TCRLA_Public/110217.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

           Thursday, February 17, 2011, Vol. 12, No. 34

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Moved From Houston Prison


B R A Z I L

INDEPENDENCIA SA: May Liquidate as Creditors Reject Rescue Plan


C A Y M A N   I S L A N D S

ABN AMRO MANAGEMENT: Creditors' Proofs of Debt Due March 4
ABN AMRO NOMINEES: Creditors' Proofs of Debt Due March 4
ALPINE PROPERTIES: Creditors' Proofs of Debt Due February 21
AR ASIA: Creditors' Proofs of Debt Due July 30
ASIA SPECIAL: Creditors' Proofs of Debt Due February 22

CABLE INVESTMENT: Creditors' Proofs of Debt Due March 1
CARMEL INVESTMENT: Creditors' Proofs of Debt Due February 21
CARTESIUS ADVISORS: Creditors' Proofs of Debt Due March 3
CAYMAN STANDARD: Commences Liquidation Proceedings
CAYMAN STANDARD: Commences Liquidation Proceedings

CHESTER GLOBAL: Creditors' Proofs of Debt Due March 3
CORP ONE: Creditors' Proofs of Debt Due February 21
CORP TWO: Creditors' Proofs of Debt Due February 21
ENERGY FLOWINVEST: Commences Liquidation Proceedings
FIRST HONG KONG: Creditors' Proofs of Debt Due March 4

FLOWINVEST FUNDING: Commences Liquidation Proceedings
FUEL FLOWINVEST: Commences Liquidation Proceedings
GAS FLOWINVEST: Commences Liquidation Proceedings
ICP STRATEGIC: Placed Under Voluntary Wind-Up
INVESTCORP HAWKSTONE: Creditors' Proofs of Debt Due March 3

MENTUM FUND: Creditors' Proofs of Debt Due March 3
OIL FLOWINVEST: Commences Liquidation Proceedings
PETRO FLOWINVEST: Commences Liquidation Proceedings
PLANETON GP: Creditors' Proofs of Debt Due February 28
POPLAR HOLDINGS: Creditors' Proofs of Debt Due February 23

RUHRAL DEAL: Creditors' Proofs of Debt Due March 1
TRANS PACIFIC: Appoints Cleaver and Silivia as Liquidators
YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21
YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21
YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21


J A M A I C A

* JAMAICA: National Debt Continues to Rise


M E X I C O

INVERSIONES ALSACIA: Fitch Changes Rating on Senior Bonds to 'BB'
MEXICANA AIRLINES: In Talks With IATA to Rejoin Systems


T R I N I D A D  &  T O B A G O

HINDU CREDIT UNION: Seeks to Block Firm Inquiry


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


STANFORD INT'L: Owner Moved From Houston Prison
-----------------------------------------------
L.M. Sixel at Houston Chronicle reports that Stanford
International Bank Limited owner Robert Allen Stanford, ruled
incompetent to stand trial because of addiction to drugs he's
received while in federal custody, is being moved from Houston to
a different detention facility.

Traci Billingsley, spokeswoman for the Federal Bureau of Prisons
in Washington, confirmed that Mr. Stanford has left the federal
detention center in downtown Houston, according to Houston
Chronicle.

As reported in the Troubled Company Reporter-Latin America on
January 28, 2011, The Wall Street Journal said that Judge Hittner
found Mr. Stanford incompetent to stand trial following
conclusions by three psychiatrists that Mr. Stanford is mentally
impaired.  According to The Wall Street Journal, the decision by
Judge Hittner means Mr. Stanford's trial, originally scheduled to
begin this month, could be delayed at least through the second
half of the year.  The report disclosed that Mr. Stanford's
condition, according to the experts, has deteriorated since he was
incarcerated in mid-2009 due to a combination of factors,
including a head injury suffered in a confrontation with another
inmate, a major depressive disorder and excessive medication for
anxiety and depression, to which he has become addicted.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


INDEPENDENCIA SA: May Liquidate as Creditors Reject Rescue Plan
---------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Independencia SA may
liquidate after the majority of its creditors rejected a rescue
plan.

The plan "didn't obtain minimum adhesion from creditors," the
company's lawyer Luiz Fernando Paiva said at a meeting with about
130 representatives of creditors in Sao Paulo, according to
Bloomberg.  The company will seek to sell all its meatpacking
plants and assets in an "organized liquidation," he revealed.

Bloomberg recounts that Independencia SA, which filed for
bankruptcy protection in February 2009 then halted production in
October 2010, backed the rescue plan as a way to avoid forced
liquidation.  Bloomberg relates that on Sept. 30, the company
missed an interest payment on its 2015 senior notes.  It was due
to pay about US$12 million on US$165 million of its 15% bonds,
according to data compiled by Bloomberg.

