TCRLA_Public/101222.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

           Wednesday, December 22, 2010, Vol. 11, No. 252

                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Affirms Issuer Default Ratings at 'B'
* ARGENTINA: S&P Raises Currency Ratings on Eight Companies


C A Y M A N  I S L A N D S

ACAR CAYMAN: Creditors' Proofs of Debt Due January 6
AERIS CAPITAL: Creditors' Proofs of Debt Due January 6
AERIS CAPITAL: Creditors' Proofs of Debt Due January 6
ALBEMARLE GEARED: Creditors' Proofs of Debt Due December 27
AMADEUS REPACKAGING: Members' Final Meeting Set for December 23

AP.SB.AR: Creditors' Proofs of Debt Due January 6
ARES ENHANCED: Members' Final Meeting Set for December 23
ARTEMIS SILVER: Creditors' Proofs of Debt Due December 27
AS HIROTA: Creditors' Proofs of Debt Due December 27
AS HIROTA: Creditors' Proofs of Debt Due December 27

ATOMIUM FUNDING: Members' Final Meeting Set for December 23
BELISARIUS FUND: Creditors' Proofs of Debt Due January 10
BLACK RIVER: Members' Final Meeting Set for December 23
C.I. FINANCE: Members' Final Meeting Set for December 23
CITRINE CAYMAN: Members' Final Meeting Set for December 23

CONSTELLATION GLOBAL: Members' Final Meeting Set for December 23
GLOBAL INTERNET: Members' Final Meeting Set for December 29
GLYCOMION LIMITED: Creditors' Proofs of Debt Due January 10
GSC ABS: Members' Final Meeting Set for December 23
GUGGENHEIM 2007-1: Members' Final Meeting Set for December 23

KABACA TILE: Creditors' Proofs of Debt Due January 4
LIGHTREND CAPITAL: Shareholders' Final Meeting Set for December 23
LIGHTREND FUND: Shareholders' Final Meeting Set for December 23
LOOMIS SAYLES: Creditors' Proofs of Debt Due January 6
MARSHALL WACE: Shareholders Receive Wind-Up Report

NIS-SEEM-ASH: Creditors' Proofs of Debt Due December 29
SHIVANI HOLDINGS: Creditors' Proofs of Debt Due December 29
SOUTHGATE INVESTMENTS: Creditors' Proofs of Debt Due January 6
SUNRIDGE CAPITAL: Creditors' Proofs of Debt Due January 6
TDAM CANADIAN: Creditors' Proofs of Debt Due January 6

TDAM CANADIAN: Creditors' Proofs of Debt Due January 6
TIBURON TIGER: Creditors' Proofs of Debt Due December 27
TILE LTD: Creditors' Proofs of Debt Due January 4


M E X I C O

VITRO SAB: Involuntary Bankruptcy Accepted in Mexico


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Puma Energy is Winning Bidder in Asset Sale


T R I N I D A D  &  T O B A G O

CL FIN'L: Messy Records Cause Delay in Clico Payout


                            - - - - -


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


BANCO MACRO: Fitch Affirms Issuer Default Ratings at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed Banco Macro's ratings:

  -- Foreign currency long-term Issuer Default Ratings at
     'B';

  -- Local currency long-term IDR at 'B+';

  -- Foreign and local currency short-term IDRs 'B';

  -- Long-term National Rating at 'AA+(arg)';

  -- Short-term National Rating at 'A1+(arg)';

  -- Class 3 US$100 million senior bonds at 'B+/RR4/AA+(arg)';

  -- Class 2 US$150 million senior bonds at 'B/RR4/AA+(arg)';

  -- Class 1 US$150 million subordinated debt at 'RR6'/A+(arg)';

  -- Individual at 'D';

  -- Support '5';

  -- Support Floor 'NF'.

In addition, Fitch has revised the rating on the Class 1
subordinated bonds to 'CCC' from 'CCC+' to align it with the
current rating scale which does not apply '+' and '-' modifiers to
ratings below the 'B' category.

The Rating Outlook is Stable.

BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.  BM's long-term IDRs have a Stable Outlook and are
at the country ceiling level, reflecting its strong local
franchise and its sound performance.

