TCRLA_Public/101203.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

           Friday, December 3, 2010, Vol. 11, No. 239

                            Headlines


A R G E N T I N A

ALDEA ANDINA: Creditors' Proofs of Debt Due December 29
GREEN OIL: Creditors' Proofs of Debt Due April 4
GRUPO HQ: Creditors' Proofs of Debt Due March 21
MAXIM SA: Creditors' Proofs of Debt Due March 11
PAN AMERICAN: Moody's Affirms 'Ba1' Global Local Currency Rating


B E R M U D A

AP ENHANCED: Creditors' Proofs of Debt Due December 3
AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28
AP ENHANCED: Creditors' Proofs of Debt Due December 3
AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28
BLUMONT MAN: Creditors' Proofs of Debt Due December 6

BLUMONT MAN: Members' Final Meeting Set for January 4
BLUMONT MAN: Creditors' Proofs of Debt Due December 6
BLUMONT MAN: Members' Final Meeting Set for January 4
CONTINENTAL OFFSHORE: Creditors' Proofs of Debt Due December 15
CONTINENTAL OFFSHORE: Members' Final Meeting Set for December 22

EYEWEAR BRAND: Creditors' Proofs of Debt Due December 3
EYEWEAR BRAND: Members' Final Meeting Set for December 21
HIGHLAND CRUSADER: Court to Hear Wind-Up Petition on December 3
INTERNATIONAL INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 6
INTERNATIONAL INFRASTRUCTURE: Members' Meeting Set for Dec. 20

LARET-AVIATION LIMITED: Creditors' Proofs of Debt Due December 3
LARET-AVIATION: Members' Final Meeting Set for December 24
LARKSPUR COMPANY: Members' Final Meeting Set for December 20
MAN GLENWOOD: Creditors' Proofs of Debt Due December 3
MAN GLENWOOD: Sole Member to Receive Wind-Up Report on December 28

MAN HEDGE: Creditors' Proofs of Debt Due December 3
MAN HEDGE: Sole Member to Receive Wind-Up Report on December 28
MGAH BETA: Creditors' Proofs of Debt Due December 3
MGAH BETA: Members' Final Meeting Set for December 24
MGSIS CLASS: Creditors' Proofs of Debt Due December 3

MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28
MGSIS CLASS: Creditors' Proofs of Debt Due December 3
MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28
PENTELIA RE: Creditors' Proofs of Debt Due December 13
PENTELIA RE: Sole Member to Receive Wind-Up Report on December 23

SPARX TOKUGAWA: Creditors' Proofs of Debt Due December 3
SPARX TOKUGAWA: Members' Final Meeting Set for December 21
WAVE INSURANCE: Creditors' Proofs of Debt Due December 3
WAVE INSURANCE: Members to Receive Wind-Up Report on December 23


C A Y M A N  I S L A N D S

AMPSS 2007-4: Creditors' Proofs of Debt Due December 22
ATTUNGA AGRICULTURAL: Creditors' Proofs of Debt Due December 22
COLD SPRING: Creditors' Proofs of Debt Due December 22
CRYSELLA IAM: Creditors' Proofs of Debt Due December 14
ECP (NQ): Creditors' Proofs of Debt Due December 22

ELECTRON IAM: Creditors' Proofs of Debt Due December 14
FOCUS IAM: Creditors' Proofs of Debt Due December 14
GUEDOLA FUND: Creditors' Proofs of Debt Due December 22
HAILSTONE IAM: Creditors' Proofs of Debt Due December 14
HSBC STRUCTURED: Creditors' Proofs of Debt Due December 22

MARIGOLD IAM: Creditors' Proofs of Debt Due December 14
MASTER TREND: Creditors' Proofs of Debt Due December 22
MUA320-99 LIMITED: Creditors' Proofs of Debt Due December 22
PARK HOUSE: Creditors' Proofs of Debt Due December 22
PEBBLE IAM: Creditors' Proofs of Debt Due December 14

