TCRLA_Public/111116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


          Wednesday, November 16, 2011, Vol. 12, No. 227

                            Headlines



A R G E N T I N A

CTT SA: Creditors' Proofs of Debt Due Dec. 29
HACIENDA LUGANO: Creditors' Proofs of Debt Due Dec. 27
MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due Dec. 28
PUNTO ESPRESSO: Creditors' Proofs of Debt Due Dec. 13
ZOLTEC SRL: Creditors' Proofs of Debt Due Dec. 13


B E R M U D A

GLOBAL CROSSING: Court Says CCT Communications Already Ended
GLOBAL CROSSING: Southeastern Asset Does Not Own Common Shares
* BERMUDA: Restaurants Suffering Large Losses, COC Says


B R A Z I L

FLEURY: Moody's Gives 'Ba1' Ratings to Proposed Sr Debentures


C A Y M A N   I S L A N D S

BREVAN HOWARD: Creditors' Proofs of Debt Due Nov. 23
BREVAN HOWARD: Creditors' Proofs of Debt Due Nov. 23
CASOP BUNKER: Creditors' Proofs of Debt Due Nov. 24
CRESCENT EARLY: Creditors' Proofs of Debt Due Nov. 24
FLORENCE EDUCATION: Creditors' Proofs of Debt Due Nov. 24

GRACES HOLDINGS: Creditors' Proofs of Debt Due Nov. 23
HJT INVESTMENT: Creditors' Proofs of Debt Due Nov. 18
MAPLE EQUIPMENT: Creditors' Proofs of Debt Due Nov. 23
MILLENIA SPRING: Creditors' Proofs of Debt Due Nov. 24
N3 (CAYMAN): Creditors' Proofs of Debt Due Nov. 24

N4 (CAYMAN): Creditors' Proofs of Debt Due Nov. 24
PEQUOT HEALTHCARE: Creditors' Proofs of Debt Due Nov. 23
PIP GP: Creditors' Proofs of Debt Due Nov. 23
REMA II: Creditors' Proofs of Debt Due Nov. 24
REMA CAPITAL: Creditors' Proofs of Debt Due Nov. 24


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: To Use US$25MM Bond Proceeds for Infrastructure


P U E R T O   R I C O

HOTEL AIRPORT: Can Hire Franciso Molina as Accountant
R & J MOTORS: 341(a) Meeting Scheduled Continued After Nov. 27


T R I N I D A D  &  T O B A G O

BAICO: Sell-Off in Eastern Caribbean Still on Course




                            - - - - -


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


CTT SA: Creditors' Proofs of Debt Due Dec. 29
---------------------------------------------
Hector Eduardo Palma, the court-appointed trustee for CTT SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 29, 2011.

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

The Trustee can be reached at:

         Hector Eduardo Palma
         Lavalle 1634
         Argentina


HACIENDA LUGANO: Creditors' Proofs of Debt Due Dec. 27
------------------------------------------------------
Norberto Kuperman, the court-appointed trustee for Hacienda Lugano
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 27, 2011.

Mr. Kuperman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Norberto Kuperman
         Uruguay 1285


MANDATOS Y RECUPEROS: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------------
Cesar Alberto Carlino, the court-appointed trustee for Mandatos y
Recuperos SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 28, 2011.

Mr. Carlino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Cesar Alberto Carlino
         Bolivia 4309


PUNTO ESPRESSO: Creditors' Proofs of Debt Due Dec. 13
-----------------------------------------------------
Ernesto Carlos Borzone, the court-appointed trustee for Punto
Espresso SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 13, 2011.

Mr. Borzone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Ernesto Carlos Borzone
         Cuenca 1464
         Argentina


ZOLTEC SRL: Creditors' Proofs of Debt Due Dec. 13
-------------------------------------------------
Norberto Napoli, the court-appointed trustee for Zoltec SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until Dec. 13, 2011.

Mr. 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. 52, 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 Oct. 1, 2012.

The Trustee can be reached at:

         Norberto Napoli
         Marcelo Torcuato de Alvear
         Argentina


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B E R M U D A
=============


GLOBAL CROSSING: Court Says CCT Communications Already Ended
------------------------------------------------------------
CCT Communications Inc. has moved pursuant to Rule 12(b) and (c)
of the Federal Rules of Civil Procedure to dismiss Counts 1, 2, 4
and 6 in the Second Amended Complaint filed by Global Crossing
Telecommunications, Inc.  Count 1 seeks a declaratory judgment
that Global Crossing terminated the parties' contract prior to the
petition date; Count 2 seeks, in the alternative, a declaratory
judgment that CCT cannot assume the parties' contract and that
Global Crossing is entitled to terminate it; Count 4 asserts a
claim sounding in rescission; and Count 6 seeks to recover under a
theory of unjust enrichment.  With one exception, the Motion is
denied, said Bankruptcy Judge Stuart M. Bernstein in a Nov. 10,
2011 Memorandum Decision and Order available at
http://is.gd/hYPkTKfrom Leagle.com.

