TCRLA_Public/110325.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, March 25, 2011, Vol. 12, No. 60

                            Headlines



A R G E N T I N A

ARIEL GUSTAVO: Creditors' Proofs of Debt Due May 24
CENTRAL TERMICA: Moody's Downgrades Ratings to 'B3/A3'
DAROX METALURGICA: Creditors' Proofs of Debt Due May 3
FINEHIDE SA: Creditors' Proofs of Debt Due May 5
GRUPO VCL: Creditors' Proofs of Debt Due May 11

PATIO DE JUEGOS: Creditors' Proofs of Debt Due April 25


B E R M U D A

AP STRATEGIC: Creditors' Proofs of Debt Due April 1
AP STRATEGIC: Member to Receive Wind-Up Report on April 22
AP STRATEGIC: Creditors' Proofs of Debt Due April 1
AP STRATEGIC: Member to Receive Wind-Up Report on April 22


B R A Z I L

GENERAL MOTORS: Files Second Amended Joint Chapter Plan
GENERAL MOTORS: Has Settlement with EPA on Unsecured Claim
GERDAU SA: Moody's Reviews 'Ba1' Corporate Family Rating
TAVEX MODAL: Moody's Puts Low-B Ratings on Sr. & Mezzanine Shares


C A Y M A N   I S L A N D S

ABN AMRO: Shareholders' Final Meeting Set for April 8
CADOGAN ALTERNATIVE: Shareholders' Final Meeting Set for April 8
CYNRIC INVESTMENTS: Shareholders' Final Meeting Set for April 21
DAGONET INVESTMENTS: Shareholders' Final Meeting Set for April 21
GAWAIN INVESTMENTS: Shareholders' Final Meeting Set for April 21

HERITAGE REAL: Shareholders' Final Meeting Set for April 18
INTERKRAFT MAC 34: Members' Final Meeting Set for April 18
JOLS INVESTMENTS: Shareholders' Final Meeting Set for April 21
PAKPOLEE RETAIL: Shareholder to Receive Wind-Up Report on April 6
PINEBRIDGE RP: Shareholders' Final Meeting Set for April 15

RIVERSIDE FUNDING: Shareholders' Final Meeting Set for April 15
SANTOSHI CLO 2009: Shareholders' Final Meeting Set for April 15
WHITEBOX DIVERSIFIED: Shareholders' Final Meeting Set for April 19
YONTOSHI CLO2: Shareholders' Final Meeting Set for April 15
YU SHAN: Shareholders' Final Meeting Set for April 15


D O M I N I C A N  R E P U B L I C

RAHAXI INC: Pendle Properties Owns 100MM Shares of Common Stock


J A M A I C A

NATIONAL COMMERCIAL: Fitch Upgrades Individual Rating to 'D'


M E X I C O

CORPORACION GEO: Fitch Upgrades Issuer Default Rating to 'BB-'


P U E R T O  R I C O

DJSP ENTERPRISES: Securities Delisted From NASDAQ Stock Market


V E N E Z U E L A

BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Ratings
MERCANTIL CA: Fitch Affirms 'B+' Issuer Default Ratings


                            - - - - -


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


ARIEL GUSTAVO: Creditors' Proofs of Debt Due May 24
---------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Ariel
Gustavo Castro - Elena Papadimitropoulos Sociedad de Hecho's
reorganization proceedings, will be verifying creditors' proofs
of claim until May 24, 2011.

Mr. Colace will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 March 6, 2012.

The Trustee can be reached at:

         Jose Maria Colace
         Alsina 833
         Argentina


CENTRAL TERMICA: Moody's Downgrades Ratings to 'B3/A3'
------------------------------------------------------
Moody's Latin America has downgraded Central Termica Loma de la
Lata's ratings to B3/A3.ar.  The rating outlook continues to be
negative.

                        Ratings Rationale

The main driver prompting the downgrade is the relatively
higher risk perceived from the long term contract executed
directly with Compa¤ia Administradora del Mercado Mayorista
Electrico S.A. rather than under the Energia Plus framework as
originally expected.  Furthermore, the contract has been recently
amended to allow a higher proportion of contracted capacity with
Cammesa, further reducing the likelihood of the development of
contracts with a diversified base of private companies within the
Energia Plus framework.  While the recently announced postponement
of the initiation of commercial operations prevents a definitive
estimation of the company's future contractual position, the
likely increase in the proportion of revenues coming from Cammesa
increases, in turn, exposure of CTLLL's future revenues to
Argentine government credit risk.  Cammesa, the wholesale
electricity market administrator in Argentina, continues to face
ongoing deficits and in order to make payments it depends on
periodic transfers from the national government.  As a result,
repayment of the notes is therefore exposed to Argentine
government (B3/Stable) credit risk.

Nevertheless, the ratings continue to be supported by the
project's inherent strengths.  Closing the cycle of the power
plant to a combined cycle configuration will increase its
efficiency with no additional gas needs.  Furthermore, the project
expansion is supported by expectations of continued growth in
power demand in the country.  Finally, Moody's takes comfort from
the fact that Pampa (unrated), the ultimate parent company,
guarantees the US$178 million notes due 2015 during the
construction period, mitigating to a large degree the risks of
potential additional delays in project completion.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".ar" for Argentina.  For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

The rating outlook is negative due to the still uncertain
timeframe for project completion.  The expansion was originally
expected to be completed by June 2010.  However, certain social
claims in the area of the plant's location at the beginning of the
works in addition to some technical problems recently detected in
the steam turbine unit during some recent testing have caused a
considerable delay to the beginning of commercial operations which
are now not expected to begin until the second half of this year.
Although the EPC contractor should provide for the reposition of
damaged components with no additional costs for CTLLL, the
magnitude of the failure still remains somewhat unclear.

