TCRLA_Public/110121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, January 21, 2011, Vol. 12, No. 15

                            Headlines



A R G E N T I N A

BANCO DAYCOVAL: S&P Assigns 'BB' LT Debt Rating to 2016 Notes
BANCO DAYCOVAL: Fitch Rates $300 Mil. Sr. Unsecured Notes at 'BB'
CARNES SANTA: Creditors' Proofs of Debt Due March 2


B E R M U D A

AIG-FP PORTFOLIO: Creditors' Proofs of Debt Due February 11
AIG-FP PORTFOLIO: Members' Final Meeting Set for March 3
EDGAR CAMPBELL: Creditors' Proofs of Debt Due February 28
EDGAR CAMPBELL: Members' Final Meeting Set for March 1
INTERNATIONAL RESORTS: Creditors' Proofs of Debt Due February 2

INTERNATIONAL RESORTS: Members' Final Meeting Set for February 21
MGS ACCESS: Creditors' Proofs of Debt Due February 2
MGS ACCESS: Member to Hear Wind-Up Report on February 25
MGSIS CLASS: Creditors' Proofs of Debt Due February 2
MGSIS CLASS: Member to Hear Wind-Up Report on February 25

ROYALE HOLDINGS: Creditors' Proofs of Debt Due February 2
ROYALE HOLDINGS: Members' Final Meeting Set for February 21
SHEARWATER CAPITAL: Creditors' Proofs of Debt Due February 4
SHEARWATER CAPITAL: Members' Final Meeting Set for March 3


B R A Z I L

BRAZILIAN FINANCE: Fitch Assigns LT Issuer Default Ratings at BB-
TAM SA: Signs Business Combination Agreements With LAN Airlines


C A Y M A N   I S L A N D S

CABLETEL CAYMAN: Placed Under Voluntary Wind-Up
CABLETEL CAYMAN: Placed Under Voluntary Wind-Up
COBHAM FUNDING: Commences Liquidation Proceedings
DUNSTANBURGH FINANCE: Commences Liquidation Proceedings
ENVISION CAYMAN: Shareholders' Final Meeting Set for January 21

IAM HA: Commences Liquidation Proceedings
IAM HA: Commences Liquidation Proceedings
INVESCO NAVIGATOR: Creditors' Proofs of Debt Due January 21
INVESCO NAVIGATOR: Creditors' Proofs of Debt Due January 21
ISKRA RUSSIA: Creditors' Proofs of Debt Due January 25

ISKRA CAPITAL: Creditors' Proofs of Debt Due January 25
KILGALLON FINANCE: Commences Liquidation Proceedings
LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
LINCOLN VALE: Shareholder to Hear Wind-Up Report on February 3

LINCOLN VALE: Shareholder to Hear Wind-Up Report on February 3
M. SAFRA LIQUIDITY: Shareholders' Final Meeting Set for January 21
NOS ASIA: Members Receive Wind-Up Report
NOS ASIA: Members Receive Wind-Up Report
R-ONE JOTO: Shareholders' Final Meeting Set for January 21

R-ONE KOKURA: Shareholders' Final Meeting Set for January 21
RAVENSWORTH FINANCE: Commences Liquidation Proceedings
REIGATE FUNDING: Commences Liquidation Proceedings
SELECTIUM CAPITAL: Commences Liquidation Proceedings
SELECTIUM EUROPE: Commences Liquidation Proceedings

SHUAA SAFFRON: Commences Liquidation Proceedings
SOLIOS ENERGY: Commences Liquidation Proceedings
SOLIOS ENERGY: Commences Liquidation Proceedings
TIBERIUS FUNDS: Shareholder Receives Wind-Up Report
WIMBLEDON HDN: Shareholders' Final Meeting Set for January 21


M E X I C O

VITRO SAB: Attachment Disputes Return to N.Y. State Court




                            - - - - -


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


BANCO DAYCOVAL: S&P Assigns 'BB' LT Debt Rating to 2016 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured long-term debt rating to Banco Daycoval S.A.'s
(BB/Positive/B; Brazil national scale: brAA-/Positive/brA-1) up to
US$500 million senior unsecured notes due in 2016.

