TCRLA_Public/101216.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

           Thursday, December 16, 2010, Vol. 11, No. 248

                            Headlines



A R G E N T I N A

BAUTEL SRL: Creditors' Proofs of Debt Due April 18
CONSTRUCTORA Y EDIFICADORA: Creditors' Proofs of Debt Due Feb. 16
JAGER BURO: Creditors' Proofs of Debt Due February 15
MEDICAL IMAGE: Creditors' Proofs of Debt Due March 1
PIRUCHOS SRL: Creditors' Proofs of Debt Due March 4


B E L I Z E

CROC LAND: Goes Into Receivership


B R A Z I L

INPAR SA: Moody's Assigns 'B1' Rating to Senior Debentures


C A Y M A N  I S L A N D S

AFA VILANDA: Shareholders' Final Meeting Set for December 23
ALVANTAGE ABSOLUTE: Shareholders' Final Meeting Set for Dec. 23
ANTIRO CONVERTIBLE: Members Receive Wind-Up Report
ANTIRO CONVERTIBLE: Shareholder to Hear Wind-Up Report on Dec. 23
ASIAN INFRASTRUCTURE: Shareholders' Final Meeting Set for Dec. 29

BANK OF AMERICA: Shareholders' Final Meeting Set for January 14
BEAGHTON CROSS-MARKET: Member to Hear Wind-Up Report on Dec. 22
BEAGHTON INVESTMENT: Member to Hear Wind-Up Report on December 22
BLAU HERD: Shareholders' Final Meeting Set for December 20
BOMBAY HOLDINGS: Shareholders' Final Meeting Set for December 23

CADOGAN TERTIUS: Members Receive Wind-Up Report
CRYSTAL OCEAN: Shareholder Receives Wind-Up Report
CRYSTAL OCEAN: Shareholder Receives Wind-Up Report
E-NEW MEDIA: Shareholders' Final Meeting Set for January 5
EAGLE DIRECTORS: Shareholders' Final Meeting Set for December 28

GLIMMERGLASS NETWORKS: Shareholders' Final Meeting Set for Dec. 24
HCM CREDIT: Shareholder to Receive Wind-Up Report on December 22
HCM CREDIT: Shareholder to Receive Wind-Up Report on December 22
HORIZONONE ENERGY: Shareholders' Final Meeting Set for December 31
HSE PARTNERS: Shareholder to Hear Wind-Up Report on December 23

LEHMAN BROTHERS: Shareholders' Final Meeting Set for December 20
ONIX INVESTMENT: Shareholder Receives Wind-Up Report
PEQUOT SPECIAL: Shareholder Receives Wind-Up Report
PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 16
RASMALA ISLAMIC: Shareholders' Final Meeting Set for December 20

RASMALA ISLAMIC: Shareholders' Final Meeting Set for December 20
TETRA OFFSHORE: Shareholder to Hear Wind-Up Report on December 22
TOURADJI DEEPROCK: Shareholder Receives Wind-Up Report
TOURADJI DEEPROCK: Shareholder Receives Wind-Up Report
WESTINVEST CORP: Shareholders' Final Meeting Set for December 20


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Affirms 'B-' Issuer Default Rating
* ECUADOR: IDB Provides US$78 Million Loan


G U A T E M A L A

EMPRESA ELECTRICA: Moody's Affirms 'Ba3' Corporate Family Rating


P A R A G U A Y

* PARAGUAY: Banco Continental to Receive US$40-Mil. Loan From IDB


X X X X X X X X

Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BAUTEL SRL: Creditors' Proofs of Debt Due April 18
--------------------------------------------------
The court-appointed trustee for Bautel S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 18, 2011.

The trustee will present the validated claims in court as
individual reports on May 30, 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
July 11, 2011.


CONSTRUCTORA Y EDIFICADORA: Creditors' Proofs of Debt Due Feb. 16
-----------------------------------------------------------------
Ines Berta Petrone, the court-appointed trustee for Constructora y
Edificadora Federal SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 16, 2011.

Ms. Petrone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ines Berta Petrone
         Mercedes 313
         Argentina


JAGER BURO: Creditors' Proofs of Debt Due February 15
-----------------------------------------------------
The court-appointed trustee for Jager Buro S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 15, 2011.

The trustee will present the validated claims in court as
individual reports on March 31, 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
May 20, 2011.