The ratings could come under additional downward pressure if the
delay in the plant's commercial operations takes substantially
longer than the latest estimated completion date since the
expected increase in revenues and cash flows from the expansion
may not materialize in time vis-a-vis increased cash needs for
debt repayment, which will begin on September 2013.

Given the recent downgrade, a rating up-grade is not likely in the
short term.  However, the negative outlook could be stabilized if
the project is completed within the recently announced timeframe
and once the supply contract with Cammesa is in place.  When in
operation, the project is expected to generate cash from
operations (CFO pre WC) in relation to debt of over 15% with a
ratio of CFO pre WCO plus interest to interest of over 2.0 times.

Central Termica Loma de la Lata S.A. is an electric generation
company formed as a Sociedad Anonima as a result of Pampa Energia
S.A. acquisition of the thermal power plant at Loma La Lata in May
2007.  CTLLL's main asset is a thermo-electric power plant located
in the province of Neuquen-Argentina.  Currently, CTLLL has an
installed net capacity of 369 MW, which is expected to increase by
178 MW after this conversion project is completed.  With a net
generation of 448 GWh, total revenues for the fiscal year ending
in December 2010 amounted to ARS150 million.

Pampa Energia S.A. (not rated) is the largest, fully-integrated
electricity company in Argentina.  Through its subsidiaries,
the company is engaged in the generation, transmission and
distribution of electricity within the country.  Pampa has an
installed capacity of approximately 2,187 MW, which represents
about 8% of the country's installed capacity.  It also co-controls
Transener (not rated), the largest high-voltage electricity
transmission system in Argentina and it is the majority
shareholder of Edenor (B2, stable), the largest electricity
distribution company in Argentina, with more than 2,6 million
customers.


DAROX METALURGICA: Creditors' Proofs of Debt Due May 3
------------------------------------------------------
Angel Landro, the court-appointed trustee for Darox Metalurgica
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 3, 2011.

Ms. Landro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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:

         Angel Landro
         Espinosa 1474
         Argentina


FINEHIDE SA: Creditors' Proofs of Debt Due May 5
------------------------------------------------
Ricardo Jose Lisio, the court-appointed trustee for Finehide SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 5, 2011.

Mr. Lisio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 43, 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:

         Ricardo Jose Lisio
         Habana 4315
         Argentina


GRUPO VCL: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
Javier Marcelo Espineira, the court-appointed trustee for Grupo
VCL SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 11, 2011.

Mr. Espineira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Javier Marcelo Espineira
         Quirno Costa 125
         Argentina


PATIO DE JUEGOS: Creditors' Proofs of Debt Due April 25
-------------------------------------------------------
Teresa Norma Fiscina, the court-appointed trustee for Patio de
Juegos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 25, 2011.

Ms. Fiscina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Teresa Norma Fiscina
         Avenida Manuel Montes de Oca 630
         Argentina


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


AP STRATEGIC: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
The creditors of AP Strategic Series 2 Euro Trading Ltd are
required to file their proofs of debt by April 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2011.

The company's liquidator is:

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


AP STRATEGIC: Member to Receive Wind-Up Report on April 22
----------------------------------------------------------
The member of AP Strategic Series 2 Euro Trading Ltd will receive
on April 22, 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 16, 2011.

The company's liquidator is:

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


AP STRATEGIC: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
The creditors of AP Strategic Series 2 Dollar Trading Ltd are
required to file their proofs of debt by April 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2011.

The company's liquidator is:

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


AP STRATEGIC: Member to Receive Wind-Up Report on April 22
----------------------------------------------------------
The member of AP Strategic Series 2 Dollar Trading Ltd will
receive on April 22, 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 16, 2011.

The company's liquidator is:

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


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


GENERAL MOTORS: Files Second Amended Joint Chapter Plan
-------------------------------------------------------
Motors Liquidation Company, et al., fka General Motors Corp., et
al., have filed with the U.S. Bankruptcy Court for the Southern
District of New York their second amended joint Chapter 11 plan.

A copy of the Second Amended Plan is available for free at:

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

As reported by the Troubled Company Reporter on Dec. 10, 2010,
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York issued on Dec. 8, 2010, a formal
order approving, on a final basis, the Disclosure Statement for
the Amended Joint Chapter 11 Plan of Reorganization filed by
Motors Liquidation Company and its debtor affiliates.  Full-text
copies of the Amended Plan and Disclosure Statement, dated
December 8, 2010, are available for free at:

            http://bankrupt.com/misc/gm_Dec8Plan.pdf
            http://bankrupt.com/misc/gmDec8DS.pdf

On March 18, 2011, the Debtors filed a second amendment to the
Plan, which changes, among other things, the allowed Eurobond
Claims.  The Second Amended Plan says that the Eurobond Claims
under that certain Fiscal and Paying Agency Agreement, dated as of
July 3, 2003, among General Motors Corporation, Deutsche Bank AG
London, and Banque Generale du Luxembourg S.A. will be allowed in
the amount of $3,770,634,476.

