TCRLA_Public/110316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, March 16, 2011, Vol. 12, No. 53

                            Headlines



A R G E N T I N A

CAMINOS DEL COMAHUE: Creditors' Proofs of Debt Due June 12
COMPANIA FINANCIERA: Moody's Assigns 'E+' Bank Strength Rating
FEYNA SRL: Requests for Opening of Bankruptcy Proceedings
GALENICA SRL: Requests Opening of Bankruptcy Proceedings
LA NUEVA: Creditors' Proofs of Debt Due April 12

PALECO SA: Applies for Reorganization Proceedings


B E R M U D A

BURGAN MAN: Creditors' Proofs of Debt Due March 25
BURGAN MAN: Member to Receive Wind-Up Report on April 13
MGS EVENT: Creditors' Proofs of Debt Due March 25
MGS EVENT: Member to Receive Wind-Up Report on April 15
NEW STREAM: Files for Chapter 11 with Prepackaged Plan

NEW STREAM: Case Summary & Largest Unsecured Creditors


B R A Z I L

VANGUARDA DO: Fitch Withdraws 'B-' Issuer Default Rating


C A Y M A N   I S L A N D S

AC98 LIMITED: Creditors' Proofs of Debt Due April 11
B-LFA LIMITED: Commences Liquidation Proceedings
B-LFB LIMITED: Commences Liquidation Proceedings
HALLIBURTON PRODUCTS: Creditors' Proofs of Debt Due April 13
MCC INTERNATIONAL: Creditors' Proofs of Debt Due April 4

MCC OPTIMA: Creditors' Proofs of Debt Due April 7
PENSO SELECT: Creditors' Proofs of Debt Due April 14
PHILLIPS CAPITAL: Creditors' Proofs of Debt Due March 18
SENTINEL SYMPHONY: Creditors' Proofs of Debt Due April 14
SENTINEL SYMPHONY: Creditors' Proofs of Debt Due April 14

SINNAMARY INTERNATIONAL: Creditors' Proofs of Debt Due April 14
TRITON 300: Creditors' Proofs of Debt Due April 7
TRITON 380: Creditors' Proofs of Debt Due April 7
TRITON 465: Creditors' Proofs of Debt Due April 7
WORLD 300: Creditors' Proofs of Debt Due April 7


J A M A I C A

JAMAICA PUBLIC SERVICE: Union Issues Ultimatum for Reinstatement


M E X I C O

CREDITO REAL: S&P Affirms 'BB-' Counterparty Credit Rating
GRUPO IUSACELL: Fintech May Seek Stake After Acquiring Most Debt


P U E R T O   R I C O

CONSTRUCTORA CJ: Case Summary & 20 Largest Unsecured Creditors
JAISUEL CONTRACTOR: Case Summary & Largest Unsecured Creditor
R&G FINANCIAL: Puerto Rico Court Stays Rodriguez Suit


                            - - - - -


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


CAMINOS DEL COMAHUE: Creditors' Proofs of Debt Due June 12
----------------------------------------------------------
Victor Tomasi, the court-appointed trustee for Caminos del Comahue
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until June 12, 2011.

Mr. Tomasi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 2, 2012.

The Trustee can be reached at:

         Victor Tomasi
         Bogota 2791
         Argentina


COMPANIA FINANCIERA: Moody's Assigns 'E+' Bank Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ (plus) to Compania Financiera Argentina S.A. Moody's
has also assigned the entity long- and short-term global local-
currency deposit ratings of Ba3 and Not Prime, respectively, as
well as long- and short-term foreign-currency deposit ratings of
Caa1 and Not Prime, respectively.

At the same time, Moody's has assigned an Aa2.ar local-currency
deposit rating and a Ba1.ar foreign-currency deposit rating to the
bank on the Argentine national scale.

Moody's has also assigned (P)Ba3 and (P) B2 local-and foreign-
currency debt ratings to CFA's US$250 million global medium-term
note program.  The program allows for multi-currency debt
issuances.  Local- and foreign-currency debt ratings of Aa2.ar and
Aa3.ar were assigned to the program on the national scale.

In addition, local currency debt ratings of Ba3 and Aa2.ar were
assigned to the expected the third issuance of the program,
amounting up to Ar$100 million and to be split in to tranches.

The outlook on all the ratings is stable, with the exception of
the local currency deposits and debt ratings which were placed on
positive outlook, in line with Banco Galicia's outlook for local
currency deposits.

These ratings have been assigned to Compania Financiera Argentina
S.A.:

  -- Bank Financial Strength Rating: E+, stable outlook

  -- Long- and short-term global local-currency deposit rating:
     Ba3 and Not Prime, positive outlook

  -- Long- and short-term global foreign-currency deposit rating:
     Caa1 and Not Prime, stable outlook

  -- Long-term national scale local-currency deposit rating:
     Aa2.ar

  -- Long-term national scale foreign-currency deposit rating:
     Ba1.ar

US$250 million global medium-term note multicurrency program:

  -- Long-term global local-currency debt rating: (P)Ba3, positive
     outlook

  -- Long-term global foreign-currency debt rating: (P)B2, stable
     outlook

  -- National scale rating local-currency debt rating: Aa2.ar

  -- National scale rating foreign-currency debt rating: Aa3.ar

  -- Third Issuance: up to Ar$100 million issued in two tranches

  -- Ba3 Global Local Currency Debt Rating, with stable outlook

  -- Aa2.ar Argentina National Scale Local Currency Debt Rating

                        Ratings Rationale

The ratings derive from CFA's very modest franchise, which is
reflected in the small size of its balance sheet, limited earnings
diversification, as well as its small participation in Argentina's
loan and deposit market (0.6% and 0.1% share respectively).  CFA
is a consumer finance operation of Argentina-based Banco de
Galicia y Buenos Aires, acquired from AIG Consumer Finance Group
in mid 2009, which targets the low income segments with
predominantly unsecured personal loans and other consumer
financing products.

