TCRLA_Public/110420.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, April 20, 2011, Vol. 12, No. 78

                            Headlines



A R G E N T I N A

ALFIL PRO: Creditors' Proofs of Debt Due June 28
ASISGER SRL: Creditors' Proofs of Debt Due May 30
BANCO ITAU: Moody's Affirms 'Ba1.ar' Foreign Currency Rating
BBVA BANCO: Fitch Holds 'D' Individual Rating; Outlook Stable
MEMORY COMPUTACION: Creditors' Proofs of Debt Due June 6

NAPPES SRL: Creditors' Proofs of Debt Due June 28
PROVINCE OF NEUQUEN: S&P Affirms 'B' Long-term Rating on Notes


C A Y M A N  I S L A N D S

ADIC CAPITAL: Shareholders' Final Meeting Set for May 13
AER COMMODITY: Shareholders' Final Meeting Set for May 13
CGP EUROPE: Members' Final Meeting Set for May 9
F.W. LTD: Shareholder to Receive Wind-Up Report on May 5
ING CLARION: Shareholder to Receive Wind-Up Report on May 3

JASPER FINANCE: Shareholders' Final Meeting Set for May 3
JHJ INTERNATIONAL: Shareholders' Final Meeting Set for May 11
JHJ INTERNATIONAL: Shareholders' Final Meeting Set for May 11
MARATHON PETROLEUM: Members' Final Meeting Set for May 12
MC CREDIT: Shareholder to Receive Wind-Up Report on May 11

NEW STREAM: Sets Aside April 25 Plan Hearing Due to Objections
QUANTICA ALLOCATION: Shareholders' Final Meeting Set for May 13
REDWOOD CAPITAL: Shareholder to Receive Wind-Up Report on May 11
SPARROWHAWK CAPITAL: Shareholders' Final Meeting Set for May 13
TAIB INVEST: Members' Final Meeting Set for May 6

YANG ACQUISITION: Shareholders' Final Meeting Set for May 11


J A M A I C A

AIR JAMAICA: Opposition Asks Gov't To Address Reports on Layoffs


M E X I C O

MAQUINARIA ESPECIALIZADA: S&P Assigns 'BB-' Rating on Sr. Notes
VITRO SAB: Official Committee of U.S. Units' Creditors Formed


P U E R T O  R I C O

FIRST BANCORP: Has $524.3-Mil. Revised Net Loss for 2010
MMM FARMLAND: Case Summary & Unsecured Creditor




                            - - - - -


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


ALFIL PRO: Creditors' Proofs of Debt Due June 28
------------------------------------------------
Hugo Hector Dogliani, the court-appointed trustee for Alfil Pro
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 28, 2011.

Mr. Dogliani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Hugo Hector Dogliani
         Rivera 3944
         Argentina


ASISGER SRL: Creditors' Proofs of Debt Due May 30
-------------------------------------------------
Jose Guillermo Lego, the court-appointed trustee for Asisger SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 30, 2011.

Mr. Lego will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 42, 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 April 3, 2012.

The Trustee can be reached at:

         Jose Guillermo Lego
         San Martin 50
         Argentina


BANCO ITAU: Moody's Affirms 'Ba1.ar' Foreign Currency Rating
------------------------------------------------------------
Moody's Latin America upgraded Banco Itau Argentina's (Itau
Argentina) national scale local currency deposit rating to Aaa.ar
from Aa1.ar and affirmed the national scale foreign currency
deposit rating of Ba1.ar.  Moody's Latin America also assigned
Aaa.ar and Aa3.ar national scale local and foreign currency debt
ratings to Itau Argentina's multi-currency senior debt program in
the amount of US$250 million.  The program allows for
multicurrency debt issuances and is governed by Argentine law.

At the same time, a national scale local currency debt rating of
Aaa.ar was assigned to the expected first issuance of the program,
in an amount up to ARS 100 million.

Moody's Investors Service at the same time affirmed the bank's
global ratings, and assigned (P) Ba1 and (P) B2 global local and
foreign currency debt ratings to the debt program, as well as a
Ba1 global local-currency debt rating to the expected first
issuance.  The outlook for all ratings is stable.

