TCRLA_Public/111212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Monday, December 12, 2011, Vol. 12, No. 245

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Liquidators Target US$240 Million in Case
* ANTIGUA: H.M.B. Holdings Win Battle Over Half Moon Bay Property


A R G E N T I N A

GPAT COMPANIA: Moody's Puts 'Ba2' LT Local Currency Debt Rating
HILLVIEW ENTERPRISES: S&P Withdraws 'B' Ratings at Co.'s Request
PETROBRAS ARGENTINA: S&P Affirms 'BB-' Corporate Credit Rating
SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable


B A R B A D O S

CL FIN'L: IMF Advises Government to Stay Out of CLICO Solution


B E R M U D A

CENTURY TRUSTEES: Creditors' Proofs of Debt Due Dec. 14
CENTURY TRUSTEES: Members' Final Meeting Set for Jan. 5
CONCORD RE LIMITED: Members' Final Meeting Set for Jan. 12
INTERNATIONAL MEDIA: Creditors' Proofs of Debt Due Dec. 14
INTERNATIONAL MEDIA: Members' Final Meeting Set for Dec. 31

JUPITER MERLIN: Members' Final Meeting Set for Dec. 30
LEVERAGED MAN: Creditors' Proofs of Debt Due Dec. 14
LEVERAGED MAN: Member to Receive Wind-Up Report on Jan. 4
MARTIN CURRIE: Members' Final Meeting Set for Dec. 30
MARTIN CURRIE: Members' Final Meeting Set for Dec. 30

TD TRUST: Creditors' Proofs of Debt Due Dec. 14
TD TRUST: Members' Final Meeting Set for Jan. 4
TOURAC FUND: Creditors' Proofs of Debt Due Dec. 14
TOURAC FUND: Member to Receive Wind-Up Report on Jan. 4


B R A Z I L

MARFRIG ALIMENTOS: To Swap Assets With Brasil Foods in Brazil


C A Y M A N   I S L A N D S

ANTHRACITE MASTER: Members Receive Wind-Up Report
CGS CAYMAN: Shareholder to Receive Wind-Up Report on Dec. 13
DECISION INTERNATIONAL: Member to Hear Wind-Up Report on Dec. 12
HAVELL CAPITAL: Shareholder Receives Wind-Up Report
MACQUARIE CAPITAL: Shareholders' Final Meeting Set for Dec. 13

MKF CAPITAL: Shareholders' Final Meeting Set for Dec. 20
SEMPERMACRO FUND: Shareholders Receive Wind-Up Report
SHERWOOD III: Shareholders' Final Meeting Set for Dec. 13
SNOWFLAKE REALTY: Shareholders' Final Meeting Set for Dec. 13
SOUTHPORT ENERGY: Shareholder Receives Wind-Up Report

TRAFALGAR POLY: Shareholders' Final Meeting Set for Dec. 13
WDB CAPITAL: Shareholders' Final Meeting Set for Dec. 13
ZHONG YUAN: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCO DE BOGOTA: Fitch Rates Support Rating Floor at 'BB+'


X X X X X X X X

* BOND PRICING: For the Week December 5, to December 9, 2011


                            - - - - -


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


STANFORD INT'L: Antigua Liquidators Target US$240 Million in Case
-----------------------------------------------------------------
Caribbean360.com reports that Antigua-based liquidators of the
Stanford International Bank Limited, Marcus Wide and Hugh Dickson
of Grant Thornton, revealed that in the two months since their
last webinar, they had work toward a target of US$240.5 million in
their liquidation efforts.  Robert Allen Stanford's bank is in the
center of a multi-billion Ponzi scheme.

Caribbean360.com relates that the liquidators' efforts included:

  -- putting recovery efforts in place to seek US$9 million in
     Colombia;

  -- securing a US$4.5 million for the Eastern Caribbean
     Amalgamated Bank building in Antigua; and

  -- tracing an interest in property outside of Antigua with a
     value of over US$6 million; and perfecting a claim in
     cooperation with Swiss Trustee to US$230 million in funds.

The liquidators, the report says, revealed that over the past two
months, they had also:

  -- uncovered evidence of "red flags" in support of claims
     against financial institutions;

  -- obtained a partial recognition in Canada and permission to
     sue high value targets, thus preventing the loss of rights;

  -- uploaded in excess of 2 Terabyte of data and commenced
     forensic analysis;

  -- engaged independent investigators and experts to assist on
     asset recovery efforts; and

  -- intervened in Swiss criminal proceedings.