The one exception is Count 2.  The judge said the Chapter 11 case
has been dismissed, and CCT cannot assume the contract under 11
U.S.C. Sec. 365.  Furthermore, to the extent Count 2 seeks a
declaration that it is entitled to immediately terminate service
to CCT, Global Service had terminated further service to CCT when
the contract term expired.  Consequently, Count 2 is dismissed as
moot.

GLOBAL CROSSING TELECOMMUNICATIONS, INC., v. CCT COMMUNICATIONS,
INC., Adv. Proc. No. 07-01942 (Bankr. S.D.N.Y.), was commenced on
July 23, 2007, and concerns disputes between the parties arising
under their contract and federal telecommunications law.

Global Crossing is represented by:

          Robert J. Rosenberg, Esq.
          James Brandt, Esq.
          John D. Castiglione, Esq.
          Elizabeth R. Marks, Esq.
          LATHAM & WATKINS LLP
          885 Third Avenue
          New York NY 10022-4834
          Tel: 212-906-1370
          Fax: 212-751-4864
          E-mail: robert.rosenberg@lw.com
                  james.brandt@lw.com
                  john.castiglione@lw.com
                  betsy.marks@lw.com

Attorneys for CCT Communications is:

          James A. Karamanis, Esq.
          BARNEY & KARAMANIS, LLP

                     About CCT Communications

CCT Communications, Inc., was a common carrier engaged in the
business of buying and reselling telecommunications services.  CCT
filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 07-10210) on
Jan. 29, 2007, represented by Arnold Mitchell, Esq., at Greene
Robinson Brog Leinwand Greene Genovese & Gluck, P.C., at that
time.  Sanford P. Rosen, Esq., at Rosen & Associates, P.C., and
Glenn B. Manishin, Esq., at Duane Morris LLP, also represent the
Debtor.  At the time of the filing, the Debtor disclosed
US$774,047 in assets and debts of US$1,028,249.

CCT filed a Plan of Reorganization on the last possible day --
Nov. 26, 2007 -- to do so as a small business debtor.  The Debtor
intended to fund the plan distributions, at least in part, with
the proceeds generated through adversary proceedings against
Global Crossing Telecommunications, Inc., and Zone Telecom, Inc.
The Honorable Stuart M. Bernstein conducted a two-day evidentiary
hearing, and concluded that CCT is judicially estopped from taking
the position that it is not a small business debtor.  Chief Judge
Bernstein ruled that the case will be dismissed, but the Court
will retain jurisdiction over the adversary proceeding between CCT
and Global Crossing as well as any fee applications by Court-
appointed professionals.

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

The Company's balance sheet at June 30, 2011, showed US$2.28
billion in total assets, US$2.83 billion in total liabilities, and
a US$548 million total shareholders' deficit.

                          *     *     *

In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL).  This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.


GLOBAL CROSSING: Southeastern Asset Does Not Own Common Shares
--------------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, Southeastern Asset Management, Inc., and
Mason Hawkins disclosed that they do not own any shares of common
stock of Global Crossing Limited.  As previously reported by the
TCR on July 12, 2011, Southeastern Asset disclosed beneficial
ownership of 7,414,311 shares or 12.1% equity stake.  A full-text
copy of the amended Schedule 13D is available for free at:

                        http://is.gd/L6fJVe

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

The Company's balance sheet at June 30, 2011, showed US$2.28
billion in total assets, US$2.83 billion in total liabilities, and
a US$548 million total shareholders' deficit.

                          *     *     *

In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL).  This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.


* BERMUDA: Restaurants Suffering Large Losses, COC Says
-------------------------------------------------------
The Royal Gazette Online reports that new figures from the
Bermuda's Chamber of Commerce restaurant division showed that the
sector has been hurting in this economy, and as international
businesses downsize.  COC figures showed that in 2010 the
restaurant industry on average managed to achieve a net profit of
1.8% of sales, according to the report

However, Royal Gazette Online relates that COC figures revealed
that in the first six months of the year, based on sales and cost
of sales, restaurants were deep in the red, showing a net loss on
average of 2.5% of sales.

COC Restaurant Division Head Phil Barnett said a number of
restaurateurs are just hanging on, not wanting to close because
they would for sure lose their livelihoods, the report discloses.

