TCRLA_Public/110204.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, February 4, 2011, Vol. 12, No. 25

                            Headlines



B R A Z I L

APERAM SA: Moody's Assigns '(P)Ba2' Corporate Family Rating
BANCO PANAMERICANO: May Report BRL4.3 Billion in Losses
BANCO PANAMERICANO: Moody's Reviews 'D' Bank Strength Rating


C A Y M A N   I S L A N D S

A.M. LACHLAN: Commences Liquidation Proceedings
AXA FRAMLINGTON: Commences Liquidation Proceedings
AXA FRAMLINGTON: Commences Liquidation Proceedings
BEBETTA LTD: Creditors' Proofs of Debt Due February 4
CRUZEIRO SPORTS: Placed Under Voluntary Wind-Up

DUNAMIS EQUITY: Placed Under Voluntary Wind-Up
EMAAR PROPERTIES: S&P Assigns 'BB' Rating to US$500-Mil. Certs.
FRASER SULLIVAN: Creditors' Proofs of Debt Due February 4
GRANITE LIQUIDATING: Placed Under Voluntary Wind-Up
HADDINGTON INVESTMENTS: Commences Liquidation Proceedings

IFS HOLDINGS: Placed Under Voluntary Wind-Up
LADY KATHRYN: Placed Under Voluntary Wind-Up
LEAF OFFSHORE: Placed Under Voluntary Wind-Up
OLD MUTUAL: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings

PACIFIC STRATEGIC: Commences Liquidation Proceedings
PAN AMERICAN: Placed Under Voluntary Wind-Up
PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up
PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up

PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up
PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
PANTHERA/FUNDING IV: Placed Under Voluntary Wind-Up
PANTHERA/FUNDING IV: Shareholders Receive Wind-Up Report

PANTHERA/FUNDING IV: Placed Under Voluntary Wind-Up
PANTHERA/FUNDING IV: Shareholders Receive Wind-Up Report
PIMCO EQUITYSELECT: Commences Liquidation Proceedings
SANDELMAN FUND: Creditors' Proofs of Debt Due February 4
SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4

SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4
SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4
SEALY MATTRESS: Creditors' Proofs of Debt Due February 4
TAIB INVEST: Commences Liquidation Proceedings
VICTORY SPC: Creditors' Proofs of Debt Due February 7


E C U A D O R

* ECUADOR: Moody's Upgrades Government's Bond Ratings to 'Caa2'


P U E R T O   R I C O

MULTI-PLASTICS INC: Files Schedules of Assets and Liabilities


                            - - - - -


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


APERAM SA: Moody's Assigns '(P)Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
Corporate Family Rating and a (P)Ba2 Probability of Default Rating
to Aperam S.A.  The outlook of all ratings is stable.

                        Ratings Rationale

Aperam's (P)Ba2 CFR is supported by: (i) its market-leading
positions in Europe and Brazil and an extensive distribution
network in flat stainless; (ii) initially moderate leverage (a
Moody's-adjusted debt/EBITDA ratio of below 3.0x as of H1 2010 pro
forma ), which Moody's expects to further improve in 2011 after a
sluggish second half 2010; (iii) the group's adequate (post
refinancing) liquidity, supported by a long-term borrowing base
bank financing and loans provided by its former parent,
ArcelorMittal, which over time will be replaced by long-term
capital markets instruments; (iv) a strong major shareholder; (v)
prudent growth plans; and (vi) the assumption of a conservative
dividend policy.

Weighing negatively on the rating are: (i) Aperam's initially high
dependency on the profit contribution of one country/region,
Brazil; (ii) the high volatility of input prices, which can lead
to significant margin fluctuations and limits Moody's ability to
forecast future results; (iii) significant import threats from
Chinese stainless steel producers; (iv) overcapacity, particularly
in mature markets, leading to under-utilization of plants; and (v)
risks related to foreign currency fluctuations given that output
prices are denominated in US dollars, whereas some of the input
costs are denominated in the local currency (either the Euro or
the Brazilian Real).