These disclosures come weeks after a group of US based Standford
fraud victims appealed to the US justice system to keep Grant
Thornton and the US-based receiver away from US$330 million in
frozen assets that they argued should be disbursed directly to the
victims and not used to fund costly liquidation efforts.

As reported in the Troubled Company Reporter on Nov. 29, 2011,
Caribbena360.com said that the US District Court-appointed group,
Stanford Investors Committee (SIC), is deeply concerned that the
protracted legal battle for Mr.  Stanford's assets will leave the
genuine victims with nothing.  SIC sent a letter to the Department
of Justice, copied to U.S. Attorney General Eric Holder, asking
for US$330 million in frozen bank accounts in the U.K.,
Switzerland and Canada to be repatriated to the U.S. and
distributed to all Stanford's legitimate victims, regardless of
citizenship or residency, as a matter of urgency, according to
Caribbena360.com.  The report noted that SIC charged that over the
past 2.5 years the U.S. receiver and successive Antiguan-appointed
liquidators have been involved in an "international 'turf war' "
to control the remaining assets of the Stanford estate, which has
seen millions of dollars in assets consumed by the legal costs.
Caribbena360.com noted that SIC also urged the Department of
Justice to appeal an early decision made in the UK, which saw the
Antiguan liquidators Grant Thornton, granted access to US$20
million held in to UK to fund its ongoing legal battles.  The
Stanford victims called it "grossly unfair" that these funds were
now being used by Grant Thornton to fight for recognition in the
U.S. District Court as the worldwide liquidators for all Stanford
assets and for the overall liquidation to now proceed under
Antiguan law, Caribbena360.com relayed.

About Stanford International Bank

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

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

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

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

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


* ANTIGUA: H.M.B. Holdings Win Battle Over Half Moon Bay Property
-----------------------------------------------------------------
Carribbean360.com reports that a group of U.S. investors has
received good news from The Eastern Caribbean Court of Appeal on
the British dependency of Anguilla.

The appeals court ruled that compensation for the prime stretch of
coastal property in eastern Antigua should be set at US$45.5
million, nearly double a previous valuation, according to
Carribbean360.com.

With interest, the report notes, the appeals court ruled that
Antigua's debt to H.M.B. Holdings Ltd., the U.S. investors of the
Half Moon Bay property, stood at US$65.7 million on Dec. 1 and
will increase by US$390,000 each month payment is delayed by the
debt-wracked government.

Carribbean360.com recalls that former Prime Minister Lester Bird's
administration took control of the property in 2002 after
renovations weren't completed seven years after a 100-room resort
was wrecked by hurricanes Luis and Marilyn.  Mr. Bird, the report
notes, said then the resort would have accounted for 3% of the
tourism-heavy gross domestic product of Antigua if it had been
operating.

H.M.B. Holdings filed a lawsuit against the islands' government
with the London-based Privy Council, Carribbean360.com relays.

In 2007, Carribbean360.com discloses that the Privy Council
affirmed the government's right to confiscate the property but
ruled that the U.S. investors needed to be fairly compensated for
the resort.

Meanwhile, Natalia Querard, the president of H.M.B. Holdings,
noted that Antigua has yet to pay H.M.B. Holdings Ltd. despite
previous rulings, the report says.

Carribbean360.com adds that Ms. Querard said Bird's government
confiscated the Half Moon Bay property to pass onto disgraced
Texas financier R. Allen Stanford, whose business empire was once
based in Antigua and Barbuda.


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


GPAT COMPANIA: Moody's Puts 'Ba2' LT Local Currency Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency debt rating to the expected fifth issuance of GPAT
Compania Financiera up to an amount of ARS 100 million to be
issued under the company's program of ARS 400 million.

The outlook for the rating is stable.

At the same time, Moody's Latin America assigned a Aa1.ar national
scale local currency debt rating to GPAT's expected fifth
issuance.

These ratings were assigned to GPAT Compania Financiera S.A.:

Fifth Issuance of a maximum amount of ARS 100 million:

Global Local Currency Issuer Rating: Ba2.

