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

              Friday, June 24, 2011, Vol. 12, No. 124

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Owner's Trial Delayed Until Next Year


A R G E N T I N A

EZEVIAL SA: Asks for Reorganization Proceedings
SACSOM SRL: Applies for Bankruptcy Protection


C A Y M A N   I S L A N D S

BEAR STEARNS: Creditors' Proofs of Debt Due July 20
BEAR STEARNS: Creditors' Proofs of Debt Due July 20
BRION TECHNOLOGIES: Creditors' Proofs of Debt Due July 22
CQS DISTRESSED: Creditors' Proofs of Debt Due July 11
IRON CITY: Creditors' Proofs of Debt Due July 21

JADE IAM: Creditors' Proofs of Debt Due September 1
LEVEL GLOBAL: Creditors' Proofs of Debt Due July 20
LEVEL GLOBAL: Creditors' Proofs of Debt Due July 20
LEVEL RADAR: Creditors' Proofs of Debt Due July 20
LEVEL RADAR: Creditors' Proofs of Debt Due July 20

MARVIN HOLDINGS: Creditors' Proofs of Debt Due July 20
STEELER FUND: Creditors' Proofs of Debt Due July 21
TRANSMETA WORLD: Commences Liquidation Proceedings
UMA INSURANCE: Creditors' Proofs of Debt Due July 12
WINDMILL FUND: Creditors' Proofs of Debt Due July 21


M E X I C O

* IXTAPALUCA MUNICIPALITY: Moody's Rates MXN120 Mil. Loan 'Ba2'


P U E R T O   R I C O

WORLD FITNESS: Case Summary & 6 Largest Unsecured Creditors




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


STANFORD INTERNATIONAL: Owner's Trial Delayed Until Next Year
-------------------------------------------------------------
Caribbean360.com reports that Robert Allen Stanford won't be going
to trial for fraud charges until next year, after U.S District
Judge David Hittner decided to give him additional time in
treatment for addiction to anti-anxiety medication.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2011, Reuters, citing court records, said Mr. Stanford's
criminal trial has been scheduled to Sept. 12, 2011, a change from
a January ruling that declared he was incompetent to stand trial.

Caribbean360.com relates that Judge Hittner said doctors at the
Federal Medical Center of the Butner Federal Correctional Complex,
where Mr. Stanford has been treated since February, reported that
it would take as long as four more months for him to kick his
dependence on the drugs that were prescribed after he was severely
beaten by another inmate in September 2009.

"The court now finds it has no alternative but to grant FMC's
request for an additional four months to continue treating
Mr. Stanford.  Assuming FMC needs the entire four months to treat
Stanford, the court now sets Stanford's jury trial to commence
January 2012.  The trial could be moved up if [Mr.] Stanford
recovers sooner than expected," Judge Hittner said in a ruling
handed down on June 22, Caribbean360.com notes.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


EZEVIAL SA: Asks for Reorganization Proceedings
-----------------------------------------------
Ezevial SA asked for reorganization proceedings.

The company has defaulted on its payment due June 18, 2010.


SACSOM SRL: Applies for Bankruptcy Protection
---------------------------------------------
Sacsom SRL applied for bankruptcy protection.

The company has defaulted on its payments due November 14, 2010.


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


BEAR STEARNS: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of Bear Stearns Offshore Fund of Hedge Funds Ltd.
are required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 31, 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


BEAR STEARNS: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of Bear Stearns Offshore Leveraged Fund of Hedge
Funds Ltd. are required to file their proofs of debt by July 20,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 31, 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


BRION TECHNOLOGIES: Creditors' Proofs of Debt Due July 22
---------------------------------------------------------
The creditors of Brion Technologies International are required to
file their proofs of debt by July 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 7, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


CQS DISTRESSED: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of CQS Distressed ABS Fund Limited are required to
file their proofs of debt by July 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2011.

The company's liquidator is:

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


IRON CITY: Creditors' Proofs of Debt Due July 21
------------------------------------------------
The creditors of Iron City Fund, Ltd. are required to file their
proofs of debt by July 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Corinne Bateman
         Telephone: 345-815-2606 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


JADE IAM: Creditors' Proofs of Debt Due September 1
---------------------------------------------------
The creditors of Jade Iam Limited are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


LEVEL GLOBAL: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of Level Global Overseas, Ltd. are required to file
their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


LEVEL GLOBAL: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of Level Global Overseas Master Fund, Ltd. are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


LEVEL RADAR: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of Level Radar Fund, Ltd. are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


LEVEL RADAR: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of Level Radar Master Fund, Ltd. are required to
file their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


MARVIN HOLDINGS: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Marvin Holdings GP Limited are required to file
their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 20, 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


STEELER FUND: Creditors' Proofs of Debt Due July 21
---------------------------------------------------
The creditors of Steeler Fund, Ltd. are required to file their
proofs of debt by July 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Corinne Bateman
         Telephone: 345-815-2606 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


TRANSMETA WORLD: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 6, 2011, the members of
Transmeta World Inc. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Richard Couch
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


UMA INSURANCE: Creditors' Proofs of Debt Due July 12
----------------------------------------------------
The creditors of UMA Insurance SPC, Ltd. are required to file
their proofs of debt by July 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2011.