RHYTHMS IAM: Creditors' Proofs of Debt Due December 14
SAMARA IAM: Creditors' Proofs of Debt Due December 14
SR ALTERNATIVE: Creditors' Proofs of Debt Due December 13
SUNBEAM IAM: Creditors' Proofs of Debt Due December 14
SUNDERLAND ASSET: Creditors' Proofs of Debt Due December 22


C O L O M B I A

TRANSNGAS DE OCCIDENTE: Fitch Affirms 'BB+' Rating on Senior Notes


J A M A I C A

* JAMAICA: Government Money Woes Deepen in October


M E X I C O

MEXICANA AIRLINE: To Resume Flights in Two Weeks, Minister Says




                            - - - - -


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


ALDEA ANDINA: Creditors' Proofs of Debt Due December 29
-------------------------------------------------------
The court-appointed trustee for Aldea Andina S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 29, 2010.

The trustee will present the validated claims in court as
individual reports on March 28, 2011.  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
April 28, 2011


GREEN OIL: Creditors' Proofs of Debt Due April 4
------------------------------------------------
The court-appointed trustee for Green Oil S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 4, 2011.

The trustee will present the validated claims in court as
individual reports on May 16, 2011.  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
June 27, 2011.


GRUPO HQ: Creditors' Proofs of Debt Due March 21
------------------------------------------------
The court-appointed trustee for Grupo H.Q. S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 21, 2011.

The trustee will present the validated claims in court as
individual reports on May 2, 2011.  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
June 13, 2011.


MAXIM SA: Creditors' Proofs of Debt Due March 11
------------------------------------------------
The court-appointed trustee for Maxim S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 11, 2011.

The trustee will present the validated claims in court as
individual reports on April 28, 2011.  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
June 10, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 23, 2011.


PAN AMERICAN: Moody's Affirms 'Ba1' Global Local Currency Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Pan American Energy LLC's Ba1
global local currency rating and Pan American Energy LLC,
Argentine Branch's Ba1 global local currency rating, Ba2 foreign
currency bond ratings and Aaa.ar National Scale Rating.  The
rating outlook is stable.

The rating action is in response to BP p.l.c.'s (rated A2, Stable)
announcement that is selling its 60% stake in PAE to Bridas
Corporation for approximately US$7.1 billion.  Bridas Corporation,
which is a holding company, currently owns 40% of PAE.  Bridas
Corporation is 50% owned by Bridas Energy Holdings Ltd. and 50% by
CNOOC International Ltd. Bridas Energy Holdings Ltd. is an
unrated, privately owned oil and gas company owned by the
Bulgheroni family.  CNOOC International Ltd. is a subsidiary of
CNOOC Ltd (rated Aa3, Stable), which is 64% owned by China
National Offshore Oil Corp., and which in turn is wholly-owned by
China's State Council and ultimately the People's Republic of
China.  The transaction is expected to be financed with
approximately US$2.1 billion in debt (to be issued at the Bridas
Corporation level) and US$5 billion in equity.  The transaction is
subject to regulatory approval and is expected to close in the
first half of 2011.

"PAE's ratings affirmation reflects Moody's expectation of
continued sound operating performance under the company's new
ownership structure," commented Gretchen French, Moody's Vice
President -- Senior Analyst.  "While financial leverage, including
the acquisition debt, will increase and PAE's dividend payout will
rise and become less flexible, PAE has the financial strength to
accommodate the additional debt and dividend obligations."

PAE's Ba1 rating had only reflected a modest degree of linkage to
BP's ratings.  While Moody's believes that PAE has benefited from
certain operational and technical knowledge as a result of BP's
majority ownership, PAE was financed on a standalone basis and did
not rely on BP for financial support, including during the
Argentine financial crisis.  With CNOOC's 50% stake, PAE will
continue to have a strong owner that operates outside of
Argentina, which has the financial capacity to provide additional
equity into the structure.  Nevertheless, with the change in
ownership, the future operational and financial strategies of PAE
are less certain.  Moreover, PAE's dividend policy will become
less flexible and its dividend burden will increase in order to
support the debt obligations at Bridas Corporation.

