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

            Friday, December 17, 2010, Vol. 11, No. 249

                            Headlines



A N G U I L L A

TEMENOS ANGUILLA: Cypress Equities Plans to Take Over Firm


A R G E N T I N A

ALL I OLI: Creditors' Proofs of Debt Due March 11
ALTNER SRL: Creditors' Proofs of Debt Due March 1
ATET SRL: Creditors' Proofs of Debt Due March 11
BLOCKBUSTER ARGENTINA: Asks for Declaration of Bankruptcy
DBD SRL: Asks for Preventive Contest

EL 18: Creditors' Proofs of Debt Due March 23
FUENTES SRL: Creditors' Proofs of Debt Due March 11
INDUSERV SA: Creditors' Proofs of Debt Due March 11


B E L I Z E

NATIONAL TRANSPORT: Taken Over by Receivers, 275 Staff Sent Home


B R A Z I L

BES INVESTIMENTO: Moody's Gives Negative Outlook on 'D+' Rating


C A Y M A N  I S L A N D S

AQR GLOBAL: Shareholder to Receive Wind-Up Report on December 21
AQR RC: Shareholder to Receive Wind-Up Report on December 21
BABCOCK & BROWN: Shareholders' Final Meeting Set for December 22
BABCOCK & BROWN: Shareholders' Final Meeting Set for December 22
BOLISA 1999: Shareholders' Final Meeting Set for December 24

CCP STORM: Shareholders Receive Wind-Up Report
CONCENTRIC EUROPEAN: Shareholders' Final Meeting Set for Dec. 23
CONCENTRIC EUROPEAN: Shareholders' Final Meeting Set for Dec. 23
CUMBERLAND AIR: Shareholder Receives Wind-Up Report
DB HEDGEWORK: Shareholders' Final Meeting Set for December 24

DGAM MOSAIC: Shareholder Receives Wind-Up Report
DGAM MOSAIC: Shareholder Receives Wind-Up Report
EASTBOURNE INSURANCE: Shareholders' Final Meeting Set for Dec. 21
GLOBAL STRATEGIES: Shareholder to Hear Wind-Up Report on Dec. 23
J WING CAYMAN: Shareholders' Final Meeting Set for December 23

LYSTER WATSON: Shareholders' Final Meeting Set for December 23
MOONSTONE PROPERTIES: Shareholders' Final Meeting Set for Dec. 23
NOMAD ONE: Shareholders Receive Wind-Up Report
NYK JP: Shareholders' Final Meeting Set for December 23
NYK US: Shareholders' Final Meeting Set for December 23

QPIXEL TECHNOLOGY: Shareholders Receive Wind-Up Report
SPACE MAKER: Shareholder to Receive Wind-Up Report on December 22
TRICO MARINE: To Sell Remaining Towing and Supply Vessels
TRICO MARINE: Withdraws Private Sale of Truckee River
TWO SIGMA: Shareholders' Final Meeting Set for December 23

UBS DYNAMIC: Shareholders' Final Meeting Set for December 20
UBS PRESTIGE: Shareholders' Final Meeting Set for December 23
UNIBANCO BRAZILIAN: Shareholder Receives Wind-Up Report
UNIBANCO CAPITAL: Shareholder Receives Wind-Up Report
UNIFUND BRAZILIAN: Shareholder Receives Wind-Up Report

VETRA FINANCE: Shareholders' Final Meeting Set for December 24
WAB COMPANY: Shareholder to Receive Wind-Up Report on January 6


E C U A D O R

BANCO PICHINCHA: Fitch Affirms 'B-' Issuer Default Rating


M E X I C O

GRUPO FERTINAL: S&P Affirms 'B' Corporate Credit Rating


                            - - - - -


===============
A N G U I L L A
===============


TEMENOS ANGUILLA: Cypress Equities Plans to Take Over Firm
----------------------------------------------------------
Beth Jinks and Jonathan Keehner at Bloomberg report that Cypress
Equities Inc. plans to take over an unfinished Caribbean resort,
Temenos Anguilla, after developers defaulted on their loans.

Cypress Equities signed a binding accord to acquire Temenos
Anguilla out of receivership by purchasing its debt at a discount,
according to a document obtained by Bloomberg News.