After the slowdown seen in 2009, in 2010 the Argentine economy
resumed its growing trend seen since 2003.  This has benefitted
the operating environment for banks, with rising deposits and
lending and steadily improving asset quality.  In this context,
BM's performance has been sound, based on its strong revenue
generation, good asset quality and ample liquidity.  A good level
of income diversification has helped offset the increase in
administrative expenses due to the high inflation and the
volatility of the gains from its securities portfolio seen in the
past two years.  Fitch expects BM's overall performance to remain
sound based on its track record and the good prospects for the
Argentine economy in 2011.

BM's loan book has grown strongly in the past few years and, after
a slight deterioration in 2009, its asset quality ratios are
healthy.  BM's non-performing loans accounted for 2.5% of total
loans at Sept. 30, 2010 with sound loan loss reserve coverage of
186.1%.

BM's liquidity is strong, and its capital base is ample.  However,
Fitch expects these to gradually decrease in the next few years as
the bank is set to continue growing.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo, with a 41%
stake.  The former is also the bank's chairman and CEO.  A 30%
stake is in the hands of the public pension fund administrators
after the privatization of the pension system and the balance is
widely held by local and foreign investors.  At Aug. 31, 2010, BM
was the third-largest private sector bank in Argentina by deposits
and the second by assets.


* ARGENTINA: S&P Raises Currency Ratings on Eight Companies
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised the
Foreign Currency ratings on eight Argentine companies following
its review of the business environment in the country.  In
addition, S&P removed these ratings from CreditWatch with positive
implications.

At the same time, S&P affirmed and removed from CreditWatch the
Foreign Currency ratings on four other Argentine companies.  The
outlooks on all ratings are stable.  On Sept. 14, 2010, S&P placed
the 12 companies on CreditWatch with positive implications
following the upgrade of the Republic of Argentina to 'B' from 'B-
'.

The Foreign Currency ratings on Transportadora de Gas del Sur
S.A., Telefonica de Argentina S.A., and Telecom Personal S.A
should have been raised to 'B' on Sept. 14, 2010, following the
rise of S&P's T&C assessment for Argentina.  The upgrade corrects
that error.

"The rating actions followed a comprehensive review of the
operating environment for rated corporate entities.  S&P concluded
that what S&P considers strong economic growth, a financially
healthier sovereign, and favorable external conditions provide a
more favorable scenario for companies operating in Argentina.  As
a result, a wide range of companies have improved their financial
profiles, increasing cash flows and reducing debt which should
help them better withstand a potentially more complex political
environment during 2011.  In addition, S&P believes that the
upgraded companies are in better shape to face post-election
uncertainty," said Standard & Poor's credit analyst Pablo F.
Lutereau.

Nevertheless, S&P believes sustainable growth depends on greater
regulatory certainty and improving business climate for long-term
investment.  The rating upside for Argentine companies remains
limited both by the institutional environment in the country and
by the exposure of certain companies and sectors to specific
factors such as regulatory uncertainty, discretional political
interference, formal or informal price controls, and debt-revenue
currency mismatch.

All of these factors affect, in varying degrees, both the local
and Foreign Currency ratings on Argentine companies.  The National
Scale rating is a current opinion of an obligor's overall capacity
to generate sufficient local-currency resources to meet all its
financial obligations (both local and Foreign Currency), absent
the risk of direct sovereign intervention that may constrain
payment of foreign-currency debt.  The Foreign Currency rating
incorporates S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B'.

The National Scale rating on some companies is above the National
Scale rating on the sovereign.  In S&P's opinion, those companies
would be able to generate sufficient local-currency resources to
meet all their financial obligations, under a severe sovereign
default scenario, absent the risk of direct sovereign intervention
that may constrain payment of foreign-currency debt.  Such a
scenario would include a significant contraction of the GDP, a
strong devaluation of the peso, rising inflation, an inability to
fully pass through increases in costs to prices, and a lack of new
financing.

Similarly, some companies have foreign-currency ratings above
S&P's T&C risk assessment for the country.  S&P views those
companies as partially insulated from T&C risk, based on a
combination of substantial Foreign Currency generation (generated
by exports with proceeds that can be kept abroad); substantial
Foreign Currency generation (due to foreign operations);
significant offshore liquidity, which S&P believes will be
maintained; moderate leverage; and the existence of implicit
parent support or formal parent guarantees.

