TCRLA_Public/110211.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 11, 2011, Vol. 12, No. 30

                            Headlines



A R G E N T I N A

ALIMENTOS GENERAL: Creditors' Proofs of Debt Due March 11
ARGENTINA VIRTUAL: Creditors' Proofs of Debt Due May 6
LID OFFICE: Creditors' Proofs of Debt Due March 29
PUBLICIDAD HOLMBERG: Creditors' Proofs of Debt Due May 3


B E R M U D A

FLAGSTONE REINSURANCE: Fitch Keeps 'BB+' Ratings on Floating Notes


B R A Z I L

CHEMICAL VI: Moody's Assigns 'Ba1' Rating to Senior Shares
QUEPASA CORP: To Buy Outstanding Interests of XtFt for US$3.7MM


C A Y M A N   I S L A N D S

ABCDS 2006-1: Creditors' Proofs of Debt Due February 17
ABSOLUTE INSIGHT: Creditors' Proofs of Debt Due February 18
ALE97 LTD: Placed Under Voluntary Wind-Up
APOLLO COMMODITIES: Creditors' Proofs of Debt Due February 17
BB INVESTMENT: Placed Under Voluntary Wind-Up

CADOGAN ALTERNATIVE: Creditors' Proofs of Debt Due February 18
CAIP GLOBAL: Placed Under Voluntary Wind-Up
CENTRAL HOLDINGS: Commences Liquidation Proceedings
CHAP-CAP ACTIVIST: Commences Liquidation Proceedings
CHAP-CAP PARTNERS: Commences Liquidation Proceedings

EFS SERVICES: Creditors' Proofs of Debt Due February 17
JUNIPER STREET: Commences Liquidation Proceedings
KENMAR GLOBAL: Creditors' Proofs of Debt Due February 17
KRISTAL LOW: Creditors' Proofs of Debt Due February 17
LATCAP II: Creditors' Proofs of Debt Due February 17

LATCAP PIV: Creditors' Proofs of Debt Due February 17
LATIGO MASTER: Commences Liquidation Proceedings
LATIGO OFFSHORE: Commences Liquidation Proceedings
LATIGO SPV I: Commences Liquidation Proceedings
LATIGO SPV II: Commences Liquidation Proceedings

LEANDRA INTERNATIONAL: Commences Liquidation Proceedings
LYSTER WATSON: Creditors' Proofs of Debt Due February 17
MARINER-CREDIT RISK: Creditors' Proofs of Debt Due February 17
N.W.N. GLOBAL: Creditors' Proofs of Debt Due February 16
NEW LILY: Commences Liquidation Proceedings

PIONEER EUROPE: Commences Liquidation Proceedings
RANGE ASSETS: Placed Under Voluntary Wind-Up
SADUF TWO: Creditors' Proofs of Debt Due February 14
TCHAIKA ADVISORS: Members Receive Wind-Up Report
WASHINGTON HOLDINGS: Commences Liquidation Proceedings


J A M A I C A

AIR JAMAICA: Bahamasair Denies Suggestions of Alliance
* JAMAICA: Fitch Affirms Foreign Issuer Default Rating at 'B-'


M E X I C O

ALLY CREDIT: Moody's Upgrades Ratings on Short-Term Debt
GRUMA SAB: Sells Entire Stake in Banorte for US$694.5 Million
INVERSIONES ALSACIA: Fitch Assigns 'BB+' Rating to Senior Bonds


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Files Chapter 11 Liquidation Plan
CAL LAB INSTRUMENTS: Suit vs. Caguas Sent to State Court
HOSPITAL DAMAS: Plan Exclusivity Conditionally Extended


                            - - - - -


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


ALIMENTOS GENERAL: Creditors' Proofs of Debt Due March 11
---------------------------------------------------------
Estudio Guillermo N. Fernandez y Asociados, the court-appointed
trustee for Alimentos General Rodriguez SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
March 11, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Guillermo N. Fernandez y Asociados
         Cerrito 520
         Argentina


ARGENTINA VIRTUAL: Creditors' Proofs of Debt Due May 6
------------------------------------------------------
Felisa Mabel Tumilasci, the court-appointed trustee for Argentina
Virtual SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 6, 2011.

Ms. Tumilasci will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Felisa Mabel Tumilasci
         Avenida Callao 449
         Argentina


LID OFFICE: Creditors' Proofs of Debt Due March 29
--------------------------------------------------
Bernardino Alberto Margolis, the court-appointed trustee for Lid
Office SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 29, 2011.

Mr. Margolis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Bernardino Alberto Margolis
         Parana 426
         Argentina


PUBLICIDAD HOLMBERG: Creditors' Proofs of Debt Due May 3
--------------------------------------------------------
Enrique Jose Batellini, the court-appointed trustee for Publicidad
Holmberg SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 3, 2011.

Mr. Batellini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Enrique Jose Batellini
         Lavalle 1718
         Argentina


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


FLAGSTONE REINSURANCE: Fitch Keeps 'BB+' Ratings on Floating Notes
------------------------------------------------------------------
Fitch Ratings has affirmed its ratings on Flagstone Reinsurance
Holdings, S.A., and subsidiaries.  The Rating Outlook is Stable.

