TCRLA_Public/110202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, February 2, 2011, Vol. 12, No. 23

                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Assigns 'Ba3' Long-Term Issuer Rating


B E R M U D A

ESSENTIAL RE: Creditors' Proofs of Debt Due February 11
ESSENTIAL RE: Member to Receive Wind-Up Report on March 1
FAIRLANE HOLDING: Creditors' Proofs of Debt Due February 11
FAIRLANE HOLDING: Members to Receive Wind-Up Report on March 4


B R A Z I L

BANCO BMG: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes
INDEPENDENCIA SA: Investor Proposes Debt Restructuring


C A Y M A N   I S L A N D S

AMATHEA VIII: Commences Liquidation Proceedings
APPALOOSA LEASING: Placed Under Voluntary Wind-Up
CASCADIA II: Placed Under Voluntary Wind-Up
COOPER ASSET: Placed Under Voluntary Wind-Up
DR ENERGY: Placed Under Voluntary Wind-Up

GFP DUNAS: Court Enters Wind-Up Order
GREEN PARK: Creditors' Proofs of Debt Due February 4
ISAM GOLD: Creditors' Proofs of Debt Due February 4
ISAM TREND: Creditors' Proofs of Debt Due February 4
ISAM TREND: Creditors' Proofs of Debt Due February 4

MKM LONGBOAT: Commences Liquidation Proceedings
PEQUOT SHORT: Commences Liquidation Proceedings
PEQUOT SHORT: Commences Liquidation Proceedings
RAB GOLD: Commences Liquidation Proceedings
RAB GOLD: Commences Liquidation Proceedings

SENOR FROGS: Court Enters Wind-Up Order
SINGH INVESTMENTS: Commences Liquidation Proceedings
SUCCESSOR II: Placed Under Voluntary Wind-Up
TERRASSA I: Commences Liquidation Proceedings
TERRASSA II: Commences Liquidation Proceedings

TERRASSA III: Commences Liquidation Proceedings
TERRASSA IV: Commences Liquidation Proceedings
TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4
TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4
WITTENHAM LATIN: Placed Under Voluntary Wind-Up

ZAGORA I: Commences Liquidation Proceedings
ZAGORA II: Commences Liquidation Proceedings
ZAGORA III: Commences Liquidation Proceedings
ZAGORA IV: Commences Liquidation Proceedings


J A M A I C A

NATIONAL COMMERCIAL BANK: To Continue Branch Rationalization


P A N A M A

BANCO INTERNACIONAL: Moody's Affirms 'Ba1' Currency Deposit Rating
BANCO INT'L: Moody's Affirms 'Ba1' Rating on Currency Deposit


U R U G U A Y

CREDIT URUGUAY: Moody's Raises Currency Deposit Ratings from 'Ba1'


                            - - - - -


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


GPAT COMPANIA: Moody's Assigns 'Ba3' Long-Term Issuer Rating
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long term global local
currency issuer rating to GPAT Compania Financiera S.A.  On the
National Scale, Moody's Latin America assigned a Aa2.ar local
currency issuer rating.  At the same time Moody's assigned global
local and foreign currency debt ratings of (P)Ba3 and (P) B2
respectively to GPAT's debt program of AR$400 million or its
equivalent in other currencies.  The first takedown under the
program of AR$50 million was also rated Ba3.  On the national
scale, the program was rated Aa2.ar and Aa3.ar in local and
foreign currency respectively, and Aa2.ar was assigned to the
first takedown.

                         Ratings Rationale

The ratings of GPAT, the former Argentine operation of GMAC,
incorporate the expected high support from its parent, Banco
Patagonia (Patagonia, rated Ba2) which produce the one notch
uplift from GPAT's B2 standalone fundamental rating.  Local
currency ratings were placed under review for possible upgrade in
line with the review for upgrade on Patagonia's local currency
deposit rating.  Banco Patagonia acquired 99% of GPAT's stake in
July 2010.

GPAT is a finance company mainly focused on the financing of
General Motors vehicle purchases by individuals through car
dealers.  The wholesale funding for dealers is currently offered
by Banco Patagonia while GPAT provides all the back office
services for this financing.  GPAT's rating incorporates its
adequate risk-management policies, which are aligned to those of
the parent as well as its strong financial fundamentals,
particularly asset quality and capitalization.  Moody's also
considers the company's highly competitive environment and its low
business diversification which increases GPAT's credit risk due to
its correlation with the evolution of the auto industry.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$271.4 million of total assets and
AR$177.1 million of shareholders' equity as of September 30, 2010.