Moody's noted that CFA's funding is mainly short-term and sourced
from a limited number of wholesale depositors, particularly mutual
funds and other banks, including Grupo Galicia, which provides
about 20% of its total deposits.  Aside from poor diversification,
its funding profile exposes CFA to substantial tenor mismatch,
which management intends to improve by issuing debt in the near
future and by boosting its retail deposits base.

The ratings also incorporate the bank's weak asset quality, as
indicated by a high non-performing loan ratio of 9.1% as of
December 2010.  This performance is chiefly explained by the
segment in which CFA operates, which tends to be more vulnerable
to economic shocks..  Moody's note, however, the substantial
improvement observed in CFA's non-performing loan ratio over the
past two years as a result of Galicia's active credit management
and write off, aligned with Banco Galicia's own risk management
practices.

Moody's noted, on the other hand, CFA's solid capitalization, with
its equity representing 44.5% of total assets, which is adequate
to withstand credit losses even in a stress scenario.  This
sizable capital base derives, in part, from the US$175 million
capital that was injected by AIG in late 2008, in order to deal
with the then strained domestic liquidity market.

The Ba3 global local-currency deposit rating is derived from CFA's
unsupported baseline credit assessment of B1.  The uplift yields
from Moody's assessment of a high probability of support from
Banco Galicia to its finance company and a moderate probability of
systemic support as a consequence of its small market share in
terms of deposits.

Compania Financiera Argentina S.A. is headquartered in Buenos
Aires, Argentina, and had ARS1,727 million in assets, ARS385.3
million in deposits and a net worth of ARS768.7 million as of
December 2010.


FEYNA SRL: Requests for Opening of Bankruptcy Proceedings
---------------------------------------------------------
Feyna SRL requested for the opening of bankruptcy proceedings.

The company has defaulted on its payments due September 16, 2009.


GALENICA SRL: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------

Galenica SRL requested the opening of bankruptcy proceedings.

The company has defaulted on its payments due January 6.


LA NUEVA: Creditors' Proofs of Debt Due April 12
------------------------------------------------
Ruben Kwasniewski, the court-appointed trustee for La Nueva
Estacion SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 12, 2011.

Mr. Kwasniewski will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ruben Kwasniewski
         Montevideo 536
         Argentina


PALECO SA: Applies for Reorganization Proceedings
-------------------------------------------------
Paleco SA applied for reorganization proceedings.

The company has defaulted on its payments due February 2011.


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


BURGAN MAN: Creditors' Proofs of Debt Due March 25
--------------------------------------------------
The creditors of Burgan Man 220 Plus Trading Ltd are required to
file their proofs of debt by March 25, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2011.

The company's liquidator is:

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


BURGAN MAN: Member to Receive Wind-Up Report on April 13
--------------------------------------------------------
The member of Burgan Man 220 Plus Trading Ltd will receive on
April 13, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 3, 2011.

The company's liquidator is:

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


MGS EVENT: Creditors' Proofs of Debt Due March 25
-------------------------------------------------
The creditors of MGS Event Driven NF Strategies Limited are
required to file their proofs of debt by March 25, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2011.

The company's liquidator is:

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


MGS EVENT: Member to Receive Wind-Up Report on April 15
-------------------------------------------------------
The member of MGS Event Driven NF Strategies Limited will receive
on April 15, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 9, 2011.

The company's liquidator is:

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


NEW STREAM: Files for Chapter 11 with Prepackaged Plan
------------------------------------------------------
New Stream Capital LLC and three affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 11-10753) on March 13,
2011, together with a prepackaged plan of reorganization.

Michael Buenzow, of FTI Consulting, Inc., and currently chief
restructuring officer of the Debtors, say the Chapter 11 cases
have been filed to resolve claims relating to New Stream's
investors, who provided New Stream's capital by making secured
loans through three feeder funds.

Before seeking bankruptcy protection, New Stream negotiated a plan
of reorganization with creditors.  The prepackaged plan was
"overwhelmingly approved" by investors.

The Debtors have proposed that the Court hold a combined hearing
on adequacy of disclosure statement and prepetition solicitation
procedures, and the confirmation of the Prepackaged Plan.  The
Debtors propose that the combined hearing be set as soon as
practicable between the dates of April 21, 2011 and May 3, 2011.

In order to meet the timeline in a Plan Support Agreement and the
postpetition financing, the hearing to consider confirmation must
take place not later than May 12, 2011.

                       New Stream Entities

New Stream is an inter-related group of companies that
collectively comprise an investment fund, headquartered in
Ridgefield, Connecticut.  Founded in 2002, New Stream focuses on
providing non-traded private debt to the insurance, real estate
and commercial finance sectors.

Debtor New Stream Secured Capital, LLC -- NSSC -- is the "master
fund" and the primary operating entity of New Stream.  All of the
working capital for the investments made by NSSC was provided by
investors that invested through one of three "feeder funds."