Fitch's rating rationale for the affirmation of Flagstone's
ratings reflects the company's track record of underwriting
profitability, solid risk-adjusted capitalization, and high-
quality and liquid investment portfolio that supports the
company's loss reserves.  The ratings also consider Flagstone's
exposure to earnings and capital volatility derived from its
property/catastrophe reinsurance products and that the company's
operating and asset leverage are higher than other catastrophe-
focused reinsurers that Fitch rates.

Since Flagstone began operations in 2006, the company has
generated significant cumulative underwriting profits.  Fitch
attributes these results to sound underwriting processes Flagstone
uses to evaluate potential insured risks' zonal aggregate limits,
pricing adequacy, and return characteristics on both an individual
contract and portfolio basis.  Fitch views these as important
skills for Flagstone given the company's exposure to potentially
significant catastrophe-related losses.

Flagstone's operating performance over its relatively short
operating history has been characterized by strong underwriting
results in most periods, although the company is on pace to report
its first full year underwriting loss in 2010, largely due to
catastrophe activity during the first nine months of 2010.
Through the first nine months of 2010, Flagstone reported a modest
underwriting loss, posting a 100.5% combined ratio which generated
an annualized net return on average equity of 9%.

Fitch notes that the company's year-to-date 2010 results have been
impacted by US$154 million of combined losses from the Chilean and
New Zealand earthquakes, as well as the Deepwater Oil Rig
explosion.  Fitch expects that Flagstone, which has developed a
geographically diverse underwriting portfolio, will occasionally
have greater relative exposure to global catastrophe events than
some of its peers that may be more heavily concentrated in peak
catastrophe zones such as those with U.S. hurricane exposure.

While Fitch views Flagstone's underwriting profitability as more
volatile than that of more diversified peers, the agency views it
as comparable to those of reinsurers that, like Flagstone, write a
significant amount of property/catastrophe reinsurance.

Fitch believes that Flagstone's capitalization provides solid
protection for the underwriting and investment risks the company
faces.  Fitch views Flagstone's capitalization as characterized by
strong risk-adjusted capitalization and low financial leverage.
Fitch's assessment of Flagstone's risk-adjusted capitalization is
derived from its review of the company's internal stochastic
modeling process, the results of which suggest Flagstone's capital
adequacy is well in excess of the company's current rating level.
From a qualitative perspective, these favorable aspects are
partially offset by a higher than peer traditional underwriting
leverage as measured by ratios of premiums written to equity.

Fitch also stress tests Flagstone's reported underwriting results
and operating leverage ratios to include a modeled probable
maximum loss (PML) for 100-year and 250-year return periods.
Based on this analysis, Fitch estimates that Flagstone's resulting
operating leverage is higher than other reinsurers that focus
predominately on property/catastrophe reinsurance lines, but
remains adequate for the current rating category.

Key rating drivers that could result in a Negative Rating Outlook
or ratings downgrade include:

  -- If the company were to report a material increase in
     underwriting leverage (measured by traditional premiums
     written to equity ratios) to levels in excess of 1.0 times or
     asset leverage in excess of 3.0x versus current levels of
     approximately 0.8x and 2.4x, respectively.

  -- If Flagstone's performance under the PML stress test
     described above were to deteriorate from current levels.

  -- If Flagstone were to experience a significant deterioration
     in risk-adjusted capitalization as measured by the company's
     internally generated stochastically modeled operating
     results.

  -- A material increase in Flagstone's debt-to-capital ratio to
     levels in excess of 25% from current levels in the mid-teens
     or a decrease in run-rate interest coverage ratios to the low
     single digits for a period of consecutive years could lead
     Fitch to downgrade the company's debt ratings.

  -- A catastrophe event loss that is 25% or more of shareholders'
     equity.

Key rating drivers that could result in a Positive Rating Outlook
or ratings upgrade, if the company also were to maintain solid
capitalization, keeping net written premium-to-equity and asset
leverage ratios at or near current levels while loss reserve
development remained neutral to favorable include:

  -- Over a sustained period, Flagstone reported favorable
     underwriting results and overall profitability relative to
     other catastrophe-focused peers.

  -- If Flagstone were to report measured and profitable premium
     growth in diversifying business lines that Fitch believes
     could promote earnings and capital stability and provide
     evidence of an enhanced competitive position.

  -- If Flagstone's performance under the PML stress test
     described above were to improve from current levels and
     compare favorably to comparably rated peers.

Fitch has affirmed these ratings with a Stable Rating Outlook:

Flagstone Reassurance Suisse SA:

  -- Insurer financial strength at 'A-'.

Flagstone Reinsurance Holdings, S.A.

  -- Long-term Issuer Default Rating at 'BBB+';

  -- US$120 million of floating rate subordinated debentures due
     Sept. 15, 2036 at 'BB+';

  -- EUR13 million of floating rate subordinated debentures due
     Sept. 15, 2036 at 'BB+';

  -- US$25 million of floating rate subordinated debentures due
     Sept. 15, 2037 at 'BB+'.

