TCRLA_Public/110216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, February 16, 2011, Vol. 12, No. 33

                            Headlines



A R G E N T I N A

CAHOR SRL: Creditors' Proofs of Debt Due March 21
COOLERS SA: Creditors' Proofs of Debt Due April 8
EDEFOR SA: Requests for Opening of Bankruptcy Proceedings
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
FOCUS POINT: Creditors' Proofs of Debt Due April 20

PHOTO DEPOT: Creditors' Proofs of Debt Due March 1
RESERVISTAS ARGENTINOS: Requests for Opening of Bankruptcy
SOCIEDAD INDUSTRIAL: Applies for Reorganization Proceedings
SOUTH BEACH: Creditors' Proofs of Debt Due March 30
TEXUL SA: Creditors' Proofs of Debt Due March 30

TRASUMED SRL: Creditors' Proofs of Debt Due April 1
URSA INGENIERIA: Asks for Bankruptcy Proceedings


B A H A M A S

CLICO (BAHAMAS): Liquidator to Fight Brennan's Liquidation Plan


B E R M U D A

ATHENA GUARANTEED: Creditors' Proofs of Debt Due February 25
ATHENA GUARANTEED: Members' Final Meeting Set for March 14
EMERGENT BALLISTIC: Creditors' Proofs of Debt Due March 24
EMERGENT BALLISTIC: Member to Receive Wind-Up Report on March 31
EMERGENT GLOBAL: Creditors' Proofs of Debt Due March 24

EMERGENT GLOBAL: Member to Receive Wind-Up Report on March 31


B R A Z I L

VANGUARDA: Fitch Affirms Issuer Default Ratings at 'B-'


C A Y M A N   I S L A N D S

ABL CAPITAL: Creditors' Proofs of Debt Due February 28
AVA AVIATION: Placed Under Voluntary Wind-Up
BEYONDSOFT GROUP: Creditors' Proofs of Debt Due February 22
BLACKROCK APPRECIATION: Creditors' Proofs of Debt Due February 22
CAPSTONE CAYMAN: Creditors' Proofs of Debt Due February 25

COSMOS MULTI-STRATEGY: Creditors' Proofs of Debt Due February 21
CRYSTAL FUND: Creditors' Proofs of Debt Due February 28
ECM SERVICES: Creditors' Proofs of Debt Due February 21
HALBIS GLOBAL: Creditors' Proofs of Debt Due February 21
HALBIS GLOBAL: Creditors' Proofs of Debt Due February 21

HONEYDEW INVESTMENTS: Creditors' Proofs of Debt Due February 28
INVESTCORP MINI-FUND: Creditors' Proofs of Debt Due March 14
JHJ INTERNATIONAL: Creditors' Proofs of Debt Due February 31
KEMNAY FOCUS: Creditors' Proofs of Debt Due March 1
MOLT INVESTMENT: Creditors' Proofs of Debt Due February 22

ZAO FUND: Creditors' Proofs of Debt Due February 22


J A M A I C A

JAMALCO: Government Holds Onto Details of Refinery Sale
WINDALCO: UC Rusal Approves Reopening of Windalco-Kirkvine Plant


M E X I C O

SECUREALERT INC: Inks GPS Monitoring Contract With Government


T R I N I D A D  &  T O B A G O

CL FIN'L: Deadline for Submission of Evidence to Commission Ends


V E N E Z U E L A

CRYSTALLEX INT'L: CVG Terminates Bolivar Mine Contract




                            - - - - -


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


CAHOR SRL: Creditors' Proofs of Debt Due March 21
-------------------------------------------------
Miguel Tregob, the court-appointed trustee for Cahor SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 21, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

          Miguel Tregob
          Ecuador 1449


COOLERS SA: Creditors' Proofs of Debt Due April 8
-------------------------------------------------
Gerardo Miguel Seghezzo, the court-appointed trustee for Coolers
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 8, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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:

          Gerardo Miguel Seghezzo
          Combate de los Pozos 129
          Argentina


EDEFOR SA: Requests for Opening of Bankruptcy Proceedings
---------------------------------------------------------
Edefor SA requested for opening of bankruptcy proceedings.

The company defaulted on its payments last August 24, 2010.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Multipyme XII.

