TCRLA_Public/110218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, February 18, 2011, Vol. 12, No. 35

                            Headlines



A R G E N T I N A

TRANSPORTADORA DE GAS: Regulator Extends Intervention for 120 Days


B R A Z I L

GALVAO PARTICIPACOES: Fitch Assigns 'B+' Issuer Default Ratings


C A Y M A N   I S L A N D S

AMADEUS TRUST: Creditors' Proofs of Debt Due March 2
AR ASIA SELECT: Shareholders' Final Meeting Set for July 30
ASIA SPECIAL: Shareholders' Final Meeting Set for February 22
AVA AVIATION: Shareholders' Final Meeting Set for March 1
BEYONDSOFT GROUP: Members' Final Meeting Set for February 22

BLACKROCK APPRECIATION: Shareholders' Meeting Set for February 22
CARDINAL INSURANCE: Creditors' Proofs of Debt Due March 2
COSMOS MULTI-STRATEGY: Members' Final Meeting Set for February 28
CRYSTAL FUND: Members' Final Meeting Set for March 1
FAMILIES INVESTMENT: Shareholders' Final Meeting Set for Feb. 21

FIRST HONG KONG: Shareholder to Receive Wind-Up Report on March 11
FLOWINVEST FUNDING: Shareholders' Final Meeting Set for Feb. 28
GAS FLOWINVEST: Shareholders' Final Meeting Set for March 1
HALBIS GLOBAL: Shareholder to Receive Wind-Up Report on Feb. 25
HALBIS GLOBAL: Shareholder to Receive Wind-Up Report on Feb. 25

HONEYDEW INVESTMENTS: Shareholders' Final Meeting Set for March 1
INVESTCORP HAWKSTONE: Shareholders' Final Meeting Set for March 17
INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for March 21
JHJ INTERNATIONAL: Members' Final Meeting Set for March 1
KEMNAY FOCUS: Members' Final Meeting Set for March 1

MENTUM FUND: Shareholders' Final Meeting Set for March 3
MOLT INVESTMENT: Shareholder to Receive Wind-Up Report on March 1
OIL FLOWINVEST: Shareholders' Final Meeting Set for March 1
PLANETON GP: Members' Final Meeting Set for March 4
POPLAR HOLDINGS: Shareholders' Final Meeting Set for March 2

RUHRAL DEAL: Shareholders' Final Meeting Set for March 4
YAGUARETE FORESTS: Members' Final Meeting Set for February 22
YAGUARETE FORESTS: Members' Final Meeting Set for February 22
YAGUARETE FORESTS: Members' Final Meeting Set for February 22
ZAO FUND: Shareholders' Final Meeting Set for February 22


J A M A I C A

WINDALCO: Union Welcomes News of Plant Reopening


M E X I C O

PATRIMONIO SA: S&P Affirms Ratings on Various RMBS Transactions


P U E R T O   R I C O

CARIAN MANAGEMENT: Plan Confirmation Hearing Continued to March 23
CARIBBEAN PETROLEUM: Insurer to Pursue Lawsuit Against Firm
MAYAGUEZ ADVANCED: MEDHS's Suit vs. SISSO Moved Back to State Ct.
MEDICAL EDUCATION: Suit vs. SISSO Goes Back to State Court
RJ WAREHOUSE: Case Summary & 10 Largest Unsecured Creditors




                            - - - - -


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A R G E N T I N A
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TRANSPORTADORA DE GAS: Regulator Extends Intervention for 120 Days
------------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Argentina's natural-gas
regulator, Enargas, said it has extended its intervention in one
of the Country's leading natural-gas distribution companies,
Transportadora de Gas del Norte SA, or TGN, for four months.

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 19, 2009, Fitch Ratings assigned Transportadora Gas del
Norte's proposed exchange note offering of US$247.3 million seven
year notes (new notes) a rating of the 'CCC' and a recovery rating
of 'RR4'.  The new notes have been assigned a long-term national
scale rating of 'BB(arg)'.  The Rating Outlook is Stable.  In
addition, Fitch has assigned preliminary local and foreign
currency Issuer Default Ratings of 'CCC', which would replace the
currently outstanding local and foreign currency IDRs of 'D' upon
completion of the debt restructuring.