Bloomberg notes that Credit Suisse Group AG had arranged US$180
million of loans, according to a 2006 statement cited by Bloomberg
News.  The project on Anguilla, part of the British West Indies,
went into receivership in February.

Completion of the Temenos deal is subject to government
negotiations to revise the development plans, according to Jeff
Woolson, a managing director of CB Richard Ellis Inc.'s Golf &
Resort Group who is handling the sale, Bloomberg News cites.

Bloomberg discloses that Temenos Anguilla's original developers,
including Robert Sillerman, founder of "American Idol" owner CKX
Inc., completed the Greg Norman-designed golf course and clubhouse
and built most of 59 residential units before defaulting in 2008.

"This is a challenging project in a difficult time," Mr. Sillerman
said in an e-mailed message, adding that he invested more than
US$200 million in the development, Bloomberg notes.

The island's government prefers more hotel accommodation and fewer
residences than the original development plan agreed with Flag
Luxury Properties (Anguilla) LLC, according to Mr. Woolson, who is
lead broker selling the property with Dominic Murray at Smiths
Gore BVI, according to the website listing, Bloomberg says.

Several residential buyers have already acquired separate titles
and are completing their vacation homes, Mr. Woolson added.

Temenos Anguilla is a Caribbean resort in Anguilla.


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


ALL I OLI: Creditors' Proofs of Debt Due March 11
-------------------------------------------------
The court-appointed trustee for All I Oli S.A.'s bankruptcy
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 26, 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.


ALTNER SRL: Creditors' Proofs of Debt Due March 1
-------------------------------------------------
The court-appointed trustee for Altner S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 1, 2011.

The trustee will present the validated claims in court as
individual reports on April 13, 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 30, 2011.


ATET SRL: Creditors' Proofs of Debt Due March 11
------------------------------------------------
Andres Angel Landro, the court-appointed trustee for Atet SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 11, 2011.

Mr. Landro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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:

         Andres Angel Landro
         Espinoza 1474
         Argentina


BLOCKBUSTER ARGENTINA: Asks for Declaration of Bankruptcy
---------------------------------------------------------
Blockbuster Argentina SA asked for declaration of bankruptcy.

The company stopped making payments last August 31.


DBD SRL: Asks for Preventive Contest
------------------------------------
DBD SRL asked for preventive contest.

The company stopped making payments last September 16.


EL 18: Creditors' Proofs of Debt Due March 23
---------------------------------------------
The court-appointed trustee for El 18 S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 23, 2011.

The trustee will present the validated claims in court as
individual reports on May 9, 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 22, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 6, 2011.


FUENTES SRL: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
Mirta Alicia Hernandez, the court-appointed trustee for Fuentes
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 11, 2011.

Ms. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mirta Alicia Hernandez
         Viamonte 658
         Argentina


INDUSERV SA: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The court-appointed trustee for Induserv S.A.'s bankruptcy
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.


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


NATIONAL TRANSPORT: Taken Over by Receivers, 275 Staff Sent Home
----------------------------------------------------------------
7 News Belize reports that National Transportation Services
Limited was taken over by receivers Kevin Castillo and Robert
Garcia, on December 10, 2010, acting on behalf of the Belize Bank.
The report relates that the receivers didn't just take away
National Transport, they also shut down the entire operation and
sent home some 275 employees.

7 News Belize notes that the workers did not receive their wages
and annual Christmas bonuses that was supposed to be given to then
on the same day of the shutdown.

The staff came back to work Monday, December 13, 2010, but the
compound was on total lockdown, according to the report.

National Transportation Services Limited is a national transport
carrier serving all major districts of Belize.  Established in
January 2006 following the collapse of the former Novelo's Bus
Lines Limited, the reigning monopoly company in Belizean
transportation, the NTSL is run by the former owners of that
company, David and Antonio Novelo, on much the same permits as the
original Novelo's.


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


BES INVESTIMENTO: Moody's Gives Negative Outlook on 'D+' Rating
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit ratings of BES Investimento do Brasil S.A.,
including, the global long- and short-term local currency deposit
ratings of Baa2 and P-3; the foreign-currency deposit ratings of
Baa3 and P-3; the foreign-currency senior unsecured debt ratings
of Baa2 and P-3; and the long-term Brazilian national scale
deposit rating of Aaa.br.  The short-term Brazilian national scale
rating of BR-1 was affirmed.  Moody's also changed to negative
from stable the outlook on BESI Brasil's bank financial strength
rating of D+.

