TCRLA_Public/110708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, July 8, 2011, Vol. 12, No. 134

                            Headlines



A R G E N T I N A

DIAGRAMA PUBLICITARIO: Creditors' Proofs of Debt Due September 5
ECOSYSTEM SA: Requests Opening of Reorganization Proceedings
MAUMIS SA: Creditors' Proofs of Debt Due August 9
PILARMATE SRL: Creditors' Proofs of Debt Due August 17
PUNNTO PDS: Creditors' Proofs of Debt Due September 14

SERVIPALLETS SA: Creditors' Proofs of Debt Due August 22


C A Y M A N   I S L A N D S

AJW MASTER: Appoints Walker and Stokoe as Liquidators
CEDARVIEW LEVERAGED: Creditors' Proofs of Debt Due July 26
FORTROSS EMERGING: Creditors' Proofs of Debt Due August 4
GARDEN REACH: Creditors' Proofs of Debt Due August 5
GOLDMAN SACHS: Creditors' Proofs of Debt Due August 4

LARRAU NOUVEAU: Creditors' Proofs of Debt Due August 4
LIFE SETTLEMENTS I: Creditors' Proofs of Debt Due July 26
MOSELLE NOUVEAU: Creditors' Proofs of Debt Due August 4
PANDA GLOBAL MASTER: Creditors' Proofs of Debt Due August 4
PANDA GLOBAL FUND: Creditors' Proofs of Debt Due August 4

ROBIN LTD: Creditors' Proofs of Debt Due July 22
SEMPERMACRO FUND: Creditors' Proofs of Debt Due August 5
SEMPERMACRO MASTER: Creditors' Proofs of Debt Due August 5
WOODPECKER INVESTMENTS: Creditors' Proofs of Debt Due July 20
ZEBRA LIMITED: Creditors' Proofs of Debt Due July 22


J A M A I C A

UC RUSAL: Minister to Hold Talks on Kirkvine Plant Reopening
* JAMAICA: Ranks 5th as in Worst Economies in the World Survey


M E X I C O

DESARROLLADORA HOMEX: S&P Puts 'BB-' CCR on Watch Negative
GRUPO IUSACELL: 2013 Bondholders Agree to 50% Cut, Delayed Payment
PACIFIC RUBIALES: S&P Ups CCR to 'BB' on Improved Finc'l. Profile


P A N A M A

NEWLAND INTERNATIONAL: Moody's Cuts Sr. Secured Rating to 'B3'


P U E R T O   R I C O

HOSPITAL DAMAS: Court Approves Settlement with Puerto Hospital


X X X X X X X X

* LATAM: Moody's Says Good Governance is Vital for Family Firms


                            - - - - -


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A R G E N T I N A
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DIAGRAMA PUBLICITARIO: Creditors' Proofs of Debt Due September 5
----------------------------------------------------------------
Victor Tomasi, the court-appointed trustee for Diagrama
Publicitario SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 5, 2011.

Mr. Tomasi 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.

The Trustee can be reached at:

         Victor Tomasi
         Bogota 2791
         Argentina


ECOSYSTEM SA: Requests Opening of Reorganization Proceedings
------------------------------------------------------------
Ecosystem SA requested the opening of reorganization proceedings.

The company has defaulted on its payments due November 10, 2010.


MAUMIS SA: Creditors' Proofs of Debt Due August 9
-------------------------------------------------
Norberto Ruben Di Napoli, the court-appointed trustee for Maumis
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until August 9, 2011.

Mr. Di Napoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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 Ruben Di Napoli
         Marcelo Torcuato de Alvear 925
         Argentina


PILARMATE SRL: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
Zulma Gloria Ghogliano, the court-appointed trustee for Pilarmate
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 17, 2011.

Mr. Ghogliano 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. 47, 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:

         Zulma Gloria Ghogliano
         Cipoletti 554
         Argentina


PUNNTO PDS: Creditors' Proofs of Debt Due September 14
------------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for Punnto
PDS Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 14, 2011.