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B R A Z I L
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GALVAO PARTICIPACOES: Fitch Assigns 'B+' Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has assigned initial 'B+' foreign and local currency
Issuer Default Ratings and a National Scale rating of 'A-(bra)' to
Galvao Participacoes S.A.  The Rating Outlook for the corporate
ratings is Stable.

The ratings reflect the strong financial link and integration of
GALPAR with its fully owned subsidiary Galvao Engenharia S.A., the
Galvao group's main operating company and, historically, the cash
generator of the group.  GESA is ranked among the 10 largest
Brazilian contractor companies.  GESA's 'A-(bra)' Long-Term
National Scale rating incorporate the group's adequate liquidity
and debt amortization schedule and the expectation that
operational margins will recover in the short term to be more in
line with the sector average.  The growth of GESA's backlog, with
lower concentration in public sector, was also considered in the
analysis.

GALPAR and GESA's ratings are constrained by the financial burden
placed on the company as it enters new but somewhat related
business.  In the last couple of years, GALPAR and GESA issued new
debt to support high financing needs of Galvao group's new
infrastructure businesses in sewage & water distribution,
renewable energy and oil & gas sectors, which are still in a pre-
operational phase or with low cash generation capacity.  The
group's strategy to continue to support the investments in other
companies may lead to higher leverage and could pressure GALPAR's
ratings.

The relevance of the heavy construction business to the group
supports GALPAR, and as a result, GESA's and GALPAR's ratings are
strongly linked; a deterioration of GESA's credit quality could
have a negative effect on GALPAR's ratings.  Lower evidence of
integration of GESA with GALPAR and the relevance of its business
and financial support could also impact GALPAR's ratings.  On an
individual basis -- without the support, the business integration,
and the strong links between GALPAR and GESA -- GALPAR's ratings
would be lower.

                       Gesa Key Group Asset

GESA is the main operating company and cash generator of the
Galvao group.  In the first half of 2010, GESA represented about
98% of the group's consolidated revenues and 111% of the EBITDA,
and provided upstream guarantees for 64% of GALPAR's consolidated
debt.  The other subsidiaries of the group are beginning
operations or in a pre-operational phase, with low or still
negative contribution to the group's consolidated results.  These
companies are expected to generate positive and relevant results
in two to three years.

     Gesa's Operating Margins Pressured, Expected To Recover

GESA reported consistent revenues growth since 2007.  However, the
increased competition and higher scale of work contracts with
lower margins, combined with a seasonally lower revenue flow from
public sector clients in the first half of the year, led to lower
operational results in the first six months of 2010.  In this
period, GESA reported BRL1.2 billion of net revenues and EBITDA of
BRL75 million, compared with BRL2.1 billion and BRL340 million,
respectively, during the year of 2009.  GESA's EBITDA margin was
reduced to 6.4% from 16.6% in 2009 when it benefited from some
contracts with higher than industry average margins.  GESA has the
challenge to improve its operational results in the next couple of
years.  Fitch expects a partial recovery of GESA's EBITDA
generation and margins to around BRL195 million and 8.5% by the
end of 2010, respectively, and an increase of its margins to
around 10% in 2011 and 2012.

Given the importance of the construction business to the group's
consolidated results, GALPAR's EBITDA margins also were reduced
during the first half of 2010.  In this period, GALPAR reported a
lower EBITDA of BRL67 million and EBITDA margin of 5.7%, which
incorporates the negative contributions from the new businesses.
GALPAR was formed in October 2009, thus comparable results are not
available.  Fitch expects an improvement in GALPAR's operational
results and EBITDA should grow to around BRL177 million and EBITDA
margin to 7.4% in 2010, reflecting the expected stronger revenue
flow from public sector clients in the second half of the year.
EBITDA margin should further improve to more than 8% in 2011.

