TCRLA_Public/101227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, December 27, 2010, Vol. 11, No. 253

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9
GVS SA: Creditors' Proofs of Debt Due March 15
PIRINCHOS SRL: Creditors' Proofs of Debt Due March 4
* ARGENTINA: To Reopen Debt Swap Until Year End


B R A Z I L

BV FINANCEIRA: Moody's Puts 'Ba2' Global Rating on Senior Shares


C A Y M A N  I S L A N D S

CHARISFIELD INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 31
CINQUEGOYA LIMITED: Creditors' Proofs of Debt Due January 6
COOK INTERNATIONAL: Creditors' Proofs of Debt Due January 11
FREEDOM CAPITAL: Creditors' Proofs of Debt Due January 6
GADAH INC: Creditors' Proofs of Debt Due December 31

GREAT INNOVATION: Creditors' Proofs of Debt Due December 31
H&F GTT: Creditors' Proofs of Debt Due January 6
HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11
HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11
KARISIMBI LIMITED: Creditors' Proofs of Debt Due January 6

KEYPORT LIMITED: Creditors' Proofs of Debt Due December 31
LOMBARD ASIAN: Creditors' Proofs of Debt Due January 6
LONGVIEW OPPORTUNITIES: Creditors' Proofs of Debt Due December 29
ORICO METALS: Creditors' Proofs of Debt Due January 6
PRIME RATE: Creditors' Proofs of Debt Due December 31

SIERRA MANAGEMENT: Creditors' Proofs of Debt Due December 31
SOJITZ AFRICAN: Creditors' Proofs of Debt Due December 28
SURINVEST INTERNATIONAL: Creditors' Proofs of Debt Due January 11
THREE M: Creditors' Proofs of Debt Due December 31
TRIAN SPV: Creditors' Proofs of Debt Due January 6


J A M A I C A

* JAMAICA: IDB Sign Second US$200MM-Loan for Fiscal Policy Reform


M E X I C O

MEXICANA AIRLINE: To Resume Operations on January 24


P U E R T O  R I C O

MULTI-PLASTICS INC: Taps Wallace Vazquez as Bankruptcy Counsel


U R U G U A Y

BANCO DE LA NACION: Moody's Upgrades Deposit Rating to 'B3'


X X X X X X X X


BOND PRICING: For the Week December 20, to December 24, 2010


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the Debt Securities and
Certificates issued under Fideicomiso Financiero Albanesi Gas
Clase 02, by Equity Trust Company (Argentina) S.A., acting solely
in its capacity as issuer and trustee.

  -- ARS 74,900,000 in Class A Debt Securities of "Fideicomiso
     Financiero Albanesi Gas Clase 02", rated Aa3.ar (sf)
     (Argentine National Scale) and B2 (sf) (Global Scale, Local
     Currency)

  -- ARS 27,572,930 in Certificates of "Fideicomiso Financiero
     Albanesi Gas Clase 02", rated Ca.ar (sf) (Argentine National
     Scale) and Ca (sf) (Global Scale, Local Currency)

                         Rating Rationale

The ratings are based on these factors:

  -- The credit enhancement provided through an initial
     overcollateralization of approximately 26.9%.

  -- The partial mitigation of the regulatory risks when compared
     to other similar transactions issued in the Argentine market.

  -- The absence of construction risk, as the construction of the
     pipelines corresponding to this transaction has been
     finalized.

  -- The ability of Rafael G.  Albanesi S.A. to act as the
     technical operator in the transaction, provide the gas
     transportation capacity on an ongoing basis and suspend the
     gas transportation service if carriers default.

  -- The mitigation of commingling risk as the carriers will be
     paying directly into the trust account.

  -- The structural protections of the transaction, such as a
     turbo sequential payment structure and the availability of
     various reserve accounts, including a fixed-amount expense
     reserve fund and a liquidity reserve fund equivalent to the
     next interest payment on the Class A securities.