This rating of Banco Itau Argentina S.A was upgraded:

   -- Long-Term National Scale Local-Currency Deposit Rating to
      Aaa.ar from Aa1.ar

These ratings were affirmed:

   -- Bank Financial Strength Rating of D

   -- Long- and short-term global local-currency deposit ratings
      of Ba1 and Not Prime

   -- Long- and short-term global foreign-currency deposit ratings
      of Caa1 and Not Prime

   -- National Scale Foreign Currency Deposit Rating of Ba1.ar

These ratings were assigned to Banco Itau Argentina S.A.'s
US$250 million (or its equivalent in other currencies) senior debt
program:

   -- Global Local Currency Senior Unsecured Debt Rating of (P)
      Ba1

   -- Global Foreign Currency Senior Unsecured Debt Rating of (P)
      B2

   -- National Scale Local Currency Senior Unsecured Debt Rating
      of Aaa.ar

   -- National Scale Foreign Currency Senior Unsecured Debt Rating
      of Aa3.ar

   -- First Issuance of a maximum amount of ARS100 million:

   -- Global Local Currency Senior Unsecured Debt Rating of Ba1

   -- National Scale Local Currency Senior Unsecured Debt Rating
      of Aaa.ar

Ratings Rationale

Moody's noted that the upgrade in the national scale local
currency deposit rating brings Itau's national scale rating in
line with those of other Argentine banks rated Ba1 on the global
scale.  The Ba1 global rating is based on Itau Argentina's Ba2
baseline credit assessment which is lifted one notch to Ba1 due to
the strong management and financial support of its ultimate
parent, Itau Unibanco Holding S.A.  The affirmation of the D BFSR
reflects the bank's good capitalization and liquidity, as well as
its conservative risk management policies, despite its poor
financial performance in 2010.  Higher provisions, personnel and
extraordinary expenses contributed to a loss of ARS28.5 million
for the year.

Moody's explained that the global local currency senior unsecured
debt rating derives from Itau's Ba1 global local currency deposit
rating and that seniority was taken into consideration in the
assignment of the debt ratings.

Banco Itau Argentina S.A. is headquartered in Buenos Aires, with
assets of ARS5.6 billion and loans of ARS3.4 billion as of
December 2010.  The bank is a 99.99% subsidiary of Itau Unibanco
Holding S.A.


BBVA BANCO: Fitch Holds 'D' Individual Rating; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed BBVA Banco Frances' Individual and
Support ratings at 'D' and '5' respectively.  Frances' other
ratings were affirmed on March 21, 2011:

   -- Long-term National Rating at 'AA+'(arg);

   -- Short-term National Rating at 'A1+(arg)';

   -- National rating of its US$300 million debt issuance
      programme at 'AA+'(arg);

   -- National Equity Ratings at Primera Clase Nivel 1(arg).

The Rating Outlook is Stable.

The ratings reflect Frances' solid franchise in Argentina, its
healthy asset quality, and its satisfactory profitability,
liquidity and capitalization.  They also take into account its
ownership by Spain's Banco Bilbao Vizcaya Argentaria (BBVA; rated
'AA-' by Fitch), its considerable exposure to the public sector
and the potentially volatile operating environment.

After the slowdown seen in 2009, in 2010 the Argentine economy
resumed its growing trend seen since 2003.  This has benefited the
operating environment for banks, with rising deposits and lending
and steadily improving asset quality.  Frances' profitability has
improved in the past few years, mainly based on higher net
interest and commission income and significant gains from its
government bonds portfolio, which have compensated for the
increase in administrative expenses due to the high inflation
rate.

Fitch expects Frances' profitability to remain sound, based on its
sound revenue generation capacity and the expected increase in
loan demand, although its income statement could be affected by
market volatility and a rising inflation.

Frances' asset quality is healthy.  At Dec. 31, 2010, its NPL
accounted for a low 0.50% of the total, with sound loan loss
reserve coverage of 477.2%.

Although the company has reduced its public sector exposure, at
18.1% of total assets and 1.5 times (x) its equity, public sector
exposure was still considerable at Dec. 31, 2010.  Argentine
Central Bank securities held for liquidity purposes accounted for
47% of the exposure.

Frances' liquidity is ample, backed by continued deposit growth.
Its capital adequacy is adequate, backed by its increased profits,
which have compensated for loan growth and dividend payments.

