TCRLA_Public/111216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Friday, December 16, 2011, Vol. 12, No. 249

                            Headlines



A R G E N T I N A

MIRGOR S.A.: Moody's Affirms 'B3' Corporate Family Rating


B E R M U D A

LONE STAR: Creditors' Proofs of Debt Due Dec. 21
LONE STAR: Members' Final Meeting Set for Jan. 10
MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due Dec. 21
MAN-GLENWOOD SELECT: Member to Hear Wind-Up Report on Jan. 19
MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 21

MAN MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 20
MULTI-STRATEGY GUARANTEED: Creditors' Proofs of Debt Due Dec. 21
MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 18
SWISSBULK LTD: Creditors' Proofs of Debt Due Dec. 21
SWISSBULK LTD: Member to Receive Wind-Up Report on Jan. 19


B R A Z I L

BANCO BVA: Fitch Affirms & Withdraws Ratings
HYPERMARCAS SA: S&P Affirms 'BB-' GS Corp. Credit Rating
PDG REALTY: Moody's Gives 'Ba2' Rating to Local Currency


C A Y M A N   I S L A N D S

BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19
BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19
COMPASS FUND: Placed Under Voluntary Wind-Up
EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21
EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21

HARBERT EMERGING: Placed Under Voluntary Wind-Up
HARBERT EMERGING: Placed Under Voluntary Wind-Up
KC II SPECIAL: Creditors' Proofs of Debt Due Dec. 21
LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22
LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22

LUX FUNDS: Creditors' Proofs of Debt Due Dec. 22
MATTERHORN ADVISORY: Creditors' Proofs of Debt Due Dec. 22
MURRAY LIMITED: Creditors' Proofs of Debt Due Dec. 28
NOVA ADVISORY: Creditors' Proofs of Debt Due Dec. 22
PAMPLONA FOF: Creditors' Proofs of Debt Due Dec. 21

SPIRIT CREDIT: Placed Under Voluntary Wind-Up
UNIVERSAL STRUCTURED: Creditors' Proofs of Debt Due Dec. 22
VAM BRAZIL: Placed Under Voluntary Wind-Up
VAM INTERNATIONAL: Placed Under Voluntary Wind-Up
VOTORANTIM OVERSEAS: Placed Under Voluntary Wind-Up


C H I L E

CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-'


C O L O M B I A

FABRICATO SA:  Pays Down Bankruptcy Debt to COP2.2 Billion


J A M A I C A

JAMAICA RAILWAY CORP: Opposition Calls for Financial Disclosures


M E X I C O

BANCA MIFEL: S&P Retains 'BB-' Global Scale Corp. Credit Rating


P U E R T O   R I C O

CAPARRA HILLS: Fitch Affirms 'BB' Issuer Default Rating
EMPRESAS INTEREX: Hires Cuprill Law Office as Bankr. Counsel
EMPRESAS INTEREX: Sec. 341 Creditors' Meeting Set for Jan. 13
MIRAMAR REAL: Court OKs C. Agosto & FVP & Galindez as Auditors


T R I N I D A D   &   T O B A G O

* TRINIDAD & TOBAGO: To Receive US$130-Million Loan From IDB


U R U G U A Y

* URUGUAY: To Get US$80MM IDB Loan to Finance Government Project


                            - - - - -


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


MIRGOR S.A.: Moody's Affirms 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Latin America affirmed the B3 corporate family rating and
Baa1.ar national scale rating of Mirgor S.A. and revised the
outlook to stable from negative.

Ratings Rationale

The outlook change reflects Mirgor's improved operating
performance and prospects for improved cash flow metrics.  The
company's resiliency during 2011 also contributed to the outlook
stabilization.  Other key drivers for the outlook stabilization
include the restoration of Mirgor's margins to more adequate
levels.  Moody's expects the company's operating performance will
continue to benefit from the 2010 tax amendment, that benefits
the local electronic products manufacturing industry.

