TCRLA_Public/110119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, January 19, 2011, Vol. 12, No. 13

                            Headlines



B E R M U D A

CIS LTD: Creditors' Proofs of Debt Due January 26
CIS LTD: Members' Final Meeting Set for February 18
GLOBAL AVIATION: Creditors' Proofs of Debt Due January 26
GLOBAL AVIATION: Members' Final Meeting Set for February 16
HYPPCO FINANCE: Creditors' Proofs of Debt Due January 26

HYPPCO FINANCE: Members' Final Meeting Set for February 16
NEW STAR: Creditors' Proofs of Debt Due January 26
NEW STAR: Members' Final Meeting Set for February 15
NEW STAR: Creditors' Proofs of Debt Due January 26
NEW STAR: Members' Final Meeting Set for February 15

SAGECREST II: Mgt. & Committee Plan Outline Hearing on Feb. 15
SAGECREST II: Deutsche Plan Outline Hearing Continued to Feb. 15


B R A Z I L

OAS ENGENHARIA: Fitch Rates Issuer Default Ratings at 'B'


C A Y M A N   IS L A N D S

ANALYTIC US: Commences Liquidation Proceedings
AVIATOR LIMITED: Creditors' Proofs of Debt Due January 20
BALLYDUFF LIMITED: Placed Under Voluntary Wind-Up
BDML INTERNATIONAL: Creditors' Proofs of Debt Due January 19
BROAD STREET: Creditors' Proofs of Debt Due January 21

COMPASS CARDREC: Creditors' Proofs of Debt Due January 19
COMPASS INCOME: Placed Under Voluntary Wind-Up
COMPASS INCOME: Placed Under Voluntary Wind-Up
CREDIA FUNDING: Creditors' Proofs of Debt Due January 20
FAMILIES INVESTMENT: Placed Under Voluntary Wind-Up

GESTIELLE CASH: Commences Liquidation Proceedings
HFV MULTI-STRATEGY: Creditors' Proofs of Debt Due January 19
J.L.S NO.1: Creditors' Proofs of Debt Due January 19
KALECOTE CAYMAN: Commences Liquidation Proceedings
KIEWO LTD: Creditors' Proofs of Debt Due January 19

LINKS VOLATILITY: Creditors' Proofs of Debt Due January 19
LONGPOINT RE: Creditors' Proofs of Debt Due January 20
MARJAN AIRCRAFT: Creditors' Proofs of Debt Due January 19
MASTER TREND: Creditors' Proofs of Debt Due January 19
MELKART DIVERSIFIED: Creditors' Proofs of Debt Due January 19

MISR CARD: Creditors' Proofs of Debt Due January 19
MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due January 20
MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due January 20
RLR FOCUS: Creditors' Proofs of Debt Due January 19
SR VISTA: Creditors' Proofs of Debt Due January 19

UBS DYNAMIC: Creditors' Proofs of Debt Due January 19
UBS GLOBAL: Creditors' Proofs of Debt Due January 19
VICTORY ABSOLUTE: Creditors' Proofs of Debt Due January 19
WILLIAMS FINANCIAL: Creditors' Proofs of Debt Due January 20


D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms 'B' Long Term Issuer Default Ratings
BANCO DE RESERVAS: Fitch Affirms Long Term Foreign Rating at 'B'
POPULAR BANK: Fitch Affirms LT National Rating at 'BB+(pan)'


J A M A I C A

JPSCO: Former Employees Want Millions in Retroactive Salaries
LORRESTON BAILEY: Securities Firm to Be Sent to Bankruptcy
TRINIDAD CEMENT: Plans to Restructure Debt


M E X I C O

ALESTRA S: Fitch Affirms Rating on Senior Notes at 'BB-'


V I R G I N   I S L A N D S

TRANSFIELD ER: U.S. Judge Recognizes Bankruptcy Case




                            - - - - -


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B E R M U D A
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CIS LTD: Creditors' Proofs of Debt Due January 26
-------------------------------------------------
The creditors of CIS Ltd. are required to file their proofs of
debt by January 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 7, 2011.

The company's liquidator is:

         Christopher Diepenhorst
         The Campbell Agency, Inc.
         325 84th Street, S.W. Byron Center
         MI 49315, USA



CIS LTD: Members' Final Meeting Set for February 18
---------------------------------------------------
The members of CIS Ltd. will hold their final meeting on
February 18, 2011, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 7, 2011.

The company's liquidator is:

         Christopher Diepenhorst
         The Campbell Agency, Inc.
         325 84th Street, S.W. Byron Center
         MI 49315, USA


GLOBAL AVIATION: Creditors' Proofs of Debt Due January 26
---------------------------------------------------------
The creditors of Global Aviation Services Limited are required to
file their proofs of debt by January 26, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 4, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


GLOBAL AVIATION: Members' Final Meeting Set for February 16
-----------------------------------------------------------
The members of Global Aviation Services Limited will hold their
final meeting on February 16, 2011, at 9:30 a.m., to receive 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 HM11
         Bermuda


HYPPCO FINANCE: Creditors' Proofs of Debt Due January 26
--------------------------------------------------------
The creditors of HYPPCO Finance Company Ltd. are required to file
their proofs of debt by January 26, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 31, 2010.

The company's liquidator is:

         David P. O'Connor
         Delaware Management Company
         Once Commerce Square
         Philadelphia, PA 19103
         USA


HYPPCO FINANCE: Members' Final Meeting Set for February 16
----------------------------------------------------------
The members of HYPPCO Finance Company Ltd. will hold their final
meeting on February 16, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on December 31, 2010.

The company's liquidator is:

         David P. O'Connor
         Delaware Management Company
         Once Commerce Square
         Philadelphia, PA 19103
         USA


NEW STAR: Creditors' Proofs of Debt Due January 26
--------------------------------------------------
The creditors of New Star Global Property Management (Bermuda
Five) Limited are required to file their proofs of debt by
January 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 11, 2011.

The company's liquidator is:

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


NEW STAR: Members' Final Meeting Set for February 15
----------------------------------------------------
The members of New Star Global Property Management (Bermuda Five)
Limited will hold their final meeting on February 15, 2011, at
9:30 a.m., to receive 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


NEW STAR: Creditors' Proofs of Debt Due January 26
--------------------------------------------------
The creditors of New Star Global Property Management (Bermuda Six)
Limited are required to file their proofs of debt by
January 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 11, 2011.

The company's liquidator is:

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


NEW STAR: Members' Final Meeting Set for February 15
----------------------------------------------------
The members of New Star Global Property Management (Bermuda Six)
Limited will hold their final meeting on February 15, 2011, at
9:30 a.m., to receive 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


SAGECREST II: Mgt. & Committee Plan Outline Hearing on Feb. 15
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut has
continued to February 15, 2011, at 10:00 a.m., the hearing on the
Disclosure Statement explaining the Joint Chapter 11 Plan of
Liquidation filed by SageCrest II, LLC, SageCrest Finance, LLC,
SageCrest Holdings Limited, SageCrest Dixon, Inc., and the
Official Committee of Equity Security Holders.

Generally, the Plan provides that SC Management, a new entity
created under the Plan, will liquidate the Debtors' assets in an
orderly fashion over roughly four years and distribute the net
proceeds to Holders of Allowed Claims and Allowed Interests in the
priority prescribed by the Bankruptcy Code and according to the
specific provisions of the Plan.

