010
to 111 and 115 by the end of 2010 and 2011, respectively.  The
company's capacity will increase from 12% to 18% in 2010 in a
year-over-year basis, from 39.9 Available Seat Kilometers (ASK)
billions posted by the end of 2009.  The company maintains
aircraft commitments for years 2010 and 2012 of BRL772 and
BRL1.2 billion, respectively, while for 2012 and 2013 the company
maintains aircraft commitments of BRL842 millions and
BRL2.7 billion, respectively.  By the end of March 2010, GOL
maintains a standardized fleet compounded primarily of 737NG
aircrafts with and average age of 5.8 years.

Increasing competition has and will continue to pressure the
industry's yields during the next quarters with the main players
focusing more on absorbing demand through increased load factors.
Counterbalancing this increase in competition is the limited
access to slots in the Brazilian's airports, which will continue
to limit the access of new players while allowing main local
players to maintain strong markets positions.


EMBRATEL SA: To Merge Operations With Parent Firm
-------------------------------------------------
Embratel Participacoes SA and its parent, cellphone company Claro,
will merge operations, Rogerio Jelmayer at Dow Jones Newswires
reports, citing Folha de S. Paulo newspaper.  The two Brazilian
companies are controlled by Mexican businessman and billionaire
Carlos Slim.

According to the report, the newspaper, citing an unnamed person
close to the companies, said that the merger will take place in
the next two months.  The merger is designed to reduce costs, the
newspaper added, the report relates.

                         About Embratel

Empresa Brasileira de Telecomunicacoes S.A --
http://www.embratel.com.br-- is a major telecommunications
carrier in Brazil.  It offers up-to-date telecommunications
solutions to the Brazilian market including local, long distance
domestic and international calling; data, video and Internet
transmission.  Embratel can provide services all over the country
through its satellite solutions.  Embratel has been part of the
history of Brazil for 43 years, playing a major role in the
country's development.

                           *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


TAM SA: Fitch Downgrades Long-Term Issuer Default Ratings to 'B+'
-----------------------------------------------------------------
Fitch Ratings has downgraded TAM S.A's credit ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     to 'B+' from 'BB-';

  -- US$300 million senior unsecured note due to 2020 to 'B+/RR4'
     from 'BB-';

  -- US$300 million senior unsecured note due to 2017 to 'B+/RR4'
     from 'BB-';

  -- Long-term national rating to 'BBB+(bra)' from 'A-(bra)';

  -- BRL500 million debentures issuance due 2012 to 'BBB+(bra)'
     from 'A-(bra)'.

The Rating Outlook for the long-term corporate ratings is revised
to Stable from Negative.

The downgrades reflect the deterioration in TAM's credit profile
due to higher leverage levels as a result of lower operating cash
generation.  TAM's weak performance largely reflects lower RASK
levels (lower yields and load factors) as a result of the adverse
operating environment for the airline industry during the first
part of 2009 and the strong competition in the market over the
last several quarters.  Despite the strong recovery of the
domestic market, yields are expected to show only a modest
recovery and the company's decision to further expand its fleet
should limit the benefits of growing market demand on its load
factors.  The Outlook revision to Stable reflects Fitch's
expectations that the company's net leverage will not recover in
the near term and will remain around 6.0 timeswhich is consistent
with the assigned rating category.

Business Position Continues to Support Ratings:

TAM's ratings continue to reflect the company's strong market
presence in the domestic air passenger transportation sector, with
a market share of 42%.  It also factors in the company's position
as the sole Brazilian airline operator in long-haul routes to
Europe and USA, which is strengthened by several code-share
agreements and recently, as a member of Star Alliance.  Further
factored in TAM's ratings is the high percentage of business
passengers in its ticket sales mix and the revenue
diversification.  The ratings also consider TAM's exposure to
fluctuations in jet fuel prices and exchange rates, the strong
correlation of its activities with the performance of the domestic
economy and competitive threats.

