TCRLA_Public/110214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, February 14, 2011, Vol. 12, No. 31

                            Headlines


A R G E N T I N A

BANCO COMAFI: Moody's Assigns 'Ba3' Rating to Long-Term Debt
DYCAP ARGENTINA: Asks for Bankruptcy Proceedings
NILUMAX SERVICE: Creditors' Proofs of Debt Due April 13
RODADOS FIORENZA: Applies for Reorganization Proceedings
VIP-MOVIL SA: Creditors' Proofs of Debt Due May 13


B E R M U D A

FAIRHOLME HOLDINGS: Creditors' Proofs of Debt Due February 21
FAIRHOLME HOLDINGS: Members to Receive Wind-Up Report on March 7
FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25
FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25
FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25


C A Y M A N   I S L A N D S

ALE97 LTD: Shareholder Receives Wind-Up Report
APOLLO COMMODITIES: Shareholders to Hear Wind-Up Report on Feb. 18
BB INVESTMENT: Members Receive Wind-Up Report
BLINK ASSET: Creditors' Proofs of Debt Due February 17
CENTRAL HOLDINGS: Sole Member Receives Wind-Up Report

CHAP-CAP ACTIVIST: Members Receive Wind-Up Report
CHAP-CAP PARTNERS: Members Receive Wind-Up Report
CO-INVESTMENT LIMITED: Members to Hear Wind-Up Report on Feb. 14
D&S (CAYMAN ISLANDS): Creditors' Proofs of Debt Due February 17
GOLDMAN SACHS: Creditors' Proofs of Debt Due February 17

HERIOT AFRICAN: Appoints Whicker and Beighton as Liquidators
ING CLARION: Placed Under Voluntary Wind-Up
ING CLARION: Placed Under Voluntary Wind-Up
KENMAR GLOBAL: Shareholders to Hear Wind-Up Report on February 18
KRISTAL LOW: Shareholders to Hear Wind-Up Report on February 18

KUROMATSU FUND: Creditors' Proofs of Debt Due February 17
LEANDRA INTERNATIONAL: Sole Member Receives Wind-Up Report
LYSTER WATSON: Shareholders to Hear Wind-Up Report on February 18
MAJUBA NO. 2: Creditors' Proofs of Debt Due February 17
MUIRFIELD DOUBLE: Placed Under Voluntary Wind-Up

MUIRFIELD EAGLE: Placed Under Voluntary Wind-Up
NATSOURCE MANAGED: Placed Under Voluntary Wind-Up
NEW LILY: Sole Member Receives Wind-Up Report
NWN GLOBAL: Members to Hear Wind-Up Report on February 17
RAP-PI ASIA: Placed Under Voluntary Wind-Up

RAB-PI ASIA: Placed Under Voluntary Wind-Up
RANGE ASSETS: Members Receive Wind-Up Report
SADUF TWO: Shareholder to Hear Wind-Up Report on February 14
UNIVERSAL ELECTRONICS: Commences Liquidation Proceedings
WASHINGTON HOLDINGS: Sole Member Receives Wind-Up Report


M E X I C O

MEXICANA AIRLINES: May Resume Operations by Month-End


P U E R T O   R I C O

JUNCO STEEL: Steel Products Maker in Chapter 11


X X X X X X X X

* Moody's: Defaults and Recoveries Underscore Severity of Crisis
* Moody's: Global Default Rate Falls to 2.8% in January
* BOND PRICING: For the Week February 7, to February 11, 2011


                            - - - - -


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


BANCO COMAFI: Moody's Assigns 'Ba3' Rating to Long-Term Debt
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long term global local
currency debt rating to Comafi's expected issuance of a maximum of
US$125 million in senior unsecured Argentine peso-linked notes.
The notes are due in 2016, and will be issued under the program
already rated by Moody's.  The outlook on the rating is stable.

Moody's Latin America also assigned an Aa2.ar long term local-
currency debt rating on the national scale to the aforementioned
notes.

These ratings were assigned to Banco Comafi S.A.:

US$125 million senior notes:

* Long term, global local-currency debt rating: Ba3, stable
  outlook

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


DYCAP ARGENTINA: Asks for Bankruptcy Proceedings
------------------------------------------------
Dycap Argentina SRL asked for bankruptcy proceedings.


NILUMAX SERVICE: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
Nelida Liliana Cunarro, the court-appointed trustee for Nilumax
Service SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 13, 2011.

Ms. Cunarro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:

         Nelida Liliana Cunarro
         Paraguay 1269


RODADOS FIORENZA: Applies for Reorganization Proceedings
--------------------------------------------------------
Rodados Fiorenza SA applied for reorganization proceedings.