MEDICAL IMAGE: Creditors' Proofs of Debt Due March 1
----------------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Medical Image
Diagnostico por Imagenes SA's reorganization proceedings, will be
verifying creditors' proofs of claim until March 1, 2011.

Ms. Clos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 7, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Ines Etelvina Clos
         Sarmiento 944
         Argentina


PIRUCHOS SRL: Creditors' Proofs of Debt Due March 4
---------------------------------------------------
The court-appointed trustee for Piruchos S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 4, 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 21, 2011.


===========
B E L I Z E
===========


CROC LAND: Goes Into Receivership
---------------------------------
Channel 5 reports that Croc Land has also gone into receivership.

According to an ad in the newspapers, Arturo Vasquez and Kevin
Castillo have been appointed as joint receivers and managers of
Belize Crocodiles and Reptiles Breeders Limited of Calle al Mar,
Belize City, Channel 5 relates.

Channel 5 notes that the business is the parent company of
Crocland which is owned by businessman Luke Espat.


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


INPAR SA: Moody's Assigns 'B1' Rating to Senior Debentures
----------------------------------------------------------
Moody's has assigned a B1 local currency rating and Baa2.br
Brazilian national scale rating to Inpar S.A.'s proposed BRL300
million senior secured 5-year debentures.  At the same time,
Moody's affirmed Inpar's B1/Baa2.br corporate family ratings.  The
outlook for the ratings is stable.

Ratings Assigned:

  -- BRL300 million 5-year senior secured debentures: B1 (global
     scale) / Baa2.br (Brazilian national scale)

Ratings Affirmed:

  -- Corporate Family Rating: B1 (global scale) / Baa2.br
     (Brazilian national scale)

  -- Outlook: stable

                        Ratings Rationale

"Inpar's B1 corporate family rating reflects its strong brand name
in the homebuilding industry, where the company is one of the
market leaders in the southeast region of Brazil, as well as the
ownership by Paladin Prime Residential Investors (Brazil), LLC, a
company with long experience in real-estate in many emerging
markets", said Moody's Analyst, Marcos Schmidt.  "The ratings also
reflect the strengthened capital structure following the issuance
of BRL180 million in new equity in 2009 and an additional BRL280
million in 2010, the proven good liquidity in the company's
assets, which enabled the company to raise BRL200 million from
June 2008 to April 2009 and the company's solid track record of
more than BRL7.0 billion in PSV ("Potential Sales Value") launched
and more than 15,000 units delivered (equivalent to around BRL5.0
billion in PSV) since 1995", added Schmidt.

The B1 rating is further supported by the benefits of pent-up
housing demand in Brazil, especially among the lower-income
market, the segment that will represent the vast majority of the
future launches (83%), with units priced below BRL350,000.  The
government support and incentives toward lower-income housing,
management and corporate governance enhancements after the
takeover by Paladin in 2008 as well as the committed lines for
construction that Inpar has available with commercial banks and
are funded by SFH ("Sistema Financeiro de Habitacao") are seen as
rating positives.

However, Inpar's B1 corporate family rating is constrained by the
company's relatively small size when compared to its international
peers and certain local competitors, and its poor financial
strategy track record under the previous controlling group.  Other
factors constraining Inpar's rating include limited internal cash
flow generation, given the stage of the projects that were
launched after the IPO in 2007, and its dependence on Caixa
Economica Federal (A3/STA) or other commercial banks for financing
a large portion of its sales and the homebuyer's credit quality at
the end of the construction process especially with the shift in
focus towards the lower income segments.

Furthermore, the ratings consider Inpar's geographic concentration
of its landbank in the southeast region of Brazil and in the lower
income segment, and execution risks associated with its strategy
of growing in the low-income housing market, given the large
number of competitors, some of which have a high level of
expertise in this segment.  The risk of operating in the lower-
income segment is partially mitigated by Inpar's experience in
operating in this segment since 1999 through joint ventures, and
through its low and mid-income brand ViVer that has delivered
5,000 units valued at approximately BRL1.5 billion, and by the
smaller size of many of its competitors which enhances Inpar's
relative bargaining power with suppliers, land owners, banks and
homebuyers.

