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

             Friday, May 27, 2011, Vol. 12, No. 104

                            Headlines



A R G E N T I N A

ALIMENTOS NATURALES: Creditors' Proofs of Debt Due July 15
GRAFICA BULNES: Creditors' Proofs of Debt Due July 11
RATIO POSITIVO: Creditors' Proofs of Debt Due July 8
ROBINSA SA: Creditors' Proofs of Debt Due June 9


B R A Z I L

BANCO BVA: Moody's Affirms E+ Bank Financial Strength Rating


C A Y M A N   I S L A N D S

ACWA POWER: Creditors' Proofs of Debt Due June 14
CAPITAL TRADING: Creditors' Proofs of Debt Due June 22
CMT SEOUL: Creditors' Proofs of Debt Due June 22
EGI-SSE I: Creditors' Proofs of Debt Due June 22
FTSEHX FUND: Creditors' Proofs of Debt Due June 22

IBF CAYMAN: Creditors' Proofs of Debt Due June 4
MASTER TREND: Creditors' Proofs of Debt Due June 22
SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22
SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22
SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22

TIBERIUS FUND: Creditors' Proofs of Debt Due June 22
UCF FUND: Appoints Saville as Liquidator
VERTEX OFFSHORE: Creditors' Proofs of Debt Due June 22


J A M A I C A

INTERTRADE FINANCE: Receives Cease & Desist Order


T R I N I D A D  &  T O B A G O

BAICO: Eastern Caribbean Governments Launches Support Fund


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A R G E N T I N A
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ALIMENTOS NATURALES: Creditors' Proofs of Debt Due July 15
----------------------------------------------------------
Carlos Alberto Yacovino, the court-appointed trustee for Alimentos
Naturales Independientes SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 15, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Carlos Alberto Yacovino
         Jean Jaures 933
         Argentina


GRAFICA BULNES: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
Hector Miguel Falvino, the court-appointed trustee for Grafica
Bulnes SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 11, 2011.

The Trustee 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:

         Hector Miguel Falvino
         Avenida Pueyrredon 468
         Argentina


RATIO POSITIVO: Creditors' Proofs of Debt Due July 8
----------------------------------------------------
Norberto Kuperman, the court-appointed trustee for Ratio Positivo
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 8, 2011.

The Trustee 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. 16, 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:

         Norberto Kuperman
         Uruguay 1285
         Argentina


ROBINSA SA: Creditors' Proofs of Debt Due June 9
------------------------------------------------
Estudio Turco y Gioa, the court-appointed trustee for Robinsa SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 9, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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 28, 2012.

The Trustee can be reached at:

         Estudio Turco y Gioa
         Cochabamba 4272
         Argentina


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B R A Z I L
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BANCO BVA: Moody's Affirms 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed all ratings of Banco BVA
S.A., including the bank financial strength rating (BFSR) of E+,
the global local- and foreign-currency deposit ratings and
foreign-currency debt ratings of B2 and Not Prime, long- and
short-term, respectively, and the Brazilian national scale deposit
ratings (NSR) of Ba1.br and BR-3. Moody's also changed to stable,
from positive, the outlook on all deposit and debt ratings. The
outlook on the BFSR remained stable.

These ratings of Banco BVA were affirmed:

   -- Bank financial strength rating: E+, with stable outlook

   -- Global local-currency deposit ratings: B2 and Not Prime,
      with stable outlook

   -- Foreign-currency deposit ratings: B2 and Not Prime, with
      stable outlook

   -- Foreign-currency debt ratings: B2 and Not Prime, with stable
      outlook

   -- Brazilian national scale deposit ratings: Ba1.br and BR-3,
      with stable outlook

Rating Rationale

In affirming BVA's ratings at E+/B2, Moody's noted the bank's
undiversified funding structure, which is significantly reliant on
large single depositors, and its sizable loan concentrations
relative to both its capital and pre-provision profits. The lack
of granularity in funding sources is a challenge for stand-alone
ratings because it substantially increases liquidity risk,
according to Moody's, while loan concentration may expose earnings
to increased volatility.

The change in outlook to stable, from positive, reflects Moody's
concerns about the ongoing fast growth of BVA's balance sheet,
which nearly doubled in size since 2009, in an environment of
heightened competition, and increasing funding costs, all of which
could negatively affect the bank's margins and asset quality. Such
conditions differ from those present when the positive outlook was
assigned to the ratings.

Moody's also noted that such robust growth could strain the bank's
controls and risk management and governance functions. While
capital injections have been made to support growth, the bank's
capital structure has become more complex with the establishment
of a private equity investment fund that is expected to hold part
of BVA's shares, for which regulatory approval is still pending.

The ratings incorporate BVA's business model that is focused on
loan underwriting to small and medium-sized companies, with the
structuring of part of loans as asset backed credit notes and
their distribution to third parties. BVA's specialization in a
niche segment has contributed to the growth in revenues;
nonetheless, such concentration in earnings sources is also viewed
by Moody's a factor that limits the bank's stand alone rating.

Moody's last rating action on BVA took place on November 3, 2010,
when it assigned debt ratings to a short-term note program in the
amount of US$500 million.

The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.

Moody's national scale ratings (NSRs) 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
".br" for Brazil. 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."

Banco BVA S.A. is headquartered in Sao Paulo, Brazil. As of
December 2010, the bank had total assets of approximately R$4.5
billion (US$2.7 billion) and equity of R$503 million (US$303
million).