These ratings were assigned to GPAT Compania Financiera S.A.:

* Global Local Currency Issuer Rating: Ba3, rating under review
  for upgrade

* National Scale Local Currency Issuer Rating: Aa2.ar

* AR$400 million, or its equivalent in other countries, senior
  debt program: (P)Ba3 and (P)B2

* Global Scale long-term local currency debt rating: (P) Ba3,
  review for upgrade

* National Scale long-term local-currency debt rating: Aa2.ar

* Global Scale long-term foreign currency debt rating: (P) B2,
  stable outlook

* National Scale long-term foreign-currency debt rating: Aa3.ar

* AR$50 million unsecured notes: Ba3

* Global Scale long-term local currency debt rating: Ba3, review
  for possible upgrade

* National Scale Long-Term Local-Currency Debt Rating: Aa2.Ar


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


ESSENTIAL RE: Creditors' Proofs of Debt Due February 11
-------------------------------------------------------
The creditors of Essential Re Holdings Ltd. 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 January 26, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


ESSENTIAL RE: Member to Receive Wind-Up Report on March 1
---------------------------------------------------------
The member of Essential Re Holdings Ltd. will receive on March 1,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind up proceedings on January 26, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


FAIRLANE HOLDING: Creditors' Proofs of Debt Due February 11
-----------------------------------------------------------
The creditors of Fairlane Holding International Corporation
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 January 26, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


FAIRLANE HOLDING: Members to Receive Wind-Up Report on March 4
--------------------------------------------------------------
The members of Fairlane Holding International Corporation Limited
will receive on March 4, 2011, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind up proceedings on January 26, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


BANCO BMG: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to the proposed senior unsecured notes to be issued by
Banco BMG S.A.  The notes will be denominated in Brazilian Reais
and due February 2014.  The rating outlook is negative.

Assignments:

Issuer: Banco BMG S.A.

  -- Senior Unsecured Regular Bond, Assigned Ba2

                         Ratings Rationale

The rating agency explained that the foreign currency senior
unsecured debt rating derives from BMG's Ba2 global local currency
deposit rating.  At this rating level, the bond rating is not
constrained by the country ceiling for foreign currency bonds and
notes for Brazil.

The proposed notes are being issued under the existing multi-
currency US$1 billion Short Term Note Programme rated (P)Ba2 by
Moody's, with negative outlook.

The last rating action on Banco BMG S.A. was on December 9, 2010,
when Moody's changed the outlook to negative from stable on all
ratings assigned to Banco BMG.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
total consolidated assets of BRL11,442 million (US$6,893 billion)
and equity of BRL2,337 million (US$1,408 million) as of
December 31, 2010.


INDEPENDENCIA SA: Investor Proposes Debt Restructuring
------------------------------------------------------
Lucia Kassai at Bloomberg News reports that a potential
Independencia SA investor proposed renegotiating the company's
bonds and delaying debt payments as part of a plan to restructure
the meat exporter.

The plan from investor representative Alfredo Chang proposes
swapping 2016 bonds for convertible debt and includes a 60-month
grace period on 2015 bond payments, according to a presentation
made to Independencia SA creditors, Bloomberg relates.

According to Bloomberg, the proposal also includes creating a new
company, as well as delaying bank-loan payments by 40 months and
cattle-rancher debt payments by 24 months.

Bloomberg says that Independencia SA is backing the proposal as a
way to avoid liquidation.

On Sept. 30, 2010, Bloomberg discloses, the company missed an
interest payment on its 2015 senior notes.  It was due to pay
interest of about US$12 million on US$165 million of its 15
percent bonds, according to data compiled by Bloomberg.

"This is a proposal of orderly liquidation," Bloomberg quoted
Independencia lawyer Luiz Fernando Paiva as saying.

                        About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.


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


AMATHEA VIII: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on December 15, 2010, the
shareholder of Amathea VIII Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
January 25, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


APPALOOSA LEASING: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on December 13, 2010, the
shareholder of Appaloosa Leasing Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 28, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Isabel Mason
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


CASCADIA II: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on December 15, 2010, the
shareholder of Cascadia II Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
January 28, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


COOPER ASSET: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 13, 2010, the sole shareholder of Cooper Asset
Management Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 25, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815-1755
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


DR ENERGY: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on December 14, 2010, the
sole member of DR Energy Holdings Ltd. resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 26, 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


GFP DUNAS: Court Enters Wind-Up Order
-------------------------------------
On December 17, 2010, the Grand Court of the Cayman Islands
entered an order that voluntarily winds up the operations of GFP
Dunas Partners Holdings Inc.