Lower operational margins negatively impacted GESA's cash
generation capacity and, as a consequence, the group's
consolidated performance.  In the first half of 2010, GALPAR
reported funds from operations of only BRL1 million and negative
cash flow from operations of BRL308 million, as GESA's working
capital requirements were high in the period.  With investments of
BRL90 million and dividends of BRL17 million, free cash flow was
negative BRL415 million during the first half of the year.  Fitch
expects some improvement in the group's cash generation during the
second half of 2010; however, consolidated CFFO should remain
negative at the end of 2010.  For 2011, Fitch expects a positive
CFFO of around BRL170 million.

      New Businesses Increases Leverage, Constrains Ratings

GALPAR's total debt increased to BRL645 million at the end of June
2010 (compared to BRL435 million at end 2009) to support the
group's ongoing expansion.  Leverage, measured as total adjusted
debt/EBITDA, increased to 4.8 times, from 2.1x over the same
period, while net leverage increased to 3.4x, from 0.7x.  Higher
leverage reflects weak EBITDA generation and higher debt in the
period.  Fitch expects leverage to reduce to around 4.3x by end
2010 and to 3.0x in 2011.

Investments of about BRL1 billion between 2011 and 2013 could
pressure Galvao group consolidated credit metrics.  During 2009
and 2010, GESA and GALPAR supported and guaranteed a great part of
the group's investments in sewage & water distribution through
Companhia de Aguas do Brasil - CAB Ambiental S.A. and renewable
energy through Galvao Energia Participacoes Ltda.  The strategic
decision of the group to continue to provide guarantees to the new
companies could increase leverage and pressure the ratings.

              Adequate Liquidity and Debt Structure

At end June 2010, GALPAR's cash and marketable securities was
BRL193 million, a reduction compared to BRL289 million reported in
December 2009.  However, liquidity remained satisfactory and
sufficient to cover 270% of its short-term debt and 88% of total
debt maturities up to the end of 2012.  GALPAR has an adequate
debt maturity profile, with only 11% of total debt, or BRL71
million, maturing in the short term and 33% up to 2012.  Fitch
expects an increase in the company's liquidity by the end of 2010
to around BRL250 million, reflecting the expected higher cash
generation for the second half of the year.  In 2011 and 2012,
GALPAR's liquidity could be pressured by high investments in the
operational subsidiaries of the group.  Fitch expects the group to
preserve a conservative cash position and to efficiently manage
its debt amortizations.

        Gesa's High Backlog Should Sustain Business Growth

Demand for infrastructure projects considerably increased over the
last two years in Brazil and stimulated GESA's backlog growth.
GESA's total backlog was BRL4.9 billion in November 2010, 2.1
times higher than the BRL2.3 billion reported in December 2009.
Of the total backlog, 62% represented contracts related to the oil
& gas sector, 29% were public sector clients, and 9% were private
and energy sectors compared with 38%, 47% and 15%, respectively,
at the end of 2009.  The increased concentration with the
Brazilian oil and gas sector is positive and lowers counterparty
payment risk versus the public sector.  The higher scale of GESA's
activities should benefit the group's consolidated cash generation
capacity.

               Potential Rating or Outlook Drivers

The ratings can be negatively affected by factors causing
deterioration of GALPAR's consolidated performance, as well as its
core operating subsidiary GESA, leading to further decline of
EBITDA margins.  Negative rating actions could also be driven by
lower liquidity position, weakened capital structure and higher
leverage.

The ratings can be positively affected by a consistent
strengthening of consolidated performance, operational margins and
liquidity.  The maintenance of more conservative leverage ratios
and continued and diversified increase of backlog could also
positively impact the ratings.  Any change in GESA's rating could
also impact GALPAR's ratings.


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C A Y M A N   I S L A N D S
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AMADEUS TRUST: Creditors' Proofs of Debt Due March 2
----------------------------------------------------
The creditors of Amadeus Trust Company Ltd. are required to file
their proofs of debt by March 2, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 30,
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


AR ASIA SELECT: Shareholders' Final Meeting Set for July 30
-----------------------------------------------------------
The shareholders of Ar Asia Select Fund will hold their final
meeting on July 30, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


ASIA SPECIAL: Shareholders' Final Meeting Set for February 22
-------------------------------------------------------------
The shareholders of Asia Special Situations GJP1 Limited will hold
their final meeting on February 22, 2011, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