                        Ratings Rationale

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a local currency national
scale rating of Aa3.ar and a global local currency rating of B2.

Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one
class of debt securities denominated in Argentine pesos.  The
rated securities will bear a 5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction.

The rating assigned to this transaction is primarily based on the
rating of Garantizar.  Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.  The rating addresses the payment of interest
and principal on or before the legal final maturity date of the
securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors; the Trustee is obligated to request Garantizar to make
payment under the bills of exchange.  Garantizar, in turn, will
have five days to make this payment into the trust account.  Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which the
funds are initially deposited by Garantizar, the exporter, or the
individual producers into the Trust account.

The designated Trustee in this transaction is Bapro Mandatos y
Negocios S.A., which is Banco de la Provincia de Buenos Aires'
trustee company.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.


FOCUS POINT: Creditors' Proofs of Debt Due April 20
---------------------------------------------------
Berta Kravetz, the court-appointed trustee for Focus Point SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 20, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:

          Berta Kravetz
          Lavalle 1527
          Argentina


PHOTO DEPOT: Creditors' Proofs of Debt Due March 1
--------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for Photo
Depot Argentina SRL's reorganization proceedings, will be
verifying creditors' proofs of claim until March 1, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

          Ana Maria Calzada Percivale
          Sarmiento 2437
          Argentina


RESERVISTAS ARGENTINOS: Requests for Opening of Bankruptcy
----------------------------------------------------------
Reservistas Argentinos SA requested for opening of bankruptcy
proceedings.

The company has defaulted on its payments due December 15, 2010.


SOCIEDAD INDUSTRIAL: Applies for Reorganization Proceedings
-----------------------------------------------------------
Sociedad Industrial Argentina SA applied for reorganization
proceedings.


SOUTH BEACH: Creditors' Proofs of Debt Due March 30
---------------------------------------------------
Gonzalo Cueva, the court-appointed trustee for South Beach SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 30, 2011.

The trustee 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. 40, 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:

          Gonzalo Cueva
          Joaquin V. Gonzalez 1429, planta baja
          Argentina


TEXUL SA: Creditors' Proofs of Debt Due March 30
------------------------------------------------
Fernando Delavault, the court-appointed trustee for Texul SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 30, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:

          Fernando Delavault
          Belgrano 845
          Argentina


TRASUMED SRL: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
Hector Carlos Fridman, the court-appointed trustee for Trasumed
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 1, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

          Hector Carlos Fridman
          Avenida Gaona 1295
          Argentina


URSA INGENIERIA: Asks for Bankruptcy Proceedings
------------------------------------------------
URSA Ingenieria y Construcciones SA asked for bankruptcy
proceedings.

The company has defaulted on its payments due December 2010.


=============
B A H A M A S
=============


CLICO (BAHAMAS): Liquidator to Fight Brennan's Liquidation Plan
---------------------------------------------------------------
Neil Hartnell at The Tribune Business reports that Craig Gomez,
the liquidator of CLICO (Bahamas), will "without a doubt" fight to
ward-off a "low ball" $10.8 million offer and competing plan to
liquidate a Wellington, Florida real estate project that accounts
for 63% of the entity's total assets.

The liquidator's lawyer, Ronald Neiwirth, of the Miami-based
Flower, White & Burnett law firm, argued that the offer was so
low, it was not even worth responding to, Tribune Business
relates.  "We don't want to let it go too cheaply because it will
affect the liquidation entities in the Bahamas.  We want the best
possible price for the liquidation in the Bahamas," Tribune
Business quotes Mr. Neiwirth as saying.

Mr. Neiwirth told Tribune Business that he and the liquidator
would do everything to prevent Wellington Preserve creditor,
Brennan Financial, from seizing control of the real estate
project's fate -- something that would jeopardize recovery for
Bahamian creditors of CLICO (Bahamas).

According to Tribune Business, the liquidator has initiated legal
action to prevent Brennan Financial from obtaining a preferential
position as a Wellington Preserve creditor given that it obtained
a $1.445 million judgment against the real estate project within
90 days prior of the entity being placed into Chapter 11
bankruptcy protection.  Mr. Neiwirth suggested that Brennan
Financial's latest move -- a bid to take control of Wellington
Preserve's fate by submitting its own purchase offer and
reorganization/liquidation plan -- was designed merely to "try and
put pressure on the liquidator" over the existing court case,
Tribune Business relays.

