TCRLA_Public/110120.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

            Thursday, January 20, 2011, Vol. 12, No. 14

                            Headlines



B E R M U D A

CELESTIAL NUTRIFOODS: Appoints Yit Chee Wah as Liquidator
FAM HOLDINGS: Creditors' Proofs of Debt Due January 28
FAM HOLDINGS: Members' Final Meeting Set for February 18
KCP (BERMUDA): Creditors' Proofs of Debt Due January 28
KCP (BERMUDA): Members' Final Meeting Set for February 17

SARGASSO CONSULTANTS: Creditors' Proofs of Debt Due February 16
SARGASSO CONSULTANTS: Members' Final Meeting Set for February 28
STOCKTON REINSURANCE: Creditors' Proofs of Debt Due February 4
STOCKTON REINSURANCE: Members' Final Meeting Set for February 24
UNOCAL AMERICAS: Creditors' Proofs of Debt Due January 28

UNOCAL AMERICAS: Members' Final Meeting Set for February 18
UNOCAL AMERICAS: Creditors' Proofs of Debt Due January 28
UNOCAL AMERICAS: Members' Final Meeting Set for February 18
UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
UNOCAL BRAZIL: Members' Final Meeting Set for February 18

UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
UNOCAL BRAZIL: Members' Final Meeting Set for February 18
UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
UNOCAL BRAZIL: Members' Final Meeting Set for February 18
UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28

UNOCAL BRAZIL: Members' Final Meeting Set for February 18


B R A Z I L

* BRAZIL: May Refinance Debt of Banks Under Liquidation


C A Y M A N   I S L A N D S

ADIC MULTI-STRATEGY: Creditors' Proofs of Debt Due February 14
BAER US: Creditors' Proofs of Debt Due January 21
BRANZINO LIMITED: Placed Under Voluntary Wind-Up
BT AZURE: Commences Liquidation Proceedings
CAPELLA HOLDING: Commences Liquidation Proceedings

CDW HOLDINGS: Placed Under Voluntary Wind-Up
FUSHIMI ESTATE: Creditors' Proofs of Debt Due January 20
GLENWOOD OFFSHORE: Commences Liquidation Proceedings
GLENWOOD OFFSHORE: Shareholders Receive Wind-Up Report
HARBOUR CITY: Creditors' Proofs of Debt Due January 20

HIGHBRIDGE INVESTMENTS: Commences Liquidation Proceedings
J.L.S NO.2: Commences Liquidation Proceedings
KOKORRO LIMITED: Placed Under Voluntary Wind-Up
LAKEVILLE FUND: Commences Liquidation Proceedings
LAZARD CONVERTIBLE: Placed Under Voluntary Wind-Up

MCKINLEY II: Creditors' Proofs of Debt Due January 20
MKP GLOBAL: Commences Liquidation Proceedings
MKP GLOBAL: Commences Liquidation Proceedings
NEWSMITH OPPORTUNITIES: Creditors' Proofs of Debt Due January 20
NINE GRADE: Creditors' Proofs of Debt Due January 20

NINE GRADE: Creditors' Proofs of Debt Due January 20
NINE GRADE: Creditors' Proofs of Debt Due January 20
NOEMA ADVISORY: Placed Under Voluntary Wind-Up
PANAX EAST: Commences Liquidation Proceedings
PANAX WEST: Commences Liquidation Proceedings

POND INVESTMENTS: Placed Under Voluntary Wind-Up
RISING SUN: Creditors' Proofs of Debt Due January 20
SEQUOIA LIMITED: Placed Under Voluntary Wind-Up
SR COMO: Commences Liquidation Proceedings
STONEWALL LTD: Placed Under Voluntary Wind-Up

TIERRA ALTA: Creditors' Proofs of Debt Due January 20


P U E R T O   R I C O

* PUERTO RICO: Bankruptcies Filed Up 10% in 2010


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


CELESTIAL NUTRIFOODS: Appoints Yit Chee Wah as Liquidator
---------------------------------------------------------
On December 24, 2010, the Honourable Justice Lai Siu Chiu
appointed Yit Chee Wah as provisional liquidator of Celestial
Nutrifoods Limited.

The Liquidator can be reached at:

         Yit Chee Wah
         FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


FAM HOLDINGS: Creditors' Proofs of Debt Due January 28
------------------------------------------------------
The creditors of FAM Holdings Company Limited are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on December 31,
2010.