The rating actions follow the review for downgrade of the ratings
of the bank's parent, Banco Espirito Santo S.A., particularly its
C- BFSR.

These ratings of BES Investimento do Brasil S.A. were placed on
review for downgrade:

  -- Global local-currency deposit ratings: Baa2 and P-3;
  -- Foreign-currency deposit ratings: Baa3 and P-3;
  -- Foreign-currency senior unsecured debt ratings: Baa2 and P-3;
  -- Long-term Brazilian national scale deposit rating: Aaa.br

This rating outlook was changed to negative:

  -- Bank financial strength rating: D+

This rating was affirmed:

  -- Short-term Brazilian national scale deposit rating: BR-1

                        Ratings Rationale

Moody's noted that the review will assess the ramifications of a
potential downgrade of the C- BFSR of Banco Espirito Santo S.A. on
BESI Brasil's deposit and debt ratings, as it is the anchor for
Moody's assessment of parental support.

The rating agency also explained that the negative outlook on BESI
Brasil's BFSR reflects concerns regarding the potential effects on
the bank's business origination or funding costs as a result of a
weakened parent, considering the synergies between BESI Brasil and
Banco Espírito Santo.  Moody's highlighted at the same time that
BESI Brasil's well-managed liquidity position as well as its
consistent and adequate financial metrics have cushioned the
bank's operations against pressures on its parent's
creditworthiness in the past.

Moody's last rating action on BESI Brasil was on June 02, 2010,
when Moody's concluded a review on all ratings of BESI Brasil and
confirmed the BFSR of D+; the GLC deposit ratings and the foreign-
currency senior unsecured debt ratings of Baa2 and P-3; the
foreign-currency deposit ratings of Baa3 and P-3; and the long-
term Brazilian national scale deposit rating of Aaa.br.  The
short-term Brazilian national scale rating was affirmed at BR-1.

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil.  In June 2010, the bank had total assets of approximately
R$5.2 billion (US$2.9 billion) and equity of R$453 million (US$251
million).


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


AQR GLOBAL: Shareholder to Receive Wind-Up Report on December 21
----------------------------------------------------------------
The sole shareholder of AQR Global Asset Allocation Offshore Fund
(Aud) Ltd. will receive on December 21, 2010, at 10:10 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9877


AQR RC: Shareholder to Receive Wind-Up Report on December 21
------------------------------------------------------------
The sole shareholder of AQR R.C. Equity International Offshore
Fund Ltd. will receive on December 21, 2010, at 10:05 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9877


BABCOCK & BROWN: Shareholders' Final Meeting Set for December 22
----------------------------------------------------------------
The shareholders of Babcock & Brown Space Maker Holdings Limited
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's liquidator is:

         Rob McMahon
         Geoff Baker
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510, Grand Cayman
         Cayman Islands
         Telephone +1 345 914 9011
         e-mail: Geoff.Baker@ky.ey.com


BABCOCK & BROWN: Shareholders' Final Meeting Set for December 22
----------------------------------------------------------------
The shareholders of Babcock & Brown Space Maker Investments
Limited 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's liquidator is:

         Rob McMahon
         Geoff Baker
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510, Grand Cayman
         Cayman Islands
         Telephone +1 345 914 9011
         e-mail: Geoff.Baker@ky.ey.com


BOLISA 1999: Shareholders' Final Meeting Set for December 24
------------------------------------------------------------
The shareholders of Bolisa 1999 Limited will hold their final
meeting on December 24, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CCP STORM: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of CCP Storm Cat 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:

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


CONCENTRIC EUROPEAN: Shareholders' Final Meeting Set for Dec. 23
----------------------------------------------------------------
The shareholders of Concentric European Fund, Ltd will hold their
final meeting on December 23, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONCENTRIC EUROPEAN: Shareholders' Final Meeting Set for Dec. 23
----------------------------------------------------------------
The shareholders of Concentric European Master Fund, Ltd will hold
their final meeting on December 23, 2010, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CUMBERLAND AIR: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Cumberland Air Ltd received on Dec. 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Maria Trujillo
         Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