By virtue of the bankruptcy petition, the CLICO (Bahamas)
liquidator currently has "exclusivity" in seeking to sort out
Wellington Preserve's affairs and is attempting to sell the 545-
acre, one-square mile property for $50 million to $60 million in a
bid to maximize recovery for the insolvent insurer's Bahamian
creditors.  In a Feb. 7, 2011, filing in the South Florida
District Bankruptcy Court, however, Brennan Financial opposed the
liquidator's application for an extension of the deadline given to
him to submit a plan for Wellington Preserve's reorganization
until April 1, 2011, Tribune Business relates.  Brennan Financial
is asking the court to end that exclusivity, and give it a chance
as a creditor to submit its own liquidation plan that would pay
off all U.S. creditors, who are collectively owed about $8 million
maximum, with a purchase price some $40 million below that sought
by the liquidator, according to the report.  If that happens,
Bahamian creditors of CLICO (Bahamas) would effectively receive
next to nothing, Tribune Business notes.

Brennan Financial has also asserted that Wellington Preserve and
the liquidator are favoring CLICO (Bahamas) and its wholly owned
CLICO Enterprises in the liquidation, according to Tribune
Business.  Brennan averred that the liquidator's stand is not
surprising given that some $73.2 million of the real estate
project's total $78 million debts are owed to the two companies,
the report cites.  Brennan alleged, Tribune Business adds, that
the $73.2 million injected by CLICO (Bahamas) via CLICO
Enterprises into Wellington Preserve was equity, not a loan or
debt financing, and as such, the two Bahamian companies should
rank behind it in the list of creditors.  Moreover, noting that
there were many purchasers seeking to buy Wellington Preserve for
more than $4 million, says Tribune Business, Brennan alleged that
the liquidator had been attempting to liquidate it since 2009.

Tribune Business relates that Mr. Neiwirth contended that Brennan
was attempting to position itself as a secured creditor ranking
ahead of all CLICO (Bahamas) Bahamian creditors, where it would
recover 100 cents on the $1 in its claim, rather than its current
status as an unsecured creditor "diluted by the claims of CLICO
Enterprises".

Even if the liquidator lost exclusivity, Mr. Neiwirth told Tribune
Business, there was nothing stopping him from pressing ahead with
efforts to sell Wellington Preserve to the highest bidder.

CLICO Life and General Insurance Company South America Limited
(CLICO Guyana)'s legal team is currently trying to get back at
least part of US$6.9 billion, which represent 53% of its assets,
that was invested in CLICO (Bahamas), the report adds.

                      About Clico (Bahamas)

Clico (Bahamas) Limited is a Bahamian company that was involved in
life and health insurance, pensions and annuities.

                         *     *     *

As reported by the Troubled Company Reporter on April 30, 2009,
Clico (Bahamas) Limited filed for bankruptcy protection under
Chapter 15 of the U.S. Bankruptcy Code before the U.S. Bankruptcy
Court for the Southern District of Florida (Miami).   Chapter 15
allows a company to seek protection from creditors in the United
States while its primary bankruptcy case is pending in another
country.

Clico commenced insolvency proceedings before the Commercial
Division of the Supreme Court of the Bahamas.  The TCR, citing a
Bloomberg report, said Clico listed assets and debt of as much as
$500 million each.  The Company, Bloomberg said, citing court
papers, loaned more than $70 million to affiliated companies which
Clico's liquidator "believes has found its way into real estate
developments."

Craig A. Gomez was appointed by the Bahamian court as liquidator
of Clico, Bloomberg reported, citing court documents.  Mr. Gomez
is a Bahamian Baker Tilly Gomez accountant and partner.