Competition Significantly Pressured Results:

TAM's EBITDA fell to BRL1.257 billion during last 12 months
ended on March, 31 2010 from BRL1.411 billion in 2009 and
BRL1.613 billion during 2008.  The spread RASK-CASK spread fell to
BRL0.5 cents in 2009 and in the first quarter of 2010 (1Q'10) from
BRL 1.2 cents in 2008 and BRL 0.9 cents in 2007.  The
deterioration in profitability was mainly driven by a contraction
in yields and load factor.  In the domestic and international
market, yields declined 18% and 16%, respectively, in 2009.  Load
factor decreased 2.7p.p in the domestic market and 3.1p.p in the
international market.  For the 1Q'10, load factor showed recovery
although yields continue to be pressured.  As a result, the
company's EBITDAR margin decreased to 14.3% and 12.7% in 2009 and
in the LTM ended in March 2010, respectively.  These margins
negatively compares with the margins of 15.2% reached in 2008.
For 2010, Fitch expects profitability to remain around 14%.

Limited Improvement in Cash Flow Generation Should Continue to
Pressure Leverage:

TAM's leverage is high.  High financial leverage is a result of a
lower cash generation in the challenging year of 2009 and the
effects of the company efforts to enhance liquidity through
capital market debt issuances after the cash disbursement related
to fuel hedge derivative instruments in amount of BRL591million in
2009.  By the end of March 2010, TAM's net leverage, measured by
adjusted net debt to Ebitdar, was 6.8x which negatively compared
to the ratios of 6.5x in fiscal year 2009 and 5.7x in FY 2008.
The ratings factors expectations that the company's net leverage
will not improve in the medium term as the company's fleet
expansion is expected to increase the company's levels of total
adjusted debt.  Fitch expects the company's net leverage to be
around 6.0x by the end of FY 2010.  Further deleveraging could
benefit credit quality.

As of March 31, 2010, TAM's total debt was BRL7.8 billion, mainly
comprised of long-term capital leases and capital market
issuances.  The company's total adjusted debt was BRL11.2 billion,
which includes off balance sheet operating leases of
BRL3.3 billion.  About 83% of TAM's total adjusted debt was
denominated in U.S. dollars or linked to the dollar.  With about
40% of its revenues tied to the dollar, the company does not hedge
the currency of its debt.

Solid Liquidity Helps Mitigate Industry Volatility:

TAM's liquidity remains solid.  TAM had BRL2.6 billion of cash and
marketable securities and BRL1.4 billion of on balance sheet
short-term debt as of March 31, 2010.  Of TAM's cash balance,
BRL98 million are restricted cash related to hedge contracts.  The
company's cash position covers 1.9x short-term debt obligations
and represented 26% of the net revenue or around 3.2x its monthly
revenue.  Derivatives hedge contracts should not have a major
impact on cash flow as for the last three quarter of 2010, TAM
expects disbursements of BRL108 million and BRL5 million in 2011,
considering oil prices at US$70/barril.  The current cash balance
also reflects the inflow of BRL657 million from the IPO of one of
its subsidiaries, Multiplus S.A.  Going forward, Fitch expects the
company to refinance large part of its short-term debt in order to
maintain its strong cash balance as the company's free cash flow
will remain negative during 2010.  Free cash flow in the LTM ended
March 2010 was negative in BRL36 million and for 2009, it were
negative in BRL75 million.


TRANSAX INTERNATIONAL: Posts US$392,013 Net Loss for Q1 2010
------------------------------------------------------------
Transax International Limited filed its quarterly report on Form
10-Q, reporting a net loss of US$392,013 on US$1,022,832 of
revenue for the three months ended March 31, 2010, compared with a
net loss of US$279,227 on US$952,318 of revenue for the same
period of 2009.

The Company's balance sheet as of March 31, 2010, showed
US1,225,498 in assets and US$8,933,180 of liabilities, for a
stockholders' deficit of US$7,707,682.

