TCRLA_Public/110103.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, January 3, 2011, Vol. 12, No. 1

                            Headlines



A R G E N T I N A

LOMA NEGRA: S&P Raises Ratings to 'B+'; Gives Stable Outlook
TARJETA NARANJA: Fitch Assigns 'B' Issuer Default Ratings
TELECOM PERSONAL: S&P Withdraws 'B+' Corporate Credit Rating
TRANSPORTADORA DE GAS: Fitch Affirms 'D' Issuer Default Rating

C A Y M A N  I S L A N D S

AS HIROTA: Shareholders' Final Meeting Set for January 7
BELISARIUS FUND: Shareholders' Final Meeting Set for January 17
BERNARD L. MADOFF: Swiss Bank to Pay Up to US$500MM to Victims
BIGHORN LIMITED: Creditors' Proofs of Debt Due January 6
BIRKENSTEIN LIMITED: Creditors' Proofs of Debt Due January 6

CAPULA GOVERNMENT: Shareholders Receive Wind-Up Report
CAPULA GOVERNMENT: Shareholders Receive Wind-Up Report
CHRISTOS LIMITED: Creditors' Proofs of Debt Due January 6
CLASI FINANCE: Creditors' Proofs of Debt Due January 6
EASIX FINANCE: Creditors' Proofs of Debt Due January 6

EATON VANCE: Creditors' Proofs of Debt Due January 6
FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
IRIS INVESTMENTS: Creditors' Proofs of Debt Due January 6

JMCC CAYMAN: Creditors' Proofs of Debt Due January 6
LDVF1 MAY: Creditors' Proofs of Debt Due January 6
LDVF1 SECB: Creditors' Proofs of Debt Due January 6
MILLSTONE FUNDING: Creditors' Proofs of Debt Due January 6
SPIRIT CREDIT: Placed Under Voluntary Wind-Up

TIBURON TIGER: Shareholders' Final Meeting Set for January 7


J A M A I C A

JAMAICA URBAN TRANSIT: Sagicor Life to Cover Employees
NATIONAL COMMERCIAL BANK: Director Resigns From Board


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Puma Energy Acquires Firm in US$82-Mil Deal


T U R K S  &  C A I C O S

FIRST FINANCIAL: Placed Under Administration by TCI High Court


X X X X X X X X

BOND PRICING: For the Week December 27, to December 31, 2010




                            - - - - -


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


LOMA NEGRA: S&P Raises Ratings to 'B+'; Gives Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the local
and foreign currency global scale ratings on Loma Negra C.I.A.S.A.
to 'B+' from 'B' and removed them from CreditWatch with positive
implications, where they were placed on Sept. 15, 2010.  The
outlook is stable.

The rating action mainly reflects its perception that a more
favorable scenario for companies in Argentina (strong economic
growth, financially healthier sovereign, and favorable external
conditions) has enhanced Loma Negra's financial profile and
increased cash flows and growth prospects, which should help the
company better withstand a potentially more complex political
environment during 2011.  S&P believes Loma Negra is in better
shape to face post-election uncertainty.

"S&P's rating on Argentina-based cement producer Loma Negra
reflects the company's exposure to swings in Argentina's economy,
the inherent volatility of the cement industry, its limited
product and geographic diversification, and its exposure to
currency mismatch and inflation risks," said Standard & Poor's
credit analyst Luciano Gremone.  The company's good market
position as the largest cement producer in Argentina in terms of
market share and installed capacity, and its competitive cost
structure arising from its convenient access to raw materials and
logistic integration partially mitigate these factors.  S&P assess
Loma Negra's business risk profile as vulnerable and its financial
risk profile as aggressive.  The rating also incorporates its
expectation that Loma Negra's main shareholder, Camargo Correa
Cimentos S.A. (BB/Negative/--), would provide support if necessary
because of Loma Negra's strategic importance.  Currently, Camargo
guarantees approximately 85% of Loma Negra's debt.  These positive
factors should enable the company to maintain adequate
profitability and cash flow generation.