The rating on the notes is the same as "our" counterparty credit
rating on Banco Daycoval, reflecting "our" view that the notes
will rank pari passu with other senior unsecured debt, and that
they will be direct, unsecured, unsubordinated, and unconditional
obligations of Banco Daycoval S.A.  The proceeds will be used for
funding diversification and expanding credit operations.

The ratings on Banco Daycoval S.A. reflect the bank's challenge to
expand its loan portfolio under adequate credit-underwriting
procedures.  Strong capitalization and a consistent track record
in its core business in collateral-backed loans to small and
midsize enterprises (SMEs) have led to asset quality and
profitability historically better than peers'.

Daycoval is a midsize Brazilian bank with total reported assets of
BRL9.2 billion at September 2010.  The bank posted a high 3.6%
return on average assets as of September 2010, benefiting from an
improved net interest margin, a focus on cost efficiencies, and
lower provisioning.  The bank has been diversifying toward the
retail sector during the past three years by focusing on payroll
discount lending and auto loans, which represented 25% and 10% of
the total portfolio, respectively, at September 2010.  SMEs remain
Daycoval's core business, representing 65% of total loans.

Ratings List

Banco Daycoval S.A.
  Counterparty Credit Rating             BB/Positive/B

New Rating
  US$500 Mil. Sr. Unsec. Notes Due 2016    BB


BANCO DAYCOVAL: Fitch Rates $300 Mil. Sr. Unsecured Notes at 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned Banco Daycoval S.A.'s upcoming five-
year USD senior unsecured notes an expected long-term foreign
currency rating of 'BB'.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.

The notes, which will mature in 2016, will be issued for an amount
to be determined and will carry a fixed interest rate set at the
time of the issuance; interest payments will be made semiannually.
The notes will be senior, unsecured liabilities of Daycoval and
will rank simultaneously with all of the bank's other present and
future unsecured and unsubordinated liabilities.  This issuance is
part of a Euro medium-term notes program of up to US$2 billion,
and its proceeds shall be used to extend the bank's funding
structure and to enable new business generation.

Daycoval's Issuer Default Ratings reflect its consistent track
record of profitability, making it well-positioned regionally; its
strong capitalization, which is better than its peers; and prudent
management of liquidity, maintaining high liquid assets even in
stressful times.  Conversely, the ratings also factor in
Daycoval's medium size, its consequent asset and liability
concentrations, and the challenge of finding more diversified
funding channels and revenue sources.

Incorporated in 1968, Daycoval is controlled by the Dayan family.
Since 2007, its shares have been traded on the Sao Paulo Stock,
Commodities, and Futures Exchange.

Fitch currently rates Daycoval as:

  * Long-term foreign currency IDR 'BB'; Outlook Stable;
  * Long-term local currency IDR 'BB'; Outlook Stable;
  * Short-term foreign currency IDR 'B';
  * Short-term local currency IDR 'B';
  * Individual Rating 'C/D';
  * Support '5';
  * Support Floor 'No Floor';
  * National Long-term Rating 'A+(bra)'; Outlook Stable;
  * National Short-term Rating 'F1(bra)'.

In addition, Fitch assigned the following long-term foreign
currency rating: USD300 million senior unsecured notes 'BB'.


CARNES SANTA: Creditors' Proofs of Debt Due March 2
---------------------------------------------------
The court-appointed trustee for Carnes Santa Maria S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 2, 2011.