DB HEDGEWORK: Shareholders' Final Meeting Set for December 24
-------------------------------------------------------------
The shareholders of DB Hedgework Fund Services Limited will hold
their final meeting on December 24, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


DGAM MOSAIC: Shareholder Receives Wind-Up Report
------------------------------------------------
The sole shareholder of DGAM Mosaic Multi-Strategy Master 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:

         K. D. Blake
         David Thacker
         Telephone: +1 345-815-2631/ + 1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


DGAM MOSAIC: Shareholder Receives Wind-Up Report
------------------------------------------------
The sole shareholder of Dgam Mosaic Multi-Strategy 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:

         K. D. Blake
         David Thacker
         Telephone: +1 345-815-2631/ + 1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


EASTBOURNE INSURANCE: Shareholders' Final Meeting Set for Dec. 21
-----------------------------------------------------------------
The shareholders of Eastbourne Insurance Company Limited will hold
their final meeting on December 21, 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:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


GLOBAL STRATEGIES: Shareholder to Hear Wind-Up Report on Dec. 23
----------------------------------------------------------------
The sole shareholder of Global Strategies Small Cap Fund, 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's liquidator is:

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


J WING CAYMAN: Shareholders' Final Meeting Set for December 23
--------------------------------------------------------------
The shareholders of J Wing Cayman Asset Management will hold their
final meeting on December 23, 2010, at 3:00 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


LYSTER WATSON: Shareholders' Final Meeting Set for December 23
--------------------------------------------------------------
The shareholders of Lyster Watson International Equity Beta, Ltd.
will hold their final meeting on December 23, 2010, at 12:30 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street, George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


MOONSTONE PROPERTIES: Shareholders' Final Meeting Set for Dec. 23
-----------------------------------------------------------------
The shareholders of Moonstone Properties Corp. will hold their
final meeting on December 23, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOMAD ONE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Nomad One 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street, George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


NYK JP: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------
The shareholders of NYK JP Finance, Limited will hold their final
meeting on December 23, 2010, at 3:15 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


NYK US: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------
The shareholders of NYK US Finance, Limited will hold their final
meeting on December 23, 2010, at 3:30 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


QPIXEL TECHNOLOGY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Qpixel Technology International, Inc. received
on December 17, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Howard Bailey
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


SPACE MAKER: Shareholder to Receive Wind-Up Report on December 22
-----------------------------------------------------------------
The sole shareholder of Space Maker Properties II Limited will
receive on December 22, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRICO MARINE: To Sell Remaining Towing and Supply Vessels
---------------------------------------------------------
Trico Marine Services, Inc. has reached an agreement with its
major constituents concerning the process of selling Trico's
remaining Towing and Supply vessels and any related operating
assets, in accordance with previous public statements that the
Company is exiting the Towing and Supply business.  The United
States Bankruptcy Court for the District of Delaware recently
issued an Order approving the agreed upon sale process.

The Company noted that the sale excludes vessels owned by entities
not part of the Company's bankruptcy proceedings, including
Trico's North Sea Towing and Supply vessels.

The vessels Trico intends to sell include the Spirit River, Hondo
River, Palma River, Buffalo River, James River, Leigh River,
Manatee River and Pearl River, as well as related inventory.
Trico may present acceptable offers for the sale of any vessels to
the Court promptly upon agreement with a buyer.  In order to
procure the highest and best offer, Trico has been authorized by
the Court to conduct an auction if multiple offers for the same
vessel are received.

The deadline to submit an offer for any remaining vessel not
previously presented to the Court is 12:00 p.m. CST on January 17,
2011.  Trico will hold a final auction at 10:00 a.m. CST on
January 24, 2011 for any offer received for the remaining vessels
prior to the Final Offer Deadline.  The Court will subsequently
conduct a Sale Hearing to approve any sales made at the final
auction or that otherwise have not yet been approved.

                        About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


TRICO MARINE: Withdraws Private Sale of Truckee River
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Trico Marine Services Inc. withdrew a motion filed
before the U.S. Bankruptcy Court for the District of Delaware for
a private sale of its Truckee River vessel for US$950,000.