AVA AVIATION: Shareholders' Final Meeting Set for March 1
---------------------------------------------------------
The shareholders of Ava Aviation Ltd. will hold their final
meeting on March 1, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BEYONDSOFT GROUP: Members' Final Meeting Set for February 22
------------------------------------------------------------
The members of Beyondsoft Group Holdings Limited will hold their
final meeting on February 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


BLACKROCK APPRECIATION: Shareholders' Meeting Set for February 22
-----------------------------------------------------------------
The shareholders of Blackrock Appreciation Fund, Ltd. will hold
their final meeting on February 22, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARDINAL INSURANCE: Creditors' Proofs of Debt Due March 2
---------------------------------------------------------
The creditors of Cardinal Insurance Company are required to file
their proofs of debt by March 2, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 18, 2011.

The company's liquidator is:

          Richard Price
          1030 Delta Blvd, Dept 858
          Atlanta, GA  30354
          U.S.A.


COSMOS MULTI-STRATEGY: Members' Final Meeting Set for February 28
-----------------------------------------------------------------
The members of Cosmos Multi-Strategy Euro Fund, Ltd. will hold
their final meeting on February 28, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CRYSTAL FUND: Members' Final Meeting Set for March 1
----------------------------------------------------
The members of Crystal Fund SPC will hold their final meeting on
March 1, 2011, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


FAMILIES INVESTMENT: Shareholders' Final Meeting Set for Feb. 21
----------------------------------------------------------------
The shareholders of Families Investment Strategy will hold their
final meeting on February 21, 2011, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Zaid El-Khoury
          6 Carlyle Mansion
          Cheyne Walk
          London, SW3 5LS


FIRST HONG KONG: Shareholder to Receive Wind-Up Report on March 11
------------------------------------------------------------------
The sole shareholder of First Hong Kong Title Limited will receive
on March 11, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FLOWINVEST FUNDING: Shareholders' Final Meeting Set for Feb. 28
---------------------------------------------------------------
The shareholders of Flowinvest Funding Limited will hold their
final meeting on February 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for March 1
-----------------------------------------------------------
The shareholders of Gas Flowinvest Capital Limited will hold their
final meeting on March 1, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


HALBIS GLOBAL: Shareholder to Receive Wind-Up Report on Feb. 25
---------------------------------------------------------------
The sole shareholder of Halbis Global Opportunistic Alpha Fund,
Ltd. will receive on February 25, 2011, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HALBIS GLOBAL: Shareholder to Receive Wind-Up Report on Feb. 25
---------------------------------------------------------------
The sole shareholder of Halbis Global Opportunistic Alpha Master
Fund, Ltd. will receive on February 25, 2011, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HONEYDEW INVESTMENTS: Shareholders' Final Meeting Set for March 1
-----------------------------------------------------------------
The shareholders of Honeydew Investments Limited will hold their
final meeting on March 1, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP HAWKSTONE: Shareholders' Final Meeting Set for March 17
------------------------------------------------------------------
The shareholders of Investcorp Hawkstone SLP Limited will hold
their final meeting on March 17, 2011, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for March 21
------------------------------------------------------------------
The shareholders of Investcorp Mini-Fund 8 Limited will hold their
final meeting on March 21, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members' Final Meeting Set for March 1
---------------------------------------------------------
The members of JHJ International Limited will hold their final
meeting on March 1, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members' Final Meeting Set for March 1
----------------------------------------------------
The members of Kemnay Focus Limited will hold their final meeting
on March 1, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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


MENTUM FUND: Shareholders' Final Meeting Set for March 3
--------------------------------------------------------
The shareholders of Mentum Fund Limited will hold their final
meeting on March 3, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


MOLT INVESTMENT: Shareholder to Receive Wind-Up Report on March 1
-----------------------------------------------------------------
The sole shareholder of Molt Investment, Ltd. will receive on
March 1, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Martina de Lima
          Telephone: 345.815.1790
          Facsimile: (345) 949-9877


OIL FLOWINVEST: Shareholders' Final Meeting Set for March 1
-----------------------------------------------------------
The shareholders of Oil Flowinvest Capital Limited will hold their
final meeting on March 1, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members' Final Meeting Set for March 4
---------------------------------------------------
The members of Planeton GP will hold their final meeting on
March 4, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104
          Cayman Islands