S&P's 'B+' corporate credit rating on Loma Negra is one notch
higher than its stand-alone credit quality, one notch above its
ratings on the Republic of Argentina (B/Stable/B), and one notch
higher than its 'B' transfer and convertibility risk assessment on
the sovereign, all as a result of its consideration of Loma
Negra's operating performance, financial health, and strategic fit
with Camargo.

As of Sept. 30, 2010, Loma Negra exhibited a minor deterioration
in its financial measures, with annualized consolidated debt-to-
EBITDA and EBITDA interest coverage of 1.7x and 5.8x,
respectively, from 1.4x and 6.7x in fiscal 2009 (ended Aug. 31).
This was mainly a result of the $125 million loan the company
obtained in December 2009 from the Inter-American Development Bank
(fully guaranteed by Camargo) to finance capital expenditures and
to pay off short-term debt.  A better debt maturity schedule
partially mitigated the increase in leverage.

S&P expects Loma Negra to be able to maintain EBITDA interest
coverage above 5x and an FFO-to-total debt ratio of more than 30%.
Historically, Loma Negra has featured a relatively moderate
capital structure, with an average debt-to-capitalization ratio of
50% and a debt-to-EBITDA ratio of 1.6x for the last three years.

Loma Negra's liquidity position is adequate, with cash holdings of
US$75.4 million and short-term debt of US$44.6 million as of
Sept. 30, 2010.  During 2010, Loma Negra made dividend payments of
US$65 million, reflecting its good cash generation and manageable
maturity schedule.  Ferrosur (a Loma Negra subsidiary) borrowed
US$31 million that was used to cancel short-term debt, resulting
in an improvement in its consolidated debt.  About 85% of the
company's consolidated debt is denominated in U.S. dollars, while
almost all cash is generated in Argentine pesos.  Derivative
hedges and the full Camargo's full guarantee on the U.S. dollar-
denominated debt mitigate this currency mismatch risk.

S&P expects the company's good cash generation, financial
flexibility, and likely shareholder support if needed to mitigate
the increased capital expenditures and potential cash
disbursements related to penalties in the Argentinean cement
industry.  In July 2005, the Argentinean antitrust authority, the
National Competition Defense Commission, assessed penalties
against the country's cement companies in response to
anticompetitive practices aimed at fixing prices and market share.
Loma has appealed its fine, which originally amounted to
Argentinean pesos (ARP)167.2 million (about $45 million).  In
October 2009, the CNDC demanded collection of the penalty.
However, Loma Negra claimed that legal actions were continuing.

The stable outlook is based on its view of Loma Negra's strategic
importance to Camargo.  It also reflects its belief that Camargo
will continue to have sufficient economic incentives to support
its Argentinean operations, even under a severe sovereign default
scenario.  S&P might lower the ratings if S&P believes that
shareholder support for Loma Negra has changed and/or if the
company's financial policy becomes too aggressive because of
higher-than-expected nonguaranteed debt or dividends.  Any ratings
upgrade is currently unlikely because of the company's operational
concentration in Argentina's still challenging business
environment.


TARJETA NARANJA: Fitch Assigns 'B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has assigned long- and short-term foreign currency
Issuer Default Ratings of 'B' and 'B' to Argentina's Tarjeta
Naranja S.A.  The Rating Outlook assigned to the long-term IDR is
Stable.  In addition, Fitch expects to assign a long-term foreign
currency rating of 'B', Recovery Rating of 'RR4' and National
long-term Rating of 'AA(arg)' to TN's upcoming class XIII
unsubordinated fixed-rate notes of up to a maximum of US$200
million.

Fitch has also affirmed TN's ratings:

  -- Long-term local currency IDR at 'B';

  -- Short-term local currency IDR at 'B';

  -- National long-term Rating at 'AA(arg)';

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

  -- Individual rating at 'D';

  -- Support rating at '5';

  -- Unsubordinated fixed-rate notes totaling US$100 million long-
     term local currency rating 'B/RR4' and National long-term
     rating at 'AA(arg)';

  -- Unsubordinated fixed-rate notes totaling US$50 million
     National long-term rating at 'AA(arg)';

  -- Short-term notes totaling ARS120 million National short-term
     rating of at 'A1+(arg)'.