"The Company has incurred cumulative net losses of US$17,604,441,
and has a stockholders' deficit of US$7,707,682 and a working
capital deficit of US$6,322,257 at March 31, 2010.  Since
inception, the Company has funded operations through short-term
borrowings and the proceeds from equity sales in order to meet its
strategic objectives.  The Company's future operations are
dependent upon external funding and its ability to increase
revenues and reduce expenses.  Management believes that sufficient
funding will be available from additional related party borrowings
to meet its business objectives, including anticipated cash needs
for working capital, for a reasonable period of time.  However,
there can be no assurance that the Company will be able to obtain
sufficient funds to continue the development of its software
products and distribution networks."

A full-text copy of the quarterly report is available for free at:

               http://researcharchives.com/t/s?6369

Transax International Limited -- http://www.transax.com/--
primarily through its 55% owned subsidiary, Medlink Conectividade
em Saude Ltda is an international provider of information network
solutions specifically designed for healthcare providers and
health insurance companies.  The Company's MedLink Solution
enables the real time automation of routine patient eligibility,
verification, authorizations, claims processing and payment
functions.  The Company has offices located in Plantation, Florida
and Rio de Janeiro, Brazil.  The Company currently trades on the
OTC Pink Sheet market under the symbol "TNSX" and the Frankfurt
and Berlin Stock Exchanges under the symbol "TX6".

                          *     *     *

As reported in the Troubled Company Reporter on April 21, 2010,
MSPC Certified Public Accountants and Advisors, P.C., in New York,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has accumulated losses from operations of roughly
$17.2 million, a working capital deficiency of roughly
$6.2 million and a stockholders' deficiency of roughly
$7.4 million at December 31, 2009.


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


BBCM INVESTMENTS: Shareholders to Hear Wind-Up Report on June 25
----------------------------------------------------------------
The shareholders of BBCM Investments Pty Ltd. will receive, on
June 25, 2010, at 8:30 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


EVERGREEN INTERNATIONAL: Members to Hear Wind-Up Report on June 25
------------------------------------------------------------------
The shareholders of Evergreen International Smid Cap Absolute
Return Offshore Master Fund Ltd will receive, on June 25, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FCI LTD: Shareholders to Hear Wind-Up Report on June 27
-------------------------------------------------------
The shareholders of FCI Ltd. will receive, on June 27, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


FLOATING RATE: Creditors' Proofs of Debt Due on June 14
-------------------------------------------------------
The creditors of Floating Rate Senior Loan Fund V Limited are
required to file their proofs of debt by June 14, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2010.

The company's liquidator is:

         Kirsten Le Pape
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, Grand Cayman KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone: 345 943 5555


FOCUS ABSOLUTE: Creditors' Proofs of Debt Due on June 18
--------------------------------------------------------
The creditors of Focus Absolute Return Fund Ltd. are required to
file their proofs of debt by June 18, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


GEMINI BB: Members to Receive Wind-Up Report on June 25
-------------------------------------------------------
The members of Gemini BB Holdings 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:

         Bernard McGrath
         69 Dr. Roy's Drive, PO Box 1043
         George Town, Grand Cayman KY1-1102


GLACIER PEAK: Shareholder to Receive Wind-Up Report on June 23
--------------------------------------------------------------
The shareholder of Glacier Peak T-Bill Arbitrage Offshore Fund,
Ltd. will receive, on June 23, 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 Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9876


HERTZ (CAYMAN ISLANDS): Member to Hear Wind-Up Report on June 22
----------------------------------------------------------------
The shareholder of Hertz (Cayman Islands) Limited will receive, on
June 22, 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:

         Kyle Scott
         Hertz House, 11 Vine Street
         Uxbridge, Middlesex UB8 1QE
         United Kingdom
         Telephone: +44 1895 553601
         Facsimile: +44 1895 522847


LCM ALPHANUMERIC: Shareholders to Hear Wind-Up Report on June 27
----------------------------------------------------------------
The shareholders of LCM Alphanumeric Fund Ltd. will receive, on
June 27, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