RGA, a gas and electricity broker located in Buenos Aires,
Argentina, entered into take-or-pay gas transmission agreements
(Ofertas de Servicio de Transporte Firme) with industrial
companies located in Argentina (the carriers), which are also
clients of RGA.

Under these agreements, the carriers receive gas transportation
capacity and are obliged to make certain fixed payments on a
monthly basis ("Amortization"), which are the main underlying
assets that back the repayment of the rated debt.

Class A will bear a floating interest rate of BADLAR plus 549
basis points, with a minimum of 16.5% and a maximum of 24%.  Class
A will have monthly principal amortizations.

The credit enhancement in this transaction is provided mainly
through overcollateralization.  The initial OC for the benefit of
Class A holders is of approximately 26.90% resulting from
discounting the fixed cashflow owned by the trust using an annual
discount rate of 25%, which has been defined in the transaction's
documents.  The transaction has a turbo sequential payment
structure and no interest or principal will be paid to the
subordinated Certificates until the Class A is paid in full.

The transaction will also benefit from a liquidity reserve fund
equivalent to the next interest payment on the Class A securities.

The gas industry in Argentina is highly regulated.  The Argentine
Government -- through ENARGAS, the gas industry regulator -- has
the authority to determine gas transmission and distribution
systems, prices, required investments and fundamentally the gas
charges that were established to repay infrastructure projects.

Although the underlying assets in this transaction are not the gas
charges established by ENARGAS but the repayment of the advances
on the above mentioned gas charges made by RGA, Moody's believes
that there is a risk that changes in the regulatory framework of
the gas industry in Argentina could affect this transaction.

Moody's evaluated the sufficiency of the credit enhancement by
stressing the cashflows under several scenarios, including the
default of the carriers.  In the cashflow model, the carriers will
default based on their current (or estimated) rating levels.
Moody's assumed that defaulting carriers in the pool would not be
substituted with another carrier.  The model applies a haircut to
the future payments from the carriers based on their current
rating level.

Moody's run a Montecarlo simulation with 10,000 iterations to
determine the expected loss for each of the rated tranches.

The factors that could lead to a downgrade of the transaction
include: changes to the regulatory and legal framework of the gas
industry in Argentina that could affect the underlying assets, an
increase of the defaults of the carriers over Moody's
expectations, and a decline in the credit quality of RGA.

However, Moody's believes that the dependence of the transaction
on RGA's performance is mitigated by these factors: (i) first,
obligors have been notified to pay directly into the trust
account; as a result, there is no commingling of funds with funds
in RGA accounts, (ii) second, the role of RGA is limited to
dispatch and order the gas transportation capacity, and (iii)
RGA's role could be assumed by a different company in the future.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the gas industry in Argentina.
As discussed above, ENARGAS determines the gas charges that were
established to repay infrastructure projects.  Although the
underlying receivables backing the rated debt are not the gas
charges themselves but the repayment of the advances on the gas
charges made by RGA, there is a risk that changes in the
regulatory framework could affect this transaction.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.


FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9
-----------------------------------------------------
Norma Alicia Balmes, the court-appointed trustee for France
Textile SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 9, 2011.

Ms. Balmes will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Norma Alicia Balmes
         Ecuador 736


GVS SA: Creditors' Proofs of Debt Due March 15
----------------------------------------------
Maria del Pilar Hernandez, the court-appointed trustee for GVS
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 15, 2011.

Ms. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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:

         Maria del Pilar Hernandez
         Suipacha 211
         Argentina


PIRINCHOS SRL: Creditors' Proofs of Debt Due March 4
----------------------------------------------------
Carlos Federico Berger, the court-appointed trustee for Pirinchos
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 4, 2011.

Mr. Berger will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Carlos Federico Berger
         Suipacha 1172
         Argentina


* ARGENTINA: To Reopen Debt Swap Until Year End
-----------------------------------------------
Ken Parks at Dow Jones' Newswires reports that the online version
of financial daily Ambito Financiero revealed that Argentina's
government will reopen the debt exchange offer that closed in June
until the end of the year in hopes of enticing more holdout
investors to swap their defaulted bonds for new securities.