At the end of September, 2010 the company had BRL212 million of
cash on balance sheet and BRL339 million of ST debt, despite the
small proportion of cash compared to ST debt Moody's have to take
in account that most of the debt coming due during the next twelve
months, around 80%, are linked to projects that will be also
delivered during the same period.  These projects will be
delivered to the homebuyers after they get their mortgages from
CEF or other commercial banks, the mortgages will then pay down
the ST loans.  The projects being delivered during the 4Q'10 have
a PSV of BRL205 million, while there are BRL1.4 billion more in
PSV being delivered during 2011.  Only around 20% of the ST debt
is related to corporate debt, leaving the company with a
comfortable debt maturity schedule.

Besides the BRL300 million proceeds from the proposed secured
debentures, the company has around BRL600 million available in SFH
loans that are sufficient to finance the construction of all its
already launched projects.

At the end of September, 2010 Inpar had a landbank with a PSV of
BRL11.2 billion of which BRL3.8 billion (34%) can be launched
during the next three years according the company's current
operating capacity, 80% of those launches are focused in the
middle and low income segments.  It is important to note that the
company already has signed 100% of the financing to launch and
build all the BRL3.8 billion.

A corporate family rating is an opinion on the expected loss
associated with the debt obligations of a group of companies
assuming that it had one single class of debt and is a single
consolidated legal entity.  Specific debt instruments for the same
corporate family may be rated differently, depending on their
seniority and guarantors, as compared to other debt instruments
issued by the group.

Moody's assigned a B1 rating on the global scale and Baa2.br on
the Brazilian national scale to Inpar's proposed BRL300 million
senior secured 5-year debentures, the same level as the corporate
family ratings.  The ratings consider the sizable amount of
secured debt in Inpar's capital structure of almost 100% and the
likelihood that the secured proportion will stay at this level
given the reliance on SFH loans.

Inpar's B1 local currency corporate family rating reflects its
global default and loss expectation, while the Baa2.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated Baa2.br
demonstrate average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The stable outlook assumes that the demand for lower income
housing and financing to homebuyers will remain steady and Inpar
will be able to execute its planned launches through 2012, and
that the returns on cash invested in the construction of projects
since 2007 will materialize in 2011 improving the company's cash
flow based debt protection metrics.  The stable outlook also
assumes that the company will maintain the minimum cash balance of
BRL200 million as to preserve healthy liquidity and a cushion to
face eventual weaker economic environment and more difficult
capital market conditions.

Although unlikely in the near term Inpar's rating or outlook could
experience upward pressure if the company improves its cash-flow
based credit metrics through reduced working capital requirements
over time.  Mortgage availability at an earlier point in the
construction cycle, which is more common in the lower income and
middle-income segments in which the company is increasing its
presence, are an important factor in Inpar's ability to reduce its
sizable investments in working capital.  Quantitatively, positive
pressure could arise from sustainable positive cash flow from
operations, total debt/capitalization maintained below 40% (45.1%
at the end of September, 2010) and interest coverage (EBIT /
Interest) above 6 times (2.0 times in the last twelve months ended
in September, 2010) on a sustainable basis.

Inpar's ratings or outlook would likely suffer downward pressure
if Total Debt to Capitalization ratio is sustained above 50%
(45.1% at the end of September, 2010) or if the company were to
face a significant deterioration in the quality of its
receivables, especially in a more adverse macro-economic scenario.
A downgrade could also be triggered by a deterioration in Inpar's
liquidity profile due to a reduction in the availability and
timeliness of disbursements from SFH credit lines that the company
has actually available with CEF and commercial banks.

Headquartered in Sao Paulo, Brazil, and founded in 1992, Inpar is
an integrated homebuilder historically focused in high-rise
construction for the middle and mid-high income families.  Inpar
has a solid track record of operations having delivered more than
15,000 units since 1995.  Concentrated in the southeast region,
mainly in Sao Paulo, Inpar has changed its main focus towards the
middle and low income segments.  The company is also involved in
commercial, tourism and land development segments spread across 17
states targeting all income brackets.  Inpar had net revenues of
BRL655 million during the last twelve months ended in September
2010.