The company's liquidator is:

         Hugh Dickson
         c/o Phillip Tyrrell
         Telephone: (345) 815 8246
         Facsimile: (345) 949 7120
         P.O. Box 1370GT, Grand Cayman KY1- 1108
         Cayman Islands


GREEN PARK: Creditors' Proofs of Debt Due February 4
----------------------------------------------------
The creditors of Green Park Walk Funding are required to file
their proofs of debt by February 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


ISAM GOLD: Creditors' Proofs of Debt Due February 4
---------------------------------------------------
The creditors of Isam Gold are required to file their proofs of
debt by February 4, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 16,
2010.

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


ISAM TREND: Creditors' Proofs of Debt Due February 4
----------------------------------------------------
The creditors of Isam Trend are required to file their proofs of
debt by February 4, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 16,
2010.

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


ISAM TREND: Creditors' Proofs of Debt Due February 4
----------------------------------------------------
The creditors of Isam Trend Master are required to file their
proofs of debt by February 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 16,
2010.

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


MKM LONGBOAT: Commences Liquidation Proceedings
-----------------------------------------------
On December 15, 2010, the sole shareholder of MKM Longboat Multi-
Strategy Master Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 28, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         Roy Bailey
         Robin Lee McMahon
         c/o Barry MacManus
         Telephone: (345) 814 8968
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


PEQUOT SHORT: Commences Liquidation Proceedings
-----------------------------------------------
On November 5, 2010, the sole shareholder of Pequot Short Credit
Master Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
January 25, 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


PEQUOT SHORT: Commences Liquidation Proceedings
-----------------------------------------------
On November 5, 2010, the sole shareholder of Pequot Short Credit
Offshore Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 25, 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


RAB GOLD: Commences Liquidation Proceedings
-------------------------------------------
On December 13, 2010, the sole shareholder of Rab Gold Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 25, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         P.O. Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


RAB GOLD: Commences Liquidation Proceedings
-------------------------------------------
On December 13, 2010, the sole shareholder of Rab Gold Master Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 25, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         P.O. Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


SENOR FROGS: Court Enters Wind-Up Order
---------------------------------------
On December 14, 2010, the Grand Court of the Cayman Islands
entered an order that voluntarily winds up the operations of Senor
Frogs Cayman Ltd.

The company's liquidators are:

         Kenneth Krys
         Timothy Le Cornu
         Krys & Associates Cayman Ltd
         Governors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, Grand Cayman
         Cayman Islands


SINGH INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On December 7, 2010, the members of Singh Investments Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         David Singh
         c/o Maples and Calder
         Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


SUCCESSOR II: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on December 16, 2010, the
shareholder of Successor II Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
January 28, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


TERRASSA I: Commences Liquidation Proceedings
---------------------------------------------
On December 14, 2010, the members of Terrassa I Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


TERRASSA II: Commences Liquidation Proceedings
----------------------------------------------
On December 14, 2010, the members of Terrassa II Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


TERRASSA III: Commences Liquidation Proceedings
-----------------------------------------------
On December 14, 2010, the members of Terrassa III Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


TERRASSA IV: Commences Liquidation Proceedings
----------------------------------------------
On December 14, 2010, the members of Terrassa IV Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------------
The creditors of Transparent Value Fund SPC, 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 liquidation proceedings on December 16,
2010.

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


TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------------
The creditors of Transparent Value Master Fund SPC, 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 liquidation proceedings on December 16,
2010.

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


WITTENHAM LATIN: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on December 10, 2010, the
shareholders of Wittenham Latin America Fund Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 1, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Peter Douglas
         GFIA Pte Ltd
         59 Club Street
         Singapore 069434
         Telephone: +65 6222 3289


ZAGORA I: Commences Liquidation Proceedings
-------------------------------------------
On December 14, 2010, the shareholders of Zagora I Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


ZAGORA II: Commences Liquidation Proceedings
--------------------------------------------
On December 14, 2010, the members of Zagora II Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


ZAGORA III: Commences Liquidation Proceedings
---------------------------------------------
On December 14, 2010, the members of Zagora III Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


ZAGORA IV: Commences Liquidation Proceedings
--------------------------------------------
On December 14, 2010, the members of Zagora IV Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         P.O. Box 679, Genesis Building
         Grand Cayman KY1-1107
         Cayman Islands


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


NATIONAL COMMERCIAL BANK: To Continue Branch Rationalization
------------------------------------------------------------
RadioJamaica reports that the National Commercial Bank Jamaica
Limited said it will continue its branch rationalization this year
to further reduce operating costs.