National Scale Local Currency Issuer Rating: Aa1.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's Ba2 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

The ratings of GPAT, the former Argentine operation of GMAC,
include the expected high support from its parent, Banco
Patagonia, which produces the uplift from GPAT's B2 standalone
fundamental rating.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS 807.9 million of total assets and
ARS 218.5 million of shareholders' equity as of September 30,
2011.


HILLVIEW ENTERPRISES: S&P Withdraws 'B' Ratings at Co.'s Request
----------------------------------------------------------------
Standard & Poor's Rating Services withdrew its 'B' ratings on
Panama-based gaming company Hillview Enterprises Inc. at the
company's request.


PETROBRAS ARGENTINA: S&P Affirms 'BB-' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit and senior unsecured ratings on oil and gas producer
Petrobras Argentina S.A. (PASA).  The outlook remained stable.

"At the same time, we affirmed our 'BBB' rating on the company's
US$300 million notes due 2017, which benefit from a guarantee-like
feature in the form of a standby purchase agreement (SPA) provided
by its parent company, Petroleo Brasileiro S.A. - Petrobras
(BBB/Stable/--)," S&P said.

"The ratings on PASA mainly reflect our perception of the
existence of economic incentives from Petrobras to support it,
given its strategic importance as a key foreign subsidiary in
Latin America," said Standard & Poor's credit analyst Candela
Macchi.

"This was evidenced partly through the SPA it granted to PASA to
support the May 2007 issuance of US$300 million 10-year notes.  As
a result, our final rating on PASA is two notches above its stand-
alone credit profile (SACP), and two notches above the foreign
currency rating on the Republic of Argentina (B/Stable/B)," S&P
said.

The rating on these notes also reflects the benefit of the credit
support provided under the terms of the SPA.

The SACP on PASA reflects its high exposure to uncertain and
rapidly changing economic and regulatory rules, mainly in
Argentina; significant capital expenditures to develop its reserve
base and increase production; and weak reserve replacement ratios.

"Nevertheless, the company's adequate integration between
exploration and production (E&P) and refining and marketing
activities, the competitive production costs of its E&P unit, its
strong liquidity position, and its manageable debt maturity
profile partially counterbalance the risks, in our view," S&P
said.

"We assess PASA's business risk profile as 'vulnerable' and its
financial risk profile as 'significant' (as our criteria define
these terms)," S&P said.

"The stable outlook incorporates our expectation that Petrobras
will continue to have sufficient economic incentives to support
its Argentine operations in a number of potential stress
scenarios, including one of severe sovereign stress," S&P said.


SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' Standard &
Poor's underlying rating (SPUR) on Sociedad Concesionaria Vespucio
Norte Express S.A. (VNE).  The outlook remained stable.

The 'BB' senior secured debt rating on VNE reflects the higher of
the project's SPUR and the rating on bond insurance provider MBIA
Insurance Corp. (B/Negative/--).

"The affirmation of the SPUR reflects our expectation that the
announced transaction by which Brookfield will acquire about a
54.6% equity stake in VNE will be neutral from a credit
standpoint," said Standard & Poor's credit analyst Javier Cobas.

Brookfield Infrastructure Group (Brookfield), owned by Brookfield
Asset Management Inc. (A-/Stable/A-2), announced its intention to
acquire from ACS Servicios y Concesiones S.A. (not rated) a 46.5%
stake in VNE and an additional 8.1% ownership stake from Compania
Espa¤ola de Financiacion del Desarrollo S.A. (COFIDES; not rated).

"We view the change as neutral for the rating, given the sponsor's
creditworthiness and the fact that the project is completed and
fully operational," S&P said.

Brookfield Asset Management is a publicly owned asset management
holding company.  Through its subsidiaries, the firm invests in
the property, power, and infrastructure sectors.

The stable outlook reflects the project's strong liquidity
provisions, which provide adequate protection against potential
cash shortfalls in the medium term.


===============
B A R B A D O S
===============


CL FIN'L: IMF Advises Government to Stay Out of CLICO Solution
--------------------------------------------------------------
The International Monetary Fund in its latest Article IV
Consultation report on Barbados has encouraged the authorities to
minimize fiscal costs in any plan to resolve CLICO and to seek a
private sector solution.

They noted that the CLICO failure underlines the importance of a
coordinated regional approach to financial sector supervision and
a mechanism for establishing a framework for crisis resolution.