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


AFA VILANDA: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------
The shareholders of Afa Vilanda Fund Ltd. will hold their final
meeting on December 23, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


ALVANTAGE ABSOLUTE: Shareholders' Final Meeting Set for Dec. 23
---------------------------------------------------------------
The shareholders of Alvantage Absolute Return Master Fund, Ltd.
will hold their final meeting on December 23, 2010, at 2:30 p.m.,
to receive 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


ANTIRO CONVERTIBLE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Antiro Convertible Bond Fund Limited received on
December 14, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623-9904
         Facsimile: (345) 943-9900


ANTIRO CONVERTIBLE: Shareholder to Hear Wind-Up Report on Dec. 23
-----------------------------------------------------------------
The sole shareholder of Antiro Convertible Bond Master Ingenious
Fund of Hedge Funds 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's liquidator is:

         DR. Bevan Blair
         15 Golden Square London W1F 9JG
         United Kingdom


ASIAN INFRASTRUCTURE: Shareholders' Final Meeting Set for Dec. 29
----------------------------------------------------------------
The shareholders of Asian Infrastructure Fund Management Company
Limited L.D.C will hold their final meeting on December 29, 2010,
at 10:00 a.m., to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


BANK OF AMERICA: Shareholders' Final Meeting Set for January 14
---------------------------------------------------------------
The shareholders of Bank Of America Trust and Banking Corporation
(Cayman) Limited will hold their final meeting on January 14,
2011, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


BEAGHTON CROSS-MARKET: Member to Hear Wind-Up Report on Dec. 22
---------------------------------------------------------------
The sole member of Beaghton Cross-Market Fund Limited will receive
on December 22, 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:

         K. D. Blake
         David Thacker
         Telephone: +1 345-815-2631
         Facsimile: +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


BEAGHTON INVESTMENT: Member to Hear Wind-Up Report on December 22
-----------------------------------------------------------------
The sole member of Beaghton Investment Services Limited will
receive on December 22, 2010, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K. D. Blake
         David Thacker
         Telephone: +1 345-815-2631
         Facsimile: +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


BLAU HERD: Shareholders' Final Meeting Set for December 20
----------------------------------------------------------
The shareholders of Blau Herd Enterprises will hold their final
meeting on December 20, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


BOMBAY HOLDINGS: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------------
The shareholders of Bombay Holdings Limited will hold their final
meeting on December 23, 2010, at 2:45 p.m., to receive 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


CADOGAN TERTIUS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Cadogan Tertius Fund (Cayman), Ltd. received on
December 14, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CRYSTAL OCEAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Crystal Ocean Fund Ltd. received on
December 17, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


CRYSTAL OCEAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Crystal Ocean Master Fund Ltd. received on
December 17, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


E-NEW MEDIA: Shareholders' Final Meeting Set for January 5
----------------------------------------------------------
The shareholders of E-New Media Digital Entertainment Limited will
hold their final meeting on January 5, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Derek Wai Choi Leung
         Suites 3301-03, 33rd Floor
         Tower 2, Nina Tower 8
         Yeung Uk Road, Tsuen Wan
         New Territories
         Hong Kong
         Telephone: (852) 2594 0600
         Facsimile: (852) 2519 3954


EAGLE DIRECTORS: Shareholders' Final Meeting Set for December 28
----------------------------------------------------------------
The shareholders of Eagle Directors Ltd. will hold their final
meeting on December 28, 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 liquidator is:

         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre, Suite # 7
         802 West Bay Road
         Grand Cayman KY1-1003
         Cayman Islands
         Telephone: +1 345 769 3400
         Facsimile: +1 345 769 3404


GLIMMERGLASS NETWORKS: Shareholders' Final Meeting Set for Dec. 24
------------------------------------------------------------------
The shareholders of Glimmerglass Networks (Cayman) Ltd. will hold
their final meeting on December 24, 2010, at 10:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman, KY1-1205
         Cayman Islands


HCM CREDIT: Shareholder to Receive Wind-Up Report on December 22
----------------------------------------------------------------
The sole shareholder of HCM Credit Plus Master Fund, Ltd. will
receive on December 22, 2010, at 12:00 noon, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


HCM CREDIT: Shareholder to Receive Wind-Up Report on December 22
----------------------------------------------------------------
The sole shareholder of HCM Credit Plus Offshore Fund, Ltd. will
receive on December 22, 2010, at 11:45 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


HORIZONONE ENERGY: Shareholders' Final Meeting Set for December 31
------------------------------------------------------------------
The shareholders of Horizonone Energy Plus Offshore Fund Ltd. will
hold their final meeting on December 31, 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:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