Spain's BBVA held 75.97% of Frances at Dec. 31, 2010.  Frances was
the third largest private sector bank by deposits in Argentina at
Nov. 30, 2010, and had 271 branches.


MEMORY COMPUTACION: Creditors' Proofs of Debt Due June 6
--------------------------------------------------------
Armando Luis Molinari, the court-appointed trustee for Memory
Computacion SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 6, 2011.

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

The Trustee can be reached at:

         Armando Luis Molinari
         Rodriguez Pena 110
         Argentina


NAPPES SRL: Creditors' Proofs of Debt Due June 28
-------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Nappes SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 28, 2011.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

         Maria Susana Taboada
         Ezeiza 2641
         Argentina


PROVINCE OF NEUQUEN: S&P Affirms 'B' Long-term Rating on Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B (sf)' long-term
rating and 'raAA (sf)' Argentine national scale rating on the
Province of Neuquen's (the Province's) US$250 million secured
amortizing TIDEPRO notes due 2014 after bondholders consented to
the government of Neuquen's solicitation to amend certain
provisions in the notes' indenture to allow the province to issue
new debt, publicly announced on April 4, 2011.

Holders of 82.08% of the outstanding aggregate principal amount
approved the amendment, which exceeded the minimum required
majority of 50%.

The Province and Citibank N.A., as trustee, expect to update the
transaction's indenture shortly after The Province makes the
consent payment.

Standard & Poor's has a 'B (sf)' long-term rating and a 'raAA
(sf)' Argentine national scale rating on the Province's TIDEPRO
bonds.  These secured amortizing notes had an original issuance
amount of US$250 million and mature in 2014.  The bonds are
secured by certain oil royalties paid to the province of Neuquen
by three private oil and gas producers from three predetermined
geographic areas in the province.  The areas assigned to the bonds
are the most important in terms of the current province's oil
production: El Trapial, Puesto Hernandez, and Entre Lomas.  The
notes have a current outstanding balance of US$139 million, and
the performance of the underlying assets has been in line with
Standard & Poor's original rating scenario: At the end of December
2010, the oil production ratio was at 1.51x and the reserve
adequacy ratio was 1.661x.


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


ADIC CAPITAL: Shareholders' Final Meeting Set for May 13
--------------------------------------------------------
The shareholders of Adic Capital Management Limited will hold
their final meeting on May 13, 2011, at 11:45 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


AER COMMODITY: Shareholders' Final Meeting Set for May 13
---------------------------------------------------------
The shareholders of AER Commodity Fund Ltd. will hold their final
meeting on May 13, 2011, at 5:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mark Bastian
         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


CGP EUROPE: Members' Final Meeting Set for May 9
------------------------------------------------
The members of CGP Europe Fund will hold their final meeting on
May 9, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


F.W. LTD: Shareholder to Receive Wind-Up Report on May 5
--------------------------------------------------------
The shareholder of F.W. Ltd. will receive on May 5, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ING CLARION: Shareholder to Receive Wind-Up Report on May 3
-----------------------------------------------------------
The shareholder of ING Clarion Asia, Ltd. will receive on May 3,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


JASPER FINANCE: Shareholders' Final Meeting Set for May 3
---------------------------------------------------------
The shareholders of Jasper Finance Limited will hold their final
meeting on May 3, 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:

         Ian Stokoe
         c/o Priscilla Connor
         Telephone: (345) 914 8745
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


JHJ INTERNATIONAL: Shareholders' Final Meeting Set for May 11
-------------------------------------------------------------
The shareholders of JHJ International Small Cap Special Situations
Master Fund will hold their final meeting on May 11, 2011, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


JHJ INTERNATIONAL: Shareholders' Final Meeting Set for May 11
-------------------------------------------------------------
The shareholders of JHJ International Small Cap Special Situations
Fund will hold their final meeting on May 11, 2011, at 4:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


MARATHON PETROLEUM: Members' Final Meeting Set for May 12
---------------------------------------------------------
The members of Marathon Petroleum Qatar Limited will hold their
final meeting on May 12, 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:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056 U.S.A.


