TCRLA_Public/111207.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, December 7, 2011, Vol. 12, No. 242

                            Headlines



A R G E N T I N A

AGROPROVEEDORES SA: Creditors' Proofs of Debt Due Feb. 3
CLINICA MODELO: Creditors' Proofs of Debt Due March 8
INDUMENTARIA TEXTIL: Creditors' Proofs of Debt Due Feb. 15
LA FLOTA: Creditors' Proofs of Debt Due Feb. 24
METROGAS SA: Posts ARS12.5MM Net Loss in 9 Months Ended Sept. 30

NLC SA: Creditors' Proofs of Debt Due Feb. 9
SUPERVIELLE CREDITOS: Moody's Gives 'B2' Rating to Class C Notes


B E R M U D A

* BERMUDA: IT Sector Contracts in 2010, Government Report Says


C A Y M A N   I S L A N D S

BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 20
BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 20
BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 13
CEDARVIEW LEVERAGED: Shareholder to Hear Wind-Up Report on Dec. 8
CREDIT OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 13

DESTINY MARITIME: Member to Hear Wind-Up Report on Dec. 13
EOP - JP LTD: Shareholders' Final Meeting Set for Dec. 13
FIVE STARS: Sole Member Receives Wind-Up Report
HESS EXPLORATION: Members' Final Meeting Set for Dec. 7
PCE MASTER: Shareholder to Hear Wind-Up Report on Dec. 7

PCE SPECIAL: Shareholder to Hear Wind-Up Report on Dec. 7
PETROQUIMICA COMODORO: Member to Hear Wind-Up Report on Dec. 7
PETROQUIMICA COMODORO: Member to Hear Wind-Up Report on Dec. 7
POLLUX GLOBAL: Shareholder to Hear Wind-Up Report on Dec. 9
SEMPERMACRO MASTER: Shareholders' Final Meeting Set for Dec. 7

TIEDEMANN/FALCONER: Shareholder Receives Wind-Up Report
TTL EQUIPMENT: Shareholders' Final Meeting Set for Dec. 7
TTL HOLDINGS: Shareholder to Receive Wind-Up Report on Dec. 7
VOC CAPITAL: Shareholders' Final Meeting Set for Dec. 13
VOC CAPITAL: Shareholders' Final Meeting Set for Dec. 13


J A M A I C A

AIR JAMAICA: BITU to Represent CAL Workers in Jamaica
* JAMAICA: FSC Threatens Action Against 27 Firms


M E X I C O

CEMEX SAB: Investors Optimistic Firm Can Meet Debt Covenants
CEMEX SAB: Venezuela to Pay US$600MM for Unit Nationalization
DULCES ARBOR: U.S. Trustee Wants Case Dismissal or Conversion


P U E R T O   R I C O

EMPRESAS BASTARD: Decides to Resume Chapter 11 Case
EMPRESAS BASTARD: Files Schedules of Assets and Liabilities
EMPRESAS BASTARD: Robert Millan Withdraws as Bankruptcy Counsel
EMPRESS BASTARD: Meeting of Creditors Continued Sine Die
G&G MANAGEMENT: Voluntary Chapter 11 Case Summary

HOSPITAL DAMAS: Special Counsel Changes Name to Jorge P. Sala Law


                            - - - - -


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


AGROPROVEEDORES SA: Creditors' Proofs of Debt Due Feb. 3
--------------------------------------------------------
Ester Ferraro, the court-appointed trustee for Agroproveedores
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Feb. 3, 2012.

The Trustee 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 18, 2012.

The Trustee can be reached at:

         Ester Ferraro
         Esmeralda 960
         Argentina


CLINICA MODELO: Creditors' Proofs of Debt Due March 8
-----------------------------------------------------
Nestor Rodolfo Del Potro, the court-appointed trustee for Clinica
Modelo de Psiquiatria SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until March 8, 2012.