MEZZANINE CAPITAL: Shareholders to Hear Wind-Up Report on June 25
-----------------------------------------------------------------
The shareholders of Mezzanine Capital Corporation Limited will
receive, on June 25, 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:

         Paul Anderton
         c/o Jodi Jones
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


MULTI FUND: Shareholder to Receive Wind-Up Report on June 24
------------------------------------------------------------
The sole shareholder of Multi Fund Management Corporation will
receive, on June 24, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NS REPACK: Shareholders to Receive Wind-Up Report on June 25
------------------------------------------------------------
The shareholders of NS Repack Ltd. will receive, on June 25, 2010,
at 9:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PLATINUM GROVE: Shareholder to Receive Wind-Up Report on June 25
----------------------------------------------------------------
The shareholder of Platinum Grove Dynamic Omega Strategies Master
Fund Ltd will receive, on June 25, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


PLATINUM GROVE: Shareholder to Receive Wind-Up Report on June 25
----------------------------------------------------------------
The shareholder of Platinum Grove Dynamic Omega Strategies
Offshore Fund, Ltd will receive, on June 25, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


ST CAPITAL: Shareholders to Hear Wind-Up Report on June 25
----------------------------------------------------------
The shareholders of ST Capital Inc. will receive, on June 25,
2010, at 8:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


TAIB FUNDS: Shareholder to Receive Wind-Up Report on June 24
------------------------------------------------------------
The shareholder of Taib Funds Limited will receive, on June 24,
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:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


TIEDEMANN GLOBAL: Shareholder to Receive Wind-Up Report on June 16
------------------------------------------------------------------
The shareholder of Tiedemann Global Catalyst Ltd. will receive, on
June 16, 2010, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9876


TIEDEMANN JSB: Shareholder to Receive Wind-Up Report on June 16
---------------------------------------------------------------
The shareholder of Tiedemann JSB Offshore, Ltd. will receive, on
June 16, 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 Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9876


TWENTY-FIRST CENTURY: Member to Hear Wind-Up Report on June 28
--------------------------------------------------------------
The sole member of Twenty-First Century Global Fixed Income Fund,
Ltd. will receive, on June 28, 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:

         Hisashi Mori
         c/o Caledonian House
         69 Dr. Roy's Drive, P.O. Box 1043
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: 949-0050
         Facsimile: 814-4863


WASHINGTON SQUARE: Shareholders to Hear Wind-Up Report on June 25
-----------------------------------------------------------------
The shareholders of Washington Square Holdings Ltd will receive,
on June 25, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CHIQUITA BRANDS: Activists Demand Donation to Paramilitary Victims
------------------------------------------------------------------
Chiquita Brands International, Inc.'s president has received a
letter signed by 300 U.S. activists demanding that the company
donate all profits earned in Colombia to victims of the
paramilitaries that they funded, Brett Borkan at Colombia Reports
says.

"For 15 years, Chiquita paid millions for protection to the
hemisphere's most brutal groups.  Executives of the company knew
that they were growing bananas in dangerous war zones.  However,
instead of leaving the area and jeopardizing profits, they decided
to pay assassins to protect the company, despite knowing that the
armed groups they were paying were murdering innocent civilians,"
Ken Crowley, from the human rights NGO Witness for Peace, told
LaFM radio station in an interview, the report relates.  "Chiquita
knew that they were paying brutal assassins and terrorists.  But
even after their lawyers and the Justice Department required them
to stop paying [the paramilitaries], Chiquita continued the
payments to ensure for their million in profits," Mr. Crowley
added, the report relates.