The company's liquidator is:

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


FAM HOLDINGS: Members' Final Meeting Set for February 18
--------------------------------------------------------
The members of FAM Holdings Company Limited 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 was placed under voluntary wind-up on December 31,
2010.

The company's liquidator is:

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


KCP (BERMUDA): Creditors' Proofs of Debt Due January 28
-------------------------------------------------------
The creditors of KCP (Bermuda) Ltd. are required to file their
proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 13,
2011.

The company's liquidator is:

         Jonathan C. Clipper
         Suite 1531, 48 Par La Ville Road
         Hamilton HM11
         Bermuda


KCP (BERMUDA): Members' Final Meeting Set for February 17
---------------------------------------------------------
The members of KCP (Bermuda) Ltd. will hold their final meeting on
February 17, 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:

         Jonathan C. Clipper
         Suite 1531, 48 Par La Ville Road
         Hamilton HM11
         Bermuda


SARGASSO CONSULTANTS: Creditors' Proofs of Debt Due February 16
---------------------------------------------------------------
The creditors of Sargasso Consultants Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Kenneth L. Hammond
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


SARGASSO CONSULTANTS: Members' Final Meeting Set for February 28
----------------------------------------------------------------
The members of Sargasso Consultants Ltd. will hold their final
meeting on February 28, 2011, 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:

         Kenneth L. Hammond
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


STOCKTON REINSURANCE: Creditors' Proofs of Debt Due February 4
--------------------------------------------------------------
The creditors of Stockton Reinsurance Investments Limited are
required to file their proofs of debt by February 4, 2011, to be
included in the company's dividend distribution.

The company was placed under voluntary wind-up on December 31,
2010.

The company's liquidator is:

         Robert G. Easton
         Cumberland House, 1 Victoria Street
         Hamilton
         Bermuda


STOCKTON REINSURANCE: Members' Final Meeting Set for February 24
----------------------------------------------------------------
The members of Stockton Reinsurance Investments Limited will hold
their final meeting on February 24, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company was placed under voluntary wind-up on December 31,
2010.

The company's liquidator is:

         Robert G. Easton
         Cumberland House, 1 Victoria Street
         Hamilton
         Bermuda


UNOCAL AMERICAS: Creditors' Proofs of Debt Due January 28
---------------------------------------------------------
The creditors of Unocal Americas II, Ltd., are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL AMERICAS: Members' Final Meeting Set for February 18
-----------------------------------------------------------
The members of Unocal Americas II, 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's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL AMERICAS: Creditors' Proofs of Debt Due January 28
---------------------------------------------------------
The creditors of Unocal Americas III, Ltd., are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL AMERICAS: Members' Final Meeting Set for February 18
-----------------------------------------------------------
The members of Unocal Americas III, 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 was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
-------------------------------------------------------
The creditors of Unocal Brazil V, Ltd., are required to file their
proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Members' Final Meeting Set for February 18
---------------------------------------------------------
The members of Unocal Brazil V, 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 was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
-------------------------------------------------------
The creditors of Unocal Brazil III, Ltd., are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Members' Final Meeting Set for February 18
---------------------------------------------------------
The members of Unocal Brazil III, 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's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
-------------------------------------------------------
The creditors of Unocal Brazil IV, Ltd., are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Members' Final Meeting Set for February 18
---------------------------------------------------------
The members of Unocal Brazil IV, 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 was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Creditors' Proofs of Debt Due January 28
-------------------------------------------------------
The creditors of Unocal Brazil VI, Ltd., are required to file
their proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company was placed under voluntary wind-up on January 10,
2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL BRAZIL: Members' Final Meeting Set for February 18
---------------------------------------------------------
The members of Unocal Brazil VI, 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's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


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


* BRAZIL: May Refinance Debt of Banks Under Liquidation
-------------------------------------------------------
Iuri Dantas at Bloomberg News reports that Valor Economico
newspaper said Brazil's central bank may refinance debt owed by
banks that are being liquidated, according to a law approved in
June.

The newspaper reported that banks under liquidation owe BRL57
billion (US$34 billion) to the central bank, according to
Bloomberg.

Valor Economico newspaper, Bloomberg discloses, said Banco
Nacional SA, which owes BRL28.4 billion, Banco Economico SA with a
BRL23.4 billion liability, and Banco Bamerindus SA, filed
proposals with the central bank last year to refinance their debt.