The company has defaulted on its payments due December 31, 2010.


VIP-MOVIL SA: Creditors' Proofs of Debt Due May 13
--------------------------------------------------
Silvia Ines Trombetta, the court-appointed trustee for Vip-Movil
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 13, 2011.

Ms. Trombetta 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. 35, 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:

         Silvia Ines Trombetta
         Viamonte 1337
         Argentina


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


FAIRHOLME HOLDINGS: Creditors' Proofs of Debt Due February 21
-------------------------------------------------------------
The creditors of Fairholme Holdings, Ltd. are required to file
their proofs of debt by February 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 2, 2011.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton
         Bermuda


FAIRHOLME HOLDINGS: Members to Receive Wind-Up Report on March 7
----------------------------------------------------------------
The members of Fairholme Holdings, Ltd. will receive on March 7,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 2, 2011.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton
         Bermuda


FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25
-------------------------------------------------------------
The members of Forsyth Global Property Fund Ltd will receive on
March 25, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Nigel Chatterjee
         PricewaterhouseCoopers
         Dorchester House
         7 Church Street, Hamilton, HM 11
         Bermuda


FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25
-------------------------------------------------------------
The members of Forsyth Global Commodity Fund Ltd will receive on
March 25, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Nigel Chatterjee
         PricewaterhouseCoopers
         Dorchester House
         7 Church Street, Hamilton, HM 11
         Bermuda


FORSYTH GLOBAL: Members to Receive Wind-Up Report on March 25
-------------------------------------------------------------
The members of Forsyth Global Private Equity Fund Ltd will receive
on March 25, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Nigel Chatterjee
         PricewaterhouseCoopers
         Dorchester House
         7 Church Street, Hamilton, HM 11
         Bermuda


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


ALE97 LTD: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of ALE97 Ltd. received on February 1, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders to Hear Wind-Up Report on Feb. 18
------------------------------------------------------------------
The shareholders of Apollo Commodities Trading Offshore Fund SPC,
Ltd. will receive on February 18, 2011, at 8:45 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BB INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------
The members of BB Investment Holding Ltd. received on February 1,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


BLINK ASSET: Creditors' Proofs of Debt Due February 17
------------------------------------------------------
The creditors of Blink Asset Management 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 22,
2010.

The company's liquidator is:

         Rainer Hok Chung Lam
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


CENTRAL HOLDINGS: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Central Holdings Ltd. received on January 31,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1-110
         British Virgin Islands


CHAP-CAP ACTIVIST: Members Receive Wind-Up Report
-------------------------------------------------
The members of Chap-Cap Activist Partners Offshore, Ltd. received
on February 7, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CHAP-CAP PARTNERS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Chap-Cap Partners II Offshore, Ltd. received on
February 7, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CO-INVESTMENT LIMITED: Members to Hear Wind-Up Report on Feb. 14
----------------------------------------------------------------
The members of Co-Investment Limited III (Schoeller) will receive
on February 14, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.


D&S (CAYMAN ISLANDS): Creditors' Proofs of Debt Due February 17
---------------------------------------------------------------
The creditors of D&S (Cayman Islands) 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


GOLDMAN SACHS: Creditors' Proofs of Debt Due February 17
--------------------------------------------------------
The creditors of Goldman Sachs U.S. Large Cap Equity Alpha
Transport 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 January 5, 2011.

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


HERIOT AFRICAN: Appoints Whicker and Beighton as Liquidators
------------------------------------------------------------
On January 4, 2011, the Grand Court of Cayman Islands appointed
S.L.C. Whicker and K. Beighton as the liquidators of Heriot
African Trade Finance Fund Limited.

The Liquidators can be reached at:

         K. Beighton
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Robert Arthur
         Telephone: 345-815-2637 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164


ING CLARION: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 22, 2010, the sole shareholder of ING Clarion Asia,
Ltd. resolved to voluntarily wind 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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ING CLARION: Placed Under Voluntary Wind-Up
-------------------------------------------
On January 5, 2011, the sole shareholder of ING Clarion Market
Neutral, Ltd. resolved to voluntarily wind 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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


KENMAR GLOBAL: Shareholders to Hear Wind-Up Report on February 18
-----------------------------------------------------------------
The shareholders of Kenmar Global Balanced Fund SPC Limited will
receive on February 18, 2011, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KRISTAL LOW: Shareholders to Hear Wind-Up Report on February 18
---------------------------------------------------------------
The shareholders of Kristal Low Volatility will receive on
February 18, 2011, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KUROMATSU FUND: Creditors' Proofs of Debt Due February 17
---------------------------------------------------------
The creditors of Kuromatsu Fund 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 7, 2011.