The B3/Baa1.ar ratings reflect Mirgor's position as one of the
leaders in the Argentine domestic auto parts business and long-
established, coordinated, operations with local automakers.  The
B3 also incorporates relatively low leverage for the rating
category.

The ratings are constrained by Mirgor's small size and limited
financial and operating flexibility.  The ratings also
incorporate Moody's expectation that Mirgor's credit metrics are
subject to potential deterioration if revenues or margins decline
in its two main business segments, air conditioning systems for
vehicles (35% of revenues for the last twelve months as of
September, 2011) and air conditioning units for residential use
as well as electronic products (65% of revenues).

The stable outlook considers that Mirgor will be able to sustain
its improved margins and operating performance and continue to
grow and diversify its revenues.  The stable outlook also
incorporates Moody's expectations of debt reduction if growth
trends decelerate.

The ratings could be upgraded if Mirgor is able to post higher
and more stable operating margins on a sustained basis and to
generate positive free cash flow.  Sufficient cash to cover
short-term debt or longer term debt maturities could also have a
positive rating impact.  Quantitatively, an upgrade of ratings or
outlook would require an EBIT margin consistently higher than
5.0% on a sustained basis and EBIT interest coverage of above
3.5x.

The ratings could be downgraded if Mirgor is not able to sustain
the recently recovered operating margins. Quantitatively, if
Mirgor's EBIT margin returns to below 3.0% and EBIT interest
coverage below 1.0x, the ratings could be downgraded.

Headquartered in Tierra del Fuego, Argentina, Mirgor primarily
produces climate control equipment for the auto industry in
Argentina.  In addition, through its wholly-owned subsidiaries,
Mirgor is also involved in the production and sale of residential
air conditioning units and other electronic products (microwaves,
cell phones, etc.).  Consolidated revenues for the last twelve
months ending on September 30, 2011, reached ARS 3,161 million
(approximately USD 790 million).


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


LONE STAR: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------
The creditors of Lone Star Asia-Pacific, Ltd. are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

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


LONE STAR: Members' Final Meeting Set for Jan. 10
-------------------------------------------------
The members of Lone Star Asia-Pacific, Ltd. will hold their final
meeting on Jan. 10, 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. 30, 2011.

The company's liquidator is:

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


MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------------
The creditors of Man-Glenwood Select Limited are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 2, 2011.

The company's liquidator is:

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


MAN-GLENWOOD SELECT: Member to Hear Wind-Up Report on Jan. 19
-------------------------------------------------------------
The member of Man-Glenwood Select Limited will receive on Jan.
19, 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 Dec. 2, 2011.

The company's liquidator is:

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


MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------------
The creditors of Man Multi-Strategy Guaranteed (Series Q) Ltd are
required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


MAN MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 20
------------------------------------------------------------
The member of Man Multi-Strategy Guaranteed (Series Q) Ltd will
receive on Jan. 20, 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 Dec. 5, 2011.

The company's liquidator is:

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


MULTI-STRATEGY GUARANTEED: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------------------
The creditors of Multi-Strategy Guaranteed (Series Q) Trading Ltd
are required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 18
--------------------------------------------------------
The member of Multi-Strategy Guaranteed (Series Q) Trading Ltd
will receive on Jan. 18, 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 Dec. 5, 2011.

The company's liquidator is:

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


SWISSBULK LTD: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of SwissBulk Ltd. are required to file their proofs
of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


SWISSBULK LTD: Member to Receive Wind-Up Report on Jan. 19
----------------------------------------------------------
The member of SwissBulk Ltd. will receive on Jan. 19, 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 Dec. 5, 2011.

The company's liquidator is:

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


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


BANCO BVA: Fitch Affirms & Withdraws Ratings
--------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BVA S.A. (BVA).
In addition, Fitch has withdrawn the ratings as they are no
longer considered relevant to the agency's coverage.