Dow Jones' Newswires notes Ambito Financiero reported that
government sources said the reopening will offer investors the
same securities -- par bonds and discount bonds -- as those in the
June swap.

In June, the report recounts, investors tendered US$12 billion in
defaulted bonds for a combination of new bonds and cash equivalent
to about 34 cents on the dollar.  Dow Jones relates that between
the exchanges in 2005 and June, investors have tendered about 92%
of the nearly US$100 billion in bonds that Argentina defaulted on
in 2001.

However, the report notes, about US$4.5 billion of defaulted bonds
are thought to be in the hands of vulture funds, which continue to
pursue Argentina's government in the courts.

Dow Jones' Newswires discloses that Argentina's federal government
has yet to return to international debt markets to finance heavy
spending given the availability of domestic financing sources and
lingering fears that vulture funds could lay claim to the proceeds
of a bond issuance abroad.  Instead, the report relates, the
administration of President Cristina Fernandez has borrowed from
social security agency Anses and tapped the central bank's
reserves to pay down debt and to finance government programs.

                     *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.
The company also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.


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


BV FINANCEIRA: Moody's Puts 'Ba2' Global Rating on Senior Shares
----------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)
A1.br (sf) Brazilian national scale rating and of (P) Ba2 (sf)
global local currency rating to the Senior Shares to be issued by
BV Financeira -- Fundo de Investimento em Direitos Creditorios V
Nao Padronizados (BV FIDC V NP or the issuer), a securitization
backed by a pool of performing and non-performing vehicle loans
originated by BV Financeira S.A. -- Credito, Financiamento e
Investimento (BV Financeira).

Issuer: BV Financeira -- Fundo de Investimento em Direitos
Creditorios V Nao Padronizados

  -- Senior Shares - (P) A1.br (sf) (National Scale) & (P) Ba2
     (sf) (Global Scale, Local Currency)

                        Ratings Rationale

The ratings are based on these factors, among others:

  -- The 37% credit enhancement at closing and on-going minimum
     25% credit enhancement in the form of subordination
     supporting the Senior Shares;

  -- The 4.5% minimum excess spread, whereby excess spread is
     fully retained within the structure while Senior Shares
     remain outstanding, increasing available credit enhancement
     throughout the life of the transaction;

  -- The overall credit characteristics of the securitized pool of
     vehicle loans, which consists of (i) a performing loan pool
     which benefits from BV Financeira's established underwriting
     policy, fund eligibility criteria and concentration limits,
     and (ii) a non-performing loan pool which benefits from BV
     Financeira's historical track record in loan recovery;

  -- The transaction structure and its legal framework, including
     the bankruptcy remoteness of the issuer and well-established
     Brazilian laws and regulations; and

  -- The financial strength, operational quality and ability of BV
     Financeira, the originator and primary servicer, to service
     the underlying assets.

BV FIDC V NP is a closed-ended FIDC and will issue a single series
of Senior Shares to be placed with investors.  The subordinated
shares will be entirely retained by the seller parent company,
Banco Votorantim.  The Senior Shares will accrue a floating-rate
interest of DI Rate (Brazilian Interbank Rate) times an annual
spread of 110%.

The final maturity of the fund will take place 36 months after
initial issuance of the Senior Shares.  The Senior Shares will
accrue interest during the first 5 months followed by 31 monthly
principal and interest amortization payments starting on month 6
and ending on month 36.

No interest or principal payments will be made to the subordinated
shares as long as there are Senior Shares outstanding.  No partial
redemptions of subordinated shares are allowed at any time.

The assets backing the FIDC BV V NP are primarily performing
vehicle loans with identical eligibility criteria to BV
Financeira's previous securitization rated by Moody's, BV FIDC IV.
The administrator may use excess cash flows for purchasing
additional performing vehicle loans subject to the performing loan
eligibility criteria.