MC CREDIT: Shareholder to Receive Wind-Up Report on May 11
----------------------------------------------------------
The shareholder of MC Credit Products Fund Limited will receive on
May 11, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Giorgio Subiotto
         Telephone: (345) 815-1872
         Facsimile: (345) 949-9877


NEW STREAM: Sets Aside April 25 Plan Hearing Due to Objections
--------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
New Stream Capital LLC backed off from an effort to seek approval
for its prepackaged reorganization plan at a confirmation hearing
that had been set for April 25.  Facing opposition from the
official creditors' committee and a group that invested $90
million in New Stream's U.S. and Cayman Island funds, New Stream
put off the confirmation hearing until a date to be determined,
Nicholas Kajon, a lawyer in New York with Stevens & Lee PC, said
in an interview.

Mr. Kajon, who represents the U.S. and Cayman fund objectors, said
the disclosure materials were "woefully inadequate or false." Had
New Stream tried to go ahead with the confirmation hearing, he
predicted that "at the very least they would be required to amend
the disclosure statement and resolicit" votes on the plan.

The next confrontation between New Stream and the U.S. and Cayman
investors will take place in bankruptcy court on April 25.  That
is the new hearing date for final approval of financing and sale
of the portfolio of life insurance policies. The investor group is
opposing both.

                       The Chapter 11 Plan

As reported in the Troubled Company Reporter on March 16, 2011,
before seeking bankruptcy protection, New Stream negotiated a plan
of reorganization with creditors.  The prepackaged plan was
"overwhelmingly approved" by investors, the Company said.

To meet the timeline in a Plan Support Agreement and the post-
petition financing, the hearing to consider confirmation must take
place not later than May 12, 2011.

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 $688,412,974.  This debt is
divided into two tranches.  The secured claims of the NSSC Bermuda
Lenders, in the approximate amount of $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 $319,346,652.

NSI is indebted to certain segregated account classes of the
Bermuda Fund for $81,573,376.

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 with MIO Partners, Inc., an affiliate
of several investors in the US Fund and Cayman Funds.  MIO has
designated Limited Life Assets Master Limited and Limited Life
Assets Holdings Limited as the purchasers.

The Plan provides for both the implementation of this asset sale
and the allocation of the net proceeds among the Debtors' secured
creditors.

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 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 provides this treatment to creditors:

    -- NSI Bermuda Lenders under Class 1, owed $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 $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 $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, 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
       $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, in a cash distribution of.
       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), the 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) shall not receive or
       retain any property on account of such 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

                        About New Stream

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.

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 $90 million, representing
roughly 28% of the approximately $320 million owed to all U.S. and
Cayman investors.  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 Secured Capital, Inc., and three affiliates (New Stream
Insurance, LLC, New Stream Capital, LLC, and New Stream Secured
Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 11-10753) on March 13, 2011, with a proposed prepackaged
Chapter 11 plan.

Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J.
Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP,
serve as the Debtors' bankruptcy counsel.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.

NSSC, Inc., estimated its assets and debts at up to $50,000.  NSC
estimated its assets at $100,000 to $500,000 and debts at $50,000
to $100,000.  NSI estimated its assets at $100 million to
$500 million and debts at $50 million to $100 million.  NSSC, LP,
estimated its assets and debts at $500 million to $1 billion.

NSI's insurance portfolio is being sold for $184.35 million as
part of the Chapter 11 plan.  The aggregate indebtedness secured
by the investment portfolio of NSSC is $688,412,974.  NSI owes
$81,573,376 to certain account classes under a Bermuda fund.


QUANTICA ALLOCATION: Shareholders' Final Meeting Set for May 13
---------------------------------------------------------------
The shareholders of Quantica Allocation Overlay Inc. will hold
their final meeting on May 13, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


REDWOOD CAPITAL: Shareholder to Receive Wind-Up Report on May 11
----------------------------------------------------------------
The shareholder of Redwood Capital XI Ltd. will receive on May 11,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 814-6712


SPARROWHAWK CAPITAL: Shareholders' Final Meeting Set for May 13
---------------------------------------------------------------
The shareholders of Sparrowhawk Capital Advisers Limited will hold
their final meeting on May 13, 2011, at 11:15 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


TAIB INVEST: Members' Final Meeting Set for May 6
-------------------------------------------------
The members of Taib Invest Inc will hold their final meeting on
May 6, 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:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679, Grand Cayman KY1-1107
         Cayman Islands


YANG ACQUISITION: Shareholders' Final Meeting Set for May 11
------------------------------------------------------------
The shareholders of Yang Acquisition Co will hold their final
meeting on May 11, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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J A M A I C A
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AIR JAMAICA: Opposition Asks Gov't To Address Reports on Layoffs
----------------------------------------------------------------
RJR News reports that opposition leader Portia Simpson-Miller has
demanded that the government address reports of impending layoffs
at Air Jamaica.