According to RadioJamaica, NCB Group Deputy Chief Executive
Officer Dennis Cohen said that the company has already realized
success in cutting costs with the relocation of Harbour View
branch.

"During this year, we expect to begin work on our Trafalgar Road
location and in the background, work is going on at our Constant
Spring location which will involve the relocation of our Manor
Park branch," RadioJamaica quoted Mr. Cohen as saying.

Mr. Cohen, however, did not say how many staff will be affected by
the merging of branch operations, RadioJamaica notes.

In addition to branch rationing, Mr. Cohen noted that the company
will step up the fight against fraud, the report adds.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                            *     *     *

As of Feb. 1, 2011, the bank continues to carry Standard and
Poor's "C" short-term issuer credit ratings.  The bank also
continues to carry Moody's "D+" bank financial strength rating.


===========
P A N A M A
===========


BANCO INTERNACIONAL: Moody's Affirms 'Ba1' Currency Deposit Rating
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 and Not Prime long-term
and short-term foreign currency deposit ratings of Banco
Internacional de Costa Rica, S.A.  Moody's also affirmed the
bank's D bank financial strength rating and changed the outlook on
the BFSR to positive from stable.

This rating outlook has been changed to positive, from stable:

* Bank financial strength: D

These ratings have been affirmed:

* Long-term foreign currency deposits: Ba1, stable outlook

* Short-term foreign currency deposits: Not Prime

                        Rating Rationale

Moody's said the positive outlook on BICSA's BFSR reflects the
bank's growing franchise and profitability as a lender and trade
finance provider within the expanding economies and regional trade
of Central America, its main operating footprint.  The change in
outlook also incorporates the bank's improving revenue and funding
diversification, which reflects the bank's increasing emphasis on
value-added lending, including a strategy of originating and
distributing structured finance transactions, the latter activity
which should support BICSA's capital and liquidity.  The notable
strengthening of the bank's risk management organization and
processes will continue to be tested as BICSA expands into new
markets and with new clients throughout the region.  The bank's D
BFSR maps to a stand-alone baseline credit assessment of Ba2.

Moody's noted that upward movement on the unsupported BFSR would
depend on the sustainability of BICSA's business model and its
ability to generate earnings without compromising asset quality.
Continued control of operating costs, together with improvement in
the bank's 52% cost-income ratio, will also be key to profit
performance and align it better with its wholesale banking
profile.  A rating upgrade would also hinge on the bank's ability
to maintain solid loss reserve coverage and capitalization ratios
as it continues its expansion in order to guard against future
asset quality surprises.

Moody's indicated that a principal risk to BICSA's BFSR is the
bank's large borrower concentrations relative to capital and
earnings, a factor that adds potential volatility to the bank's
asset quality and earnings.  Increased loan granularity would
therefore also provide positive momentum to BICSA's stand alone
rating.

BICSA's Ba1 deposit rating incorporates Moody's assessment of a
high probability of support from its controlling shareholders,
Banco de Costa Rica, with a 51% stake, and Banco Nacional de Costa
Rica, with a 49% stake, both wholly-owned by the Costa Rican
government, as well as their endorsement of the bank's strategy of
developing international business on their behalf with Costa Rican
and other Central American companies.

The last rating action on Banco Internacional de Costa Rica S.A.
(BICSA) was on June 12, 2008, when Moody's assigned the bank
Ba1/Not Prime foreign currency debt ratings and a D rating for
bank financial strength.

Based in Panama City, Panama, BICSA reported total assets of
US$ 977.9 million, equity of US$ 123 million, and net income of
US$10.3 million as of September 30, 2010.


BANCO INT'L: Moody's Affirms 'Ba1' Rating on Currency Deposit
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 and Not Prime long- and
short-term foreign currency deposit ratings of Banco Internacional
de Costa Rica, S.A.  Moody's also affirmed the bank's D bank
financial strength rating and changed the outlook on the BFSR to
positive from stable.