A buyer was unable to complete the sale at US$950,000 after the
Company obtained bankruptcy court approval in October.  Trico has
another buyer, Riverman Nigeria Ltd., interested to purchase the
vessel for the same price.

As reported in the Dec. 15, 2010 edition of the Troubled Company
Reporter, the Official Committee of Unsecured Creditors opposed
the sale, noting that the Debtors seek to "take actions prejudice
the creditors of their estates for the benefit of creditors of the
Debtors' non-debtor subsidiaries."  The Creditors' Committee in
its objection pointed out how Trico previously intended to sell
vessels without an auction, only to find that the Committee turned
up a buyer to pay a higher price.

Trico intended to sell the vessels Trico Moon and Trico Mystic for
US$26 million without holding an auction.  Following an auction
requested by the Committee, a US$31.3 million offer was obtained
for the sale of the vessels.

                        About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-
12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


TWO SIGMA: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------
The shareholders of Two Sigma Options Portfolio, Ltd. will hold
their final meeting on December 23, 2010, at 3:45 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


UBS DYNAMIC: Shareholders' Final Meeting Set for December 20
------------------------------------------------------------
The shareholders of UBS Dynamic Alpha Strategies Fund 3 B Ltd.
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:

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


UBS PRESTIGE: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of UBS Prestige Fund II SPC will hold their final
meeting on December 23, 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:

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


UNIBANCO BRAZILIAN: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of Unibanco Brazilian Bonds received on
December 16, 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


UNIBANCO CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Unibanco Capital received on December 16,
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


UNIFUND BRAZILIAN: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of The Unifund Brazilian Short Term Ltd
received on December 16, 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


VETRA FINANCE: Shareholders' Final Meeting Set for December 24
--------------------------------------------------------------
The shareholders of Vetra Finance Corporation will hold their
final meeting on December 24, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer Alan Corkish
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


WAB COMPANY: Shareholder to Receive Wind-Up Report on January 6
---------------------------------------------------------------
The sole shareholder of Wab Company Limited will receive on
January 6, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman
         Cayman Islands


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


BANCO PICHINCHA: Fitch Affirms 'B-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias's
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 this rating:

  -- Individual rating 'D'.

The Rating Outlook is Stable.

Pichincha's ratings reflect its strong franchise, broad deposit
base, ample liquidity, adequate capital and loan loss reserves.
The ratings are heavily burdened by Ecuador's declining economic
growth and uncertain regulatory environment, which have lately
taken a toll on the bank's performance.  The bank's IDR is
constrained by the country ceiling.

In spite of Pichincha's dominant deposit market share, Fitch
believes that government support cannot be relied upon (if it were
necessary), given Ecuador's weak fiscal standing and the lack of a
lender of last resort.

Pichincha's IDRs could improve once uncertainty over its
regulatory and operating environment recedes, provided that it
maintains capital ratios, asset quality and performance within
reasonable levels.  Severe asset deterioration, weak performance,
or further government intervention affecting the bank's liquidity
or balance sheet, would pressure ratings downward.

Pichincha's performance into 2010 was driven by a sustained loan
growth and resilient margins that offset lagging non-interest
revenues.  The bank's revenue generation remained strong in spite
of adverse regulation that curbed interest rates and limited
commissions and fees.  Operating costs increased while credit cost
declined as the economy stabilized.  Nevertheless, efficiency
declined and so did profitability with the ROAE installed in the
low teens and an ROAA around 1%.

Asset quality stabilized (it even improved year-over-year at the
end of June 2010) as the effect of the economic slowdown
dissipated; healthy provisions sustained the reserve coverage at
more than 6% of gross loans.  Deposits increased significantly in
spite of political uncertainty, while capital ratios slid after
reaching a peak during 2008-2009 thanks to one-time profits.
Pichincha's regulatory capital ratio to risk weighted assets
equaled 12.5% at June 2010.

Future revenue growth will greatly depend on the bank's ability to
effectively cross-sell to its ample customer base so as to
compensate for gradual regulatory tightening.  Operating costs are
expected to stabilize with Pichincha nearing what could be its
natural market share; credit cost however should remain moderate
but could see an uptick as the rapidly growing microcredit and
retail portfolios mature.  Absent a more disruptive government
intervention, overall efficiency should remain stable in the short
run but could improve once the IT overhaul is finally in place.
Profitability should remain modest but positive, underpinning
capital growth.