The Trustee 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:

         Nestor Rodolfo Del Potro
         Parana 552
         Argentina


INDUMENTARIA TEXTIL: Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------------
Hector Jorge Vegetti, the court-appointed trustee for Indumentaria
Textil SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 15, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Jorge Vegetti
         Montevideo 711
         Argentina


LA FLOTA: Creditors' Proofs of Debt Due Feb. 24
-----------------------------------------------
Griselda Isabel Eldelstein, the court-appointed trustee for La
Flota SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 24, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Griselda Isabel Eldelstein
         Lambare 1140
         Argentina


METROGAS SA: Posts ARS12.5MM Net Loss in 9 Months Ended Sept. 30
----------------------------------------------------------------
MetroGAS S.A. filed its unaudited consolidated interim financial
statements as of Sept. 30, 2011, reporting a net loss of
ARS12.5 million on ARS903.7 million of sales for the nine months
ended Sept. 30, 2011, compared with a net loss of ARS43.3 million
on ARS870.1 million of sales for the same period of 2010.

The Company's balance sheet at Sept. 30, 2011, showed total assets
of ARS2.592 billion, total liabilities of ARS1.778 billion,
minority interest of ARS599,000, and shareholders' equity of
ARS813.4 million.

        Reorganization Proposal to All Unsecured Creditors

On July 12, 2011, the Company presented before the Court a
Reorganization Proposal to all unsecured creditors with proved and
admissible claims.  The offer consists of the payment of the
unsecured claims, either proved or admissible, by means of the
delivery, in exchange for and payment of such credits, of
negotiable obligations payable in 14 years, in American Dollars,
for forty five per cent (45%), measured in American Dollars, of
the unsecured claims verified or declared admissible (the
"Negotiable Obligations").

The Negotiable Obligations will be amortized 1% per year from year
3 to, and including, year 13, and the remaining balance (89%) will
be amortized at the maturity of the Negotiable Obligations, in the
year 14.  The Negotiable Obligations will accrue interest at an
annual fixed rate of 4% and will be issued in two series under
substantially the same terms and conditions.  Both will be offered
in public bids.  One of the series will be offered in exchange to
those creditors with unsecured claims who hold existing negotiable
obligations with public offer, and the other series will be
offered to the other unsecured creditors who are not bondholders.

On Oct. 3, 2011, commercial creditor consents to MetroGAS' offer
were presented before the reorganization procedure court, in such
a number that represents the absolute majority of the verified
creditors.

                       Going Concern Doubt

As reported in the TCR on May 3, 2011, Price Waterhouse & Co.
S.R.L., in Buenos Aires, Argentina, expressed substantial doubt
about MetroGas S.A.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted of uncertainties related to the suspension of the original
regime for tariff adjustments and the Company's petition for
voluntary reorganization in an Argentine Court on June 17, 2010.

A copy of the Company's unaudited consolidated interim financial
statements for the nine months ended Sept. 30, 2011, is available
for free at http://is.gd/G428j3

                          About MetroGas

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.

Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the area
of the Federal Capital and southern and eastern Greater Buenos
Aires, by operating the assets allocated to the Company by GdE for
a 35 year period from the Takeover Date (Dec. 28, 1992).  This
period can be extended for an additional 10 year period under
certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A., who holds
70% of the Common Stock of the Company.  The 20%, which was
originally owned by the National Government, was offered in public
offering and the remaining 10% is under the Employee Stock
Ownership Plan ("Programa de Propiedad Participada" or "PPP").

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.


NLC SA: Creditors' Proofs of Debt Due Feb. 9
--------------------------------------------
Estudio Olivetto, the court-appointed trustee for NLC SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Feb. 9, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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. 24, 2012.

The Trustee can be reached at:

         Estudio Olivetto, Paparatto y Asociados
         Blanco Encalada 3202
         Argentina


SUPERVIELLE CREDITOS: Moody's Gives 'B2' Rating to Class C Notes
----------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero Supervielle Creditos
55.  This transaction will be issued by Equity Trust (Argentina)
S.A., acting solely in its capacity as Issuer and Trustee.

Moody's notes that the securities contemplated by this transaction
have not yet settled.  If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.