Due to the short-term loans that Aperam receives as bridge
financing from its former parent the initial liquidity of Aperam
is weak, and will only improve with the intended measures to
refinance -- the implementation of a borrowing base facility, a
revolving credit facility as well as the issuance of a high yield
bond.  Given that the Ba2 rating assumes a more balanced debt
maturity profile Moody's has assigned a provisional rating for the
time-being.  Moody's notes that as long as Aperam has not issued a
bond, the company continues to rely on the former parent
ArcelorMittal to provide liquidity support until all refinancing
measures have been put in place successfully.  Should Aperam not
be able to refinance the bridge loan provided by ArcelorMittal
this would put negative pressure on the rating.

The stable outlook reflects the fact that the moderate initial
leverage combined with the solid liquidity position post-
refinancing of the bridge loan positions Aperam strongly in the
Ba2 rating category.

Pressure on the rating would evolve if the debt/ EBITDA ratio
would move to above 3.5x on a sustainable basis and/ or if the
short-term liquidity situation would become tight.

The rating could be upgraded if Aperam would achieve a debt/
EBITDA ratio of around 2.5x on a sustainable basis and if the
short-term liquidity remains good with a balanced debt maturity
profile.

The rating outcome of Ba2 is in line with the indicated rating
from the grid.  The grid is based on three-year averages ratios
for 2008, 2009 and the last 12 months June 2010.  Moody's has
computed the LTM June 2010 data on a pro-forma basis to take into
account that the group is implementing a new capital structure.

Aperam is one of the world's largest producers of flat stainless
steel, with a total capacity of 2.5 million tons.  Additionally,
the group produces electrical steel, alloys and specialty steels
and distributes its stainless steel products through its own
distribution network comprising 19 steel service centres, ten
transformation facilities and 30 sales offices.  In 2009, the
group generated sales of US$4.2 billion and sold 1.45 billion tons
of stainless and electrical steel.


BANCO PANAMERICANO: May Report BRL4.3 Billion in Losses
-------------------------------------------------------
Telma Marotto at Bloomberg News, citing O Estado de S. Paulo
newspaper, reports that Banco Panamericano SA may report BRL4.3
billion (US$2.6 billion) of losses, including those from alleged
accounting fraud.

According to Bloomberg, the newspaper said that Brazil's bank
deposit insurance fund, known as FGC, will take on BRL3.8 billion
of the debt.  The report relates that the newspaper said that FGC
and Banco BTG Pactual SA, which on Jan. 31 agreed to buy Banco
Panamericano, bought loan portfolios from the lender to cover the
remaining BRL500 million.

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco Panamericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue Panamericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

                   About Banco Panamericano

Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                          *     *     *

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


BANCO PANAMERICANO: Moody's Reviews 'D' Bank Strength Rating
------------------------------------------------------------
Moody's Investors Service says the ratings of Banco Panamericano
(Ba2 for local and foreign currency deposits, D bank financial
strength, Ba2 for foreign currency debt) remain on review for
possible downgrade, following the announcement of its sale to BTG
Pactual (unrated).  The review was initiated on November 10, 2010.

Moody's noted that the sale of control reduces uncertainties about
the future of the bank and its ownership structure and appears to
address Panamericano's immediate capital deficiencies.  However,
the conclusion of the review is dependent on the assessment of its
capitalization and earnings performance, both of which are
critical elements to assess Panamericano's financial strength, and
which are still uncertain at this point.  The ratings review will
also assess the bank' strategy under new ownership control.

The rating agency expects to conclude the review in the coming
weeks, following the release of the bank's financial statements.

The sale of Banco Panamericano's 51% controlling stake to BTG
Pactual (equivalent to 37.6% total shareholding) comes on the
heels of newfound loan accounting problems that would have
required additional BRL1.3 billion in capital injection to
maintain the bank's solvency.  Such amount is been provided by the
deposit insurance fund, which had already lent BRL2.5 billion in
November 2010 to Panamericano's controlling shareholder in a
rescue operation, when accounting inconsistencies were first
uncovered.

BTG Pactual has agreed to pay BRL450 million for the bank's
control, and is prepared to provide credit lines and other funding
to ensure the well functioning of the bank going forward.
Government-owned Caixa Economica Federal, which has a 36.6% total
ownership, is expected to maintain its interest in and commitment
to the bank's operations as originally intended in the partnership
agreement signed with Banco Panamericano at end 2009.