The Plan proposes the following treatment for the various claims
and interests in the Debtors:

Class 1. Non-Tax Priority Claims.  Unimpaired.  Holders of Class 1
        Claims will receive, (y) Cash in an amount equal to the
        Allowed amount of its Non-Tax Priority Claim, or (z) such
        other, less favorable treatment as may be agreed upon in
        writing.  To the extent an Allowed Non-Tax Priority Claim
        entitled to priority treatment under 11 U.S.C. Sections
        507(a)(4) or (5) exceeds the statutory cap applicable to
        such Claim, such excess amount will be treated as a Class
        6 General Unsecured Claim against the relevant Debtor.

Class 2. Secured Tax Claims.  Unimpaired.  With respect to any
        Allowed Secured Tax Claim for tax years prior to 2009, the
        Holder of such Allowed Secured Tax Claim will receive (x)
        Cash equal to the value of its Allowed Secured Tax
        Claim, including interest, (y) the Collateral securing the
        Allowed Secured Tax Claim, or (z) such other, less
        favorable treatment as may be agreed upon in writing.  The
        Holder of a Secured Tax Claim for ad valorem taxes for any
        tax year from 2009 and thereafter will retain all rights
        and remedies for payment thereof in accordance with
        applicable non-bankruptcy law.

Class 3. Deutsche Bank Secured Claims.  Impaired.  The DB Secured
        Claims against SC Finance and SC Holdings are separately
        classified in Class 3A (Estimated Amount: US$7,369,464.73,
        plus interest, costs and fees) and Class 3B
        (US$100,160,583.15, plus interest, costs and fees),
        respectively.  Deutsche Bank will receive, on or as soon
        as practicable after the later of the Effective Date of
        the Plan or the Allowance Date with respect to the DB
        Secured Claims: (i) property of the Debtors that is the
        indubitable equivalent of all or a portion of such Allowed
        Claims; and/or (ii) the DB Promissory Note, which will be
        issued by SC Finance, SC II, SC Holdings, SCFR, SC Limited
        and SC Management in the principal amount of the Allowed
        DB Secured Claims less an amount equal to the value of the
        property of the Debtors, if any, that is transferred to
        Deutsche Bank pursuant to the foregoing clause (i).  The
        Plan Supplement will identify the property of the Debtors,
        if any, to be transferred to Deutsche Bank pursuant to the
        foregoing clause (i), the value of such property as of the
        Effective Date, and the principal amount of the DB
        Promissory Note, and the Plan Supplement will include the
        form of the DB Promissory Note.

        On or before the fifth (5th) Business Day following the
        last day of each calendar quarter, commencing after the
        fourth (4th) full calendar quarter following the Effective
        Date of the Plan, SC Management will make a principal
        payment on the DB Promissory Note in an amount equal to
        the amount of cash held by SC Management on the last
        Business Day of the immediately preceding calendar quarter
        less the aggregate Budgeted Expenses for the following
        twelve (12)-month period.  The DB Promissory Note will
        mature on December 31, 2014.

Class 4. SageCrest Regal Secured Claim Against SC Dixon.
        (Estimated Amount: US$48,842,759).  Impaired.  The Holder
        of the Allowed SageCrest Regal Secured Claim will receive
        from SC Dixon, a Cash payment equal to the Allowed amount
        of such Claim within thirty (30) days after the later of
        (a) the closing on a sale of the Collateral that secures
        the Allowed SageCrest Regal Secured Claim or (b) the
        Allowance Date with respect to the Allowed SageCrest Regal
        Secured Claim.  If the Allowed SageCrest Regal Secured
        Claim exceeds the value of the Collateral securing such
        Claim, then pursuant to Bankruptcy Code section 506(a),
        any such excess amount will be deemed to be and will be
        treated as a Class 6D General Unsecured Claim against SC
        Dixon.

Classes 5A-5C. Miscellaneous Secured Claims against SC Finance,
        SC Holdings and SC II.  Unimpaired.  Each Holder of an
        Allowed Miscellaneous Secured Claim in Class 5A, 5B or 5C
        will receive from SC Management, (i) Cash equal to the
        value of its Allowed Miscellaneous Secured Claim, (ii) the
        Collateral securing the Allowed Miscellaneous Secured
        Claim, or (iii) such other, less favorable treatment as
        may be agreed upon in writing.  If any Allowed
        Miscellaneous Secured Claim in Class 5A, 5B or 5C exceeds
        the value of the Collateral securing such Claim, then
        pursuant to Bankruptcy Code section 506(a), any such
        excess amount will be deemed to be and will be treated as
        a Class 6 General Unsecured Claim.

Class 5D. Miscellaneous Secured Claims against SC Dixon
       (Estimated Amount: US$3,851,928).  Impaired.

       T. Harris Environmental Management, Inc., a separate
       subclass under Class 5D.1, will receive a Cash payment from
       SC Dixon in the amount of C$55,000, without interest,
       within thirty (30) days after the earlier of (A) the sale
       by SC Dixon of the Collateral that secures the Allowed
       Other Secured Claim held by Harris; (B) the refinancing of
       such Collateral by SC Dixon, or (C) the fifth (5th)
       anniversary of the Effective Date of the Plan.

       The Holder of an Allowed Miscellaneous Secured Claim
       against SC Dixon in Class 5D.2 will receive from SC Dixon,
       a Cash payment equal to the Allowed amount of such
       Claim within thirty (30) days after the later of (i) the
       closing on a sale of the Collateral that secures such
       Allowed Claim or (ii) the Allowance Date with respect to
       such Allowed Claim.  If an Allowed Miscellaneous Secured
       Claim against SC Dixon in Class 5D.2 exceeds the value of
       the Collateral securing such Claim, then pursuant to
       Bankruptcy Code section 506(a), any such excess amount
       will be deemed to be and will be treated as a Class 6D
       General Unsecured Claim against SC Dixon.

Class 6A-6C. General Unsecured Claims against SC Finance, SC
       Holdings and SC II.  Impaired.  Each Allowed General
       Unsecured Claim in Class 6A (SC Finance), Class 6B (SC
       Holdings), and Class 6C (SC II) will include interest
       thereon, at the Case Interest Rate, from the Petition Date
       through the date such Allowed General Unsecured Claim is
       paid in full.

       If all of Classes 6A, 6B and 6C vote in favor of the Plan,
       then each Holder of an Allowed General Unsecured Claim in
       Classes 6A, 6B, and 6C will receive from SC Management
       quarterly Cash payments, commencing with the first full
       calendar quarter after the Effective Date of the Plan and
       continuing until all Allowed General Unsecured Claim in
       Classes 6A, 6B, and 6C are paid in full, totaling the
       Allowed amount of such Claim.  Each quarterly Cash payment
       will be made no later than ten (10) Business Days after the
       end of each calendar quarter.  Each quarterly Cash payment
       to a Holder of a General Unsecured Claim under Section
       5.06(b) of the Plan will be of an amount equal to the
       lesser of such Holder's Pro Rata (calculated using all
       Allowed and Disputed General Unsecured Claims in Classes
       6A, 6B and 6C) share of US$300,000 or the unpaid balance of
       such Allowed General Unsecured Claim.

       If Class 6A, 6B or 6C votes to reject the Plan, then each
       Holder of an Allowed General Unsecured Claim in Classes 6A,
       6B, and 6C will receive from SC Management a payment of
       Cash equal to the amount of such Allowed General Unsecured
       Claim, plus interest at the Case Interest Rate from the
       Petition Date through the date of payment, on the later of
       (i) the Allowance Date or (ii) the first (1st) Business Day
       that is four (4) years after the Effective Date.