POPLAR HOLDINGS: Shareholders' Final Meeting Set for March 2
------------------------------------------------------------
The shareholders of Poplar Holdings Ltd will hold their final
meeting on March 2, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RUHRAL DEAL: Shareholders' Final Meeting Set for March 4
--------------------------------------------------------
The shareholders of Ruhral Deal Limited will hold their final
meeting on March 4, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984, Grand Cayman KY1-1104
          Cayman Islands


YAGUARETE FORESTS: Members' Final Meeting Set for February 22
-------------------------------------------------------------
The members of Yaguarete Forests Holdings LDC will hold their
final meeting on February 22, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ronald J. Tanski
          6363 Main Street, Williamsville, NY 14221
          U.S.A.


YAGUARETE FORESTS: Members' Final Meeting Set for February 22
-------------------------------------------------------------
The members of Yaguarete Forests Proceso LDC will hold their final
meeting on February 22, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


YAGUARETE FORESTS: Members' Final Meeting Set for February 22
-------------------------------------------------------------
The members of Yaguarete Forests Tierra LDC will hold their final
meeting on February 22, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZAO FUND: Shareholders' Final Meeting Set for February 22
---------------------------------------------------------
The shareholders of Zao Fund, Ltd. will hold their final meeting
on February 22, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Melanie Harbron
          c/o 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
=============


WINDALCO: Union Welcomes News of Plant Reopening
------------------------------------------------
RadioJamaica reports that representatives of at least one union
welcomed the news that the UC Rusal-owned West Indies Alumina
Company (WINDALCO) bauxite plant in Kirkvine, Manchester, will be
resuming operations on July 1.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2011, RadioJamaica said that the board of UC Rusal has
approved the reopening of the Windalco-Kirkvine Plant.  However,
RadioJamaica related, 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 recounted.
RadioJamaica, citing an internet report, noted 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.

Vincent Morrison, president of the National Workers Union (NWU),
said production workers in particular have been waiting with bated
breath for the bauxite sector to recover, RadioJamaica notes.

Meanwhile, RadioJamaica relates, Mr. Morrison also noted that he
was still awaiting a response from the government to assist
workers who were displaced by the initial closure.

About 1,500 workers were affected when the bauxite plants at
Kirkvine, Manchester, Port Esquivel and Ewarton in St. Catherine
closed, the report recounts.

                             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
===========


PATRIMONIO SA: S&P Affirms Ratings on Various RMBS Transactions
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
residential mortgage-backed securities series PATRICB 6U, PATRICB0
7U, PATRICB 07, and PATRICB 07-2, issued by Patrimonio, S.A. de
C.V. S.F.O.L after reviewing the issuer's proposed cancellation of
the bond insurance policies issued by Ambac Assurance Corp. (not
rated).

Standard & Poor's recently received Patrimonio's proposal to
cancel the bond insurance policies on its rated RMBS.  Standard &
Poor's withdrew its ratings on Ambac in November 2010.  Since
Ambac is no longer rated by Standard & Poor's, the ratings
assigned to the referred RMBS transactions reflect their own
credit strength and structural features, and are not supported by
Ambac.  Therefore, in S&P's opinion, the cancellation of the
insurance policies does not negatively affect the assigned long-
term or Mexican national scale ratings on the RMBS bonds.

According to information provided by Patrimonio, no penalties will
be passed on to the structures as a result of the cancelled
policies.  Moreover, the transactions will no longer need to pay
maintenance fees to Ambac for the policies, which will benefit
bondholders as detailed in the payment waterfalls in each deal.

On July 28, 2009, Standard & Poor's lowered its financial
enhancement rating on Ambac to 'CC' from 'BBB', which was below
S&P's underlying ratings on the rated RMBS series.  According to
its criteria, the issue rating on an insured bond reflects the
higher of the rating on the bond insurer (monoline) and the SPUR
on the security.  Standard & Poor's subsequently withdrew its
rating on Ambac on Nov. 30, 2010.  Once the policies are
cancelled, S&P will withdraw S&P's SPURs on the insured classes
since the deals will no longer have external credit support.  The
long-term and CaVal ratings on the classes are affirmed.