The Rating Outlook is Stable.

TN's ratings reflect its strong growth, sound historical
profitability, liquidity and asset quality, and satisfactory
capital base.  They also take into account the potentially
volatile operating environment in Argentina.  Despite TN's stand-
alone strength, the country's low Sovereign Rating puts
significant pressure on the ratings of most Argentine issuers.

TN's sound profitability is based on strong revenue generation and
growth, adequate cost efficiency and healthy asset quality.  Fitch
expects TN's profitability to remain robust in 2011 as, in Fitch's
view, the economic environment is set to remain benign.

TN's lending has grown significantly in recent years.  Strong
growth resumed in 2010 after a slowdown in 2009.  Its asset
quality ratios have historically been very good, based on
conservative credit limits and good scoring systems.  At Sept. 30,
2010, its non-performing loans accounted for 3.45% of total loans
and were fully reserved.  Fitch expects TN's asset quality ratios
to remain healthy, based on the company's sound risk management
approach and the good outlook for the economy in 2011.

TN's liquidity is strong, supported by the short-term nature of
its lending.  Its liquid assets represented 1.35 times its short-
term liabilities at Sept. 30, 2010.  In addition, it has had
access to funds from the capital markets through bond issuance,
interbank lending and loan securitizations.  Exposure to foreign
currency risk is low.

TN's capital base is ample, with an equity/assets ratio of 24.82%
at Sept. 30, 2010.  Despite the significant growth of its assets,
the company's strong internal capital generation has allowed it to
maintain satisfactory capital.

TN was established in 1985 in the Province of Cordoba.  Since 1996
it has expanded significantly and now operates in most of the
country.  At Sept. 30, 2010 TN had about 4.4 million credit cards
and 163 branches and commercial offices.

TN is 80% owned by Banco de Galicia y Buenos Aires, the third
largest private sector bank in Argentina by deposits.


TELECOM PERSONAL: S&P Withdraws 'B+' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B+'
local and 'B' foreign currency long-term corporate credit ratings
on Argentine mobile player Telecom Personal S.A. at the company's
request.  TP has paid all of its capital-market debt.

TP is an Argentina-based operator that has licenses to provide
wireless communication services in Argentina and is one of three
operators in the country.  TP, through Nucleo S.A., is also a
leading player in the mobile market in Paraguay.


TRANSPORTADORA DE GAS: Fitch Affirms 'D' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas del Norte's
ratings:

  -- Foreign and Local Currency Issuer Default ratings at 'D';

  -- National long-term rating at 'D(arg)';

  -- US$250 million notes series A at 'CC/RR5'; national scale
     rating at 'D(arg)';

  -- US$250 million notes series B at 'CC/RR5'; national scale
     rating at 'D(arg)';

  -- US$300 million medium-term note program at 'CC/RR5'; national
     scale rating at 'D(arg)';

  -- Equity national scale rating at 'Level 4'.

The Rating Outlook is Stable.

The rating of the US$ 247.3 million expected notes issuance will
remain the same at 'CCC(exp)/RR4'; national scale rating at
'BB(arg)'.  Its issuance has yet to be finalized until the
restructuring process is closed.

TGN's foreign and local currency IDRs of 'D' reflect the
suspension of principal and interest payments on US$345 million of
debt by the company on Dec. 23, 2008.  Although TGN has reached
the consent to restructure its debt with 88% of the bondholders
and has initiated the court procedure (Acuerdo Preventivo
Extrajudicial) to proceed with the debt restructuring, the process
has not been finalized.  Fitch expects to upgrade TGN's local and
foreign currency IDRs to 'CCC' upon completion of the debt
restructuring.

The 'CC' rating of the 2012 notes reflects the expectation of
below-average recovery prospects given default; the 'RR5'
indicates a probability of recovery of 11%-30% of current
principal and related interest.

The 'CCC/RR4' expected rating of the new US$247.3 million seven-
year notes offered in the restructuring process reflect a moderate
improvement in TGN's debt profile following such restructuring.
The 'RR4' indicates a recovery prospect of 31% - 50%, and reflects
a debt reduction by US$ 100 million following the restructuring.
During years one through four, cash interest payments will be low
at 3.5%.  When principal amortizations begin in year five, absent
any tariff increase or any other factor that favors TGN's cash
flow, cash generation will most likely be negative, adding
pressure to the company's credit quality.