Ms. Muruaga 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. 1, 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:

         Beatriz del Carmen Muruaga
         Aguero 1290
         Argentina


SERVIPALLETS SA: Creditors' Proofs of Debt Due August 22
--------------------------------------------------------
Susana L. Erusalimsky, the court-appointed trustee for
Servipallets SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 22, 2011.

Ms. Erusalimsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Susana L. Erusalimsky
         Espinosa 2501
         Argentina


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


AJW MASTER: Appoints Walker and Stokoe as Liquidators
-----------------------------------------------------
On May 30, 2011, the Grand Court of the Cayman Islands appointed
David Walker and Ian Stokoe as liquidators of AJW Master Fund II,
Ltd.

The Liquidators can be reached at:

         David Walker
         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914 8686
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


CEDARVIEW LEVERAGED: Creditors' Proofs of Debt Due July 26
----------------------------------------------------------
The creditors of Cedarview Leveraged Opportunities Ma, Ltd. are
required to file their proofs of debt by July 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2011.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


FORTROSS EMERGING: Creditors' Proofs of Debt Due August 4
---------------------------------------------------------
The creditors of Fortross Emerging Opportunity Fund, Ltd. are
required to file their proofs of debt by August 4, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2011.

The company's liquidator is:

         Tagora Capital LLP
         Smeets Law (Cayman)
         Attorneys-at-Law for the Company
         Reference: GJJ
         Telephone: (+1) 345 815 2800
         Facsimile: (+1) 345 947 4728
         Suite 2206, Cassia Court
         72 Market Street, Camana Bay
         P.O. Box 32302 Grand Cayman KY1-1209
         Cayman Islands


GARDEN REACH: Creditors' Proofs of Debt Due August 5
----------------------------------------------------
The creditors of Garden Reach Ltd. are required to file their
proofs of debt by August 5, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 20, 2011.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107


GOLDMAN SACHS: Creditors' Proofs of Debt Due August 4
-----------------------------------------------------
The creditors of Goldman Sachs Master Alpha Transport Fund, Ltd.
are required to file their proofs of debt by August 4, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


LARRAU NOUVEAU: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Larrau Nouveau Investments Limited are required
to file their proofs of debt by August 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


LIFE SETTLEMENTS I: Creditors' Proofs of Debt Due July 26
---------------------------------------------------------
The creditors of Life Settlements I Limited are required to file
their proofs of debt by July 26, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2011.

The company's liquidator is:

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


MOSELLE NOUVEAU: Creditors' Proofs of Debt Due August 4
-------------------------------------------------------
The creditors of Moselle Nouveau Investments Limited are required
to file their proofs of debt by August 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


PANDA GLOBAL MASTER: Creditors' Proofs of Debt Due August 4
-----------------------------------------------------------
The creditors of The Panda Global Master Fund, Ltd. are required
to file their proofs of debt by August 4, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2011.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 943 5555


PANDA GLOBAL FUND: Creditors' Proofs of Debt Due August 4
---------------------------------------------------------
The creditors of The Panda Global Fund, Ltd. are required to file
their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2011.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 943 5555


ROBIN LTD: Creditors' Proofs of Debt Due July 22
------------------------------------------------
The creditors of Robin Ltd 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 20, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


SEMPERMACRO FUND: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------
The creditors of The Sempermacro Fund Limited are required to file
their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 13, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Claudine Thompson
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone:  +1 (345) 814 2342
         Facsimile:  +1 (345) 949 8258
         e-mail: cthompson@deloitte.com


SEMPERMACRO MASTER: Creditors' Proofs of Debt Due August 5
----------------------------------------------------------
The creditors of The Sempermacro Master Fund Limited are required
to file their proofs of debt by August 5, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 13, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Claudine Thompson
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone:  +1 (345) 814 2342
         Facsimile:  +1 (345) 949 8258
         e-mail: cthompson@deloitte.com


WOODPECKER INVESTMENTS: Creditors' Proofs of Debt Due July 20
-------------------------------------------------------------
The creditors of Woodpecker Investments 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 wind-up proceedings on June 1, 2011.