" . . . . The recession and decrease in customers due to work
permit losses has had a real knock-on effect in the industry. . .
. It started happening in early 2009 when recession first hit.
And then the type of people who left Bermuda were very much
high-spending people with lot of disposable income . . . . That
loss of disposable income is having an affect across the economy,"
Royal Gazette Online quoted Mr. Barnett as saying.

Mr. Barnett, the report relates, said that the cost of sales on
average is 25 to 30% of revenue, showing how tough the restaurant
business is and how razor-thin the margins are.

"In this industry if you get a three percent profit margin it
means you have done amazingly well," he said.

Royal Gazette Online notes that Mr. Barnett said some restaurants
had bank loans but many are using supplier debt, where they pay
food and drinks wholesalers only 30 days after receipt of goods.
There may as much as hundreds of thousands of dollars in debt owed
by restaurants to suppliers, Mr. Barnett estimated, the report
relates.

Royal Gazette Online adds that Mr. Barnett said he would not be
surprised if a number of restaurants and retail establishments
closed down in the New Year.


===========
B R A Z I L
===========


FLEURY: Moody's Gives 'Ba1' Ratings to Proposed Sr Debentures
-------------------------------------------------------------
Moody's has assigned a Ba1 Corporate Family Rating to Fleury and
Ba1/Aa1.br ratings to its proposed BRL 450 million senior
unsecured debentures.  The outlook is stable.

Ratings assigned are:

- Corporate Family Rating: Ba1 / Stable Outlook

- Proposed BRL 450 million senior unsecured debentures: Ba1 /
  Aa1.br / Stable Outlook

Ratings Rationale

"The assigned ratings are supported by Fleury's strong and well
recognized brand, positive medium-term prospects for the Brazilian
health care industry and by the company's overall good financial
metrics", says Moody's analyst Marianna Waltz.  The ratings also
incorporate the fact that Fleury's 26 acquisitions made between
2002 and 2011 brought diversification in terms of branding,
consumer's profile and geographic footprint.  Proceeds from the
proposed debentures will be used to fund future acquisitions and
Capex.

Fleury has one of the strongest brands in its business segment in
Brazil, with wide recognition by patients and physicians.  Unlike
the US and other markets, the health care provider in Brazil is
usually a choice of the patient and procedures are performed
outside of hospitals and medical consultations.  Therefore,
branding is a key factor for patient's decision.

The Ba1 rating also reflects favorable medium-term prospects for
the Brazilian healthcare industry. Firstly, stability and economic
growth have boosted the average income of Brazilian population and
provide opportunity for a higher overall spending on private
health services.  Secondly, health needs increase as people get
older and estimates are that the Brazilian population with 60
years or more should reach 30% by 2050 from 10% in 2010.  Finally,
as private health insurance plan are one of the main benefits
offered by employers, the creation of formal employment
opportunities should lead to a higher demand for private health
care services.

Moody's also note that the health care sector in Brazil is highly
fragmented and has no dominant player.  Under this scenario,
consolidation is expected and should benefit the larger ones, such
as Fleury, which are more likely to take advantage of M&A
activity.  Although acquisitions can be translated into
integration risks and higher working capital and investment needs,
Moody's does recognize that in the case of Fleury the benefits had
historically outweighed potential negative impacts.  In addition,
the company's growth is mainly organic-driven, since historically
about 2/3 of the group's revenues increase comes from same store
sales operations.

In Moody's view, the acquisition of Labs D'Or for BRL1.2 billion,
being 50% in cash and 50% in shares, was credit positive, since it
will (i) increase the company's presence in the state of Rio de
Janeiro; (ii) bring business opportunities through the alliance
with Rede D'Or and Sao Luiz Hospitals; and (iii) diversify the
company's product portfolio mix, with an increase in imaging
diagnosis and hospital services.

Offsetting some of the positive attributes supporting the Ba1
rating is Fleury's relatively small size compared to global peers,
based on consolidated net revenues.  Moreover, Moody's believes
that cash flow generation is still limited; especially if Moody's
takes into account the investments that will be needed to fund the
company's expansion strategy.

Fleury has overall good credit metrics, with comfortable liquidity
and leverage ratios.  As of June 2011, Cash and Equivalents were
enough to meet 100% of Total Adjusted Debt, while Adjusted Debt to
EBITDA ratio was of 1,6x.  The company has also reported stable
Adjusted EBITDA Margin over time.

The stable outlook reflects Moody's view that Fleury will be able
to maintain its operating margins and consistent organic growth.
Also Moody's expects the company to prudently manage Capex and to
be disciplined with acquisitions, while maintaining comfortable
liquidity and leverage ratios.