According to the report, the activists demanded in the letter
that:

   -- Chiquita create a fund for the victims of the
      paramilitaries that contains the full amount of profits
      that the company earned in Colombia between 1989 and 2004,
      the period in which they claim payments to the illegal
      groups were made; and

   -- Chiquita fire the employees who were involved in the illegal
      payments.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2010, Bloomberg News said that Chiquita Brands was sued
by hundreds of families who claim relatives were kidnapped and
murdered after the company helped Marxist rebels in Colombia.  The
report related that the complaint filed in federal court in
West Palm Beach, Florida, represents more than 240 people who were
victims of violence.   According to the report, the plaintiffs,
using a 1992 law allowing Americans to sue U.S. firms over
terrorism-related deaths abroad, claim that the company aided and
abetted in the murders and provided material support and resources
to terrorists.  The company, the report recalled, was fined US$25
million after pleading guilty in March 2007 to engaging in
transactions with a terrorist group for paying Colombian
paramilitary militias US$1.7 million from 1997 to 2004.

                       About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's principal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2010, Moody's Investors Service upgraded the corporate
family rating of Chiquita Brands International, Inc., to B2 from
B3.   At the same time, Moody's upgraded the ratings on Chiquita's
senior unsecured notes to Caa1 from Caa2 and the ratings on the
senior secured credit facility of Chiquita Brands LLC, a wholly
owned operating subsidiary of Chiquita, to Ba2 from Ba3.  The
ratings outlook is stable.


ECOPETROL SA: To Venture Into Small Renewable Energy Projects
-------------------------------------------------------------
Ecopetrol SA is studying small geothermal, wind and solar power
projects to generate electricity for internal use, aimed to
increase its stake in renewable energy, ADP News reports, citing
Jaime Torres, an expert at Ecopetrol's research centre Instituto
Colombiano de Petroleo.

According to the report, Mr. Torres said that the company plans to
install 5 MW based on geothermal energy, 2 MW on wind power and 2
MW on solar energy.  The report relates that the pre-feasibility
study for this project is currently carried out by Polaris
Energy Corp, a subsidiary of Polaris Geothermal Inc.

The second project, the report notes, comprises a wind turbine to
be installed at the Covenas station, part of the Cusiana-Covenas
oil pipeline, in mid-2010.  The report relates that Ecopetrol will
thus check the possibility to generate wind-based electricity for
the Covenas oil export terminal.

                       About Ecopetrol S.A.

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

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company also continues
to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and
"BB+" Senior Unsecured Debt rating.


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


AES DOMINICANA: Expects Part of US$120MM Debt Will be Paid Soon
---------------------------------------------------------------
AES Dominicana Energia Finance S.A. President Marco De la Rose
said that as of May 28, 2010, the Dominican Republic government
owes the power company around US$120.0 million, but expects a
substantial installment from the State-owned Power Companies
(CDEEE) by the end of this month, The Dominican Today reports.

"They promised to pay us a considerable sum by the end of May, as
with just the exception of April what the International Monetary
Fund agreement stipulates has been complied with so far in regard
to the arrears with the power companies cannot be longer than 60
days," the report quoted Mr. De la Rose as saying.

According to the report, Mr. De la Rosa said he expects the
government to meet its commitment with the power companies
exactly, to guarantee the population a quality and efficient
service.

Meanwhile, the report relates that Mr. De la Rosa said that energy
output so far this year jumped 38% from with the same year ago
period; a rise he affirms shows the population is getting more
electricity.

                       About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


AXTEL SAB: Moody's Downgrades Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service downgraded Axtel, S.A.B. de C.V.'s
corporate family rating to B2 from Ba3 given expectations that
adverse competitive environment will continue to place pressure on
the company's operating margins and financial profile and that
there is limited prospects of Axtel's free cash flow turning
positive in the medium term.  The ratings outlook is negative.
These actions conclude the ratings review which started on May 7,
2010.

These issues were affected by Moody's action:

  - US$275 million of 7.625% Senior Unsecured Global Notes due
    2017: Downgraded to B2 from Ba3

  - US$490 million of 9% Senior Unsecured Global Notes due 2019:
    Downgraded to B2 from Ba3

The ratings outlook is negative.