The trustee will present the validated claims in court as
individual reports on April 18, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


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B E R M U D A
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AIG-FP PORTFOLIO: Creditors' Proofs of Debt Due February 11
-----------------------------------------------------------
The creditors of AIG-FP Portfolio Management Limited are required
to file their proofs of debt by February 11, 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:

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


AIG-FP PORTFOLIO: Members' Final Meeting Set for March 3
--------------------------------------------------------
The members of AIG-FP Portfolio Management Limited will hold their
final meeting on March 3, 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


EDGAR CAMPBELL: Creditors' Proofs of Debt Due February 28
---------------------------------------------------------
The creditors of Edgar Campbell Wilkinson Ltd. are required to
file their proofs of debt by February 28, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 14, 2011.

The company's liquidator is:

         Heather Brewer
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


EDGAR CAMPBELL: Members' Final Meeting Set for March 1
------------------------------------------------------
The members of Edgar Campbell Wilkinson Ltd. will hold their final
meeting on March 1, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Heather Brewer
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton
         Bermuda


INTERNATIONAL RESORTS: Creditors' Proofs of Debt Due February 2
---------------------------------------------------------------
The creditors of International Resorts Limited are required to
file their proofs of debt by February 2, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidator is:

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


INTERNATIONAL RESORTS: Members' Final Meeting Set for February 21
-----------------------------------------------------------------
The members of International Resorts Limited will hold their final
meeting on February 21, 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
         Bermuda


MGS ACCESS: Creditors' Proofs of Debt Due February 2
----------------------------------------------------
The creditors of MGS Access NF Strategies Limited are required to
file their proofs of debt by February 2, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGS ACCESS: Member to Hear Wind-Up Report on February 25
--------------------------------------------------------
The member of MGS Access NF Strategies Limited will receive on
February 25, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS CLASS: Creditors' Proofs of Debt Due February 2
-----------------------------------------------------
The creditors of MGSIS Class C1 Man MGS Access USD Protected
Trading Ltd are required to file their proofs of debt by
February 2, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS CLASS: Member to Hear Wind-Up Report on February 25
---------------------------------------------------------
The member of MGSIS Class C1 Man MGS Access USD Protected Trading
Ltd will receive on February 25, 2011, at 9:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


ROYALE HOLDINGS: Creditors' Proofs of Debt Due February 2
---------------------------------------------------------
The creditors of Royale Holdings (Bermuda) Limited are required to
file their proofs of debt by February 2, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidator is:

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


ROYALE HOLDINGS: Members' Final Meeting Set for February 21
-----------------------------------------------------------
The members of Royale Holdings (Bermuda) Limited will hold their
final meeting on February 21, 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 13, 2011.

The company's liquidator is:

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


SHEARWATER CAPITAL: Creditors' Proofs of Debt Due February 4
------------------------------------------------------------
The creditors of Shearwater Capital Group (Bermuda) Co., Ltd. are
required to file their proofs of debt by February 4, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidator is:

         Richard Facioni
         Suite B, Level 18, 167 Macquarie Street
         Sydney, NSW 2000
         Australia


SHEARWATER CAPITAL: Members' Final Meeting Set for March 3
----------------------------------------------------------
The members of Shearwater Capital Group (Bermuda) Co., Ltd. will
hold their final meeting on March 3, 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:

         Richard Facioni
         Suite B, Level 18, 167 Macquarie Street
         Sydney, NSW 2000
         Australia


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B R A Z I L
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BRAZILIAN FINANCE: Fitch Assigns LT Issuer Default Ratings at BB-
-----------------------------------------------------------------
Fitch Ratings assigned the following ratings to Brazilian Finance
& Real Estate and its subsidiaries, Brazilian Securities Cia. de
Securitizacao and Brazilian Mortgages Cia. Hipotecaria (BM):

  * Foreign and Local Currency Long-term Issuer Default Ratings
    (IDRs) 'BB-'; Outlook Stable;
  * Foreign and Local Currency Short-term IDRs 'B';
  * National Long-term Rating 'A-(bra)'; Outlook Stable;
  * National Short-term Rating 'F2(bra)'.