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


LEANDRA INTERNATIONAL: Sole Member Receives Wind-Up Report
----------------------------------------------------------
The sole member of Leandra International Limited received on
January 31, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1-110
         British Virgin Islands


LYSTER WATSON: Shareholders to Hear Wind-Up Report on February 18
-----------------------------------------------------------------
The shareholders of Lyster Watson US Equity Beta, Ltd. will
receive on February 18, 2011, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, 42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


MAJUBA NO. 2: Creditors' Proofs of Debt Due February 17
-------------------------------------------------------
The creditors of Majuba No. 2 are required to file their proofs of
debt by February 17, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


MUIRFIELD DOUBLE: Placed Under Voluntary Wind-Up
------------------------------------------------
On December 30, 2010, the sole shareholder of Muirfield Double
Eagle Fund, Ltd. resolved to voluntarily wind 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MUIRFIELD EAGLE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 30, 2010, the sole shareholder of Muirfield Eagle Fund
SPC, Ltd. resolved to voluntarily wind 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NATSOURCE MANAGED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On December 31, 2010, the sole shareholder of Natsource Managed
Holdings Ltd. resolved to voluntarily wind 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NEW LILY: Sole Member Receives Wind-Up Report
---------------------------------------------
The sole member of New Lily Company Limited received on
January 31, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NWN GLOBAL: Members to Hear Wind-Up Report on February 17
---------------------------------------------------------
The members of NWN Global Club Ltd. will receive on February 17,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Mordechai Shein
         7 Rav Ashi Street
         Tel Aviv, Israel


RAP-PI ASIA: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 31, 2010, the sole shareholder of Rap-Pi Asia Fund
Limited resolved to voluntarily wind 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:

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


RAB-PI ASIA: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 31, 2010, the sole shareholder of Rab-Pi Asia (Master)
Fund Limited resolved to voluntarily wind 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:

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


RANGE ASSETS: Members Receive Wind-Up Report
--------------------------------------------
The members of Range Assets Ltd. received on February 1, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholder to Hear Wind-Up Report on February 14
------------------------------------------------------------
The shareholder of Saduf Two Limited will receive on February 14,
2011, at 10:30 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


UNIVERSAL ELECTRONICS: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on January 1, 2011, the members
of Universal Electronics Holding Co., Ltd. resolved to voluntarily
liquidate 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:

         Portcullis Trustnet (Cayman) Limited
         c/o Michelle R. Bodden-Moxam
         Telephone: 345-946-6145
         Facsimile: 345-946-6146
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052, Grand Cayman KY1-1208
         Cayman Islands


WASHINGTON HOLDINGS: Sole Member Receives Wind-Up Report
--------------------------------------------------------
The sole member of Washington Holdings Ltd. received on
January 31, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1-110
         British Virgin Islands


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


MEXICANA AIRLINES: May Resume Operations by Month-End
-----------------------------------------------------
Adriana Lopez Caraveo at Bloomberg News reports that Labor
Minister Javier Lozano said Compania Mexicana de Aviacion or
Mexicana Airlines may resume operations by the end of the month
with 40 planes and 40 routes.

An agreement with new investors may be reached in the coming days
to rescue bankrupt airline operator, Mr. Lozano said in an
interview with Mexico City-based Radio Formula, according to
Bloomberg.  Foreign investment will be part of Mexicana's new
capital structure, Mr. Lozano added, according to the report.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


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


JUNCO STEEL: Steel Products Maker in Chapter 11
-----------------------------------------------
Carla Main at Bloomberg News reports that Junco Steel Corp., a
Bayamon, Puerto Rico-based steel products maker, has commenced a
Chapter 11 case.  According to the report, Banco Popular de Puerto
Rico holds a US$6.1 million secured claim against the Company.

Junco Steel filed for Chapter 11 protection (Bankr. D. P.R. Case
No. 11-00827) on Feb. 2, 2011, estimating assets of less than
US$50,000 and debts of up to $50,000,000.  Carmen D. Conde Torres,
Esq., in San Juan, Puerto, Rico, represents the Debtor.


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


* Moody's: Defaults and Recoveries Underscore Severity of Crisis
----------------------------------------------------------------
The incidents of defaults among financial institutions during the
recent financial crisis were unprecedented, according to Moody's
latest annual analysis of defaults and recoveries.

The period 2008 to 2010 saw 111 financial companies default,
including 72 debt issuers holding US$318 billion of bonds and
loans in the 2008-2010 period.

