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

             Wednesday, March 9, 2011, Vol. 12, No. 48

                            Headlines



A R G E N T I N A

CENTRAL VIP: Creditors' Proofs of Debt Due June 20
CISEX SRL: Creditors' Proofs of Debt Due May 3
GRUMER SRL: Requests for Opening of Bankruptcy Proceedings
LOS DESTINOS: Requests Opening of Bankruptcy Proceedings
SPORTS TRENDS: Asks for Bankruptcy Proceedings


B E R M U D A

AIG-FP PORTFOLIO: Creditors' Proofs of Debt Due March 15
CHEVRON BRAZIL BLOCK: Creditors' Proofs of Debt Due March 9
CHEVRON BRAZIL BLOCK: Members' Final Meeting Set for March 30
CHEVRON BRAZIL BLOCK: Creditors' Proofs of Debt Due March 9
CHEVRON BRAZIL BLOCK: Members' Final Meeting Set for March 30

CHEVRON BRAZIL ESPIRITO: Creditors' Proofs of Debt Due March 9
CHEVRON BRAZIL ESPIRITO: Members' Final Meeting Set for March 30
CHEVRON BRAZIL SANTOS: Creditors' Proofs of Debt Due March 9
CHEVRON BRAZIL SANTOS: Members' Final Meeting Set for March 30
JOHCHRI LTD: Creditors' Proofs of Debt Due March 11

JOHCHRI LTD: Members' Final Meeting Set for March 29


C A Y M A N   I S L A N D S

NEW STREAM: Investors Seek to Force Firm Into Bankruptcy


C O L O M B I A

BANCO DE COMERCIO: S&P Affirms 'BB+' Counterparty Credit Rating


C O S T A   R I C A

* Fitch Upgrades Costa Rica's Foreign Currency IDR to 'BB+'


M E X I C O

MAXCOM TELECOMUNICACIONES: S&P Cuts Corp. Credit Rating to 'B-'
* Moody's Withdraws Ba2 Rating on Municipality of Ciudad Victoria
* Moody's Withdraws 'B1' Rating to Municipality of Tultitlan


                            - - - - -


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


CENTRAL VIP: Creditors' Proofs of Debt Due June 20
--------------------------------------------------
Mario Nicolas Degese, the court-appointed trustee for Central Vip
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 20, 2011.

Mr. Degese will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mario Nicolas Degese
         Bouchard 468
         Argentina


CISEX SRL: Creditors' Proofs of Debt Due May 3
----------------------------------------------
Jose Scheinkoff, the court-appointed trustee for Cisex SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 3, 2011.

Mr. Scheinkoff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Scheinkoff
         Avenida Pueyrredon 468
         Argentina


GRUMER SRL: Requests for Opening of Bankruptcy Proceedings
----------------------------------------------------------
Grumer SRL requested for the opening of bankruptcy proceedings.

The company has defaulted on its payments due on November 15,
2009.


LOS DESTINOS: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------
Los Destinos SA requested the opening of bankruptcy proceedings.


SPORTS TRENDS: Asks for Bankruptcy Proceedings
----------------------------------------------
Sports Trends Argentina SA asked for bankruptcy proceedings.

The company has defaulted on its payments due on February 21.


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


AIG-FP PORTFOLIO: Creditors' Proofs of Debt Due March 15
--------------------------------------------------------
The creditors of AIG-FP Portfolio Management Limited are required
to file their proofs of debt by March 15, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman Limited
          Clarendon House, 2 Church Street
          Hamilton, HM 11
          Bermuda