Class 6D. General Unsecured Claims against SC Dixon.  Impaired.
       On or as soon as practicable after the later of (i) the
       first Distribution Date after all Allowed Claims in Classes
       4 and 5D have been paid or otherwise satisfied in full, or
       (ii) the Allowance Date, each Holder of an Allowed General
       Unsecured Claim in Class 6D (SC Dixon), will receive from
       SC Dixon or SC Management a Cash payment equal to a Pro
       Rata share of the Cash, if any, derived from the
       liquidation of the Assets of SC Dixon that remain after all
       Allowed Claims in Classes 4 and 5D have been paid or
       otherwise satisfied in full.  Each Allowed General
       Unsecured Claim against SC Dixon will be satisfied solely
       from such Cash of SC Dixon.  SC Dixon anticipates that it
       is unlikely that any Cash will be available for
       distribution to Holders of Allowed General Unsecured Claims
       against SC Dixon in Class 6D.

Class 7. Deutsche Bank Guaranty Claim (against SC II only).
       Impaired.  In exchange for the Allowed DB Guaranty Claim,
       SC II will execute the DB Promissory Note on the Effective
       Date of the Plan and SC II will be jointly and severally
       liable for all obligations arising under the DB Promissory
       Note.

Class 8. Redemption Claims against SC II.  Impaired.  Each Holder
       of an Allowed Redemption Claim against SC II will receive
       Cash payments from SC II up to the allowed amount of such
       Claim, without interest, in full satisfaction of such
       Claim.

Class 9. Intercompany Claims.  Impaired.  On the Effective Date of
       the Plan, all Intercompany claims will be canceled,
       discharged, and eliminated in full, and the Holders of
       Intercompany Claims will not receive or retain any property
       or any interest in property on account of such Intercompany
       Claims.

Class 10A. Interests in SC Finance.  Unimpaired.  SC II, the sole
       Holder of all Allowed Interests in SC Finance, will retain
       its Interest in SC Finance, as reorganized under the terms
       of the Plan.  SC II will contribute its Interests in SC
       Finance to SC Management.

Class 10B. Interests in SC Holdings.  Impaired.  Each Holder of an
       Allowed Interest in SC Holdings will retain its Interest in
       SC Holdings, as SC Holdings in reorganized under the terms
       of the Plan.  No distribution will be made unless and until
       all Allowed Administrative Claims and Allowed Priority
       Claims against all Debtors, and all Allowed Claims against
       SC Holdings in Classes 1B, 2B, 3B, 5B, and 6B have been
       paid in full.

Class 10C. Interests in SC II.  Impaired.  Each Holder of an
       Allowed Interest in SC II will retain its Interest in SC
       II, as SC II is reorganized under the terms of the Plan
       pursuant to an amended SC II Operating Agreement that will
       be included in the Plan Supplement.  No distribution will
       be made unless and until all Allowed Administrative Claims
       and Allowed Priority Claims against all Debtors, and all
       Allowed Claims against SC II in Classes 1C, 2C, 5C, 6C and
       7, and all payments to Holders of Allowed Class 8 Claims
       have been paid if full.

Class 10D. Interests in SC Dixon. Impaired.  The Holder of Allowed
       Interests in SC Dixon will retain such Allowed Interests in
       SC Dixon, as SC Dixon is reorganized under the terms of the
       Plan, but such Holder will not be entitled to receive or
       retain, and will not receive or retain, any Cash or other
       property under the Plan on account of its Allowed Interests
       in SC Dixon.

A copy of the Disclosure Statement explaining the Joint Chapter 11
Plan of Liquidation filed by SageCrest II, LLC, SageCrest Finance,
LLC, SageCrest Holdings Limited, SageCrest Dixon, Inc., and the
Official Committee of Equity Security Holders, is available for
free at http://bankrupt.com/misc/SageCrestII.DS.pdf

                        About SageCrest II

SageCrest II, LLC, SageCrest Finance, LLC, SageCrest Dixon, Inc.,
SageCrest Holdings Ltd., SCFR and SC Limited are part of a group
of funds commonly known as SageCrest Funds.  SageCrest II serves
as the domestic fund within the SageCrest Funds.  SCFR and SC
Limited serve as the offshore funds within the SageCrest Funds.

SC II directly on indirectly owns several special purpose entities
that hold (directly or indirectly) specific investments of the
SageCrest Funds, including a life insurance portfolio, specialty
finance loans to third parties and real estate investments.

SC Limited and SCFR are Bermuda exempted companies limited by
shares and are not debtors in the Bankruptcy cases.  SC Holdings
is also a Bermuda exempted company limited by shares and is a
wholly owned subsidiary of SC Limited and SCFR.

SageCrest Finance is a Delaware limited liability company that was
formed as a wholly owned subsidiary of SageCrest II on March 22,
2007.

SageCrest Dixon is a special purpose entity within the SageCrest
Funds that owns real property at 900 Dixon Road in Toronto,
Canada, formerly the site of the Constellation Hotel.  SageCrest
Dixon is a wholly owned subsidiary of SageCrest Canada Holdings,
Inc., which is a wholly owned subsidiary of SageCrest II.

The Debtors primarily operate through two lines of business:
structured finance and real estate investment and development.

SageCrest Finance and SageCrest II filed Chapter 11 petitions on
August 17, 2008 (Bankr. D. Conn. Case Nos. 08-50755 and 08-50754),
and filings by SageCrest Holdings Limited (Bankr. D. Conn. Case
No. 08-50763) and SageCrest Dixon, Inc. (Bankr. D. Conn. Case No.
08-50844), followed.  The cases are jointly administered under
Lead Case No. 08-50754.

The Debtors estimate their assets at US$100 million to US$500
million.

On October 7, 2008, the United States Trustee appointed a
committee of equity security holders, including in its membership
defendants Topwater Exclusive Fund III, LLC, and Wood Creek Multi-
Asset Fund, LP.  The Equity Committee is comprised of former
investors in SageCrest II with all committee members claiming they
redeemed their investments in that debtor.  Asserting they are
creditors -- and not equity holders -- of SageCrest II, both
Topwater and Wood Creek resigned from the Equity Committee.

Affiliate Antietam Funding LLC sought Chapter 11 bankruptcy
protection (Bankr. D. Conn. 10-52523) on October 20.  Antietam
Funding LLC estimated assets of US$50 million to US$100 million
and debts of US$100 million to US$500 million.

Antietam's primary asset is a portfolio of life insurance
investments.


SAGECREST II: Deutsche Plan Outline Hearing Continued to Feb. 15
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut has
continued to February 15, 2011, at 10:00 a.m., the hearing on the
Disclosure Statement explaining the Joint Chapter 11 Plan of
Liquidation for SageCrest II, LLC, et al., proposed by Deutsche
Bank AG, as agent for B Structure Products, Inc.  The hearing on
the disclosure statement for the Deutsche Bank Plan is scheduled
on the same day and time as the hearing on the Debtors' Chapter 11
Plan of Liquidation filed jointly with the Official Committee of
Equity Security Holders.

