TCRLA_Public/110704.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

            Monday, July 4, 2011, Vol. 12, No. 130

                            Headlines


A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Receives Positive Review From Paris Club


A R G E N T I N A

CLEANER SA: Creditors' Proofs of Debt Due September 28
CONSOLIDAR ART: Moody's Lowers National Scale IFS Rating to B2
DESARROLLO PESQUERO: Creditors' Proofs of Debt Due August 2
HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'
SERVICIOS REZUR: Creditors' Proofs of Debt Due August 4

SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
TALLERES METALURGICOS: Creditors' Proofs of Debt Due August 2


B E L I Z E

BELIZE BANK: In the Red With $33-Million Loss in 2010-11


C A Y M A N   I S L A N D S

ABSOLUTE RETURN: Shareholders' Final Meeting Set for July 22
B767 OWNER: Shareholders' Final Meeting Set for July 20
CAYMAN LIFE: Shareholders' Final Meeting Set for July 12
CYCLADIC ARCHIPELAGO: Members' Final Meeting Set for July 25
MONZA FUND: Shareholder to Hear Wind-Up Report on July 20

MONZA MASTER: Shareholder to Hear Wind-Up Report on July 20
PHZ LONG/SHORT: Shareholders' Final Meeting Set for July 19
SHINHAN CARD: Shareholders' Final Meeting Set for July 22
SHINHAN CARD: Shareholders' Final Meeting Set for July 22
SILVERSTONE FUND: Shareholder to Hear Wind-Up Report on July 20

SILVERSTONE MASTER: Shareholder to Hear Wind-Up Report on July 20
TRITON 245: Members' Final Meeting Set for July 22
TRITON 250: Members' Final Meeting Set for July 22
TRITON 575: Members' Final Meeting Set for July 22


J A M A I C A

AIR JAMAICA: Operates Under Caribbean Airlines "BW" Code


M E X I C O

GMAC FINANCIERA: Moody's Says No Rating Impact on Proposal


V I R G I N   I S L A N D

WESTFORD SPECIAL: Wins Dismissal of Liquidation Petition


X X X X X X X X

* BOND PRICING: For the Week June 27 to July 1, 2011


                            - - - - -


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


* ANTIGUA & BARBUDA: Receives Positive Review From Paris Club
-------------------------------------------------------------
Caribbean360.com reports that Rafael Molina of Newstate Partners
said the Paris Club has advised international private sector
institutions that Antigua and Barbuda has turned a corner and
begun to service its debt obligations.

Newstate Partners has been assisting the Debt Unit in the Ministry
of Finance to implement the Antigua and Barbuda government's debt
strategy, which includes restructuring negotiations to place the
public sector debt position on a sustainable footing, according to
Caribbean360.com.

The report notes that Mr. Molina said the meeting reviewed the
agreement concluded in September 2010, to restructure over
US$118 million of the Government of Antigua and Barbuda's
obligations to Paris Club creditors.

Caribbean360.com says that Mr. Molina said the feedback from the
Club during discussions on Antigua and Barbuda was positive.

"During the discussion, reference was made on the impressive
efforts undertaken by the Government to implement far reaching
fiscal consolidation measures and meet its financial obligations,
despite the continued challenging global economic situation," a
statement from the Antigua and Barbuda Government said,
Caribbean360.com notes.

Paris Club creditors is an informal group of financial officials
from 19 of some of the world's biggest economies, which provides
financial services such as debt restructuring, debt relief, and
debt cancellation to indebted countries and their creditors.


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


CLEANER SA: Creditors' Proofs of Debt Due September 28
------------------------------------------------------
Lidia Roxana Martin y Juan Ramon Mugica, the court-appointed
trustee for Cleaner SA's reorganization proceedings, will be
verifying creditors' proofs of claim until September 28, 2011.

Ms. Mugica will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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 July 3, 2012.

The Trustee can be reached at:

         Lidia Roxana Martin y Juan Ramon Mugica
         Avenida Scalabrini Ortiz 2851
         Argentina


CONSOLIDAR ART: Moody's Lowers National Scale IFS Rating to B2
--------------------------------------------------------------
Moody's Latin America downgraded the global local currency (GLC)
and Argentine national scale insurance financial strength (IFS)
ratings of Consolidar Aseguradora de Riesgos del Trabajo S.A. to
B2 from B1 and to A1.ar from Aa3.ar, respectively.  The rating
outlook is now stable.