CHEVRON BRAZIL BLOCK: Creditors' Proofs of Debt Due March 9
-----------------------------------------------------------
The creditors of Chevron Brazil Block BM-ES-2 Holdings Limited are
required to file their proofs of debt by March 9, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL BLOCK: Members' Final Meeting Set for March 30
-------------------------------------------------------------
The members of Chevron Brazil Block BM-ES-2 Holdings Limited will
hold their final meeting on March 30, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL BLOCK: Creditors' Proofs of Debt Due March 9
-----------------------------------------------------------
The creditors of Chevron Brazil Block BM-S-2 Holdings Limited are
required to file their proofs of debt by March 9, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL BLOCK: Members' Final Meeting Set for March 30
--------------------------------------------------------------
The members of Chevron Brazil Block BM-S-2 Holdings Limited will
hold their final meeting on March 30, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL ESPIRITO: Creditors' Proofs of Debt Due March 9
--------------------------------------------------------------
The creditors of Chevron Brazil Espirito Santo Block BM-ES-2
Holdings Limited are required to file their proofs of debt by
March 9, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL ESPIRITO: Members' Final Meeting Set for March 30
----------------------------------------------------------------
The members of Chevron Brazil Espirito Santo Block BM-ES-2
Holdings Limited will hold their final meeting on March 30, 2011,
at 9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL SANTOS: Creditors' Proofs of Debt Due March 9
------------------------------------------------------------
The creditors of Chevron Brazil Santos Block BM-S-2 Holdings
Limited are required to file their proofs of debt by March 9,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


CHEVRON BRAZIL SANTOS: Members' Final Meeting Set for March 30
--------------------------------------------------------------
The members of Chevron Brazil Santos Block BM-S-2 Holdings Limited
will hold their final meeting on March 30, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton
          Bermuda


JOHCHRI LTD: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The creditors of Johchri Ltd. are required to file their proofs of
debt by March 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 23, 2011.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, 2 Church Street
          Hamilton HM 11
          Bermuda


JOHCHRI LTD: Members' Final Meeting Set for March 29
----------------------------------------------------
The members of Johchri Ltd. will hold their final meeting on
March 29, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 23, 2011.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, 2 Church Street
          Hamilton HM 11
          Bermuda


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


NEW STREAM: Investors Seek to Force Firm Into Bankruptcy
--------------------------------------------------------
Tiffany Kary at Bloomberg News reports that New Stream Secured
Capital Fund (Cayman) Ltd. investors filed a petition in Delaware
court seeking to force the company into involuntary bankruptcy.
The investors said the fund and two affiliates owe US$320 million
to all U.S. and Cayman investors, according to Bloomberg.


===============
C O L O M B I A
===============


BANCO DE COMERCIO: S&P Affirms 'BB+' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB+'
long-term foreign currency counterparty credit rating on Banco de
Comercio Exterior de Colombia S.A.  The outlook remains positive.
At the same time, S&P assigned a local currency rating of 'BB+' on
the bank.

"The rating on Bancoldex reflects its strategic importance for the
Colombian government economic development strategy," said Standard
& Poor's credit analyst Martin Samper.  S&P currently assess that
Bancoldex has a very important role and a very strong link with
the sovereign.  In S&P's opinion, there is a very high likelihood
that the Colombian government would provide timely and sufficient
support in the event of financial distress.

In accordance with S&P's criteria for government-related entities,
its view of a very high likelihood of extraordinary government
support is based on its assessment of:

Bancoldex's very important role supporting micro, small and
midsize enterprises, microcredit, as well as financing
infrastructure (through private equity) and exports in the
country.  S&P considers these areas to be fundamental to the
government and Colombian economy.  Bancoldex's very strong link
with the sovereign that leads us to believe the government will
continue to hold its current shareholder participation, of 99.8%,
and therefore continue to exert a strong influence on the bank
policies, strategic direction, and management.

Although the bank faces industry and economic risks inherent to
operating in Colombia, its good capitalization, asset quality
indicators, and adequate profitability reflect the company's good
track record during the past few years.  Despite good performance
of the loan portfolio, higher credit risk in the SMEs and
microcredit segments could hurt the bank's profitability.
Bancoldex's stand-alone credit profile is equivalent to the
counterparty credit rating on the bank.