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


ATHENA GUARANTEED: Creditors' Proofs of Debt Due February 25
------------------------------------------------------------
The creditors of Athena Guaranteed IP Limited are required to file
their proofs of debt by February 25, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 21, 2011.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9
          Bermuda


ATHENA GUARANTEED: Members' Final Meeting Set for March 14
----------------------------------------------------------
The members of Athena Guaranteed IP Limited will hold their final
meeting on March 14, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 21, 2011.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9
          Bermuda


EMERGENT BALLISTIC: Creditors' Proofs of Debt Due March 24
----------------------------------------------------------
The creditors of Emergent Ballistic Fund Limited are required to
file their proofs of debt by March 24, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

          Sarah Dixon
          Emergent Asset Management Limited
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton HM11


EMERGENT BALLISTIC: Member to Receive Wind-Up Report on March 31
----------------------------------------------------------------
The member of Emergent Ballistic Fund Limited will receive on
March 31, 2011, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sarah Dixon
          Emergent Asset Management Limited
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton HM11


EMERGENT GLOBAL: Creditors' Proofs of Debt Due March 24
-------------------------------------------------------
The creditors of Emergent Global FX Fund Limited are required to
file their proofs of debt by March 24, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

          Sarah Dixon
          Emergent Asset Management Limited
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton HM11


EMERGENT GLOBAL: Member to Receive Wind-Up Report on March 31
-------------------------------------------------------------
The member of Emergent Global FX Fund Limited will receive on
March 31, 2011, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sarah Dixon
          Emergent Asset Management Limited
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton HM11


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


VANGUARDA: Fitch Affirms Issuer Default Ratings at 'B-'
-------------------------------------------------------
Fitch Ratings has affirmed Vanguarda's foreign and local currency
Issuer Default Ratings at 'B-'.  Simultaneously, Fitch has
downgraded its long-term National Scale Rating to 'BB-(bra)' from
'BB(bra)'.  The Rating Outlook for all ratings is revised to
Negative from Stable.

The downgrade of Vanguarda's National Scale Rating is based on the
deterioration of its operational trends during 2010, which
resulted from the lower yields and led to higher leverage, in
excess of expectations.  This rating action also considers the
challenging funding structure which is more based on lines of
credit than suppliers and advanced customer payments/deposits.
Combined with these factors, the company continues to be exposed
to refinancing risk, as the company has not able to issue the
long-term debt as previously envisaged by Fitch.  The Negative
Outlook for both ratings stems from the challenges that Vanguarda
faces to finance its operations going forward, while benefiting
from the high commodity prices and better expected production.
Leverage is expected to be in the 5.0 times - 6.0x range by the
end of 2011 and credit quality will likely be pressured should
leverage remain above expected levels.

The 'B-' local and foreign currency IDRs are based on the
company's exposure to fluctuation of commodity prices, volatile
operational earnings, working capital requirements, high leverage
and tight liquidity.  Also considered are the corporate governance
and risk management concerns.  Balanced against these credit risks
are the company's leading position in the production of soybean
and cotton in Brazil, its vertical integration into animal
proteins, and the land ownership by the group.

Leverage Metrics Are High:

As of September 2010, Vanguarda's leverage, as measured by total
adjusted debt-to-EBITDAR, deteriorated to 8.4x from 2.9x in 2009.
The company's EBITDAR dropped considerably to BRL52 million from
BRL126 million in 2009 due to declining prices, appreciation of
local currency, lower production volumes sold and deterioration on
the company's yields on it main crops' were the key drivers for
the steep EBITDAR declines; while adjusted debt slightly increased
to BRL443 million from BRL368 million, at the respective periods.

Fitch expects Vanguarda's EBITDAR to recover over the next several
years, following the positive trends on commodity prices and the
possible increase on operational profitability.  However, the lack
of supplier financing and advances from clients should result in a
higher dependence on debt.  Leverage is expected to recover to
more conservative levels during the positive commodities prices
environment but it should range at 5.0x - 6.0x.  Additional debt
to finance the expansion of its hog business should also pressure
Vanguarda's leverage during 2012 to 2014, as the company carries
out the investments.

In addition to evaluating traditional credit measures, Fitch's
analysis of agricultural companies takes into consideration
leverage ratios that exclude debt used to finance readily
marketable inventories.  Interest expense on debt used to finance
RMI is reclassified to cost of goods sold from interest expense.
With the adjustments described above, Vanguarda's total adjusted
debt/EBITDAR was 7.6x for the latest 12 months ended Sept. 30,
2010 and its EBITDA/interest expense ratio was 3.9x.