Debtor New Stream Secured Capital, Inc. -- NSCI -- is a holding
company through which the US/Cayman Funds hold the limited
partnership interests in NSSC.

Two of the feeder funds, one in Bermuda (New Stream Capital Fund
Limited) and the other in the Cayman Islands, were vehicles for
investments made by nonresident aliens and foreign entities.  The
third feeder fund is the vehicle through which U.S. residents made
investments.

The Bermuda Fund is not a debtor in the Chapter 11 cases.
However, it is in a judicial liquidation proceeding in Bermuda.
None of the Cayman Funds is a debtor in the Chapter 11 cases;
however, on March 8, 2011, an involuntary Chapter 11 petition was
filed against two of the Cayman Funds.

New Stream Capital, LLC -- NSC -- a Delaware limited liability
company, is an unregistered investment adviser and asset
management company that serves, among other roles, as the general
partner and investment manager for NSSC.  It is also the sole
member of New Stream Capital Services LLC.

Each of eight first-tier subsidiaries of NSSC owns a portfolio of
particular investments.  Debtor New Stream Insurance, LLC ("NSI"),
one of the subsidiaries, owns a portfolio consisting of insurance-
related investments, primarily interests in companies and
partnerships that invest in life settlements.

NSC is the general partner of, and acts as the investment manager
of, NSSC.  NSC is indirectly owned and managed by three
individuals, David Bryson, Bart Gutekunst and Donald Porter, who
had jointly constituted the Debtors' senior management team.

                     ROAD TO CHAPTER 11

In an affidavit in support of customary first day motions,
Mr. Buenzow said that since 2005, NSSC and its subsidiaries have
invested in a specialized portfolio that yielded positive returns
for investors.

Mr. Buenzow relates that in late September 2008, a series of fund
failures (most notably, the allegedly fraudulent "Ponzi Scheme"
funds run by Thomas Petters and by Bernard Madoff) had an adverse
effect on many of the Debtors' investors even though there was no
connection to New Stream.  Other events during September 2008,
including the collapse of Lehman Brothers and the near failure of
several other financial institutions, compounded this negative
effect, resulting in a substantial number of redemption requests
by the Debtors' investors, comprising 60% of the value of the
Debtors' feeder funds (40% during just the month of September,
2008).

In October 2008, the Debtors took actions in the US Fund and the
Cayman Funds to reject all the redemption requests.

On Nov. 28, 2008, AVS Underwriting LLC, the largest rating agency
for life settlements, extended its views on mortality and life
expectancies, which reduced the implicit value of the life
settlements held by NSI.  Over the following three months,
secondary sales of life settlements progressively dried up.
By late February 2009, the combination of the uncertainty around
policy values and the general market illiquidity effectively shut
down the life settlement market.

The Debtors took a markdown against the NSI Insurance Portfolio,
which was valued at US$194 million in November 2008, resulting in
US$71 million of unrealized losses for NSSC at Dec. 31, 2008.

                     2009 Restructuring

During April and May 2009, the Debtors attempted to negotiate a
restructuring of their relationships with investors.  The Debtors,
however, were unable to liquidate assets and distribute available
funds in the manner anticipated by the 2009 Restructuring after
two Bermuda Fund investors who had not consented to the 2009
Restructuring commenced litigation in the Supreme Court of
Bermuda.

On June 8, 2010, one of those Bermuda Fund investors obtained a
judgment declaring that the terms of the 2009 Restructuring did
not apply to Segregated Account Class C or Segregated Account
Class I.  The Bermuda Court appointed a receiver, John McKenna, to
act on behalf of Segregated Account Class C and Segregated Account
Class I.  As a result, NSC, in its capacity as the investment
manager for the Bermuda Fund, caused the Bermuda Fund to petition
the Bermuda Court for the appointment of a receiver to act on
behalf of the other Bermuda Segregated Account Classes.  The
Bermuda Court appointed Michael Morrison and Charles Thresh of
KPMG Advisory Limited, as interim joint receivers for Segregated
Account Classes B, E, H, K, L, N and O of the Bermuda Fund.  On
Sept. 13, 2010, acting by ex parte summons, the Bermuda Fund
Receivers asked the Bermuda Court to order the winding-up of the
Bermuda Fund under the provisions of the Bermuda Companies Act.
That same day, the Bermuda Court appointed Messrs. Morrison,
Thresh and McKenna as the Joint Provisional Liquidators of the
Bermuda Fund.  On October 7, 2010, the Bermuda Court ordered that
the Bermuda Fund be wound up under the provisions of Bermuda
Companies Act and confirmed the appointment of the Joint
Provisional Liquidators.

               Financing, Sale of NSI Portfolio

On May 3, 2010, NSI engaged Guggenheim Securities, L.L.C., an
independent investment bank with extensive experience in the life
settlement market, to help the Debtors explore financing
opportunities for the NSI Insurance Portfolio.  However,
solicitation for a US$200 million financing was suspended after
entry of the Bermuda Judgment.

Since the appointments of the Bermuda Fund Receivers, the Debtors
have been in negotiations with them, as the court-appointed
representatives of the Bermuda Fund Segregated Account Classes,
concerning an orderly liquidation of the Debtors.

The Bermuda Judgment made it impossible for the Debtors to obtain
financing for the insurance premiums from a third-party lender on
commercially reasonable terms.  On July 20, 2010, a meeting was
held among the Debtors, the Bermuda Fund Receivers and
representatives of Bermuda Fund investors, at which a decision was
reached to cease efforts to obtaining financing and instead to
explore an outright sale of NSI's life settlements.