A full text copy of IMF's consultation report is available free
at: http://ResearchArchives.com/t/s?7765


                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


CENTURY TRUSTEES: Creditors' Proofs of Debt Due Dec. 14
-------------------------------------------------------
The creditors of Century Trustees Limited are required to file
their proofs of debt by Dec. 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CENTURY TRUSTEES: Members' Final Meeting Set for Jan. 5
-------------------------------------------------------
The members of Century Trustees Limited will hold their final
meeting on Jan. 5, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CONCORD RE LIMITED: Members' Final Meeting Set for Jan. 12
----------------------------------------------------------
The members of Concord Re Limited will hold their final meeting on
Jan. 12, 2012, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher Dye
         Trinity Hall
         43 Cedar Avenue
         Hamilton HM 12
         Bermuda


INTERNATIONAL MEDIA: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------------
The creditors of International Media Services Ltd. are required to
file their proofs of debt by Dec. 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Christopher Dye
         Trinity Hall
         43 Cedar Avenue
         Hamilton HM 12
         Bermuda


INTERNATIONAL MEDIA: Members' Final Meeting Set for Dec. 31
-----------------------------------------------------------
The members of International Media Services Ltd. will hold their
final meeting on Dec. 31, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Christopher Dye
         Trinity Hall
         43 Cedar Avenue
         Hamilton HM 12
         Bermuda


JUPITER MERLIN: Members' Final Meeting Set for Dec. 30
------------------------------------------------------
The members of Jupiter Merlin Absolute Return Portfolio Limited
will hold their final meeting on Dec. 30, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Wanda Mello is the company's liquidator.


LEVERAGED MAN: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------
The creditors of Leveraged Man Styles Ltd are required to file
their proofs of debt by Dec. 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


LEVERAGED MAN: Member to Receive Wind-Up Report on Jan. 4
---------------------------------------------------------
The member of Leveraged Man Styles Ltd will receive on Jan. 4,
2012, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 29, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MARTIN CURRIE: Members' Final Meeting Set for Dec. 30
-----------------------------------------------------
The members of Martin Currie Dedicated Investor Offshore Fund
Limited will hold their final meeting on Dec. 30, 2011, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Wanda Mello is the company's liquidator.


MARTIN CURRIE: Members' Final Meeting Set for Dec. 30
-----------------------------------------------------
The members of Martin Currie Dedicated Investor Master Fund
Limited will hold their final meeting on Dec. 30, 2011, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Wanda Mello is the company's liquidator.


TD TRUST: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------
The creditors of TD Trust (Bermuda) Limited are required to file
their proofs of debt by Dec. 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


TD TRUST: Members' Final Meeting Set for Jan. 4
-----------------------------------------------
The members of TD Trust (Bermuda) Limited will hold their final
meeting on Jan. 4, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 25, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


TOURAC FUND: Creditors' Proofs of Debt Due Dec. 14
--------------------------------------------------
The creditors of Tourac Fund Limited are required to file their
proofs of debt by Dec. 14, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


TOURAC FUND: Member to Receive Wind-Up Report on Jan. 4
-------------------------------------------------------
The member of Tourac Fund Limited will receive on Jan. 4, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 29, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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


MARFRIG ALIMENTOS: To Swap Assets With Brasil Foods in Brazil
-------------------------------------------------------------
Lucia Kassai and Juan Pablo Spinetto at Bloomberg News report that
Brasil Foods SA (BRF) signed an asset-swap accord with Marfrig
Alimentos SA after being ordered to shed some units as part of a
regulatory approval for a US$3.8 billion takeover.

Marfrig Alimentos will take control of the assets that Brazil's
antitrust regulator told Brasil Foods to sell in July, the
companies said in regulatory filings obtained by Bloomberg.

Marfrig Alimentos will transfer its Argentine assets, commercial
operations in Uruguay and Chile and a feedlot in Brazil's Mato
Grosso state, as well as paying BRL200 million (US$112 million) to
Brasil Foods for the assets, they said, according to Bloomberg.

"Marfrig is quite indebted so this may have been the best way for
them. . . . Brasil Foods had to sell" to acquire the assets, Caue
Pinheiro, an analyst at Sao Paulo-based brokerage SLW Corretora,
told Bloomberg a telephone interview.

Brasil Foods was ordered by the regulator, known as Cade, to sell
units as part of its takeover of rival Sadia SA, Bloomberg notes.