The last rating action on Banco Panamericano took place on
November 10, 2010, when Moody's placed on review for possible
downgrade all ratings assigned to Banco Panamericano, including
the bank financial strength rating of D, both long-term global
local and foreign currency deposit ratings of Ba2, long-term
foreign currency debt ratings of Ba2 for senior unsecured notes
and Ba3 for subordinated notes, and the long and short-term
Brazilian national scale deposit ratings of A1.br and BR-1.


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


A.M. LACHLAN: Commences Liquidation Proceedings
-----------------------------------------------
On December 23, 2010, the sole shareholder of A.M. Lachlan Limited
passed a resolution that voluntarily liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         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


AXA FRAMLINGTON: Commences Liquidation Proceedings
--------------------------------------------------
On December 22, 2010, the sole shareholder of Axa Framlington
Absolute Return Gemini Worldview Master Limited passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 2, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AXA FRAMLINGTON: Commences Liquidation Proceedings
--------------------------------------------------
On December 22, 2010, the sole shareholder of AXA Framlington
Absolute Return Gemini Worldview Limited passed a resolution that
voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 2, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BEBETTA LTD: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------
The creditors of Bebetta 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 December 20, 2010.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CRUZEIRO SPORTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 22, 2010, the sole shareholder of Cruzeiro Sports
Licensing Company resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


DUNAMIS EQUITY: Placed Under Voluntary Wind-Up
----------------------------------------------
On October 27, 2010, the sole shareholder of Dunamis Equity
Partners 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 Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


EMAAR PROPERTIES: S&P Assigns 'BB' Rating to US$500-Mil. Certs.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to the US$500 million senior unsecured trust
certificates to be issued by United Arab Emirates-based property
company Emaar Properties PJSC (BB/Negative/--) under the Trust
Certificates Program launched by Emaar Sukuk Ltd., a special-
purpose vehicle incorporated in the Cayman Islands.

At the same time, S&P assigned a recovery rating of '3' to the
trust certificates, indicating S&P's expectation of meaningful
(50%-70%) recovery for trust certificate holders in the event of a
payment default.  S&P base its recovery prospects on a discrete
asset valuation.  The numerical coverage exceeds the range
specified; however, S&P caps the recovery rating at '3' to account
both for the unsecured nature of the trust certificates, and for
its view that the UAE is a relatively unfavorable jurisdiction for
creditors.  Partially mitigating these factors are Emaar's high-
quality property assets.

                        Recovery Analysis

S&P values Emaar using a discrete asset valuation.  S&P assumes
that Emaar would be liquidated in a potential default scenario, as
it owns a considerable asset base, and S&P believes that this
provides the best guide to recovery prospects in a default
situation.

In the context of its simulated default scenario, S&P believes
that a default would most likely result from a weakening of the
economic environment leading to the company's inability to
refinance maturing debt.  S&P assumes that a default would occur
in 2014, presuming a refinancing of the existing revolving credit
facility.  S&P's valuation assumptions include haircuts to the
projected book value of the assets owned by Emaar at various
discount levels depending on the type of property and the stage of
development.  The assets that S&P considers for valuation are
unencumbered domestic assets, since most of the international
assets are pledged in favor of Emaar's secured debt facilities.
S&P's valuation excludes the portion of the investment properties
that is pledged in favor of other debt facilities, as well as
incomplete development properties where S&P believes customers may
have first rights to the assets in the event of default.

                           Ratings List

                            New Rating

                      Emaar Properties PJSC

                      Senior Unsecured Debt

                US$500 mil. facilities        BB
                   Recovery Rating            3


FRASER SULLIVAN: Creditors' Proofs of Debt Due February 4
---------------------------------------------------------
The creditors of Fraser Sullivan CLO III 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 23,
2010.

The company's liquidator is:

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


GRANITE LIQUIDATING: Placed Under Voluntary Wind-Up
---------------------------------------------------
On December 22, 2010, the sole shareholder of Granite Liquidating
Corporation 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


HADDINGTON INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
Haddington Investments Limited commenced liquidation proceedings
on December 23, 2010.