The First Amended Plan states that the Eurobond Claims under that
certain Fiscal and Paying Agency Agreement, dated as of July 3,
2003, among General Motors Corporation, Deutsche Bank AG London,
and Banque Generale du Luxembourg S.A. will be allowed in the
amount of $3,772,694,419.

The Second Amended Plan says that upon the dissolution of MLC,
(i) the Residual wind-down assets will be transferred to the GUC
Trust established under the plan in accordance with the GUC Trust
agreement executed by the Debtors and Wilmington Trust Company,
the GUC Trust Administrator; (ii) the Indenture Trustee/Fiscal and
Paying Agent Reserve Cash will be transferred to the GUC Trust,
and (iii) all remaining assets of MLC will be transferred to the
Avoidance Action Trust at the sole discretion of Wilmington Trust,
as the avoidance action trust administrator, and will constitute
avoidance action trust assets, and any remaining assets not
transferred to the avoidance action trust will be deemed abandoned
by the Debtors for all purposes without the necessity for any
other or further actions to be taken by or on behalf of the
Debtors.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At Sept. 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, US$971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.


GENERAL MOTORS: Has Settlement with EPA on Unsecured Claim
----------------------------------------------------------
BankruptcyData.com reports that Motors Liquidation Co. filed with
the U.S. Bankruptcy Court a motion for an order approving a
consent decree and settlement agreement between the United States
of America on behalf of the United States Environmental Protection
Agency and the Debtors, partially resolving an unsecured claim
filed by the U.S. Govt.

BData says the claim alleges that the Debtors are liable to the
United States for costs in excess of $2 billion relating to
liabilities at numerous third-party sites and for violations of
certain federal environmental statutes.

According to BData, the settlement agreement reached by the
parties provides the United States with, among other things, an
allowed general unsecured claim in the total amount of $36,290,270
and a disputed general unsecured claim in the face amount of $250
million for all remaining non-settled claims set forth in the
claim.  If approved, the settlement permits the Debtors to free up
reserves of approximately $1.75 billion that were previously
reserved on account of the claim, thus increasing the initial
distribution to the Debtors' creditors.

                         About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At Sept. 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, US$971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.


GERDAU SA: Moody's Reviews 'Ba1' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the Ba1 global scale corporate family ratings of Gerdau
S.A. and Gerdau Ameristeel Corporation, following the announcement
of a primary equity issuance by Gerdau of about BRL3.8 billion to
BRL4.2 billion, likely to be concluded during April 2011.

Ratings placed under review for possible upgrade are:

Issuer: Gerdau S.A.

  -- Corporate Family Rating: Ba1 (global scale)

Issuer: Gerdau Ameristeel Corporation

  -- Corporate Family Rating: Ba1

  -- Probability of Default Rating: Ba1

  -- US$23 million senior unsecured notes due 2037: Ba1 /
     63-LGD 4

The review process will focus on the use of the proceeds from the
equity issuance and its impact on Gerdau's leverage and capital
structure as the group executes its large investment program and
continues to face margin pressure from growing production costs
and, in Brazil, also from lower price premiums due to pressure
from imports.  The review process is subject to the conclusion of
the equity issuance.  The review will also consider the efforts by
the company to create a more pari passu debt structure across the
organization.

Gerdau's ratings could be upgraded if Consolidated Net Debt
(considering a minimum readily available liquidity cushion of
US$1.5 billion) to EBITDA is expected to remain below 3x during
the execution of its capex program, with the maintenance of
strong liquidity levels.  Gerdau's ratings are supported by its
historically solid cash generation, which reflects its strong
market position in the several markets where it operates, its good
operational and geographic diversity, and cost-driven management.
While Gerdau's variable cost structure, high integration level
and large scale provide good operating flexibility, reducing
downside risk and translating into historical robust EBITDA
margins through the industry's cycles, structural changes in the
Brazilian steel industry leading to increased imports should keep
margins under pressure over the near term (but still comparing
positively to most international peers).  Moody's would expect
margins to somewhat recover once ongoing investments in product
mix improvement and cost reduction mature within the next couple
of years.  Gerdau's liquidity position remains healthy based on
available cash position and availability under sizeable committed
credit facilities, adequate debt maturity profile, and access
to export-related and BNDES loans.  Gerdau's exposure to the
cyclicality of the steel industry, which is subject to global and
regional supply-demand imbalances, trade flows and sharp price
changes, and product mix that includes a high proportion of
long steel, giving the group a relatively high exposure to the
construction industry, are constraining factors for its ratings.

The Ba1 corporate family rating of Ameristeel at the same level as
its parent Gerdau considers the explicit support of the group as
evidenced by the guarantees provided by Gerdau and certain
Brazilian affiliates for a large portion of Ameristeel's debt
and by cross acceleration provisions under the existing loan
agreements of Gerdau and its significant subsidiaries, including
Ameristeel.

Moody's last rating action for Gerdau occurred on December 19,
2008, when Moody's changed the ratings outlook for Gerdau and
Ameristeel to stable from positive, and affirmed the Ba1
corporate family ratings of both companies and all related
ratings.

