TCRLA_Public/110110.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 10, 2011, Vol. 12, No. 6

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Rush to Sue United States Government
STANFORD INT'L: Owner Unfit for Trial, Psychiatrist Says


B R A Z I L

BR MALLS: Fitch Affirms Issuer Default Rating at 'BB'


C A Y M A N  I S L A N D S

ABN AMRO: Shareholders Receive Wind-Up Report
ABSOLUTE PLUS: Shareholders' Final Meeting Set for January 11
IBS IV: Shareholders Receive Wind-Up Report
LATTANZIO CHEN: Shareholders Receive Wind-Up Report
MSIIUSD VEHICLE: Shareholders Receive Wind-Up Report

MUTUAL AND: Shareholders' Final Meeting Set for January 11
MUTUAL FUND: Shareholders' Final Meeting Set for January 11
MUTUAL FUND: Shareholders' Final Meeting Set for January 11
NEW STREAM: Shareholders Receive Wind-Up Report
NILE FEEDER: Shareholders Receive Wind-Up Report

NILE MASTER: Shareholders Receive Wind-Up Report
PARGA LIMITED: Shareholders' Final Meeting Set for January 11
POWER SUPPLY: Shareholders Receive Wind-Up Report
PUGET CAYMAN: Shareholders Receive Wind-Up Report
SAPIC-98 REFERENCE: Shareholders' Final Meeting Set for January 11

SOLENT CREDIT: Shareholders Receive Wind-Up Report
SSARIS HOLDINGS: Shareholders Receive Wind-Up Report
TLLB2002 INTERNATIONAL: Shareholders' Meeting Set for January 28
TSG INVESTMENTS: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: Fitch Affirms 'BB+' Ratings on Subordinated Bonds


D O M I N I C A N  R E P U B L I C

* Fitch Affirms Dominican Republic's 'B' Issuer Default Rating


M E X I C O

MEXICANA AIRLINE: Bankruptcy Should Be Resolved by January 24


P U E R T O  R I C O

HOSPITAL DAMAS: Committee Taps J.H. Cohn LLP as Financial Advisors
HOSPITAL DAMAS: Panel Wins Nod for Kilpatrick Stockton as Counsel


X X X X X X X X

BOND PRICING: For the Week January 3, to January 7, 2011




                            - - - - -


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


STANFORD INT'L: Investors Rush to Sue United States Government
--------------------------------------------------------------
Caribbean360.com reports that victims of Robert Allen Stanford's
alleged multi-billion dollar fraud are racing against time to sue
the United States government in an attempt to get back the money
they lost.

Because of the Statute of Limitations of two years, they have just
a few days to get their chance to sue the U.S. government for the
failure of the Securities and Exchange Commission to conduct
appropriate enforcement in Mr. Stanford's fraud, according to
Caribbean360.com.  The report relates that the suit argues that
despite receiving information years ago that Mr. Stanford was
likely running a Ponzi scheme, the SEC fell down on its duty to
investigate and stop him.

Caribbean360.com notes that the investors are being represented by
Dr. Gaytri Kachroo, the attorney who last November filed the class
action in the case of convicted American Ponzi schemer Bernard
Madoff.

"Dr. Kachroo indicates that if investors want to participate in an
action against the SEC, most likely a class action, they must file
claims immediately and no later than February 16, 2011. . . She
strongly advises international investors to contact and file all
documentation with Kachroo Legal Services prior to January 15,
2011 in order to timely process their claims," a statement from
the investors said, the report discloses.

Caribbean360.com adds that the deadline for the filing of the
claim comes two year after Mr. Stanford was charged, on
February 17, 2009, with multiple civil fraud and criminal charges
for allegedly running an US$8 billion Ponzi scheme.

             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.).


STANFORD INT'L: Owner Unfit for Trial, Psychiatrist Says
--------------------------------------------------------
L.M. Sixel at Houston Chronicle reports that a psychiatrist told
U.S. District Judge David Hittner that Stanford International Bank
Limited owner, Robert Allen Stanford, takes heavy doses of anti-
anxiety and anti-depressant drugs that render him incompetent to
stand trial on charges of running a US$7 billion Ponzi scheme.