                         Ratings Affirmed

    Patrimonio - Bursatilizaciones de Hipotecas Residenciales

          Tranche        Rating           Maturity date
          -------        ------           -------------
          PATRICB 06U    BBB- (sf)        11/25/2033
          PATRICB 06U    mxAA- (sf)       11/25/2033
          PATRICB 06U    BBB- (sf) (SPUR) 11/25/2033
          PATRICB 07U    BB+ (sf)         11/25/2033
          PATRICB 07U    mxA+ (sf)        11/25/2033
          PATRICB 07U    BB+ (sf) (SPUR)  11/25/2033
          PATRICB 07     BBB (sf)         7/27/2037
          PATRICB 07     mxAA (sf)        7/27/2037
          PATRICB 07     BBB (sf) (SPUR)  7/27/2037
          PATRICB 07-2   mxA (sf)         7/27/2037


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


CARIAN MANAGEMENT: Plan Confirmation Hearing Continued to March 23
------------------------------------------------------------------
Upon the motion of Debtor Carian Management, Inc., the U.S.
Bankruptcy Court for the District of Puerto Rico has continued the
hearing on confirmation of the Company's proposed plan of
reorganization, originally scheduled for March 9, 2011, at 9:00
a.m., to March 23, 2011, at 9:00 a.m.

As reported in the Troubled Company Reporter on Jan. 14, 2011, the
Bankruptcy Court approved on Dec. 3, 2010, the disclosure
statement explaining the Debtor's proposed Plan of Reorganization.

According to the Disclosure Statement, the Plan will be
substantially supported by the Debtor's operations and the
possible sale or surrender of assets in payment to the Debtor's
creditor Banco Popular de Puerto Rico if necessary to ensure the
Debtor's operation.

With respect to the secured claim of Banco Popular, the two
outstanding term loans (with a total outstanding balance of
US$11,963,632), that are secured by the Debtor's real property,
will be combined into a single term loan up to the value of the
collateral with an amortization period of 30 years and an interest
rate of the prime rate plus 1%.  The obligation is secured up to
an amount of US$11,892,000.  The remaining portion of the
obligation will be treated as unsecured.

The secured claim of CRIM (US$166,369) will be paid over the
course of 72 monthly payments plus interest at the prime rate.

With respect to general unsecured claims aggregating US$5,965,721,
AAA Imports, Inc., will take on the US$4,855,504 revolving loan to
Westernbank.  Carian will accept responsibility for AAA Imports'
obligation as an unsecured debt but will not make any payments on
the obligation unless AAA Imports defaults.  With respect to the
remaining claims, the Debtor will distribute a dividend of 10% on
all claims paid over the course of 72 months from the effective
date.

                   About Carian Management, Inc.

Dorado, Puerto Rico-based Carian Management, Inc.'s prime business
is the ownership, maintenance and development of the real property
that it leases to its sister company, AAA Imports and other
customers.  The Company filed for Chapter 11 protection on May 13,
2010 (Bankr. D. P.R. Case No. 10-04052).  Carmen D. Torres, Esq.,
at the Law Offices of C. Conde, assists the Debtor in its
restructuring effort.  The Debtor estimated assets and debts at
US$10 million to US$50 million as of the petition date.

The Debtor's affiliate, AAA Imports, Inc., filed a separate
Chapter 11 petition on May 12, 2010.


CARIBBEAN PETROLEUM: Insurer to Pursue Lawsuit Against Firm
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that an insurer and tanker owner
facing potentially millions of dollars in liabilities connected to
a massive explosion that sent Caribbean Petroleum Corp. into
bankruptcy say they must be allowed to pursue their lawsuits
against Caribbean Petroleum.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.


MAYAGUEZ ADVANCED: MEDHS's Suit vs. SISSO Moved Back to State Ct.
-----------------------------------------------------------------
Bankruptcy Judge Brian K. Tester remanded the lawsuit, Medical
Educational & Health Services, Inc., v. Sistemas Integrados De
Salud Del Suroeste, Inc. & Mayaguez Medical Center-Dr. Ramon
Emeterio Betances, Inc., Adv. Pro. No. 10-202 (Bankr. D. P.R.), to
the Commonwealth of Puerto Rico's Court of First Instance,
Superior Court of Mayaguez.

