TCRLA_Public/110131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, January 31, 2011, Vol. 12, No. 20

                            Headlines



C A Y M A N   I S L A N D S

BAER US: Shareholders Receive Wind-Up Report
BT AZURE: Shareholder Receives Wind-Up Report
CAPELLA HOLDING: Shareholder Receives Wind-Up Report
CDW HOLDINGS: Shareholders Receive Wind-Up Report
COMPASS CARDREC: Shareholder Receives Wind-Up Report

FUSHIMI ESTATE: Shareholders Receive Wind-Up Report
HARBOUR CITY: Shareholders Receive Wind-Up Report
HIGHBRIDGE INVESTMENTS: Shareholders Receive Wind-Up Report
J.L.S NO. 1: Shareholder Receives Wind-Up Report
J.L.S NO. 2: Shareholder Receives Wind-Up Report

KIEWO LTD: Shareholder Receives Wind-Up Report
KOKORRO LIMITED: Shareholder Receives Wind-Up Report
LAKEVILLE FUND: Shareholders Receive Wind-Up Report
MARJAN AIRCRAFT: Shareholder Receives Wind-Up Report
MCKINLEY II: Shareholders Receive Wind-Up Report

MKP GLOBAL: Shareholders Receive Wind-Up Report
MKP GLOBAL: Shareholders Receive Wind-Up Report
NEWSMITH OPPORTUNITIES: Shareholders Receive Wind-Up Report
NINE GRADE: Shareholders Receive Wind-Up Report
NINE GRADE: Shareholders Receive Wind-Up Report

NINE GRADE: Shareholders Receive Wind-Up Report
NOEMA ADVISORY: Shareholders Receive Wind-Up Report
PANAX EAST: Shareholders Receive Wind-Up Report
PANAX WEST: Shareholders Receive Wind-Up Report
POND INVESTMENTS: Shareholders Receive Wind-Up Report

RISING SUN: Shareholders Receive Wind-Up Report
SEQUOIA LIMITED: Shareholder Receives Wind-Up Report
SR COMO: Shareholders Receive Wind-Up Report
STONEWALL LTD: Shareholders Receive Wind-Up Report
TIERRA ALTA: Shareholders Receive Wind-Up Report


E L  S A L V A D O R

* EL SALVADOR: Fitch Puts 'BB' Rating on US$653.5 Million Bonds


J A M A I C A

JPSCO: Cabinet Approves Taqa's 40% Stake Sale to Marubeni Corp.
ST. LUCIA: To Enter Liquidation, Two Appoint Two Liquidators


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Que Pasa En El Mundo De Los Avisos?


X X X X X X X X

* BOND PRICING: For the Week January 24, to January 28, 2011




                            - - - - -


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


BAER US: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Baer US Venture Equities Ltd. received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BT AZURE: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of BT Azure No.1 Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CAPELLA HOLDING: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Capella Holding received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CDW HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CDW Holdings Limited received on January 18,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Wong Shui Fan Jessie
         Telephone: (852) 2826-0946
         Facsimile: (852) 2845-9135
         3708 Jardine House
         Central, Hong Kong


COMPASS CARDREC: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Compass Cardrec BM Ltd received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FUSHIMI ESTATE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Fushimi Estate Holdings received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HARBOUR CITY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Harbour City Funding (1) Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Highbridge Investments Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


J.L.S NO. 1: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of J.L.S No. 1 Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


J.L.S NO. 2: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of J.L.S No. 2 Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


KIEWO LTD: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Kiewo Ltd received on January 21, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KOKORRO LIMITED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Kokorro Limited received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LAKEVILLE FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lakeville Fund Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MARJAN AIRCRAFT: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Marjan Aircraft Leasing Commercial Limited
received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MCKINLEY II: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Mckinley II Funding, Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of MKP Global Futures Fund Offshore Ltd. received
on January 28, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MKP GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of MKP Global Futures Master Fund, Ltd. received
on January 28, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


NEWSMITH OPPORTUNITIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Newsmith Opportunities Hedge Investments II
Limited received on January 25, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Nine Grade Funding II, Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Nine Grade Funding, Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Nine Grade Funding III, Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Noema Advisory Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PANAX EAST: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Panax East Fund received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PANAX WEST: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Panax West Fund received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


POND INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Pond Investments Ltd. received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RISING SUN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Rising Sun Trading Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Sequoia Limited received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SR COMO: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of SR Como Limited received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


STONEWALL LTD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Stonewall Ltd. received on January 20, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIERRA ALTA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Tierra Alta Funding I, Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Fitch Puts 'BB' Rating on US$653.5 Million Bonds
---------------------------------------------------------------
Fitch Ratings assigned the Republic of El Salvador's
US$653.5 million bond issuance maturing on Feb. 1, 2041, a 'BB'
rating.  The ratings are in line with El Salvador's long-term
foreign currency Issuer Default Rating of 'BB', with a Negative
Outlook.