With the change in ownership, PAE could experience shifts in
strategic direction and financial policy that could have negative
credit implications.  A new CEO and CFO will be appointed as a
result of the transaction.  However, most of PAE's managerial and
technical staff is expected to be retained, and Moody's does not
expect a material change in PAE's operating performance as a
result of the sale.  PAE has a long track record of growing
reserves and production in Argentina at competitive costs.  It is
Moody's understanding that PAE will continue to maintain
sufficiently high levels of capital spending in order to continue
growing reserves and production.  Over the near to medium term,
both Bridas Corporation and PAE may pursue upstream opportunities
outside of the Southern Cone of Latin America, as well as
downstream opportunities in Argentina.

Consolidated leverage, including the holding company debt at
Bridas Corporation, will increase as a result of the transaction.
However, PAE's Ba1 rating can incorporate some increased leverage,
as its leverage is currently conservative and its overall profile
is indicative of a low investment-grade rated exploration and
production company.  On a consolidated basis and excluding PAE's
Bolivian assets, debt/proved developed reserves will increase from
US$2.34/barrel of oil equivalent at June 30, 2010 to US$4.91/boe
as a result of the transaction.

PAE's dividends, which have historically been variable, will
become less flexible and will rise in order to service the debt
obligations at Bridas Corporation.  As such, PAE's stand-alone
financial leverage will also likely rise somewhat, but is expected
to remain within a range appropriate for the Ba1 rating.
Nevertheless, Moody's note the challenge of maintaining a fixed
dividend payout as an exploration and production company due to
the high level of capital intensity required to maintain even flat
production levels.  Moody's assumes that PAE's dividends will
remain within a range of US$200 to US$600 million per year, and
that dividends may be in the high end of the range over the near
term.

The ratings affirmation and stable outlook assume that PAE will be
able to refinance at reasonable terms any potential change of
control obligations triggered as a result of the change in
ownership.  Nearly all of PAE's outstanding notes (US$750 million)
and bank loans (US$936 million) have a change of control put
option that triggers if BP ceases to own more than 50% of PAE.
Pursuant to the change of control provisions in the note
indentures, bondholders can redeem the notes at 101% of par value
and the redemption right is due 70 days after the occurrence of
the change of control.  In PAE's bank debt, the change of control
is also triggered at closing and repayment of 100% is due within
30 days.  PAE expects to put in place a five-year US$300 million
committed unsecured term loan facility to satisfy potential
obligations.  In addition, the company will have access to a
separate five-year US$200 million committed credit facility.
Management expects to meet any additional obligations with US$400
million in excess cash balances and, if needed, through
uncommitted bank lines in Argentina.  While PAE does not have
committed financing and cash on the balance sheet to redeem all of
its debt obligations subject to the change in control
(approximately US$1.7 billion), Moody's note that several of PAE's
current lenders are expected to participate in its new US$300
million term loan facility.  In addition, with closing of the
transaction not expected to occur until the first half of 2011,
PAE has a modest degree of time to line up additional financing,
if necessary.  Once the change of control offer is completed,
management plans to refinance any additional short term borrowings
on a long term basis.

Given higher consolidated leverage and the fixed nature of the
dividend payout, future flexibility in PAE's ratings is limited.
If PAE's stand-alone leverage materially increases (above $4.00
debt/PD reserves) or if consolidated leverage further rises (above
$6.00 debt/PD reserves), the ratings could be pressured.  The
ratings could also be pressured as a result of diminished
liquidity.  Moody's views PAE's conservative leverage as necessary
for the company to maintain its Ba1 rating due to the lower value
Moody's attribute to its reserve and production profile relative
to its North American peers due to their concentration in an
economically and politically unstable region.

Upward rating momentum is not expected at the present time.  PAE's
Ba1 local currency rating is the highest of Moody's rated
corporates in Argentina and is capped by Argentina's Ba1 local
currency ceiling.

Pan American Energy LLC engages in the exploration and production
of oil and gas in the Southern Cone region of South America and is
headquartered in Buenos Aires, Argentina.