                      About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced knuckles,
steaks and other food items including pre-cooked and frozen
potato, frozen vegetables, canned meat, fish and ready meals.  The
Company operates in 13 countries, and exports its products to more
than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 4, 2011,
Moody's has changed its outlook on Marfrig Alimentos S.A. (long-
term rating, B1) to negative from stable.  The outlook change
reflects the deterioration in Marfrig's credit metrics due to the
highly competitive environment for Brazilian protein producers
over the past few months, with higher commodity prices, global
economic slowdown and foreign-exchange volatility.


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


ANTHRACITE MASTER: Members Receive Wind-Up Report
-------------------------------------------------
The members of Anthracite Master Company (6) Limited received on
Nov. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 949 8686
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CGS CAYMAN: Shareholder to Receive Wind-Up Report on Dec. 13
------------------------------------------------------------
The sole shareholder of CGS Cayman Ltd. 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:

         Chou, Chia-Chi
         Telephone:  886-2-6608-9000 #320
         Facsimile:  886-2-6618-1766
         No. 73, Sec. 1, Jiayuan Rd.
         Shulin Dist.
         New Taipei City 238
         Taiwan (R.O.C.)


DECISION INTERNATIONAL: Member to Hear Wind-Up Report on Dec. 12
----------------------------------------------------------------
The sole member of Decision International Master Fund Limited will
receive on Dec. 12, 2011, at 10:00 a.m., the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Bernard McGrath
         Annie Chapman
         c/o Caledonian House
         69 Dr. Roy's Drive
         P.O. Box 1043 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 814-4863


HAVELL CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Havell Capital Limited received on Dec. 7,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Sarah Federspiel
         Telephone: (345) 815-1833
         Facsimile: (345) 949-9877


MACQUARIE CAPITAL: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------------
The shareholders of Macquarie Capital Products (CI) Limited will
hold their final meeting on Dec. 13, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MKF CAPITAL: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------
The shareholders of MKF Capital Limited will hold their final
meeting on Dec. 20, 2011, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Isaac R. Khafif
         c/o 950 Third Avenue #2805
         New York, NY 10022
         USA; and

         Edgard Khafif
         200 Central Park South
         Apartment 98
         New York, NY 10019
         USA


SEMPERMACRO FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of The Sempermacro Fund Limited received on
Dec. 7, 2011, 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


SHERWOOD III: Shareholders' Final Meeting Set for Dec. 13
---------------------------------------------------------
The shareholders of Sherwood III ABS CDO, Ltd. will hold their
final meeting on Dec. 13, 2011, at 11:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SNOWFLAKE REALTY: Shareholders' Final Meeting Set for Dec. 13
-------------------------------------------------------------
The shareholders of Snowflake Realty Corp. will hold their final
meeting on Dec. 13, 2011, at 11:10 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


SOUTHPORT ENERGY: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Southport Energy Alternatives Offshore
Fund, Inc received on Dec. 7, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


TRAFALGAR POLY: Shareholders' Final Meeting Set for Dec. 13
-----------------------------------------------------------
The shareholders of Trafalgar Poly Strategy Fund Limited will hold
their final meeting on Dec. 13, 2011, at 10:50 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


WDB CAPITAL: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------
The shareholders of WDB Capital UK Equity Master Fund Limited will
hold their final meeting on Dec. 13, 2011, at 10:40 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


ZHONG YUAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Zhong Yuan 99A Limited received on Dec. 6,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


===============
C O L O M B I A
===============


BANCO DE BOGOTA: Fitch Rates Support Rating Floor at 'BB+'
----------------------------------------------------------
Based on the documentation provided, Fitch Ratings expects to rate
Banco de Bogota's (Bogota) upcoming USD senior unsecured notes
(the notes) 'BBB-(exp)'; the final rating is contingent upon the
receipt of final documents conforming to information already
received.

The notes -- for an amount to be determined -- will be Bogota's
senior unsecured obligations and will rank pari passu with all of
Bogota's existing and future unsecured obligations but will be
effectively subordinated to any future secured indebtedness and to
all indebtedness and other liabilities (including trade payables)
of Bogota's subsidiaries.

Principal under the notes will mature in up to 10 years and they
will carry a fixed interest rate to be set at the time of the
issuance; interest payments will be made semi-annually.