This rating outlook has been changed to positive, from stable:

-- Bank financial strength: D

These ratings have been affirmed:

-- Long-term foreign currency deposits: Ba1, stable outlook
-- Short-term foreign currency deposits: Not Prime

Moody's said the positive outlook on BICSA's BFSR reflects the
bank's growing franchise and profitability as a lender and trade
finance provider within the expanding economies and regional trade
of Central America, its main operating footprint.  The change in
outlook also incorporates the bank's improving revenue and funding
diversification, which reflects the bank's increasing emphasis on
value-added lending, including a strategy of originating and
distributing structured finance transactions, the latter activity
which should support BICSA's capital and liquidity.  The notable
strengthening of the bank's risk management organization and
processes will continue to be tested as BICSA expands into new
markets and with new clients throughout the region.  The bank's D
BFSR maps to a stand-alone baseline credit assessment of Ba2.

Moody's noted that upward movement on the unsupported BFSR would
depend on the sustainability of BICSA's business model and its
ability to generate earnings without compromising asset quality.
Continued control of operating costs, together with improvement in
the bank's 52% cost-income ratio, will also be key to profit
performance and align it better with its wholesale banking
profile.  A rating upgrade would also hinge on the bank's ability
to maintain solid loss reserve coverage and capitalization ratios
as it continues its expansion in order to guard against future
asset quality surprises.

Moody's indicated that a principal risk to BICSA's BFSR is the
bank's large borrower concentrations relative to capital and
earnings, a factor that adds potential volatility to the bank's
asset quality and earnings.  Increased loan granularity would
therefore also provide positive momentum to BICSA's stand alone
rating.

BICSA's Ba1 deposit rating incorporates Moody's assessment of a
high probability of support from its controlling shareholders,
Banco de Costa Rica, with a 51% stake, and Banco Nacional de Costa
Rica, with a 49% stake, both wholly-owned by the Costa Rican
government, as well as their endorsement of the bank's strategy of
developing international business on their behalf with Costa Rican
and other Central American companies.

The last rating action on Banco Internacional de Costa Rica S.A.
(BICSA) was on June 12, 2008, when Moody's assigned the bank
Ba1/Not Prime foreign currency debt ratings and a D rating for
bank financial strength.

Based in Panama City, Panama, BICSA reported total assets of
US$977.9 million, equity of US$123 million, and net income of
US$10.3 million as of September 30, 2010.


=============
U R U G U A Y
=============


CREDIT URUGUAY: Moody's Raises Currency Deposit Ratings from 'Ba1'
------------------------------------------------------------------
Moody's Investors Service upgraded Credit Uruguay Banco S.A.'s
long and short term global local currency deposits ratings to
Baa3/Prime-3, from Ba1/Not Prime.  At the same time, the local
currency national scale rating was upgraded to Aa1.uy, from
Aa2.uy.  The D bank financial strength rating, the Ba2/NP long and
short-term foreign currency deposit ratings, and the Aa3.uy
foreign currency national scale rating were not affected by this
action.

The outlook on all ratings is stable.

                         Ratings Rationale

The rating action concludes the review for upgrade of Credit
Uruguay's deposit ratings, initiated in May 2010, and is driven by
the recent approval, by Uruguayan regulators, for Spain's Banco
Bilbao Vizcaya Argentaria S.A. to acquire 100% of Credit Uruguay,
a subsidiary of France's Credit Agricole S.A.  The combination of
the Uruguayan operations of BBVA and Credit Uruguay will result in
the second privately-owned banking franchise in terms of loans and
deposits, with market shares of 11%.  Moreover, the new entity
will benefit from highly complementary business strategies, as
suggested by Credit Uruguay's primary focus on domestic commercial
and retail banking, and by BBVA's predominantly wholesale and non-
resident transaction banking businesses.  The merger of the two
banks is expected to conclude by April 2011, following the
approval by the ministry of economy.

The upgrade also captures Moody's assessment of a high probability
of parental support to the merged entity from its new controlling
shareholder, BBVA Spain (rated B- for financial strength; Aa2 for
deposits) in a situation of stress.  Such support assessment is
reflected in two notches of uplift to the bank's Ba2 baseline
credit assessment, to result in a Baa3 deposit rating.

Headquartered in Montevideo, Uruguay, Credit Uruguay had UR$28.1
billion in assets, UR$24.6 billion in deposits, and UR$1.9 billion
in shareholders' equity, as of year-end 2010.

These ratings were upgraded:

  - Global local currency deposit rating to Baa3/P-3 from Ba1/NP,
    with stable outlook

  - National Scale local currency deposit rating to Aa1.uy from
    Aa2.uy


                            ***********


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
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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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