"The ratings on regulated companies are heavily influenced by
S&P's view of regulatory risk, which, in its opinion, does not
allow them to fully benefit from the strong growth prospects and a
financially healthier sovereign at this point.  A major credit
concern for us is the fact that most of the concession contracts
of rated utilities are still pending of full renegotiation.  S&P
also note a significant discretion in the political decision-
making process related to utilities which makes it very difficult
to forecast future repayment performance even for companies which
are not in a distressed situation," added Mr. Lutereau.

                           Ratings List

                 Ratings Raised, Off CreditWatch

                         Alto Palermo S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B/Stable/--       B-/Watch Pos/--

CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.

                     Corporate Credit Rating


                              To                From
                              --                ----
  Global Scale                B/Stable/--       B-/Watch Pos/--

             IRSA Inversiones y Representaciones S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B/Stable/--       B-/Watch Pos/--

                      Loma Negra C.I.A.S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B+/Stable/--      B/Watch Pos/--

                     Petrobras Argentina S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Foreign Currency            BB-/Stable/--     B+/Watch Pos/--

                      Telecom Personal S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Local Currency              B+/Stable/--      B/Watch Pos/--

                        Ratings Corrected

                      Telecom Personal S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Foreign Currency            B/Stable/--       B-/Watch Pos/--

                   Telefonica de Argentina S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Foreign Currency            B/Stable/--       B-/Watch Pos/--

                Transportadora de Gas del Sur S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Foreign Currency            B/Stable/--       B-/Watch Pos/--


                Ratings Affirmed, Off CreditWatch

          Compania de Transporte de Energia Electrica en
                    Alta Tension TRANSENER S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B-/Stable/--      B-/Watch Pos/--

                   Electricidad Argentina S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                CCC/Stable/--    CCC/Watch Pos/--

        Empresa Distribuidora Y Comercializadora Norte S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B-/Stable/--      B-/Watch Pos/--


              Hidroelectrica Piedra del Aguila S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Global Scale                B-/Stable/--      B-/Watch Pos/--

                Transportadora de Gas del Sur S.A.

                     Corporate Credit Rating

                              To                From
                              --                ----
  Local Currency              B/Stable/-        B/Watch Pos/--


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


ACAR CAYMAN: Creditors' Proofs of Debt Due January 6
----------------------------------------------------
The creditors of Acar Cayman Ltd. are required to file their
proofs of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 15,
2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: JJW
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR
         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


AERIS CAPITAL: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Aeris Capital Absolute Return Multi-Strategy Fund
Ltd. are required to file their proofs of debt by January 6, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 9, 2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: JJW
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR
         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


AERIS CAPITAL: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Aeris Capital Absolute Return Multi-Strategy
Master Fund Ltd. are required to file their proofs of debt by
January 6, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 15,
2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: JJW
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR
         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


ALBEMARLE GEARED: Creditors' Proofs of Debt Due December 27
-----------------------------------------------------------
The creditors of Albemarle Geared Fund Limited are required to
file their proofs of debt by December 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 12,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


AMADEUS REPACKAGING: Members' Final Meeting Set for December 23
---------------------------------------------------------------
The members of Amadeus Repackaging 2007-I, Ltd. will hold their
final meeting on December 23, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


AP.SB.AR: Creditors' Proofs of Debt Due January 6
-------------------------------------------------
The creditors of AP.SB.AR Cayman Ltd. are required to file their
proofs of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


ARES ENHANCED: Members' Final Meeting Set for December 23
---------------------------------------------------------
The members of Ares Enhanced Loan Investment Strategy IR-B Ltd.
will hold their final meeting on December 23, 2010, at 10:10 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


ARTEMIS SILVER: Creditors' Proofs of Debt Due December 27
---------------------------------------------------------
The creditors of Artemis Silver Fund are required to file their
proofs of debt by December 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


AS HIROTA: Creditors' Proofs of Debt Due December 27
----------------------------------------------------
The creditors of As Hirota Japan Master Fund, Ltd. are required to
file their proofs of debt by December 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 10,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


AS HIROTA: Creditors' Proofs of Debt Due December 27
----------------------------------------------------
The creditors of As Hirota Japan Offshore Fund, Ltd. are required
to file their proofs of debt by December 27, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 10,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


ATOMIUM FUNDING: Members' Final Meeting Set for December 23
-----------------------------------------------------------
The members of Atomium Funding Corporation will hold their final
meeting on December 23, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