Bloomberg notes that the plan presented Jan. 31 to creditors by
Alfredo Chang, representative of potential investors, proposed
swapping 2016 bonds for convertible debt and included a 60-month
grace period on 2015 bond payments.  The proposal also included
creating a new company, as well as delaying bank-loan payments by
40 months and cattle-rancher debt payments by 24 months, Bloomberg
discloses.

"If creditors don't approve the proposal, then we would probably
see a case of forced liquidation," Mr. Paiva told reporters,
Bloomberg notes.

Creditors are set to reconvene on March 3 to vote on the
liquidation.

                       About Independencia SA

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

                           *     *     *

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


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


ABN AMRO MANAGEMENT: Creditors' Proofs of Debt Due March 4
----------------------------------------------------------
The creditors of ABN Amro Management (Cayman) Limited are required
to file their proofs of debt by March 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on January 13, 2011.

The company's liquidator is:

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


ABN AMRO NOMINEES: Creditors' Proofs of Debt Due March 4
--------------------------------------------------------
The creditors of ABN Amro Nominees (Cayman) Limited are required
to file their proofs of debt by March 4, 2011, be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 13, 2011.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on January 12, 2011.

The company's liquidator is:

          William L. Nash III
          c/o Alan G. de Saram
          Telephone: 949-4544
          Facsimile: 949-8460
          Charles Adams Ritchie & Duckworth
          Zephyr House, 122 Mary Street
          P.O. Box 709, Grand Cayman, KY1-1107
          Cayman Islands


AR ASIA: Creditors' Proofs of Debt Due July 30
----------------------------------------------
The creditors of AR Asia Select Fund are required to file their
proofs of debt by July 30, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 18, 2010.

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


ASIA SPECIAL: Creditors' Proofs of Debt Due February 22
-------------------------------------------------------
The creditors of Asia Special Situations GJP1 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 17, 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


CABLE INVESTMENT: Creditors' Proofs of Debt Due March 1
-------------------------------------------------------
The creditors of Cable Investment Management Ltd are required to
file their proofs of debt by March 1, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 15,
2010.

The company's liquidator is:

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


CARMEL INVESTMENT: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------------
The creditors of Carmel Investment Fund are required to file their
proofs of debt by February 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 31,
2010.

The company's liquidator is:

          Robert Smith
          c/o Alan G. de Saram
          Telephone: 949-4544
          Facsimile: 949-8460
          Charles Adams Ritchie & Duckworth
          Zephyr House, 122 Mary Street
          P.O. Box 709, Grand Cayman, KY1-1107
          Cayman Islands


CARTESIUS ADVISORS: Creditors' Proofs of Debt Due March 3
---------------------------------------------------------
The creditors of Cartesius Advisors GP Ltd are required to file
their proofs of debt by March 3, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 31,
2010.

The company's liquidator is:

          Niall Goodsir-Cullen
          c/o Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


CAYMAN STANDARD: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on December 31, 2010, the members
of Cayman Standard Corporate Services Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Troy M. R. Jacob
          Telephone: (345) 926-1100
          c/o P.O. Box 2758
          103 Carmen Blvd, Grand Cayman KY1-1111
          Cayman Islands


CAYMAN STANDARD: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on December 31, 2010, the members
of Cayman Standard Corporate Services Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Troy M. R. Jacob
          Telephone: (345) 926-1100
          c/o PO Box 2758, 103 Carmen Blvd
          Grand Cayman KY1-1111
          Cayman Islands


CHESTER GLOBAL: Creditors' Proofs of Debt Due March 3
-----------------------------------------------------
The creditors of Chester Global Emerging Markets Fund Ltd. are
required to file their proofs of debt by March 3, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 14, 2011.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands


CORP ONE: Creditors' Proofs of Debt Due February 21
---------------------------------------------------
The creditors of Corp One, 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 December 31, 2010.

The company's liquidator is:

          Jon Edward Goldman
          c/o Campbell Corporate Services Limited
          Scotia Centre
          P. O.  Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:  (345) 949 2648


CORP TWO: Creditors' Proofs of Debt Due February 21
---------------------------------------------------
The creditors of Corp Two, 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 December 31, 2010.

The company's liquidator is:

          Jon Edward Goldman
          c/o Campbell Corporate Services Limited
          Scotia Centre
          P. O.  Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:  (345) 949 2648


ENERGY FLOWINVEST: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on January 13, 2011, the members
of Energy Flowinvest Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


FIRST HONG KONG: Creditors' Proofs of Debt Due March 4
------------------------------------------------------
The creditors of First Hong Kong Title Limited are required to
file their proofs of debt by March 4, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 16, 2010.