BFRE's IDRs and its National Ratings reflect the integrated
operation between group companies, which are well positioned
throughout the increasing real estate financial market chain
within the country, with clearly identified and well-controlled
risks and managed by an experienced and conservative team.  The
ratings also consider its good credit quality and satisfactory
performance.  On the other hand, they take into account the recent
operation of this growing franchise and concentration in the
modest Brazilian real estate market with correlation with the
risks inherent in the industry and BFRE's higher dependence on
institutional funding and on favorable capital market conditions
to finance all phases of its cycle.

BS and BM's are the same as those of its parent, BRFE, which
reflects its strategic importance to the group's operations.  The
ratings also consider the centralized risk controls at BFRE where
all group exposures are managed.  Despite the strong synergy among
group companies, shareholders grant autonomy to managers to
implement day-to-day activities, and companies are structured to
operate irrespective of the controller, both on a financial and on
an operational basis.

BFRE's ratings could be impacted by a strong deterioration in
credit quality and on the conditions to refinance the portfolio,
which are unlikely over the medium term.  In addition, a strongly
negative performance of third party funds under management and of
real estate receivable certificates issued could also affect the
group's image. BS and BM's ratings are linked to those of BFRE.

Increasing economic stability and the creation of the Real Estate
Financing System, in 1997, have offered better conditions for the
expansion of the real estate market in the country, mainly due to
higher legal comfort enabled by contracts guaranteed by fiduciary
alienation of the property and new types of funding offered by the
market, such as the securitization of receivables backed by real
estate financings.

The volume CRIs issued in the market during the first half of
2010 was BRL3.2 billion.  Out of this total, BFRE, through its
securitization company, holds a significant market share of 32%,
showing its experience and access to local investors.  In June
2010, the company recorded an accumulated balance of CRIs issued
in the amount of BRL3.7 billion, fully without recourse and
delinquency above 90 days of only 0.3%.  Leverage of the loan
portfolio generated by the real estate financing subsidiary and
held in BFRE's balance sheet is low with good credit quality due
to the stringent credit process and guarantees, which are quite
above the loan value.  However, this is a relatively new
portfolio, which requires its credit quality to be monitored
for a longer time.

BFRE has shown good access to the local market, although funding
is reliant upon institutional investors.  Market/liquidity risk is
relatively low as the group maintains high levels of liquid
assets, has adequately matched asset and liability rates and
terms, and also benefits from non-recourse securitization.
Operating risk is also low, while capitalization is high and
presents good quality.

BFRE group is controlled by Ourinvest Real Estate Holding S.A.,
with 70.56% of the voting capital and 34% of the total capital.
The remaining shares are held by two international investors.
Fitch does not have information on shareholders' capacity and
willingness to provide capital if needed, and thus, does not take
into account their support to the group's companies.

Incorporated in 2000, BS, a securitization company, is a
nonfinancial institution regulated by the Brazilian Securities and
Exchange Commission.  BM, in turn, was incorporated in 1999 and is
a financial institution that mainly operates with construction
financing to real estate developers and builders and for the
acquisition of residential and commercial properties by
individuals.


TAM SA: Signs Business Combination Agreements With LAN Airlines
---------------------------------------------------------------
TAM S.A. and LAN Airlines S.A. disclosed the signing of the
binding agreements between both companies and their respective
controlling shareholders, in line with the memorandum of
understanding signed on August 13, 2010.  These binding
agreements, include an Implementation Agreement and an Exchange
Offer Agreement containing the definitive terms and conditions of
the proposed business combination of LAN and TAM.  This
transaction remains subject to approval of Agencia Nacional de
Aviacao Civil of Brazil and other relevant government authorities.

The Executed Contracts were approved by the Boards of Directors of
both LAN and TAM at meetings held on January 18, 2011 in Chile and
Brazil.  The Boards of Directors of LAN and TAM approved the
binding documents and agreed to recommend to their respective
shareholders the approval of the transaction.