Weak Liquidity, Negative Free Cash Flow Generation:

Despite Vanguarda's weak liquidity, it survived the global
liquidity crunch which resulted in the bankruptcy of several
Brazilian agribusinesses by leveraging its good relationships with
banks and suppliers as well as cutting investments in its
intensive working capital cattle and trading business.  The
company's liquidity relies primarily on working capital loans from
banks, as supplier financing and advances from customers became
scarce over the last year.  Although Vanguarda has been
refinancing short-term debt with some medium-term credit lines
with bankers, improving its debt maturity profile, refinancing
risk is still a concern.  As of Sept. 30, 2010, Vanguarda had
BRL443 million in total debt, of which BRL196 million, or 44%, was
short-term.  This ratio improved from 66% short-term debt in 2009.
However, cash on hand amounted to BRL9.5 million, covering only 5%
of short-term debt.

Vanguarda's free cash flow has been pressed by working capital and
CAPEX needs.  These requirements will be even higher in the future
due to the expansion of the company's hog operations.  As a
result, Fitch expects free FCF generation to remain negative for
the most part until the expansion of the hog operations reaches
its goal of 715,000 heads per year capacity during 2015.  The
company is seeking to finance its hog raising operations with
funding through Brazil's development bank, BNDES.  The first leg
of these loans is expected to be granted in 2011.

Highly Productive Land and Soybean Production Leadership:

Vanguarda is one of the leading producers of soybeans and cotton
in Brazil.  The company, and the controlling family, own 66,000
hectares of land and manage 150,000 hectares of highly productive
land, which are primarily located in the state of Mato Grosso.
The controlling family is expected to transfer its remaining
interests in the 66,000 hectares of land to the company, but
currently these assets remain outside of the company.

Given the weather conditions, topography, and operating expertise
of Vanguarda, the land managed by the company is amongst the most
productive in the world, yielding about 2.9 tons of soybeans per
hectare during the 2009/2010 crop.  Vanguarda has also been able
to harvest a secondary crop (cotton and corn) on approximately
half of its land.  However, company operations are exposed to
weather condition and crop plagues, affecting its productivity.

For the LTM ended Sept. 30, 2010, Vanguarda's revenues totaled
BRL490 million, of which 54% was generated by sales of non-
genetically modified organisms (non-GMO) soybean sales.  The state
of Mato Grosso only allows non-GMO soybean production, which
grants a pricing premium in the international markets.  Cotton is
its second main crop and represents about 40% of Vanguarda's
sales.

Grain Diversification, Protein Vertical Integration Could Mitigate
Cash Flow Volatility:

Soybean prices are volatile and output can be negatively affected
by plagues and weather conditions.  To mitigate some of the cash
flow volatility associated with these conditions, the company has
diversified into hogs.  The production of a secondary crop also
helps to offset the high working capital requirements of the
planting season for soybeans, as does the leasing of land in the
Brazilian state of Bahia, which has a different crop cycle than
the farms in Mato Grosso.  The company also plans to expand its
hog operations from its current capacity of 150,000 hpy to 715,000
hpy in 2015.  With this expansion, animal protein sales are
expected to represent approximately 30% of the company's total
revenues within the next five years up, from 9% during the LTM
ended Sept. 30, 2010.  Most of the feedstock for the company's
pork business is grown internally.

Key Rating Drivers:

A rating downgrade could be triggered by a rise in the company's
adjusted leverage, a restriction in cash flow generation even
during the positive commodities price trends, an inability to
continue rolling over short-term debt, a continuation of negative
FCF generation.

Factors that could result in a positive rating action include the
company's IPO, a sustained reduction in adjusted leverage ratio,
reduction of the company's reliance on short-term debt, further
revenue diversification, and/or the successful margin expansion
from its vertical integration growth plans.


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


ABL CAPITAL: Creditors' Proofs of Debt Due February 28
------------------------------------------------------
The creditors of ABL Capital Offshore Fund, Ltd. are required to
file their proofs of debt by February 28, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 29,
2010.

The company's liquidator is:

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


AVA AVIATION: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 1, 2010, the
shareholders of Ava Aviation Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350, Grand Cayman KY1-1108
          Cayman Islands


BEYONDSOFT GROUP: Creditors' Proofs of Debt Due February 22
-----------------------------------------------------------
The creditors of Beyondsoft Group Holdings Limited are required to
file their proofs of debt by February 22, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 14, 2011.