The company's liquidator is:

          Philip Andrew Walden
          c/o P.O. Box 10338, Grand Cayman KY1-1003
          Telephone:  345-949-7232
          e-mail: clawrence@ky.equitytrust.com
          Cayman Islands


FLOWINVEST FUNDING: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on January 12, 2011, the members
of Flowinvest Funding Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
February 13, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


FUEL FLOWINVEST: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on January 13, 2011, the members
of Fuel Flowinvest Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


GAS FLOWINVEST: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on January 13, 2011, the members
of Gas Flowinvest Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


ICP STRATEGIC: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 23, 2010, the Grand Court of Cayman Islands entered an
order that winds up the operations of ICP Strategic Credit Income
Master Fund Ltd.

The company's liquidator is:

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


INVESTCORP HAWKSTONE: Creditors' Proofs of Debt Due March 3
-----------------------------------------------------------
The creditors of Investcorp Hawkstone SLP Limited are required to
file their proofs of debt by March 3, 2011, be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 31,
2010.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


MENTUM FUND: Creditors' Proofs of Debt Due March 3
--------------------------------------------------
The creditors of Mentum Fund Limited are required to file their
proofs of debt by March 3, 2011, be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 31,
2010.

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


OIL FLOWINVEST: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on January 13, 2011, the members
of Oil Flowinvest Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


PETRO FLOWINVEST: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on January 13, 2011, the members
of Petro Flowinvest Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
February 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


PLANETON GP: Creditors' Proofs of Debt Due February 28
------------------------------------------------------
The creditors of Planeton GP 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 20, 2011.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


POPLAR HOLDINGS: Creditors' Proofs of Debt Due February 23
----------------------------------------------------------
The creditors of Poplar Holdings Ltd. are required to file their
proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 5, 2011.

The company's liquidator is:

          David Shute
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P.O. Box 10147, Grand Cayman KY1-1002
          Cayman Islands


RUHRAL DEAL: Creditors' Proofs of Debt Due March 1
--------------------------------------------------
The creditors of Ruhral Deal 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 liquidation proceedings on January 20, 2011.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


TRANS PACIFIC: Appoints Cleaver and Silivia as Liquidators
----------------------------------------------------------
On January 11, 2011, the Grand Court of the Cayman Islands entered
an order for the appointment of G. James Cleaver and Brian Silivia
as liquidators of Trans Pacific Insurance Corporation.

The liquidators can be reached at:

          G. James Cleaver
          Zolfo Cooper
          P.O. Box 1102, Grand Cayman KY1-1102
          4th Floor, Building 3, Cayman Financial Centre
          George Town
          Cayman Islands

          Brian Silivia
          BRI Ferrier, Level 13
          1 Castlereagh Street
          Sydney NSW 2000
          Australia


YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21
------------------------------------------------------------
The creditors of Yaguarete Forests Holdings LDC are required to
file their proofs of debt by February 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on January 20, 2011.

The company's liquidator is:

          Antoinettta D. Mucilli
          6363 Main Street, Williamsville
          NY 14221
          U.S.A.


YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21
------------------------------------------------------------
The creditors of Yaguarete Forests Proceso LDC are required to
file their proofs of debt by February 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on January 20, 2011.

The company's liquidator is:

          Antoinettta D. Mucilli
          6363 Main Street, Williamsville
          NY 14221
          U.S.A.


YAGUARETE FORESTS: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------------
The creditors of Yaguarete Forests Tierra LDC are required to file
their proofs of debt by February 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 20, 2011.

The company's liquidator is:

          Antoinettta D. Mucilli
          6363 Main Street, Williamsville
          NY 14221
          U.S.A.


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


* JAMAICA: National Debt Continues to Rise
------------------------------------------
RadioJamaica reports that Jamaica Finance Minister Audley Shaw
said he successfully borrowed US$400 million at the lowest rate
Jamaica has ever borrowed money on the international capital
markets.

Mr. Shaw, who went on a whirlwind sales mission to raise the
money, said the amount was borrowed at 7 point 95%, according to
RadioJamaica.  The report relates that it was pointed out that the
offer was overwhelmingly oversubscribed reflecting that the
international community has confidence in the government meeting
its repayments.

RadioJamaica discloses that the money that was borrowed will be
used to repay loans of the same amount that matures in May this
year.

Last year, RadioJamaica recounts, the Minister said he would be
seeking to borrow the money at no more than 8%.

                            *     *     *

As of February 16, 2011, Jamaica continues to carry Standard and
Poor's "B-" currency long-term debt ratings and "C" currency
short-term debt ratings.  The country continues to carry Moody's
"B3" country ceiling foreign bank deposit rating and "Ba3" country
ceiling long-term foreign currency debt rating.