BELISARIUS FUND: Creditors' Proofs of Debt Due January 10
---------------------------------------------------------
The creditors of Belisarius Fund Corporation are required to file
their proofs of debt by January 10, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Michael Ching
         Telephone: 852-2117-6689
         Facsimile: 852-2850-7286
         Guangdong Investment Tower, 17th Floor
         148 Connaught Road, Central
         Hong Kong


BLACK RIVER: Members' Final Meeting Set for December 23
-------------------------------------------------------
The members of Black River Em Recovery Fund Ltd. 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


C.I. FINANCE: Members' Final Meeting Set for December 23
--------------------------------------------------------
The members of C.I. Finance (Cayman) Ltd. will hold their final
meeting on December 23, 2010, at 9:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


CITRINE CAYMAN: Members' Final Meeting Set for December 23
----------------------------------------------------------
The members of Citrine Cayman Co., Ltd. will hold their final
meeting on December 23, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CONSTELLATION GLOBAL: Members' Final Meeting Set for December 23
----------------------------------------------------------------
The members of Constellation Global Macro Fund Limited 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
         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
         Cayman Islands


GLOBAL INTERNET: Members' Final Meeting Set for December 29
-----------------------------------------------------------
The members of Global Internet Investments will hold their final
meeting on December 29, 2010, at 9:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


GLYCOMION LIMITED: Creditors' Proofs of Debt Due January 10
-----------------------------------------------------------
The creditors of Glycomion Limited are required to file their
proofs of debt by January 10, 2011, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-763


GSC ABS: Members' Final Meeting Set for December 23
---------------------------------------------------
The members of GSC ABS CDO 2005-1, Ltd. will hold their final
meeting on December 23, 2010, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


GUGGENHEIM 2007-1: Members' Final Meeting Set for December 23
-------------------------------------------------------------
The members of Guggenheim 2007-1, Ltd. 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:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


KABACA TILE: Creditors' Proofs of Debt Due January 4
----------------------------------------------------
The creditors of Kabaca Tile are required to file their proofs of
debt by January 4, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         Mrs. Eva Moore
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


LIGHTREND CAPITAL: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------------
The shareholders of Lightrend Capital Ltd. will hold their final
meeting on December 23, 2010, at 2:00 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


LIGHTREND FUND: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Lightrend Fund SPC will hold their final
meeting on December 23, 2010, at 1:00 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


LOOMIS SAYLES: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Loomis Sayles Consumer Discretionary Hedge Fund,
Ltd. are required to file their proofs of debt by January 6, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 10,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


MARSHALL WACE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Marshall Wace Gavekal Asian Balanced Fund
received on December 13, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         Gene DaCosta
         Telephone: (345) 814 3901
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NIS-SEEM-ASH: Creditors' Proofs of Debt Due December 29
-------------------------------------------------------
The creditors of Nis-Seem-Ash Ltd. are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 17,
2010.

The company's liquidator is:

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


SHIVANI HOLDINGS: Creditors' Proofs of Debt Due December 29
-----------------------------------------------------------
The creditors of Shivani Holdings Limited are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 17,
2010.

The company's liquidator is:

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


SOUTHGATE INVESTMENTS: Creditors' Proofs of Debt Due January 6
--------------------------------------------------------------
The creditors of Southgate Investments Ltd. are required to file
their proofs of debt by January 6, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


SUNRIDGE CAPITAL: Creditors' Proofs of Debt Due January 6
---------------------------------------------------------
The creditors of Sunridge Capital Partners II Ltd. are required to
file their proofs of debt by January 6, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


TDAM CANADIAN: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of TDAM Canadian Equity Market Neutral Fund, Ltd.
are required to file their proofs of debt by January 6, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 18,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


TDAM CANADIAN: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of TDAM Canadian Equity Market Neutral Master Fund,
Ltd. are required to file their proofs of debt by January 6, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 18,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9004
         Cayman Islands


TIBURON TIGER: Creditors' Proofs of Debt Due December 27
--------------------------------------------------------
The creditors of Tiburon Tiger Fund Limited are required to file
their proofs of debt by December 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 15,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


TILE LTD: Creditors' Proofs of Debt Due January 4
-------------------------------------------------
The creditors of Tile Ltd. are required to file their proofs of
debt by January 4, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         Mrs. Eva Moore
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


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


VITRO SAB: Involuntary Bankruptcy Accepted in Mexico
----------------------------------------------------
Crayton Harrison at Bloomberg News reports that El Norte
newspaper, citing court documents, said Vitro, S.A.B. de C.V.
creditor's petition for involuntary bankruptcy against the
glassmaker was accepted by a federal judge in Monterrey, Mexico.