HSE PARTNERS: Shareholder to Hear Wind-Up Report on December 23
---------------------------------------------------------------
The sole shareholder of HSE Partners Ltd will receive on
December 23, 2010, at 3:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         Ann Smith
         Telephone: 345-914-4383/ 345-949-4800
         Facsimile: 345-949-7164/ 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for December 20
----------------------------------------------------------------
The shareholders of Lehman Brothers Alpha Transport Fund, SPC 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 liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


ONIX INVESTMENT: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Onix Investment Fund received on December 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


PEQUOT SPECIAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pequot Special Opportunities Partners (Cayman)
Ltd. received on December 17, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 16
----------------------------------------------------------------
The sole shareholder of The Perpetuation Fund will receive on
December 16, 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:

         Ogier
         Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


RASMALA ISLAMIC: Shareholders' Final Meeting Set for December 20
----------------------------------------------------------------
The shareholders of Rasmala Islamic Global Real Estate Opportunity
Fund will hold their final meeting on December 20, 2010, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RASMALA ISLAMIC: Shareholders' Final Meeting Set for December 20
----------------------------------------------------------------
The shareholders of Rasmala Islamic Global Real Estate Opportunity
Ltd. will hold their final meeting on December 20, 2010, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TETRA OFFSHORE: Shareholder to Hear Wind-Up Report on December 22
-----------------------------------------------------------------
The sole shareholder of Tetra Offshore Fund, Ltd. will receive on
December 22, 2010, at 12:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


TOURADJI DEEPROCK: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of Touradji Deeprock Master Fund, Ltd.
received on December 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Hayden Isbister
         Telephone: (345) 815-1815
         Facsimile: (345) 949-9877


TOURADJI DEEPROCK: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of Touradji Deeprock Offshore Fund, Ltd.
received on December 14, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Hayden Isbister
         Telephone: (345) 815-1815
         Facsimile: (345) 949-9877


WESTINVEST CORP: Shareholders' Final Meeting Set for December 20
----------------------------------------------------------------
The shareholders of Westinvest Corp. will hold their final meeting
on December 20, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


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


BANCO DE LA PRODUCCION: Fitch Affirms 'B-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion y Subsidiarias'
ratings:

  -- Foreign currency long-term Issuer Default Rating at 'B-';
  -- Foreign currency short-term IDR at 'B';
  -- Support rating at '5';
  -- Support Floor at 'NF'

At the same time, Fitch has assigned an Individual rating of 'D'
to Produbanco.

The Rating Outlook is Stable.

Produbanco's Individual rating and IDR reflect its sound capital
level, strong franchise, experienced management, good asset
quality, adequate reserves, and ample liquidity.  The ratings are
burdened by Ecuador's significant political and regulatory
uncertainty and also consider its loan and investment
concentration and overall challenging environment.  The ratings
are constrained by the country ceiling.

In spite of Produbanco's important deposit market share, Fitch
believes that government support cannot be relied upon, should it
be necessary, given Ecuador's weak fiscal standing and lack of a
lender of last resort.

Produbanco's IDRs could improve if Ecuador's country ceiling
improves.  In addition, if uncertainty over its regulatory and
operating environment recedes and the bank maintains capital
ratios, asset quality and performance within reasonable levels,
its individual rating could improve.  Severe asset deterioration,
weak performance, or further government intervention affecting the
bank's liquidity or balance sheet, would pressure ratings
downward.

Produbanco's performance continues to be restrained - albeit
stable - by regulated pricing that limits loan growth and curbs
non-interest revenues.  The bank's operating revenues into 2010
were driven by higher loan volumes, resilient non-interest
revenues despite stalling margins.  Operating costs increased
moderately while credit cost grew, in part due to regulatory
tightening.  Efficiency improved but remains worse than the
industry average and profitability stabilized with an ROAE that
stood at 12% at June 2010, while ROAA reached 0.9%.

Asset quality improved in 2010 and remains better than the
industry average with adequate reserve coverage.  Deposits are
well diversified and appear more stable than in early 2009.
Capital ratios declined slightly as the bank resumed growth but
remain above the industry average and should be considered along
with loan loss reserves.