Flagstone Finance S.A.

  -- Long-term IDR at 'BBB+';

  -- US$100 million of floating rate subordinated debentures due
     July 30, 2037 at 'BB+'.


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


CHEMICAL VI: Moody's Assigns 'Ba1' Rating to Senior Shares
----------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aaa.br
(sf) (Brazilian National Scale) and Baa3 (sf) (Global Scale, Local
Currency) to the Senior Shares, and Ba1.br (sf) (Brazilian
National Scale) and B2 (sf) (Global Scale, Local Currency) to the
Mezzanine Shares issued by Chemical VI - FIDC Industria
Petroquimica, a securitized transaction backed by a pool of trade
receivables originated by Braskem Group.

Issuer: Chemical VI - FIDC Industria Petroquimica

* Senior Shares - Aaa.br (sf) (National Scale) & Baa3 (sf) (Global
  Scale, Local Currency)

* Mezzanine Shares -- Ba1.br (sf) (National Scale) & B2 (sf)
  (Global Scale, Local Currency)

                        Ratings Rationale

The ratings are based on these factors, among others:

  - Overcollateralization ratio ranging from a minimum of 110% to
    a maximum of 115% for the benefit of the Senior Shares
    outstanding, and 102.041% for the Mezzanine Shares, to
    mitigate losses, dilution and potential interest rate
    mismatches;

  - The eligibility parameters of the trade receivables acquired
    by the issuer, which include concentration limits by client,
    delinquency by client, and maximum term of the trade
    receivables;

  - Maximum individual concentration limit of 3% for all obligors;

  - The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
    Rating in the Global Local Currency Scale & Aaa.br in the
    Brazilian National Scale) to act as master and back-up
    servicer for the transaction; and

  - The legal structure of the transaction, including the
    bankruptcy remoteness of the issuer.

The originators of the securitized receivables are Braskem S.A.,
Quattor Participacoes S.A., Quattor Petroquimica S.A. and Rio
Polimeros S.A. (Braskem Group).  Braskem S.A. is a large Brazilian
manufacturer of petrochemical products rated Aa2.br (Brazilian
National Scale) and Ba1 (Global Local, Currency Scale).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Chemical VI - FIDC has a tenor of 48 months.  The senior and
subordinated mezzanine shares will be amortized in 6 equal monthly
installments following the revolving period of 42 months.

During the 42-month revolving period, the senior and mezzanine
shares will receive seven semi-annual payments of interest, and
following the revolving period, will receive monthly interest
payments together with the scheduled principal amortizations of
senior and subordinated mezzanine shares.

In order to rate the transaction, Moody's received pool
performance data audited by KPMG covering the time period July
2007 through June 2010 from Braskem.  Key data reviewed by Moody's
included dilutions, delinquencies, losses, receivable turnover and
volume of eligible receivables.  For Moody's modeling assumptions,
Moody's has assumed 0.22% monthly dilutions, 0.25% monthly losses
on outstanding balance and an average turnover of 35 days.

The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool.  Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the economic
activity in the petrochemical industry.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  Qualitative factors
are also taken into consideration in the ratings process, so the
actual ratings that would be assigned in each case could vary from
the information presented in the parameter sensitivity analysis.
The results generated by rating models are one of many inputs to
the rating process.  Ratings are determined collectively through
the exercise of judgment by rating committees, which evaluate many
quantitative and qualitative factors.

Moody's key ratings-model assumptions for this transaction are
Braskem's rating, loss rate and dilution rate.  If Braskem's
rating is downgraded to Ba3 from Ba1 and the loss rate and
dilution rate are doubled, the transaction ratings would remain
unchanged.

Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying
assets or financial instruments in this transaction and the due
diligence report had a positive impact on the rating.


QUEPASA CORP: To Buy Outstanding Interests of XtFt for US$3.7MM
---------------------------------------------------------------
On January 28, 2011, Quepasa Corporation entered into a Stock
Purchase Agreement with XtFt Games S/S Ltda, the owner of
substantially all of the assets of TechFront Desenvolvimento de
Software S/S Ltda, a Brazilian company.  Under the terms of the
Agreement, the Company will acquire all of the outstanding equity
interests of XtFt and will pay XtFt owners US$3,700,000 of the
Company's common stock which will be valued at the lower of: (i)
the average closing price per share for the ten trading days prior
to January 28, 2011, and (ii) the closing price on the date of
closing the Agreement.  In addition, the Company will pay a
US$300,000 brokerage fee and a potential earnout fee of 250,000
shares of the Company's common stock based on XtFt achieving
specific performance milestones.  Further, the Company is required
to provide XtFt with US$1,000,000 of working capital and will
provide any additional working capital the Company's management
deems appropriate.  The closing of the Agreement is subject to
customary closing conditions and delivery of audited financial
statements to the Company.