  - ARS30,000,000 in Class A Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 55", rated Aaa.ar
    (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
    Local Currency)

  - ARS55,200,000 in Class B Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 55", rated Aaa.ar
    (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
    Local Currency)

  - ARS30,000,000 in Class C Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 55", rated B2.ar
    (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale,
    Local Currency)

  - ARS 4,800,000 in Certificates of "Fideicomiso Financiero
    Supervielle Creditos 55", rated C.ar (sf) (Argentine National
    Scale) and C (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,593 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 120,002,724.03.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 75% for
the Class A Floating Rate Debt Securities, 29% for the Floating
Rate Securities and 4% for the Class C Floating Rate Securities.
In addition, the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Floating
Rate Debt Securities and Floating Rate Debt Securities, 21.69%
expected loss for Class C Floating Rate Debt Securities and 99.98%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A, Class B and CP would be unchanged.  The ratings for
Class C Floating Rate debt securities and Certificates would be
likely downgraded to Caa3 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust (Argentina) S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


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


* BERMUDA: IT Sector Contracts in 2010, Government Report Says
--------------------------------------------------------------
The Royal Gazette reports that 90% of all businesses in Bermuda
use computers, but the industry that services them have seen a
general contraction in employment, trade, investment and
contribution to Bermuda's GDP in 2010.

The government released the 2010 Information and Communication
Technology report disclosed the economic contribution of the
Island's ICT industry, which is comprised of 162 local businesses,
according to The Royal Gazette.

The Royal Gazette notes that the government's report showed that
growth in this sector declined 5.5% from 2009, generating $254
million for the Island's GDP in 2010, representing just 4.4% of
the economy, ranking just above other goods-producing industries
like agriculture, manufacturing, and electricity production.  In
2008, the industry contributed a high of $289 million, however,
has seen a decline since then, The Royal Gazette relates.

The Royal Gazette discloses that employment in this sector also
fell by 5.9% in 2010 to just 1,384 jobs, however, the number of IT
professionals increased by 127 workers.  The sector has seen a
steady decline of jobs since 2007 when the industry saw a high of
1,591 positions, The Royal Gazette notes.  The government's report
disclosed that corporate downsizing and cost cutting measures were
significant factors in the decline from 2007 to 2010, The Royal
Gazette says.

In 2010, The Royal Gazette adds that expenditure on ICT capital
goods fell $27 million to $114 million from 2009 primarily due to
the completion of large scale modernization projects with the
telecommunications industry.


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


BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------------------
The shareholders of Bear Stearns Asset Backed Securities Overseas
II, Ltd. will hold their final meeting on Dec. 20, 2011, at
8:45 a.m., 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------------------
The shareholders of Bear Stearns Asset Backed Securities Overseas,
Ltd., will hold their final meeting on Dec. 20, 2011, at 8:30
a.m., 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BEAR STEARNS ASSET: Shareholders' Final Meeting Set for Dec. 13
---------------------------------------------------------------
The shareholders of Bear Stearns Asset Backed Securities Master
Fund Limited will hold their final meeting on Dec. 13, 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:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CEDARVIEW LEVERAGED: Shareholder to Hear Wind-Up Report on Dec. 8
-----------------------------------------------------------------
The shareholder of Cedarview Leveraged Opportunities I, Ltd. will
receive on Dec. 8, 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
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


CREDIT OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 13
-----------------------------------------------------------------
The shareholders of Credit Opportunities Associates Financing,
Ltd. will hold their final meeting on Dec. 13, 2011, at
10:10 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


DESTINY MARITIME: Member to Hear Wind-Up Report on Dec. 13
----------------------------------------------------------
The member of Destiny Maritime Inc. will receive on Dec. 13, 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:

         Alexis Abed
         Paradise Beach Ltd.
         Walmer Lodge
         Black Rock St. Michael
         Barbados
         Telephone: 246 826 9008
         Facsimile: 246 628 8850