Between July 23, 2010 and July 28, 2010, Guggenheim worked with
each of the parties who had expressed interest in, or made offers
for, the NSI Insurance Portfolio, including MIO Partners, Inc., a
Delaware corporation and an affiliate of several investors in the
US Fund and Cayman Funds.  On July 29, 2010, the evaluation
process concluded with Guggenheim recommending the acceptance of
the offer made by MIO (who assigned its rights as purchaser to
Limited Life Assets Master Limited and Limited Life Assets
Holdings Limited) to purchase the entire portfolio for a cash
payment of US$127.5 million.

After parties failed to close on the sale by Sept. 30, 2010, the
Purchaser agreed to (i) extend the timeline for closing, (ii)
increase the principal amount of the "price neutral" bridge
financing from  US$25 million to US$39,480,269, which has been
used to finance the premiums and maintain the value of the NSI
Insurance Portfolio pending the filing of these cases, and (iii)
offer US$15 million of postpetition financing under a "price
neutral" debtor-in-possession credit facility.

The Debtors have already received the benefit of prepetition
financing of US$39,480,269 plus an additional US$1,815,184 (both
used to fund on-going premium payments pending the sale of the NSI
Insurance Portfolio).  In addition, the Purchaser has committed to
fund up to an additional US$15,000,000 during the pendency of the
Chapter 11 Cases.  In order for a sale to any party other than the
Purchaser to be of greater value to the Debtors' estates, it would
require a purchase price of up to US$184,350,000, the effective
purchase price to be paid by the Purchaser.

                      DEBT OBLIGATIONS

Over the last eight years, NSSC has invested primarily by making
loans and equity investments.  The aggregate indebtedness secured
by the investment portfolio of NSSC is approximately
US$688,412,974. This debt is divided into two tranches.  The
secured claims of the NSSC Bermuda Lenders, in the approximate
amount of US$369,066,322, have first priority over the secured
claims of the Cayman Fund and US Fund, which are pari passu; the
claims of the Cayman Fund and US Fund aggregate US$319,346,652.

NSI is indebted to certain segregated account classes of the
Bermuda Fund in the approximate amount of US$81,573,376.

                       PREPACKAGED PLAN

According to Mr. Buenzow, differing perspectives on the allocation
of asset value among these investors lie at the heart of these
cases.  "These differences brought the Debtors' activities to a
standstill and surrounded the Debtors with an aura of uncertainty
that made it impossible to raise capital and perpetuated an
escalating cycle of redemption requests, all of which undermined
the Debtors' ability to operate."

Over the last several months, the Debtors negotiated the details
of the reorganization centered on a closing of the Insurance
Portfolio Sale and an allocation of the net proceeds among the
Debtors' creditors.

The Debtors have successfully negotiated the prepackaged
reorganization that is embodied in the Debtors' Joint Plan of
Reorganization under Chapter 11 of the Bankruptcy Code, dated
January 24, 2011.  The Debtors concluded a solicitation of all of
the impaired classes of creditors, and these creditors have voted
in favor the Plan.

The Plan is predicated on a rapidly executed sale of NSI's
portfolio of life settlement contracts on the terms set forth in
the asset purchase agreement.  The Plan provides for both the
implementation of this asset sale and the allocation of the net
proceeds among the Debtors' secured creditors.

"Although many of the Debtors' investors, primarily hedge funds
and other sophisticated investors, will recover only a portion of
their investment, the vast majority have agreed to accept the Plan
since the alternatives to confirmation are far less attractive,"
Mr. Buenzow says.

The Plan provided for the sale of the NSI Insurance Portfolio
either pursuant to a "Consensual Process" or a "Cramdown Process".
However, since Class 3 (which is described more fully in 104,
infra) has voted to accept the Plan, the sale will take place
pursuant to the Consensual Process and the Debtors do not
presently intend to seek approval of the Insurance Portfolio Sale
pursuant to Section 363 of the Bankruptcy Code prior to seeking
confirmation of the Plan.

The Plan treats creditors in this manner:

    -- NSI Bermuda Lenders under Class 1, owed US$81,573,376,
       which have voted to accept the plan, will receive less than
       the full amount owed.  Payment will be from the net
       proceeds of the Insurance Portfolio Sale

    -- NSSC Bermuda Lenders under Class 2, owed US$396,066,322,
       which hold a first lien on the investment portfolio of
       NSSC, will (1) receive will receive a distribution from the
       remaining proceeds of the Insurance Portfolio Sale and (2)
       substantially all of the remainder of NSSC's assets, except
       for certain assets that are being released for the benefit
       of the Class 3 Claims.  They voted in favor the Plan.

    -- All holders of US-Cayman Claims, under Class 3, in the
       aggregate amount of US$319,346,653, will each receive a
       percentage share of periodic distributions of the net
       proceeds from the liquidation of the common stock of North
       Star Financial Services Limited and specific assets and
       certain real estate and commercial loans (collectively
       identified as USC Wind Down Assets).  In addition, holders
       of Class 3 Claims who voted to accept the Plan, and thereby
       grant the third-party releases provided for in section 12.5
       of the Plan, will be entitled to receive a cash payment
       from the Global Settlement Fund upon the Plan's Effective
       Date.  Under the Global Settlement, the Purchaser and
       Creditors in Classes 1 and 2, in exchange for the "yes"
       vote and the third-party releases, have agreed to provide
       funding for cash payments (expected to aggregate
       US$15 million) to Class 3 claimants.