Government-set pricing should continue to affect operating
revenues, pressuring margins and limiting non-interest revenue
growth.  Given the economic prospects, loan growth should remain
moderate into 2011, thus, revenues could be pressured by tight
margins with revenue diversification somewhat offsetting their
impact.  Operating costs should increase in line with assets but
credit costs should remain moderate.  Gains in efficiency will be
slow to come as they are likely to come more from increased
revenues than from lower costs.  Hence, overall profitability and
capital ratios should remain stable at the current levels.

Incorporated in 1978, Produbanco is Ecuador's fourth largest bank
by assets (10% of the system's assets at June 2010).  Historically
focused on corporate banking, it has expanded into retail banking
in the past few years.  The bank is also active in fund management
and securities brokerage.


* ECUADOR: IDB Provides US$78 Million Loan
------------------------------------------
Ecuador will improve its births registration and citizens'
identification with the creation of new documentation centers that
will help virtually all Ecuadoreans to have ID cards within a
four-year period under an initiative partially financed by a US$78
million loan approved by the Inter-American Development Bank
(IDB).

The project will help build, remodel, and equip 183 provincial and
canton Civil Registration System agencies.

These moves will bring the Civil Registration Service closer to
the population, reaching out to the country's most distant and
unprotected localities.

The loan is for a 25-year term, with three years of grace, at a
variable interest rate based on Libor.  The Government of Ecuador
will provide US$15.5 million in additional local counterpart
funds.

                          *     *     *

As of December 15, 2010, the company continues to carry Moody's
"Caa2" country ceiling long term bank deposit and currency deposit
ratings.


=================
G U A T E M A L A
=================


EMPRESA ELECTRICA: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 Corporate Family Rating
and senior unsecured rating of Empresa Electrica de Guatemala S.A.
and changed the rating outlook to stable from negative.

The rating action is driven by Moody's belief that EEGSA's capital
structure will not change materially, after the October 2010
acquisition by the Colombian multi-utility group, Empresas
Publicas de Medellin (Baa3 local currency issuer rating and
foreign currency senior unsecured rating).  The rating action
further reflects Moody's belief that EEGSA's relationship with the
Guatemalan regulator, Comision Nacional de Electricidad should
improve following the change in ownership, particularly given the
litigious relationship that had developed between EEGSA's previous
owners and the CNEE.  The rating action further acknowledges the
improvement in EEGSA's cash from operations following the recovery
of previously deferred power procurement costs.

EEGSA's Ba3 CFR reflects Moody's view that the Guatemalan
regulatory framework continues to develop, as evidenced by the
lack of predictability during the last review of the Value Added
of Distribution-tariffs in 2008.  The rating incorporates EEGSA's
limited geographic diversification given the size of its service
territory in Guatemala (Ba1 FC rating; stable) and its related
customer base.  The rating recognizes that EEGSA is likely to
report key credit metrics that are consistent with the Baa rating
category over the medium term, despite the deterioration in credit
metrics after the last VAD-decision.  The next VAD review is
scheduled for mid-2013.  The rating action acknowledges the
previous owners' substantial dividend payout of Q494.2 million
during 2010 and factors in Moody's belief that EEGSA will
distribute a substantial percentage of annual earnings each year
to the new owners, while keeping a watchful eye on the company's
liquidity requirements.  In this regard, Moody's expects that
EEGSA will report retained cash flow to debt in the mid-teens and
report cash flow coverage of interest expense at 4.0x.

Moody's understands that to date no debtholder has exercised its
change of control rights embedded in the financial documentation
of EEGSA's current outstanding US$70million 8.5% senior unsecured
144-A notes due in December 2014.  While Moody's understands that
EEGSA only has an uncommitted bank commitment to fund any
potential mandatory prepayment, Moody's gain some comfort from the
fact that EEGSA's affiliate company, COMEGSA, irrevocably
guarantees this indebtedness.  It is also Moody's expectation that
EPM would provide EEGSA the funds to meet such obligations, if
required.

The stable outlook reflects Moody's expectation the new indirect
majority shareholder will continue implementing EEGSA's prudent
liquidity policy such that the dividend distributions are managed
in a way that allows EEGSA to maintain a substantial cash balance
to comfortably bridge any working capital needs, particularly in
the absence of a committed credit facility.  The stable rating
outlook further factors in Moody's belief that the relation with
the regulator will gradually improve over the next several years.