There have been no significant advances in the APE procedure which
should approve the debt restructuring agreed between TGN and 88%
of its bondholders.  The efforts by the government and various
parties to prevent the finalization of the restructuring agreement
further heighten risk for creditors.  The time of the
restructuring remains uncertain.  First, the APE court will need
to issue the initial endorsement approving the restructuring
agreement.  After such endorsement is issued, TGN will restructure
the outstanding debt held by consenting creditor and restructure
the remaining outstanding debt at a later date in accordance with
the final endorsement.  The state owned institutional investor,
ANSES, is amongst the non-consenting creditors.  Should the debt
be restructured as proposed, following such restructuring TGN
would reduced its outstanding debt by US$100 million to US$247.3
million.

Since 2002, the company's cash generation has been negatively
impacted by continued frozen tariffs, reduction in export
revenues, and increases in its cost structure and peso
devaluation; many of these negative operating factors are expected
to continue to adversely impact the company's operating
performance over the next several years.  Since the suspension of
principal and interest payments, TGN has been building cash which
reached US$ 111 million in September 2010, which would most likely
be used to restructure the debt or finance working capital needs.
Such cash positions provide the company some cushion to cover
operating expenses and capex, while it continues to wait for a
tariff review.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total gas
consumption.  TGN has an exclusive license to operate the northern
Argentina gas pipeline system for a term of 35 years, which may be
extended for an additional 10-year period.  The Argentine
government has intervened into TGN's administration since December
2008.  The designated government's interventor is responsible for
supervising all actions related to the public service.  TGN's main
shareholders are Gasinvest S.A. (56.35%) and Blue Ridge
Investments LLC (23.53%), while 20% is floating in the market.
Gasinvest S.A. is in turn owned by TecPetrol Internacional SL
(27.2%), Transcogas Inversora S.A. (22.3%), Total Gas y
Electricidad Argentina S.A (20.6%), Petronas Argentina S.A(18.3%).
Total Gasandes (6.6%), and Compania General de Combustibles S.A.
(5%).


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


AS HIROTA: Shareholders' Final Meeting Set for January 7
--------------------------------------------------------
The shareholders of As Hirota Japan Master Fund, Ltd. will receive
on January 7, 2011, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1 9002
         Cayman Islands


BELISARIUS FUND: Shareholders' Final Meeting Set for January 17
---------------------------------------------------------------
The shareholders of Belisarius Fund Corporation will receive on
January 17, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BERNARD L. MADOFF: Swiss Bank to Pay Up to US$500MM to Victims
--------------------------------------------------------------
The Associated Press reports that a private Swiss bank has agreed
to pay up to US$500 million to investors defrauded by Bernard L.
Madoff.

Trustee Irving H. Picard said that he reached an agreement with
Geneva-based bank Union Bancaire Privee, and M-Invest Ltd., a
corporation the bank set up in the Cayman Islands to invest with
Bernard L. Madoff Investment Securities LLC, according to The
Associated Press.  The report relates Mr. Picard said that the
settlement is for no less than US$470 million in cash and could
reach US$500 million.

The deal was submitted for approval with the U.S. Bankruptcy Court
for the Southern District of New York. A hearing was scheduled for
January 6, 2010, The AP notes.

                   About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).  Mr.
Picard has retained AlixPartners LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of October 29, 2010, a total of US$5.69 billion in claims by
investors has been allowed, with US$741.2 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.


BIGHORN LIMITED: Creditors' Proofs of Debt Due January 6
--------------------------------------------------------
The creditors of Bighorn 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 liquidation proceedings on November 26,
2010.

The company's liquidator is:

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


BIRKENSTEIN LIMITED: Creditors' Proofs of Debt Due January 6
------------------------------------------------------------
The creditors of Birkenstein 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 liquidation proceedings on November 26,
2010.