As reported by the Troubled Company Reporter on April 13, 2011,
the Sunday Gleaner said that about 300 jobs in Air Jamaica's IT
and accounting services are likely to be cut in the transition
process.  The Trinidad Express Newspapers related that Caribbean
Airlines said there will be staff redundancies in some departments
of Air Jamaica.  "Since the signing of the initial agreement
almost a year ago, the Caribbean Airlines team continues to work
towards the consolidation of Air Jamaica and Caribbean Airlines in
time for April 30, 2011 deadline of the Shareholder Agreement.  As
with any merger or acquisition, centralization of most of the
airline's operations continues to be the main purpose of this
integration process.  In this case, centralizing the operations is
critical in order to make sound business decisions for the long-
term benefit of the company," the Trinidad Express quoted
Caribbean Airlines as saying.

According to RJR News, Mrs. Simpson Miller said she is concerned
about reports that many pilots have opted not to work with the
merged airline due to an uncertain future.

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


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


MAQUINARIA ESPECIALIZADA: S&P Assigns 'BB-' Rating on Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB-
(sf)' rating to Maquinaria Especializada MXO Trust Agreement No.
F/00762's (Geo Maquinaria Trust's) US$160 million fixed-rate
secured notes series 2011 due 2021.

The preliminary rating is based on information as of April 15,
2011.  Subsequent information may result in the assignment of a
final rating that differs from the preliminary rating.

The preliminary rating reflects S&P's view of:

    * The likelihood that quarterly interest and principal
      payments will be made on or before each scheduled payment
      date.

    * Corporacion Geo S.A.B. de C.V.'s (Geo's; foreign currency
      rating BB-/Stable/--) and its subsidiaries' roles as the
      sole obligors of the issuing trust's transferred receivables
      and payment obligations and the beneficiaries of the
      machinery availability services provided by the issuing
      trust.

    * Geo Importex S.A. de C.V.'s (Geo Importex; a subsidiary of
      Geo) servicing experience and operational ability to manage
      the issuing trust's assets.

    * The issuing trust's ability to withstand a haircut of up to
      5.6% of the minimum contracted quarterly payments, as
      described in the service rendering agreement, from Geo
      during the life of the transaction and still be able to pay
      the notes.

    * The availability of US$20 million as a liquidity reserve to
      cover any principal or interest shortfall.

    * The availability of a US$16 million capital expenditures
      reserve fund for the acquisition of additional machinery.

    * The transaction's legal structure, which contemplates a true
      sale of the machinery and the rights and obligations under
      the service rendering agreement from Maquinaria
      Especializada MXO S.A. de C.V. (Geo Maquinaria; a subsidiary
      of Geo) to the issuing trust.

    * The assumption that Geo or any of its subsidiaries will
      cover all required tax payments.

    * Geo's and its subsidiaries' experience and management teams.

"In our stress scenario, the transaction's credit quality is
dependent on Geo and its subsidiaries in three ways.  First, all
cash flows that the issuing trust will receive to pay investors
will come primarily from Geo through the service rendering
agreement.  Second, given the high level of experience,
business knowledge, and operational ability required to service
the trust assets, we believe only a Geo subsidiary would be
capable of doing so without affecting the transaction's
performance.  Third, if the trust is required to make any
business-related tax payments, we assume these payments would be
covered by Geo Maquinaria.  Given this, the preliminary rating on
the series 2011 notes is capped (weak-linked) to the rating on
Geo," S&P related.

S&P added, "In addition, we consider the cash flows from the
underlying assets, which we stressed at a 'BB-' rating scenario,
to be sufficient to pay the notes, and we are assigning a
preliminary 'BB- (sf)' rating -- the same rating as Geo -- to the
series 2011 transaction."