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


BLACKROCK APPRECIATION: Creditors' Proofs of Debt Due February 22
-----------------------------------------------------------------
The creditors of Blackrock Appreciation Fund, Ltd. are required to
file their proofs of debt by February 22, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 10, 2011.

The company's liquidators are:

          Melanie Harbron or Jean Ebanks
          Telephone: (345) 945-2187 / (345) 945-2197
          P.O. Box 30464, Grand Cayman KY1-1202
          Cayman Islands


CAPSTONE CAYMAN: Creditors' Proofs of Debt Due February 25
----------------------------------------------------------
The creditors of Capstone Cayman Buyout Fund Management, Ltd. are
required to file their proofs of debt by February 25, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on December 31, 2010.

The company's liquidators are:

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


COSMOS MULTI-STRATEGY: Creditors' Proofs of Debt Due February 21
---------------------------------------------------------------
The creditors of Cosmos Multi-Strategy Euro Fund, 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 January 11, 2011.

The company's liquidator is:

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


CRYSTAL FUND: Creditors' Proofs of Debt Due February 28
-------------------------------------------------------
The creditors of Crystal Fund SPC are required to file their
proofs of debt by February 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10, 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


ECM SERVICES: Creditors' Proofs of Debt Due February 21
-------------------------------------------------------
The creditors of ECM Services Limited 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 January 17, 2011.

The company's liquidator is:

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


HALBIS GLOBAL: Creditors' Proofs of Debt Due February 21
--------------------------------------------------------
The creditors of Halbis Global Opportunistic Alpha Master Fund,
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 January 7, 2011.

The company's liquidator is:

          Ogier
          c/o Phil Hughes
          Telephone: (345) 815 1402
          Facsimile: (345) 949-1986
          Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HALBIS GLOBAL: Creditors' Proofs of Debt Due February 21
--------------------------------------------------------
The creditors of Halbis Global Opportunistic Alpha Fund, 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 January 7, 2011.

The company's liquidator is:

          Ogier
          c/o Phil Hughes
          Telephone: (345) 815 1402
          Facsimile: (345) 949-1986
          Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HONEYDEW INVESTMENTS: Creditors' Proofs of Debt Due February 28
---------------------------------------------------------------
The creditors of Honeydew Investments Limited are required to file
their proofs of debt by February 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 11, 2011.

The company's liquidator is:

          Baraterre Limited
          Bahamas Financial Centre 2nd Floor
          Shirley & Charlotte streets
          P.O. Box N-4899, Nassau
          Bahamas
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, One Capital Place, Shedden Road,
          George Town, Grand Cayman KY1-1103
          Cayman Islands


INVESTCORP MINI-FUND: Creditors' Proofs of Debt Due March 14
------------------------------------------------------------
The creditors of Investcorp Mini-Fund 8 Limited are required to
file their proofs of debt by March 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10, 2011.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


JHJ INTERNATIONAL: Creditors' Proofs of Debt Due February 31
------------------------------------------------------------
The creditors of JHJ International Ltd are required to file their
proofs of debt by February 31, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 13, 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


KEMNAY FOCUS: Creditors' Proofs of Debt Due March 1
---------------------------------------------------
The creditors of Kemnay Focus Limited are required to file their
proofs of debt by March 1, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 11, 2011.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:  345 949-7128


MOLT INVESTMENT: Creditors' Proofs of Debt Due February 22
----------------------------------------------------------
The creditors of Molt Investment, Ltd. are required to file their
proofs of debt by February 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 27, 2010.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: (345) 815-1790
          Facsimile: (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZAO FUND: Creditors' Proofs of Debt Due February 22
---------------------------------------------------
The creditors of Zao Fund, Ltd. are required to file their proofs
of debt by February 22, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 10, 2011.

The company's liquidators are:

          Melanie Harbron or Jean Ebanks
          Telephone: (345) 945-2187 / (345) 945-2197
          P.O. Box 30464, Grand Cayman KY1-1202
          Cayman Islands


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


JAMALCO: Government Holds Onto Details of Refinery Sale
-------------------------------------------------------
RadioJamaica reports that the Jamaican government is still not
divulging details on negotiations for the sale of its stake in the
JAMALCO (Alcoa Minerals of Jamaica) refinery.  RadioJamaica
relates that last month it was revealed that Swiss giant Glencore
International was eyeing a deal which will make it 45% owner of
the refinery.