    -- Holders of general unsecured claims against NSI and NSCI,
       under Classes 4(a) and (d), will be paid in full and are
       not impaired under the Plan.  Each holder of allowed
       general unsecured claim against NSC, in Class 4(c), will
       share, on a pro rata basis, a cash distribution.  Holders
       of general unsecured claims against NSSC, in Class 4(b),
       will not receive any distribution or retain any property on
       account of such Claims and pursuant to Bankruptcy Code
       Sec. 1126(g) this Class is deemed not to have accepted the
       Plan.

    -- Holders of the Class 5(a) Interests in NSI that are
       currently held by NSSC will continue to be held by NSSC and
       the Class 5(d) Interests in NSCI that are currently held by
       the Cayman Funds will continue to be held by the Cayman
       Funds.  Class 5(b) Interests in NSSC and Class 5(c)
       Interests in NSC will be extinguished and the Holders of
       Interests in Class 5(b) and Class 5(a) will not receive or
       retain any property on account of the Interests.

Each holder of a claim in Classes 1, 2, 3 and 4(c) was entitled to
vote either to accept or reject the Plan.

A copy of the Plan is available for free at:

           http://bankrupt.com/misc/NewStream_Plan.pdf

A copy of the Disclosure Statement explaining the terms of the
Plan is available for free at:

           http://bankrupt.com/misc/NewStream_DS.pdf

The Debtor is represented by Kurt F. Gwynne, Esq., at Reed Smith
LLP, in Wilmington, Delaware.

Kurtzman Carson Consultants LLC is the Notice, Claims and
Solicitation Agent.

              Three U.S./Cayman Funds Involuntaries

On March 7, 2011, when New Stream was still soliciting votes on
the Chapter 11 plan, certain investors filed a petition (Bankr. D.
Del. Lead Case No. 11-10690) seeking to force three new stream
funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream
Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured
Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy.

The petitioning investors in the New Stream investment enterprise
say they are collectively owed over US$90 million, representing
roughly 28% of the approximately US$320 million owed to all U.S.
and Cayman investors.

The Investors filed together with the petitions a request for an
immediate appointment of a Chapter 11 trustee to take over
management of the assets.  The prepackaged plan offered by New
Stream, according to the Investors, "offers a mere pittance to the
US/Cayman Investors, funded primarily with 'gifts' from allegedly
senior classes traceable to funds supplied by the US/Cayman
Investors in the first place; gives the Bermuda feeder fund, the
purported senior lien holder, the vast majority of all plan
distributions; and grants releases to all wrongdoers; this after
admitting to losing almost US$500 million on assets that the Fund
Manager valued at US$800 million less than three years ago."

The Petitioners are represented by (i) Joseph H. Huston, Jr.,
Esq., Maria Aprile Sawczuk, Esq., Meghan A. Cashman, Esq., at
Stevens & Lee, P.C., in Wilmington, Delaware, and Beth Stern
Fleming, Esq., at Stevens & Lee, P.C., in Philadelphia,
Pennsylvania, and Nicholas F. Kajon, Esq., David M. Green, Esq.,
and Constantine Pourakis, Esq., at Stevens & Lee, P.C., in New
York, (ii) Edward Toptani, Esq., at Toptani Law Offices, in New
York, and (iii) John M Bradham, Esq., and David Hartheimer, Esq.,
at Mazzeo Song & Bradham LLP, in New York.


NEW STREAM: Case Summary & Largest Unsecured Creditors
------------------------------------------------------
Debtor: New Stream Secured Capital, Inc.
        38C Grove Street
        Ridgefield, CT 06877

Bankruptcy Case No.: 11-10753

Debtor-affiliates that filed for Chapter 11:

        Entity                        Case No.
        ------                        --------
New Stream Insurance, LLC             11-10754
New Stream Capital, LLC               11-10755
New Stream Secured Capital, L.P.      11-10756

Chapter 11 Petition Date: March 13, 2011

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

About the Debtors: New Stream is an inter-related group of
                   companies that collectively comprise an
                   investment fund, headquartered in Ridgefield,
                   Connecticut.  Founded in 2002, New Stream
                   focuses on providing non-traded private debt to
                   the insurance, real estate and commercial
                   finance sectors.

Debtors' Counsel: Kurt F. Gwynne, Esq.
                  J. Cory Falgowski, Esq.
                  REED SMITH LLP
                  1201 Market Street, 15th Floor
                  Wilmington, DE 19801
                  Tel: (302) 778-7550
                  Fax: (302) 778-7575
                  E-mail: kgwynne@reedsmith.com

                          - and -

                  Michael J. Venditto, Esq.
                  REED SMITH LLP
                  599 Lexington Avenue
                  New York, NY 10022
                  Tel: (212) 521-5400
                  Fax: (212) 521-5450

                          - and -

                  Scott M. Esterbrook, Esq.
                  REED SMITH LLP
                  2500 One Liberty Place
                  Philadelphia, PA 19103
                  Tel: (215) 851-8146
                  Fax: (215) 851-1420

Debtors'
Claims & Notice
Agent:            KURTZMAN CARSON CONSULTANTS LLC

Counsel for
Joint
NSSC Receivers:   Timothy Q. Karcher, Esq.
                  DEWEY & LEBOEUF LLP
                  1301 Avenue Of The Americas
                  New York, NY 10019