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


INVERSIONES ALSACIA: Fitch Changes Rating on Senior Bonds to 'BB'
-----------------------------------------------------------------
Fitch Ratings has revised the expected rating assigned to
Inversiones Alsacia's US$464 million senior secured bonds to
'BB(exp)' from 'BB+(exp)' .  The bonds are expected to be issued
in accordance with Rule 144A of the Securities Act in the U.S.
and pursuant to Regulation S outside the U.S.  The revised rating
is based on changes in interest rates to 8% from 7.5% along with
other changes in the capital structure.  Although the change in
interest rate is 50 basis points, the modification sufficiently
reduces the project's financial flexibility to a level
commensurate with a 'BB' rating.  Fitch has been assured that no
further changes are expected to materialize prior to financial
closing.  The final rating is contingent upon the receipt of final
documents conforming to information already received.

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

The transaction will result in the acquisition of shares of
Express not currently owned by GPS Group (Alsacia's owner) and the
refinancing of all the existing debt of both Alsacia and Express.
As of February 14, GPS Group already owns 47% of Express and will
acquire the remaining 53% of the shares with part of the proceeds
from the bond offering.  The greater portion of the proceeds will
be used to prepay outstanding loans (including fees and penalties)
of both companies.

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

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

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

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

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

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

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

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

Key Rating Drivers:

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

Credit Summary:

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

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

Key Credit Strengths:

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

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

  -- There is no refinancing risk.

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

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

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

  -- Limited exposure to demand risk.

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

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

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

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

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

Key Credit Concerns:

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

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

  -- Labor union ability to hamper activities and operations.

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

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


MEXICANA AIRLINES: In Talks With IATA to Rejoin Systems
-------------------------------------------------------
Paul Kiernan at Dow Jones Newswires reports that Compania Mexicana
de Aviacion or Mexicana Airlines is in discussions with the
International Air Transport Association (IATA), to possibly rejoin
key ticketing and settlement systems as the company seeks to
emerge from bankruptcy proceedings.

"They have reached out to IATA and we are currently in talks," Dow
Jones quotes an unnamed spokesman for the Association as saying.
"If Mexicana is able to comply with the rules of the system and
submit the necessary security deposit, they are welcome to again
become active," the spokesman said, according to the report.

Dow Jones' Newswires recounts that IATA suspended Mexicana
Airlines in August from its financial settlement system, used by
most travel agencies to book airline tickets, and inter-airline
billing clearinghouse when the carrier was unable to post a
security deposit.  The report relates that Mexicana Airlines,
along with domestic subsidiaries Click and Link, were grounded
later that month amid bankruptcy proceedings.

Airlines can sell tickets directly to customers without using
IATA's systems, the spokesman noted, Dow Jones' Newswires relates.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2011, Bloomberg News said that Labor Minister Javier
Lozano said 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, Bloomberg noted.

                    About Mexicana Airlines

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.


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


HINDU CREDIT UNION: Seeks to Block Firm Inquiry
-----------------------------------------------
Curtis Rampersad at Trinidad Express reports that attorneys
representing Hindu Credit Union (HCU) and its President Harry
Harnarine filed an application in the High Court for judicial
review of Trinidad and Tobago President George Maxwell Richards's
decision to appoint a Commission of Enquiry into the company.

The commission, expected to begin in a few months, will also
enquire into the failure of the CL Financial Limited and its
subsidiary wealth management companies, according to Trinidad
Express.

Attorney Wesley Debideen of Mansfield Chambers in Port of Spain
filed the HCU's application at 3:00 p.m., Feb. 14, 2011, in the
High Court, Port of Spain.

Trinidad Express notes that the application names Attorney General
Anand Ramlogan and the lone commissioner in the enquiry, Queen's
Counsel Sir Anthony Colman, as respondents.  The report relates
that Mr. Harnarine and the HCU are seeking an order that the
credit union be granted leave for judicial review of the
President's decision to issue a Commission of Enquiry into HCU.

The HCU seeks to have the judicial review act as a stay of
proceedings against the Commission of Enquiry and further asks the
High Court to quash the decision of the President to issue the
Commission of Enquiry, according to filed court documents,
Trinidad Express notes.  The report relates that HCU wants the
court to declare the commission null and void, that it is an abuse
of the court's process, and that it is unlawful and illegal, among
other requests.

Trinidad Express says that HCU also wants Attorney General
Ramlogan to recuse himself from matters involving the HCU.

The application suggested that there were several current criminal
and civil matters before the courts involving the HCU and a
Commission of Enquiry at the same time would be an abuse of
process, the report adds.

                         About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Caribbean Insolvency Symposium
      Westin Casuarina Resort & Spa, Grand Cayman Island
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Valcon
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
         Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/




                            ***********

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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