The Debtors and the Equity Committee had earlier filed a Joint
Chapter 11 Plan of Liquidation, which calls for a liquidation of
the Debtors' assets over four years.  Under the Debtors' Plan,
unsecured creditors will be paid in full, Deutsche Bank will be
provided with property of the Debtors that the Debtors claim will
be the indubitable equivalent of all or a portion of its claims
and/or with a promissory note, and equity interests will retain
100% ownership of the Debtors.  Deutsche Bank says that the
Debtors' Joint Plan provides no information as to how the Debtors
will fund such a lengthy liquidation, or when and if there will be
cash available for distribution to creditors on a reasonable
timetable.

Deutsche Bank has adopted the core structure of the Debtors' Plan,
which involves the establishment of and transfer of assets to SC
Management, a new entity to be created under the Plan, which will
liquidate substantially all of the Debtors' assets over roughly
two (2) years and distribute the net proceeds to Holders and
Allowed Interests according to the specific provisions of the
Plan.

Claims against the Debtors in Classes 3, 4, 5D, 6, 7, 8 and 9, and
Interests in SageCrest Holdings, LLC (Class 10B), SageCrest II
(Class 10C), and SageCrest Dixon, LLC (Class 10D) are impaired
under Plan.  Claims against the Debtors in Classes 1, 2, 5A, 5B
and 5C, and Interests in SageCrest Finance, LLC (Class 10A), are
not impaired under the Plan, and the Holders of those Claims and
Interests and are conclusively presumed to have accepted the Plan
and are thus not entitled to vote on the Plan.

The Plan proposes the following treatment for the various claims
and interests in the Debtors:

Deutsche Bank Secured Claims under Class 3 will receive on the
Effective Date of the Plan the DB Credit Agreement, which will be
issued by SC Finance, SC II, SC Holdings, SCFR, SC Limited and SC
Management in the principal amount of the asserted amount of the
prepetition DB Secured Claims plus fees, costs, and default
interest.  The DB Credit Agreement will contain the terms set
forth in Section 5.03 of the Plan and the term sheet attached as
Exhibit C to the Plan.

The Holder of the Allowed SageCrest Regal Secured Claim under
Class 4 will receive from SC Dixon a Cash payment to the Allowed
amount of such Claim within thirty (30) days after the later of
a) the closing on a sale of the Collateral that secured the
Allowed SageCrest Regal Secured Claim or (b) the Allowance Date
with respect to such Claim.  If the Allowed SageCrest Regal
Secured Claim exceeds the value of the Collateral securing such
Claim, then any deficiency will be treated as a Class 6D General
Unsecured Claim against SC Dixon.

Miscellaneous Secured Claims against SC Dixon under Class 5D will
contain a separate subclass for each Miscellaneous Secured Claim
against SC Dixon.  T. Harris Environmental Management, Inc. under
subclass 5D.1 will receive a Cash payment from SC Dixon in the
amount of C$55,000, without interest, within thirty (30) days
after the earlier of (A) the sale by SC Dixon of the Collateral
that secures the Allowed Other Secured Claim held by Harris; (B)
the refinancing of such Collateral by SC Dixon, or (C) the fifth
(5th) anniversary of the Effective Date of the Plan.

The Holder of an Allowed Miscellaneous Secured Claim against SC
Dixon in Class 5D.2 will receive from SC Dixon, a Cash payment
equal to the Allowed amount of such Claim within thirty (30) days
after the later of (i) the closing on a sale of the Collateral
that secures such Allowed Claim or (ii) the Allowance Date with
respect to such Allowed Claim.

Holders of Allowed General Unsecured Claims in Classes 6A, 6B, and
6C will receive interest at the Case Interest Rate from the
Petition Date through the date such Allowed General Unsecured
Claim is paid in full.  After indefeasible payment in full in Cash
of the DB Secured Claims other than that portion of the DB Secured
Claims attributable to default interest, Cash payments will be
made by the Plan Administrator in Classes 6A, 6B, and 6C, on a pro
rata basis with payments to be made to Deutsche Bank on account of
the DB Secured Default Interest claim from the Excess Cash Flow
with respect to the preceding month.

General Unsecured Claims against SC Dixon under 6D will receive
from SC Dixon or SC Management a Cash payment equal to a pro rata
share of the Cash, if any, derived from the liquidation of the
Assets of SC Dixon after the satisfaction in full of Allowed
Claims in Classes 4 and 5D.  It is unlikely that any Cash will be
available for distribution to Holders of Claims in Class 6D.

In full satisfaction of the Allowed DB Guaranty Claim under
Class 7, SC II will execute the DB Credit Agreement on the
Effective Date of the Plan and SC II will be jointly and severally
liable for all the objections arising under the DB Credit
Agreement.

After indefeasible payment in full in Cash of (a) the Deutsche
Bank Secured Claim and (b) all Allowed Claims in 6A, 6B, and 6C,
payments will be made by the Plan Administrator to Holders of
Allowed Redemption Claims against SC II under Class 8 on a pro
rata basis from the Excess Cash Flow Amount with respect to the
preceding month.

All Intercompany claims under Class 9 will be extinguished,
canceled, discharged, and eliminated in full,  Holders of Class 9
Claims will receive no distribution.

A copy of the Disclosure Statement explaining the Joint Chapter 11
Plan of Liquidation proposed by Deutsche Bank is available for
free at http://bankrupt.com/misc/SageCrestII.DeutscheBankDS.pdf

                        About SageCrest II

SageCrest II, LLC, SageCrest Finance, LLC, SageCrest Dixon, Inc.,
SageCrest Holdings Ltd., SCFR and SC Limited are part of a group
of funds commonly known as SageCrest Funds.  SageCrest II serves
as the domestic fund within the SageCrest Funds.  SCFR and SC
Limited serve as the offshore funds within the SageCrest Funds.

SC II directly and indirectly owns several special purpose
entities that hold (directly or indirectly) specific investments
of the SageCrest Funds, including a life insurance portfolio,
specialty finance loans to third parties and real estate
investments.

SC Limited and SCFR are Bermuda exempted companies limited by
shares and are not debtors in the Bankruptcy cases.  SC Holdings
is also a Bermuda exempted company limited by shares and is a
wholly owned subsidiary of SC Limited and SCFR.

SageCrest Finance is a Delaware limited liability company that was
formed as a wholly owned subsidiary of SageCrest II on March 22,
2007.

SageCrest Dixon is a special purpose entity within the SageCrest
Funds that owns real property at 900 Dixon Road in Toronto,
Canada, formerly the site of the Constellation Hotel.  SageCrest
Dixon is a wholly owned subsidiary of SageCrest Canada Holdings,
Inc., which is a wholly owned subsidiary of SageCrest II.

The Debtors primarily operate through two lines of business:
structured finance and real estate investment and development.

SageCrest Finance and SageCrest II filed Chapter 11 petitions on
August 17, 2008 (Bankr. D. Conn. Case Nos. 08-50755 and 08-50754),
and filings by SageCrest Holdings Limited (Bankr. D. Conn. Case
No. 08-50763) and SageCrest Dixon, Inc. (Bankr. D. Conn. Case No.
08-50844), followed.  The cases are jointly administered under
Lead Case No. 08-50754.

The Debtors estimate their assets at US$100 million to US$500
million.

On October 7, 2008, the United States Trustee appointed a
committee of equity security holders, including in its membership
defendants Topwater Exclusive Fund III, LLC, and Wood Creek Multi-
Asset Fund, LP.  The Equity Committee is comprised of former
investors in SageCrest II with all committee members claiming they
redeemed their investments in that debtor.  Asserting they are
creditors -- and not equity holders -- of SageCrest II, both
Topwater and Wood Creek resigned from the Equity Committee.