"[Mr. Stanford] is unable to work effectively and rationally with
his attorneys in his defense against the charges," Dr. Victor
Scarano said in a hearing before Judge Hittner, the report
relates.

As reported in the Troubled Company Reporter-Latin America on
January 7, 2011, Northeast Mississippi Daily Journal said U.S.
prosecutors said the request of Mr. Stanford for a two-year trial
delay is too long, although they agree to postpone his scheduled
January 24, 2011 criminal trial.  The report related that District
Judge David Hittner set a January 6, 2011, hearing on the issues.
According to a separate TCRLA report 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.

Houston Chronicle discloses that Dr. Scarano testified that for a
year, Mr. Stanford has been taking anti-anxiety medicine that
causes him to suffer drowsiness, lack of energy and inability to
focus on tasks.  The report relates Dr. Scarano estimated that it
would take three to six months to wean Stanford off the anti-
anxiety medication completely, including an initial two to four
weeks in an in-patient medical facility.  At that point, said Dr.
Scarano, he'd have a better idea of Stanford's mental competency,
Houston Chronicle says.

Houston Chronicle adds that another psychiatrist, Steven
Rosenblatt, hired by the government, testified that Mr. Stanford
is suffering from delirium, likely brought on by the medication.

             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.).


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


BR MALLS: Fitch Affirms Issuer Default Rating at 'BB'
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of BR MALLS Participacoes
S.A. and its fully owned subsidiary BR Malls International Finance
Limited:

BR MALLS Participacoes S.A.:

  -- Foreign Currency Issuer Default Rating at 'BB';

  -- Local Currency IDR at 'BB';

  -- Long-term national scale rating at 'AA-(Bra)';

  -- BRL320 million local debentures, first and second tranches
     due in 2014 and 2016, respectively, at 'AA-(Bra)'.

BR Malls International Finance Limited:

  -- Foreign Currency Issuer Default Rating at 'BB';
  -- US$175 million perpetual notes at 'BB'.

Fitch has also assigned a 'BB' rating to Finco's proposed
perpetual notes in the expected amount of US$200 million.  The
notes will be unconditionally and irrevocably, jointly and
severally, guaranteed by BRMALLS and its subsidiaries ECISA
Engenharia, Comercio e Industria Ltda., ECISA Participacoes Ltda.,
and Proffito Holding Participacoes S.A. Proceeds from the issuance
would be used to fund the company's capex plan, refinance existing
debt, and for general corporate purposes.

The Rating Outlook is Stable.

The ratings reflect BRMALLS' dominant business position as the
largest Brazilian shopping center operator with participation in
39 shopping centers, stable and predictable cash flow generation,
Brazil's positive economic environment, geographical and property
revenue base diversification, and low working capital requirements
with renters responsible for most maintenance expenses.  BRMALLS
has an aggressive growth strategy and the potential affects of
delays of turning around recently acquired assets and/or leasing
new developments add to risk.  These risks are partially mitigated
by the company's adequate cash position, large pool of
unencumbered assets, and successful track record in selecting and
integrating its acquisitions.

The ratings affirmation also incorporates the company's recent
acquisitions, which have weakened the company's capital structure,
liquidity and leverage.  While the increases in leverage were
beyond Fitch's prior expectations, the company's credit metrics
remain in line with the rating category when compared with other
regional peers.  The rating affirmation also incorporates the
positive expected results from recently acquired assets, and
scheduled developments and expansions will have on the company's
cash flow generation, measured as EBITDA, during 2011.

The Stable Outlook reflects the expectation that BRMALLS will
continue to deliver positive operating results based on its strong
market position, the quality of its assets, and its proven ability
to implement its growing strategy and increase cash flow
generation levels while maintaining good liquidity and an adequate
capital structure.