The transaction also provides for the sale of a static pool of
non-performing vehicle loans up to one month after closing for a
maximum purchase price of BRL 321.0 million.  The performing pool
and non-performing pool will represent approximately 71% and 29%
of the fund's total assets, respectively, calculated using the
purchase price for these assets.

The transaction structure includes triggers leading to revision
events.  Should a revision event occur, revolving purchases of new
vehicle loans are immediately stopped and a shareholders meeting
is called; shareholders may decide to place the fund into early
liquidation.  Key revision event triggers include:

  -- Breach of the minimum subordination level (25%);

  -- Breach of minimum excess spread (4.5%); and

  -- Downgrade of the Senior Shares rated by Moody's below the
     initial A1.br (sf) /Ba2 (sf) rating level.

The performing loan pool will meet these criteria:

i. Final maturity of vehicle loans must be before final maturity
date of the Senior Shares;

ii. Maximum pool concentration per type of vehicle: motorcycle
10%, heavy vehicles 20% and sedans up to 100%; and

iii. Sum of installments should not be more than BRL50,000 per
obligor (companies or individuals).

Servicing of performing loans is performed entirely in-house by BV
Financeira and benefits from established systems and processes.

The non-performing vehicle loans must meet these characteristics:

i. Vehicle loans sold to the fund must be past due and not paid
for a minimum of 90 days and a maximum of 360 days; and

ii. Loans must be legally and exclusively owned by BV Financeira.

The purchase price for the non-performing vehicle loans will be
30% of outstanding face value, with a maximum permitted investment
of BRL321 million in the target non-performing loan pool.

Banco Bradesco S.A. (which Moody's rates A1 for global local
currency deposits and Aaa.br on Brazilian national scale) will act
as master servicer (custodiante) of the transaction as well as
Payment Bank.  Its responsibilities include, among other duties,
verifying that all receivables purchased by the fund meet the
eligibility criteria, monitoring the early amortization triggers,
in addition to managing all of the issuer's daily financial and
operating activities.

Votorantim Asset Management DTVM Ltda will be the trustee.

BV Financeira is the fourth largest originator of vehicle loans in
Brazil, ranking after Itau Unibanco S.A, Banco Bradesco S.A and
Santander, with a total loan portfolio of about BRL25.6 billion as
of June 2010.  It is wholly owned subsidiary of Banco Votorantim
S.A. BV Financeira operates through approximately 20,000 certified
car dealers mainly located in the South and Southeast regions of
Brazil, and focuses primarily on used sedans and sport-utility
vehicles.

BV Financeira is fully controlled by Banco Votorantim S.A. (which
Moody's rates A3 for global local currency deposits and Aaa.br on
Brazilian national scale).

Headquartered in Sao Paulo, Banco Votorantim is one of the largest
banks of the Brazilian banking system, posting BRL110.4 billion in
total assets and BRL8 billion in equity as of June 30, 2010.  In
January 2009, the group settled a strategic partnership with Banco
do Brasil, a federally owned institution and largest bank in the
country, which now holds 50.00% in total equity capital of Banco
Votorantim.  This transaction was approved by regulatory
authorities in September 2009.  Banco Votorantim is involved in
multiple lines of business such as consumer finance (mostly
vehicles financing), corporate banking, capital markets,
brokerage, treasury, international business and asset management.

Moody's key ratings-model assumptions for this transaction include
various performance statistics for the performing loan pool (which
constitutes the bulk of the assets) and the non-performing pool
sub-portfolio.

For the performing loan pool, key statistics include a mean of the
loss rate of 5.5% p.a. and a standard deviation of 3%.  Moody's
assumes that the credit losses are log normally distributed.
Further model input assumptions included annual prepayment rate of
performing vehicle loans (15%) and minimum discount rate (145% of
DI Rate) used for the purchase of the performing assets by the
FIDC.

