TCRLA_Public/110107.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

          Friday, January 7, 2011, Vol. 12, No. 5

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Prosecutors Agree to Postpone Trial


A R G E N T I N A

BANDRIX SA: Creditors' Proofs of Debt Due April 7
LA PORTEATA: Creditors' Proofs of Debt Due March 4
MOBITEX SA: Creditors' Proofs of Debt Due June 9


B A R B A D O S

ARAWAK CEMENT: Workers on Strike Due to Unpaid Retroactive Wage


B E R M U D A

91 BERMUDA: Placed Under Voluntary Wind-Up
91 BERMUDA: Members to Receive Wind-Up Report on January 21
94 BERMUDA: Placed Under Voluntary Wind-Up
94 BERMUDA: Members to Receive Wind-Up Report on January 21
EMS SHIP: Creditors' Proofs of Debt Due January 7

EMS SHIP: Sole Member to Hear Wind-Up Report on January 18
QUAIL STREET: Creditors' Proofs of Debt Due January 21
QUAIL STREET: Member to Receive Wind-Up Report on January 25
QUAIL STREET: Creditors' Proofs of Debt Due January 21
QUAIL STREET: Member to Receive Wind-Up Report on January 25

SUPRINA SHIPPING: Creditors' Proofs of Debt Due January 7
SUPRINA SHIPPING: Sole Member to Hear Wind-Up Report on Jan. 18
UNITED MARINE: Creditors' Proofs of Debt Due January 7
UNITED MARINE: Sole Member to Hear Wind-Up Report on January 18
WHITEHEAD ROAD: Placed Under Voluntary Wind-Up

WHITEHEAD ROAD: Members to Receive Wind-Up Report on January 21


C A Y M A N  I S L A N D S

ARDEN STRATEGIC: Shareholder Receives Wind-Up Report
ASCENSION HIGH: Shareholders' Final Meeting Set for January 7
ASIA PACIFIC: Shareholders Receive Wind-Up Report
BARBICAN LEASING: Shareholders' Final Meeting Set for January 7
BEST OF BRAZIL: Shareholder Receives Wind-Up Report

BRAZILIAN DYNAMICS: Shareholder Receives Wind-Up Report
CBO HOLDINGS: Shareholders' Final Meeting Set for January 7
CCP SHIROCCO: Shareholders Receive Wind-Up Report
CHAMELEON ALPHA: Shareholders Receive Wind-Up Report
CONGAREE OFFSHORE: Shareholder Receives Wind-Up Report

EIFFEL CAYMAN: Shareholders' Final Meeting Set for January 7
GDR LIMITED: Shareholders' Final Meeting Set for January 7
GE ASIA: Shareholders Receive Wind-Up Report
GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7
GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7

GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7
HVOM COMPANY: Shareholder to Hear Wind-Up Report on January 7
LEEDS FUND: Shareholders Receive Wind-Up Report
LEEDS FUND: Shareholders Receive Wind-Up Report
MULBERRY OFFSHORE: Placed Under Voluntary Wind-Up

MULBERRY MASTER: Shareholder Receives Wind-Up Report
PACIFIC LIFE: Shareholders' Final Meeting Set for January 7
PANAX FUND: Shareholders' Final Meeting Set for January 7
RELIANCE (CAYMAN): Shareholders' Final Meeting Set for January 7
RUW II: Members' Final Meeting Set for January 8

SABAKA 2000: Shareholders' Final Meeting Set for January 7
SUN CHINA: Shareholders Receive Wind-Up Report
TECHNOLOGY MAC: Members Receive Wind-Up Report
TOPAZ MULTI-MANAGER: Shareholders' Final Meeting Set for Jan. 12
TRUVA AVIATION: Shareholders' Final Meeting Set for January 7


M E X I C O

CEMEX SAB: S&P Assigns 'B' Senior Rating to US$1-Bil. Notes


P U E R T O  R I C O

FIRST BANCORP: Discloses 1-For-15 Reverse Stock Split




                            - - - - -


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


STANFORD INT'L: Prosecutors Agree to Postpone Trial
---------------------------------------------------
Patsy R. Brumfield at Northeast Mississippi Daily Journal reports
that U.S. prosecutors said the request of Stanford International
Bank Limited owner, Robert Allen Stanford, for a two-year trial
delay is too long, although they agree to postpone his scheduled
January 24 criminal trial.  The report relates that District Judge
David Hittner set a January 6, 2011, hearing on the issues.