Affiliate Antietam Funding LLC sought Chapter 11 bankruptcy
protection (Bankr. D. Conn. 10-52523) on October 20.  Antietam
Funding LLC estimated assets of US$50 million to US$100 million
and debts of US$100 million to US$500 million.

Antietam's primary asset is a portfolio of life insurance
investments.


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


OAS ENGENHARIA: Fitch Rates Issuer Default Ratings at 'B'
---------------------------------------------------------
Fitch Ratings has assigned ratings to OAS Engenharia e
Participacoes S.A. and its wholly owned subsidiary Construtora OAS
Ltda, as follows:

OAS Participacoes

   * Foreign and Local Currency Issuer Default Ratings (IDRs) 'B';
   * Long-term National Rating 'BBB(bra)'.

Construtora OAS

  * Foreign and Local Currency IDRs 'B+';
  * Long-term National Rating 'BBB+(bra)'.

In addition, Fitch has affirmed the following ratings:

OAS Empreendimentos S.A. (OAS Empreendimentos)

  * Long-term National Rating 'BB+(bra)'
  * Long-term National Rating of the BRL60 million second
    debenture issuance due in 2014, guaranteed by OAS
    Participacoes, 'BBB(bra)'.

The Rating Outlook for all the corporate ratings is Stable.

The ratings reflect the size, expertise and the position of the
OAS group as one of the five largest contractors in the domestic
civil construction sector by revenues, and its long track record
in engineering and heavy construction in Brazil.  The ratings also
incorporate increased consolidated leverage, combined with
operational margins lower than the industry average; the exposure
of its main business to the public sector; the challenges of the
recent surge of the homebuilding company of the group; and the
increased financing needs to support the group's business growth
strategy.  The current high leverage is above historical
parameters and is partially mitigated by the satisfactory
liquidity position and debt repayment schedule.  The expectation
that the expansion of the group's new businesses, which has led to
increased consolidated debt, may achieve a greater contribution to
the consolidated cash generation also supports leverage reduction.

Conservative Financial Profile of Construtora OAS:

On a standalone basis, Construtora OAS presents a conservative
financial profile, supported by low leverage and adequate
liquidity.  Construtora OAS operates in the heavy construction
business and is the OAS group's main operating and cash generating
company.  Construtora OAS is fully owned by OAS Participacoes, the
group's holding company, which also consolidates the group's
equity investments in public concessions and infrastructure,
through Invepar, and the operations in the homebuilding sector,
through OAS Empreendimentos.  The contractor business represented
90% of the OAS group consolidated revenue and 73% of the
consolidated EBITDA generation in the last 12 months ended June
2010.

Given the subordinated nature of its debt, OAS Participacoes is
rated one-notch lower than Construtora OAS.  OAS Participacoes'
indebtedness is high and is dependent on the cash generation and
dividend payments from its subsidiaries to meet debt obligations.
The holding company also provides guarantees to its subsidiaries,
mainly for OAS Empreendimentos.

High Leverage to Decrease in 2011:

On a consolidated basis, OAS Participacoes' total debt/EBITDA
ratio increased to 6.4 times (x) in the LTM ended June 2010, from
6.2x in 2009 and 4.0x in 2008.  Net debt/EBITDA also increased to
4.5x, from 2.8x and 2.0x over the same periods, reflecting higher
debt to support the recent expansion of the group in its
contractor, infrastructure and homebuilding businesses, as well as
lower EBITDA generation.  As of June 30, 2010, total debt was
BRL1.7 billion, compared to BRL724 million at the end of 2008.  As
a characteristic of the contractor business, Construtora OAS'
leverage is low. Total debt/EBITDA ratio was 2.0x for the LTM
ended June 2010, while net debt/EBITDA was 1.1x. Fitch expects OAS
group to conservatively manage its debt, and leverage should
benefit from the expected recovery of Construtora OAS' operational
margins.  OAS Participacoes consolidated total debt/EBITDA ratio
should remain high at the end of 2010, at about 8.0x, and is
expected to gradually fall to approximately 5.5x during 2011.

Moderate Refinancing Risk

Fitch expects OAS group to continue to extend its consolidated
debt maturity profile and to conservatively manage its liquidity
position.  Since June 2010, OAS group has taken several measures
to extend its debt maturity profile, which resulted in a more
adequate capital structure, and strengthened liquidity to support
the growth of its activities.  On Nov. 10, 2010, OAS Participacoes
concluded the issuance of a BRL400 million debenture, due in eight
years.  The proceeds will be used for debt repayment and extending
maturities, while the remaining BRL180 million will cover working
capital needs.  Following this transaction, debt refinancing
pressure was reduced, as per the groups' pro forma consolidated
cash position, which improved to near BRL1 billion, and was
equivalent to 173% of short-term debt maturities at end September
2010 and 82% of debt maturities coming due by the end of 2012.  At
end June 2010, OAS Participacoes's consolidated cash and
marketable securities of BRL493 million covered 105% of its short-
term debt of BRL470 million.

EBITDA Margins Expected to Recover

The OAS group has the challenge to strengthen its operating
margins and cash generation capacity in 2011.  Fitch expects both
OAS Participacoes and Construtora OAS to recover their EBITDA
margins, returning to levels near those reported in 2007-2008, to
around 7.0% in 2011 and between 7.5% and 8.0% in 2012.  The
reduction of higher costs in the course of the project
developments and the improved operational margins of OAS
Empreendimentos should support this recovery.

OAS group has consistently grown its consolidated revenues, to
BRL4.5 billion in the LTM ended June 2010, from BRL1.6 billion in
2007.  The significant increase in Construtora OAS' activities
supported this growth.  EBITDA also increased over the same
period, up 126%, to BRL260 million; however, EBITDA margin was
down to 5.8% in the LTM ended June 2010, compared to 7.4% in 2007,
and was below the industry average.  The rapid increase in backlog
has required the acceleration of investments and higher costs for
the initial development of projects, which pressured EBITDA
margins and reduced the generation of funds from operations to
BRL210 million in the LTM ended June 2010.  After BRL413 million
of cash outflows for working capital, cash flow from operations
was a negative BRL202 million in the LTM ended June 2010.  Fitch
expects a positive CFO, above BRL200 million in 2011 and 2012,
sufficient for generation of a positive free cash flow after
covering capex needs.

Strong Backlog Sustains Business Growth

Construtora OAS ranked as the fifth largest contractor in Brazil
in terms of revenues in 2009.  The total backlog has grown
substantially to BRL12 billion in September 2010, from BRL8.5
billion at end 2009 and BRL6.4 billion in 2008.  About BRL2.3
billion of total backlog was related to projects abroad.  Fitch
believes that the consistent increase of Construtora OAS' backlog
should sustain the group's business growth in the medium-to-long
term and expects that the company will be successful in its
expansion strategy and diversification of works by sector, and
internationally, thus reducing its exposure to the public sector
in Brazil.