Ratings Rationale

Consolidar ART, owned by Banco Bilbao Vizcaya Argentaria (BBVA),
is a leading monoline insurer in the Argentine workers'
compensation market.

According to Moody's, the downgrade of Consolidar ART's ratings
mainly reflects deterioration in the company's capital levels and
in the credit quality of its investments, while it continues to
maintain an adequate market position and earnings profile.  "The
company's stand-alone credit profile -- that is, not considering
the benefit of its support from the BBVA group -- has
deteriorated, largely as a result of its increasing operating
leverage," added analyst Alejandro Pavlov.  Specifically, the
rating agency noted that Consolidar ART's gross underwriting
leverage grew to almost 19 times as of March 31, 2011, from about
13 times at the end of the last fiscal year, while its local
regulatory surplus in excess of requirements has fallen from 44%
as of June 30, 2010 to 22% over the past three quarters.

In terms of investments, over the past year, Consolidar ART has
reduced its exposure to investment-grade instruments, lowering the
average credit quality of its assets.  The company has increased
its investment returns, however, and overall profitability is
growing, as reflected by an annualized return on capital of 24%
for the nine months ended March 31, 2011.

The rating agency noted that Consolidar ART has effectively
shifted the incremental costs associated with the increased
workers' compensation benefit levels -- resulting from the
Argentine's government decree issued in November of 2009 -- to
policyholders through increased premiums.

Moody's notes that Consolidar ART's B2 GLC IFS rating still
receives one notch of uplift from its stand-alone credit profile,
given the company's ownership by and implicit support from the
BBVA Group. Consolidar ART's B2/A1.ar IFS ratings are now
comparable with many of its peers, which also generally have high
operating leverage and a high dependence on investments to deliver
profitability.

Headquartered in Buenos Aires, Argentina, Consolidar ART reported
total assets of AR$1.4 billion, net income of AR$38.3 million, and
gross premiums written of AR$836 million for the nine-month period
ended March 31, 2011.  As of that date, shareholders' equity was
up 20% over the June 30, 2010 fiscal year-end, and totaled
AR$234.3 million.


DESARROLLO PESQUERO: Creditors' Proofs of Debt Due August 2
-----------------------------------------------------------
Alfredo Oscar Legnazzi, the court-appointed trustee for Desarrollo
Pesquero Maritimo Atlantico Sur SA's reorganization proceedings,
will be verifying creditors' proofs of claim until August 2, 2011.

Mr. Legnazzi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Alfredo Oscar Legnazzi
         Cerrito 1136
         Argentina


HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'
---------------------------------------------------------------
Standard & Poor's Rating Services assigned a 'B' long-term
corporate credit rating to Panama-based gaming holding company
Hillview Enterprises and a 'B' senior secured debt rating to its
proposed five-year US$100 million 144A bond issuance.  The outlook
is stable.

"The ratings on Hillview reflect mainly its asset concentration in
Argentina and the risks inherent to operating in that country,
such as the volatile regulatory environment, high inflation
levels, and currency volatility," said Standard & Poor's credit
analyst Diego Ocampo.  The company somewhat mitigates those
factors with its relatively good competitive position, which is
backed by a benign regulatory framework that presents high entry
barriers for new players, and its relatively high profitability,
supported by its efficient cost structure.

"An ample ability to generate discretionary cash flows, based on
its positive cash cycle and low operating leverage levels,
together with a conservative indebtedness and an adequate
liquidity position underpin Hillview's financial risk profile,
which we characterize as aggressive under our criteria.  Partially
counterbalancing those positives are the company's limited track
record with debt markets and its focus on shareholder value
creation that might reduce flexibility on dividends, investments,
and financing," S&P stated.