Pichincha is Ecuador's largest bank with about 34% of the system's
assets as of June 2010.  Incorporated in 1906, the group offers a
wide array of services to corporate, middle market, and retail
customers.  Pichincha is tightly controlled by its main
shareholder Fidel Egas Grijalva, who holds more than 60% of the
company's stock.


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


GRUPO FERTINAL: S&P Affirms 'B' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B'
issue rating and its '3' recovery rating assigned to Grupo
Fertinal's proposed issuance of US$200 million five-year senior
secured notes.  At the same time, S&P affirmed its 'B' global
scale corporate credit rating on Fertinal.  The outlook is stable.

"Our ratings on Mexican phosphate-based fertilizers producer Grupo
Fertinal S.A. de C.V. reflect its vulnerable business risk
profile, which demonstrates the inherent volatility in fertilizer
prices; its small scale relative to peers; and its single-asset
operations," said Standard & Poor's credit analyst Bernardo
Gonzalez.

Fertinal's vertical integration, its entrenched position in the
Mexican west coast market, and S&P's expectations of an
improvement in its operating performance support the rating.  S&P
considers Fertinal's financial risk profile to be aggressive,
which its short-track record post-bankruptcy, ongoing efforts to
refinance debt with a still high debt burden, and cash flow
cyclicality related to industry conditions show.  Nonetheless, key
operating and financial ratios have improved in recent quarters
because of increased operating efficiencies and currently benign
industry dynamics.

S&P withdrew the 'B' issue rating and the '3' recovery rating
assigned to Fertinal's proposed issuance of US$200 million senior
secured notes maturing in 2015 at the company's request because
the notes were not issued.  Fertinal did not place the proposed
issuance, which was intended to refinance all of its outstanding
debt and for capital expenditures.  Fertinal is finalizing the
refinancing of its outstanding debt with its main creditor, with a
new US$200 million bank loan facility with similar conditions of
the proposed senior secured notes.  This should improve its
maturity debt schedule as expected with the proposed notes.  The
aforementioned figure includes US$54 million that was used to
settle the remaining claims related to the bankruptcy process and
to buy back some assets from Petroleos Mexicanos, plus US$20
million for capital expenditures.

At the end of the third quarter of 2010, Fertinal showed an
improvement in its financial performance, as evidenced in its
EBITDA generation of US$73 million, which compares favorably with
US$53 million at the end of 2009.  A recovery in the diammonium
phosphate prices and higher capacity utilization with increased
production levels drove this improvement.  As a result of the
aforementioned improvement, Fertinal posted interest coverage and
total-debt-to-EBITDA ratios of 3.2x and 1.8x, respectively, in
September 2010.  S&P expects that for the full-year 2011, these
ratios could reach 3.6x and 1.9x, respectively.

Fertinal's liquidity is adequate.  As of Sept. 30, 2010, Fertinal
improved its cash generation and held US$57 million in cash and
equivalents, which S&P believes should increase by year-end 2010
and be about US$75 million in 2011.  Once Fertinal concludes its
debt refinancing (expected to happen in coming weeks), the company
will not face principal payments over the next five years.  Under
its base-case scenario, S&P expects Fertinal to generate about
US$35 million of free operating cash flow in 2011.  This amount
includes a capital expenditures program of about US$80 million,
including annual maintenance of US$20 million and an investment of
about US$60 million related to three projects to improve its
vertical integration.

The stable outlook reflects S&P's expectation that Fertinal's
capital investments could result in an EBITDA of nearly US$110
million in 2011 and that its total debt-to-EBITDA ratio could
remain below 2.0x.  A weaker financial performance resulting in
lower cash flow generation and/or increased debt levels to finance
other noncore investments (not expected at this moment), could
lead us to lower the rating.  Still, given the potential for
changes in price of DAP in the long term, Standard & Poor's would
feel comfortable at the current rating with a maximum total debt-
to-EBITDA ratio of 3.0x.  The company's business profile somewhat
constrains rating upside, but S&P could raise the ratings if
Fertinal is able to further improve its operating scale and
profitability together with a continued improvement on its
financial performance.


                            ***********

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.


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