In connection with the Agreement, on February 1, 2011, the Company
entered into a Secured Revolving Line of Credit Agreement with
TechFront and agreed to lend up to US$500,000, which is part of
the US$1,000,000.  Advances under the Credit Agreement may be used
to pay off certain loans and will bear interest at the LIBOR rate
at the time of issuance of each note.  The notes and interest will
become due and payable on February 1, 2017.  The Credit Agreement
is secured by certain U.S. and Brazilian Trademarks of TechFront.

                     About Quepasa Corporation

West Palm Beach, Fla.-based Quepasa Corporation (OTC BB: QPSA)
through its Web site http://www.Quepasa.com/operates as an online
social community for young Hispanics.

The Company's balance sheet at September 30, 2010, showed US$3.39
million in total assets, US$6.67 million in total liabilities, and
a stockholders' deficit of US$3.28 million.  At Sept. 30, the
Company had accumulated losses from inception of US$164.28
million.

As reported in the Troubled Company Reporter on March 9, 2010,
Salberg & Company, P.A., in Boca Raton, Florida, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted of the Company's
net loss and net cash used in operating activities in 2009 of
US$10.58 million and US$3.88 million, respectively, and a
stockholders' deficit and an accumulated deficit of US$3.90
million and US$159.33 million, respectively, at December 31, 2009.



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


ABCDS 2006-1: Creditors' Proofs of Debt Due February 17
-------------------------------------------------------
The creditors of ABCDS 2006-1, Ltd. are required to file their
proofs of debt by February 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 4, 2011.

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


ABSOLUTE INSIGHT: Creditors' Proofs of Debt Due February 18
-----------------------------------------------------------
The creditors of Absolute Insight Plus Limited are required to
file their proofs of debt by February 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 18,
2010.

The company's liquidator is:

         G. James Cleaver
         c/o Sarah Douglas
         Zolfo Cooper (Cayman) Limited
         P.O. Box 1102, Cayman Financial Centre
         Building 3, 4th Floor
         Grand Cayman KY1-1102
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: sarah.douglas@zolfocooper.ky


ALE97 LTD: Placed Under Voluntary Wind-Up
-----------------------------------------
On December 29, 2010, the sole shareholder of ALE97 Ltd. passed a
resolution that voluntarily winds 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:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


APOLLO COMMODITIES: Creditors' Proofs of Debt Due February 17
-------------------------------------------------------------
The creditors of Apollo Commodities Trading Offshore Fund SPC,
Ltd. are required to file their proofs of debt by February 17,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 30,
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


BB INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 30, 2010, the sole shareholder of BB Investment
Holding Ltd. passed a resolution that voluntarily winds 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:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


CADOGAN ALTERNATIVE: Creditors' Proofs of Debt Due February 18
--------------------------------------------------------------
The creditors of Cadogan Alternative Strategies Sterling II SPC
Ltd. are required to file their proofs of debt by February 18,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 23,
2010.

The company's liquidators are:

         Tammy Fu
         Iain Gow
         Zolfo Cooper (Cayman) Limited
         P.O. Box 1102
         Cayman Financial Centre
         4th Floor, Building 3
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: iain.gow@zolfocooper.ky


CAIP GLOBAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 22, 2010, the sole shareholder of Caip Global
Partners, Ltd passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CENTRAL HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
On December 29, 2010, the sole member of Central Holdings Ltd.
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
January 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71, Road Town, Tortola VG 1-110
         British Virgin Islands
         c/o Mr. Philip C. Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11, Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


CHAP-CAP ACTIVIST: Commences Liquidation Proceedings
----------------------------------------------------
On December 29, 2010, the members of Chap-Cap Activist Partners
Offshore, Ltd. passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
February 7, 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


CHAP-CAP PARTNERS: Commences Liquidation Proceedings
----------------------------------------------------
On December 29, 2010, the members of Chap-Cap Partners II
Offshore, Ltd. passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
February 7, 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


EFS SERVICES: Creditors' Proofs of Debt Due February 17
-------------------------------------------------------
The creditors of EFS Services Holding Limited are required to file
their proofs of debt by February 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 29,
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


JUNIPER STREET: Commences Liquidation Proceedings
-------------------------------------------------
On December 24, 2010, the members of Juniper Street Absolute
Return Ltd passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
February 4, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KENMAR GLOBAL: Creditors' Proofs of Debt Due February 17
--------------------------------------------------------
The creditors of Kenmar Global Balanced Fund SPC Limited are
required to file their proofs of debt by February 17, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 24,
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


KRISTAL LOW: Creditors' Proofs of Debt Due February 17
------------------------------------------------------
The creditors of Kristal Low Volatility are required to file their
proofs of debt by February 17, 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


LATCAP II: Creditors' Proofs of Debt Due February 17
----------------------------------------------------
The creditors of Latcap II SPV I GP Ltd. are required to file
their proofs of debt by February 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 31,
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


LATCAP PIV: Creditors' Proofs of Debt Due February 17
-----------------------------------------------------
The creditors of LATCAP PIV SPV I GP Ltd. are required to file
their proofs of debt by February 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 31,
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