Bloomberg discloses that the newspaper said the involuntary filing
was sought by a Chilean fund called Moneda and may have been done
with members of a group of creditors who have called for the
reorganization of Vitro's U.S units in a court in Fort Worth,
Texas.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro has launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer will be consummated with
a bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro has engaged Susman Godfrey, L.L.P. as U.S. special
litigation Counsel to analyze the potential rights that Vitro may
exercise in the United States against the ad hoc group of
dissident bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately $650 million of the Senior
Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the
Chapter 11 petitioners, although the group has expressed concerns
over the exchange offer.  The group says the exchange offer
exposes Noteholders who consent to potential adverse consequences
that have not been disclosed by Vitro.  The group is represented
by John Cunningham, Esq., and Richard Kebrdle, Esq. at White &
Case LLP.

Vitro, S.A.B de C.V. filed for Chapter 15 bankruptcy (Bankr.
S.D.N.Y. Case No. 10-16619) in Manhattan on Tuesday to seek U.S.
recognition and deference to its bankruptcy proceedings in Mexico.

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, is asking the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.


====================
P U E R T O  R I C O
====================


CARIBBEAN PETROLEUM: Puma Energy is Winning Bidder in Asset Sale
----------------------------------------------------------------
Daily Bankruptcy Review, citing court papers, said that Puma
Energy International BV has been declared the winning bidder in a
bankruptcy sale of the assets of Caribbean Petroleum Corp., with
an offer of US$82 million.

Caribbean Petroleum Corporation is an oil company in Puerto Rico.
It owns an oil refinery in Bayamon, which has a capacity of 48
thousand barrels per day (7.6x103 m3/d).  In addition, it operates
more than 200 service stations in Puerto Rico under the Gulf brand
name.


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


CL FIN'L: Messy Records Cause Delay in Clico Payout
---------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that Colonial
Life Insurance Company (CLICO)'s messy financial records and
pending concerns over the terms of a legal agreement to be signed
by policyholders upon receipt of their money have been the main
factors that have delayed the government's moves to pay out claims
to Clico policyholders under the terms of a government bailout.
CLICO is a subsidiary of CL Financial Limited.

According to T&T Newsday, Finance Minister Winston Dookeran said
that it was unlikely that policyholders will be paid before
Christmas.  The report said Mr. Dookeran maintained the
possibility of a payout before the end of the year but, for the
first time, suggested that this may have to be pushed back to
January 2011.

T&T Newsday notes that several factors have created problems for
the State and for Clico officials in moving forward with payments,
which are expected to be split into two groups: one wave of
payments for policyholders with claims of less than TT$75,000 and
another wave for policyholders with claims of more than TT$75,000.

Clico insiders, the report discloses, said that a major source of
delay has been due to the problem of authenticating the integrity
of records in relation to policyholders with claims of TT$75,000
and below.  The report relates that another problem has been the
finalization of the terms of an indemnity agreement which is to be
signed by policyholders upon the receipt of their funds.

It is anticipated that this agreement would contain provisions
which would be designed to shield the State from legal action down
the road in the event that a policyholder who has taken receipt of
their money decides to sue, T&T Newsday notes.

Attorney General Anand Ramlogan is scheduled to hold a meeting
with legal officials to finalise the terms of this agreement, and
to, thus, clear a major hurdle which has delayed payments, the
report states.

Meanwhile, T&T Newsday relates that there have been concerns over
the ability of CL Financial Limited to sell assets from its
subsidiary companies.  These concerns have not had a direct impact
on the logistics of payouts, sources said, the report notes.

However, T&T Newsday relates Mr. Dookeran has said the state needs
to consider a proposal in relation to the June 2009 agreement with
CL Financial in order to make sure the State is "protected"
adequately given the billion-dollar expenditure posed by the Clico
payouts.   The report says that there are an estimated 25,000
Clico claimants who are owed an estimated TT$24 billion in claims.
Of this, 10,000 are estimated to have claims below TT$75,000 and
15,000 above TT$75,000, the report adds.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********

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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, 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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