Because Hillview is a holding company that has no material assets
other than the interests in three operating subsidiaries, holders
of debt issued at the parent would be structurally subordinated to
priority claims at the subsidiaries.  "However, we rate Hillview's
senior secured debt at the same level as the corporate credit
rating because of the low level of subsidiary liabilities.  We
expect third-party debt at the subsidiary level to remain low.
Furthermore, the terms and conditions of the new bonds include
covenants that limit the ability of restricted subsidiaries to
take on additional debt," S&P related.

Hillview is majority owned by an investment fund that controls
60.241% of the company's voting stock.  In 2007, the company
acquired the 99.6% of three Argentine gaming halls in the Buenos
Aires province through a US$77.5 million loan from its main
shareholder and US$24.1 million in equity contributions.  Two
gaming halls are located in Avellaneda neighborhood, and the third
in Florencio Varela, covering a densely populated area of about
1.8 million inhabitants.  The gaming facilities have an aggregated
capacity of 1,363 slot machines, 221 electronic roulette
positions, 20 electronic poker seats, and approximately 2,828
bingo seats.  During fiscal 2010, 93% of the revenues came from
slot machines, 5% from bingo operations, and the rest from food
and beverage sales.

"The stable outlook reflects our expectation that the company
should sustain relatively good free cash-flow generation
throughout the bond's life and will be able to achieve some degree
of cash build up that would mitigate its exposure to refinancing
risk in 2016.  In that respect we expect dividends to remain
flexible to buffer any potential deterioration in cash-generation
capacity.  Upside potential will remain closely linked to our
opinion on Argentina's business environment and transfer and
convertibility risks, unless geographic diversification increases.
On the contrary, a downgrade may follow a deterioration of the
business environment that significantly hurts Hillview's financial
flexibility," S&P stated.


SERVICIOS REZUR: Creditors' Proofs of Debt Due August 4
-------------------------------------------------------
Antonio Sayago, the court-appointed trustee for Servicios Rezur
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 4, 2011.

Mr. Sayago will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Antonio Sayago
         Viamonte 1636
         Argentina


SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' underlying
rating (SPUR) on Sociedad Concesionaria Vespucio Norte Express
S.A. (VNE).  The outlook is stable.  The 'BB' senior secured debt
rating on VNE reflects the higher of the project's SPUR and the
rating on bond insurance provider MBIA Insurance Corp.
(B/Negative/--).

"The affirmation of the SPUR reflects our expectation that the
project would get substantial insurance coverage for property
damages and business interruption under its existing policies.
The affirmation also reflects our expectation that the final
financial effect of the damage would not materially affect the
project's liquidity provisions," S&P said.

"In addition, although the damage will delay previously expected
revenue improvements, VNE's long-term traffic fundamentals remain
adequate," said Standard & Poor's credit analyst Javier Cobas.

The stable outlook on the SPUR reflects the project's strong
liquidity provisions that would provide adequate protection
against potential cash shortfalls in the medium term.  "We could
lower the SPUR if we find evidence of poor long-term traffic
fundamentals, if final insurance coverage for earthquake-related
effects results in well-below-actual reconstruction costs or if
the DSCR falls below 1.05x, excluding insurance compensations.
However, we could raise the SPUR if the project shows significant
progress in matching original revenue expectations," S&P stated.


TALLERES METALURGICOS: Creditors' Proofs of Debt Due August 2
-------------------------------------------------------------
Elsa Z. Rodriguez, the court-appointed trustee for Talleres
Metalurgicos Arcar SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 2, 2011.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

         Elsa Z. Rodriguez


===========
B E L I Z E
===========


BELIZE BANK: In the Red With $33-Million Loss in 2010-11
--------------------------------------------------------
Adele Ramos at Amandala Online reports that Michael Coye, deputy
group chief financial officer of Belize Bank, confirmed that the
bank's accounts for the quarter ended March 31, 2011, indicated
that the bank lost $33 million, and the end-of-year report records
$32 million "in the red."  Amandala Online relates that the bank's
largest annual loss on record was due to a large pool of non-
performing loans, especially large commercial loans.

The year before, the bank showed a profit of just over $4 million,
according to Amandala News. In 2009, when it wrote off the $20
million from the Venezuelan loan proceeds, put towards the $33
million debt of Universal Health Services, it registered a loss of
$1.3 million, Amandala News relates.