EOP - JP LTD: Shareholders' Final Meeting Set for Dec. 13
---------------------------------------------------------
The shareholders of EOP - JP, Ltd. will hold their final meeting
on Dec. 13, 2011, at 10:20 a.m., 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FIVE STARS: Sole Member Receives Wind-Up Report
-----------------------------------------------
The sole member of Five Stars Fortune Ltd. received on Nov. 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1110
         British Virgin Islands


HESS EXPLORATION: Members' Final Meeting Set for Dec. 7
-------------------------------------------------------
The members of Hess Exploration (Noblige) Limited will hold their
final meeting on Dec. 7, 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:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


PCE MASTER: Shareholder to Hear Wind-Up Report on Dec. 7
--------------------------------------------------------
The shareholder of PCE Master Fund SPC Ltd. will receive on
Dec. 7, 2011, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


PCE SPECIAL: Shareholder to Hear Wind-Up Report on Dec. 7
---------------------------------------------------------
The shareholder of PCE Special Situations Fund Limited will
receive on Dec. 7, 2011, at 4:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


PETROQUIMICA COMODORO: Member to Hear Wind-Up Report on Dec. 7
--------------------------------------------------------------
The member of Petroquimica Comodoro Rivadavia Cayman will receive
on Dec. 7, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Martin Fernando Brandi
         Wilmington Trust Corporate Services (Cayman) Limited
         Carl Gosselin, Agent
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 814-6712


PETROQUIMICA COMODORO: Member to Hear Wind-Up Report on Dec. 7
--------------------------------------------------------------
The member of Petroquimica Comodoro Rivadavia Ecuatoriana LDC will
receive on Dec. 7, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Martin Fernando Brandi
         Wilmington Trust Corporate Services (Cayman) Limited
         Carl Gosselin, Agent
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 814-6712


POLLUX GLOBAL: Shareholder to Hear Wind-Up Report on Dec. 9
-----------------------------------------------------------
The shareholder of Pollux Global Credit Fund will receive on
Dec. 9, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


SEMPERMACRO MASTER: Shareholders' Final Meeting Set for Dec. 7
--------------------------------------------------------------
The shareholders of The Sempermacro Master Fund Limited will hold
their final meeting on Dec. 7, 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:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue
         George Town KY1-1109
         Telephone: +1(345) 814 3471
         e-mail: bwkirby@deloitte.com


TIEDEMANN/FALCONER: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Tiedemann/Falconer Partners Ltd. received on
Dec. 6, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Kim Smith
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


TTL EQUIPMENT: Shareholders' Final Meeting Set for Dec. 7
---------------------------------------------------------
The shareholders of TTL Equipment Management Holdings GP Ltd. will
hold their final meeting on Dec. 7, 2011, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands


TTL HOLDINGS: Shareholder to Receive Wind-Up Report on Dec. 7
-------------------------------------------------------------
The sole shareholder of TTL Holdings GP Ltd. will receive on
Dec. 7, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Barry MacManus
         Telephone: (345) 814 8997
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands


VOC CAPITAL: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------
The shareholders of VOC Capital Commodity Alpha Fund Limited will
hold their final meeting on Dec. 13, 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:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


VOC CAPITAL: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------
The shareholders of VOC Capital Commodity Alpha Master Fund
Limited will hold their final meeting on Dec. 13, 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:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


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J A M A I C A
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AIR JAMAICA: BITU to Represent CAL Workers in Jamaica
-----------------------------------------------------
RJR News reports that the Bustamante Industrial Trade Union has
won bargaining rights for more than 100 flight attendants and
pursers employed by Caribbean Airlines Limited in Jamaica.

The union won a representational rights poll conducted by the
Ministry of Labor, according to RJR News.

RJR News notes that the BITU represented Air Jamaica's flight crew
prior to its merger with CAL in May last year.  Under the
agreement, Jamaica still owns 16% of the Trinidad-based airline,
the report relays.

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.


* JAMAICA: FSC Threatens Action Against 27 Firms
------------------------------------------------
RJR News reports that the Financial Services Commission (FSC) has
indicated that it could soon be taking action, under Section 26 of
the Securities Act, against 27 firms which are operating in
contravention of the Securities Act.