As reported in the Troubled Company Reporter-Latin America on
December 29, 2010, RadioJamaica said that lawyers representing Mr.
Stanford have requested for a delay of a trial set to begin
January 24, 2011, for at least two years so they can prepare their
defense.  The report said Mr. Stanford had his lawyers ask for
more time to properly analyze more than five million documents and
question dozens of potential witnesses before the current trial
date.  RadioJamaica noted that Mr. Stanford's lawyers have also
asked that their client be released on bond, claiming he is too
heavily medicated in prison to participate in his defense.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


BANDRIX SA: Creditors' Proofs of Debt Due April 7
-------------------------------------------------
The court-appointed trustee for Bandrix S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 7, 2011.

The trustee will present the validated claims in court as
individual reports on May 24, 2011.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 6, 2011.


LA PORTEATA: Creditors' Proofs of Debt Due March 4
--------------------------------------------------
The court-appointed trustee for La Porteata Publicidad S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 4, 2011.

The trustee will present the validated claims in court as
individual reports on April 25, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 8, 2011.


MOBITEX SA: Creditors' Proofs of Debt Due June 9
------------------------------------------------
The court-appointed trustee for Mobitex S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 9, 2011.

The trustee will present the validated claims in court as
individual reports on August 2, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 13, 2011.


===============
B A R B A D O S
===============


ARAWAK CEMENT: Workers on Strike Due to Unpaid Retroactive Wage
---------------------------------------------------------------
Kenmore Bynoe at Nation News reports that 55 workers at the Arawak
Cement Company's St. Lucy plant downed their tools and vowed not
to resume work until they were given retroactive pay apparently
dating back as far as 2002.  The report relates that some of this
money, they said, ranges from $500 to $5,000.

Stating that they had been given promises of payment since August
2010, some of the disgruntled workers indicated that they voted to
stop work after a meeting was held with management with no
guarantee of payment of this money forthcoming, according to
Nation News.

Nation News notes that a meeting was then held between the workers
and the union delegates where a vote was taken to stop work giving
the union delegates a chance to meet with management.  It is
reported that union officials from the Barbados Workers' Union
were expected to meet with the workers, the report adds.

Arawak Cement Company manufactures cement.


=============
B E R M U D A
=============


91 BERMUDA: Placed Under Voluntary Wind-Up
------------------------------------------
On December 9, 2010, the members of 91 Bermuda Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 31, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


91 BERMUDA: Members to Receive Wind-Up Report on January 21
-----------------------------------------------------------
The members of 91 Bermuda Limited will receive on January 21,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on December 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


94 BERMUDA: Placed Under Voluntary Wind-Up
------------------------------------------
On December 9, 2010, the members of 94 Bermuda Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 31, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


94 BERMUDA: Members to Receive Wind-Up Report on January 21
-----------------------------------------------------------
The members of 94 Bermuda Limited will receive on January 21,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on December 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


EMS SHIP: Creditors' Proofs of Debt Due January 7
-------------------------------------------------
The creditors of EMS Ship Management (Bermuda) Pvt. Ltd. are
required to file their proofs of debt by January 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


EMS SHIP: Sole Member to Hear Wind-Up Report on January 18
----------------------------------------------------------
The sole member of EMS Ship Management (Bermuda) Pvt. Ltd. will
receive on January 18, 2011, at 2:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


QUAIL STREET: Creditors' Proofs of Debt Due January 21
------------------------------------------------------
The creditors of Quail Street Management Ltd. are required to file
their proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ward Kennedy
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


QUAIL STREET: Member to Receive Wind-Up Report on January 25
------------------------------------------------------------
The member of Quail Street Management Ltd. will receive on
January 25, 2011, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ward Kennedy
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


QUAIL STREET: Creditors' Proofs of Debt Due January 21
------------------------------------------------------
The creditors of Quail Street Casualty, Ltd. are required to file
their proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ward Kennedy
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


QUAIL STREET: Member to Receive Wind-Up Report on January 25
------------------------------------------------------------
The member of Quail Street Casualty, Ltd. will receive on
January 25, 2011, at 2:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ward Kennedy
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


SUPRINA SHIPPING: Creditors' Proofs of Debt Due January 7
---------------------------------------------------------
The creditors of Suprina Shipping Limited are required to file
their proofs of debt by January 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


SUPRINA SHIPPING: Sole Member to Hear Wind-Up Report on Jan. 18
---------------------------------------------------------------
The sole member of Suprina Shipping Limited will receive on
January 18, 2011, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


UNITED MARINE: Creditors' Proofs of Debt Due January 7
------------------------------------------------------
The creditors of United Marine Insurance Company (Bermuda) Limited
are required to file their proofs of debt by January 7, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


UNITED MARINE: Sole Member to Hear Wind-Up Report on January 18
---------------------------------------------------------------
The sole member of United Marine Insurance Company (Bermuda)
Limited will receive on January 18, 2011, at 12:00 noon, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on December 16,
2010.