The report notes that BCB Holdings Limited, Belize bank's parent
company, said it has incurred a net loss of US$7.3 million for
2010-2011 and a net loss per share of US$0.07.

Amandala News notes that Belize Bank said that Financial Services
reported an operating loss of US$21.9 million for the year after
an exceptional charge of US$36.4 million in respect of loan
provisions against a total loan portfolio of US$864 million.

The problem with loan performance has spanned at least the past
two to three years, but it was highlighted in 2010, when the level
of loan non-performance in at least two commercial banks in Belize
remained more than five times above the prudential benchmark,
Amandala News discloses.

Mr. Coye, the report relates, said that the latter part of 2010
that the bank had set up a Remedial Management Unit (RMU), headed
by Mario Sabido, to help bring back the accounts to a performing
status and that definitive improvement was expected by the
following quarter.  The report notes that at the time, the rate of
non-performing loans was 28%, but the situation had worsened
slightly at last report, to a rate of nearly 30%, Amandala News
adds.

Belize Bank is Belize's largest bank.


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


ABSOLUTE RETURN: Shareholders' Final Meeting Set for July 22
------------------------------------------------------------
The shareholders of Absolute Return Cayman PA, Limited will hold
their final meeting on July 22, 2011, at 12:00 noon, 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


B767 OWNER: Shareholders' Final Meeting Set for July 20
-------------------------------------------------------
The shareholders of B767 Owner Limited will hold their final
meeting on July 20, 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:

         Charles Meyer
         777 Long Ridge Road
         Bldg C, Stamford
         Connecticut 06927
         U.S.A.


CAYMAN LIFE: Shareholders' Final Meeting Set for July 12
--------------------------------------------------------
The shareholders of Cayman Life Settlements I will hold their
final meeting on July 12, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         William Reeves
         c/o Anchin Block & Anchin LLP
         1375 Broadway, New York
         New York 10018
         USA


CYCLADIC ARCHIPELAGO: Members' Final Meeting Set for July 25
------------------------------------------------------------
The members of Cycladic Archipelago Fund will hold their final
meeting on July 25, 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


MONZA FUND: Shareholder to Hear Wind-Up Report on July 20
---------------------------------------------------------
The sole shareholder of Monza Fund will receive on July 20, 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
         Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


MONZA MASTER: Shareholder to Hear Wind-Up Report on July 20
-----------------------------------------------------------
The sole shareholder of Monza Master Fund will receive on July 20,
2011, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


PHZ LONG/SHORT: Shareholders' Final Meeting Set for July 19
-----------------------------------------------------------
The shareholders of PHZ Long/Short Trading Ltd. will hold their
final meeting on July 19, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SHINHAN CARD: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------
The shareholders of Shinhan Card 2007-1 International Ltd will
hold their final meeting on July 22, 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 SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


SHINHAN CARD: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------
The shareholders of Shinhan Card 2007-2 International Ltd will
hold their final meeting on July 22, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SILVERSTONE FUND: Shareholder to Hear Wind-Up Report on July 20
---------------------------------------------------------------
The sole shareholder of Silverstone Fund will receive on July 20,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


SILVERSTONE MASTER: Shareholder to Hear Wind-Up Report on July 20
-----------------------------------------------------------------
The sole shareholder of Silverstone Master Fund will receive on
July 20, 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
         Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


TRITON 245: Members' Final Meeting Set for July 22
--------------------------------------------------
The members of Triton 245 Ltd. will hold their final meeting on
July 22, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRITON 250: Members' Final Meeting Set for July 22
--------------------------------------------------
The members of Triton 250 Ltd. will hold their final meeting on
July 22, 2011, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRITON 575: Members' Final Meeting Set for July 22
--------------------------------------------------
The members of Triton 575 Ltd. will hold their final meeting on
July 22, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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



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


AIR JAMAICA: Operates Under Caribbean Airlines "BW" Code
--------------------------------------------------------
RRR News reports that Air Jamaica Limited flights will operate
under Caribbean Airlines Limited 'BW' code as part of the ongoing
integration of the carriers.