The company's liquidator is:

         Rankin Berkower (Cayman) Ltd.
         c/o Philip Rankin
         Telephone: 345-949-7818 ext 21
         Facsimile: 345-946-7051
         Corporate Plaza, 1st Floor
         P.O. Box 30349 Grand Cayman KY1-1202
         Cayman Islands


ZEBRA LIMITED: Creditors' Proofs of Debt Due July 22
----------------------------------------------------
The creditors of Zebra Limited 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 20, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


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


UC RUSAL: Minister to Hold Talks on Kirkvine Plant Reopening
------------------------------------------------------------
RJR News reports that Clive Mullings, the new Jamaica minister of
energy and mining, will hold a briefing with UC Rusal to ascertain
the company's plans with regards to the reopen of its Kirkvine
plant in Manchester on July 6.

RJR News relates that the plant was scheduled to resume operations
on July 1 but it did not materialize.

As reported in the Troubled Company Reporter-Latin America on
June 14, 2011, RJR News said that UC Rusal threatens to postpone
its July 1 plan to reopen the Kirkvine Plant in Manchester after
not getting certain concessions from the Golding administration to
resume production.  The re-opening's delay, according to the
report, will pose a setback to the recovery of Jamaica's
bauxite/alumina industry.  RJR News adds that the re-employment of
300 persons is also on the line if UC Rusal carries out its
threat.

"Questions were coming up about the issue of the levy and any
concession that UC Rusal would like to get but that is something
Cabinet has deliberated on I will be having a full briefing on it
and in short order I will explain where we go from here.  I am to
meet with the (officials) from UC Rusal as well and the unions
when I've been fully briefed," RJR News quoted Mr. Mullings as
saying.

Meanwhile, RJR News notes that the National Workers' Union (NWU),
which represented former employees of the Kirkvine Plant, said
there is growing anxiety in bauxite communities in Manchester
following the July 1 failed reopening.  NWU President Vincent
Morrison said there is also concern about the Government's
handling of the negotiations with UC Rusal, RJR News adds.

UC Rusal is a Russian aluminum giant.


* JAMAICA: Ranks 5th as in Worst Economies in the World Survey
--------------------------------------------------------------
RJR News reports that Forbes Magazine said that Jamaica has the
5th worst economy in 2011 due to Jamaica being a victim of the
global financial crisis.

Forbes said it based the ranking on the devastating impact the
crisis had on Jamaica's vital tourism industry, according to RJR
News.  The report relates that it's a claim which flies in the
face of official statistics which indicate that even though,
tourism bookings were tempered, growth in that industry was
realized through the throes of the recession.   Now, Jamaica is
out of that recession.

RJR News says that a 1.4% growth between January and March
confirmed that much and that growth was led by the tourism
industry.  Another questionable assertion Forbes made is that
poverty in the country has been halved to 10%, RJR News adds.


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M E X I C O
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DESARROLLADORA HOMEX: S&P Puts 'BB-' CCR on Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' rating on
Mexican homebuilder Desarrolladora Homex S.A.B. de C.V. on
CreditWatch with negative implications.  "We could lower or affirm
the ratings once we evaluate Homex's financial and operating
performance after the company reports its third-quarter results,"
S&P said.

"The CreditWatch placement follows our perception of an increase
in Homex's management risk tolerance, seen in its aggressive
growth targets that have required significant investments in
working capital and higher-than-expected use of debt," said
Standard & Poor's credit analyst Laura Martinez.  This has led to
deterioration in the company's financial metrics.