For the non-performing pool, key statistics include timing and
recovery amounts for defaulted loans.  Moody's base case
projection for the non-performing pool is a cumulative recovery of
17.0% of outstanding face value during the life of the
transaction.  A 50% haircut was applied to the base case
projection resulting in a 8.5% cumulative recovery used in
modeling assumption supporting the rating.

Another assumption in Moody's modeling involved the breakdown of
the non-performing loan pool per delinquency bucket.  Moody's
modeling assumed a target portfolio presented by the issuer with
following breakdown: 12% 90-120 days past due receivables, 11%
120-150 days past due receivables, 11% 150-180 days past due
receivables, 67% 180-360 days past due receivables.

These factors (performing pool and non-performing pool statistics,
breakdown of the non-performing pool) were incorporated in a cash
flow model that takes into account all the relevant structural
features of the fund's assets and liabilities and as defined in
the transaction documents.  Monte Carlo simulations were run for a
large number of scenarios, whereby the annual credit loss
assumption for the performing pool was drawn in each scenario from
the lognormal distribution described above.  Other risk factors,
such as rising interest rates, prepayments and recoveries on the
non-performing pool, were statically stressed commensurate with
the Ba2/A1.br rating level.  The resulting cash flows available to
the Senior Share holders for each scenario was then discounted
using the promised 110% of DI Rate to determine if, and the amount
of, loss to the Senior Shares.  Expected loss and probability of
default on the Senior Shares are then computed across all
scenarios.  These statistics were finally translated into Moody's
global scale rating and national scale rating.

Deterministic rating sensitivities were evaluated by running the
model and varying single input assumptions while remaining all
other assumptions equal.  For example, by reducing the haircut on
base case recovery assumptions of the non-performing loans from
50% to 25%, the implied transaction rating would raise by one
notch from Ba2 to Ba1 in the global scale.  In stressing the
haircut from 50% to 75%, implied rating would fall from Ba2 to B2
in the global scale.

Deterministic break-even analysis were also performed to assess
the maximum annual credit loss rate the transaction can support
before senior shareholders suffer losses.  For example, should in
an extreme case recoveries on the non-performing pool be nil,
Senior Shares would start to suffer a loss if the annual credit
loss rate on the performing pool would exceed 6.7% or a 1.2x
coverage assuming base case 5.5% credit losses on the performing
pool.  Similarly, for the base case scenario, the break-even loss
rate is 12.4% for the performing pool or a 2.3x coverage level.

The main assumption uncertainty involves the variability of
recoveries of non-performing loans.  The amounts recovered and the
timing of recoveries are subject to variance depending on the
aging of the receivable, recovery efforts on part of the primary
servicer, and market conditions including market price of used
vehicles.

Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying
assets or financial instruments in this transaction and the due
diligence report had a positive impact on the rating.


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


CHARISFIELD INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 31
----------------------------------------------------------------
The creditors of Charisfield International Ltd are required to
file their proofs of debt by December 31, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


CINQUEGOYA LIMITED: Creditors' Proofs of Debt Due January 6
-----------------------------------------------------------
The creditors of Cinquegoya Limited 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 24, 2010.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone:  943-5555


COOK INTERNATIONAL: Creditors' Proofs of Debt Due January 11
------------------------------------------------------------
The creditors of Cook International Finance Ltd. are required to
file their proofs of debt by January 11, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman, KY1-1102
         Cayman Islands


FREEDOM CAPITAL: Creditors' Proofs of Debt Due January 6
--------------------------------------------------------
The creditors of Freedom Capital Limited 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 October 27, 2010.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile:   (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


GADAH INC: Creditors' Proofs of Debt Due December 31
----------------------------------------------------
The creditors of Gadah Inc are required to file their proofs of
debt by December 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