As reported in the Troubled Company Reporter, Anna Ramdass at
Trinidad Express reports that the merger between state carrier
Caribbean Airlines and Air Jamaica was sealed on May 26, 2011,
with the signing of the shareholder agreement which gives CAL
legal access to all routes operated by Air Jamaica.

Robert Corbie, acting Chief Executive Officer of Caribbean
Airlines, said the airline continues to pursue its philosophy of
'one airline, two brands,' according to RJR News.  The report
relates that in addition to operating under the same flight code,
Caribbean Airlines and Air Jamaica are moving towards one fleet
type.

Meanwhile, RJR News relates that two members of the Caribbean
Airlines, Allan Clovis and Susan Smith, were terminated from the
entity.  The report relates that one of the vacancies will be
filled by a Jamaican representative.

RJR News notes that as part of Caribbean Airlines' acquisition
last month of Air Jamaica's assets and routes, a provision was
made for Air Jamaica Chairman Dennis Lalor to be on the board of
Caribbean Airline replacing an existing director.

                        About Air Jamaica

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 Aug. 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
===========


GMAC FINANCIERA: Moody's Says No Rating Impact on Proposal
----------------------------------------------------------
Moody's de Mexico opines that GMAC Financiera S.A. de C.V.,
Sociedad Financiera de Objeto Multiple, Entidad No Regulada (GMAC
Financiera's) proposal to cancel the Financial Guaranty Insurance
Company (FGIC) financial guarantee insurance policies benefiting
the senior certificates MXMACFW 06U and MXMACFW 07U, would not, as
of this date, and in and of itself, result in a change or
withdrawal of the certificates' current ratings.  The FGIC
policies cover timely payment of interest and ultimate payment of
principal on the certificates.

Moody's did not express an opinion as to whether the amendments
could have other, non credit-related effects.  Moody's opinion
does not preclude the possible future withdrawal of the current
ratings for any reason.

The affected senior certificates are:

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- MXMACFW 06U, rated Caa3.mx (sf) (Mexican National Scale),
     Caa3 (sf) (Global Scale, Local Currency)

  -- MXMACFW 07U, rated Ba2.mx (sf) (Mexican National Scale), B2
     (sf) (Global Scale, Local Currency)

On March 25, 2009, Moody's withdrew FGIC's insurance financial
strength rating (Caa3 at the time of withdrawal).  As a result,
the ratings assigned to the above-named securities already reflect
the transaction's underlying rating, absent any consideration of
the FGIC guaranties.

Under Moody's approach to rating structured finance securities
wrapped by financial guarantors, detailed in the press release
dated November 10, 2008 and titled "Moody's modifies approach to
rating structured finance securities wrapped by financial
guarantors", if a structured finance security is wrapped by a
financial guarantor, the Moody's rating will be the higher of (i)
the guarantor's financial strength rating and (ii) the current
underlying rating (i.e., absent consideration of the guaranty) on
the security, regardless of whether the underlying rating is
published or not.

Per GMAC Financiera, the trust would not incur any early
termination fees payable to FGIC as a result of the policy
cancellations.  The expected legal expenses associated with the
preparation of the amendments would not negatively impact the
ratings.  Once the policies are cancelled, the trust would no
longer pay the ongoing fees due to FGIC under the policies.


=========================
V I R G I N   I S L A N D
=========================


WESTFORD SPECIAL: Wins Dismissal of Liquidation Petition
--------------------------------------------------------
The British Virgin Islands Court of Appeal has unanimously
reversed a lower court ruling and dismissed a petition by McKinsey
& Co. to liquidate Westford Special Situations Fund Ltd.  McKinsey
had filed the petition in an attempt to redeem its investment.

McKinsey, which had invested in a feeder fund to Westford Special
Situations Master Fund, L.P., attempted to liquidate Westford
after the fund suspended redemptions -- even though Westford had
made partial payments to McKinsey.

In denying McKinsey's motion, the Court upheld Westford's argument
that, as a redemption creditor, McKinsey did not have the legal
standing to force the appointment of a liquidator.

                    About Westford Special

Westford Special Situations Fund Ltd is an investment fund
incorporated in the British Virgin Islands.