Pursuant to the Executed Contracts and through several corporate
restructurings to be implemented in Chile and Brazil, and an
exchange offer addressed to all holders of TAM stock, the new
organizational structure of the combined entity will be as shown
in the chart below, assuming all TAM shareholders tender their
shares into the exchange offer:

Enrique Cueto, CEO of LAN Airlines said: "We are pleased to
announce that LAN and TAM are taking a new and very important step
towards building one of the leading airline groups in the world.
[The] announcement confirms the commitment that we share with our
friends at TAM, which is a strong passion and determination to
provide millions of Latin American passengers with better service,
always certain of the great potential of the Latin American
market."

"As regional leaders, TAM and LAN make a natural move in the
global trend of consolidation in the airline sector.  We believe
this is the best way to guarantee our companies' growth, in a
scenario of high competition and growing demand.  We are confident
that, after all the required approvals, we will be able to offer
even more advantages to our customers, employees and
stockholders", says Marco Antonio Bologna, TAM S.A.'s CEO.

Regarding the structure of the transaction, substantially all of
the voting stock of TAM is expected to be acquired by a new
Chilean corporation ("Holdco 1").  The share capital of Holdco 1
will be divided into two series:

   (i) one series of voting stock, which will have no economic
       rights other than nominal dividend rights, and
  (ii) one series of non-voting stock, which will have
       substantially all of the economic rights.

The share capital of Holdco 1 will be distributed as follows: (x)
at least 80% of the voting stock will be acquired and held
indirectly by the Amaro family through a new Chilean corporation,
and no more than 20% of the voting stock will be acquired and held
by LAN, and (y) 100% of the non-voting stock will be acquired and
held by LAN.

The non-voting stock of TAM indirectly held by the Amaro family
will be contributed by them to a new wholly-owned Chilean
corporation.  Holdco 1 will incorporate a new Chilean corporation,
which will launch a delisting exchange offer pursuant to which all
the holders of TAM stock may tender their shares in exchange for
the same number of shares of Holdco 2.

Simultaneously with the settlement of the Exchange Offer, Holdco 2
and Sister Holdco will merge into LAN, with LAN being the
surviving entity.  The exchange ratio in the mergers will be 0.9
shares of LAN per share of Sister Holdco and Holdco 2, whose sole
assets will be the TAM shares contributed by the Amaro family and
acquired in the Exchange Offer, respectively.

The commencement of the Exchange Offer will be subject to
conditions customary for transactions of this nature, including:

   (i) that the shareholders of LAN approve the mergers,
  (ii) that no more than 2.5% of holders of LAN stock shall have
       exercised their appraisal rights (derecho a retiro) under
       Chilean law and
(iii) receipt of approvals from and/or registrations with ANAC,
       the Comissao de Valores Mobiliarios of Brazil, the
       Superintendencia de Valores y Seguros of Chile, the
       Securities and Exchange Commission of the United States of
       America and the applicable antitrust authorities in the
       relevant countries.

The consummation of the Exchange Offer will be subject to the
additional minimum conditions that the number of shares tendered
and not withdrawn from, or that otherwise approve, the exchange
offer are sufficient under Brazilian law to:

   (i) permit the delisting of the TAM stock from the BM&FBovespa,
       and
  (ii) give LAN the right and ability to effect a statutory
       squeeze-out of all TAM stock that do not accept the
       Exchange Offer.

The transaction contemplates that the LAN stock will be listed in
Brazil in the Bovespa as Brazilian Depositary Receipts and will
continue to be listed in Chile and in the New York Stock Exchange
as American Depositary Receipts.  The TAM stock will cease to be
listed in the Bovespa and in the NYSE as American Depositary
Receipts.