OAS Empreendimentos Dependent on Parent Support

OAS Empreendimentos, which operates in real estate development and
construction, is fully owned by OAS Participacoes.  Its ratings
reflect its full integration with the structure and business
strategy of the OAS group as well as its high dependence on the
group's support for the development and growth of its operations.
In the LTM ended June, OAS Empreendimentos achieved BRL352 million
of net revenues, compared to BRL258 million for the whole of 2009,
with an increase in EBITDA margin to 7.0%, still lower than the
industry average, and high net leverage ratio of 9.4x reflecting
the taking of adequate financing for real estate development in
Brazil.  Of its total BRL504 million debt at end June 2010, BRL411
million was represented by BRL107 million from the Housing
Financing System and BRL304 million from a five-year debenture,
guaranteed by OAS Participacoes, subscribed to by the Brazilian
Employees Severance Indemnity Fund, with repayment based on
delivery of receivables of ready units.  Fitch expects further
improvements in the company's margins which will contribute to the
reduction in leverage ratios.

Key Rating Drivers:

The ratings could be negatively pressured by a downturn in
consolidated performance and operational margins; a downturn in
the core heavy construction business.  A rating downgrade could
also be driven by lower consolidated cash generation capacity and
liquidity, combined with high leverage ratios.

Positive rating actions could be driven by consistent increases in
margins of the core heavy construction business, combined with the
improvement of performance of the main segments of operation;
increasing consolidated cash generation; maintenance of high
levels of liquidity; and leverage reduction.


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


ANALYTIC US: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on December 9, 2010, the members
of Analytic US Market Neutral Offshore Master, Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by January 10,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


AVIATOR LIMITED: Creditors' Proofs of Debt Due January 20
---------------------------------------------------------
The creditors of Aviator Limited are required to file their proofs
of debt by January 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


BALLYDUFF LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On December 9, 2010, the sole shareholder of Ballyduff Limited
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 11, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


BDML INTERNATIONAL: Creditors' Proofs of Debt Due January 19
------------------------------------------------------------
The creditors of BDML International Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor,
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


COMPASS CARDREC: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Compass Cardrec BM Ltd are required to file their
proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


COMPASS INCOME: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 7, 2010, the sole shareholder of Compass Income Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 815-1763
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


COMPASS INCOME: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 7, 2010, the sole shareholder of Compass Income Master
Fund, Inc. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 815-1763
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CREDIA FUNDING: Creditors' Proofs of Debt Due January 20
--------------------------------------------------------
The creditors of Credia Funding Limited are required to file their
proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


FAMILIES INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On November 24, 2010, the sole shareholder of Families Investment
Strategy passed a resolution that voluntarily winds up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Ziad El Khoury
         6 Carlyle Mansion
         Cheyne Walk
         London SW3 5LS
         United Kingdom


GESTIELLE CASH: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on December 6, 2010, the members
of The Gestielle Cash Enhanced Fund resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Ronald Tompkins
         c/o Maples and Calder
         Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


HFV MULTI-STRATEGY: Creditors' Proofs of Debt Due January 19
------------------------------------------------------------
The creditors of HFV Multi-Strategy GP, Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

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


J.L.S NO.1: Creditors' Proofs of Debt Due January 19
----------------------------------------------------
The creditors of J.L.S No.1 Limited are required to file their
proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


KALECOTE CAYMAN: Commences Liquidation Proceedings
--------------------------------------------------
On November 30, 2010, the sole shareholder of Kalecote Cayman One
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Mellon Limited
         c/o Maples and Calder
         Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


KIEWO LTD: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of Kiewo Ltd are required to file their proofs of
debt by January 19, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


LINKS VOLATILITY: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Links Volatility Impact Fund Ltd. are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


LONGPOINT RE: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
The creditors of Longpoint Re Ltd. are required to file their
proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on December 9,
2010.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         P.O. Box 1109, HSBC House
         68 West Bay Road
         Grand Cayman
         Cayman Islands
         c/o Shane Delaney
         Telephone: 949-7582
         Facsimile: 949-6021
         P.O. Box 1109, HSBC House
         68 West Bay Road
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


MARJAN AIRCRAFT: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Marjan Aircraft Leasing Commercial Limited are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MASTER TREND: Creditors' Proofs of Debt Due January 19
------------------------------------------------------
The creditors of Master Trend Global Opportunities (Cayman)
Limited are required to file their proofs of debt by January 19,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


MELKART DIVERSIFIED: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------------
The creditors of Melkart Diversified Fund are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


MISR CARD: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of MISR Card Finance Co. Ltd are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due January 20
----------------------------------------------------------
The creditors of Mountain Capital CLO II Ltd. are required to file
their proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due January 20
----------------------------------------------------------
The creditors of Mountain Capital CLO I Ltd. are required to file
their proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


RLR FOCUS: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of RLR Focus Offshore Fund, Ltd. are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


SR VISTA: Creditors' Proofs of Debt Due January 19
--------------------------------------------------
The creditors of SR Vista Inc. are required to file their proofs
of debt by January 19, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

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


UBS DYNAMIC: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of UBS Dynamic Alpha Strategies Fund 1 Ltd. are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


UBS GLOBAL: Creditors' Proofs of Debt Due January 19
----------------------------------------------------
The creditors of UBS Global Frontier Portfolio, Ltd. -
Institutional are required to file their proofs of debt by
January 19, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

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


VICTORY ABSOLUTE: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Victory Absolute Return Credit II Fund, Ltd. are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 9, 2010.

The company's liquidator is:

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


WILLIAMS FINANCIAL: Creditors' Proofs of Debt Due January 20
------------------------------------------------------------
The creditors of Williams Financial Services (Grand Cayman),
Limited are required to file their proofs of debt by January 20,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 3, 2010.

The company's liquidator is:

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


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


BANCO BHD: Fitch Affirms 'B' Long Term Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings and revised the outlook of
Banco BHD's long-term foreign and local currency issuer default
rating to Positive from Stable, after a similar change on the
Outlook of the sovereign rating.  Also, the Outlook on the ratings
of several of BHD's related entities were revised.

The Outlook revision on BHD's ratings reflects Fitch's
expectations that the current and expected improvement in the
Dominican operating environment will help enhance the financial
profile of the bank.

Fitch could upgrade BHD's ratings if the country's stronger
macroeconomic performance and an improved operating environment
continue to support the strengthening of BHD's financial
performance in terms of the adequate growth and healthy results as
observed in the recent years.  In contrast, deterioration in the
bank's overall capitalization or liquidity position could be
credit negative.

A diversified retail deposit base, adequate market share, good
liquidity, improved asset quality and profitability, sound capital
base, competent management, and robust shareholder structure
support BHD's ratings.  A volatile operating environment remains
the main challenge for the bank, while further improvement in its
efficiency levels will benefit profitability in times of fierce
competition.

Grupo BHD controlled 51% of Centro Financiero BHD, the sole
shareholder of BHD, with Banco de Sabadell of Spain and Banco
Popular de Puerto Rico together holding 40% and International
Finance Corporation controlling 9%.

In the case of the other related entities, all subsidiaries of
CFBHD, these ratings are based on presumption of the expected
support from BHD in case it should be required, considering full
integration into BHD's overall franchise and operating standards.

On Jan. 5, 2011, Fitch revised the Outlook on the Dominican
Republic's foreign and local currency IDRs to Positive from
Stable, and affirmed both ratings at 'B'.  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 economic recovery has exceeded both Fitch's
and the market's expectations with growth estimated at 7.8% in
2010.  Furthermore, inflation remains controlled despite higher
commodity prices and a strong recovery of domestic demand.

High per capita income, as well as stronger social and business
environment indicators relative to 'B' rated peers continue to
support the sovereign's ratings.