"The company's aggressive growth targets and financial policy in a
highly competitive market, its higher use of debt to support its
growth plans, and its significant working-capital requirements
that have limited free operating cash flow (FOCF) generation limit
our ratings on Homex.  The ratings also reflect the concentration
of mortgage origination in Infonavit and Fovissste, and a degree
of political risk inherent to these institutions.  Homex's
position as one of the largest homebuilders in Mexico, its leading
position in the sector, and its geographic diversity support the
ratings.  We assess Homex's business risk profile as fair," S&P
stated.

"We view Homex's financial risk profile as aggressive. Homex has
continued to make significant investments in working capital,
specifically related to work-in-progress inventory, to sustain its
aggressive revenue growth target of 13% to 16% for 2011.  This led
to negative FOCF of Mexican pesos (MXN) 540 million during the
first quarter of 2011 and negative by MXN2.7 billion in 2010.
Resulting debt has been higher than we expected, and key financial
ratios have been weaker.  Its adjusted total debt-to-EBITDA,
EBITDA interest coverage, and funds from operations (FFO)-to-total
debt ratios were 3.3x, 2.2x, and 20.8% for the past 12 months
ended March 31, 2011, compared with 2.7x, 2.7x, and 28.9% a year
ago," S&P stated.

"We will resolve the CreditWatch listing once Homex reports its
third-quarter results and we evaluate the company's financial and
operating performance.  Specifically, our evaluation will focus on
Homex's management risk tolerance and financial policy, as well as
the company's improvement of its working capital requirements,
FOCF generation, and efforts to deleverage.  We could lower the
ratings if we do not perceive an improvement on Homex's
performance during the next two quarters, reflected in a positive
FOCF generation and an adjusted total debt-to-EBITDA ratio of less
than 3.0x," S&P said.


GRUPO IUSACELL: 2013 Bondholders Agree to 50% Cut, Delayed Payment
------------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Grupo Iusacell SA
said holders of US$206 million in bonds due in 2013 agreed to a
restructuring plan in which they will get US$103 million in notes
due 2017, plus additional fees.

The plan was approved in Mexican bankruptcy court in April, and
the new notes were to be issued around June 30 of this year,
Iusacell said in a U.S. regulatory filing, according to Bloomberg.

Grupo Iusacell SA is the Mexican mobile-phone carrier owned by
billionaire Ricardo Salinas.


PACIFIC RUBIALES: S&P Ups CCR to 'BB' on Improved Finc'l. Profile
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Pacific Rubiales Energy Corp. to 'BB' from 'BB-'.  "We
also raised our rating on Pacific Rubiales' US$450 million senior
unsecured notes due 2016 to 'BB'.  The outlook is stable," S&P
stated.

"The upgrade is based on the company's continued improvement in
its operating and financial performance, which has exceeded our
expectations," said Standard & Poor's credit analyst Fabiola
Ortiz.  For the past 12 months (LTM) ended March 31, 2011, the
company's revenues doubled, reaching US$1.9 billion, mainly as a
result of the increase in production at the Rubiales' and Quifa's
heavy oil fields and, to a lesser extent, the start of operations
in Peru and Guatemala.  Moreover, the company's profits continue
to improve, reaching and adjusted EBITDA margin of 56.8% as of
March 31, 2011 (compared with 50.3% of the same period of 2010).

For the past 12 months ended March 31, 2011, Pacific Rubiales
posted an adjusted debt-to-EBITDA, funds from operations (FFO)-to-
debt, and EBITDA interest coverage ratios of 0.8x, 89.4%, and
12.0x, which compares favorably with 1.8x, 39.3%, and 7.9x of the
same period of 2010.  For the past 12 months ended March 31, 2011,
the company's adjusted discretionary cash flow was US$157.2
million.

"The ratings on Pacific Rubiales also reflect our view of a fair
business profile given the company's short track record and heavy
concentration in the Colombian region.  Pacific Rubiales is still
a small exploration and production (E&P) company, although
growing, when compared with other regional and local players.
Recent and expected strong growth in production and reserves,
strong liquidity, an experienced management team, and significant
financial profile support the rating," S&P stated.