Counsel for MIO,
the Purchaser,
the Note Lenders
and the
DIP Lenders:      Robin E. Keller, Esq.
                  HOGAN LOVELLS US LLP
                  875 Third Avenue
                  New York, NY 10022

Counsel for
McKenna:          Emanuel C. Grillo, Esq.
                  GOODWIN PROCTER LLP
                  The New York Times Building
                  620 8th Avenue
                  New York, New York 10018

Estimated Assets & Debts*:

                               (in millions)
Debtor              Assets                       Liabilities
------              ------                       -----------
NSSC, Inc.    US$0   to   US$0.05        US$0    to   US$0.05
NSC             $0.1 to     $0.50          $0.05 to     $0.10
NSI           $100.0 to   $500.00         $50.00 to   $100.00
NSSC, LP      $500.0 to $1,000.00        $500.00 to $1,000.00

   * NSI's insurance portfolio is being sold for US$184,350,000 as
     part of the Chapter 11 plan.  The aggregate indebtedness
     secured by the investment portfolio of NSSC is
     US$688,412,974.  NSI owes US$81,573,376 to certain account
     classes under a Bermuda fund.

The petitions were signed by Michael Buenzow, chief restructuring
officer.

Debtor-affiliates also subject to involuntary Chapter 11 petitions
(Bankr. D. Del.) commenced on March 7, 2011, by certain investors:

    Debtor                                            Case No.
    ------                                            --------
  New Stream Secured Capital Fund (U.S.), L.L.C.      11-10690
  New Stream Secured Capital Fund P1  (Cayman), Ltd.  11-10694
  New Stream Secured Capital Fund K1 (Cayman), Ltd.   11-10696

The Joint NSSC Receivers refer to Michael Morrison and Charles
Thresh, of KPMG Advisory Limited, in their capacity as joint
receivers for Segregated Account Classes B, E, H, K, - 20 - L, N
and O of the Debtors' Bermuda Fund appointed pursuant to orders of
the Bermuda Court in the Bermuda Proceedings on June 18, 2010 and
July 16, 2010.  McKenna is the receiver appointed by the Bermuda
Court on behalf of Segregated Account Class C and Segregated
Account Class I.  MIO, the Purchaser, the Note Lenders and the DIP
Lenders refer to the MIO Partners, Inc.-led entities that are
pursuing to purchase NSI's insurance portfolio.

New Stream Secured Capital's list of unsecured creditors filed
together with its petition contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
SPAR, LP                           Litigation Claim           US$1
261 Madison Avenue, 12th Floor     for Commissions
New York, NY 10016


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


VANGUARDA DO: Fitch Withdraws 'B-' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn all
ratings of Vanguarda do Brasil S.A., as they are no longer
considered by Fitch to be relevant to the agency's coverage,
consistent with Fitch's policies.  Fitch will no longer provide
ratings or credit research on this issuer.

Vanguarda is primarily a soybean and corn producer based in
Brazil.

Fitch has affirmed and withdrawn these ratings of Vanguarda:

  -- Local currency Issuer Default Rating 'B-';
  -- Foreign currency IDR 'B-';
  -- National scale rating 'BB-(bra)'.

The Rating Outlook of all ratings is Negative.


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


AC98 LIMITED: Creditors' Proofs of Debt Due April 11
----------------------------------------------------
The creditors of AC98 Limited are required to file their proofs of
debt by April 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:

         Trident Liquidators (Cayman) Ltd
         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


B-LFA LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On February 14, 2011, a resolution was passed that voluntarily
liquidates the business of B-LFA Limited.

The company's liquidator is:

         K. Beighton
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o David Thacker
         Telephone: +1 345-815-2631
         Facsimile: +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


B-LFB LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On February 14, 2011, a resolution was passed that voluntarily
liquidates the business of B-LFB Limited.

The company's liquidator is:

         K. Beighton
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o David Thacker
         Telephone: +1 345-815-2631
         Facsimile: +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


HALLIBURTON PRODUCTS: Creditors' Proofs of Debt Due April 13
------------------------------------------------------------
The creditors of Halliburton Products & Services Limited are
required to file their proofs of debt by April 13, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Nadeem Ashfaq
         Halliburton Energy Services, Inc.
         10200 Bellaire Blvd.
         Houston
         Texas 77072
         USA


MCC INTERNATIONAL: Creditors' Proofs of Debt Due April 4
--------------------------------------------------------
The creditors of MCC International Holdings III, Ltd. are required
to file their proofs of debt by April 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


MCC OPTIMA: Creditors' Proofs of Debt Due April 7
-------------------------------------------------
The creditors of MCC Optima Partners Focus Fund Ltd. are required
to file their proofs of debt by April 7, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PENSO SELECT: Creditors' Proofs of Debt Due April 14
----------------------------------------------------
The creditors of Penso Select Opportunities Fund, Ltd. are
required to file their proofs of debt by April 14, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946-1577
         Facsimile: (345) 947-0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


PHILLIPS CAPITAL: Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
The creditors of Phillips Capital Ltd. are required to file their
proofs of debt by March 18, 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:

         Darryl Myers
         Telephone: +1 345 949-0699
         Fax: +1 345 949-8171
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town, Grand Cayman KY1-1106
         Cayman Islands


SENTINEL SYMPHONY: Creditors' Proofs of Debt Due April 14
---------------------------------------------------------
The creditors of Sentinel Symphony Offshore Fund, Ltd. are
required to file their proofs of debt by April 14, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946-1577
         Facsimile: (345) 947-0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