LATIGO MASTER: Commences Liquidation Proceedings
------------------------------------------------
On December 29, 2010, the members of Latigo Master Fund Ltd passed
a resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LATIGO OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On December 29, 2010, the members of Latigo Offshore Fund, Ltd
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LATIGO SPV I: Commences Liquidation Proceedings
-----------------------------------------------
On December 29, 2010, the members of Latigo SPV I, Ltd passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LATIGO SPV II: Commences Liquidation Proceedings
------------------------------------------------
On December 29, 2010, the members of Latigo SPV II, Ltd passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LEANDRA INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On December 29, 2010, the sole member of Leandra International
Limited passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
January 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71, Road Town, Tortola VG 1-110
         British Virgin Islands
         c/o Mr. Philip C. Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11, Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


LYSTER WATSON: Creditors' Proofs of Debt Due February 17
--------------------------------------------------------
The creditors of Lyster Watson US Equity Beta, Ltd. are required
to file their proofs of debt by February 17, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 31,
2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Mourant Ozannes
         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


MARINER-CREDIT RISK: Creditors' Proofs of Debt Due February 17
--------------------------------------------------------------
The creditors of Mariner-Credit Risk Advisors Relative Value
Offshore Fund, Ltd. are required to file their proofs of debt by
February 17, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 21,
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


N.W.N. GLOBAL: Creditors' Proofs of Debt Due February 16
--------------------------------------------------------
The creditors of N.W.N. Global Club Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Mordechai Shein
         7 Rav Ashi Street
         Tel Aviv
         Israel


NEW LILY: Commences Liquidation Proceedings
-------------------------------------------
On January 5, 2011, the sole member of New Lily Company Limited
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
January 31, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         William Wong
         Fairland Gardens
         Flat 1, 6/F, Block B
         7-10 Homantin Hill Road
         Ho Man Tin, Kowloon
         Hong Kong;

         or

         Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point, Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


PIONEER EUROPE: Commences Liquidation Proceedings
-------------------------------------------------
On January 5, 2011, the members of Pioneer Europe MAC 70 Ltd.
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
February 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


RANGE ASSETS: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 30, 2010, the sole shareholder of Range Assets Ltd.
passed a resolution that voluntarily winds 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:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


SADUF TWO: Creditors' Proofs of Debt Due February 14
----------------------------------------------------
The creditors of Saduf Two Limited are required to file their
proofs of debt by February 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 29, 2010.

The company's liquidators are:

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


TCHAIKA ADVISORS: Members Receive Wind-Up Report
------------------------------------------------
The members of Tchaika Advisors Limited received on January 26,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


WASHINGTON HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On December 29, 2010, the sole member of Washington Holdings Ltd.
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
January 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71, Road Town, Tortola VG 1-110
         British Virgin Islands
         c/o Mr. Philip C. Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11, Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


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


AIR JAMAICA: Bahamasair Denies Suggestions of Alliance
------------------------------------------------------
RadioJamaica reports that despite suggestions from an Air Jamaica
Limited executive that the airline and its new parent company,
Caribbean Airlines Limited, would be interested in forging a
Caribbean conglomerate with Bahamasair, the Bahamian Government
said it has not been approached on the matter.

Last month, RadioJamaica recounts, Air Jamaica's then chief of
sales, Will Rogers, was quoted in the Bahamas Tribune newspaper as
saying that he expected negotiations to begin in the next three to
four months with Bahamasair and Liat in the hope of forming a
conglomerate.

Bahamian Minister of Public Works Neko Grant, who also has
ministerial responsibility for Bahamasair, said he cannot comment
on the premise of a conglomerate unless the government receives a
formal proposal, RadioJamaica relates.

Bahamasair Chairman J. Barrie Farrington confirmed that he, too,
has heard nothing outside of press reports about the prospect of
any alliance between Bahamasair and the regional airlines,
RadioJamaica adds.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.



* JAMAICA: Fitch Affirms Foreign Issuer Default Rating at 'B-'
--------------------------------------------------------------
Fitch Ratings has affirmed Jamaica's ratings:

  -- Foreign Currency Issuer Default Rating at 'B-';
  -- Local Currency IDR at 'B-'
  -- Country Ceiling at 'B';
  -- Short-term Issuer Default Rating at 'B'.

The Rating Outlook is Stable.

Jamaica's ratings are supported by its relative high level of
institutional strength, which has allowed the sovereign to provide
policy responses to significant fiscal challenges and BOP
pressures over the years.  The authorities continue to make steady
progress in meeting the quantitative targets and implementing the
reform initiatives agreed as part of the IMF Stand-by Agreement,
thus reflecting their strong commitment to maintaining investor
confidence and stability.  Jamaica also compares favorably with
peers in terms of GDP per capita and Human Development Indicators.

Nevertheless, the sovereign's credit profile remains constrained
by chronic growth underperformance, a record of macroeconomic
instability and vulnerability to external shocks.  Moreover,
Jamaica's fiscal and external solvency and liquidity ratios also
remain among the weakest in the 'B' rating category.