The expected rating of the notes is at the same level of the
bank's long-term foreign currency Issuer Default Rating of 'BBB-',
which is driven by Bogota's Viability Rating.  Bogota will use the
proceeds from the planned issue for general business purposes.

Bogota is Colombia's second largest bank, with a market share of
about 15% of assets. It is controlled by Grupo Aval.

Banco de Bogota's ratings are as follows:

  -- Long-term Issuer Default Rating (IDR), 'BBB-'; Outlook
     Stable;
  -- Short-term IDR, 'F3';
  -- Long-term local currency IDR, 'BBB-'; Outlook Stable;
  -- Short-term local currency IDR, 'F3';
  -- Individual Rating, 'C';
  -- Viability Rating, 'bbb-';
  -- Support Rating, '3';
  -- Support Rating Floor, 'BB+'.


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


* BOND PRICING: For the Week December 5, to December 9, 2011
------------------------------------------------------------

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

  ARGENTINA
  ---------

ARGENT-$DIS            8.28   12/31/2033    USD         66.77
ARGENT-$DIS            8.28   12/31/2033    USD            66
ARGENT-$DIS            8.28   12/31/2033    USD         68.75
ARGENT-PAR             1.18   12/31/2038    ARS         42.21
ARGENT  DIS            7.82   12/31/2033    EUR            55
ARGENT  DIS            7.82   12/31/2033    EUR         54.75
ARGENT  DIS            7.82   12/31/2033    EUR          58.5
ARGENT  DIS            4.33   12/31/2033    JPY            42
ARGENT  PAR            0.45   12/31/2038    JPY            15
ARGENT  PAR&GDP        0.45   12/31/2038    JPY             8
ARGNT-BOCON PRE9          2   3/15/2014     ARS          77.5
INVERSORA ELEC          6.5   9/26/2017     USD         43.93
PROV BUENOS AIRE      9.625   4/18/2028     USD         62.84
PROV BUENOS AIRE     10.875   1/26/2021     USD         68.15
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.72
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.89


  BRAZIL
  ------

BANCO CRUZEIRO        8.875   9/22/2020     USD         69.75
BANCO CRUZEIRO         8.25   1/20/2016     USD            77
REDE EMPRESAS        11.125                USD            65
REDE EMPRESAS        11.125                USD            68
REDE EMPRESAS        11.125                USD            68