On July 6, 2010, Fitch affirmed El Salvador's foreign- and local-
currency IDRs at 'BB'.  El Salvador's main credit weaknesses are
its comparatively weak GDP growth performance, narrow revenue base
and fiscal rigidities.  However, monetary stability underpinned by
official dollarization, a good track record on structural reforms,
a stable financial sector, and continued access to multilateral
financing support El Salvador's credit ratings.

In Fitch's view, the low growth and still unfavorable debt
dynamics present risks to El Salvador's sovereign
creditworthiness, justifying the Negative Outlook on the ratings.

'Given low investment levels and a somewhat narrow economic base,
El Salvador's growth prospects appear weaker than those of most
peers in the 'BB' category' says Jaime Reusche, Director in
Fitch's sovereign group.  Currently, Fitch expects El Salvador's
growth to reach 2.1% and 2.5% in 2011 and 2012, respectively,
compared to a 'BB' median forecast of 4.1% and 4.3%.

Fitch forecasts that El Salvador's non-financial public sector
debt could continue increasing in 2011, reaching over 55% of GDP
this year, against the 'BB' median of 41%.  Continued pro-active
policy response will be needed to stabilize the debt burden should
growth fail to gain pace.


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


JPSCO: Cabinet Approves Taqa's 40% Stake Sale to Marubeni Corp.
---------------------------------------------------------------
RadioJamaica reports that the Jamaican cabinet has given consent
for the transfer of Abu Dhabi National Energy Company (Taqa)'s 40%
stake in the Jamaica Public Service Company Limited to its former
business partner, Marubeni Corporation.

The consent documentation is being handled by the Development Bank
of Jamaica, according to RadioJamaica.

The report says the cabinet also noted that steps have been taken
to ensure that Marubeni will guarantee all of its obligations and
commitments under the shareholders agreement and the share
purchase agreement.

Taqa, RadioJamaica says, recently collected US$320 million from
the sale of its stake in the Jamaica Public Service Company and
other regional entities.

Taqa bought a 50% stake in Marubeni's Caribbean operations just
under two years ago, the report recounts.

                          About JPSCO

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

                          *     *     *

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


ST. LUCIA: To Enter Liquidation, Two Appoint Two Liquidators
------------------------------------------------------------
Jamaica Gleaner reports that after several years of financial
difficulty and wrangling over its management, the St. Lucia Banana
Corporation (SLBC) has adopted a resolution for the voluntary
liquidation of its assets valued in excess of EC$10 million
(US$3.7 million).  The report relates that SLBC Chairman Patrick
Joseph said the winding up will pave the way for the entity to
sell off its assets and pay creditors.

"A special resolution was upheld to facilitate the appointment of
two liquidators to begin the process of returning the farmers
assets to them," Jamaica Gleaner quoted Mr. Joseph as saying.
"This was a promise I made to farmers when I returned to head the
association, that I would ensure that the shareholders of the
company get what they are entitled to," Mr. Joseph added.

Jamaica Gleaner notes that Agriculture Minister Ezekiel Joseph,
who was present at the shareholders meeting, said his main concern
was that the resolution was in keeping with the by-laws of the
company.

St. Lucia Banana Corporation is a banana company.



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


CARIBBEAN PETROLEUM: Que Pasa En El Mundo De Los Avisos?
--------------------------------------------------------
What's happening in the world of notices?  Elisa Lemmer --
elisa.lemmer@weil.com -- at Weil, Gotshal & Manges LLP posed that
question on the Firm's Bankruptcy Blog last week, asking what
happens when the debtor delivers a legal notice or a bankruptcy
pleading to a non-English speaker?  Is it incumbent on the debtor
to translate the pleading into the recipient's native language?
What if the notice is delivered to someone residing in Puerto
Rico, for example, where Spanish is the prominent spoken language?

The court in In re Caribbean Petroleum Corp., 2010 WL 5093632
(Bankr. D. Del. Dec. 8, 2010) (Gross, J.), recently addressed this
issue when certain counterparties to the debtors' franchise
contracts who resided in Puerto Rico argued that the debtors'
rejection notice deprived them of due process because it was
written in English and lacked a Spanish translation.  They
contended that many of the franchisees were Spanish-speaking and
that, as to them, the notice was insufficient.  The court resolved
the issue easily by noting that the official languages of Puerto
Rico are English and Spanish and concluded that the franchisees
provided no evidence that they did not speak English or had been
prejudiced by the English-only documents.  Citing a 20-year old
case issued by the Bankruptcy Court for the District of Colorado,
Storage Tech. Corp. v. Comite Pro Rescate de La Salud (In re
Storage Tech. Corp.), 117 B.R. 610, 621 (Bankr. D. Colo. 1990),
Judge Gross noted that there, too, the bankruptcy court found that
where the evidence showed that Spanish and English were used
indiscriminately in Puerto Rico, failure to provide notice of a
bar date in Spanish in Puerto Rico did not deprive the potential
claimants of due process.