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


ADIC MULTI-STRATEGY: Creditors' Proofs of Debt Due February 14
--------------------------------------------------------------
The creditors of ADIC Multi-Strategy Hedge Fund are required to
file their proofs of debt by February 14, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

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


BAER US: Creditors' Proofs of Debt Due January 21
-------------------------------------------------
The creditors of Baer US Venture Equities 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:

         Ian D. Stokoe
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


BRANZINO LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On December 10, 2010, the sole shareholder of Branzino Limited
resolved to voluntarily wind 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


BT AZURE: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on December 9, 2010, the members
of BT Azure No.1 Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CAPELLA HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on December 8, 2010, the members
of Capella Holding resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CDW HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 10, 2010, the shareholders of CDW Holdings Limited
resolved to voluntarily wind 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:

         Wong Shui Fan Jessie
         Telephone: (852) 2522-6141
         Facsimile: (852) 2845-9135
         3708 Jardine House
         Central, Hong Kong


FUSHIMI ESTATE: Creditors' Proofs of Debt Due January 20
--------------------------------------------------------
The creditors of Fushimi Estate Holdings 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:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


GLENWOOD OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------
On November 22, 2010, the sole shareholder of Glenwood Offshore
Multistrategy Fund Ltd. resolved to voluntarily liquidate the
company's business.

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:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street
         PO Box 32021, Grand Cayman KY1-1208
         Cayman Islands


GLENWOOD OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 14, 2011, the shareholders of Glenwood Offshore
Multistrategy Fund Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street
         P.O. Box 32021, Grand Cayman KY1-1208
         Cayman Islands


HARBOUR CITY: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
The creditors of Harbour City Funding (1) 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 7, 2010.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


HIGHBRIDGE INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
On December 8, 2010, the sole shareholder of Highbridge
Investments Limited resolved to voluntarily liquidate the
company's business.

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:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


J.L.S NO.2: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on December 9, 2010, the members
of J.L.S No.2 Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KOKORRO LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on December 10, 2010, the
shareholder of Kokorro Limited resolved to voluntarily wind-up the
company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


LAKEVILLE FUND: Commences Liquidation Proceedings
-------------------------------------------------
On December 10, 2010, the sole shareholder of Lakeville Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

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


LAZARD CONVERTIBLE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On December 10, 2010, the sole member of Lazard Convertible
Opportunities SPC resolved to voluntarily wind 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:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MCKINLEY II: Creditors' Proofs of Debt Due January 20
-----------------------------------------------------
The creditors of Mckinley II Funding, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


MKP GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on December 10, 2010, the members
of MKP Global Futures Fund Offshore Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

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


MKP GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on December 10, 2010, the members
of MKP Global Futures Master Fund, Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

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


NEWSMITH OPPORTUNITIES: Creditors' Proofs of Debt Due January 20
----------------------------------------------------------------
The creditors of Newsmith Opportunities Hedge Investments II
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 8, 2010.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NINE GRADE: Creditors' Proofs of Debt Due January 20
----------------------------------------------------
The creditors of Nine Grade Funding 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NINE GRADE: Creditors' Proofs of Debt Due January 20
----------------------------------------------------
The creditors of Nine Grade Funding, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P..O Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NINE GRADE: Creditors' Proofs of Debt Due January 20
----------------------------------------------------
The creditors of Nine Grade Funding III, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NOEMA ADVISORY: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on December 9, 2010, the
shareholder of Noema Advisory Limited resolved to voluntarily
wind-up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


PANAX EAST: Commences Liquidation Proceedings
---------------------------------------------
On November 17, 2010, the sole shareholder of Panax East Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

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


PANAX WEST: Commences Liquidation Proceedings
---------------------------------------------
On November 17, 2010, the sole shareholder of Panax West Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

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


POND INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on December 9, 2010, the
shareholder of Pond Investments Ltd. resolved to voluntarily wind-
up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


RISING SUN: Creditors' Proofs of Debt Due January 20
----------------------------------------------------
The creditors of Rising Sun Trading 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SEQUOIA LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on December 10, 2010, the
shareholder of Sequoia Limited resolved to voluntarily wind-up the
company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


SR COMO: Commences Liquidation Proceedings
------------------------------------------
On December 8, 2010, the sole shareholder of SR Como Limited
resolved to voluntarily liquidate the company's business.

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:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


STONEWALL LTD: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on December 8, 2010, the
shareholder of Stonewall Ltd. resolved to voluntarily wind-up the
company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


TIERRA ALTA: Creditors' Proofs of Debt Due January 20
-----------------------------------------------------
The creditors of Tierra Alta Funding 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


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


* PUERTO RICO: Bankruptcies Filed Up 10% in 2010
------------------------------------------------
Kevin Mead at Caribbean Business reports that a total of 12,380
bankruptcies were filed in Puerto Rico in 2010, a 10% increase
over the previous year, despite a modest drop in commercial
filings.