  CAYMAN ISLAND
  -------------

BANCO BPI (CI)         4.15   11/14/2035    EUR         43.36
BCP FINANCE BANK       5.01   3/31/2024     EUR          52.5
BCP FINANCE BANK       5.31   12/10/2023    EUR         54.88
BCP FINANCE CO        5.543                 EUR         32.21
BCP FINANCE CO        4.239                 EUR         33.17
BES FINANCE LTD        5.58                 EUR            33
BES FINANCE LTD         4.5                 EUR            39
CAM GLOBAL FIN         6.08   12/22/2030    EUR         69.88
CHAODA MOD AGRI         3.7   9/1/2015      USD         45.92
CHINA AUTOMATION       7.75   4/20/2016     USD         65.25
CHINA FORESTRY        10.25   11/17/2015    USD            67
CHINA FORESTRY        10.25   11/17/2015    USD         66.63
CHINA HUIYUAN JU          4   4/29/2016     USD         70.48
CHINA MED TECH            4   8/15/2013     USD         60.25
CHINA MED TECH         6.25   12/15/2016    USD          59.1
CHINA NICKEL             10   12/12/2012    HKD          74.4
CHINA SCE PROPER       10.5   1/14/2016     CNY         66.98
CHINA SUNERGY          4.75   6/15/2013     USD            60
DUBAI HLDNG COMM          6   2/1/2017      GBP         72.12
EFG ORA FUNDING         1.7   10/29/2014    EUR         49.43
ESFG INTERNATION      5.753                EUR         32.83
EVERGRANDE REAL        9.25   1/19/2016     CNY         69.66
FANTASIA HOLDING         14   5/12/2015     USD         71.75
FANTASIA HOLDING         14   5/12/2015     USD         73.25
GLORIOUS PROPERT         13   10/25/2015    USD         68.03
GREENTOWN CHINA           9   11/8/2013     USD         72.38
GREENTOWN CHINA           9   11/8/2013     USD         72.38
IMCOPA INTL CAYM          5   12/19/2014    USD            33
JA SOLAR HOLD CO        4.5   5/15/2013     USD            68
JINKOSOLAR HOLD           4   5/15/2016     USD         40.47
KAISA GROUP               8   12/20/2015    CNY         72.52
LDK SOLAR CO LTD         10   2/28/2014     CNY         45.05
LDK SOLAR CO LTD       4.75   4/15/2013     USD         56.08
LDK SOLAR CO LTD       4.75   4/15/2013     USD         54.65
LDK SOLAR CO LTD       4.75   4/15/2013     USD         62.75
LUPATECH FINANCE      9.875                 USD         36.13
LUPATECH FINANCE      9.875                 USD          36.5
MARFRIG OVERSEAS        9.5   5/4/2020      USD         73.02
MARFRIG OVERSEAS        9.5   5/4/2020      USD         72.63
MINGFA GROUP INT       5.25   5/23/2016     HKD         70.92
POLARCUS LTD          2.875   4/27/2016     USD         74.03
POWERLONG RE HLD      13.75   9/16/2015     USD            67
POWERLONG RE HLD      13.75   9/16/2015     USD         67.75
POWERLONG RE HLD       11.5   3/17/2014     CNY          67.4
RENHE COMMERCIAL         13   3/10/2016     USD            76
RENHE COMMERCIAL      11.75   5/18/2015     USD         76.06
SOLARFUN POWER H        3.5   1/15/2018     USD            50
SOLARFUN POWER H        3.5   1/15/2018     USD         66.05
SPG LAND HOLDING       13.5   4/8/2016      USD         63.07
SUNTECH POWER             3   3/15/2013     USD         42.34
SUNTECH POWER             3   3/15/2013     USD          42.5
TEXHONG TEXTILE       7.625   1/19/2016     USD         68.02
TEXHONG TEXTILE       7.625   1/19/2016     USD         71.25
TRINA SOLAR LTD           4   7/15/2013     USD         75.19
YUZHOU PROPERTIE       13.5   12/15/2015    USD          67.5
YUZHOU PROPERTIE       13.5   12/15/2015    USD          68.37


  CHILE
  -----

AGUAS NUEVAS            3.4   5/15/2012     CLP         0.223
CGE DISTRIBUCION       3.25   12/1/2012     CLP         30.03
COLBUN SA               3.2   5/1/2013      CLP         73.07
ESVAL S.A.              3.8   7/15/2012     CLP         25.31
MASISA                 4.25   10/15/2012    CLP         19.74
QUINENCO SA             3.5   7/21/2013     CLP         24.96

  PANAMA
  ------

NEWLAND INT PROP        9.5   11/15/2014    USD          61.5

  PUERTO RICO
  -----------

BANCO SANTANDER         6.1   6/1/2032      USD         63.11
BANCO SANTANDER         6.3   6/1/2032      USD         63.28
PUERTO RICO CONS        6.5   4/1/2016      USD         61
PUERTO RICO CONS        6.2   5/1/2017      USD         61.99

  VENEZUELA
  ---------

PETROLEOS DE VEN        5.5   4/12/2037     USD            45
PETROLEOS DE VEN      5.375   4/12/2027     USD         46.78
PETROLEOS DE VEN       5.25   4/12/2017     USD         60.04
PETROLEOS DE VEN      5.125   10/28/2016    USD            62
PETROLEOS DE VEN          5   10/28/2015    USD         67.25
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.28
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.03
PETROLEOS DE VEN        4.9   10/28/2014    USD         75.91
VENEZUELA                 7   3/31/2038     USD            54
VENEZUELA                 7   3/31/2038     USD         54.36
VENEZUELA                 6   12/9/2020     USD            58
VENEZUELA              7.65   4/21/2025     USD          58.5
VENEZUELA              8.25   10/13/2024    USD            61
VENEZUELA              9.25   5/7/2028      USD         64.75
VENEZUELA                 9   5/7/2023      USD            66
VENEZUELA                 7   12/1/2018     USD          66.5
VENEZUELA              9.25   9/15/2027     USD         67.52
VENEZUELA              7.75   10/13/2019    USD         67.63
VENEZUELA              9.25   9/15/2027     USD         67.78
VENZOD - 189000       9.375   1/13/2034     USD          64.5


                            ***********


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 * * *