The following ratings have been affirmed and withdrawn:

  -- Foreign currency Issuer Default Rating (IDR) at 'B-'; Stable
     Outlook;
  -- Short-term foreign currency IDR at 'B';
  -- Local currency IDR at 'B-'; Stable Outlook;
  -- Short-term local currency IDR at 'B';
  -- Individual rating at 'D/E';
  -- Viability rating at 'B-';
  -- Support rating at '5';
  -- Support rating floor at 'No floor';
  -- National long-term rating at 'BB(bra)'; Stable Outlook;
  -- National short-term rating at 'B(bra)';
  -- Senior unsecured debt at 'B-'; Recovery Rating '4'.


HYPERMARCAS SA: S&P Affirms 'BB-' GS Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Brazil-
based consumer products company Hypermarcas S.A. to negative from
stable.  "At the same time, we affirmed our 'BB-' global-scale
ratings on the company.  We also lowered our long-term national-
scale corporate credit rating to 'brA-' from 'brA+'.  The outlook
on this rating is negative," S&P said.

"The change in outlook indicates that we could downgrade
Hypermarcas if its liquidity weakens or cash generation does not
improve during the first half of 2012," said Standard & Poor's
credit analyst Debora Confortini.  "The company's operating and
financial performance over the past few quarters has been weak,
and we believe the company's margin will remain under pressure
until the inventory in the distribution chain decreases, which is
expected by the beginning of 2012.  Hypermarcas has taken several
steps to adjust its distribution strategy, especially in the
pharmaceutical segment (over-the-counter and prescription drugs),
and is trying to rebalance its product portfolio by divesting
weaker-margin businesses.  The global-scale rating affirmation
reflects the company's use of asset sale proceeds -- R$445
million -- to lower debt levels, its more prudent working capital
management, and our expectation that margins should improve in
2012."


PDG REALTY: Moody's Gives 'Ba2' Rating to Local Currency
--------------------------------------------------------
Moody's America Latina has assigned Ba2 local currency and Aa3.br
national scale ratings to PDG Realty S.A. Empreendimentos e
Participacoes' BRL 250 million 5-year senior secured CCBs (Cedula
de Credito Banc rio). At the same time, Moody's affirmed PDG's
Ba2/Aa3.br corporate family ratings ("CFR"). The outlook for the
ratings is stable.

Ratings Rationale

PDG's Ba2 ratings reflects its position as the largest
homebuilder in Brazil in terms of revenues, launches and
contracted sales.  The rating also benefits from the company's
strong brand name, long track record of operations through its
wholly owned subsidiaries Goldfarb, CHL and Agre, good geographic
diversity, and product offering, that ranges from the low to high
income segments.

Over the past periods, PDG has been able to significantly reduce
its exposure to the Minha Casa Minha Vida housing program, as
company's focus continues to shift to the mid-income segment from
the low-income.  In September 2011, only 23% of PDG's low income
units were eligible for the MCMV program.  Moody's see this
strategy as credit positive since middle income projects tend to
grant higher margins especially during rising labor cost
scenarios.  The inclusion of the middle class in the second phase
of Minha Casa Minha Vida as well as the Brazilian construction
market solid long term fundamentals, should continue to benefit
PDG's operations.  PDG has also been able to reduce its land bank
geographic concentration in the Southeast region of Brazil to 54%
in September 2011, from 95% in 2007, which ensures a forward
diversification.

PDG's cash generation, that has been affected by the financial
cycle of the housing project funding system in Brazil, became
positive during the 3Q'11 as more projects launched in 2007 and
2008 were delivered to their buyers and converted into cash.
Moody's expect the company to be able to maintain its free cash
flow positive through delivery of finished units and slower
growth pace going forward.

On the other hand, PDG's ratings are constrained by the company's
aggressive acquisition strategy, as proven by Agre acquisition in
2010 that doubled its size and the still observed concentration
on the high rise segment, that accounts for 90% of PDG's current
backlog.  Moody's acknowledge that the acquisitive nature of PDG
was what ensured its current size through the Goldfarb and CHL
acquisition in 2007 and Agre acquisition in 2010 and that the
company's good financial management kept credit metric under
acceptable levels for its rating category after the acquisitions,
but Moody's see the aggressive strategy as credit negative due to
all risks involved in these kind of transactions.