The improved economic environment should support the financial
system's performance in terms of adequate growth and healthy
results as observed in the recent years.  Nevertheless, there is
significant room for improvement on the overall capitalization of
the system and the liquidity position of some mid- and small-sized
financial institutions, which have concentrated funding sources.

Considering the aforementioned factors, Fitch has affirmed the
following:

Banco BHD (BHD)

* Long-term Foreign and Local Currency IDR at 'B', Outlook
   revised to Positive from Stable;
* Short-term Foreign and Local Currency IDR at 'B';
* Individual Rating at 'D';
* Support Rating at '5';
* Support Floor at 'NF';
* Long Term National Rating at 'AA-(dom)', Outlook Positive;
* Short-term National Rating at 'F-1+(dom)'.

Banco de Ahorro y Credito PyME BHD (PYMEBHD)

* Long-term National Rating at 'AA-(dom)', Outlook Positive;
* Short-term National Rating at 'F-1+(dom)'.

BHD Puesto de Bolsa S.A. (BHDVAL)

* Long-term National Rating at 'AA-(dom)', Outlook Positive;
* Short-term National Rating at 'F-1+(dom)';
* National Rating Senior Unsecured debt at 'AA-(dom)'.

BHD International Bank (Panama) S.A. (BHDPAN)

* Long-term National Rating at 'AA-(dom)', Outlook Positive;
* Short-term National Rating at 'F-1+(dom)'.


BANCO DE RESERVAS: Fitch Affirms Long Term Foreign Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has taken these rating actions on Banco de Reservas
de la Republica Dominicana and Banco Nacional de la Vivienda y la
Produccion, two government owned banks in the Dominican Republic:
Banco de Reservas de la Republica Dominicana (Banreservas):

* Long Term Foreign Currency IDR affirmed at 'B'; Outlook to
  Positive from Stable;
* Long Term Local Currency IDR affirmed at 'B'; Outlook to
  Positive from Stable.
* Short-Term Foreign Currency IDR affirmed at 'B';
* Short-Term Local Currency IDR affirmed at 'B';
* Individual affirmed at 'D';
* Support affirmed at '4';
* Support Floor affirmed at 'B';
* Long Term National Rating upgraded to 'AA-(dom)' from 'A+
  (dom)' ;
* Short Term National Rating upgraded to 'F1+(dom)' from
  'F1(dom)' .

Banco Nacional de la Vivienda y la Produccion (BNV):

* Long Term National Rating upgraded to 'AA-(dom)' from 'A+
  (dom)' ;
* Short Term National Rating upgraded to 'F1+(dom)' from
  'F1(dom)' ;
* National Rating Senior unsecured debt upgraded to 'AA-(dom)'
  from 'A+(dom)'.

The Outlook revisions on Banreservas' IDRs are in line with a
similar action that Fitch took on the sovereign ratings of the
Dominican Republic. The Outlook revision on the Dominican
Republic's long-term IDRs drove the aforementioned rating actions
seeing as the sovereign is the sole shareholder of both entities.

Banreservas is the largest bank in the country. Additionally, the
bank is the government's payment agent and plays a key role in the
government's economic policy. BNV, despite its significantly
smaller size enjoys an explicit government guarantee over the
totality of its liabilities and contingencies. BNV is also an
important player on the housing plans of the government. Future
changes on the ratings of these entities will be contingent on
sovereign rating actions, as Fitch does not expect any changes
with respect to the government's willingness of support over the
medium-term.

On Jan. 5, 2011, Fitch revised the outlook on the Dominican
Republic's Foreign and Local currency Issuer Default Ratings to
Positive from Stable, and affirmed both ratings at 'B'. 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 economic recovery has exceeded both Fitch's and the market's
expectations with growth estimated at 7.8% in 2010. Furthermore,
inflation remains controlled despite higher commodity prices and a
strong recovery of domestic demand. High per capita income, along
with stronger social and business environment indicators relative
to 'B' peers, continue to support the sovereign's ratings.


POPULAR BANK: Fitch Affirms LT National Rating at 'BB+(pan)'
------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the long-term
national scale rating to Positive from Stable of Banco Popular
Dominicano, in line with the Outlook on the Dominican Republic's
sovereign ratings.

Fitch has simultaneously revised the Outlook on the long-term
national rating of BPD's related entity: Popular Bank Ltd. Inc y
Subsidiarias.

The revision of the Outlook on BPD's ratings reflects Fitch's
expectations that the current and expected improvement in the
Dominican operating environment will help enhance the financial
profile of the bank.  Fitch could upgrade BPD's ratings if the
country's stronger macroeconomic performance and an improved
operating environment continue supporting and enhancing BPD
financial performance.  By contrast, deterioration in the bank's
overall capitalization or profitability position could be credit
negative.

BPD's ratings reflect its strong franchise within the Dominican
financial system, conservative risk culture, adequate asset
quality and profitability.  The volatility of the operating
environment remains the main challenge for the bank, while further
improvement on its efficiency levels and capitalization will
benefit its ratings.

The bank is the main subsidiary of Grupo Popular S.A., a holding
company for mostly financial subsidiaries in the Dominican
Republic, Panama, and the U.S.  In the case of Popular Bank,
another subsidiary of GPSA, its ratings are based on assumption of
expected support from BPD should be required, considering the
share of its franchise, operating integration and share of
customers.

On Jan. 5, 2011, Fitch revised the Outlook on the Dominican
Republic's foreign and local currency Issuer Default Ratings to
Positive from Stable, and affirmed both ratings at 'B'.  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 economic recovery has exceeded both Fitch's
and the market's expectations with growth estimated at 7.8% in
2010.  Furthermore, inflation remains controlled despite higher
commodity prices and a strong recovery of domestic demand. High
per capita income, as well as stronger social and business
environment indicators relative to 'B' peers continues to support
the sovereign's ratings.

The improved economic environment should support the financial
system's performance in terms of adequate growth and healthy
results as observed in the recent years.  Nevertheless, there is
significant room for improvement on the overall capitalization of
the system and the liquidity position of some mid- and small-sized
financial institutions, which have concentrated funding sources.

Considering the aforementioned factors, Fitch has taken the
following rating actions:

Banco Popular Dominicano (Popular)

* Long-term national rating affirmed at 'AA-(dom)', Outlook
   Positive;
* Short-term national rating affirmed at 'F1+(dom)';
* National rating subordinated debt affirmed at 'A(dom)'.

Popular Bank Ltd. Inc y Subsidiarias (Popular Bank)

* Long-term national rating affirmed at 'BB+(pan)', Outlook
   revised to Positive from Stable.
* Short-term national rating affirmed at 'F1+(pan)'.


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


JPSCO: Former Employees Want Millions in Retroactive Salaries
-------------------------------------------------------------
RadioJamaica reports that Jamaica Public Service Company's former
employees are threatening to take strong action against the entity
to force it to pay over millions of dollars in retroactive
salaries.

The employees claim that the salaries are due to them under a four
year wage agreement, which was signed in September last year
between the JPSCO management and their trade unions, according to
RadioJamaica.  The agreement was retroactive to January 2008.

RadioJamaica discloses that although the persons are no longer
employed to JPSCO, their unions are insisting that they are still
entitled to the retroactive sums.

Robert Harris, Senior Negotiating Officer of the Union of
Clerical, Administrative and Supervisory Employees (UCASE), said
there was an understanding the former employees would benefit from
the agreement, the report notes.