The company's liquidator is:

         John O'Kelly-Lynch
         Covenant House, 85 Reid Street
         Hamilton HM 12
         Bermuda


WHITEHEAD ROAD: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 9, 2010, the members of Whitehead Road Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 31, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


WHITEHEAD ROAD: Members to Receive Wind-Up Report on January 21
---------------------------------------------------------------
The members of Whitehead Road Limited will receive on January 21,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


ARDEN STRATEGIC: Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder Arden Strategic Offshore Advisers, Ltd.
received on December 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ASCENSION HIGH: Shareholders' Final Meeting Set for January 7
-------------------------------------------------------------
The shareholders of Ascension High Grade CDO Limited will hold
their final meeting on January 7, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ASIA PACIFIC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of The Asia Pacific Capital Technology Feeder
Fund received on December 28, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman, KY1-1104
         Cayman Islands


BARBICAN LEASING: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------------
The shareholders of Barbican Leasing Limited will hold their final
meeting on January 7, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BEST OF BRAZIL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Best of Brazil Investment Fund, SPC received on
December 28, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Giorgio G. Subiotto
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


BRAZILIAN DYNAMICS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of Brazilian Dynamics Investment Fund
received on December 30, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Catherine Pham or Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877


CBO HOLDINGS: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of CBO Holdings XI Ltd will hold their final
meeting on January 7, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CCP SHIROCCO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CCP Shirocco Limited received on December 6,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CHAMELEON ALPHA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Chameleon Alpha Fund Limited received on
December 30, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town, Grand Cayman, KY1-1104
         Cayman Islands


CONGAREE OFFSHORE: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Congaree Offshore Capital, Ltd., received on
December 28, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Transcontinental Fund Administration, Ltd.
         Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4554


EIFFEL CAYMAN: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Eiffel Cayman Islands Limited will hold their
final meeting on January 7, 2011, at 3:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands


GDR LIMITED: Shareholders' Final Meeting Set for January 7
----------------------------------------------------------
The shareholders of GDR Limited will hold their final meeting on
January 7, 2011, at 3:15 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands


GE ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of The GE Asia Pacific Capital Technology Fund
received on December 28, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman, KY1-1104
         Cayman Islands


GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Goldman Sachs Alphaselect SPC will hold their
final meeting on January 7, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Goldman Sachs Managerselect SPC will hold
their final meeting on January 7, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GOLDMAN SACHS: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Goldman Sachs Investorselect SPC will hold
their final meeting on January 7, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HVOM COMPANY: Shareholder to Hear Wind-Up Report on January 7
-------------------------------------------------------------
The shareholder of HVOM Company Ltd. will receive on January 7,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LEEDS FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Leeds Fund II Ltd. received on December 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 345 949 7500
         Facsimile:    +1 345 949 8258
         e-mail: tabaines@deloitte.com


LEEDS FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Leeds Fund Ltd. received on December 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 345 949 7500
         Facsimile:    +1 345 949 8258
         e-mail: tabaines@deloitte.com


MULBERRY OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On November 25, 2010, the sole shareholder of Mulberry Offshore
Fund, 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
         Catherine Pham or Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MULBERRY MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder Mulberry Master Fund, Ltd. received on
December 30, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Catherine Pham or Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877


PACIFIC LIFE: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of Pacific Life CBO 1998-1 Ltd will hold their
final meeting on January 7, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PANAX FUND: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------
The shareholders of Panax Fund will hold their final meeting on
January 7, 2011, at 3:45 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RELIANCE (CAYMAN): Shareholders' Final Meeting Set for January 7
----------------------------------------------------------------
The shareholders of Reliance (Cayman) Limited will hold their
final meeting on January 7, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RUW II: Members' Final Meeting Set for January 8
------------------------------------------------
The members of RUW II will hold their final meeting on January 8,
2011, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alan Turner
         c/o Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