"The sovereign's orderly domestic debt restructuring has provided
relief to fiscal accounts, since it involved a reduction in
interest payments and the extension of debt maturities.  Moreover,
Jamaica's SBA with the IMF does not only provide support to the
balance of payments and the sovereign's external liquidity, but
also underpins improved investor confidence," said Erich Arispe,
Director in Fitch's Sovereign Group.

Significant fiscal challenges remain, though, due to a burdensome
government debt stock and structural weaknesses present in public
finances.  Since the JDX involved no principal reduction, Jamaica
debt's remains as the second highest in the 'B' rating category at
123% of GDP.  Moreover, debt dynamics are highly dependent on
currency and interest rate changes.

Fiscal accounts are vulnerable to revenue shocks and highly
inflexible on the expenditure side.  Even after 1) the debt
exchange, 2) domestic interest rate reductions, and 3) a public
sector wage freeze, interest payments and salaries represent
nearly 70% of total central government spending.

'While the GOJ is committed to achieving a sustainable improvement
in fiscal accounts through expenditure restraint and the
implementation of structural reforms, an improved growth
performance going forward is necessary to underpin a sustained
fiscal effort,' added Arispe.

Fitch expects the Jamaican economy to grow by 1.1% and 1.7% in
2011 and 2012, respectively.  Higher growth is currently
constrained by structural weaknesses such as crime and the high
cost of energy.  The vulnerability of the economy to external or
weather-related shocks could also pose challenges for authorities
to meet the targets under the IMF SBA.

The combination of high financing needs, as a result of a
structural current account deficit, and low external liquidity
render the country vulnerable to both external and confidence
shocks.  As a result, and in the absence of greater than expected
recovery in non-debt creating capital inflows, Jamaica will likely
remain dependent on multilateral support.

Continued fiscal consolidation in order to ensure medium-term debt
sustainability as well as further reduction in the country's
external vulnerabilities could benefit sovereign creditworthiness.
Fitch would also view positively a higher growth trajectory in the
context of relative macroeconomic stability.  On the other hand,
credit pressures could increase if Jamaica's Stand-By Arrangement
with the IMF derails, which could lead to a significant loss in
investor confidence and strain Jamaica's relatively weak external
liquidity position.


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


ALLY CREDIT: Moody's Upgrades Ratings on Short-Term Debt
--------------------------------------------------------
Moody's de Mexico upgraded the short term Mexican National Scale
debt rating of Ally Credit, S.A. de C.V. SOFOL (formerly GMAC
Mexicana, S.A. de C.V. SOFOL) to MX-3 from MX-4.  The outlook is
stable.

                         Rating Rationale

The rating action on Ally Credit follows Moody's rating action on
parent company Ally Financial, Inc.'s rating - senior unsecured
rating was upgraded to B1 from B3, with stable outlook.  Ally
Credit's debt rating is based on an irrevocable and unconditional
guarantee provided by Ally Financial Inc.

The last rating action on GMAC Mexicana, S.A. de C.V. SOFOL was on
February 5, 2010 when Moody's affirmed the company's MX-4 Mexican
National Scale short term debt rating.

The short term Mexican National Scale rating of MX-3 indicates
that issuer has an average ability to repay short term senior
unsecured debt obligations relative to other domestic issuers.


GRUMA SAB: Sells Entire Stake in Banorte for US$694.5 Million
-------------------------------------------------------------
Jonathan J. Levin and Jose Enrique Arrioja at Bloomberg News
report that Gruma, S.A.B. de C.V. sold all its shares in
lender Grupo Financiero Banorte SAB for MXN8.4 billion (US$694.5
million), boosting cash in a move that may help the company slash
its debt.

Bloomberg News relates that Gruma SAB sold 161.4 million Banorte
shares at 52 pesos each, or a discount of less than 1% from
Feb. 9's close, according to a filing by Banorte.

Gruma SAB reported losses totaling MXN13.4 billion at the end of
2008 and the start of 2009 because of wrong way currency
derivative bets placed in 2008, according to Bloomberg data.

Bloomberg recounts that Gruma SAB avoided bankruptcy after
reaching an agreement with international creditors in October 2009
to convert US$738 million of derivatives losses into medium- and
long-term debt.

                       About Gruma SAB

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

                           *     *     *

As of Feb. 10, 2011, the company continues to carry Standard and
Poor's "B+" long-term issuer credit ratings.  The company also
continues to carry Fitch's "B+" long-term foreign currency issuer
default rating.



INVERSIONES ALSACIA: Fitch Assigns 'BB+' Rating to Senior Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Inversiones Alsacia's US$464 million
senior secured bonds an expected 'BB+(exp)' rating.  The bonds are
expected to be issued in accordance with Rule 144A of the
Securities Act in the U.S. and pursuant to Regulation S outside
the U.S.  The final rating is contingent upon the receipt of final
documents conforming to information already received.

The bonds will be secured by a first lien interest of total
revenues and contract rights, as well as all assets owned by
Inversiones Alsacia, S.A. and Express de Santiago Uno, S.A. -
excluding the Huachuraba bus terminal.  Both companies are bus
concessionaires of the Transantiago System, which provides mass
urban bus/metro transportation services to the City of Santiago in
Chile.