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


AP ENHANCED: Creditors' Proofs of Debt Due December 3
-----------------------------------------------------
The creditors of AP Enhanced Leverage Series 2 Ltd are required to
file their proofs of debt by December 3, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28
-----------------------------------------------------------------
The sole member of AP Enhanced Leverage Series 2 Ltd will receive
on December 28, 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 November 18, 2010.

The company's liquidator is:

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


AP ENHANCED: Creditors' Proofs of Debt Due December 3
-----------------------------------------------------
The creditors of AP Enhanced Leverage Series 3 Ltd are required to
file their proofs of debt by December 3, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28
-----------------------------------------------------------------
The sole member of AP Enhanced Leverage Series 3 Ltd will receive
on December 28, 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 November 18, 2010.

The company's liquidator is:

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


BLUMONT MAN: Creditors' Proofs of Debt Due December 6
-----------------------------------------------------
The creditors of Blumont Man Multi-Strategy Series 2 Ltd are
required to file their proofs of debt by December 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


BLUMONT MAN: Members' Final Meeting Set for January 4
-----------------------------------------------------
The members of Blumont Man Multi-Strategy Series 2 Ltd will hold
their final meeting on January 4, 2010, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


BLUMONT MAN: Creditors' Proofs of Debt Due December 6
-----------------------------------------------------
The creditors of Blumont Man Multi-Strategy Series 4 Ltd are
required to file their proofs of debt by December 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


BLUMONT MAN: Members' Final Meeting Set for January 4
-----------------------------------------------------
The members of Blumont Man Multi-Strategy Series 4 Ltd will hold
their final meeting on January 4, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


CONTINENTAL OFFSHORE: Creditors' Proofs of Debt Due December 15
---------------------------------------------------------------
The creditors of Continental Offshore Fund, Ltd. are required to
file their proofs of debt by December 15, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place
         31 Victoria Street
         Hamilton HM 10
         Bermuda


CONTINENTAL OFFSHORE: Members' Final Meeting Set for December 22
----------------------------------------------------------------
The members of Continental Offshore Fund, Ltd. will hold their
final meeting on December 22, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place
         31 Victoria Street
         Hamilton HM 10
         Bermuda


EYEWEAR BRAND: Creditors' Proofs of Debt Due December 3
-------------------------------------------------------
The creditors of Eyewear Brand Limited are required to file their
proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


EYEWEAR BRAND: Members' Final Meeting Set for December 21
---------------------------------------------------------
The members of Eyewear Brand Limited will hold their final meeting
on December 21, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


HIGHLAND CRUSADER: Court to Hear Wind-Up Petition on December 3
---------------------------------------------------------------
A petition to wind up the operations of Highland Crusader Fund II,
Limited will be heard before the High Court of Bermuda on
December 3, 2010, at 9:30 a.m.


INTERNATIONAL INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 6
------------------------------------------------------------------
The creditors of International Infrastructure Holdings Limited are
required to file their proofs of debt by December 6, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Cox Hallett Wilkinson
         Bermuda


INTERNATIONAL INFRASTRUCTURE: Members' Meeting Set for Dec. 20
--------------------------------------------------------------
The members of International Infrastructure Holdings Limited will
hold their final meeting on December 20, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

         Jonathan D.G. Betts
         Cox Hallett Wilkinson
         Bermuda


LARET-AVIATION LIMITED: Creditors' Proofs of Debt Due December 3
----------------------------------------------------------------
The creditors of Laret-Aviation Limited are required to file their
proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Dr. Hubertus Ludwig
         Aechenvorstadt 4, CH-4010, Basel
         Switzerland


LARET-AVIATION: Members' Final Meeting Set for December 24
----------------------------------------------------------
The members of Laret-Aviation Limited will hold their final
meeting on December 24, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Dr. Hubertus Ludwig
         Aechenvorstadt 4, CH-4010, Basel
         Switzerland