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


IFS HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 22, 2010, the sole shareholder of IFS Holdings Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


LADY KATHRYN: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 22, 2010, the sole shareholder of Lady Kathryn IV
Limited 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:

         Leo A. Vecellio, Jr.
         P.O. Box 15065, West Palm Beach
         Florida 33416
         U.S.A.
         Telephone: 1-561-793-2102
         Facsimile:  1-561-798-3778


LEAF OFFSHORE: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 22, 2010, the sole shareholder of Leaf Offshore
Investment Fund, 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 Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
On December 21, 2010, the sole shareholder of Old Mutual Gem Plus
Fund Limited passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
February 2, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
On December 21, 2010, the sole shareholder of Old Mutual Gem Plus
Master Fund Limited passed a resolution that voluntarily
liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 2, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PACIFIC STRATEGIC: Commences Liquidation Proceedings
----------------------------------------------------
Pacific Strategic Opportunities, Ltd. commenced liquidation
proceedings on December 22, 2010.

The company's liquidator is:

         Pacific Alternative Asset Management Company, LLC
         Barnaby Gowrie Walkers
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


PAN AMERICAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 22, 2010, the sole shareholder of Pan American Team
Sports Co. Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up
------------------------------------------------------
On December 23, 2010, the sole shareholder of Panthera/Fizzy
Funding Cayman Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Panthera/Fizzy Funding Cayman Limited received
on January 28, 2011, the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up
------------------------------------------------------
On December 23, 2010, the sole shareholder of Panthera/Fizzy
Funding Cayman 2 Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Panthera/Fizzy Funding Cayman 2 Limited
received on January 28, 2011, the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Placed Under Voluntary Wind-Up
------------------------------------------------------
On December 23, 2010, the sole shareholder of Panthera/Fizzy
Funding Cayman Topco Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FIZZY FUNDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Panthera/Fizzy Funding Cayman Topco Limited
received on January 28, 2011, the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FUNDING IV: Placed Under Voluntary Wind-Up
---------------------------------------------------
On December 22, 2010, the sole shareholder of Panthera/Funding IV
Cayman Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FUNDING IV: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Panthera/Funding IV Cayman Limited received on
January 28, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FUNDING IV: Placed Under Voluntary Wind-Up
---------------------------------------------------
On December 22, 2010, the sole shareholder of Panthera/Funding IV
Cayman 2 Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 27, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTHERA/FUNDING IV: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Panthera/Funding IV Cayman 2 Limited received
on January 28, 2011, the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PIMCO EQUITYSELECT: Commences Liquidation Proceedings
-----------------------------------------------------
Pimco Equityselect Long/Short Offshore Fund Ltd. commenced
liquidation proceedings on January 28, 2011.

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


SANDELMAN FUND: Creditors' Proofs of Debt Due February 4
--------------------------------------------------------
The creditors of Sandelman Fund GP, Limited 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 20,
2010.

The company's liquidators are:

         Roy Bailey
         Robin Lee McMahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4
------------------------------------------------------------
The creditors of Sandelman Partners Multi Strategy Erisa Fund
Limited 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 22,
2010.

The company's liquidators are:

         Roy Bailey
         Robin Lee McMahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4
------------------------------------------------------------
The creditors of Sandelman Partners Multi Strategy Master Fund
Limited 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 17,
2010.

The company's liquidators are:

         Roy Bailey
         Robin Lee McMahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS: Creditors' Proofs of Debt Due February 4
------------------------------------------------------------
The creditors of Sandelman Partners Multi Strategy Fund Limited
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 22,
2010.

The company's liquidators are:

         Roy Bailey
         Robin Lee McMahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SEALY MATTRESS: Creditors' Proofs of Debt Due February 4
--------------------------------------------------------
The creditors of Sealy Mattress Company of Puerto Rico 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 2, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


TAIB INVEST: Commences Liquidation Proceedings
----------------------------------------------
Taib Invest Inc commenced liquidation proceedings on December 17,
2010.

Only creditors who were able to file their proofs of debt by
January 27, 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


VICTORY SPC: Creditors' Proofs of Debt Due February 7
-----------------------------------------------------
The creditors of Victory SPC are required to file their proofs of
debt by February 7, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 10,
2010.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman, KY1-1105
         Cayman Islands


=============
E C U A D O R
=============


* ECUADOR: Moody's Upgrades Government's Bond Ratings to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the Ecuadorian government's
bond ratings to Caa2, the fourth lowest rating on Moody's scale,
from Caa3.  The outlook is stable.