The company's liquidator is:

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


CAPULA GOVERNMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Capula Government Only Liquidity Master Fund
Limited received on December 29, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510, Grand Cayman
         Cayman Islands
         Telephone +1 345 814 8922
         e-mail: Claire.Loebell@ky.ey.com


CAPULA GOVERNMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Capula Government Only Liquidity Fund Limited
received on December 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510, Grand Cayman
         Cayman Islands
         Telephone +1 345 814 8922
         e-mail: Claire.Loebell@ky.ey.com


CHRISTOS LIMITED: Creditors' Proofs of Debt Due January 6
---------------------------------------------------------
The creditors of Christos 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 liquidation proceedings on November 25,
2010.

The company's liquidator is:

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


CLASI FINANCE: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Clasi Finance CI Corporation 2007-S1 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 26,
2010.

The company's liquidator is:

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


EASIX FINANCE: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Easix Finance 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 liquidation proceedings on November 25,
2010.

The company's liquidator is:

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


EATON VANCE: Creditors' Proofs of Debt Due January 6
----------------------------------------------------
The creditors of Eaton Vance CDO VI, 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 25,
2010.

The company's liquidator is:

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


FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
------------------------------------------------------------
The creditors of Fortress Investment Fund V (Fund B) FFTLF 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 liquidation proceedings on November 22,
2010.

The company's liquidator is:

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


FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
------------------------------------------------------------
The creditors of Fortress Investment Fund V (CFG) FFTLF 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 liquidation proceedings on November 22,
2010.

The company's liquidator is:

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


FORTRESS INVESTMENT: Creditors' Proofs of Debt Due January 6
------------------------------------------------------------
The creditors of Fortress Investment Fund V (Fund A) FFTLF 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 liquidation proceedings on November 22,
2010.

The company's liquidator is:

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


IRIS INVESTMENTS: Creditors' Proofs of Debt Due January 6
---------------------------------------------------------
The creditors of Iris Investments 3 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 liquidation proceedings on November 12,
2010.

The company's liquidator is:

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


JMCC CAYMAN: Creditors' Proofs of Debt Due January 6
----------------------------------------------------
The creditors of JMCC Cayman 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 26,
2010.

The company's liquidator is:

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


LDVF1 MAY: Creditors' Proofs of Debt Due January 6
--------------------------------------------------
The creditors of LDVF1 May 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:

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


LDVF1 SECB: Creditors' Proofs of Debt Due January 6
---------------------------------------------------
The creditors of LDVF1 SECB 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:

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


MILLSTONE FUNDING: Creditors' Proofs of Debt Due January 6
----------------------------------------------------------
The creditors of Millstone Funding, 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 26,
2010.

The company's liquidator is:

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


SPIRIT CREDIT: Placed Under Voluntary Wind-Up
---------------------------------------------
On November 19, 2010, the sole shareholder of Spirit Credit
Opportunities, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 29, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         Name: Michelle Richie
         Telephone: (345) 815-1755
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TIBURON TIGER: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Tiburon Tiger Fund Limited will receive on
January 7, 2011, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1 9002
         Cayman Islands


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


JAMAICA URBAN TRANSIT: Sagicor Life to Cover Employees
------------------------------------------------------
RadioJamaica reports that Sagicor Life Jamaica has been awarded a
contract to provide health insurance coverage Jamaica Urban
Transit Company's employees.

RadioJamica relates that, according to information released, the
contract is valued at JM$53.6 million.  The deal has been endorsed
by the National Contracts Commission, the report notes.

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, RadioJamaica said JUTC defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.  The Ministry of Information,
as cited by Radio Jamaica, stated that the JUTC operates an
overdraft facility of US$520 million at the National Commercial
Bank which expired in February.  The report noted that the
Ministry said this facility is consistently utilized at the upper
limit and, on occasions, exceeds the limit giving rise to the
imposition of penalty charges above 43%.


NATIONAL COMMERCIAL BANK: Director Resigns From Board
-----------------------------------------------------
Jamaica Observer reports that National Commercial Bank's board
member Donovan Lewis has resigned as a director of the company,
NCB (Cayman) Limited, NCB Capital Markets (Cayman) Limited and NCB
Remittance Services (Cayman) Limited, effective January 1, 2011.