LARKSPUR COMPANY: Members' Final Meeting Set for December 20
------------------------------------------------------------
The members of Larkspur Company Limited will hold their final
meeting on December 20, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House , 4 Par-la-Ville Road
         Hamilton
         Bermuda


MAN GLENWOOD: Creditors' Proofs of Debt Due December 3
------------------------------------------------------
The creditors of Man Glenwood Alternative Strategies III Ltd are
required to file their proofs of debt by December 3, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


MAN GLENWOOD: Sole Member to Receive Wind-Up Report on December 28
------------------------------------------------------------------
The sole member of Man Glenwood Alternative Strategies III Ltd
will receive on December 28, 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 November 18, 2010.

The company's liquidator is:

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


MAN HEDGE: Creditors' Proofs of Debt Due December 3
---------------------------------------------------
The creditors of Man Hedge Diversified Ltd are required to file
their proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


MAN HEDGE: Sole Member to Receive Wind-Up Report on December 28
---------------------------------------------------------------
The sole member of Man Hedge Diversified Ltd will receive on
December 28, 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 November 18, 2010.

The company's liquidator is:

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


MGAH BETA: Creditors' Proofs of Debt Due December 3
---------------------------------------------------
The creditors of MGAH Beta Hedge Limited are required to file
their proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


MGAH BETA: Members' Final Meeting Set for December 24
-----------------------------------------------------
The members of MGAH Beta Hedge Limited will hold their final
meeting on December 24, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


MGSIS CLASS: Creditors' Proofs of Debt Due December 3
-----------------------------------------------------
The creditors of MGSIS Class D1 Man MGS Access EUR Protected
Trading Ltd are required to file their proofs of debt by
December 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28
-----------------------------------------------------------------
The sole member of MGSIS Class D1 Man MGS Access EUR Protected
Trading Ltd will receive on December 28, 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 November 18, 2010.

The company's liquidator is:

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


MGSIS CLASS: Creditors' Proofs of Debt Due December 3
-----------------------------------------------------
The creditors of MGSIS Class E1 Man MGS Access USD Protected
Trading Ltd are required to file their proofs of debt by December
3, 2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28
-----------------------------------------------------------------
The sole member of MGSIS Class E1 Man MGS Access USD Protected
Trading Ltd will receive on December 28, 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 November 18, 2010.

The company's liquidator is:

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


PENTELIA RE: Creditors' Proofs of Debt Due December 13
------------------------------------------------------
The creditors of Pentelia Re (Bermuda) Ltd. are required to file
their proofs of debt by December 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2010.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


PENTELIA RE: Sole Member to Receive Wind-Up Report on December 23
-----------------------------------------------------------------
The sole member of Pentelia Re (Bermuda) Ltd. will receive on
December 23, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 16, 2010.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


SPARX TOKUGAWA: Creditors' Proofs of Debt Due December 3
--------------------------------------------------------
The creditors of SPARX Tokugawa Fund Limited are required to file
their proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


SPARX TOKUGAWA: Members' Final Meeting Set for December 21
----------------------------------------------------------
The members of Sparx Tokugawa Fund Limited will hold their final
meeting on December 21, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


WAVE INSURANCE: Creditors' Proofs of Debt Due December 3
--------------------------------------------------------
The creditors of The Wave Insurance Co., Ltd. are required to file
their proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


WAVE INSURANCE: Members to Receive Wind-Up Report on December 23
----------------------------------------------------------------
The members of The Wave Insurance Co., Ltd. will receive on
December 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 November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


AMPSS 2007-4: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of AMPSS 2007-4 SPC are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


ATTUNGA AGRICULTURAL: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------------
The creditors of Attunga Agricultural Trading (Offshore) Fund are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 1, 2010.