Positive pressure on the rating could develop over time if the
company is able to continue generating good and consistent organic
growth, while pursuing its expansion strategy, and profitability
performance proves sustainable.  This will be the case if free
cash flow to net debt consistently exceeds 10% and if (EBITDA-
Capex) / Interest Expense is over four times.  Finally, positive
rating pressure depends on company's keeping leverage as measured
by Debt/EBITDA below 2.5x (all figures considering Moody's
standard adjustments).

The ratings could be lowered if the company fails to deliver
organic growth or to maintain EBITDA margins near its current
level.  The ratings could also come under pressure if leverage
ratio increase to 3.5x or higher Debt/EBITDA in a consistent basis
or if liquidity deteriorates.

Founded in 1926, Fleury is a major provider of high quality
diagnostic medicine (83% of gross revenues) and integrated
medicine (17% of gross revenues) in Brazil.  The Group has a
diversified portfolio of brands that envisage different social
classes in 7 Brazilian states.  The strongest brand of the Group
is Fleury, which accounts for roughly 50% of consolidated gross
revenues.  Fleury Group posted revenues of BRL995 million
(approximately US$552 million) on LTM basis, as of June 2011.


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C A Y M A N   I S L A N D S
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BREVAN HOWARD: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of Brevan Howard Equity Strategies Fund Limited are
required to file their proofs of debt by Nov. 23, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Linda Mellett
         Telephone: + 1 345-914-4494/ +1 345-949-4800
         Facsimile: 345-949-7164/ +1 345-949-7164


BREVAN HOWARD: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of Brevan Howard Strategic Opportunities Feeder Fund
Limited are required to file their proofs of debt by Nov. 23,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Linda Mellett
         Telephone: + 1 345-914-4494/ +1 345-949-4800
         Facsimile: 345-949-7164/ +1 345-949-7164


CASOP BUNKER: Creditors' Proofs of Debt Due Nov. 24
---------------------------------------------------
The creditors of Casop Bunker Ltd. are required to file their
proofs of debt by Nov. 24, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CRESCENT EARLY: Creditors' Proofs of Debt Due Nov. 24
-----------------------------------------------------
The creditors of Crescent Early Education Investments, Ltd. are
required to file their proofs of debt by Nov. 24, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2011.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


FLORENCE EDUCATION: Creditors' Proofs of Debt Due Nov. 24
---------------------------------------------------------
The creditors of Florence Education Ltd. are required to file
their proofs of debt by Nov. 24, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


GRACES HOLDINGS: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------------
The creditors of Graces Holdings Limited are required to file
their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 11, 2011.

The company's liquidator is:

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


HJT INVESTMENT: Creditors' Proofs of Debt Due Nov. 18
-----------------------------------------------------
The creditors of HJT Investment Management Ltd. are required to
file their proofs of debt by Nov. 18, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2011.

The company's liquidators are:

         Tee Choon Kiong
         Foo Bin Gee
         Telephone: 65 6238 2266
         Facsimile: 65 6238 1290
         Affinity Equity Partners (S) Pte Ltd.
         9 Temasek Boulevard
         Suntec Tower Two #27-03
         Singapore 038989
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MAPLE EQUIPMENT: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------------
The creditors of Maple Equipment Leasing Limited are required to
file their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2011.

The company's liquidator is:

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


MILLENIA SPRING: Creditors' Proofs of Debt Due Nov. 24
------------------------------------------------------
The creditors of Millenia Spring Ltd. are required to file their
proofs of debt by Nov. 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2011.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


N3 (CAYMAN): Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------
The creditors of N3 (Cayman) Ltd. are required to file their
proofs of debt by Nov. 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2011.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


N4 (CAYMAN): Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------
The creditors of N4 (Cayman) Limited are required to file their
proofs of debt by Nov. 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2011.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


PEQUOT HEALTHCARE: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
The creditors of Pequot Healthcare Emerging Markets Master Fund,
Ltd. are required to file their proofs of debt by Nov. 23, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2011.

The company's liquidator is:

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


PIP GP: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------
The creditors of PIP, GP (Cayman) Ltd. are required to file their
proofs of debt by Nov. 23, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 12, 2011.

The company's liquidator is:

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


REMA II: Creditors' Proofs of Debt Due Nov. 24
----------------------------------------------
The creditors of Rema II Ltd. are required to file their proofs of
debt by Nov. 24, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


REMA CAPITAL: Creditors' Proofs of Debt Due Nov. 24
---------------------------------------------------
The creditors of Rema Capital Holdings are required to file their
proofs of debt by Nov. 24, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REP: To Use US$25MM Bond Proceeds for Infrastructure
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic government
placed a US$250.0 million bond in the international market by
reopening a previous issue that matured in 2021, with a 6.875%
yield, the country's lowest rate ever.