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C A Y M A N   I S L A N D S
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ACWA POWER: Creditors' Proofs of Debt Due June 14
-------------------------------------------------
The creditors of Acwa Power Barka Holdings (Cayman) Ltd. are
required to file their proofs of debt by June 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2011.

The company's liquidator is:

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


CAPITAL TRADING: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of The Capital Trading Fund, Ltd. are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

         Jonathan Culshaw
         Telephone: +44 207 842 6085
         Facsimile: +44 207 353 0487
         Harney Westwood & Riegels LLP
         5 New Street Square, 5th Floor
         London, EC4A 3BF
         United Kingdom


CMT SEOUL: Creditors' Proofs of Debt Due June 22
------------------------------------------------
The creditors of CMT Seoul Fund Limited are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 27, 2011.

The company's liquidator is:

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


EGI-SSE I: Creditors' Proofs of Debt Due June 22
------------------------------------------------
The creditors of EGI-SSE I Corp. are required to file their proofs
of debt by June 22, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


FTSEHX FUND: Creditors' Proofs of Debt Due June 22
--------------------------------------------------
The creditors of The FTSEHX Fund SPC are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 27, 2011.

The company's liquidator is:

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


IBF CAYMAN: Creditors' Proofs of Debt Due June 4
------------------------------------------------
The creditors of IBF Cayman Ltd. are required to file their proofs
of debt by June 4, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 4, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


MASTER TREND: Creditors' Proofs of Debt Due June 22
---------------------------------------------------
The creditors of Master Trend Capital (Cayman) Limited are
required to file their proofs of debt by June 22, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2011.

The company's liquidator is:

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


SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Symphony Credit Partners I, Ltd. are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Symphony Credit Partners II, Ltd. are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Symphony Credit Partners III, Ltd. are required
to file their proofs of debt by June 22, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


TIBERIUS FUND: Creditors' Proofs of Debt Due June 22
----------------------------------------------------
The creditors of The Tiberius Fund Ltd. are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidator is:

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


UCF FUND: Appoints Saville as Liquidator
----------------------------------------
On April 28, 2011, the Grand Court of Cayman Islands appointed
Michael Edward George Saville as liquidator of UCF Fund Limited.

The Liquidator can be reached at:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, 5th Floor
         PO Box 679, Grand Cayman KY1-1107
         Cayman Islands


VERTEX OFFSHORE: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Vertex Offshore Fund, Ltd. are required to file
their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


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J A M A I C A
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INTERTRADE FINANCE: Receives Cease & Desist Order
-------------------------------------------------
RJR News reports that restrictions have been placed on the
operations of securities dealer Intertrade Finance Corporation
after it was served with a cease and desist order by the Financial
Services Commission (FSC).

The order was issued to Joan Powell, Intertrade's Chief Executive
Officer and its Directors Gavin Chen, Christopher Malcolm and
Herbert Malcolm, according to RJR News.

RJR News notes that FSC said the order was based on the company
misrepresenting clients on the nature of the securities in which
they had invested, its failure to pay over sums to certain clients
in keeping with their instructions, and a review of its interim
financial statements and other documents.

RJR News discloses that FSC said the information showed that
Intertrade Finance may have misrepresented total funds under
management and its liabilities.

The Commission has raised concern about the firm's liquidity, cash
flow, capital as well as the protection of its clients and says
the cease and desist order restricts Intertrade from doing new
business, RJR News adds.


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T R I N I D A D  &  T O B A G O
===============================


BAICO: Eastern Caribbean Governments Launch Support Fund
--------------------------------------------------------
Caribbean360.com reports that Eastern Caribbean governments have
launched the much anticipated British American Insurance Company
(BAICO) Health Insurance Support Fund that will provide relief for
policyholders, almost two years after the company collapsed.

Applications were opened on May 25.

The Eastern Caribbean Currency Union (ECCU) stressed in a
statement that the Fund would deal only with health insurance
claims, but said it was still working on other proposals that will
help other groups of BAICO policyholders, according to
Caribbean360.com.

Caribbean360.com notes that medical costs that were incurred up to
May 25 may be eligible for relief from the ECCU/BAICO Fund, while
claims from May 26 to June 18, 2011 may be covered "only if there
is sufficient funding available."

Caribbean360.com recounts that the ECCU governments moved to
establish the Fund after BAICO was declared insolvent by Judicial
Managers in October 2009.  Since then, the report relates, the
ECCU Governments determined that establishment of the Fund was
needed in order to bring a level of relief to health insurance
policyholders in particular, whose claims could not be met by
BAICO.

Applications must be submitted no later than December 31, 2011.

Caribbean360.com says that the ECCU/BAICO Health Insurance Support
Fund has been established as a trust and ECCU Governments have
appointed a special-purpose company called ECCU Health Insurance
Support Inc. as trustee.

Meanwhile, Caribbean360.com discloses, ECCU said it will continue
to work towards implementing two other proposals that would offer
them assistance.  The report relates that those include
recapitalization and sale of BAICO's traditional insurance
business to help the approximately 22,000 policyholders; and
providing compensation for about 11,000 non-traditional
policyholders also remains on the agenda.

Caribbean360.com notes that ECCU's original plan was to set up a
new company to take over the majority of the financially troubled
BAICO, but the Kamla Persad-Bissessar government in Trinidad and
Tobago -- the home of BAICO's parent company CLICO -- has not
committed to putting forward the necessary funds.

Following the change of administration in late May 2010, the ECCU
governments said they worked hard to engage the new administration
on the matter, but to no avail, and therefore decided to focus on
assisting various groups of policyholders individually,
Caribbean360.com relates.

                           About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


                            ***********


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

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

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


                            ***********


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

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

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