Section 26 requires issuers of securities to be registered with
the Commission, according to RJR News.

The report notes that failure to register could see the entities
being hauled before the court, and jailed for up to 2 years.  RJR
News relays that they could also be fined US$2 million.

FSC has threated these entities:

-- A 3 Union,
-- F1 Investments,
-- Image Consultants,
-- May Daisy E Partner, and
-- Money Express.

                          *     *     *

As of Nov. 16, 2011, the country continues to carry Standard and
Poor's "C" short-term debt ratings and "B-" long-term debt
ratings.


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


CEMEX SAB: Investors Optimistic Firm Can Meet Debt Covenants
------------------------------------------------------------
Jonathan J. Levin at Bloomberg News reports that speculations have
emerged that CEMEX, S.A.B. de C.V. will be able to meet the terms
of a US$15 billion loan.

Concern has eased that Europe's debt crisis will deepen the
slowdown in global economic growth; buoying Cemex SAB after it
posted its worst week since September, according to Bloomberg.

Carlos Hermosillo, an analyst with Grupo Financiero Banorte-Ixe,
told the news agency in an interview that investors are optimistic
that a plan the company unveiled Oct. 26 to sell assets in the
fourth quarter will help it meet year-end debt covenants.

Bloomberg notes that Cemex SAB hasn't had a profit in eight
straight quarters. It posted a third-quarter net loss of
US$822 million, up from US$89 million a year earlier.

Maher Al-Haffar, chief communications and investment relations
officer, told Bloomberg in an interview that the company will cut
costs and increase efficiency, leading to a profit in its U.S.
operations in 2012.  The company's U.S. operations posted negative
earnings before interest, taxes, depreciation and amortization, a
measure of cash flow known as EBITDA, in 2010 and the first three
quarters of 2011, the report notes.

                       About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on July 12, 2011,
Fitch rates the reopening of the 2018 bond program of Cemex,
S.A.B. de C.V.'s (CEMEX) issuance of up to US$650 million
'B+/RR3'.  Proceeds from the notes are expected to be used for
general corporate purposes, including the repayment of debt.


CEMEX SAB: Venezuela to Pay US$600MM for Unit Nationalization
-------------------------------------------------------------
CEMEX S.A.B. de C.V. has reached an agreement, through its Dutch
subsidiaries, with the Government of the Bolivarian Republic of
Venezuela and its public entity Corporacion Socialista del
Cemento, S.A. contemplating the payment to CEMEX of US$600 million
as compensation for the nationalization of CEMEX Venezuela,
S.A.C.A.  Additionally, the agreement contemplates the
cancellation of US$154 million of accounts payable by CEMEX
subsidiaries to CEMEX Venezuela.

Compensation will be paid US$240 million in cash and US$360
million in various negotiable securities issued by Petroleos de
Venezuela, S.A.

The Government of the Bolivarian Republic of Venezuela,
Corporacion Socialista del Cemento, S.A., and CEMEX are pleased
with the resolution of this dispute and look forward to further
the relationship between Venezuela and Mexico.

CEMEX is grateful for the support received from the Presidents and
Chancellors of Mexico and Venezuela in this matter.

                           About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on July 12, 2011,
Fitch rates the reopening of the 2018 bond program of Cemex,
S.A.B. de C.V.'s (CEMEX) issuance of up to US$650 million
'B+/RR3'.  Proceeds from the notes are expected to be used for
general corporate purposes, including the repayment of debt.


DULCES ARBOR: U.S. Trustee Wants Case Dismissal or Conversion
-------------------------------------------------------------
Judy A. Robbins, U.S. Trustee for Region 7, asks the U.S.
Bankruptcy Court for the Western District of Texas to dismiss or
convert the Chapter 11 case of Dulces Arbor, S. De R.L. De C.V.,
to one under Chapter 7 of the Bankruptcy Code.

According to the U.S. Trustee, the Court granted Maple Commercial
Financial Corporation relief from the automatic stay.  Thus, the
Bankruptcy Court no longer offers the debtor any protection from
foreclosure by Maple.  Any actions to stop the foreclosure of the
Debtor's real property will have to take place outside of the
Bankruptcy Court.