Gerdau S.A. is the largest long steel producer in the Americas and
the second largest globally, and also a leading player in the
specialty steel industry worldwide, with total capacity of about
26 million tons per year of crude steel and 22 million tons per
year of rolled products.  Ameristeel is the second largest long
steel producer in North America.  In the 2010 Gerdau reported
consolidated annual revenues of about US$17.8 billion.  The group
has operations in 14 countries, including Brazil, USA, Canada,
Chile, Peru, Uruguay, Argentina, Mexico, Venezuela, Colombia,
Spain, India, Guatemala and the Dominican Republic.


TAVEX MODAL: Moody's Puts Low-B Ratings on Sr. & Mezzanine Shares
-----------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of
Aa3.br (sf) (Brazilian National Scale) and Ba2 (sf) (Global Scale,
Local Currency) to the Senior Shares, and Ba2.br (sf) (Brazilian
National Scale) and B3 (sf) (Global Scale, Local Currency) to the
Mezzanine Shares issued by Tavex Modal Recebiveis Performados II
Fundo de Investimento em Direitos Creditorios, a securitized
transaction backed by a pool of trade receivables originated by
Tavex Brasil S.A.

Issuer: Tavex Modal Recebiveis II Fundo de Investimento em
Direitos Creditorios

* Senior Shares -- rated Aa3.br (sf) (National Scale) & Ba2 (sf)
  (Global Scale, Local Currency).

* Mezzanine Shares -- rated Ba2.br (sf) (National Scale) & B3 (sf)
  (Global Scale, Local Currency).

                         Rating Rationale

The ratings are based on these factors, among others:

  -- Target and minimum subordination for the Senior Shares of 15%
     and 12%, respectively, to mitigate losses, dilution and
     potential interest rate mismatches;

  -- Target subordination of 5% for the Mezzanine Shares to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The strict provisioning methodology to be employed by Banco
     Modal S.A., the trustee of the transaction, whereby
     receivables 90 days past due will be 100% provisioned;

  -- Maximum individual concentration limit of 5% per obligor,
     where the top ten clients cannot represent more than 25% of
     the fund's net assets and the remaining balance is
     distributed in at least 100 separate clients;

  -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
     Rating in the Global Local Currency Scale & Aaa.br in the
     Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The originator and seller of the trade receivables is Tavex Brasil
S.A. (formerly Santista Textil) and is a subsidiary of the Spain-
based Tavex Group that resulted from the 2006 merger of Santista
Textil (founded in 1929) and Tavex Algodonera (founded in 1846).
Approximately 49.7% of Tavex Group's shares (voting / total) are
owned by Camargo Correa, a large Brazilian industrial group (not
rated by Moody's).

The transfer of receivables from the originators to the issuer
is structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Tavex Modal FIDC II has a tenor of 24 months with an optional 6
month extension period.  Extension occurs automatically in the
event of senior and/or mezzanine share to remain outstanding at
the end of the amortization period in month 24.  The senior and
subordinated mezzanine shares will accrue interest over the first
12 months of the transaction, and will be amortized in 12 monthly
installments from month 13 to month 24.  Principal and interest
payments during the amortization period will be done pari-passu as
long as no early liquidation event has occurred and subordination
of senior shares is above 15%.

In order to rate the transaction, Moody's has received pool
performance data covering the time period April 2007 through March
2010 from Tavex and audited by KPMG.  Key data reviewed by Moody's
included dilutions, delinquencies, losses, receivable turnover and
volume of eligible receivables.

Moody's key ratings-model assumptions for this transaction are
monthly losses, monthly dilutions, average turnover of receivables
and Tavex's credit estimate.

Moody's observed a historical average of BRL 130 million for
monthly outstanding balance over this period, 2.15% monthly
dilutions, 0.61% monthly losses and an average turnover of 109
days.

As modeling input assumptions Moody's used a central stressed mean
of 4.30% for monthly dilutions and 1.22% for monthly losses over
outstanding balance.

The main uncertainties of the transaction relate to monthly
losses, monthly dilutions, average turnover of receivables and the
financial standing of Tavex.  Actual experienced monthly losses
observed by Moody's via monthly custodian reports are benign and
reflect the favorable macro-economic conditions of Brazil.  A
downturn of the economy coupled with a slowdown of consumer
spending would, in Moody's view, lead to heightened loss and
dilution figures.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  Qualitative factors
are also taken into consideration in the ratings process, so the
actual ratings that would be assigned in each case could vary from
the information presented in the parameter sensitivity analysis.
The results generated by rating models are one of many inputs to
the rating process.  Ratings are determined collectively through
the exercise of judgment by rating committees, which evaluate many
quantitative and qualitative factors.

For example, if the monthly loss and monthly dilution input
parameters used in the initial rating process were both increased
by 1% p.m (resulting in a central mean of 5.30% monthly dilutions
and 2.22% central mean of monthly losses) the model implied rating
for the Senior Shares would be Ba3 (sf) (Global Scale, Local
Currency), a one-notch differential from the actual Ba2 (sf)
assigned ratings.  Similarly, if the monthly loss and monthly
dilution input parameters used in the initial rating process were
both increased by 2% (resulting in a central mean of 6.30% monthly
dilutions and 3.22% central mean of monthly losses), the resulting
model implied rating on the Senior Share would be B1 (sf),
representing a two-notch rating differential from actual Ba2 (sf)
assigned ratings.  The rating on the Mezzanine Shares of B3 (sf)
would remain stable in these scenarios.