In September 2011, PDG had BRL 1.3 billion in cash and
equivalents, and around BRL 2.1 billion of debt coming due on the
following twelve months, mostly related to SFH lines that will
disappear once the projects are delivered.

Despite its rapid growth, PDG has been able to maintain an
adequate capital structure and coverage with total adjusted Debt
to Book Capitalization of around 47% and EBIT to Interest of 2.7
times in September 2011.  It is important to mention that some
56% or BRL 3.6 billion of the total adjusted debt of BRL 6.5
billion is comprised by debt related to construction, which are
repaid once the construction is finished and the homebuyer signs
the mortgage with a commercial bank or CEF.

PDG's average annual working capital consumption has been around
BRL 1.2 billion, making its cash available on its balance sheet
seem low, but all of the projects are already tied to signed
loans, while PDG also has around BRL 8.7 billion in available
approved lines for construction including SFH lines to cover part
of its working capital needs.

According to the company's written minimum cash policy, cash on
balance sheet should cover at least financial expenses, debt
amortization and net operating expenses for the six months ahead.

The proposed CCBs will be secured by the pledge of receivables
related to the construction of specific projects that will always
need to cover 105% of the outstanding amount.  Despite the
collateral being provided there are no real assets being pledged.
Moody's, therefore, views the CCBs at the same seniority level as
PDG's unsecured debt.  While PDG's unsecured indebtedness is
structurally subordinated to its existing secured debt, in its
vast majority (86%) comprised by SFH and other construction
loans, these loans are collateralized by specific assets and have
no residual claim on the remaining assets of the company.  There
would be also a high amount of remaining unencumbered assets that
in case of a default should provide good recovery for the
unsecured instruments. For these reasons they are rated at the
same level as PDG's CFR.

The proceeds from the proposed CCB will be used in the financing
of specific construction projects.

The stable outlook assumes that PDG will maintain a comfortable
liquidity position to execute its growth plan while preserving a
minimum cash balance on its balance sheet to face weaker economic
environments and difficult capital market conditions.

PDG's rating or outlook could experience upward pressure if the
company is able to reduce its leverage metrics on a sustained
basis while strengthen its cash flow metrics.  Upward pressure
could also arise from improved cash-flow based credit metrics,
through reduced working capital requirements over time and higher
volume of projects achieving their delivery dates.  Mortgage
availability at an earlier point of the construction cycle and
use of internal generated cash for reducing debt, not linked to
construction would also be credit positive.  Quantitatively,
positive pressure could arise from sustainable positive CFO
("Cash Flow from Operations") and FCF ("Free Cash Flow") to total
debt above 10%, total debt to capitalization below 40% (47.2% in
the end of September 2011), FFO ("Funds From Operations") to
total debt above 25% (16.1% for the last twelve months ended in
September 2011) and interest coverage (EBIT to Interest expense)
above 4.5 times (2.7 times for the last twelve months ended in
September 2011) on a sustainable basis.

PDG's ratings would likely be downgraded if Total Debt to
Capitalization increased above mid 50% (47.2% in the end of
September 2011) on a sustained basis or if the company were to
face a significant deterioration in its liquidity profile due to
a reduction in the availability and timeliness of disbursements
from credit lines that the company has available with commercial
banks through the SFH. While Moody's view this scenario as
unlikely in the near term, it could occur due to a change in
government's support towards the homebuilding industry or due to
a significant increase in indebtedness unrelated to construction.
Quantitatively, negative pressure could arise if the company
diverged from the written minimum cash policy mentioned before.

The principal methodology used in rating PDG was the Global
Homebuilding Industry Methodology published in March 2009.