Both decisions, however, share a common denominator -- they found
that the recipients of the notices in their cases either spoke
English or lived in a place (Puerto Rico) where English was the
official language and its residents, presumably, used English
"indiscriminately."  Finding that persons who speak English are
not required to receive legal notices in every other language they
might speak or even in their primary language is logical.  It is
harder, however, to conclude that a person who receives a legal
document in a language he or she cannot understand has received
proper notice simply because they reside in a location where
English is the official language.  The court in Caribbean
Petroleum implicitly seemed to acknowledge this when it found that
there was no evidence that the franchisees did not speak English
or that they had been prejudiced by the English-language
documents.  What would the court in Caribbean Petroleum have done
if it had found that the franchisees did not understand the
documents they received?  Would it have found that the rejection
notice was not adequate?  Would it have accommodated the
franchisees?  How have other courts tackled this and similar
issues concerning language barriers?  Should the results of a case
differ in states where English is the official language from
states that have no official language? (Interestingly, there is no
federal law decreeing English as the official language of the
United States).

Surprisingly, there is a paucity of cases on this subject.
Perhaps this is because, in most corporate bankruptcy cases,
creditors tend to be English-speaking, and the issue never arises.
Or, it might be because debtors who have non-English speaking
creditors have proactively translated legal documents for those
constituencies.  Alternatively, non-English speakers might never
complain about the documents they can't understand.

A decision issued by the Bankruptcy Court for the Southern
District of Florida in 2006, In re Petit-Louis, 344 B.R. 696
(Bankr. S.D. Fl. 2006), shows that courts are becoming mindful of
the effect of an English language-based bankruptcy process on non-
English speaking individuals.  There, an individual chapter 7
debtor who spoke only Creole sought an order waiving the
requirement to obtain credit counseling provided by section 109(h)
of the Bankruptcy Code.  The individual's counsel stated that she
had attempted to obtain credit counseling in Creole for her
client, but none of the approved credit counseling agencies were
able to provide counseling in Creole.  Seeing as her client would
not be able to obtain the requisite counseling, counsel to the
debtor requested that the United States Trustee waive the credit
counseling requirement, provide him with a Creole interpreter, or
decertify existing credit counseling agencies on the basis that
they had failed to provide Creole-speaking counselors.  The United
States Trustee refused and sought to dismiss the debtor's case for
failure to obtain the requisite credit counseling.  The bankruptcy
court, however, waived the requirement, and denied the United
States Trustee's motion for reconsideration of the issue.

In a sharply worded decision, the bankruptcy court admonished the
United States Trustee stating, "The U.S. Trustee's disregard for
non-English speaking residents seeking counseling in the Southern
District of Florida, a district which the U.S. Trustee admits
'presents its own unique set of language issues', evidenced the
failure of the Office of the U.S. Trustee to comply with its
duties in determining whether counseling services are adequate in
this district.  If the U.S. Trustee fails to manage the bankruptcy
counseling system in a non-discriminatory fashion, the Court has
the authority and indeed the responsibility to allow a debtor
access to the bankruptcy system by waiving a requirement which, in
practice, is inappropriately excluding him on the basis of his
lack of English language ability."  The court went on to reject
the U.S. Trustee's argument that the debtor could have received
the counseling in English using a friend as a translator noting
that judicial proceedings require certified translators.  Relying
on friends and relatives to translate important legal issues would
not ensure accuracy.

The Caribbean Petroleum and Petit-Louis decisions serve as a
strong reminder that as our economy continues to become more
global and non-English speakers continue to immigrate to the
United States, courts and debtors, alike, will need to be mindful
of ensuring that the interests of persons who do not speak English
are adequately protected in the American bankruptcy system.
Although these decisions should not be read as advising debtors,
for example, to translate all of their legal documents into a
myriad of foreign languages, debtors should be cognizant of their
creditor constituency.  If they suspect a language barrier may
become an issue for their creditors, perhaps it is better to play
it safe and take proactive steps by showing that they have
provided the creditor with legal notices the creditor can actually
understand.