The firm has advised that Lewis was a member of the Audit
Committee but his resignation was ". . . not due to any
disagreement in respect of accounting principles or practices,
financial disclosure or any other material issue impacting on the
Audit Committee, or his ability to properly carry out the
functions, delegated by the Board," according to Jamaica Observer.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


CARIBBEAN PETROLEUM: Puma Energy Acquires Firm in US$82-Mil Deal
----------------------------------------------------------------
Kevin Mead at Caribbean Business reports that Switzerland-based
midstream and downstream oil firm Puma Energy International has
acquired Caribbean Petroleum Co. (Capeco) for US$82 million.

Caribbean Business relates that Puma will acquire Capeco's entire
retail network which consists of 157 locations, gasoline, diesel
and other fuel storage facilities as well as undeveloped land and
a private deep water jetty.  After the implementation of
environmental remediation works at the storage facility and an
upgrade of the retail sites, scheduled for 2011, the retail
network will operate under the Puma Energy banner, Caribbean
Business notes.

Caribbean Business notes that Capeco agreed to sell off all its
assets -- including the only deep-water dock in San Juan Harbor,
six pipelines and a non-operational crude oil refinery -- through
the bankruptcy process.  Its senior secured lender is Banco
Popular de Puerto Rico.

                        About Puma Energy

Puma Energy International is fully owned by Geneva-based Dutch
multinational Trafigura Beheer BV -- the third-largest oil and
minerals commodities corporation in the world.  Puma Energy,
established in 1997, has a global network of more than 600
gasoline stations in 20 countries in Central and South America and
Africa, which are visited by 1.5 million clients annually,
according to a company brochure.

                      About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq., at Cadwalader, Wickersham & Taft LLP, serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.

Dow Jones' Daily Bankruptcy Review, citing court papers, said that
Puma Energy International BV has been declared the winning bidder
in a bankruptcy sale of the Debtors' assets, with an offer of
US$82 million.


=========================
T U R K S  &  C A I C O S
=========================


FIRST FINANCIAL: Placed Under Administration by TCI High Court
--------------------------------------------------------------
Jamaica Observer reports that in response to a request by the
Turks & Caicos Islands Financial Services Commission, the Supreme
Court of Turks & Caicos Islands has now appointed an administrator
over the First Financial Caribbean Trust Company, the entity whose
control was seized by former employee Judith Wilchcombe in April
2010, on the basis of allegations and counter-allegations
concerning the assets and operations of the Trust company, the FSC
in the Turks and Caicos Islands has stepped in.

"We support the move to have an administrator manage the company,"
Jamaica Observer quoted First Financial Group Head Delroy Howell,
as saying.  "This removes the ability of Judith Wilchcombe to
continue any dissipation of company assets," she added.

Under Ms. Wilchcombe's control, the Trust Company brought
proceedings in Jamaica against First Financial founder and head
Delroy Howell, Kenarthur Mitchell, and several First Financial
Caribbean companies, claiming misuse of the Trust's assets, the
report notes.

Jamaica Observer says that Ms. Wilchcombe's action resulted in a
freezing order initially in the sum of US$13.9 million.  After
hearing the parties in the matter, the Supreme Court in Jamaica
discharged the injunctions against Mr. Howell, Mr. Mitchell and
two of the other companies, and left it in place against only
First Financial Caribbean Jamaica Limited and First Financial
Caribbean Limited, at a reduced figure of US$1.7million, the
report relates.

After bitter litigation, the case is now in the Court of Appeal in
Jamaica, where a temporary injunction has increased the amount
frozen from US$1.7million to US$3.6 million, pending the hearing
of appeals in the matter, Jamaica Observer discloses.

Jamaica Observer notes that Ms. Wilchcombe has admitted in court
affidavit to have breached an Order of the Jamaican Supreme Court
requiring her to hold in a deposit account some US$645,000, and
not to deal with those monies in any way.  She has admitted
spending some US$432,000 of that sum, the report relates.