Adequate profitability levels have strengthened capitalization.
At December 2010, the bank reported adjusted capital to assets of
24.1%.  The bank has maintained good asset quality despite
international imbalances.  Loan loss reserves substantially cover
nonperforming loans, which stand at 0.05% and, in S&P's view,
compares well with the bank's peers.  S&P considers Bancoldex's
management to have strong underwriting standards along with good
policies.  Going forward, S&P sees this as a profitability driver,
since less loan reserves would be needed to cover nonperforming
loans, improving the bank's efficiency and profitability ratios.

S&P believes that the SME and microcredit sector could strain
Bancoldex's asset quality.  S&P considers that these sectors are
underdeveloped with innovation, technology, and infrastructure
challenges ahead.  This, in S&P's view, is highly important for
the bank, and unfortunately generates ongoing costs for the
institution.  Additionally, S&P sees new possible risks, coming
from Bancoldex's new strategies to work with other regional
governments and institutions, since some of the new possible
clients could be in countries with higher economic and industry
risk.

The positive outlook mirrors that of the Republic of Colombia,
given Bancoldex's strategic importance for the Colombian
government's economic development.  S&P also considers that
Bancoldex will maintain its very important role and very strong
link to the sovereign.  If S&P was to raise the foreign currency
rating on the sovereign, S&P would raise Bancoldex's rating.


===================
C O S T A   R I C A
===================


* Fitch Upgrades Costa Rica's Foreign Currency IDR to 'BB+'
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on the Issuer Default
Ratings and Country Ceiling for Costa Rica:

  -- Foreign currency IDR upgraded to 'BB+' from 'BB';
  -- Country ceiling upgraded to 'BBB-' from 'BB+';
  -- Local currency IDR affirmed at 'BB+';
  -- Short-term IDR affirmed at 'B'.

The Rating Outlook is Stable.

The upgrade reflects Costa Rica's better than expected economic
resilience during the global credit crisis, steadily improving
macroeconomic stability underpinned by lower inflation and higher
international liquidity as well as the country's relatively modest
external indebtedness.

Costa Rica's ratings are also supported by its comparatively high
per capita GDP, favorable social indicators, political stability
and strong governance indicators relative to peers and higher-
rated sovereigns.

'Costa Rica has been able to manage balance of payments pressures
despite its vulnerability to high commodity prices, structural
current account deficit and limited exchange rate flexibility,
reflecting its improved shock-absorption capacity,' said Director
Erich Arispe.  'Moreover, continued accumulation of international
reserves, lower dollarization and close relations with
multilateral institutions reduce Costa Rica's external
vulnerabilities.'

Costa Rica's macroeconomic performance has improved as the country
has continued to stage an economic recovery since late-2009 and
growth could remain over 4% during the forecast period.  In a
break from the past double-digit inflation rates, inflation has
been in single-digits in the last two years and is expected to
remain so during the forecast period barring a significant
increase in commodity prices.

Fiscal deficits have worsened since 2009, with Costa Rica's
central government debt burden rising to an estimated 30% of GDP
at the end of 2010.  Nevertheless, this level remains below the
'BBB/'BB' medians at 35% and 40%, respectively.  In Fitch's view,
fiscal consolidation and a sustained reduction in government
indebtedness in the pre-2008 period provided some space to relax
the fiscal stance in response to the global credit crisis without
undermining investor confidence.  Moreover, the steady development
of local markets and improvement in currency composition of
government debt supports Costa Rica's fiscal financing
flexibility.

Nevertheless, 'reforms designed to improve the flexibility of
public finances by increasing the government's narrow revenue base
will be necessary for medium-term fiscal sustainability,' said
Arispe.

In this regard, Fitch notes that a critical part of the
government's fiscal strategy is to seek approval for the recently
submitted tax reform proposal intended to raise tax revenues by
2.5% of GDP.  However, the final passage of this reform remains
unclear at this point.  Hence, Fitch believes that in the absence
of a tax reform, the government would need to exercise tough
spending restraint to support medium-term fiscal consolidation
efforts.