"We have always had a system in placed where once the current
employers have been paid their new rates and the retroactive
payments, then the next month would have been the time for the
former employees to be paid.  In excess of 50 employees have left
the company during that time, from the UCASE group and they have
families to look after.  Some of them have not gotten a job since
they left the company or went sent home by forced redundancies . .
. they are getting restless at this moment," RadioJamaica quoted
Mr. Harris as saying.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company
have entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


LORRESTON BAILEY: Securities Firm to Be Sent to Bankruptcy
----------------------------------------------------------
RadioJamaica reports that the Financial Services Commission will
place the securities dealership operated by Lorreston Bailey into
bankruptcy.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2010, RadioJamaica said that FSC has been granted by
the Supreme Court to continue its temporary management of
Lorreston Bailey's securities dealership.  FSC first assumed
temporary management of the company in September.  A notice from
the FSC said an extension of the period of temporary management
has been granted by the Supreme Court, the report said.  According
to RadioJamaica, this followed concerns that the licensee had
given false statements concerning its affairs and the value of its
assets was substantially less than its liabilities.  The FSC,
RadioJamaica noted, said that the securities dealer also
contravened directions which it issued under the Financial
Services Act.

RadioJamaica notes that client liabilities are said to be in the
region of JM$685 million while available assets amount to little
over JM$14 million.

The FSC, the report discloses, sad that the Supreme Court has
given it the green light to file a bankruptcy notice against the
securities dealership.  Proceedings commenced on December 28,
2010.

RadioJamaica says that it has been proposed that the Trustee in
Bankruptcy be appointed the Manager/Receiver.  Clients have been
asked to submit claims to the FSC, the report adds.

Lorreston Bailey is a securities dealer.


TRINIDAD CEMENT: Plans to Restructure Debt
------------------------------------------
RadioJamaica reports that Trinidad Cement Limited has unveiled a
major plan to restructure its debt.  The exercise is being
undertaken to allow the Group to remain in business given the
severe effect of the economic decline on all its markets,
according to the report.

RadioJamaica notes that the TCL has disclosed that a creditor
committee comprising large domestic and international
institutional lenders representing 75% of its total debt, has been
established.

An independent advisor is to be hired to the Committee to assess
the cash generating capability, operations and structure of the
TCL Group, the report notes.

RadioJamaica says TCL, along with the Committee and its advisor,
will present the debt restructure plan to its lenders and
investors for approval.  The report relates that it is expected
that this exercise will continue until the debts are restructured,
during which time the Group will declare a moratorium on principal
and interest payments.

Trinidad Cement Limited is a cement company.


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


ALESTRA S: Fitch Affirms Rating on Senior Notes at 'BB-'
--------------------------------------------------------
Fitch Ratings took this rating actions for Alestra, S. de R.L. de
C.V.'s (Alestra) Issuer Default Ratings (IDRs) and outstanding
debt highlighted below:

  * Local currency IDR upgraded to 'BB-' from 'B+';
  * Foreign currency IDR upgraded to 'BB-' from 'B+';
  * Senior Notes due 2014 affirmed at 'BB-'.

The Rating Outlook is Stable.

The upgrades are supported by Alestra's continued stable operating
performance and moderate leverage and the expectation that these
will remain stable over the medium term.  The rating actions also
consider Alestra's manageable debt maturity profile, lower
business risk and stable cash flow generation.  The ratings
incorporate that any potential projects including spectrum bids,
last mile network construction or small acquisition should not
materially change the company business risk and financial profile.
According to Fitch's methodology, Recovery Ratings are not
assigned to issues from issuers with an IDR of 'BB-' or higher.
Therefore, Fitch affirmed the US$200 million senior notes at 'BB-'
from its previous rating of 'BB-/RR3'.

Alestra's ratings reflect its position as a niche service
provider, its small scale, advanced network infrastructure,
moderate regulatory risk and sound financial profile.  The ratings
are tempered by the currency mismatch between debt and cash flows,
challenges in the long distance market and competition in data,
internet and local services.  Lower business risk has resulted as
a consequence of management's strategy to grow DILS.  In addition,
Alestra's focus on corporate customers provides stability for cash
flow as the competitive environment is more balanced than the
residential market.

Alestra's long distance strategy centers on offering these
services in conjunction with value added services, mainly as part
of an integrated solution or bundle offering.  While value added
services should continue growing in 2011, long distance is
expected to continue declining as percentage of total revenues due
to business fundamental trends as competition remains strong and
price pressures continues.

As a result, EBITDA margins should moderately increase during 2011
as the mix of better margin value added services continues to grow
as a proportion of consolidated revenues.  Fitch estimates that
for year-end 2010, approximately 80% of revenues and 88% of EBITDA
was generated by value added services.

Fitch views Alestra's business strategy to grow revenues from its
corporate customers by offering value added services as a credit
positive in maintaining low business risk and contributing to
stable operating performance.  For this reason, Alestra is moving
to control its network from end to end by investing in its own
links rather than leasing them from third parties.  By the end of
2010, Fitch anticipates that approximately 57% of the links are
leased.  Fitch estimates that this strategy should result in
having leased less than 50% of the links in the medium term.
Fitch expects that over the next few years, Alestra should
continue growing and introducing convergent services, such as IP
telephony, security, hosting, managed services and VPNs to offer
integrated solutions to corporate customers, which accounts for
approximately 93% of gross profits.  Alestra also looks to
underpin its consumer service offering with differentiated
services.

Fitch expects total debt to EBITDA to remain below 2.5 times(x) in
the long term. While an upgrade seems unlikely in the short term,
a sustained leverage above 2.5x over time would negatively affect
credit quality and ultimately lead to a downgrade.  For the 12
months ended Sept. 30, 2010 total debt to EBITDA and EBITDA to
interest expense were 2.1x and 4.3x, respectively.  Fitch also
expects Alestra to continue generating positive FCF which totaled
MXN775 million for this period.  Increases in capex over the next
few years can limit the company's FCF generation.

Alestra is exposed to currency mismatch between debt and cash flow
and has refinancing needs by 2014.  However this risk is partially
mitigated as approximately 30% of revenues and 40% of EBITDA are
denominated in USD.  As of Sept. 30, 2010 total debt amounted to
US$247 million, composed of a US$10 million bank facility, US$37
million vendor financing and US$200 million senior notes due 2014.
Fitch expects that at least part of the 2014 maturity should be
refinanced in advance and failure to do so should pressure the
ratings.


===========================
V I R G I N   I S L A N D S
===========================


TRANSFIELD ER: U.S. Judge Recognizes Bankruptcy Case
----------------------------------------------------
American Bankruptcy Institute reports that Transfield ER Cape Ltd.
has gained final protection of its U.S. assets over the life of
its British Virgin Islands bankruptcy through recognition of its
foreign main proceeding.

Transfield ER Cape Ltd., an operator of bulk cargo ships
liquidating in British Virgin Islands courts, sought protection
from claims and lawsuits in the United States by filing a Chapter
15 petition in Manhattan (Bankr. S.D.N.Y. Case No. 10-16270).

Casey McDonald, Bob Yap Cheng Ghee and Patrick Cowley, as foreign
representatives, filed the Chapter 15 petition.  James H. Power,
Esq., at Holland & Knight, LLP, in New York, serves as counsel to
the foreign representatives.

The Debtor has assets of US$273.1 million and liabilities of
US$432 million, according to its financial statements.


                            ***********


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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