"The stable outlook reflects our view that the company's financial
performance will continue to be strong and that its good position
will allow the company to continue executing its organic and
geographic diversification growth strategies," S&P said.

"If the company's production growth is beyond our expectations in
the next few years and improves its geographic diversification
while maintaining its current financial profile, we could raise
the ratings.  We could lower the ratings if the company's
liquidity or financial flexibility deteriorates significantly to
an adjusted total debt-to-EBITDA ratio of more than 3.0x and
adjusted FFO to total debt of less than 20%," S&P added.


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NEWLAND INTERNATIONAL: Moody's Cuts Sr. Secured Rating to 'B3'
--------------------------------------------------------------
Moody's downgraded Newland International Properties, Corp.'s
senior secured rating to B3 and maintains the outlook at negative.

The following rating was downgraded with a negative outlook:

  Newland International Properties, Corp.

    -- senior secured debt rating to B3 from B2

Ratings Rationale

The rating downgrade reflects expected client defaults above 30%
upon completion of construction deliveries in the 3Q11. In
addition, the construction delivery schedule has been delayed
substantially as a result of subcontractor delays, which have
ultimately increased construction costs by approximately 8% or
US$19.6 million.  Newland however was able to fund the
construction escrow account from sales and collection proceeds to
date, avoiding another Construction Shortfall.

The negative rating outlook reflects Moody's concerns regarding
the ultimate collection of remaining balances on sold hotel and
condo units upon completion and delivery, particularly as current
estimates place default rates above 30%.  In addition, uncertainty
remains as to the cash generation ability of the project to
sustain all of the first amortization payment due in November
2011.

Moody's stated that a ratings upgrade is unlikely at this time.
Despite the substantial pre-sales, uncertainty remains regarding
full collection upon delivery of units, total sales and sales
proceeds, as well as the global economic outlook.  Moody's noted
that the construction of the project is fully funded with the
proceeds from the notes issuance.  These funds are all in an
escrow account.  A downgrade would result from continued
construction delays that further hinder current planned delivery
of units.  Any issues in the delivery process of units, including
foreclosures above the current projected rate of 32-35% would also
result in a downgrade.  Moody's warns that any difficulties in
making the November 2011 amortization payment on the bond would
likely result in a multiple-notch downgrade.

Moody's last rating action with respect to Newland was on May 18,
2010, when Moody's confirmed Newland's rating at B2 and changed
the outlook to negative.  This action concluded Moody's review
started on April 5, 2010.

Newland's rating was assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
(i) the business risk and competitive position of the company
versus others within its industry, (ii) the capital structure and
financial risk of the company, (iii) the projected performance of
the company over the near to intermediate term, and (iv)
management's track record and tolerance for risk.  These
attributes were compared against issuers both within and outside
of Newland's core industry and the company's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Newland International Properties Corp. is a sociedad anonima
organized under the laws of the Republic of Panama.  Newland is a
real estate development company established to develop the "Trump
Ocean Club International Hotel & Tower" in Panama City, Panama.
Trump Ocean Club is being developed as a multi-use luxury tower,
overlooking the Pacific Ocean, with luxury condominium residences,
a hotel condominium, a limited number of offices, and premier
leisure amenities. Trump Ocean Club will be located on the Punta
Pacifica Peninsula in Panama City, on approximately 2.8 acres
(11,200 square meters) of land, including approximately 295 lineal
feet (90 lineal meters) of oceanfront.


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P U E R T O   R I C O
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HOSPITAL DAMAS: Court Approves Settlement with Puerto Hospital
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved Hospital Damas Inc.'s settlement agreement/stipulation
with Puerto Hospital Supply, Inc.

The Debtor and PRHS have agreed to settle and compromise issues
between them under these terms and conditions:

  A. The Debtor and PRHS concur that the total amount owing by
     Debtor to PRHS for the prepetition purchase of services and
     supplies totals US$673,437.