                        *   *   *

Elisa R. Lemmer is a member of Weil's Business Finance &
Restructuring Department.  Ms. Lemmer has represented debtors,
creditors, lenders, and plan proponents in some of the Firm's most
notable chapter 11 cases, including General Growth Properties,
Lehman Brothers Holdings, Pilgrim's Pride, Silicon Graphics, PG&E,
and Armstrong World Industries.  She has also represented large
institutional creditors in out-of-court restructurings and pre-
packaged and pre-negotiated chapter 11 cases.

Ms. Lemmer also has worked on many pro bono matters including
representing clients in child adoptions and assisting Holocaust
survivors in applying for reparations from the German government.

Ms. Lemmer received a B.A., with honors, from the University of
Pennsylvania and a J.D. from the University of Pennsylvania Law
School in 2000, where she was, among other things, a senior editor
of the University of Pennsylvania Law Review.  Ms. Lemmer is a
member of the Florida Bar and is admitted to practice in the U.S.
District Court for the Southern District of Florida. She is also a
member of the Bankruptcy Bar Association in the Southern District
of Florida.  Ms. Lemmer was named a 2010 Florida Rising Star by
Florida Super Lawyers magazine.

                   About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the
company's operations.  The Debtor estimated assets of
US$100 million to US$500 million and debts of US$500 million to
US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.


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


* BOND PRICING: For the Week January 24, to January 28, 2011
------------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA
---------

ARGENT- DIS         5.83    12/31/2033    ARS              187.5
ARGENT-PAR          1.18    12/31/2038    ARS              72.5
ARGENT-ĚDIS         4.33    12/31/2033    JPY              42
ARGENT-ĚPAR&GDP     0.45    12/31/2038    JPY               8
BANCO MACRO SA     10.75    6/7/2012      USD              74.8
BODEN 2014          2       9/30/2014     ARS              39.5
BOGAR 2018          2       2/4/2018      ARS             164.1


CAYMAN ISLAND
-------------

BANCO BPI (CI)     4.15     11/14/2035    EUR               52.3
BANIF FIN LTD      3        12/31/2019    EUR               66.3
BCP FINANCE BANK   5.01      3/31/2024    EUR               56.7
BCP FINANCE BANK   5.31     12/10/2023    EUR               59.4
BCP FINANCE CO     4.2                    EUR               49.9
BCP FINANCE CO     5.5                    EUR               47.6
BES FINANCE LTD    5.5                    EUR               48.0
BES FINANCE LTD    4.5                    EUR               52.3
BES FINANCE LTD    6.9       2/7/2035     EUR               57.0
BES FINANCE LTD    6.6                    EUR               62.4
CHINA FORESTRY     7.75     11/17/2015    USD               91
EFG ORA FUNDING    1.7      10/29/2014    EUR               61.6
ESFG INTERNATION   5.7                    EUR               53.5
IMCOPA INTL CAYM  10.3      12/16/2014    USD               38
PUBMASTER FIN      6.9       6/30/2028    GBP               49
PUBMASTER FIN      8.4       6/30/2025    GBP               54.6

CHILE
-----

AGUAS NUEVAS      3.4        5/15/2012    CLP                 0.8
CGE DISTRIBUCION  3.2        12/1/2012    CLP                39.1
ESVAL S.A.        3.8        7/15/2012    CLP                37.1
MASISA            4.2       10/15/2012    CLP                40.0


PUERTO RICO
-----------

PUERTO RICO CONS  6.5         4/1/2016    USD                50

VENEZUELA
---------

PETROLEOS DE VEN   5.5         4/12/2037   USD               44.7
PETROLEOS DE VEN   5.3         4/12/2027   USD               45.9
PETROLEOS DE VEN   5.1         10/28/2016  USD               56.4
PETROLEOS DE VEN   5.2          4/12/2017  USD               56.9
PETROLEOS DE VEN   5           10/28/2015  USD               59.7
PETROLEOS DE VEN   4.9         10/28/2014  USD               65.4
PETROLEOS DE VEN   8.5         11/2/2017   USD               67.5
PETROLEOS DE VEN   8.5         11/2/2017   USD               66.7
VENEZUELA          7           3/31/2038   USD               55.2
VENEZUELA          7           3/31/2038   USD               56.1
VENEZUELA          6           12/9/2020   USD               58.6
VENEZUELA          7.6         4/21/2025   USD               60.8
VENEZUELA          8.2        10/13/2024   USD               64
VENEZUELA          7           12/1/2018   USD               66.5
VENEZUELA          9.2          5/7/2028   USD               67.2
VENEZUELA          7.7        10/13/2019   USD               67.1
VENEZUELA          9           5/7/2023    USD               67.8
VENEZUELA          9.2        9/15/2027    USD               71.1
VENEZUELA          5.7        2/26/2016    USD               71
VENEZUELA          9.2        9/15/2027    USD               73.0
VENZOD - 189000    9.3        1/13/2034    USD               67.6


                            ***********


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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