Axtel reported significantly weaker than expected performance in
the first quarter of 2010 across virtually all of its business
segments.  Even the traditionally robust segments, such as data
services and integrated telecommunications services, experienced a
decline in revenue.  In addition, as anticipated, the high margin
business from Nextel Mexico continued to migrate to its own
platform during the quarter.  While churn rates have been
improving somewhat, the decline in revenues suggest the
competitive pressure continues to intensify for the company.

On top of the global trend of fixed-to-mobile migration,
competition in the telecom industry in Mexico has intensified in
the last couple of years as cable companies started offering
telephony services to their residential video customers, while
Axtel does not provide video currently.  In addition, incumbent
Telmex (A3, stable) has been aggressive in protecting its customer
base, both residential and business, placing pressure on
competitors to reduce prices and improve service quality.  Moody's
believes that this tough competitive environment will continue at
least in the medium term given the high probability that the large
diversified media company Televisa (Baa1, stable) will continue to
strengthen its telecom offerings by adding mobile telephony to its
current portfolio of DTH, cable TV, broadband access and fixed
telephony services.

While Axtel's current liquidity position remains adequate given
its large cash balance, the persistence of negative free cash
flow, in part due to the high capex requirements, would jeopardize
Axtel's liquidity should operating performance not improve
dramatically.  Axtel's ratings do not assume any significant cash
drain derived from the final legal decisions about current
disputes with Telmex and the mobile operators on interconnection
rates.

Axtel's B2 ratings reflect the company's small revenue size and
negative free cash flow generation.  In addition, the ratings
reflect the operating challenges arising from strong competition
from incumbent Telmex and cable TV operators as well as ongoing
wireless substitution.  Balancing these credit negatives is
Axtel's solid EBITDA margin and management's largely prudent
financial policies.

Going forward, if Axtel's revenues and operating margins do not
improve meaningfully, the company's ability to invest in growth
capex will be affected.  Although the company could incur some
additional debt as permitted under its bond indentures (incurrence
financial covenant of maximum 4 times debt to EBITDA), leverage
would increase to above management's target levels (of maximum 3
times debt/EBITDA).

The negative outlook is based on Moody's view that, if a rapid
operating turnaround is not achieved, Axtel's liquidity could
suffer, impacting its credit risk.

To the extent that Axtel is successful at increasing revenues and
margins to the point that free cash flow generation becomes
sustainably positive and interest coverage metrics improve, its
ratings outlook could be stabilized.  Conversely, should revenue
growth and margins flatten out or decrease further, its ratings
could undergo additional negative rating actions.  Specific
factors that could trigger a ratings downgrade include liquidity
erosion derived from weak operating results and further negative
free cash flow generation.  Moody's will continue to closely
monitor the company's interest coverage ratio, as measured by
EBITDA minus capex to interest expense, and debt/EBITDA ratio.  An
underperformance of the company's business or a major
acquisition/capital investment that drive adjusted debt/EBITDA
above 3.5 times for an extended period of time would also put
negative pressure on Axtel's ratings.

Before the action, last action on Axtel's ratings was on May 7,
2010 when Moody's placed Axtel's ratings on review for possible
downgrade.

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


CEMEX SAB: Discloses Subscription Issue Price of New CPOs
---------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that the subscription issue price
of the new Ordinary Participation Certificates to be delivered to
holders of CEMEX common ordinary shares series "A" and "B" and
CPOs as a result of the capital increase approved by CEMEX's
shareholders at the general ordinary shareholders meeting held on
April 29, 2010, is MX$14.2460 per CEMEX CPO.  This amount is the
weighted average price of all CEMEX CPO transactions on the
Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.)
as of May 27, 2010.  The shares will be subscribed for at a price
of MX$4.7487 per share, of which MX$0.00277661 will go to our
capital stock and the remaining amount as premium for the
subscription of capital, and will be deemed fully paid by a
capitalization of retained earnings.  CEMEX shareholders will not
be required to pay any consideration in connection with the
issuance of the shares.