GREAT INNOVATION: Creditors' Proofs of Debt Due December 31
-----------------------------------------------------------
The creditors of Great Innovation Limited are required to file
their proofs of debt by December 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


H&F GTT: Creditors' Proofs of Debt Due January 6
------------------------------------------------
The creditors of H&F GTT Corporation 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 23,
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, KY1-9005
         Cayman Islands


HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11
------------------------------------------------------------
The creditors of Henderson European Style Rotational Long Short
Fund Limited are required to file their proofs of debt by
January 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman, KY1-1102
         Cayman Islands


HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11
------------------------------------------------------------
The creditors of Henderson European Style Rotational Long Short
Master Fund Limited are required to file their proofs of debt by
January 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman, KY1-1102
         Cayman Islands


KARISIMBI LIMITED: Creditors' Proofs of Debt Due January 6
----------------------------------------------------------
The creditors of Karisimbi Limited 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 24, 2010.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone:  943-5555


KEYPORT LIMITED: Creditors' Proofs of Debt Due December 31
----------------------------------------------------------
The creditors of Keyport Limited are required to file their proofs
of debt by December 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


LOMBARD ASIAN: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Lombard Asian Private Investment Company LDC 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 23,
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, KY1-9005
         Cayman Islands


LONGVIEW OPPORTUNITIES: Creditors' Proofs of Debt Due December 29
-----------------------------------------------------------------
The creditors of Longview Opportunities Fund 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 25,
2010.

The company's liquidator is:

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


ORICO METALS: Creditors' Proofs of Debt Due January 6
-----------------------------------------------------
The creditors of Orico Metals Limited 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 24, 2010.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone:  943-5555


PRIME RATE: Creditors' Proofs of Debt Due December 31
-----------------------------------------------------
The creditors of Prime Rate Ltd. are required to file their proofs
of debt by December 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SIERRA MANAGEMENT: Creditors' Proofs of Debt Due December 31
------------------------------------------------------------
The creditors of Sierra Management Limited are required to file
their proofs of debt by December 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SOJITZ AFRICAN: Creditors' Proofs of Debt Due December 28
---------------------------------------------------------
The creditors of Sojitz African Power Development are required to
file their proofs of debt by December 28, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2010.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way
         Camana Bay, Grand Cayman KY1-9007
         Cayman Islands


SURINVEST INTERNATIONAL: Creditors' Proofs of Debt Due January 11
-----------------------------------------------------------------
The creditors of Surinvest International Limited are required to
file their proofs of debt by January 11, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

         Bastions Management Limited
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman, KY1-1102
         Cayman Islands


THREE M: Creditors' Proofs of Debt Due December 31
--------------------------------------------------
The creditors of Three M Limited are required to file their proofs
of debt by December 31, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


TRIAN SPV: Creditors' Proofs of Debt Due January 6
--------------------------------------------------
The creditors of Trian SPV IV, 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 22,
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, KY1-9005
         Cayman Islands


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


* JAMAICA: IDB Sign Second US$200MM-Loan for Fiscal Policy Reform
-----------------------------------------------------------------
The Hon. Audley Shaw, minister of finance and public service of
Jamaica, and Inter-American Development Bank President Luis
Alberto Moreno signed on December 15, 2010, a US$200 million loan,
consisting of the second IDB financing for the country's fiscal
consolidation program.

This operation brings IDB total loan approvals to Jamaica to
US$600 million in 2010 in support of the Government's fiscal
reform program.  A first operation of also US$200 million was
approved in August to strengthen the country's fiscal policy.
Both unprecedented financings were based on fiscal measures taken
by the government this year to improve public debt sustainability,
increase public revenue, control spending and modernize customs.

The Government of Jamaica's fiscal reform agenda is also supported
by a stand-by agreement with the International Monetary Fund.

"The IDB hails the commitment of the Government of Jamaica to
implement far-reaching policy and institutional changes to solve
the fiscal imbalance," said Mr. Moreno.  "In the difficult context
of the global economy and low domestic growth, these measures
significantly reduce the vulnerability of the country to adverse
shocks."