"The Prime Minister's Christmas message stands, these things take
time and [while] individuals are speaking and negotiating, we
cannot comment," RadioJamaica quotes Mining Minister James
Robertson as saying.

Prime Minister Bruce Golding, in his New Year's Message, said an
agreement had been reached to divest the government's stake in the
Clarendon-based alumina refinery, according to RadioJamaica.

Mr. Golding, the report relates, said it includes the cancellation
of the forward-sale contracts which have cost taxpayers more than
JM$12 billion since they were entered into in 2002.

The contracts were projected to cost the country a further JM$15
billion before their scheduled end in 2013, RadioJamaica adds.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs, or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News recalled Mr. Golding said the government is holding talks
with potential purchasers for its 45% stake in the Jamalco
refinery in south-central parish of Clarendon.  Aluminum giant
Alcoa holds 55% of the company, which has a production capacity of
1.4 million tons of alumina.


WINDALCO: UC Rusal Approves Reopening of Windalco-Kirkvine Plant
----------------------------------------------------------------
RadioJamaica reports that the board of UC Rusal has approved the
reopening of the Windalco-Kirkvine Plant to take effect on July 1,
2011.  However, RadioJamaica relates, the restart of mining
activities is subject to the approval by UC Rusal's international
lenders and further discussions with its partners on the project.

Production at the Windalco-Kirkvine Plant was temporarily
suspended in April 2009 due to cost-cutting measures, RadioJamaica
recounts.

RadioJamaica, citing an internet report, notes that the cost of
the restart of operations is expected to be approximately US$9.5
million while the plant commissioning budget is approximately
US$17.5 million.

                         About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


SECUREALERT INC: Inks GPS Monitoring Contract With Government
-------------------------------------------------------------
SecureAlert Inc. has reached a historic agreement with the Federal
Government of Mexico to provide Electronic Monitoring for
offenders in 2011 on behalf of the Secretary of Public Security
and the citizens of Mexico.

With this contract award, SecureAlert, VR Global Security
Consulting and International Surveillance Services Corporation
have partnered to deliver a central and dynamic monitoring center
capability in Mexico City that will monitor offenders 24 hours a
day, 7 days a week, 365 days a year throughout Mexico, utilizing
SecureAlert's real-time TrackerPALTM portfolio of GPS devices and
reliable real-time monitoring technologies.

"This is truly a historical day, both for the people and the
Federal Government of Mexico, as well as for SecureAlert and its
partners, who have all worked tirelessly for years together", said
John L. Hastings III, President and Chief Operating Officer of
SecureAlert, Inc.  "This is a transformational public safety
initiative and we are fully committed to delivering to Mexico the
most highly reliable Electronic Monitoring, Offender Tracking and
GPS solution available in the global marketplace today.

"Recent large and significant public safety commitments and
contracts in Mexico, The Bahamas, Brazil and Alaska further
demonstrate how far SecureAlert, Inc. has come in listening to the
global marketplace, focusing on quality and reliability, and of
being attentive to the specific cultural and local needs of its
government customers and the citizens they represent," concluded
Hastings.

                         About SecureAlert

Headquartered in Sandy, Utah, SecureAlert, Inc. (formerly
RemoteMDx, Inc.) (OTC BB: RMDX) -- http://www.securealert.com/--
and subsidiaries market and deploy offender management programs,
combining patented GPS tracking technologies, fulltime 24/7/365
intervention-based monitoring capabilities and case management
services.

During the fiscal year ended September 30, 2010, the Company had
net revenues of US$12.4 million compared with net revenues of
US$12.6 million for the fiscal year ended September 30, 2009, a
decrease of 1%.

The Company's balance sheet at September 30, 2010, showed US$11.19
million in total assets, US$8.06 million in total liabilities and
US$3.13 million in total equity.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, noted that the
Company has incurred losses, negative cash flows from operating
activities and has an accumulated deficit.  These conditions raise
substantial doubt about its ability to continue as a going
concern, according to the auditors.