  B. The Debtor desires to assume and renew these executory
     contracts with PRHS:

       i) the X-ray and related products and services contract
          executed on April 10, 2010, and valid through April 9,
          2013;

      ii) the "atados" Customed Packs contract executed on May 1,
          2009, and valid through April 30, 2012; and

     iii) the Ethicon Sut/ethicon and ethicon endo contract
          executed on June 1, 2008, and valid through May 31,
          2011, which is renewed pursuant to its terms;

      iv) the case cart cardiovascular surgery, materials and
          services contract originally executed on Sept. 1, 2007,
          and valid through Aug. 31, 2010, but which the parties
          by their conduct and dealings have effectively extended;

       v) the 3M contract for medical surgical supplies and
          services, executed on July 8, 2008, and valid through
          June 30, 2009, but which the parties by their conduct
          and dealings have effectively extended from year to
          year.

  C. The Debtor agrees to pay PRHS the amount of US$356,000 to
     cure all prepetition amounts owing to PRHS under the five
     executory contracts.

A full-text copy of the settlement agreement is available for free
at http://bankrupt.com/misc/HOSPITALDAMAS_settlementagreement.pdf

                     About Hospital Damas, Inc.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  Silva CPA Group serves as its financial advisor.
Enrique Peral Law Offices, P.S.C., as special counsel.  FPV &
Galindez PSC to will assist in processing and preparing
statistical data required for the preparation of the Medicare cost
report.

In October 2010, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors of the
Debtor.  Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at
Kilpatrick Stockton LLP, represents the Committee as legal
counsel, and Edgardo Munoz, Esq., at Edgardo Munoz, PSC, serves
the Committee as local counsel.

In its schedules, the Debtor disclosed US$24,017,166 in total
assets and US$21,267,263 in total liabilities as of the Petition
Date.


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


* LATAM: Moody's Says Good Governance is Vital for Family Firms
---------------------------------------------------------------
Significant derivatives-related corporate failures during the
credit crisis and the growing number of smaller, tightly
controlled companies tapping credit markets are highlighting the
need for greater scrutiny of corporate governance practices in
Latin America, says Moody's Investors Service in a new report.
Governance practices across Latin America have continued to
improve, says Moody's, but at different speeds in different
jurisdictions.

"There is also some question as to the speed of progress moving
forward in 2011 and onward," said Christian Plath, a Moody's Vice
President.  "To date, corporate governance improvements in Latin
America, as with other emerging markets, have been driven in large
part by the need to attract foreign investment and lower the
overall cost of capital.  While this is still an important factor,
there is a chance that broad-based governance reforms may slow or
stall as the flood of 'hot money' currently pouring into emerging-
market equity and debt provides much cheaper financing sources."

In general, the quality of corporate governance in Latin America
varies widely, says Moody's.  On the one hand, market leaders will
follow international "best practices."  On the other hand,
smaller, non-listed private firms often have governance practices
that are questionable.

Although these generally family-controlled firms can display
certain governance strengths, family control in general will
present more risks to investors than strengths over time, says
Moody's.

"From a bondholder's perspective, there are a range of potential
strengths, weaknesses and mitigating factors that are more acute
in family-controlled firms," said Moody's Plath.  "In many cases,
controlling shareholders abuse their position to the detriment of
minority shareholders and other key stakeholders, including
bondholders. Local corporate culture will also tolerate weaker
standards of corporate governance."

To provide investors with a useful framework for assessing the
governance quality of these family-controlled firms, the new
Moody's report presents a "top 10" list of corporate governance
considerations.

Among the considerations are transparency and disclosure,
ownership and control, board composition and independence,
executive leadership and transition risk.  The additional
considerations are CEO/chair separation, board committees, related
party transactions, internal controls, and policy formalization.

The report "Corporate Governance in Latin America: Our Top Ten
Considerations for Non-Financial Family-Controlled Corporates,"
which is available on Moodys.com, also lists potential red flags
that may be signs of bad governance and recent governance
developments in select countries.


                            ***********


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, 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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