SENTINEL SYMPHONY: Creditors' Proofs of Debt Due April 14
---------------------------------------------------------
The creditors of Sentinel Symphony Select Fund, Ltd. are required
to file their proofs of debt by April 14, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946-1577
         Facsimile: (345) 947-0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


SINNAMARY INTERNATIONAL: Creditors' Proofs of Debt Due April 14
---------------------------------------------------------------
The creditors of Sinnamary International Financing Corp. are
required to file their proofs of debt by April 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 9, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Adam Keenan
         Telephone: (345) 914-8743
         Facsimile: (345) 945-4237
         P.O. Box 258, Grand CaymanKY1-1104
         Cayman Islands


TRITON 300: Creditors' Proofs of Debt Due April 7
-------------------------------------------------
The creditors of Triton 300 Ltd. are required to file their proofs
of debt by April 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 380: Creditors' Proofs of Debt Due April 7
-------------------------------------------------
The creditors of Triton 380 Ltd. are required to file their proofs
of debt by April 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 465: Creditors' Proofs of Debt Due April 7
-------------------------------------------------
The creditors of Triton 465 Ltd. are required to file their proofs
of debt by April 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


WORLD 300: Creditors' Proofs of Debt Due April 7
------------------------------------------------
The creditors of World 300 Ltd. are required to file their proofs
of debt by April 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


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


JAMAICA PUBLIC SERVICE: Union Issues Ultimatum for Reinstatement
----------------------------------------------------------------
RadioJamaica reports that a meeting was scheduled to be held at
the Ministry of Labour Monday in the wake of a 72 hour ultimatum
served by the National Workers Union (NWU) on the Jamaica Public
Service Company (JPSCO).  The report relates that the ultimatum,
which expired at 5:00 p.m., March 14, was issued following the
dismissal of a JPSCO worker on March 11.

The NWU feels the employee was unfairly treated and is threatening
industrial action if he is not reinstated, according to
RadioJamaica.

According to the NWU, RadioJamaica relates, the employee was
placed on interdiction following an investigation last year.
However, RadioJamaica notes, the investigation ended in December,
and it was promised that within 15 days a response would be
received, but this had not happened.

The NWU believes the JPSCO had no evidence to find the worker
guilty of any wrong doing, and following a meeting with the
workers, it decided to take action, RadioJamaica adds.

                          About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


CREDITO REAL: S&P Affirms 'BB-' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
global-scale counterparty credit rating on Mexico-based payroll
discount lender Credito Real S.A. de C.V. SOFOM E.N.R.  At the
same time, S&P affirmed its 'mxA-' national-scale counterparty
credit rating on the company.  The outlook is stable.

"The ratings on Credito Real reflect its improving funding profile
but still-important dependence on volatile funding sources,
primarily market debt," said Standard & Poor's credit analyst
Alfonso Novelo.  Also, S&P considers the relatively important
concentration on its largest distributor of its main line of
business.  However, it has decreased after the entrance of other
distributors.  Somewhat offsetting these risks are the company's
good asset quality and capitalization, and enhanced maturity
profile of its financial liabilities.

The largest share of Credito Real's funding base comes from market
debt, a source that S&P considers to be more volatile during
stressful periods.  However, this concentration has reduced over
the past year as bank credit lines rose to 22% of funding during
2010 compared with 13% in 2009.  S&P expects further improvements.
Also, after the issuance of US$210 million five-year senior
unsecured notes, the company considerably improved the maturity
profile of its financial liabilities, significantly diminishing
the risk of refinancing in the middle term.

Credito Real has shown a relatively high concentration by
distributor, but it has improved with the entrance of other
distributors.  Although its main distributor on the payroll
discount loan portfolio currently represents 67% of this line of
business, S&P expects this concentration to dilute in the future.
S&P expects other distributors' origination to increase as
reflected in 2010 origination, where its largest distributor only
represented 37%.  Going forward, the strong competition,
especially in payroll discount lending, could hurt the company's
growth targets.  Consequently, S&P will closely follow the firm's
underwriting practices and collecting policies to verify that they
remain in line with Credito Real's risk profile.  S&P expects
double-digit growth in the loan portfolio in 2011, somewhere close
to 20%.

Credito Real's asset quality is good.  At year-end 2010,
nonperforming assets represented 0.7% of the total loan portfolio
and reserves fully covered past-due loans.  S&P expects no
material deterioration in asset quality given the low risk in its
main line of business--payroll discount loans to government
employees.  S&P doesn't expect unemployment to rise significantly
in this segment.

The company's profits have improved, and S&P expects it to remain
at current levels in the medium term.  The improvement followed
the loan portfolio's sustained growth--at a 34.8% annual compound
rate in the past four years--and lower provisioning requirements
resulting from the firm's good asset quality.  Return on assets
and return on revenues were 4.5% and 34.5%, respectively, by year-
end 2010, comparing adequately with other similarly rated finance
companies.

Stronger profitability levels have resulted in a sustained
improved in capitalization metrics, with S&P's risk based capital
metrics improving to 17.2% in 2010 from 15.7% in 2009.  Although
S&P expects greater loan portfolio growth to somewhat constrain
adjusted capitalization in 2011, S&P believes capitalization will
remain adequate for the company's risk profile.