More than 120 investors around the world participated in this
transaction, as the high demand prompted an advance of the launch,
according to Dominican Today.

Treasury Minister Daniel Toribio said the funds from the bond's
yield will be used in 2012 for infrastructure projects and for
economic support to other sectors of the economy, the report
relates.


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P U E R T O   R I C O
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HOTEL AIRPORT: Can Hire Franciso Molina as Accountant
-----------------------------------------------------
The Honorable Enrique S. Lamoutte Inclan approved the application
of Hotel Airport Inc. to employ Francisco J. Garrido Molina as its
accountant.

Mr. Molina will provide accounting services, including, but not
limited to, preparing tax returns, financial projections,
auditing, and other tasks.  He will charge a flat rate of US$2,050
(US$1,400 + US$650) per month, with a US$50 monthly increment for
every five additional employees that the debtor adds to its
payroll.  Mr. Molina will bill US$125 per hour for additional
services.

                        About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of the
Chapter 11 filing.  The petition was signed by David Tirri, its
president.


R & J MOTORS: 341(a) Meeting Scheduled Continued After Nov. 27
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico granted
R & J Motors, Corp.'s request for the continuance of the 314
Meeting of Creditors scheduled for Nov. 21, 2011.

The U.S. Trustee for Region 21 will continue a meeting of
creditors after Nov. 27, 2011.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                     About R & J Motors, Corp.

San Juan, Puerto Rico-based R & J Motors, Corp.'s main business is
a car dealership with several locations across the island.  The
Company operates the dealerships under the business name of Autos
del Caribe.  The Company has dealerships in Rio Piedras, Ave.,
Kennedy, Canovanas and Fajardo.

Angel R. Marzan Santiago, Impact Extermination, Inc., and Walter
Martinez filed an involuntary Chapter 11 protection for R & J
Motors, Corp. (Bankr. D. P.R. Case No. Case Number 11-07952) on
Sept. 18, 2011.  The petitioners are represented by Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices (E-mail: alex@fuentes-
law.com).


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


BAICO: Sell-Off in Eastern Caribbean Still on Course
----------------------------------------------------
Caribbean360.com reports that the Monetary Council of the Eastern
Caribbean Currency Union has revealed that a number of high
quality bidders have come forward to purchase the traditional
business of the British American Insurance Company (BAICO) and the
Council expects to complete transactions within the first half of
next year.

In a recent statement, the Council acknowledged that while in
February it had indicated that the complex transaction would take
six to nine months to complete, the need to obtain regulatory
approvals for the sale of the business across nine territories
(the Eastern Caribbean and The Bahamas) was a process unlikely to
be completed by the end of this year and therefore the final phase
of the process of selling BAICO's traditional business was
expected to be completed in the first half of 2012, according to
Caribbean360.com.

The report notes that the council disclosed that it was seeking
legal advice on the best way to effectively transfer the
traditional business across nine separate countries, among other
issues.  The council, the report relates, said that the Eastern
Caribbean governments and the judicial management team handling
BAICO had worked together to identify some of the key technical
and practical challenges involved in effecting this transfer.

Caribbean360.com, citing the official statement, discloses that
actuaries have been engaged to undertake more detailed analysis of
the portfolio and the financial contribution needed to
recapitalize BAICO's traditional business.  For a start, the
judicial managers of BAICO have begun legal proceedings against CL
Financial in Trinidad and Tobago as they seek to recover US$49.5
million owed by CL Financial to BAICO as part of their work in
rationalizing BAICO's liabilities, the report says.

Meanwhile, Caribbean360.com discloses, that Trinidad and Tobago
government is also expected to play a key role in providing
assistance to BAICO policyholders (including important
institutions within the ECCU, such as banks and credit unions) who
have non-traditional policies, such as Executive Flexible Premium
Annuities.

In Barbados, where the sale of BAICO's assets is being undertaken
as a separate transaction, the judicial manager has indicated that
the company's insurance portfolio could soon be transferred in a
two-phase transaction to a reputable and highly regarded company,
Caribbean360.com notes

David Holukoff of KPMG has stated that this multi-tiered
transaction would see the health and property books would be
transferred ahead of the life and annuity business,
Caribbean360.com adds.

                           About BAICO

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

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


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, 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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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contact Christopher Beard at 240/629-3300.


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