The Debtor disclosed US$7,067,796 in general unsecured debt upon
filing the case.  Of that amount, US$3,500,000 was listed as a
disputed debt to Maple.  An additional US$3,338,850 was scheduled
as owed to members of the Ducorsky family or entities that they
own.  The remaining US$228,946 was scheduled to non-insider
individuals or entities.  Thus, non-insider creditors equal less
than 10 percent of the general unsecured debt, even if Maple's
debt is excluded.

The U.S. Trustee adds that the Debtor filed operating reports for
June 22, 2011, through August 2011.  Those operating reports
revealed no income for the Debtor.  The only cash receipts the
Debtor recorded were from loans.  The Debtor has not filed any
operating reports for September or October 2011.

The U.S. Trustee is represented by:

         Kevin M. Epstein, Esq.
         615 E. Houston St., Room 533
         P.O. Box 1539
         San Antonio, TX 78295-1539
         Tel: (210) 472-4640
         Fax: (210) 472-4649
         E-mail: kevin.m.epstein@usdoj.gov

                         About Dulces Arbor

Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
is a Mexican corporation that has been doing business for years in
the greater El Paso-Ciudad Juarez area in Texas.  It filed for
Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 11-31199) on
June 22, 2011.  Judge Leif M. Clark presides over the case.

In its petition, the Debtor estimated assets of US$10 million to
US$50 million, and debts of US$1 million to US$10 million.  The
petition was signed by Raymond Ducorsky, sole administrator. Mr.
Ducorsky is also its largest unsecured creditor with a
US$2,300,000 claim.

The U.S. Trustee said that a committee has not been appointed
because an insufficient number of persons holding unsecured claims
against Dulces Arbor, S. de R.L. de C.V, have expressed interest
in serving on a committee.  The U.S. Trustee reserves the right to
appoint a committee should interest develop among the creditors.


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


EMPRESAS BASTARD: Decides to Resume Chapter 11 Case
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Empresas Bastard Incorporado to withdraw its motion to
voluntarily dismiss the Chapter 11 case.

On Oct. 31, the Debtor moved for the voluntary dismissal of the
case.  On Nov. 13, Scotiabank Puerto Rico requested for the
withdrawal of the motion to voluntarily dismiss the case.

The Debtor explained that resuming the proceedings under
Chapter 11 will be in the best interests of creditors after
considering additional circumstances not contemplated at the
moment of moving for voluntary dismissal.

The Court, in a Nov. 15 order, also directed the Debtor to file an
objection and a request for a hearing.  If the Debtor fails to
timely answer, an order may be entered dismissing or converting
the case without further notice or hearing.  If a timely
opposition is filed, a hearing will be held on Dec. 13, 2011, at
10:00 a.m.

In a separate filing, the Debtor responded to BPPR's motion for
dismissal filed on Nov. 11.  The Debtor asserted that BPPR's
argument is not accurate and requested a hearing regarding the
issue.

                About Empresas Bastard Incorporado

Empresas Bastard Incorporado, based in San Juan, Puerto Rico,
filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-08736)
on Oct. 8, 2011.  Robert Millan, Esq. -- rmi3183180@aol.com -- at
Millan Law Offices, represents the Debtor.  In its petition, the
Debtor estimated $10 million to $50 million in assets and debts.
The petition was signed by Antonio Bastard Rodriguez, president.

The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in
liabilities as of the Chapter 11 filing.


EMPRESAS BASTARD: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Empresas Bastard Incorporado filed with the U.S. Bankruptcy Court
for the District of Puerto Rico its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property             US$42,700,000
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $18,935,331
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $2,162,000
                                 -----------      -----------
        TOTAL                    $42,700,000      $21,067,331

Empresas Bastard Incorporado, based in San Juan, Puerto Rico,
filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-08736)
on Oct. 8, 2011.  Robert Millan, Esq. -- rmi3183180@aol.com -- at
Millan Law Offices, represents the Debtor.  In its petition, the
Debtor estimated $10 million to $50 million in assets and debts.
The petition was signed by Antonio Bastard Rodriguez, president.