Current CEMEX shareholders will receive 1 new CEMEX CPO per 25
CEMEX CPOs held, or, if applicable, 3 new shares per 75 shares
currently outstanding, and holders of CEMEX American Depositary
Shares will receive 1 newly issued ADS per 25 ADSs held.  There
will be no cash distribution under any circumstance, not even for
fractions from which no new shares can be issued.

The delivery of the new CPOs or shares, as applicable, will be
made starting on June 7, 2010.  Only holders of record of CEMEX
CPOs or ADSs as of June 1, 2010 will receive new shares as a
result of the increase in the capital stock.  The new ADSs to be
issued will be distributed on or about June 8, 2010.  Each ADS
represents 10 CPOs.

As a result of all of the above, the conversion rate of CEMEX's
4.875% convertible subordinated notes due 2015 and CEMEX's 10%
mandatory convertible obligations due 2019 will be adjusted
accordingly.

                        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 May 20, 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.


COMERCIAL MEXICANA: Reaches Debt Restructuring Pact With Creditors
------------------------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports Controladora
Comercial Mexicana SAB de CV (Comerci) has reached a debt
restructuring agreement with most of its creditors under which it
will issue around US$1.54 billion in new debt.  The report relates
that the company said that the agreement reached with a
substantial majority of its creditors will be put to a shareholder
vote on June 11, 2010, and also requires the approval of creditor
committees.  The company's prepackaged restructuring will be
carried out in Mexican courts.  In the U.S. the process will be
followed under a Chapter 15 proceeding.

According to the report, the company will issue new debt in pesos
and U.S. dollars with an average life of 6.7 years.  The report
relates that the new debt includes:

   -- loans for about MXN14.4 billion (US$1.12 billion) at
      floating rates,

   -- MXN1.89 billion in eight-year peso bonds at 9.25%,

   -- US$226.3 million in eight-year dollar-denominated bonds at
      7%,

   -- a cash payment of US$45 million on closing of the deal, and

   -- a lock-up fee for certain bond holders equivalent to 1
      percentage point of principal amount held.

The report notes James Harper, director of corporate research at
Connecticut-based investment bank BCP Securities, said that the
agreement was positive in that it includes previously reluctant
creditors.

Comercial Mexicana, Dow Jones Newswires says, didn't specify the
amounts to be paid to counterparties to its foreign exchange
derivatives, on which the company made big losses in 2008 as the
peso weakened sharply against the U.S. dollar in a couple of
months.  The report relates that the retailer had initially
estimated those losses at US$1.1 billion, although counterparties
had made claims for as much as US$2.2 billion.

The report notes Comercial Mexicana said that the new debt will be
backed by the company's real-estate holdings and stock.  The
report relates that the company's stores, restaurants, and its a
50% stake in a joint-venture with Costco Wholesale Corp. aren't
party to the restructuring, which is being carried out at holding
company level.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


CONTROLADORA COMERCIAL: Fitch Withdraws All 'D' Ratings
-------------------------------------------------------
Fitch has withdrawn all 'D' ratings of Controladora Comercial
Mexicana, S.A.B. de C.V. given the lack of information following
the company's default on Oct. 9, 2008, and consistent with Fitch's
policies.  Fitch will no longer provide ratings or credit research
on this issuer.


TV AZTECA: Expands Commercial Relationship With Aldea
-----------------------------------------------------
Aldea Solutions, Inc., and TV Azteca SA de CV have expanded their
existing commercial relationship to include transmission of the
FIFA World Cup from South Africa.

To enable around-the-clock coverage of this year's World Cup,
Aldea has extended the connectivity of its network to South Africa
with diverse high-capacity fiber-optic routes.  Additionally,
Aldea has deployed the latest high-quality transport and video
encoding technology platforms in South Africa and Mexico to ensure
crystal-clear program delivery.

FIFA's governing body has decided to have the opening match of the
World Cup between Mexico and South Africa on June 11, which is
expected to create record viewership in Mexico.