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


BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------------
The creditors of Blackrock Fixed Income Global Opportunities
(Offshore) Fund II Yen Feeder are required to file their proofs
of debt by Dec. 19, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

        Peter Stafford
        c/o Kim Charaman
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KY1-1102
        Cayman Islands


BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------------
The creditors of Blackrock Fixed Income Global Opportunities
(Offshore) Fund are required to file their proofs of debt by
Dec. 19, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

        Peter Stafford
        c/o Kim Charaman
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KY1-1102
        Cayman Islands


COMPASS FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 9, 2011, the sole member of Compass Fund Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Richard Finlay
        c/o Tania Dons
        Telephone: (345) 814 7766
        Facsimile: (345) 945 3902
        P.O. Box 2681 Grand Cayman   KY1-1111
        Cayman Islands


EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Edmond Macro Fund Limited are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

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

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


EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Edmond Macro Master Fund Limited are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

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

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


HARBERT EMERGING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 9, 2011, the sole shareholder of Harbert Emerging Markets
Master Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Madeleine Welham
        Telephone: (345) 815 1750
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


HARBERT EMERGING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 9, 2011, the sole shareholder of Harbert Emerging Markets
Offshore Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Madeleine Welham
        Telephone: (345) 815 1750
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


KC II SPECIAL: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of KC II Special Opportunities SPV are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

        Mourant Ozannes Cayman Liquidators Limited
        Mourant Ozannes
        Attorneys-at-Law for the Company
        Reference: NDL
        Telephone: (+1) 345 949 4123
        Facsimile: (+1) 345 949 4647; or

        Mourant Ozannes Cayman Liquidators Limited
        Reference: Peter Goulden
        Telephone: (+1) 345 949 4123
        Facsimile: (+1) 345 949 4647
        Harbour Centre
        42 North Church Street
        P.O. Box 1348 George Town
        Grand Cayman KY1-1108
        Cayman Islands


LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------
The creditors of Loeb Marathon Offshore Fund, Ltd. are required
to file their proofs of debt by Dec. 22, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 9, 2011.

The company's liquidator is:

        David S. Hampson
        Loeb Partners Corporation, 61 Broadway
        24th Floor, New York New York 10006
        U.S.A.


LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------
The creditors of Loeb Marathon Offshore Partners, Ltd. are
required to file their proofs of debt by Dec. 22, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 9, 2011.

The company's liquidator is:

        David S. Hampson
        Loeb Partners Corporation
        61 Broadway, 24th Floor
        New York New York 10006
        U.S.A.


LUX FUNDS: Creditors' Proofs of Debt Due Dec. 22
------------------------------------------------
The creditors of Lux Funds SPC are required to file their proofs
of debt by Dec. 22, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2011.

The company's liquidator is:

        Banque Privee Edmond De Rothschild Europe
        20 Boulevard Emmanuel Servais
        L-2535 Luxembourg


MATTERHORN ADVISORY: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------------
The creditors of Matterhorn Advisory Ltd. are required to file
their proofs of debt by Dec. 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 8, 2011.

The company's liquidator is:

        Banque Privee Edmond De Rothschild Europe
        20 Boulevard Emmanuel Servais
        L-2535 Luxembourg


MURRAY LIMITED: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------
The creditors of Murray Limited are required to file their proofs
of debt by Dec. 28, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 10, 2011.

The company's liquidator is:

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


NOVA ADVISORY: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------
The creditors of Nova Advisory Ltd. are required to file their
proofs of debt by Dec. 22, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 8, 2011.

The company's liquidator is:

        Banque Privee Edmond De Rothschild Europe
        20 Boulevard Emmanuel Servais
        L-2535 Luxembourg


PAMPLONA FOF: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Pamplona FOF EM Limited are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


SPIRIT CREDIT: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 4, 2011, the sole shareholder of Spirit Credit
Management, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 13, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


UNIVERSAL STRUCTURED: Creditors' Proofs of Debt Due Dec. 22
-----------------------------------------------------------
The creditors of Universal Structured Products Fund are required
to file their proofs of debt by Dec. 22, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 7, 2011.