The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in
liabilities as of the Chapter 11 filing.


EMPRESAS BASTARD: Robert Millan Withdraws as Bankruptcy Counsel
---------------------------------------------------------------
Robert Millan, Esq., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to withdraw as counsel for
Empresas Bastard Incorporado.

Mr. Millan relates that on Nov. 11, 2011, the Debtor informed that
a new counsel was being sought.  The corporate resolution
specifically stated that counsel would give way to new
representation.

Mr. Millan explains that he cannot continue representing the
Debtor after the directives of the Debtor, in addition to other
conflicts, arose.

Mr. Millan also requests that the Court provide the Debtor with an
extension of time so that the counsel will have sufficient time to
adequately prepare for the requested hearing.

                About Empresas Bastard Incorporado

Empresas Bastard Incorporado, based in San Juan, Puerto Rico,
filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-08736)
on Oct. 8, 2011.  Robert Millan, Esq. -- rmi3183180@aol.com -- at
Millan Law Offices, represents the Debtor.  In its petition, the
Debtor estimated $10 million to $50 million in assets and debts.
The petition was signed by Antonio Bastard Rodriguez, president.

The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in
liabilities as of the Chapter 11 filing.


EMPRESS BASTARD: Meeting of Creditors Continued Sine Die
--------------------------------------------------------
The U.S. Trustee for Region 21 has continued sine die the meeting
of creditors in the Chapter 11 case of Empress Bastard, Inc.  The
meeting will be held at the 341 Meeting Room, Ochoa Building, 500
Tanca Street, First Floor, in San Juan.

According to Court Clerk's report, the meeting scheduled for
Nov. 18, 2011, was not held because the Debtor failed to submit
documents -- schedules and schedules of assets and liabilities --
requested by he Trustee for the initial Debtor's interview.  The
Debtor also requested for the voluntary dismissal of its Chapter
11 case.

               About Empresas Bastard Incorporado

Empresas Bastard Incorporado, based in San Juan, Puerto Rico,
filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-08736)
on Oct. 8, 2011.  Robert Millan, Esq. -- rmi3183180@aol.com -- at
Millan Law Offices, represents the Debtor.  In its petition, the
Debtor estimated $10 million to $50 million in assets and debts.
The petition was signed by Antonio Bastard Rodriguez, president.

The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in
liabilities as of the Chapter 11 filing.


G&G MANAGEMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: G&G Management Inc.
        1255 Paseo Las Monjitas, Suite 163
        Ponce, PR 00730

Bankruptcy Case No.: 11-10170

Chapter 11 Petition Date: November 29, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Edward A. Godoy

Debtor's Counsel: Wanda I. Luna Martinez, Esq.
                  LUNA LAW OFFICES
                  PMB 389
                  P.O. Box 194000
                  San Juan, PR 00919-4000
                  Tel: (787) 998-2356
                  Fax: (787) 200-8837
                  E-mail: quiebra@gmail.com

Scheduled Assets: US$5,118,015

Scheduled Debts: US$4,833,900

The Company's list of its largest unsecured creditors filed with
the petition does not contain any entry.

The petition was signed by Rodney Gonzalez Guzman.


HOSPITAL DAMAS: Special Counsel Changes Name to Jorge P. Sala Law
-----------------------------------------------------------------
Hospital Damas, Inc., informed the U.S. Bankruptcy Court for the
District of Puerto Rico of the change of name of its special
counsel Sala, Hernandez & Garcia, C.S.P.

On Dec. 10, 2010, the Court approved the employment of Sala,
Hernandez as counsel for labor law matters.

The Debtor relates that the composition of Hernandez, C.S.P. was
changed on July 15, 2011, and the firm was renamed Jorge P. Sala
Law Offices.

                        About Hospital Damas

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.  J.H. Cohn LLP as its financial
advisors.

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.


                            ***********


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.


                   * * * End of Transmission * * *