The stable outlook incorporates S&P's expectation that the company
will maintain its good financial performance and asset quality,
and that bank lines will become a bigger part of its funding
structure.  Material improvements in the funding structure mix,
greater levels of diversification in the distribution channels, or
a decrease in leverage while maintaining the good asset quality
and strong capitalization levels could trigger a positive rating
action.  Conversely, a significant increase in nonperforming
assets and leverage, a greater dependence on market debt, or a
failure to increase bank funding could result in a negative rating
action.


GRUPO IUSACELL: Fintech May Seek Stake After Acquiring Most Debt
----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Fintech
Investments Ltd. said it may seek an equity stake in Grupo
Iusacell SA after acquiring the majority of the outstanding debt
of the bankrupt Mexican mobile-phone carrier controlled by
billionaire Ricardo Salinas.

Fintech Investments controls most of the principal of three
classes of Grupo Iusacell bonds due in 2011, 2012 and 2013,
Fintech said in a statement obtained by Bloomberg.  Bloomberg
relates that the company, an affiliate of New York-based
investment fund Fintech Advisory Inc. headed by David Martinez,
said it expects to enter talks to revise terms of pre-packaged
plans Iusacell has pending in Mexican bankruptcy proceedings.

Bloomberg discloses that Mr. Salinas is seeking an overhaul of
Grupo Iusacell after failing to gain market share from America
Movil SAB and Telefonica SA since he bought control of the company
in 2003.  Grupo Iusacell's bankruptcy filing in December was its
second attempt in four years to seek a restructuring plan with
creditors, Bloomberg notes.

"Fintech Investments intends to explore with Grupo Iusacell a
variety of potential alternative restructuring proposals,
including a potential capitalization of debt into restricted
equity," Bloomberg quotes the investment fund as saying.  Minority
holders of the debt would have limited rights in that equity,
Fintech added.

                            Bonds Due

Grupo Iusacell has about US$552 million in bonds due through 2013,
according to data compiled by Bloomberg.  Fintech Investments said
it holds 98% of the principal amount of unit Grupo Iusacell's
senior notes due 2011, 92% of Grupo Iusacell's second-lien notes
due 2012, and 76% of Grupo Iusacell's senior notes due 2013, the
investment company said, Bloomberg says.

Bloomberg notes that Fintech Advisory led a creditor group whose
2003 offer to acquire Grupo Iusacell was rejected in favor of
Salinas by the previous owners, Verizon Communications Inc. and
Vodafone Group Plc.  Bloomberg relates that the creditors had
sought to recover part of US$350 million in bonds on which
Iusacell defaulted earlier that year.

Grupo Iusacell SA is the Mexican mobile-phone carrier owned by
billionaire Ricardo Salinas.


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


CONSTRUCTORA CJ: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Constructora CJ & M Inc.
        P.O. Box 1410
        Aguada, PR 00602
        Tel: (787) 823-2175

Bankruptcy Case No.: 11-02074

Chapter 11 Petition Date: March 11, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis E. Correa Gutierrez, Esq.
                  FIRSTBANK PUERTO RICO
                  P.O. Box 194089
                  San Juan, PR 00919
                  Tel: (787) 296-9500
                  Fax: (787)-296-9510
                  E-mail: lcorrea@lvvlaw.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-02074.pdf

The petition was signed by Carlos Moreno Gonzalez, president.


JAISUEL CONTRACTOR: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------------
Debtor: Jaisuel Contractor & Electrical Corp
        P.O. Box 1410
        Aguada, PR 00602
        Tel: (787) 823-2175

Bankruptcy Case No.: 11-02077

Chapter 11 Petition Date: March 11, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis E. Correa Gutierrez, Esq.
                  FIRSTBANK PUERTO RICO
                  P.O. Box 194089
                  San Juan, PR 00919
                  Tel: (787) 296-9500
                  Fax: (787) 296-9510
                  E-mail: lcorrea@lvvlaw.com

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

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

The petition was signed by Carlos Moreno Gonzalez, president.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Banco Popular de PR                Bank Loan            US$850,000
c/o Lcda. Gina H. Ferrer
P.O. Box 2342
Mayaguez, PR 00681


R&G FINANCIAL: Puerto Rico Court Stays Rodriguez Suit
-----------------------------------------------------
District Judge Jose Antonio Fuste stayed the lawsuit, JOCELYN
RODRIGUEZ, Plaintiff v. FEDERAL DEPOSIT INSURANCE CORPORATION, as
Receiver for R-G PREMIER BANK OF PUERTO RICO, et al., Defendants,
Civil No. 10-1656 (D. P.R.), at the receiver's behest, pending the
completion of the mandatory administrative claims process.
Plaintiff has not opposed the motion.  FDIC-R is to notify the
Court of the status of the administrative claims process on or
before August 4, 2011.

FDIC-R removed the lawsuit on July 14, 2010, from the Court of
First Instance, San Juan Superior Part, Commonwealth of Puerto
Rico.

The Court denied a separate motion by FDIC-R for an order
designating a magistrate judge.

The Court, meanwhile, granted defendant R&G Financial
Corporation's motion to stay the proceedings against it due to its
bankruptcy.  R&G Financial filed for Chapter 11 on May 14, 2010.

A copy of the Court's March 8, 2011 opinion and order is available
at http://is.gd/ohcpssfrom Leagle.com.

San Juan, Puerto Rico-based R&G Financial Corporation filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. D. P.R.
Case No. 10-04124).  Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, assists the Company in its restructuring effort.
The Company disclosed US$40,213,356 in assets and US$420,687,694
in debts.


                            ***********


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.


                   * * * End of Transmission * * *