VITRO SAB: Official Committee of U.S. Units' Creditors Formed
-------------------------------------------------------------
William T. Neary, U.S. Trustee for the Northern District of Texas
appointed five members to the official committee of unsecured
creditors in the Chapter 11 cases of Vitro Asset corp., et al.,

The Creditors' Committee members are:

1. Adam Berman
   Wilmington Trust FSB
   166 Mercer Street, Suite 2-R
   New York, NY 10012-3249
   Tel: (212) 941-4415
   E-mail: ABerman@wilmingtontrust.com

2. Laura L. Moran, vice president
   U.S. Bank National Association, as indenture trustee
   Corporate Trust Services
   One Federal Street, 3rd Floor
   Boston, MA 02110
   Tel: (617) 603-6429
   E-mail: laura.moran@usbank.com

3. Dan Gropper, Managing Director
   Aurelius Capital Management, LP
   535 Madison Avenue, 22nd Floor
   New York, NY 10022
   Tel: (646) 445-6570
   E-mail:dgropper@aurelius-capital.com

4. James Timothy Kelley
   Tristar Glass, Inc.
   5566 S. Garnett Road
   Tulsa, OK 74146
   Tel: (918) 392-9678
   E-mailtimk@tristarglass.com

5. Erin Kim
   Pension Benefit Guaranty Corporation
   1200 K Street NW
   Washington, DC 20005
   Tel: (202) 326-4020
   E-mail: kim.erin@pbgc.gov

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

The U.S. Trustee is represented by:

     Elizabeth A. Ziegler, Esq.
     Office of the United States Trustee
     1100 Commerce St. Room 976
     Dallas, TX 75242
     Tel: (214) 767-1247
     E-mail: elizabeth.ziegler@usdoj.gov

                       About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is seeking to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other
affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).  A bankruptcy judge in Fort
Worth, Texas, has denied involuntary Chapter 11 petitions filed
against four U.S. subsidiaries.  Vitro SAB on April 6 agreed to
put Vitro units -- Vitro America LLC and three other U.S.
subsidiaries -- that were subject to the involuntary petitions
into voluntary Chapter 11.  The judge will decide later about the
involuntary petitions filed against eight non-operating Vitro
subsidiaries in the U.S.

Vitro SAB on April 14, 2011, re-filed a petition for recognition
of its Mexican reorganization in U.S. Bankruptcy Court in
Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.  On April 12, 2011, an appellate court in Mexico reinstated
the reorganization, prompting Vitro to re-file the Chapter 15
petition.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico


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


FIRST BANCORP: Has $524.3-Mil. Revised Net Loss for 2010
--------------------------------------------------------
First BanCorp announced on April 15, 2011, the filing of its 2010
Annual Report on Form 10-K, which reflects a revised net loss for
the quarter and year ended Dec. 31, 2010.  As discussed in a
previous filing with the Securities and Exchange Commission, the
Corporation was further evaluating the impact in the fourth
quarter of 2010 of certain non-cash items on its financial
statements, including a deferred tax asset valuation allowance
adjustment.  Upon completion of its review, the Corporation
recorded an incremental non-cash charge of $93.7 million to the
valuation allowance of its banking subsidiary deferred tax asset,
which adjustment took the revised net loss for the year ended
Dec. 31, 2010, to $524.3 million, compared to a net loss of
$275.2 million for the year ended Dec. 31, 2009.

Additional financial information regarding First BanCorp can be
found in its Annual Report for the year 2010 filed on April 15,
2011, on Form 10-K.

                        About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico all operate within U.S.
banking laws and regulations.  The Corporation operates a total of
170 branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.


MMM FARMLAND: Case Summary & Unsecured Creditor
-----------------------------------------------
Debtor: MMM Farmland, LLC
        16428 Arkansas Highway 89 South
        Lonoke, AR 72086

Bankruptcy Case No.: 11-12439

Chapter 11 Petition Date: April 13, 2011

Court: United States Bankruptcy Court
       Eastern District of Arkansas (Little Rock)

Debtor's Counsel: Susan Gordon Gunter, Esq.
                  400 West Capitol Avenue, Suite 1700
                  Little Rock, AR 72201
                  Tel: (501) 347-4173
                  Fax: (501) 372-3482
                  E-mail: sggunter@gmail.com

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

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

The list of 20 largest unsecured creditors has only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Small Business            3.10.2000 Loan         est. $750,000
Administration            to build golf
Arkansas District         course
2120 Riverfront, Suite 100
Little Rock, AR

The petition was signed by Mayme M. Morris, manager.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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