The company's liquidator is:

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


COLD SPRING: Creditors' Proofs of Debt Due December 22
------------------------------------------------------
The creditors of Cold Spring Company Limited are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592
         Landmark Square, 3rd Floor
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


CRYSELLA IAM: Creditors' Proofs of Debt Due December 14
-------------------------------------------------------
The creditors of Crysella Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ECP (NQ): Creditors' Proofs of Debt Due December 22
---------------------------------------------------
The creditors of ECP (NQ) Cayman GP Limited are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


ELECTRON IAM: Creditors' Proofs of Debt Due December 14
-------------------------------------------------------
The creditors of Electron Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


FOCUS IAM: Creditors' Proofs of Debt Due December 14
----------------------------------------------------
The creditors of Focus Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


GUEDOLA FUND: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of Guedola Fund SPC are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 3, 2010.

The company's liquidator is:

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


HAILSTONE IAM: Creditors' Proofs of Debt Due December 14
--------------------------------------------------------
The creditors of Hailstone Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


HSBC STRUCTURED: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of HSBC Structured Financing (Me) Limited are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 8, 2010.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


MARIGOLD IAM: Creditors' Proofs of Debt Due December 14
-------------------------------------------------------
The creditors of Marigold Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MASTER TREND: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of Master Trend Global Opportunities Master Fund
(Cayman) Limited are required to file their proofs of debt by
December 22, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


MUA320-99 LIMITED: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of MUA320-99 Limited are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 8, 2010.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


PARK HOUSE: Creditors' Proofs of Debt Due December 22
-----------------------------------------------------
The creditors of Park House Investments Limited are required to
file their proofs of debt by December 22, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


PEBBLE IAM: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------
The creditors of Pebble Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


RHYTHMS IAM: Creditors' Proofs of Debt Due December 14
------------------------------------------------------
The creditors of Rhythms Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


SAMARA IAM: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------
The creditors of Samara Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


SR ALTERNATIVE: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------
The creditors of SR Alternative Financing I SPC are required to
file their proofs of debt by December 13, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 28, 2010.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SUNBEAM IAM: Creditors' Proofs of Debt Due December 14
------------------------------------------------------
The creditors of Sunbeam Iam Limited are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


SUNDERLAND ASSET: Creditors' Proofs of Debt Due December 22
-----------------------------------------------------------
The creditors of Sunderland Asset Funding Limited are required to
file their proofs of debt by December 22, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 8, 2010.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


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


TRANSNGAS DE OCCIDENTE: Fitch Affirms 'BB+' Rating on Senior Notes
------------------------------------------------------------------
Fitch ratings has affirmed and simultaneously withdraws its 'BB+'
long term rating on Transngas de Occidente's 9.79% Senior Secured
Notes due 2010.

As Fitch was expecting, earlier in the month, TransGas's issuance
was paid in full.  Consequently, Fitch withdraws the rating of
outstanding debt related to the project.


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


* JAMAICA: Government Money Woes Deepen in October
--------------------------------------------------
The Jamaican Ministry of Finance has released data showing its
money woes deepened in October, with revenues falling behind
expectations by JM$4 billion, RadioJamaica reports.

According to the report, the lower-than-expected revenue inflow
was due mainly to grants not coming in as fast as expected.
Delayed tax and bauxite levy collections also contributed to the
lower revenue outturn for the government, RadioJamaica notes.

RadioJamaica says that the lower revenue outturn was, however,
tempered by savings from lower interest payments on the debt and a
slower than projected roll-out of capital projects.

                          *     *     *

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


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


MEXICANA AIRLINE: To Resume Flights in Two Weeks, Minister Says
---------------------------------------------------------------
Compania Mexicana de Aviacion or Mexicana Airlines may restart
flying in the second half of December, Xinhua Net reports, citing
Mexico Labor Minister Javier Alarcon.

"The three unions involved and investor PC Capital will sign new
labor contracts in the next few days," Mr. Alarcon told state news
agency Notimex, the report relates.  "With these, operations will
be 100 percent normalized in January," he added.

According to Xinhua Net, PC Capital has promised to pay all
workers a redundancy fee in cash, short-term debt and shares.
After relaunch, the airline will only resume 30 of its 100
airlines originally, including six U.S. routes and no more than
five within Mexico, the report discloses.

                       About Mexicana Airline

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


                            ***********

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. Agravante, 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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