Moody's notes that actual performance statistics of the
transaction are in line with the historical dilution and
historical loss rates (and therefore within the stressed dilution
and loss rate).  Actual turnover of the securitized portfolio has
been approximately 45 days and well within the historical turnover
of the sellers portfolio.

Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying
assets or financial instruments in this transaction and the due
diligence report had a positive impact on the rating.  The due
diligence report involved the review of approximately 235,000
invoices or BRL1.8 billion of invoices originated from April 1,
2007 through March 2010.


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


ABN AMRO: Shareholders' Final Meeting Set for April 8
-----------------------------------------------------
The shareholders of ABN Amro Management (Cayman) Limited will hold
their final meeting on April 8, 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:

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


CADOGAN ALTERNATIVE: Shareholders' Final Meeting Set for April 8
----------------------------------------------------------------
The shareholders of Cadogan Alternative Strategies Sterling II
SPC Ltd. will hold their final meeting on April 8, 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:

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


CYNRIC INVESTMENTS: Shareholders' Final Meeting Set for April 21
----------------------------------------------------------------
The shareholders of Cynric Investments Limited will hold their
final meeting on April 21, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


DAGONET INVESTMENTS: Shareholders' Final Meeting Set for April 21
-----------------------------------------------------------------
The shareholders of Dagonet Investments Limited will hold their
final meeting on April 21, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


GAWAIN INVESTMENTS: Shareholders' Final Meeting Set for April 21
----------------------------------------------------------------
The shareholders of Gawain Investments Limited will hold their
final meeting on April 21, 2011, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


HERITAGE REAL: Shareholders' Final Meeting Set for April 18
-----------------------------------------------------------
The shareholders of Heritage Real Estate Securities Fund I, Ltd,
will hold their final meeting on April 18, 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 House, 2nd Floor
         P.O. Box 1344,Grand Cayman KY1-1108
         Cayman Islands


INTERKRAFT MAC 34: Members' Final Meeting Set for April 18
----------------------------------------------------------
The members of Interkraft MAC 34 Ltd. will hold their final
meeting on April 18, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


JOLS INVESTMENTS: Shareholders' Final Meeting Set for April 21
--------------------------------------------------------------
The shareholders of Jols Investments Limited will hold their
final meeting on April 21, 2011, at 10:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


PAKPOLEE RETAIL: Shareholder to Receive Wind-Up Report on April 6
-----------------------------------------------------------------
The shareholder of Pakpolee Retail Investments Limited will
receive on April 6, 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:

         Galaxy Chan Mei Lan
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong
         c/o Graham Kot
         Telephone: +852 2847 5130 / +852 2140 2888
         Facsimile:  +852 2869 7357 / +852 2869 7357
         Alexandra House, 27th Floor
         18 Chater Road, Central
         Hong Kong


PINEBRIDGE RP: Shareholders' Final Meeting Set for April 15
-----------------------------------------------------------
The shareholders of Pinebridge RP Vantage, Ltd., will hold their
final meeting on April 15, 2011, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


RIVERSIDE FUNDING: Shareholders' Final Meeting Set for April 15
---------------------------------------------------------------
The shareholders of Riverside Funding will hold their final
meeting on April 15, 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:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


SANTOSHI CLO 2009: Shareholders' Final Meeting Set for April 15
---------------------------------------------------------------
The shareholders of Santoshi CLO 2009 Capital Corporation will
hold their final meeting on April 15, 2011, at 9:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


WHITEBOX DIVERSIFIED: Shareholders' Final Meeting Set for April 19
------------------------------------------------------------------
The shareholders of Whitebox Diversified Convertible Arbitrage
Fund, Ltd, will hold their final meeting on April 19, 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 House, 2nd Floor
         P.O. Box 1344,Grand Cayman KY1-1108
         Cayman Islands


YONTOSHI CLO2: Shareholders' Final Meeting Set for April 15
-----------------------------------------------------------
The shareholders of Yontoshi CLO2 Capital Corporation will hold
their final meeting on April 15, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


YU SHAN: Shareholders' Final Meeting Set for April 15
-----------------------------------------------------
The shareholders of Yu Shan Leasing Limited will hold their
final meeting on April 15, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


==================================
D O M I N I C A N  R E P U B L I C
==================================


RAHAXI INC: Pendle Properties Owns 100MM Shares of Common Stock
---------------------------------------------------------------
In a Form 3 filing with the U.S. Securities and Exchange
Commission, Pendle Properties Ltd. disclosed that it beneficially
owns 100 million shares of common stock of Rahaxi, Inc.

                         About Rahaxi Inc.

Rahaxi, Inc. (OTC BB: RHXI) is a provider of electronic payment
processing services, including credit and debit card transaction
processing, point-of-sale related software applications and other
value-added services.  The Company's principal offices are in
Wicklow, Ireland.  The Company also has offices in Helsinki,
Finland and Santo Domingo, the Dominican Republic.  While the
Company's offices in Finland and Ireland will primarily focus on
the European market, the Company's office in the Dominican
Republic will continue to pursue opportunities in the Caribbean
and Latin America, including its recently developed electronic PIN
distribution application for point of sale solutions in
association with some of the most important telecommunications
companies in the Dominican Republic and Haiti.

The Company's balance sheet as of March 31, 2010, showed
$2,596,123 in assets, $7,522,578 of liabilities, for a
stockholders' deficit of $4,926,455.