SABAKA 2000: Shareholders' Final Meeting Set for January 7
----------------------------------------------------------
The shareholders of Sabaka 2000 Limited will hold their final
meeting on January 7, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SUN CHINA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Sun China Fund received on December 28, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman, KY1-1104
         Cayman Islands


TECHNOLOGY MAC: Members Receive Wind-Up Report
----------------------------------------------
The members of Technology Mac 88 Ltd received on December 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


TOPAZ MULTI-MANAGER: Shareholders' Final Meeting Set for Jan. 12
----------------------------------------------------------------
The shareholders of Topaz Multi-Manager Ltd will hold their final
meeting on January 12, 2011, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Transcontinental Fund Administration, Ltd.
         Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4554


TRUVA AVIATION: Shareholders' Final Meeting Set for January 7
-------------------------------------------------------------
The shareholders of Truva Aviation Limited will hold their final
meeting on January 7, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CEMEX SAB: S&P Assigns 'B' Senior Rating to US$1-Bil. Notes
-----------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its 'B'
senior secured debt rating to the proposed issuance of up to
US$1 billion in long-term notes due 2018 by Cemex, S.A.B de C.V.
At the same time, S&P is affirming its 'B' global scale and
'mxBB+' national scale corporate credit ratings on Cemex.

"Standard & Poor's Ratings Services' ratings on Cemex S.A.B. de
C.V. and its key subsidiaries -- Cemex Inc., Cemex Mexico S.A. de
C.V., and Cemex Espana S.A. -- reflect its highly leveraged
financial risk profile, which has a less-than-adequate liquidity
position and a relatively high concentration of its cash flow
generation in a few key operating markets despite geographic
diversification," said Standard & Poor's credit analyst Laura
Martinez.  S&P believes the business risk profile is satisfactory,
given the group's leading position in the global cement, concrete,
aggregates, and ready-mix businesses; proven operating turnaround
experience; and operating efficiency.  S&P has equalized the
ratings on Cemex Mexico, Cemex Inc., and Cemex Espana because of
the strategic importance of each of these subsidiaries to the
group.

During the first nine months of 2010, Cemex continued to show weak
results as a consequence of a slower-than-expected recovery in key
markets, particularly in the U.S. Cemex's revenues declined by 6%
compared with the same period a year earlier, on a like-to-like
basis.  Volumes remained stable for cement but declined 8% for
ready-mix and 6% for aggregates, with downward price pressures in
most markets.  This has further affected Cemex's cash flow
generation and cash flow protection measures.

For the 12 months ended Sept. 30, 2010, Cemex posted adjusted
total debt to EBITDA, EBITDA interest coverage, and funds from
operations to total debt of 9.4x, 1.5x, and 1.5%, respectively,
compared with 6.6x, 3.1x, and 3.2% a year earlier.  S&P
anticipates Cemex will continue to post weak financial metrics by
year-end 2011 as a result of expected continued weakness in cement
demand in the U.S. and some European countries.  S&P anticipates a
moderate recovery in 2012.

Cemex's liquidity is less than adequate, in S&P's view.  As of
Sept. 30, 2010, the company's cash position was US$842.4 million,
and it faced US$644 million in short-term debt maturities, mainly
in revolving credit lines and medium-term notes.  Cemex also faces
a US$360 million payment by September 2011, related to the
exercise of Ready Mix USA's put option.  Through the proposed bond
issuance, Cemex will refinance a significant portion of its 2011
and 2012 maturities, improving its debt maturity schedule.  S&P
expects the company will generate free operating cash flow of
about US$180 million and US$450 million in 2010 and 2011,
respectively.

S&P believes Cemex's own cash flow generation and/or refinancing
efforts will be sufficient to cover the remaining debt maturing
over the next two years.  However, it will need to seek
refinancing alternatives for the 2014 maturity of its syndicated
term facility, which totals US$6.8 billion.

Cemex improved its covenant headroom through the amendment it
reached in October 2010 with the financing agreement lenders.
However, this still remains tight, and S&P believes the company
may need to renegotiate these covenants in the near term if its
financial performance doesn't begin to show an improvement during
the next few quarters.  Among other conditions, the recent
amendment requires that Cemex raises at least US$1 billion of
equity or equity-like instruments by Sept. 30, 2011, to prepay
debt.  Otherwise, an additional 100-basis-point margin step-up
will apply.