By comparison, there were only 96 defaults, affecting US$46
billion of debt, of Moody's-rated financial companies in the
period 1983 to 2007.  Of these, 36 defaults took place during the
U.S. Savings and Loans Crisis of 1989-1991, affecting $6 billion
of debt.

"Historically, defaults in the financial sector were fairly low
except during the Savings and Loan crisis," says Sharon Ou,
Assistant Vice President at Moody's Investors Service who authored
the report.  "Financial institution defaults during the recent
crisis were unprecedented both in number and volume."

The default rate for all Moody's-rated financial institutions rose
sharply during 2008-2009 and reached its cyclical peak of 2.7% in
August 2009, according to the Moody's report.  It surpassed the
previous record of 2.3% set during the Savings & Loan Crisis.
While relatively fewer financial institutions are speculative
grade, among those firms the default rate topped out at 11.5%
during the recent crisis, below the 1989-1991 peak of 19.5% when
there were far fewer speculative-grade-rated financial issuers.
In addition to being at unprecedented levels, defaults during the
recent crisis have also been more globally distributed.  During
the crisis, more than half of the financial institutions that
defaulted were located in Europe, a region that historically had
seen very few financial institution defaults.

Specifically, during the past three years 56% of defaults have
been located in Europe, compared to only 6% before 2008.  About
half the recent defaults were Ukrainian banks, which imposed
deposit freezes in October 2008.  In contrast to Europe, North
America saw its share drop to only 37% in this cycle relative to
79% before 2008.

The recent financial crisis also saw a unique phenomenon in credit
differentiation among various classes of debt, which was in part
due to different levels of support governments offered to senior
debt liabilities versus junior ones.

Recovery rates on defaulted bonds during the crisis have held up
surprisingly well, boosted by 15 distressed exchanges.  For
example, the average recovery rate for senior unsecured bonds has
been 35.2% during 2008-2010, which is just slightly off the 1983-
2007 average of 39.4%.  Financial institutions engaged in
distressed exchanges during the recent crisis, which propped up
the recovery rate.

Looking into 2011, Moody's Credit Transition Model (CTM), which
forecasts rating transitions, predicts that the default rate among
speculative-grade financial institutions which issue debt will
stabilize under the baseline economic scenario to a range of 1.5%
- 3.0%.  Under a more pessimistic scenario, CTM forecasts the
default rate rebounding from its current 3.0% level to 6.5%.

Available on Moodys.com, "Defaults and Recoveries for Financial
Institution Debt Issuers, 1983-2010" documents the default,
recovery and rating transitions of Moody's-rated financial
institutions since 1983.


* Moody's: Global Default Rate Falls to 2.8% in January
-------------------------------------------------------
The trailing 12-month global declined to 2.8% in January, down
from its revised 3.2% level in December, according to Moody's
Investors Service in its monthly default report.  A year ago, the
global default rate stood dramatically higher at 12.6%.

No Moody's-rated corporate debt issuer defaulted in January, the
first time there has been no default during a month since June
2007.  By comparison, there were eight defaults in January 2010.

"We continue to expect stable, low default rates for the near
future," said Albert Metz, Moody's Director of Credit Policy
Research.  "Default rates would move upwards, however, should
financing become scarce, particularly in Europe."

Moody's forecasting model predicts that the global speculative-
grade default rate will decline to 1.5% by January 2012.  The
model did a satisfactory job in projecting the rise and fall in
default rates during the most recent credit cycle.  For example,
the model anticipated at the beginning of last year that the
global default rate would fall sharply to 3.3% by year end and the
actual rate came in at 3.2%.

By region the model says the default rate will decline to 1.7%
among U.S. speculative-grade issuers and to 1.1% among European
speculative-grade issuers.

By industry, Moody's expects default rates to be highest in the
Hotel, Gaming, & Leisure sector in the U.S. and the Media:
Advertising, Printing & Publishing sector in Europe.

In the U.S., the speculative-grade default rate edged lower in
January, to 3.0% from the revised December level of 3.4%.  At this
time a year ago, the U.S. default rate stood 13.7%.

In Europe, the default rate among speculative-grade issuers was
2.3% in January, unchanged from the revised level for December.  A
year ago, the European default rate was at 10.5%.

When measured on dollar volume basis, the global speculative-grade
bond default rate remained unchanged at 1.6% from December to
January.  A year ago, the global dollar-weighted default rate
stood at 16.4%.

In the U.S., the dollar-weighted speculative-grade bond default
rate ended January at 1.5%, down slightly from 1.6% in December.
The same rate was 16.8% in January 2010.