The transaction will result in the acquisition of shares of
Express not currently owned by GPS Group (Alsacia's owner) and the
refinancing of all the existing debt of both Alsacia and Express.
As of February 8, GPS Group already owns 47% of Express and will
acquire the remaining 53% of the shares with part of the proceeds
from the bond offering.  The greater portion of the proceeds will
be used to prepay outstanding loans (including fees and penalties)
of both companies.

Express will be a guarantor and co-obligor of Alsacia's issuance.
Aggregate cash flows will be controlled by an onshore
administrative trust and an offshore collateral trust constituted
in Banco Santander Chile and The Bank of New York Mellon,
respectively.  The onshore trust will be the recipient of all
revenues and will make payments according to a semi-annual budget.
Since actual disbursements may deviate up to 10% from the budgeted
amounts, such deviation was contained in Fitch stress scenarios.

The acquisition is expected to be completed almost simultaneously
with the bond's issuance.  Upon completion, both concessionaires
will become an affiliated group of entities under the control of
GPS Group.  The two companies Alsacia and Express intend to have a
common executive management team; in addition, Alsacia may enter
into a contract to manage Express' business.  With the
acquisition, the two aim to become the largest Transantiago bus
operator in Santiago, and to obtain cost savings derived by
synergies.

Since it began operations, the Transantiago System has had revenue
shortfalls; hence, in 2009 the National Subsidy for Public
Passengers Transport Law was enacted, establishing an annual
subsidy that has two components.  One is permanent for a fix
amount of up to CLP $115 billion, but insufficient to fully cover
the annual deficit; while the other is transitory for an
additional amount of CLP $393 billion, which expires after 2014.
Fitch believes that although termination of the transitory subsidy
is a credit concern, the system is a top priority project for the
Government, so continuity of both subsidies is likely to occur.

Bus concessionaires are compensated by the level of service
offered in relation to an operating plan negotiated with
Transantiago for each month.  Revenues respond to changes in the
number of traveled kilometers, passenger demand variation, key
drivers of the operational costs (inflation, exchange rate, fuel,
labor, etc.), and the passenger capacity of the fleet.  Therefore,
the contractual revenue formula protects operators' financial
margins, and reduces the fluctuation of profitability.

Revenues are not tied to passengers' paid fee, but to service
availability.  Concession agreement limits demand risk and
eliminates the effect of passenger tariff fluctuations; thus,
revenues are largely dependent on the timeliness, frequency and
quality of the services provided by the concessionaires.

The bond will be issued with a 7.5-year tenor, maturing in August
2018, two months before both concession's expiration date.
Interest and principal payments are semi-annual due in February
and August, and follow a predefined amortizing schedule.  Foreign
exchange risk will be mitigated by a CLP/US$ participating swap
contracted with an affiliate Bank of America Merrill Lynch (BAML),
with a prefixed protection range.

There will be a reserve fund for overhaul expenses equivalent to
six months worth of expenses, and a US$8 million initial cash
contribution set up to strengthen liquidity in the first payment
dates.  A contingency reserve account will also support debt
service payments, and funded with US$22 million in upfront cash
and maintained with an amount equivalent to six months of debt
service.  This reserve fund, in turn, will be partially funded
with a US$12.5 million bank loan from Banco Internacional.
Principal amortization of this loan will be subordinate to the
bond, but interest payments will be senior to debt service.
Though, interest payments of this bank loan are not material for
the bond's cash flows.

Distributions and additional senior debt are possible provided
specific covenants are met, such as a minimum backward and forward
looking coverage ratios, in levels that are consistent with
Fitch's applicable criteria.

Key Rating Drivers:

Rating sustainability will mainly depend on Alsacia's ability to
keep its operational efficiency, while thoroughly sharing its
know-how to Express, in order to transform Express into a more
efficient concessionaire.  Currently, the operation of Express is
larger than Alsacia's, whose fleet represents about 56% of
Express.  Finally, the rating might be impacted by the level of
synergies expected to be realized by the technical (not formal)
merger.

Credit Summary:

Although demand levels were practically stable in 2009 and 2010,
with around 330 million passengers, the past year closed with
gross revenues of over CLP$162 billion (approximately US$335
million).  Revenues increased by 12.8% versus 2009, for the two
concessionaires jointly.  The increased revenue combined with
expense reduction efforts resulted in stronger operating profit
margins.

Looking forward, Fitch created different scenarios to calculate
future cash flows.  Such scenarios include stresses to specific
variables like: passenger demand, service fulfillment ratio level,
inflation, achievement of expected synergies, diesel price,
expenses, and exchange rate.  The structure showed certain
sensitivity to negative performance from variables that depend on
management operations (expenses control, service fulfillment
index, and synergies achievement, in that order).  In addition,
the structure demonstrated resilience to significant changes in
variables entailed in the concession's revenue indexation.

Key Credit Strengths:

  -- The system is strategic for Santiago, since it offers an
     essential service to the city.