In view of the deterioration of the global economy during the
international financial crisis and prospects of a sluggish
recovery of the global economy, the GOJ has implemented a variety
of fiscal measures, including increasing tax revenues, containing
public spending and reducing public sector debt and debt services,
in order to substantially reduce the budget deficit and strengthen
the fiscal policy stance and sustainability over the medium-term.

The IDB previously approved close to US$200 million to Jamaica
this year in programs to support, among others, reforms in
education, protection of human capital and competitiveness.
In the future, an expected additional third operation for the
fiscal reform program would aim to support efforts to deepen
structural fiscal policy reforms to reduce the country's debt
burden and financing needs in the medium-term.

                        *     *     *

As of December 20, 2010, the country continues to carry Moody's
"B3" country ceiling foreign bank deposit rating and "Ba3" country
ceiling long-term foreign currency debt rating.


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


MEXICANA AIRLINE: To Resume Operations on January 24
----------------------------------------------------
Inside Costa Rica reports that Fernando Perfecto, secretary
general of the (ASPA), said that Compania Mexicana de Aviacion or
Mexicana Airlines will restart its operations on January 24, 2010.
The report relates Mr. Perfecto said the pilots will begin a
training period starting on January 3, 2010.

Mr. Perfect said that he hoped that the workforce is strengthened
in order to rehire the dismissed employees, according to Inside
Costa Rica.

As reported in the Troubled Company Reporter-Latin America on
December 13, 2010, Fox News said that unnamed sources said that
Compania Mexicana de Aviacion or Mexicana Airlines' pilots, flight
attendants and ground crew agreed to a new labor contract that
could allow the bankrupt airline to resume operations in the
second half of January 2011.  Fox News noted that in November,
Mexican investment group PC Capital was named as potential new
owner of the airline.

                     About Mexicana Airline

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

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

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

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

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


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


MULTI-PLASTICS INC: Taps Wallace Vazquez as Bankruptcy Counsel
--------------------------------------------------------------
Multi-Plastics, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Firm of Wallace Vazquez Sanabria as bankruptcy counsel.

The Firm will be paid US$200 per hour for its services.

Wallace Vazquez Sanabria, Esq., a member at the Firm, assures the
Court that the Firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Saint Just, Puerto Rico-based Multi-Plastics, Inc., filed for
Chapter 11 bankruptcy protection on December 8, 2010 (Bankr. D.
P.R. Case No. 10-11493).  Wallace Vazquez Sanabria, Esq., who has
an office in San Juan, Puerto Rico, serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
US$1 million to US$100 million.


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


BANCO DE LA NACION: Moody's Upgrades Deposit Rating to 'B3'
-----------------------------------------------------------
Moody's Investors Service upgraded the foreign and local currency
deposit ratings of Banco de la Nacion Argentina (Uruguay) (Nacion
Uruguay) on the global scale to B3, from Caa1, and on the national
scale to Baa2.uy, from Ba2.uy.

All ratings have stable outlook.

                        Ratings Rationale

The rating action taken on the Uruguayan branch of the Argentine
government-owned Banco de la Nacion Argentina aligns the branch's
local and foreign currency ratings to Argentina's foreign currency
government bond rating of B3.  Banco de la Nacion Argentina's
operations are 100% guaranteed by the government, and as such,
Nacion Uruguay's ratings are aligned with the Argentine
government's foreign currency bond rating.

Nacion Uruguay is the smallest Uruguayan bank, with UR$1.7 billion
in assets and UR$317 million in equity as of September 2010.