Medical Educational and Health Services filed a motion for
possessory injunction on behalf of Mayaguez Advanced Radiotherapy
Center, Inc., against Sistemas Integrados de Salud del Suroeste,
Inc. and Mayaguez Medical Center in the Commonwealth of Puerto
Rico's Court of First Instance, Superior Court of Mayaguez.  MEDHS
leased radiology facilities to MARC.

The state action alleges that MARC leased a radio-oncology
laboratory from MMC and that MMC improperly revoked that lease,
dispossessing MEDHS and MARC of their possessory interest.  The
possessory rights purportedly involve the use of parking
facilities for its employees and access to a lateral entrance
directly into MARC's facility located on MMC's premises used by
the facility's cancer patients.

Under the state action, MEDHS seeks a possessory injunction
against SISSO and MMC under section 690 of the Puerto Rico Code of
Civil Procedure, 32 L.P.R.A. Sec. 3561.  MEDHS filed the adversary
proceeding seeking to remove the state action to the Bankruptcy
Court under 28 U.S.C. Sec. 1452 and F.R.B.P. 9028.  In its Notice
of Removal, MEDHS argues that the bankruptcy removal statute, 28
U.S.C. Sec. 1452(a), grants defendants the right to "remove any
claim or cause of action in a civil action [-] to the district
court for the district where such civil action is pending, if such
district court has jurisdiction of such claim or cause of action
under section 1334 of this title."

SISSO maintains that the lawsuit is a non-core proceeding subject
to mandatory abstention under 28 U.S.C. Sec. 1334(c)(2) because
the basis of the suit rests solely on Commonwealth law, and it
would not have been brought in federal court absent the bankruptcy
case.

Judge Tester agrees that the action is a non-core proceeding that
stems from Commonwealth law; lacks a federal jurisdictional basis
outside of bankruptcy; and in the absence of bankruptcy, could be
timely resolved in the state court where it was commenced.

A copy of Judge Tester's February 10, 2011 Opinion and Order is
available at http://is.gd/ju3KDxfrom Leagle.com.

            About Mayaguez Advanced Radiotherapy Center

Based in Mayaguez, Puerto Rico, Mayaguez Advanced Radiotherapy
Center filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No.
09-04540) on June 2, 2009.  Fausto D. Godreau Zayas, Esq. --
dgodreau@LBRGlaw.com -- at Latimer, Biaggi, Rachid & Godreau, LLP,
serves as the Debtor's counsel.  The Debtor disclosed US$3,810,510
in total assets and US$1,357,473 in total debts in its schedules
attached to the petition.

           About Medical Educational and Health Services

Headquartered in Mayaguez, Puerto-Rico, Medical Educational and
Health Services Inc. was created, specifically, to promote and
advance the establishment and operation of medical educational
facilities and institutions along the western areas of Puerto
Rico.  The Company filed for Chapter 11 bankruptcy protection on
June 3, 2010 (Bankr. D. P.R. Case No. 10-04905).  The Company
estimated US$10 million to US$50 million in assets and US$1
million to US$10 million in liabilities.  The Debtor is
represented by:

     Rafael Gonzalez Velez, Esq.
     1806 Calle McLeary Suite 1-B
     San Juan, PR 00911-1321
     Tel: (787) 726-8866
     Fax: (787) 726-8877
     E-mail: rgvlo@prtc.net


MEDICAL EDUCATION: Suit vs. SISSO Goes Back to State Court
----------------------------------------------------------
Bankruptcy Judge Brian K. Tester remanded the lawsuit, Medical
Educational & Health Services, Inc., v. Sistemas Integrados De
Salud Del Suroeste, Inc. & Mayaguez Medical Center-Dr. Ramon
Emeterio Betances, Inc., Adv. Pro. No. 10-202 (Bankr. D. P.R.), to
the Commonwealth of Puerto Rico's Court of First Instance,
Superior Court of Mayaguez.