LAN's name will be changed to "LATAM Airlines Group S.A.", and the
share capital of LAN will be distributed approximately as follows
(assuming a 100% of the holders of TAM stock, other than the Amaro
family, tender their shares into the Exchange Offer):

   (i) LAN controlling shareholders, 24.07%;
  (ii) TEP Chile, 13.67%;
(iii) other existing shareholders of LAN, 46.60%; and
  (iv) tendering holders of TAM stock, 15.65%.

Upon consummation of the transaction, LAN, TAM and their
respective subsidiaries will continue their airline operations as
presently conducted.  The Chairman of the Board of LATAM shall be
Mauricio Rolim Amaro.  Enrique Cueto shall remain as Chief
Executive Officer of LATAM and Ignacio Cueto shall remain in his
current capacity as President and Chief Operating Officer of LAN's
current operations.  The Chairman of the Board of TAM shall
continue to be Maria Claudia Oliveira Amaro, and the Chief
Executive Officer shall be Marco Bologna.

Completion of this transaction is expected to take between six to
nine months.  The proposed combination of LAN and TAM as LATAM
will produce an airline group that will be among the major 10 in
the world.  LATAM will provide transport services for passengers
and cargo to more than 115 destinations in 23 countries, operating
a fleet of more than 280 aircrafts and will have over 40,000
employees.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of January 20, 2011, the company continues to carry Standard
and Poor's "B+" long-term issuer credit ratings.  The company also
continues to carry Fitch's "B+" long-term issuer default ratings.


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


CABLETEL CAYMAN: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 10, 2010, the sole shareholder of Cabletel Cayman 1
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 Julie Twinn
         Telephone: (345) 815-1770
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CABLETEL CAYMAN: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 10, 2010, the sole shareholder of Cabletel Cayman 2
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 Julie Twinn
         Telephone: (345) 815-1770
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


COBHAM FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
On December 7, 2010, the sole shareholder of Cobham Funding
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


DUNSTANBURGH FINANCE: Commences Liquidation Proceedings
-------------------------------------------------------
On December 7, 2010, the sole shareholder of Dunstanburgh Finance
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
December 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


ENVISION CAYMAN: Shareholders' Final Meeting Set for January 21
---------------------------------------------------------------
The shareholders of Envision Cayman Fund, Ltd. will hold their
final meeting on January 21, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


IAM HA: Commences Liquidation Proceedings
-----------------------------------------
On December 10, 2010, the members of Iam Ha Partners 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:

         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


IAM HA: Commences Liquidation Proceedings
-----------------------------------------
On December 10, 2010, the members of Iam Ha Absolute Return 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:

         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


INVESCO NAVIGATOR: Creditors' Proofs of Debt Due January 21
-----------------------------------------------------------
The creditors of Invesco Navigator Fund 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 10,
2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


INVESCO NAVIGATOR: Creditors' Proofs of Debt Due January 21
-----------------------------------------------------------
The creditors of Invesco Navigator Fund (Offshore) 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 10,
2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


ISKRA RUSSIA: Creditors' Proofs of Debt Due January 25
------------------------------------------------------
The creditors of Iskra Russia Small Caps Fund are required to file
their proofs of debt by January 25, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 10,
2010.

The company's liquidator is:

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


ISKRA CAPITAL: Creditors' Proofs of Debt Due January 25
-------------------------------------------------------
The creditors of Iskra Capital Management, Inc are required to
file their proofs of debt by January 25, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 10,
2010.

The company's liquidator is:

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


KILGALLON FINANCE: Commences Liquidation Proceedings
----------------------------------------------------
On December 7, 2010, the sole shareholder of Kilgallon Finance
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 10, 2010, the sole member of Lehman Brothers Market
Neutral L/S Portfolio Fund, Ltd resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
January 17, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 10, 2010, the sole member of Lehman Brothers Market
Neutral L/S Offshore Fund, Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 17, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LINCOLN VALE: Shareholder to Hear Wind-Up Report on February 3
--------------------------------------------------------------
The shareholder of Lincoln Vale Asia Macro Fund (Offshore) Limited
will receive on February 3, 2011, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman KY1-1207
         Cayman Islands