Acquisitions Add to Leverage:

During the last 45 days, BRMALLS completed three transactions that
represented total capex of approximately BRL874 million.  These
transactions were funded with a combination of cash and seller
debt and will somewhat weaken the company's strong capital
structure and the company's total debt is expected to remain
stable in 2011; additional increases to net leverage may place
pressure on the ratings.  On a pro forma basis, taking into
consideration the new liabilities related to the above-mentioned
acquisitions of approximately BRL529 million and the proposed
perpetual notes (expected US$200 million), the company's total
debt is estimated around 2.6 billion, and gross and net leverage
ratios increase to 5.7x and 4.2x, respectively.  By the end of
September 2010, the company's total debt was BRL1.8 billion.  The
company's gross debt/EBITDA and net debt/EBITDA ratios were 4.58x
was 2.8x, respectively, by the end of September 2010.

The major transaction was the acquisition of Tijuca Shopping
Center.  The acquisition price of Shopping Tijuca was BRL800
million, of which BRL300 million were paid in cash during the
4Q'10 and the remaining amount of BRL500 million will be paid in
10 quarterly installments starting in September 2012.  In
addition, on Jan. 3, 2011, the company announced that it bought
additional stakes of 30% and 15.1% in Shopping Crystal Plaza and
in Shopping Piracicaba, respectively, for a total amount of BRL74
million.  For these two transactions, the company paid BRL45.4
million in cash and the remaining balance (BRL28.7 million) will
be paid in two equal installments due in January 2012 and January
2013, respectively.

The main components of the company's pro forma debt are the first
issuance of perpetual notes (BRL302.5 million); Real Estate Credit
Certificates (CRI, BRL615.6 million); construction financing loans
(BRL108.1 million), local debentures maturing in 2014 and 2016
(BRL341.1 million including interests), liabilities related to
shopping center acquisitions (BRL789.9 million), and the proposed
perpetual notes (expected BRL330 million).  The remaining balance
of approximately BRL170 million includes bank loans and other
financing.

Solid Track Record, Increasing Cash Flow:

BRMALLS has displayed the capacity to consistently improve its
cash flow generation, as measured by EBITDA.  BRMALLS' EBITDA for
LTM period ended September 2010 was BRL394 million, which
positively compares with its EBITDA levels of BRL320 million,
BRL240 million, and BRL127.1 million in 2009, 2008 and 2007,
respectively.  In addition, the company's EBITDA margins have
maintained positive trend, reaching levels of 61.8%, 75.5%, 81.4%,
and 80.4% during years 2007, 2008, 2009 and LTM September 2010,
respectively.  The ratings also factor the quality of recent
acquired assets, Shopping Tijuca's current annual EBITDA level is
approximately BRL65.5 million and it is expected to increase to
around BRL74 million in 2011 under the new management.  On a pro
forma basis, including the company's EBITDA for the LTM ended
September 2010 and the marginal increase in the company's EBITDA
of approximately BRL73.7 million from recent acquisitions, the
company's pro forma EBITDA is estimated to be around BRL468
million.

Fitch expects the company will continue improving its cash flow
generation, reaching EBITDA level of approximately BRL620 million
during fiscal 2011 supported by the continuity of positive
business environment and recent acquired assets; and the increase
in the company's owned GLA in approximately 92 thousand square
meters (m2) from scheduled developments and expansions during
4Q'10 and 2011.  In terms of developments, during the 4Q'10, the
company inaugurated Shopping Sete Lagoas (Minas Gerais) and
Shopping Granja Vianna (Sao Paulo), which added 34.4 thousand m2
in own GLA.  During 2Q'11 and 4Q'11, the company is planning to
open Via Brazil Shopping and Mooca Plaza Shopping, adding 14.3
thousand m2 and 25.1 thousand m2 in own GLA, respectively.  In
terms of expansions, the company plans to complete the expansions
of Shopping Tambore and Shopping Campo Grande during 2Q'11 and
4Q'11, respectively, which will add 14.8 thousand m2 and 3.6
thousand m2, respectively.