Medical Educational and Health Services filed a motion for
possessory injunction on behalf of Mayaguez Advanced Radiotherapy
Center, Inc., against Sistemas Integrados de Salud del Suroeste,
Inc. and Mayaguez Medical Center in the Commonwealth of Puerto
Rico's Court of First Instance, Superior Court of Mayaguez.  MEDHS
leased radiology facilities to MARC.

The complaint in the state action avers that MARC leased a radio-
oncology laboratory from MMC and that MMC improperly revoked that
lease, dispossessing MEDHS and MARC of their possessory interest.
Specifically, the possessory rights involve the use of parking
facilities for its employees and access to a lateral entrance
directly into MARC's facility located on MMC's premises used by
the facility's cancer patients.

In the state action, MEDHS seeks a possessory injunction against
SISSO and MMC under section 690 of the Puerto Rico Code of Civil
Procedure, 32 L.P.R.A. Sec. 3561.  MEDHS filed the adversary
proceeding seeking to remove the state action to the Bankruptcy
Court under 28 U.S.C. Sec. 1452 and F.R.B.P. 9028.  In its Notice
of Removal, MEDHS argues that the bankruptcy removal statute, 28
U.S.C. Sec. 1452(a), grants defendants the right to "remove any
claim or cause of action in a civil action [-] to the district
court for the district where such civil action is pending, if such
district court has jurisdiction of such claim or cause of action
under section 1334 of this title."

SISSO maintains that the lawsuit is a non-core proceeding subject
to mandatory abstention under 28 U.S.C. Sec. 1334(c)(2) because
the basis of the suit rests solely on Commonwealth law, and it
would not have been brought in federal court absent the bankruptcy
case.

Judge Tester agrees that the action is a non-core proceeding that
stems from Commonwealth law; lacks a federal jurisdictional basis
outside of bankruptcy; and in the absence of bankruptcy, could be
timely resolved in the state court where it was commenced.

A copy of Judge Tester's February 10, 2011 Opinion and Order is
available at http://is.gd/ju3KDxfrom Leagle.com.

            About Mayaguez Advanced Radiotherapy Center

Based in Mayaguez, Puerto Rico, Mayaguez Advanced Radiotherapy
Center filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No.
09-04540) on June 2, 2009.  Fausto D. Godreau Zayas, Esq. --
dgodreau@LBRGlaw.com -- at Latimer, Biaggi, Rachid & Godreau, LLP,
serves as Debtor's counsel.  The Debtor disclosed US$3,810,510 in
total assets and US$1,357,473 in total debts in its schedules
attached to the petition.

           About Medical Educational and Health Services

Headquartered in Mayaguez, Puerto-Rico, Medical Educational and
Health Services Inc. was created, specifically, to promote and
advance the establishment and operation of medical educational
facilities and institutions along the western areas of Puerto
Rico.  The Company filed for Chapter 11 bankruptcy protection on
June 3, 2010 (Bankr. D. P.R. Case No. 10-04905).  The Company
estimated US$10 million to US$50 million in assets and
US$1 million to US$10 million in liabilities.  The Debtor is
represented by:

     Rafael Gonzalez Velez, Esq.
     1806 Calle McLeary Suite 1-B
     San Juan, PR 00911-1321
     Tel: (787) 726-8866
     Fax: (787) 726-8877
     E-mail: rgvlo@prtc.net


RJ WAREHOUSE: Case Summary & 10 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: RJ Warehouse Distributors Inc.
        Calle 37 AG-8 Ave Lomas Verdes
        URB Santa Juanita
        Bayamon, PR 00956-4740

Bankruptcy Case No.: 11-01106

Chapter 11 Petition Date: February 14, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUESADA
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Estimated Assets: US$0 to US$50,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 10 largest unsecured creditors filed
together with the petition is available for free at:

          http://bankrupt.com/misc/prb11-01106.pdf

The petition was signed by Angel M. Roman Cardona, president.

Debtor-affiliate that filed separate Chapter 11 petition:

   Debtor                              Case No.  Petition Date
   ------                              --------  -------------
Angel M. Roman Cardona                 11-01053   02/11/2011


                            ***********


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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