Costa Rica's current account deficits are likely to remain over 4%
of GDP during the forecast period.  However, the continued inflow
of foreign direct investment and the recent accumulation of
international reserves buttress the capacity of the country to
cope with external shocks.  External liquidity, at 154%, is in
line with peers.  Fitch notes that Costa Rica's external balance
sheet is a relative strength compared with rating peers as the
sovereign and the country as a whole remain solid net external
creditors.

While the comparatively high level of financial dollarization and
heavy state participation in the banking system persist as credit
challenges, Costa Rica's improved financial supervision and the
elimination of the off-shore banking system have reduced banking
sector's vulnerabilities.  This potentially reduces the contingent
liability for the sovereign.

An expansion in the narrow revenue base that improves fiscal
flexibility, a sustained reduction in government indebtedness as
well as further strengthening of the country's monetary and
exchange rate regimes would benefit creditworthiness.  On the
other hand, a marked and sustained deterioration in fiscal
accounts and government indebtedness, a sharp deterioration in
external accounts and liquidity that result in a disorderly
adjustment of the exchange rate and a return to high inflation
environment would be negative for creditworthiness.


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


MAXCOM TELECOMUNICACIONES: S&P Cuts Corp. Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and senior secured debt ratings on Maxcom
Telecomunicaciones S.A.B. de C.V. to 'B-' from 'B'.  The outlook
is negative.  The '3' recovery rating on the company's senior
secured debt is unchanged.

"The downgrade reflects Maxcom's weaker financial performance,
especially its continued negative free operating cash flow and
consequent high cash-burn rate," said Standard & Poor's credit
analyst Marcela Duenas.  The company's cash position had fallen to
Mexican pesos (MXN) 375.2 million as of Dec. 31, 2010, limiting
its financial flexibility.  S&P expects continued weak financial
results due to intense competition.

S&P's rating on Mexico City-based Maxcom reflects the company's
highly leveraged financial profile and its vulnerable business
profile; the strong competition from land line, mobile telephony,
and cable operators; and its operation in a capital-intensive
industry that has kept FOCF negative.  In addition, frequent
management changes continue to be a rating factor.  Maxcom's
telecom service offerings, including quadruple-play bundled
packages at very competitive prices; and expertise in managing
customer credit partially mitigate the weaknesses.  Maxcom is a
voice-driven, middle-to-low income residential, and small and
midsize enterprise-oriented company.

During 2010, Maxcom's revenue growth was nominal.  Although data
and TV products in the residential segment increased, the
commercial segment offset this growth with an approximate 15%
decline in revenue-generating units.  EBITDA margins remained
stable around 27%, due to expense efficiencies.  S&P believes
revenues and margins will remain flat in the coming quarters as a
result of stiff competition in the telecommunications industry.

The negative outlook reflects the company's tight liquidity and
S&P's expectations of continued weak financial performance.  A
downgrade is possible if the company's leverage and cash-burn rate
increase as a result of negative FOCF in future quarters.
Although unlikely, if the company limits its operating and capital
expenditures and achieves a total debt-to-EBITDA ratio of close to
3.5x, S&P could raise the ratings.


* Moody's Withdraws Ba2 Rating on Municipality of Ciudad Victoria
-----------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer rating of A2.mx
(Mexican National Scale) assigned to the Municipality of Ciudad
Victoria.  Moody's Investors Service has withdrawn the issuer
rating of Ba2 (Global Scale, local currency) assigned to the
Municipality of Ciudad Victoria.

                        Ratings Rationale

Moody's Investors Service has withdrawn the Credit Ratings for its
own business reasons.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


* Moody's Withdraws 'B1' Rating to Municipality of Tultitlan
------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer rating of Baa1.mx
(Mexican National Scale) assigned to the Municipality of
Tultitlan.  Moody's Investors Service has withdrawn the issuer
rating of B1 (Global Scale, local currency) assigned to the
Municipality of Tultitlan.

                        Ratings Rationale

Moody's Investors Service has withdrawn the Credit Ratings for its
own business reasons.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


                            ***********


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.

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