  -- It has the support of a strong legal framework in an 'A+'
     Stable Outlook rated country with experience in concessions
     of public services, specifically in the transportation
     sector.

  -- There is no refinancing risk.

  -- Concessionaires hold a combined market share of over 40% of
     Transantiago's main line bus operations.

  -- Limited, yet strong track record of service performance; as
     reflected in the historical operating statistics.

  -- Sponsor has experience in operating bus rapid transit systems
     in other Latin American countries.

  -- Limited exposure to demand risk.

  -- Predictable cash flows with an indexed availability payment
     structure, with about 40% of fixed revenues.

  -- There will be a cross-currency swap with a highly rated
     institution in order to reduce exchange rate risk.

  -- The debt structure has tight covenants for equity
     distributions and additional debt; protecting the currently
     rated bond from potential deterioration in expected coverage
     levels.

  -- Fixed interest rate will be paid, eliminating rate volatility
     risk.

  -- The initial US$8 million liquidity fund to be created in
     order to strengthen cash flows at the beginning.

Key Credit Concerns:

  -- The transitory portion of the government subsidy expires in
     2014, hence subject to political risk that subsidy may be
     reduced from current levels.

  -- Although synergies are likely to occur with the acquisition
     of EXPRESS, several operative risks may arise.  As such, some
     synergies may occur at lower than expected levels, or may be
     subject to delays or not occur at all.  This is particularly
     a risk when considering the acquirer company's operations is
     smaller than those of the acquired enterprise.

  -- Labor union ability to hamper activities and operations.

  -- New competition from metro expansion, potentially affecting
     concessionaires' level of service in 2011.

  -- Although concession renovation is likely to occur in 2018, a
     two month tail of cash flow is available to repay debt before
     handover of project.


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


CARIBBEAN PETROLEUM: Files Chapter 11 Liquidation Plan
------------------------------------------------------
Bankruptcy Law360 reports that Caribbean Petroleum Corp. has filed
a liquidation plan that calls for it to pay main lender Banco
Popular de Puerto Rico nearly US$138 million and up to
US$8 million to settle environmental claims brought by U.S.
regulators.

As reported in the Jan. 3, 2011 edition of the Troubled Company
Reporter - Latin America, Puma Energy International has acquired
the assets of Caribbean Petroleum Co. for US$82 million.
A copy of the Asset Purchase Agreement signed with Puma Energy is
available at http://bankrupt.com/misc/Capeco_Sale_Deal.pdf

                     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.


CAL LAB INSTRUMENTS: Suit vs. Caguas Sent to State Court
--------------------------------------------------------
Magistrate Judge Camille L. Velez-Rive dismissed the suit, Cal Lab
Instruments Services, Inc., et al., v. Caguas Mechanical
Contractor, Inc., et al., Case No. 10-cv-1369 (D. P.R.), at the
defendants' behest.  Cal Lab and its sole shareholder and
president, Leonardo Pizarro, sued the defendants in Bankruptcy
Court for payment of certain amounts due for construction projects
which had originated pre-bankruptcy and were predicated on state
law.  Thereafter, the Bankruptcy Court recommended to the District
Court the withdrawal of the adversary proceeding on May 3, 2010,
certifying the action was a non-core proceeding.  Caguas
Mechanical sought dismissal of the suit, pointing out that as a
result of the dismissal of the bankruptcy case, the relief
requested by plaintiffs is a state law claim.

Judge Velez-Rive said the present claim, being initiated as a non-
core adversary proceeding in the bankruptcy case, has no other
independent ground for federal jurisdiction.  The parties have no
diversity and the issues raised are grounded in state law on non-
complicated claims for monies owed on and resulting damages
claimed.  Plaintiff, having the burden to establish the
jurisdictional issue, has not established same and has also
acknowledged that the decision of the District Court to retain
jurisdiction is discretionary.  Plaintiff Cal Lab and defendant
Caguas Mechanical have state law claims predicated on pending
balances in construction projects and related claims for loss of
income and pain and suffering.

A copy of the Magistrate Judge's January 27, 2011 Opinion and
Order is available at http://is.gd/wvzDuIfrom Leagle.com.

Cal Lab Instruments Services, Inc., filed a voluntary Chapter 11
petition on June 17, 2009.  The case was dismissed on June 9,
2010.


HOSPITAL DAMAS: Plan Exclusivity Conditionally Extended
-------------------------------------------------------
Hospital Damas Inc. is asking the U.S. Bankruptcy Court for the
District of Puerto Rico to extend its exclusive period to propose
a Chapter 11 plan until March 24, 2011, and its exclusive period
to solicit acceptances of the plan until May 24, 2011.

The Hon. Mildred Caban Flores ruled that an exclusivity extension
will be granted, unless an objection is filed by Feb. 14, 2011.  A
hearing on the matter will be scheduled should any timely
objections are filed.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at
Kilpatrick Stockton LLP, represents the Official Committee of
Unsecured Creditors as legal counsel, and Edgardo Munoz, Esq., at
Edgardo Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24.0 million in total assets
and US$21.3 million in total liabilities as of the Petition Date.


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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


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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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