These ratings of Banco de la Nacion Argentina (Uruguay) were
upgraded:

  -- Global local currency deposit rating to B3, from Caa1, stable
     outlook

  -- Local currency national scale deposit rating to Baa2.uy, from
     Ba2.uy, stable outlook

  -- Global foreign currency deposit rating to B3, from Caa1,
     stable outlook

  -- Foreign currency national scale deposit rating to Baa2.uy,
     from Ba2.uy, stable outlook


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


BOND PRICING: For the Week December 20, to December 24, 2010
------------------------------------------------------------

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


ARGENTINA
---------

ARGENT-DIS               5.83   12/31/2033     ARS           183.8
ARGENT-PAR               1.18   12/31/2038     ARS            71.5
ARGENT-EURDIS            7.82   12/31/2033     EUR           73.75
ARGENT-EURDIS            7.82   12/31/2033     EUR            73.5
ARGENT-EURDIS            4.33   12/31/2033     JPY              42
ARGENT-JPYPAR&GDP        0.45   12/31/2038     JPY               8
BODEN 2014                  2   9/30/2014      ARS           161.3
BOGAR 2018                  2   2/4/2018       ARS           160.5


CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035     EUR          49.683
BANIF FIN LTD               3   12/31/2019     EUR          58.625
BCP FINANCE BANK         5.01   3/31/2024      EUR          56.707
BCP FINANCE BANK         5.31   12/10/2023     EUR          59.262
BCP FINANCE CO          4.239                  EUR          49.873
BCP FINANCE CO          5.543                  EUR          50.513
BES FINANCE LTD           4.5                  EUR          58.033
BES FINANCE LTD          5.58                  EUR          49.748
BES FINANCE LTD         6.984   2/7/2035       EUR          59.626
BES FINANCE LTD         6.625                  EUR         #N/A
N/A
DUBAI HLDNG COMM            6   2/1/2017       GBP          72.401
EFG ORA FUNDING           1.7   10/29/2014     EUR          63.029
ESFG INTERNATION        5.753                  EUR          53.542
IMCOPA INTL CAYM       10.375   12/16/2014     USD              38
PUBMASTER FIN           6.962   6/30/2028      GBP          48.122
PUBMASTER FIN            8.44   6/30/2025      GBP          54.851
PUNCH TAVERNS           4.767   6/30/2033      GBP          76.627


CHILE
-----

AGUAS NUEVAS              3.4   5/15/2012      CLP          0.4448
CGE DISTRIBUCION         3.25   12/1/2012      CLP          38.351
ESVAL S.A.                3.8   7/15/2012      CLP          50.121
MASISA                   4.25   10/15/2012     CLP          38.432


PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017       USD              47
PUERTO RICO CONS          6.5   4/1/2016       USD            49.7


VENEZUELA
---------

PETROLEOS DE VEN          4.9   10/28/2014     USD          62.728
PETROLEOS DE VEN            5   10/28/2015     USD          58.184
PETROLEOS DE VEN        5.125   10/28/2016     USD          55.081
PETROLEOS DE VEN         5.25   4/12/2017      USD          58.242
PETROLEOS DE VEN        5.375   4/12/2027      USD          47.484
PETROLEOS DE VEN          5.5   4/12/2037      USD          46.176
PETROLEOS DE VEN          8.5   11/2/2017      USD          68.039
VENEZUELA                5.75   2/26/2016      USD           70.25
VENEZUELA                   6   12/9/2020      USD            57.9
VENEZUELA                   7   12/1/2018      USD           66.25
VENEZUELA                   7   3/31/2038      USD          55.428
VENEZUELA                   7   3/31/2038      USD           56.75
VENEZUELA                7.65   4/21/2025      USD              61
VENEZUELA                7.75   10/13/2019     USD           66.75
VENEZUELA                8.25   10/13/2024     USD           63.75
VENEZUELA                   9   5/7/2023       USD           68.15
VENEZUELA                9.25   9/15/2027      USD          70.053
VENEZUELA                9.25   5/7/2028       USD           68.25
VENEZUELA                9.25   9/15/2027      USD            73.5
VENZOD - 189000         9.375   1/13/2034      USD           68.75


                            ***********

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.



                   * * * End of Transmission * * *