LINCOLN VALE: Shareholder to Hear Wind-Up Report on February 3
--------------------------------------------------------------
The shareholder of Lincoln Vale Asia Macro Fund (US) LP will
receive on February 3, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman KY1-1207
         Cayman Islands


M. SAFRA LIQUIDITY: Shareholders' Final Meeting Set for January 21
------------------------------------------------------------------
The shareholders of M. Safra Liquidity Fund will hold their final
meeting on January 21, 2011, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOS ASIA: Members Receive Wind-Up Report
----------------------------------------
The members of Nos Asia Fund received on January 10, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOS ASIA: Members Receive Wind-Up Report
----------------------------------------
The members of Nos Asia Master Fund received on January 10, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


R-ONE JOTO: Shareholders' Final Meeting Set for January 21
----------------------------------------------------------
The shareholders of R-One Joto Holdings will hold their final
meeting on January 21, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


R-ONE KOKURA: Shareholders' Final Meeting Set for January 21
------------------------------------------------------------
The shareholders of R-One Kokura Holdings will hold their final
meeting on January 21, 2011, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAVENSWORTH FINANCE: Commences Liquidation Proceedings
------------------------------------------------------
On December 7, 2010, the sole shareholder of Ravensworth Finance
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


REIGATE FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
On December 7, 2010, the sole shareholder of Reigate Funding
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 10, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SELECTIUM CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
On December 9, 2010, the sole shareholder of Selectium Capital
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR

         Mourant Ozannes Cayman Liquidators Limited
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


SELECTIUM EUROPE: Commences Liquidation Proceedings
---------------------------------------------------
On December 9, 2010, the sole shareholder of Selectium Europe Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR

         Mourant Ozannes Cayman Liquidators Limited
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


SHUAA SAFFRON: Commences Liquidation Proceedings
------------------------------------------------
On December 1, 2010, the sole shareholder of Shuaa Saffron
Alternative Strategies SPC, Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
January 21, 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


SOLIOS ENERGY: Commences Liquidation Proceedings
------------------------------------------------
On December 9, 2010, the sole shareholder of Solios Energy Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR

         Mourant Ozannes Cayman Liquidators Limited
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


SOLIOS ENERGY: Commences Liquidation Proceedings
------------------------------------------------
On December 9, 2010, the sole shareholder of Solios Energy Master
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
December 23, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

OR

         Mourant Ozannes Cayman Liquidators Limited
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


TIBERIUS FUNDS: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Tiberius Funds SPC Limited received on
January 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Alric Lindsay
         Maclendon Drive, Suite 2C
         P.O. Box 11371, Grand Cayman KY1-1008
         Cayman Islands
         Telephone: (345)-526-1688


WIMBLEDON HDN: Shareholders' Final Meeting Set for January 21
-------------------------------------------------------------
The shareholders of Wimbledon HDN Leveraged Fund Ltd. will hold
their final meeting on January 21, 2011, at 8:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


VITRO SAB: Attachment Disputes Return to N.Y. State Court
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the location of some lawsuits between Vitro SAB and
bondholders is changing again, this time in the wake of a decision
by a judge in Mexico this month dismissing Vitro's reorganization
proceedings in Mexico.

Mr. Rochelle relates that in addition to involuntary Chapter 11
petitions that some bondholders filed against Vitro's U.S.
subsidiaries, bondholders had obtained attachments of property
through state courts in New York.  The attachments were aiming to
recover on the US$1.2 billion of bonds in default for about two
years.

According to Mr. Rochelle, before the Mexican reorganization was
dismissed, Vitro had the attachment suits moved into the
bankruptcy court in New York.  With the Mexican reorganization
dismissed and the basis for the Chapter 15 petition in doubt,
Vitro consented last week to sending the attachments suits back to
New York state court.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No.
10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No.
10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case
No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No.
10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No.
10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


                            ***********


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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