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FIN'L: Deadline for Submission of Evidence to Commission Ends
----------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that the deadline for
submissions of evidence by members of the public to the Commission
of Enquiry into the failure of CL Financial Limited, its
subsidiaries and the Hindu Credit Union ended on Feb. 14, 2011.

Prime Minister Kamla Persad-Bissessar announced in October 2010
that the Commission will be investigating into the events
surrounding the collapse of the financial institutions, Trinidad
Express recounts.  In accordance with section two of the
Commission of Enquiry Act, the President subsequently appointed a
Commission of Enquiry into the failure of CL Financial Ltd,
Colonial Life Insurance Company (Trinidad) Ltd (CLICO), CLICO
Investment Bank, British American Insurance Company (Trinidad)
Ltd, Caribbean Money Market Brokers Ltd and the Hindu Credit Union
Cooperative Society Ltd, according to Trinidad Express.

The report relates that among the things the Commission will
consider is whether any criminal and civil proceedings can be
brought against any individual or entity.

Trinidad Express discloses that the Commission's terms of
reference state that it will make "such findings, observations and
recommendations arising out of its deliberations, as may be deemed
appropriate in relation to: Whether there are any grounds for
criminal and civil proceedings against any person or entity
whether criminal proceedings should therefore be recommended to
the Director of Public Prosecutions for his consideration; and
whether civil proceedings should be recommended to the Attorney
General for his consideration."

The enquiry will also seek to determine whether more could have
been done to protect, among others, depositors and shareholders of
CL Financial, Trinidad Express adds.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


=================
V E N E Z U E L A
=================


CRYSTALLEX INT'L: CVG Terminates Bolivar Mine Contract
------------------------------------------------------
Crystallex International Corporation announced that it has
received a letter from the Corporacion Venezolana de Guayana that
states that the Company's Mine Operating Contract for the Las
Cristinas Project in Bolivar State, Venezuela, has been
"unilaterally terminated" by the CVG.  The letter also enclosed a
copy of a resolution passed by the CVG on Feb. 3, 2011, which
states that the MOC is unilaterally terminated.  The resolution
cites, as the basis for the termination of the MOC, Crystallex's
lack of activity to progress the Las Cristinas Project for more
than one year and ".. . for reasons of opportunity and
convenience."

Crystallex has fully complied with all its obligations under the
MOC and has advanced Las Cristinas to a "shovel ready" state while
awaiting the issuance of the Authorization to Affect Natural
Resources from the Ministry of Environment and Natural Resources.
In June, 2007, the CVG confirmed that the approval of the
Crystallex Las Cristinas Environmental Impact Study, the posting
of the construction guarantee bond and the payment of the
environmental disturbance taxes represented the final and
conclusive step in the procedure for the issuance of the Permit
required to construct the Las Cristinas Project.  Notwithstanding
Crystallex's fulfillment of the conditions to receive the Permit,
MinAmb denied the request for the Permit in April 2008.  Despite
the Company's compliance with the MOC requirements and the CVG's
confirmation in August 2010 that the MOC was in full force and
effect, to date the Permit to allow project construction to
commence has not been issued.

Crystallex is reviewing its position in light of this
correspondence and is considering all steps necessary to protect
its investment on behalf of all its stakeholders including the
filing of the International Arbitration claim outlined in a
Notification of Dispute served by the Company on the Venezuelan
Government in November 2008.

                   About Crystallex International

Based in Toronto, Canada, Crystallex International Corporation
(TSX: KRY) (NYSE Amex: KRY) -- http://www.crystallex.com/-- is a
Canadian-based company, which has been granted the Mine Operating
Contract to develop and operate the Las Cristinas gold properties
located in Bolivar State, Venezuela.

The Company's balance sheet at Sept. 30, 2010, showed US$63.62
million in total assets, US$108.10 million in total liabilities,
and a stockholders' deficit of US$44.48 million.

"As at September 30, 2010, the Company had working capital of
US$12.50 million, including cash of $21.47 million.  Management
estimates that these funds will be sufficient to meet the
Company's obligations and budgeted expenditures for the
foreseeable future, but will not be sufficient to repay the
US$100.00 million notes payable due on December 23, 2011."


                            ***********


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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