Further, the company maintains good levels of unencumbered assets.
By the end of September 2010 approximately 45% of the company's
owned GLA (234.5 thousand m2) is available and free of any lien
that the company could use in the future to access liquidity, this
level of unencumbered assets also presents a good recovery
prospect for the unsecured debt in a default scenario.

Credit Outlook:

By the end of 2011, BRMALLS' total debt is expected to be around
BRL2.7 billion, which includes debt related to shopping centers
acquisitions of approximately BRL590 million.  The ratings
incorporate the view that the company will maintain gross and net
leverage ratios below 4.5x and 4.0x, respectively, by the end of
2011.  The ratings are constrained by the aggressive capex plan
the company is currently implementing through acquisition as well
as greenfield and expansion projects.  The company is expected to
reach capex levels of around BRL680 million, while maintaining
cash position of around BRL350 million during 2011.

BRMALLS' aggressive capex plan is counterbalanced by its positive
track record of delivering good results and maintaining an
adequate capital structure.  During the last four years, the
company's growth by acquisitions was supported by a consistent
financial strategy of balancing debt and equity, which allowed the
company to maintain adequate levels of liquidity and leverage
while improving its cash flow generation.


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


ABN AMRO: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of ABN AMRO Trust Services (Cayman) 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:

         Richard E. L. Fogerty
         c/o Iain Gow
         Zolfo Cooper (Cayman) Limited,
         P.O. Box 1102
         Cayman Financial Centre
         4th Floor, Building 3
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: iain.gow@zolfocooper.ky


ABSOLUTE PLUS: Shareholders' Final Meeting Set for January 11
-------------------------------------------------------------
The shareholders of Absolute Plus Master Fund Limited (1) will
hold their final meeting on January 11, 2011, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IBS IV: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of IBS IV Company received on January 7, 2011,
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


LATTANZIO CHEN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lattanzio Chen Offshore, 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:

         K.D. Blake
         c/o Robert Arthur
         Telephone: 345-815-2637/ 345-949-4800
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


MSIIUSD VEHICLE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of MSIIUSD Vehicle Ltd. received on January 4,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Roger Anscher
         599 Lexington Avenue, 19th Floor
         New York, New York 10022
         United States of America
         Telephone: + 1 212 845 7900
         Facsimile: + 1 212 845 7990


MUTUAL AND: Shareholders' Final Meeting Set for January 11
----------------------------------------------------------
The shareholders of Mutual and Hedge Fund-Linked Reference Fund
(1-B) Limited will hold their final meeting on January 11, 2011,
at 10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for January 11
-----------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-Y)
Limited will hold their final meeting on January 11, 2011, at
10:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Shareholders' Final Meeting Set for January 11
-----------------------------------------------------------
The shareholders of Mutual Fund Basket Reference Fund (1-Z)
Limited will hold their final meeting on January 11, 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:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


NEW STREAM: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of New Stream Capital (Cayman), 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:

         Amanda Logue
         38 Grove Street, Building C
         Ridgefield, Connecticut 06877
         USA


NILE FEEDER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Nile Feeder 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:

         K.D. Blake
         c/o Ann Smith
         Telephone: 345-914-4383 / 345-949-4800
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


NILE MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Nile 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:

         K.D. Blake
         c/o Ann Smith
         Telephone: 345-914-4383 / 345-949-4800
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


PARGA LIMITED: Shareholders' Final Meeting Set for January 11
-------------------------------------------------------------
The shareholders of Parga Limited (Formerly Crest 2 Ltd.) will
hold their final meeting on January 11, 2011, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


POWER SUPPLY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Power Supply Holdings 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:

         Philip Mosely
         Paul Travers
         P.O. Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


PUGET CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Puget Cayman Islands Limited received on
January 7, 2011, 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


SAPIC-98 REFERENCE: Shareholders' Final Meeting Set for January 11
------------------------------------------------------------------
The shareholders of SAPIC-98 Reference Fund (19) Limited will hold
their final meeting on January 11, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


SOLENT CREDIT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Solent Credit Opportunities Fund received on
December 31, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


SSARIS HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of SSARIS Holdings II 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:

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


TLLB2002 INTERNATIONAL: Shareholders' Meeting Set for January 28
----------------------------------------------------------------
The shareholders of TLLB2002 International Limited will hold their
final meeting on January 28, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


TSG INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of TSG Investments 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:

         Philip Mosely
         c/o Johannes de Jager
         PO Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


===============
C O L O M B I A
===============


BANCOLOMBIA SA: Fitch Affirms 'BB+' Ratings on Subordinated Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned Bancolombia's upcoming five-year U.S.
dollar senior unsecured notes an expected long-term foreign
currency rating of 'BBB-'.  The final rating is contingent upon
the receipt of final documents conforming to information already
received.

The notes, which will mature in 2016, will be issued for an amount
to be determined and will carry a fixed interest rate to be set at
the time of the issuance; interest payments will be made semi-
annually.  The notes will be senior, unsecured liabilities of
Bancolombia and will rank pari passu, with all of the bank's other
present and future unsecured and unsubordinated liabilities (other
than those preferred by statute or by operation of law); the notes
will rank senior to Bancolombia's existing and future subordinated
debt.

Bancolombia's Issuer Default Ratings are driven by its Individual
rating, which reflects its strong franchise, solid earnings
generation, ample deposit and customer base, diversified loan
portfolio and revenues, good asset quality, adequate reserve
coverage, and strong liquidity.  The IDRs also factor in the
relatively higher costs, somewhat lower efficiency, and higher
loan loss provisions expenses and capital, which, while improving,
still compare unfavorably to higher rated regional peers.  The
expected rating of the notes is at the same level of the bank's
long-term foreign currency IDR of 'BBB-', Bancolombia will use the
proceeds from the planned issue for general business purposes.

Bancolombia is the country's largest universal bank (held about
20% of the banking system's assets as of September 2010) and in
2007 became a regional player through the acquisition of El
Salvador's largest bank.  Bancolombia is controlled by a
conglomerate of companies; its main shareholders are Grupo
Suramericana and Inversiones Argos.

Bancolombia's ratings are:

  -- Foreign currency long-term Issuer Default Rating 'BBB-';
  -- Foreign currency short-term IDR 'F3';
  -- Local currency long-term IDR 'BBB-';
  -- Local currency short-term IDR 'F3';
  -- Individual rating 'C';
  -- Support rating '3';
  -- Support rating floor 'BB';
  -- Senior unsecured bonds 'BBB-';
  -- Subordinated bonds 'BB+';
  -- National long term rating 'AAA(col)';
  -- National short term rating 'F1+(col)';
  -- Senior unsecured bonds 'AAA(col)';
  -- Subordinated bonds 'AA+(col)'.

The Rating Outlook is Stable.


===================================
D O M I N I C A N  R E P U B L I C
===================================


* Fitch Affirms Dominican Republic's 'B' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Dominican Republic's ratings:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- Country ceiling at 'B+';
  -- Short-term foreign currency IDR at 'B'.

The Outlook on both the Foreign and Local currency IDRs has been
revised to Positive from Stable.

The Outlook revision reflects the Dominican economy's resilience
during the global financial crisis, which was supported by a
Stand-by Arrangement with the IMF, improving export prospects and
structural improvements in debt management.  Fitch believes these
developments will support the maintenance of macroeconomic
stability within an environment of robust growth of around 6% over
the medium-term.

'The Dominican Republic's rapid recovery following the global
financial crisis within the context of moderate inflation
highlights the authorities' commitment to maintaining
macroeconomic stability,' says Theresa Paiz Fredel, Senior
Director in Fitch's sovereign group.

Approval of the SBA and multilateral disbursements allowed the
government to implement a strong counter-cycle fiscal response
starting in the last quarter of 2009 to complement more
accommodative monetary policies initiated earlier in the year.
This contributed to a rapid recovery of growth, which reached 3.5%
in 2009, among the highest rates of growth in Latin America and
the Caribbean.

Despite the strong economic recovery and higher commodity prices,
the central bank met its inflation target of between 6% and 7% in
2010, which bodes well for enhancing monetary policy credibility.
The economic recovery exceeded both Fitch's and the market's
expectations, with growth estimated at 7.8% in 2010.