EEGSA's ratings are unlikely to be considered for an upgrade as
the rating is capped by Moody's concerns about the predictability
and transparency of the tariff review process particularly in
light of the most recent tariff reviews, including the 2008 VAD
tariff review; however, if the outcome of the next VAD review is
considered more reasonable from a credit perspective, providing
tangible evidence of a better working relationship between EEGSA
and CNEE, upward rating pressure could surface.  This is
especially true if the utility's RCF to debt is in the low to mid
20% range and cash flow interest coverage exceeds 5.0x on a
sustainable basis.

EEGSA's ratings could be downgraded if the issuer does not manage
internal liquidity in a prudent fashion and chooses to pay
substantial dividends to its shareholders leaving the liquidity of
EEGSA and COMEGSA strained relative to its working capital
requirements and other required capital needs.  Moreover, if
EEGSA's financial performance weakens significantly, such that RCF
to debt and interest coverage falls below 13% and 3.5x,
respectively, for an extended period, downward rating pressure
could surface.  Also, to the extent that further deterioration in
the regulatory environment surfaces which negative affects the
ability to recover costs on a timely basis could place downward
pressure on the ratings.

The last rating action on EEGSA was on October 22, 2010 when its
Ba3 rating was affirmed with a negative outlook following the
announcement of its acquisition by EPM.

Headquartered in Guatemala City, EEGSA is the largest distribution
company in the country in terms of GWh distributed.  EEGSA owns
100% of the distribution assets within its service area and
operates under an Authorization Agreement expiring in 2048, to
provide electric distribution services to the Departments of
Guatemala, Escuintla and Sacatepequez.  EEGSA is owned 80.8% by
Distribuidora Electrica Centroamericana Dos (II) S.A. (DECA II),
14.2% by the Guatemalan government, 3% by individual shareholders,
and 2% by EEGSA employees.  DECA II was acquired by EPM October
22, 2010.


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


* PARAGUAY: Banco Continental to Receive US$40-Mil. Loan From IDB
-----------------------------------------------------------------
The Inter-American Development Bank closed a US$40 million
syndicated loan with Banco Continental in Paraguay to help fund
lending to small and medium-sized business.

The operation consists of a five-year loan of US$25 million (A
Loan) from the IDB's own resources with a two-year grace period;
and US$15 million syndicated loan (B Loan) involving private
investors through the sale of participations divided in two
tranches.

The first tranche of US$5 million, funded by Dexia Micro-Credit
Fund, managed by BlueOrchard, has a three-year bullet repayment.

The second tranche of US$10 million, with a five-year maturity and
two-year grace period, was funded by responsAbility SICAV (Lux)
Mikrofinanz-Fonds and responsAbility SICAV (Lux) Microfinance
Leaders, managed by responsAbility Social Investments AG. The IDB
was the lead arranger in this transaction.

This transaction constitutes a milestone for Banco Continental and
the IDB.  This is the first ever internationally syndicated Loan
in Paraguay, and the first time that the IDB has engaged with
responsibility as lender for an operation.  For Banco Continental,
it is the first time to access international investors through a
syndication.

                  About Banco Continental

Founded in 1980, Banco Continental is one of the main banks in
Paraguay.

                           About IDB

The Inter-American Development Bank is the principal source of
long-term financing for projects of economic development in Latin
America and the Caribbean.  Its Structured and Corporate Finance
Department is responsible for projects without sovereign
guaranties that include loans and partial credit guaranties for
clients in both the private and public sectors.

                         *     *     *

As of December 15, 2010, the country continues to carry Moody's
"B2" country ceiling long term bank deposit rating and "Ba3"
country ceiling long term bank currency debt rating.  The country
also continues to carry Standard and Poor's "B+" currency long-
term debt ratings and "B" currency short term debt ratings.


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


Upcoming Meetings, Conferences and Seminars
-------------------------------------------

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      Camelback Inn, a JW Marriott Resort & Spa,
      Scottsdale, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   22nd Annual Winter Leadership Conference
      Camelback Inn, Scottsdale, Arizona
         Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Distressed Investing Conference
      Aria Las Vegas
         Contact: http://www.turnaround.org/

Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Caribbean Insolvency Symposium
      Westin Casuarina Resort & Spa, Grand Cayman Island
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Valcon
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
         Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

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

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

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



                   * * * End of Transmission * * *