RBSM LLP, in New York, expressed substantial doubt about the
Company's financial statements for the fiscal year ended June 30,
2009.  The independent auditors noted that the Company is
experiencing difficulty in generating sufficient cash flow to meet
it obligations and sustain its operations.


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


NATIONAL COMMERCIAL: Fitch Upgrades Individual Rating to 'D'
------------------------------------------------------------
Fitch Ratings has upgraded Jamaica-based National Commercial Bank
Jamaica Limited Individual Rating to 'D' from 'D/E'.  Fitch has
simultaneously affirmed NCBJ's other ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B-';

  -- Short-term foreign and local currency IDR at 'B';

  -- Support rating at '5';

  -- Support floor at 'B-'.

The Rating Outlooks for the long-term IDRs are Stable and in line
with Fitch's view of the sovereign's creditworthiness.

Future rating actions will be highly contingent upon a change in
Fitch's view on Jamaica's sovereign creditworthiness given the
bank's sizeable sovereign exposure, which reached 59% of total
assets and about four times equity at fiscal year-end 2010.
Additionally, downward pressure on the ratings could return if
there was an unexpected material deterioration of asset quality or
capitalization ratios.

The upgrade of NCBJ's Individual Rating reflects the bank's
improved financial performance against a back-drop of economic
crisis, high market volatility and participation in the Jamaican
debt exchange.  Sustained growth of the bank's profitability has
contributed to strong internal capital generation and increased
NCBJ's total regulatory capital ratio to 16% at FYE10 from 14.6%
at FYE09.

A strong domestic franchise, stable profitability and adequate
capitalization support the current ratings of NCBJ.  Nevertheless,
NCBJ's ratings remain constrained by high exposure to the Jamaican
public sector and large corporate loans, as well as a challenging
operating environment.  While the bank's Support rating is
constrained by the sovereign's weak credit profile, the Support
floor of 'B-' indicates Fitch's view that NCBJ's systemic
importance makes the government's propensity to support the bank
high.

NCBJ's strategy of reducing funding costs prior to the JDX and
improving efficiency more than compensated for lower interest and
trading income, underpinning a steady improvement in net income
over the past five years.  As a result, the bank's ROAA improved
to 3.4% at FYE10 from 2.8% at FYE06.

Sustained healthy profitability combined with a moderate cash
dividend payout policy has resulted in a steady improvement in
NCBJ's capitalization.  The bank's equity/assets ratio is strong
relative to the Jamaican banking system average and to most
internationally rated peers (banks in a similar operating
environment with a long-term IDR of 'B-/B/B+').  Almost all of
NCBJ's capital is Tier I.  High Tier 1 capital combined with the
bank's increased exposure to the public sector, led to an
improvement in Fitch's core capital/weighted risks ratio to 42.9%
at FYE10 from 33.7% at FYE09.

Although NCBJ's asset quality indicators deteriorated slightly in
FY10 due to the ongoing recession and a seasoning of the loan
portfolio, these remain in line with internationally rated peers.
The bank's impaired loans/total loans ratio increased to 3.2% at
FYE10, while reserves for impaired loans covered 105% of impaired
loans.  Nevertheless, lending concentration remains high relative
to peers.

NCBJ's strong franchise and conservative risk management should
allow the bank to continue weathering its volatile operating
environment.

NCBJ is the largest bank in the system in terms of assets with
more than 30% of market share in recent years.  In 2002, the
Jamaican government sold a majority stake in the bank to Advantage
Investment Corporation, one of Canada's largest privately held
mutual fund management companies.


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


CORPORACION GEO: Fitch Upgrades Issuer Default Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded the foreign and local currency Issuer
Default Ratings of Corporacion Geo, S.A.B. de C.V., to 'BB-' from
'B+'.  Fitch has also upgraded GEO's long-term national scale
rating to 'A-(Mex)'from 'BBB+(Mex)'.

In addition, Fitch has affirmed at 'BB-' these senior unsecured
obligations of GEO:

  -- US$250 million senior notes due 2014;
  -- US$250 million senior notes due 2020.

The Rating Outlook is Stable.

In accordance with Fitch's published methodology, the Recovery
Ratings on GEO's senior notes will no longer be published.

The rating upgrade reflects the company's consistent financial and
operational performance, and the consolidation of its business
position during 2010.  GEO's 2010 full-year results included
stable operational results, adequate liquidity coupled with good
access to international markets, and stable gross leverage levels
in the 2.0 times to 2.5x range.

Like other Mexican and regional homebuilders, the company's free
cash flow trend has been negative over the last years, which is
expected to continue in the medium term as the sector continues to
grow and require increasing working capital.  Also incorporated in
the upgrade is the consolidation of the company's leadership
position in Mexico's low-income segment, better geographic
diversification, and a consistent business model focusing
primarily on the formal low-income segment, which makes its
working capital cycle shorter than its similar-scale peers.

The company's consistent focus on operations and on its land
reserves during 2010, avoiding acquisitions of distressed housing
projects that could put pressure on its cash flow generation, is
also a positive.

The ratings are supported by GEO's solid market position in the
Mexican homebuilding industry, consistent business strategy
oriented toward the growing low-income housing segment, geographic
diversification, adequate land reserves, sufficient liquidity,
and moderate leverage.  The ratings are constrained by GEO's
aggressive growth strategy and high working capital requirements,
which will limit the company's capacity to generate positive FCF
in the near and medium term.  The Stable Outlook incorporates the
expectation that GEO's credit metrics will remain stable during
2011.