Increased domestic demand and a recovery of oil prices led to a
notable deterioration in the Dominican Republic's current account
deficit and increased the island's external financing needs in
2010.  Although gross external financing requirements/reserves
increased to almost 200% last year and are among the highest for
sovereigns rated in the 'B' category, unlike prior episodes of
increased financing needs, the peso remained relatively stable,
while the erosion of reserves during the year was muted.

Nevertheless, Fitch expects the Dominican Republic's external
financing needs to decline over the forecast horizon with the
resumption of nickel exports and the initiation of gold exports
later this year.

With the passage of a 2011 budget in line with the quantitative
performance criteria of a non-financial fiscal deficit of 1.6% of
GDP under the IMF SBA authorities are on track to withdraw fiscal
stimulus this year.  Progress with respect to the management of
electricity distributors and the implementation tariff increases
will help reduce transfers to the electricity sector, an important
factor that has prevented a sustained fiscal consolidation in
recent years.  Despite fiscal challenges, improvements in debt
management and a favorable maturity profile support the island's
creditworthiness.  In 2009, the government began a program of
monthly auctions with local-currency bonds issued at two-, three-
and five-year maturities as the initial steps toward building a
yield curve.  This year has seen the placement of seven- and 10-
year bonds that have extended the curve into 2020.

'While still in its initial phase, the development of a domestic
debt market provides greater fiscal financing flexibility, which
supports the sovereign's credit profile,' says Paiz Fredel.

High per capita income, as well as stronger social and business
environment indicators relative to 'B' peers continue to support
the sovereign's ratings.  However, the country's weak liquidity
position relative to 'B' peers remains a credit weakness, which
exposes the Dominican Republic's vulnerability to shocks.

Looking ahead, the Dominican Republic's ratings would benefit from
reduced external vulnerabilities and the continued consolidation
of macroeconomic stability.  Although not Fitch's base case
scenario, a sharp decline in non-debt creating capital inflows or
a return of capital flight which results in downward pressures on
the peso and a sustained erosion of international reserves would
be negative for the ratings.


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


MEXICANA AIRLINE: Bankruptcy Should Be Resolved by January 24
-------------------------------------------------------------
Jose Enrique Arrioja and Jonathan Levin at Bloomberg report that
Humberto Trevino, Mexico's deputy minister of transportation, said
Compania Mexicana de Aviacion or Mexicana Airlines should have its
bankruptcy process resolved before January 24, 2011.

The bankruptcy process is "going well" and ticket sales should
resume the week of January 24, Mr. Trevino told Bloomberg in
interview broadcast on Radio Formula.  Flights should resume
shortly after ticket sales, he added.

The Latin America Herald relates that Mexicana Airlines is nearing
an agreement with its creditors.  Fifty-one percent of them --
including state-owned bank Bancomext, Banorte and government-owned
Aeropuertos y Servicios Auxiliares, which oversees Mexico's
airports -- have expressed a willingness to sign a restructuring
agreement, Mr. Trevino said, according to Latin America Herald.

"We're certain the (bankruptcy proceedings) will be resolved
before Jan. 24," Mr. Trevino said, adding that the airline will
seek to obtain navigability certificates by carrying out some test
flights and have its crew re-accredited, Latin America Herald
discloses.  The most important part is the international
operation, Mr. Trevino added.

Mr. Trevino, Latin America Herald notes, said the company has been
in contact with U.S. airports to re-establish its installations
and secure landing and take-off spots.

Mexicana, which will remain in the hands of its main investor, PC
Capital, will resume flights with a fleet of between 28 and 30
planes, compared with 112 prior to August, when the Mexicana group
also included affiliated budget airlines Click and Link, Trevino
said, Latin America Herald says.  Those two low-cost airlines will
merge with Mexicana de Aviacion, Mr. Trevino added.