The Westford Special Situations Fund Ltd. and Westford Special
Situations Master Fund L.P. are part of the Westford-Epsilon
family of funds managed by Steve G. Stevanovich.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week June 27 to July 1, 2011
----------------------------------------------------

Issuer              Coupon     Maturity     Currency       Price
------              ------     --------     --------        ----


ARGENTINA
---------

ARGENT- DIS          5.83     12/31/2033       ARS           162.5
ARGENT-PAR           1.18     12/31/2038       ARS            56.8
ARGENT-DIS           7.82     12/31/2033       EUR            70
ARGENT-DIS           7.82     12/31/2033       EUR            71.2
ARGENT-DIS           4.33     12/31/2033       JPY            42
ARGENT-PAR&GDP       0.45     12/31/2038       JPY             8
BODEN 2014           2         9/30/2014       ARS            32.5
BOGAR 2018           2          2/4/2018       ARS            30.6
PRO12                2          1/3/2016       ARS           117.7


CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035     EUR              39.0
BANCO BPI (CI)        4.15    11/14/2035     EUR              35.4
BCP FINANCE BANK      5.01     3/31/2024     EUR              42.9
BCP FINANCE BANK      5.31     12/10/2023    EUR              45.3
BCP FINANCE CO        4.23                   EUR              55.5
BCP FINANCE CO        5.54                   EUR              54.3
BES FINANCE LTD       5.77      2/7/2035     EUR              52.8
BES FINANCE LTD       5.58                   EUR              55
BES FINANCE LTD       4.5                    EUR              57.5
BES FINANCE LTD       6.62                   EUR              63
CHAODA MOD AGRI       3.7       9/1/2015     USD              72.9
CHINA MED TECH        4        8/15/2013     USD              72.9
EFG ORA FUNDING       1.7     10/29/2014     EUR              51.2
ESFG INTERNATION      5.75                   EUR              54.8
IMCOPA INTL CAYM     10.37    12/19/2014     USD              36.1
PUBMASTER FIN         6.96     6/30/2028     GBP              54.7
SOLARFUN POWER H      3.5      1/15/2018     USD              67.9


CHILE
-----

AGUAS NUEVAS          3.4      5/15/2012     CLP               0.4
CGE DISTRIBUCION      3.25     12/1/2012     CLP              29.2
ESVAL S.A.            3.8      7/15/2012     CLP              37.8
LA POLAR SA           3.8     10/10/2017     CLP              72.3
MASISA                4.25    10/15/2012     CLP              29.5
QUINENCO SA           3.5      7/21/2013     CLP              38.2

PUERTO RICO
-----------

PUERTO RICO CONS      6.2     5/1/2017       USD              53.2
PUERTO RICO CONS      6.5     4/1/2016       USD              59.5


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD              46.1
PETROLEOS DE VEN      5.375   4/12/2027      USD              47.3
PETROLEOS DE VEN      5.25    4/12/2017      USD              59.3
PETROLEOS DE VEN      5.125  10/28/2016      USD              61.9
PETROLEOS DE VEN      5      10/28/2015      USD              65.2
PETROLEOS DE VEN      8.5    11/2/2017       USD              69.3
PETROLEOS DE VEN      8.5    11/2/2017       USD              60.0
PETROLEOS DE VEN      4.9    10/28/2014      USD              73.1
VENEZUELA             7       3/31/2038      USD              53.7
VENEZUELA             7       3/31/2038      USD              54.3
VENEZUELA             6       12/9/2020      USD              58
VENEZUELA             7.65     4/21/2025     USD              59.5
VENEZUELA             8.25    10/13/2024     USD              62.3
VENEZUELA             9.25     5/7/2028      USD              65.5
VENEZUELA             9        5/7/2023      USD              65.5
VENEZUELA             7.75    10/13/2019     USD              66.2
VENEZUELA             7       12/1/2018      USD              67.2
VENEZUELA             9.25     9/15/2027     USD              68.2
VENEZUELA             9.25     9/15/2027     USD              79.3
VENEZUELA             5.75     2/26/2016     USD              73.8
VENZOD - 189000       9.375    1/13/2034     USD              65.7


                            ***********


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. Castillo, 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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