The ratings factor in GEO's solid market share position in the
sector, being the largest homebuilders in Mexico in terms of
number of units sold, with 56,093 units sold during 2010, and also
its leading market share position in terms of mortgages granted by
Infonavit and Fovissste.  The ratings also consider GEO's solid
geographic diversification with a presence in 20 states in Mexico,
which mitigates the inherent risks associated with operating in a
specific region, reducing its dependency on specific local and
municipal governments to secure land and permits.  Further, the
company benefits from large-scale and nationwide operations as the
largest homebuilder in Mexico, which allows GEO to benefit from
economies of scale, better negotiating position with suppliers,
superior access to credit markets, and enhanced relationships with
land suppliers.

Incorporated in the ratings is the expectation that the company's
FCF will remain negative as the business' growth continues to
increase working capital needs.  The ratings incorporate the view
that GEO will continue with its growth strategy, reaching levels
of approximately 63,000 units sold during 2011.  As with other
Mexican homebuilders, the business growth has put pressure in
GEO's capacity to generate FCF, mainly due to an increase in the
company's inventory level to MXN25 billion at the end of 2010 from
MXN17.2 billion at the end of 2008.  The company's FCF was
negative for 2010 at around MXN2.6 billion; it was also negative
during 2009 (MXN978 million).  FCF calculation considers cash flow
from operations after interest paid less capex and distributed
dividends.

Positively factored into the ratings is the company's adequate
liquidity and good debt payment schedule that provides financial
flexibility.  With MXN2.2 billion in cash, MXN1.1 billion short-
term receivables, and approximately MXN8.4 billion in unused
uncommitted credit lines available at Dec. 31, 2010, the company
has satisfactory liquidity.  Further, GEO currently has a
manageable long-term debt maturity schedule with maturities of
MXN71 million, MXN78 million, and MXN66 million for 2011, 2012,
and 2013, respectively.  Ratings incorporate expectations that
GEO's cash position will be around MXN2 billion during 2011 and
that the company's maturity schedule will remain manageable.
GEO's main debt maturities are the US$250 million unsecured notes
due in 2014 and the US$250 million senior notes due in 2020.

The company's gross leverage is expected to remain stable in the
2.0x-2.5x Range.  During the last 12 months ended in December
2010, the company's total debt remained relatively stable,
decreasing approximately 12% when comparing its debt level with
that in December 2009.  GEO's gross leverage was 2.1x by the end
of December 2010 (also 2.1x by the end of December 2009).  Also
positively incorporated in the ratings are GEO's significant and
well-targeted land reserves.  As of Dec. 31, 2010, the company had
land reserves equivalent to 387,904 homes, which represents around
five years of production considering the expected business growth
for the next years.


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


DJSP ENTERPRISES: Securities Delisted From NASDAQ Stock Market
--------------------------------------------------------------
DJSP Enterprises, Inc., notified the U.S. Securities and Exchange
Commission that its ordinary shares, warrants, and units have been
removed from The NASDAQ Stock Market, LLC.

                      About DJSP Enterprises

Based in Plantation, Florida, DJSP Enterprises, Inc. (Nasdaq:
DJSP, DJSPW, DJSPU) provides a wide range of processing services
in connection with mortgages, mortgage defaults, title searches
and abstracts, REO (bank-owned) properties, loan modifications,
title insurance, loss mitigation, bankruptcy, related litigation
and other services.  Its principal customer is The Law Offices of
David J. Stern, P.A.  It has additional operations in Louisville,
Kentucky and San Juan, Puerto Rico.  Its U.S. operations are
supported by a scalable, low-cost back office operation in Manila,
the Philippines, that provides data entry and document preparation
support for its U.S. operations.

As reported in the Jan. 20, 2011 edition of the TCR, DAL Group,
LLC, a subsidiary of DJSP Enterprises, has obtained waivers on
notes held by these parties for payments due through April 1,
2011:

                                          Amount of Note
                                          --------------
     Law Offices of David J. Stern, P.A.     $47,869,000
     Chardan Capital, LLC,                    $1,000,000
     Chardan Capital Markets, LLC               $250,000
     Kerry S. Propper                         $1,500,000

The waivers were sought by DAL as it develops and implements plans
to restructure its ongoing operations to reflect its significantly
reduced revenues and operations and the other changes.

DAL did not make the interest payments due Jan. 3, 2011 for (i)
unsecured term notes in the aggregate principal amount of
$1,600,000 (ii) and a $500,000 term note issued by Cornix
Management, LLC.  DAL is seeking waivers from the holders of the
unsecured notes and Cornix of principal and interest payments
otherwise due under these notes, and the default interest rates
under these notes, through April 1, 2011.

DAL has entered into a forbearance agreement with BA Note
Acquisition, LLC, pursuant to which BNA has agreed to forbear from
taking action on a $5.5-million line of credit until March 9,
2011.


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


BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has upgraded Venezuela-based Banco Exterior, CA
Banco Universal's national ratings:

  -- Long-term national scale rating to 'AA(ven)' from 'AA-(ven)';

  -- Short-term national scale rating to 'F1+(ven)' from
     'F1(ven)'.

In addition, Fitch affirms these international ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B+';

  -- Short-term foreign and local currency ratings at 'B';

  -- Individual at 'D';

  -- Support at '5';

  -- Support floor at 'NF'.