Confirming his support for the FSC in the Turks and Caicos, and to
preclude any further losses of the Trust company's assets as have
been admitted to by Ms. Wilchcombe, Mr. Howell said, "I will
cooperate with the Administrator appointed and will also be making
early contact with the FSC with a view to giving all assistance
that may be requested," Jamaica Observer adds.

First Financial Caribbean Trust Company is headquartered in Town
Centre Building, Town Centre, Providenciales, Turks & Caicos
Islands.


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


BOND PRICING: For the Week December 27, to December 31, 2010
------------------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS         5.83    12/31/2033     ARS              187.5
ARGENT-PAR          1.18    12/31/2038     ARS                 71
ARGENT-DIS          4.33    12/31/2033     JPY                 42
ARGENT- PAR&GDP     0.45    12/31/2038     JPY                  8
BANCO MACRO SA      10.75   6/7/2012       USD           71.85852
BODEN 2014          2       9/30/2014      ARS                152
BOGAR 2018          2       2/4/2018       ARS                164

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

BANCO BPI (CI)           4.15   11/14/2035     EUR         48.873
BANIF FIN LTD            3      12/31/2019     EUR         65.625
BCP FINANCE BANK         5.01   3/31/2024      EUR         52.752
BCP FINANCE BANK         5.31   12/10/2023     EUR         55.337
BCP FINANCE CO           4.239                 EUR         49.5352
BCP FINANCE CO           5.543                 EUR         50.6797
BES FINANCE LTD          5.58                  EUR         50.0477
BES FINANCE LTD          4.5                   EUR         55.268
DUBAI HLDNG COMM         6       2/1/2017      GBP         73.0407
EFG ORA FUNDING          1.7    10/29/2014     EUR         63.590
ESFG INTERNATION         5.75                  EUR         53.6
IMCOPA INTL CAYM        10.37   12/16/2014     USD         38
PUBMASTER FIN            6.96   6/30/2028      GBP         47.533
PUBMASTER FIN            8.44   6/30/2025      GBP         55.052
PUBMASTER FIN            5.943  12/30/2024     GBP         75.08
PUNCH TAVERNS            4.767   6/30/2033     GBP         77.45

CHILE
-----

AGUAS NUEVAS              3.4   5/15/2012      CLP          0.5465
CGE DISTRIBUCION          3.25  12/1/2012      CLP         38.739
ESVAL S.A.                3.8    7/15/2012     CLP         50.271
MASISA                    4.25   10/15/2012    CLP         38.831

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

PUERTO RICO CONS          6.2   5/1/2017       USD              47
PUERTO RICO CONS          6.5   4/1/2016       USD              50

VENEZUELA
---------

PETROLEOS DE VEN          5.5    4/12/2037     USD          45.848
PETROLEOS DE VEN          5.37   4/12/2027     USD          46.903
PETROLEOS DE VEN          5.12  10/28/2016     USD          53.250
PETROLEOS DE VEN          5.25   4/12/2017     USD          56.369
PETROLEOS DE VEN          5     10/28/2015     USD          56.301
PETROLEOS DE VEN          4.9   10/28/2014     USD          61.806
PETROLEOS DE VEN          8.5   11/2/2017      USD          66.838
VENEZUELA                 7      3/31/2038     USD          56.313
VENEZUELA                 7      3/31/2038     USD          58
VENEZUELA                 6      12/9/2020     USD          59
VENEZUELA                 7.65   4/21/2025     USD          62.5
VENEZUELA                 8.25   10/13/2024    USD          65.5
VENEZUELA                 7      12/1/2018     USD          67.5
VENEZUELA                 7.75   10/13/2019    USD          69
VENEZUELA                 9.25    5/7/2028     USD          69
VENEZUELA                 9       5/7/2023     USD          69.5
VENEZUELA                 5.75    2/26/2016    USD          72
VENEZUELA                 9.25    9/15/2027    USD          70.851
VENEZUELA                 9.25    9/15/2027    USD          75
VENZOD - 189000           9.375   1/13/2034    USD          70


                            ***********


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 2011.  All rights reserved.  ISSN 1520-9474.

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
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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,
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                   * * * End of Transmission * * *