Aldea Solutions Inc. is a leading provider of broadcast-quality
video services and solutions for the television, film and media
industries.  The company provides end-to-end worldwide
transmission services using fiber facilities.  The Company
operates the first pan-American fully automated fiber-based
network for broadcast services with points-of-service in major
cities throughout the Americas, and with international points-of-
presence in Europe.

                      About TV Azteca SA

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating.


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


* BOND PRICING: For the Week May 24, to May 28, 2010
----------------------------------------------------

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


BOGAR 2018               2       2/4/2018   ARS         116.955
ARGENT-$DIS           8.28     12/31/2033   USD         65.2664
BUENOS AIRE PROV     9.375      9/14/2018   USD          70.908
ARGNT-BOCON PR13         2      3/15/2024   ARS         64.5349
BUENOS AIRE PROV     9.375      9/14/2018   USD         72.5001
BUENOS AIRE PROV     9.625      4/18/2028   USD           68.23
MENDOZA PROVINCE       5.5       9/4/2018   USD         77.0834
BONAR X                  7      4/17/2017   USD           70.39
ARGENT- DIS           5.83     12/31/2033   ARS         90.9066
ARGENT-$DIS           8.28     12/31/2033   USD         61.7775
ARGENT-?DIS           7.82     12/31/2033   EUR         54.5906
ARGENT-PAR            1.18     12/31/2038   ARS         31.1909


BRAZIL

CESP                  9.75      1/15/2015   BRL         69.2963

CAYMAN ISLAND

BCP FINANCE CO       4.239                  EUR            61.5
BCP FINANCE CO       5.543                  EUR         65.0882
BISHOPSGATE ASSE     4.808      8/14/2044   GBP         74.8974
CHINA SUNERGY         4.75      6/15/2013   USD          72.897
ESFG INTERNATION     5.753                  EUR         63.9167
EFG ORA FUNDING        1.7     10/29/2014   EUR         64.0867
SOLARFUN POWER H       3.5      1/15/2018   USD          61.828
SUNTECH POWER            3      3/15/2013   USD          76.375
TABREED 08 FIN C      7.25      5/19/2011   AED      #N/A N/A
BARION FUNDING        1.44     12/20/2056   GBP         30.8586
MAZARIN FDG LTD       1.44      9/20/2068   GBP         28.2957
BARION FUNDING        0.63     12/20/2056   GBP         17.4303
SHINSEI FIN CAYM     6.418#N/A Field Not A  USD            62.8
BES FINANCE LTD       5.58#N/A Field Not A  EUR         65.0957
PUBMASTER FIN        6.962      6/30/2028   GBP         72.2997
CHINA MED TECH           4      8/15/2013   USD              67
XL CAPITAL LTD         6.5#N/A Field Not A  USD          72.125
BES FINANCE LTD      6.984       2/7/2035   EUR           65.91
BANIF FIN LTD            3     12/31/2019   EUR          73.285
DUBAI HLDNG COMM      4.75      1/30/2014   EUR          73.125
DUBAI HLDNG COMM         6       2/1/2017   GBP         68.4293
FERTINITRO FIN        8.29       4/1/2020   USD            69.5
INDEPENDENCIA IN        12     12/30/2016   USD              40
SHINSEI FINANCE       7.16#N/A Field Not A  USD              65
SHINSEI FIN CAYM     6.418#N/A Field Not A  USD          63.984


   PUERTO RICO

PUERTO RICO CONS       6.5       4/1/2016   USD              51
PUERTO RICO CONS       6.2       5/1/2017   USD              54


VENEZUELA

PETROLEOS DE VEN     5.375      4/12/2027   USD         45.7032
PETROLEOS DE VEN      5.25      4/12/2017   USD         54.8438
Venezuela
VENEZUELA             9.25      9/15/2027   USD         65.1322
VENEZUELA             7.65      4/21/2025   USD         55.5995
VENEZUELA                7      3/31/2038   USD         52.6943


                            ***********

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
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Information contained herein is obtained from sources believed to
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           * * * End of Transmission * * *