In Europe, the dollar-weighted speculative-grade bond default rate
was 1.9% in January, unchanged from its revised level for
December.  At this time last year, the rate was 12.2%.

Moody's speculative-grade corporate distress index -- a measure of
the percentage of high-yield issuers that have debt trading at
distressed levels-fell from December's level of 10.5% to 8.6% in
January.  A year ago, the index was higher at 19.4%.

Among U.S. leveraged loans, the trailing 12-month default rate
fell from 2.8% in December to 2.5% in January.  A year ago, the
loan default rate was 11.5%.

Moody's "January Default Report" is now available, as are Moody's
other default research reports, in the Rating Analytics section of
http://Moodys.com/


* BOND PRICING: For the Week February 7, to February 11, 2011
-------------------------------------------------------------

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


ARGENTINA
---------

Argentina
ARGENT-PAR             1.18   12/31/2038       ARS         68.6
ARGENT- DIS            7.82   12/31/2033       EUR         74
ARGENT- DIS            7.82   12/31/2033       EUR         73.125
ARGENT- DIS            4.33   12/31/2033       JPY         42
ARGENT- PAR&GDP        0.45   12/31/2038       JPY          8
BODEN 2014                2   9/30/2014        ARS        165.5
BOGAR 2018                2   2/4/2018         ARS        160.8


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

BANCO BPI (CI)         4.15   11/14/2035       EUR        51.626
BANIF FIN LTD          3      12/31/2019       EUR        67.625
BCP FINANCE BANK       5.01   3/31/2024        EUR        61.092
BCP FINANCE BANK       5.31   12/10/2023       EUR        63.898
BCP FINANCE CO        4.239                    EUR        55.617
BCP FINANCE CO        5.543                    EUR        56.883
BES FINANCE LTD       5.772   2/7/2035         EUR        58.517
BES FINANCE LTD        5.58                    EUR        59.017
BES FINANCE LTD         4.5                    EUR        61.661
BES FINANCE LTD       6.625                    EUR        67.938
CHINA FORESTRY         7.75   11/17/2015       USD        73.25
CHINA FORESTRY         7.75   11/17/2015       USD        73.125
EFG ORA FUNDING         1.7   10/29/2014       EUR        62.96
ESFG INTERNATION      5.753                    EUR        59.375
IMCOPA INTL CAYM      10.38   12/16/2014       USD        38
PUBMASTER FIN         6.962   6/30/2028        GBP        51.01
PUBMASTER FIN          8.44   6/30/2025        GBP        56.25
THPA FINANCE LTD      8.241   3/15/2028        GBP        71.41


CHILE
-----

AGUAS NUEVAS            3.4   5/15/2012        CLP         0.95
CGE DISTRIBUCION       3.25   12/1/2012        CLP        39.56
ESVAL S.A.              3.8   7/15/2012        CLP        37.49
MASISA                 4.25   10/15/2012       CLP        40.00


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

PUERTO RICO CONS        6.5   4/1/2016         USD        50


VENEZUELA
---------

PETROLEOS DE VEN        5.5   4/12/2037        USD        44.960
PETROLEOS DE VEN      5.375   4/12/2027        USD        45.970
PETROLEOS DE VEN       5.25   4/12/2017        USD        58.340
PETROLEOS DE VEN      5.125   10/28/2016       USD        58.769
PETROLEOS DE VEN          5   10/28/2015       USD        61.822
PETROLEOS DE VEN        4.9   10/28/2014       USD        66.821
PETROLEOS DE VEN        8.5   11/2/2017        USD        67.707
PETROLEOS DE VEN        8.5   11/2/2017        USD        68.284
PETROLEOS DE VEN        8.5   11/2/2017        USD        68.043
VENEZUELA                 7   3/31/2038        USD        55.5
VENEZUELA                 7   3/31/2038        USD        55.688
VENEZUELA                 6   12/9/2020        USD        58.25
VENEZUELA              7.65   4/21/2025        USD        60.9
VENEZUELA              8.25   10/13/2024       USD        63.75
VENEZUELA              7.75   10/13/2019       USD        67.25
VENEZUELA              9.25   5/7/2028         USD        67.5
VENEZUELA                 9   5/7/2023         USD        68
VENEZUELA                 7   12/1/2018        USD        67.75
VENEZUELA              9.25   9/15/2027        USD        70.602
VENEZUELA              5.75   2/26/2016        USD        72.25
VENEZUELA              9.25   9/15/2027        USD        73.1
VENZOD - 189000       9.375   1/13/2034        USD        68.25


                            ***********


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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