S&P assigned the proposed issuance of up to US$1 billion in long-
term senior secured notes due 2018 by Cemex an issue-level rating
of 'B'.  S&P assigned the notes a recovery rating of '3',
indicating S&P's expectation of meaningful (50% to 70%) recovery
in the event of a payment default.

The stable outlook reflects S&P's expectation that Cemex's FOCF
will recover slowly in 2011 and continue further improvement
thereafter, affecting its key financial ratios accordingly, and
that the company will remain successful in its efforts to
refinance its debt.  In S&P's base-case scenario, S&P expects that
Cemex will post an adjusted total debt to EBITDA of about 8.5x and
an FFO to total debt of about 5.0% in 2011, followed by a further
gradual improvement.  S&P could raise the rating if the company
improves its FFO to adjusted net debt to more than 12% and its
total net debt to EBITDA to less than 5x.  S&P believes this would
result from a significant increase in volumes in its operations in
the U.S. A negative action is possible if the company's volumes
continue to decline, leading to a further deterioration in its
liquidity and financial performance, or if a covenant breach
becomes a potential risk.


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


FIRST BANCORP: Discloses 1-For-15 Reverse Stock Split
-----------------------------------------------------
First BanCorp disclosed that, effective as of 12:01 a.m.
January 7, 2011, it is implementing a one-for-fifteen reverse
stock split of all outstanding shares of its common stock.

At the Corporation's Special Meeting of Stockholders held on
August 24, 2010, shareholders approved an amendment to the
Corporation's Restated Articles of Incorporation to implement a
reverse stock split at a ratio, to be determined by the Board of
Directors in its sole discretion, within the range of one new
share of common stock for 10 old shares and one new share for 20
old shares.  As authorized, the Board has elected to effect a
reverse stock split at a ratio of one-for-fifteen.

"We appreciate the support of our stockholders in granting our
board the authority to effect a reverse stock split.  After a
thorough consideration of our options, the board determined that a
reverse stock split of the Corporation's common shares is in the
best interest of stockholders," commented Aurelio Aleman,
President and Chief Executive Officer of First BanCorp.  "A
reverse stock split better positions the Corporation to accomplish
its capital strategies and regain compliance with the NYSE listing
rules."

The one-for-fifteen reverse stock split automatically converts
fifteen old shares of the Corporation's common stock into one new
share of common stock, and reduces the number of outstanding
shares of common stock from approximately 320 million shares to
approximately 21 million shares of common stock.  The Corporation
will not issue fractional shares in connection with the reverse
stock split.  For cases in which the reverse stock split results
in any stockholder holding fractional shares, the stockholder will
receive a cash payment (without interest) in lieu of such
fractional shares.  All outstanding options, warrants or other
rights convertible into or exercisable for shares of common stock
will be adjusted in accordance with their respective terms to
account for the one-for-fifteen reverse stock split.  The amount
of authorized shares of common stock will not change as a result
of the reverse stock split.

The Corporation's common stock will begin trading on a post-
reverse stock split basis when the market opens on Friday,
January 7, 2011, and will continue to trade on the NYSE under the
symbol "FBP."  Stockholders holding physical share certificates
will receive instructions as to how to exchange existing share
certificates for new certificates representing the post-reverse
stock split shares.  BNY Mellon Shareowner Services is serving as
the Corporation's Exchange Agent in connection with the reverse
stock split.

                      About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations.  The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 29, 2010, Fitch Ratings has removed from Rating Watch
Negative and downgraded the long-term Issuer Default Ratings of
First BanCorp and its main subsidiary, Firstbank Puerto Rico to
'CC'.

Fitch noted in November 2010 that FBP announced a series of
initiatives to bolster its balance sheet.  These mainly entail
improving the common equity component of its overall
capitalization.  FBP's capital strategies encompass
three actions: 1) the conversion of the company's US$550 million
perpetual preferred stock which was completed on Aug. 30, 2010;
2) raising additional common stock of up to US$500 million, which
is presently ongoing; and 3) the conversion of the U.S. Treasury's
Capital Purchase Program preferred shares, which is contingent
upon the raising the additional equity.  Taken together, and if
successful, FBP estimates that pro forma tangible common equity
ratio will increase to 10%.

The rating actions primarily reflects Fitch's view that the
capital strategies First Bancorp has pursued are necessitated by
its weakened financial condition and reflective of heightened
credit risk compared to historical performance.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine 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 1529-2746.

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

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

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



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