As reported in the Troubled Company Reporter-Latin America on
December 13, 2010, Fox News said unnamed sources said 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 did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


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


HOSPITAL DAMAS: Committee Taps J.H. Cohn LLP as Financial Advisors
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Hospital Damas,
Inc., asks for authorization from the U.S. Bankruptcy Court for
the District of Puerto Rico to retain the accounting and
consulting firm of J.H. Cohn LLP as its financial advisors,
effective November 23, 2010.

The members of that Committee are: (i) Rimaco, Inc.; (ii) Puerto
Rico Hospital Supply, Inc.; (iii) Laboratory Corporation of
America; (iv) Ciracet Corp.; and (v) Borschow Hospital and Medical
Supplies, Inc.

As the Committee's proposed financial advisors, J.H. Cohn will
provide:

  a) Periodic monitoring of Debtor's key operational trends,
     including volume, productivity and cash management;

  b) Budget-to-actual reporting of cash flow projections;

  c) Review and analysis of monthly financial statements and
     monthly operating reports for trend analysis and performance
     tracking; and

  d) Review and analysis and development of plan structure,
     including modeling projections and analyzing viability.

J.H. Cohn has agreed to be compensated for a fee of US$90,000,
exclusive of out-of-pocket expenses, for the period ending March
31, 2011.

J.H. Cohn assures the Court that the firm does not represent or
provide services to any other entity having an "adverse interest"
in connection with the Debtor's Chapter 11 case, as detailed in
Section 1103(b) of the Bankruptcy Code.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R.
Case No. 10-08844).  Charles A. Cuprill-Hernandez, Esq., at
Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's
bankruptcy counsel.  In October 2010, the United States Trustee
appointed five creditors to serve on the Official Committee of
Unsecured Creditors of the Debtor.  Todd C. Meyers, Esq., and
Colin M. Bernardino, Esq., at Kilpatrick Stockton LLP, represent
the Committee as legal counsel, and Edgardo Munoz, Esq., at
Edgardo Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the petition date.


HOSPITAL DAMAS: Panel Wins Nod for Kilpatrick Stockton as Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
granted the Official Committee of Unsecured Creditors of Hospital
Damas, Inc., permission to employ and retain Kilpatrick Stockton
LLP as its legal counsel, and Edgardo Munoz, PSC, as its local
counsel, effective October 13, 2010.

Kilpatrick Stockton and Edgardo Munoz will apply for compensation
for professional services rendered and reimbursement of expenses
in connection with the Debtor's Chapter 11 case in accordance with
the applicable provisions of the Bankruptcy Code, the Local
Bankruptcy Rules, the U.S. Trustee Guidelines, and any other
applicable procedures and orders of the Bankruptcy Court.

The Bankruptcy Court is satisfied that the firms represent no
interest adverse to the estate and that they are "disinterested
persons" as that term is defined under Sec. 101(14) of the
Bankruptcy Code.

Kilpatrick Stockton LLP can be reached at:

     Todd C. Meyers, Esq.
     Colin M. Bernardino, Esq.
     KILPATRICK STOCKTON LLP
     1100 Peachtree Street, Suite 2800
     Atlanta, GA 30309
     Tel: (404) 815-6500
     Fax: (404) 815-6555
     E-mail: tmeyers@kilpatrickstockton.com
             cbernardino@kilpatrickstockton.com

Edgardo Munoz, PSC, can be reached at:

     Edgardo Munoz, Esq.
     EDGARDO MUNOZ, PSC
     P.O. Box 360971
     San Juan, PR 00936-0971
     Tel: (787) 524-3888
     Fax: (787) 524-3888
     E-mail: emunoz@emunoz.net

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R.
Case No. 10-08844).  Charles A. Cuprill-Hernandez, Esq., at
Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's
bankruptcy counsel.  In October 2010, the United States Trustee
appointed five creditors to serve on the Official Committee of
Unsecured Creditors of the Debtor.  In its schedules, the Debtor
disclosed US$24,017,166 in total assets and US$21,267,263 in total
liabilities as of the petition date.


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


BOND PRICING: For the Week January 3, to January 7, 2011
--------------------------------------------------------

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 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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