The Rating Outlook for the long-term IDR is Stable.

The upgrade on Exterior's national scale ratings recognizes the
resilience of the banks results in times of economic stress and
regulatory intervention.  Exterior's ability to expand its loan
portfolio and control credit costs compares among the strongest in
the country; while its capacity to control costs and enhance its
spreads have allowed the bank not only to post one of the highest
profitability ratios in the country, but even still aligned with
its previous historic average.  Such earnings capacity has been
able to compensate a relative ample cash dividend distribution
policy and also fund its growth; a trend that Fitch expects to be
preserved in the short and medium term under the absence of
significant government interference.

The ratings of Exterior reflect its good profitability, strong
asset quality, and sufficient capitalization.  Its ratings are
constrained by its size, the need to further diversify revenue
sources, and the negative effects of government intervention
over the bank business and overall private sector activities.
Downturns in Exterior's profitability and capitalization ratios,
further exacerbated by government intervention, could trigger
negative changes to all its ratings.

Exterior's performance has been solid for a number of years.
A still limited income diversification has been more than
compensated by its low funding mix cost and operational
efficiency, while credit costs remain low due to its sound
asset quality.  Exterior's higher than average operating profit
to average assets ratio could remain close to 4% in the short
and medium term, although an absence of non recurrent income,
a less benign economic environment and government interference
could undermine such expectations.

Credit metrics quality is strong and compares favorably to its
peer, thanks to a sound origination process and strict collection
efforts, and despite the volatile operating environment and recent
government actions of nationalization and seizure of private
companies.  As such, the ratio of past due loans to total loans
stood at a low 0.83% as of September 2010 (with a four-year
average of 0.41%), a level that may increase due the challenging
operating environment, but still ranking among the best ratios
locally and expected to remain around 1%.  Despite lower-than-
proportional credit losses in the past, Fitch believes that
reserve levels are considered somewhat tight, given the forced
expansion into new segments (compulsory lending required by the
government), and Exterior's lower capitalization.

In spite of Exterior's high internal capital generation capacity,
a more than proportional asset growth and increasing dividend
pay-out, has hindered Exterior's historic strong capitalization
ratios.  Thus, the equity-to-assets ratio decreased to 7.88% at
Sept. 30, 2010, although it is expected to recover and remain
close to its historic average (8.70% for 2006-2009).  Exterior's
capital base is Tier I capital components.  One of Exterior's
largest challenges is to preserve and enhance its current capital
base, given the pressures derived of a complex regulatory scheme
and rapid loan expansion.

Exterior is a mid-size bank in Venezuela, with a 3.7% market share
in terms of total assets at Sept. 30, 2010.  Spain's Grupo
Bancario Industrial Fierro controls about 83% of Exterior's equity
and has interests in other financial institutions in Latin America
and Miami.


MERCANTIL CA: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Mercantil, C.A. Banco
Universal's ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B+';

  -- Short-term foreign and local currency ratings at 'B';

  -- Individual at 'D';

  -- Support at 5;

  -- Support Floor NF;

  -- Long-term national-scale rating at 'AA+(ven)';

  -- Short-term national-scale rating at 'F1+(ven)'.

The Rating Outlook for the long-term IDR is Stable.

MB's ratings reflect its strong franchise, stable retail deposit
base, and adequate performance sustained by an above-average risk
control culture, while its ratings are hindered by the negative
effects of government intervention over the bank business and
overall private sector activities.  Going forward, government
intervention is a major risk for Venezuelan banks; nevertheless,
MB's conservative business plan, adequate risk control techniques,
long-lasting expertise, and current capital base provide some room
for maneuver in case of further intervention.

MB has been consistently able to post healthy asset quality ratios
thanks to its local above-average credit risk culture, despite the
volatile operating environment and recent government actions of
nationalization and seizure of private companies.  As such, the
ratio of past due loans to total loans stood at a low 1% as of
September 2010 (with a the four-year average of 0.75%), a level
that may increase due the challenging operating environment and
lower than average expected loan growth, but still ranking among
the best ratios locally.  In terms of reserves, MB's policy will
continue to stand above the local peer average, at 4.1% of total
loans.

The bank's strategy of focusing on reducing its funding costs and
boosting loan growth in higher yield segments has more than
compensated for the lag on operating revenues and precautionary
loan loss provisions.  As such, MB's ROAA ratio could remain above
2%, as has been shown in the recent years.

Even though there is still room for improvement, MB's capital
ratios remain adequate and above the system average based on
adequate profitability and moderate cash dividend payout.  MB's
capital position is mostly unencumbered and considered all Tier I
capital.  As such, Fitch eligible capital to total assets steadily
improved to 9.2% as of September 2010 (16.5% if risk weighted
assets are considered), a level deemed adequate given the risk
profile of the bank and good provisioning.

MB's strong franchise and conservative asset and liability
management will continue to allow the bank to cope with inherent
volatility of deposits in Venezuela.  The bank has been identified
several times as a safe haven in times of systemic stress, as
happened during the funding volatility observed in 2010.

MB was the fourth largest bank in Venezuela at September 2010,
with almost 11% of market share in terms of assets.  MB is 99.9%
owned by Mercantil Servicios Financieros, a holding company with
major investments in Venezuela and the U.S.


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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


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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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