The company's liquidator is:

         Hugh Dickson
         c/o John Royle
         10 Market Street #765
         Camana Bay, Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7206
         Facsimile: (345) 949 7120


WINDMILL FUND: Creditors' Proofs of Debt Due July 21
----------------------------------------------------
The creditors of Windmill Fund, Ltd. are required to file their
proofs of debt by July 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Corinne Bateman
         Telephone: 345-815-2606 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


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


* IXTAPALUCA MUNICIPALITY: Moody's Rates MXN120 Mil. Loan 'Ba2'
---------------------------------------------------------------
Moody's de Mexico has assigned debt ratings of A2.mx (Mexico
National Scale) and Ba2 (Global Scale, local currency) to MXN 120
million enhanced loan of the Municipality of Ixtapaluca from
Banorte. In addition, Moody's has affirmed Ixtapaluca's issuer
ratings of Baa2.mx(NSR) and B1(GSR).

The MXN 120 million loan from Banorte is payable through a trust
(IXE F/856), to which the state has pledged the flows and rights
of 30% of the general fund from its federal participation
transfers. The loan, which is denominated in Mexican pesos, with
maturity of 13 years, will pay an interest rate composed of the
28-day Mexican Interbank Interest Rate (TIIE) plus a spread of 200
basis points.

The loan contract includes some tight covenants regarding
financial indicators that will give the bank the right to trigger
the acceleration of the loan if they fall below a specified level.
If the loan is accelerated, the bank will have the right to use
70% of the total pledged revenues to pay for the loan, which is
equivalent to a debt service of 7% of Ixtapaluca's total revenues.
This will exert moderate pressure on the issuer ratings. Moody's
will monitor the evolution of Ixtapaluca's financial indicators
and assess the impact of an acceleration of the loan on the
ratings.

Ratings Rationale

The A2.mx/Ba2 ratings assigned to the loan reflect the underlying
creditworthiness of the Municipality of Ixtapaluca (Baa2.mx/B1,
stable), supported by the following legal and credit enhancements
embedded in the loan:

1. Strong trust structure where the Municipality of Ixtapaluca has
   ceded the rights to 30% of its participation revenues (ramo 28)
   to this loan.

2. Solid debt service coverage ratios. Under Moody's base case
   scenario, cash flows are projected to generate a minimum of
   2.2x debt service coverage during the life of the loan. Under
   Moody's stress case scenario, estimated cash flows provide a
   minimum of 2.0x debt service coverage during the life of the
   loan.

3. Solid level of reserve funds that represent 3.0x debt service
   coverage over the life of the loan and provide a solid cushion
   against payment delays.

These coverage and reserve levels are consistent with two notches
of uplift from the issuer rating in the Global Scale and three
notches uplift in the National Scale in accordance with Moody's
methodology on enhanced loans (Enhanced Municipal and State Loans
in Mexico, January 2011).

The rating rationale also recognizes these challenges:

-- Commingling risk at the level of the State of Mexico (Ba2,
   stable) as the pledged participation revenues are sent to the
   trust by the state, rather than directly from the federal
   treasury to the trust. Risks related to this characteristic are
   offset by a) the state's strong governance and management
   practices, including a strong credit culture, and b) legal
   barriers that prohibit the state for intervening with municipal
   transfers.

The debt ratings could face downward pressure if pro-forma debt
service coverage levels fall materially below Moody's
expectations.

Given the links between the loan and the credit quality of the
obligor, failure to comply with financial indicators related
covenants as well as a downgrade of the Municipality of
Ixtapaluca's issuer ratings could also exert downward pressure on
debt ratings for this loan. Conversely, an upgrade of the
Municipality of Ixtapaluca's issuer ratings rating would likely
result in an upgrade of the rating on the loan and pro-forma debt
service coverages significantly in excess of Moody's current
forecasts could exert upward pressure on the ratings.

The last rating action with respect to the Municipality of
Ixtapaluca was taken in December 9, 2010 when issuer ratings of B1
(Global Scale rating) and Baa2.mx (National Scale Rating) were
assigned.

The principal methodologies used in this rating were "Regional and
Local Governments Outside the US" published in May 2008 , The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, and "Enhanced Municipal
and State Loans in Mexico" published in January 2011.

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
".mx" for Mexico. 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."


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


WORLD FITNESS: Case Summary & 6 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: World Fitness Systems, Inc.
          dba World Gym
          fka World Fitness Center
        P.O. Box 8362
        Caguas, PR 00725

Bankruptcy Case No.: 11-05175

Chapter 11 Petition Date: June 20, 2011

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

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  VICTOR GRATACOS-DIAZ LAW OFFICE
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  E-mail: bankruptcy@gratacoslaw.com

Scheduled Assets: $1,074,320

Scheduled Debts: $1,167,070

A list of the Company's six largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-05175.pdf

The petition was signed by Jaime L. Rivera, president.


                            ***********


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
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
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contact Christopher Beard at 240/629-3300.


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