                        Ratings Rationale

The main reasons for the rating decision are:

(1) Expectations that the government will continue to secure
    sufficient external funds to finance its fiscal deficit; and

(2) Improved oil production prospects following the signing of new
    oil contracts with foreign companies.

The upgrade also affects the country's ceiling for foreign
currency bonds, which has been moved up by two notches to B3 from
Caa2, and the FC bank deposit ceiling, which has been moved down
to Caa3.  The outlook for all ratings is stable.

Country ceilings act as a cap on ratings that can be assigned to
the foreign and local currency obligations of entities domiciled
in the country.

                 Rationale For The Upgrade To Caa2

"Ecuador has been able to continue to fund wide fiscal deficits
despite fears that the country would face a financing shortfall
following its decision to default on Ecuador's Global 2012 and
Global 2030 bonds at the end of 2008," said Patrick Esteruelas,
Moody's Vice President - Senior Analyst and the lead analyst for
Ecuador's ratings.

Moody's anticipates that Ecuador should be able to secure
sufficient financial support from China, the Andean Development
Corporation and the Inter-American Development Bank and to access
local funding from the Ecuadorian Social Security Institute to
cover most of its funding needs.  Additionally, efforts to
reengage the World Bank and IMF, coupled with plans to potentially
tap international capital markets for the first time since 2005,
could provide additional resources to fill the government's
financing gap.

"The government's ability to sign new oil contracts after almost
two years of negotiations should also help correct the downward
oil output trend of the last three years, providing support to the
balance of payments and the fiscal accounts," Esteruelas added.  A
majority of foreign oil companies agreed at the end of last year
to switch from production sharing agreements to service contracts,
pledging to increase investment and production after three years
of cutback.  This commitment, if effective, could help increase
oil production after falling by about 5% since 2008.  The oil
sector accounts for around 15% of Ecuador's GDP and over 50% of
its exports.

"The government has expressed a commitment to honor its US$650
million worth of Global 2015 bonds, the only one of its bonds that
it did not declare illegitimate," said Esteruelas.  With annual
coupon payments capped at US$60 million until principal is due in
2015, the corresponding debt service does not represent a big
burden on the state.  "However, the country's long history of
defaults, including its decision to default on its Global 2012 and
Global 2030 bonds purely for ideological considerations despite
facing a low debt service burden, raise valid and persistent
concerns about Ecuador's willingness to pay."

"Fundamental concerns about the sustainability of the current
policy mix, which includes an aggressively expansionary fiscal
policy, heavy state intervention across the economy and the
centralization of powers in the hands of the president to the
detriment of all other institutions, continue to significantly
constrain Ecuador's rating," added Esteruelas.

              Credit Triggers For A Possible Upgrade

Efforts to contain government expenditures, sustained oil
production increases and an improvement in the local business
climate that can help buttress domestic and foreign investment.

             Credit Triggers For A Possible Downgrade

The anticipation of a default on the outstanding 2015 global bonds
and/or a disorderly exit from the current dollarization regime
would place downward pressure on the rating.

The last rating action on Ecuador was taken on September 24 2009
when Moody's upgraded Ecuador's foreign currency bond ratings from
Ca to Caa3.


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


MULTI-PLASTICS INC: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Multi-Plastics, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property              US$2,130,000                -
  B. Personal Property          US$1,466,965                -
  C. Property Claimed as
     Exempt                                -                -
  D. Creditors Holding
     Secured Claims                        -     US$3,526,340
  E. Creditors Holding
     Unsecured Priority
     Claims                                -       US$250,758
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                -     US$1,438,853
                                 -----------      -----------
        TOTAL                   US$3,596,965     US$5,215,951

Multi-Plastics, Inc., filed for Chapter 11 bankruptcy protection
on December 8, 2010 (Bankr. D. P.R. Case No. 10-11493).  Wallace
Vazquez Sanabria, Esq., who has an office in San Juan, Puerto
Rico, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at US$1 million to US$100 million.


                            ***********


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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