According to the report, Puerto Rico Boletin, a local bankruptcy
data-gathering service, revealed that 1,056 bankruptcies were
filed in December, a 10% hike over the same month the previous
year.  The December bankruptcy total was slightly higher than the
991 cases filed in November, the report relates.

Caribbean Business notes that the total accumulated debt
associated with the bankruptcies filed through December reached
nearly $2.5 billion, a 10% increase over the $2.26 billion owed at
the end of 2009.  The report says that of the overall debt, $1
billion was secured, $1.3 billion unsecured and $38.1 million was
priority debt.

Individual bankruptcies accounted for $1.15 billion of the debt,
8% more than last year, Caribbean Business discloses.  The report
relates that commercial bankruptcies accounted for $1.34 billion
of the debt, a 13 percent hike over 2009.

However, the report notes, the debt tally for the year is somewhat
skewed by the massive bankruptcy filings of Caribbean Petroleum
Corp. ($104.4 million) and R&G Financial Corp. ($358.1 million).

Excluding those two commercial bankruptcies, total accumulated
date associated with bankruptcies in 2010 would be roughly $2
billion, compared with $2.2 billion in 2009, the report says.

Caribbean Business states that Chapter 13 (repayment plan)
accounted for 8,022 cases through December, which was flat from
2009; Chapter 7 (liquidation) accounted for 4,169 cases, a 36%
increase; and Chapter 11 (reorganization), with 158 cases filed
through December, up 3% over the 2009 total.

The bankruptcy numbers show that the island's agriculture industry
was hit hard in 2010, with dairy farms in particular facing
financial woes, the report notes.  Caribbean Business relates that
Chapter 12 (reorganization for farmers) accounted for 31 cases
last year, a 63% surge over the 2009 total.  Of the 31 farms
filing for Chapter 12 reorganization, 13 were dairy farms, the
report notes.

Commercial bankruptcies totaled 850 through December, 4% less than
the 888 lodged in 2009, Caribbean Business says.

The report discloses that among the hardest-hit commercial areas
through December were:

   * restaurants (63),
   * construction contractors (49),
   * mechanics (30),
   * cafeterias (27),
   * beauty parlors (24),
   * grocers/colmados (20),
   * medical doctors (18),
   * gas stations (16),
   * developers (15),
   * farmers (15),
   * supermarkets (14), and
   * dairies (13).

Caribbean Business notes that the 10 largest commercial bankruptcy
filings in 2010 were:

* R&G Financial Corp. ($358.1 million),
* Caribbean Petroleum Corp. ($104.4 million),
* Palmas Country Club Inc. ($41.4 million),
* Dollar y Algo Extra ($22.7 million),
* Damas Hospital ($21.4 million),
* Vaqueria Oscar Torres ($13.3 million),
* Supermercados Grande ($13.1 million),
* Garaje Colon Hijo ($12.4 million),
* Western Holding Group ($11.7 million), and
* Clendo Reference Lab Clendo Reference Lab ($10.9 million).

Other notable bankruptcies included The Bankers Club of Puerto
Rico ($8.1 million), the report adds.

Caribbean Business says that the 10 municipalities with the
highest number of bankruptcy filings in 2010 were:

* San Juan (1,272, +9%);
* Bayamon (787, +6%);
* Ponce (775, +10%);
* Carolina (675, +11%);
* Caguas (497, -4%);
* Mayaguez (358, +83%);
* Toa Baja (303, -1%);
* Guaynabo (278, +21%);
* Arecibo (275, +13%); and
* Toa Alta (2642, +10%).

The report adds that the 10 municipalities with the most
commercial bankruptcy filings through December were:

* San Juan (129, +3%);
* Caguas (51, -69%);
* Guaynabo (48, +23%);
* Bayamon (44, +27%);
* Ponce (42, +5%);
* Carolina (34, -35%);
* Arecibo (24, +84%);
* Humacao (21, +110%);
* Mayaguez (19, unchanged); and
* Dorado (13, +44%).


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Distressed Investing Conference
      Aria Las Vegas
         Contact: http://www.turnaround.org/

Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Caribbean Insolvency Symposium
      Westin Casuarina Resort & Spa, Grand Cayman Island
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Valcon
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
         Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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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