The company's liquidator is:

        Nico Thuler
        Traugott Meyer-Strasse 11
        4147 Aesch
        Switzerland


VAM BRAZIL: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 10, 2011, the sole shareholder of VAM Brazil SPC Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


VAM INTERNATIONAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 10, 2011, the sole shareholder of Vam International SPC
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


VOTORANTIM OVERSEAS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 10, 2011, the sole shareholder of Votorantim Overseas
Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877
        89 Nexus Way Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


=========
C H I L E
=========


CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-'
------------------------------------------------------
Fitch Ratings has placed the following ratings for Corpbanca on
Rating Watch Negative:

  -- Foreign and local currency Long-term Issuer Default Rating
     (IDR) of 'BBB+';
  -- Viability Rating of 'bbb+';
  -- Individual Rating of 'C';
  -- USD200 million bonds programme foreign currency long-term
     rating at 'BBB+'.

In addition, Fitch has placed on Rating Watch Negative the
ratings of Corp Group Interhold S.A.'s Long-term IDR of 'BBB-'
and National Long-term Rating of 'A+(cl)', and the  'BBB-
'/'A+(cl)' of its USD130 million senior unsecured notes.  Corp
Group Interhold S.A. is a holding company under which Corpbanca
is held through other holding companies; its ratings are derived
from those of its principal operating company, Corpbanca.

At the same time Fitch has affirmed the bank's other ratings as
listed at the end of this release.

The rating action follows the bank's announcement of its
agreement to acquire a 95% stake of Banco Santander Colombia
(BSC).  While Fitch considers this transaction to be positive for
Corpbanca from a business point of view as it is entering a
market with higher growth potential than Chile, it will be
challenging due to the tough competition in Colombia and, in
Fitch's opinion, will place Corpbanca's capitalization under
pressure while its capacity to regenerate capital from earnings
and after dividend payments will be challenging.  On completion
of the acquisition under the announced conditions, Fitch will
downgrade Corpbanca's above mentioned ratings.

Corpbanca will pay USD1.15 billion for the acquisition, which
will be funded with its own resources and a capital increase of
USD450 million, in addition to the recent USD370 million of fresh
capital received in 3Q2011.  BSC has total assets of roughly USD4
billion and equity of USD398 million. After deducting the
goodwill of around USD722 million, Fitch calculates that
Corpbanca's Fitch Core capital ratio will decline to around 6.45%
from 10.03% at Sep. 30, 2011, which is also significantly lower
than its historic level before the recent capital increase.
These levels of capitalization compare poorly against similarly
rated banks regionally and internationally, especially in the
context of the bank's aggressive growth strategy in Chile and
considering that the profitability of BSC is similar to that of
Corpbanca (ROA of 1.7% at Sep. 30, 2011 and 1.6% respectively.
While under Fitch's methodology the main indicator of a bank's
capitalization is the Fitch Core Capital ratio, Fitch recognizes
that Corpbanca's Fitch Eligible Capital ratio of around 10.7%
after the acquisition (14.33% at Sep. 30, 2011) will be closer to
that of similarly rated banks given the equity credit Fitch gives
to the subordinated debt issued in Chile.

The transaction is subject to regulatory approvals in Chile and
Colombia and is expected to close in the first half of 2012. The
stake to be purchased by Corpbanca is the maximum stake allowed
to an individual shareholder by Colombian regulations.
Corpbanca's shareholders will purchase at least an additional
2.85% stake.  The acquisition also includes Santander Investment
Securities Colombia SA (stock brokerage), Santander Insurance
Agency Ltd (insurance) and Santander Colombia SA Investment Trust
(trustee).

The ratings assigned to Corp Group Interhold are supported by an
adequate expected dividend flow from the company's largest
operating subsidiaries, especially those from Corpbanca.
Interhold's expected cash flow is also enhanced by the recurrent
dividend stream from its insurance subsidiaries.  The Rating
Watch Negative reflects the weakening of the ratings of
Interhold's principal subsidiary.  Fitch does not expect
additional increases in the financial debt of the holding company
or other mezzanine holdings without the proper increase in the
expected revenue and capital ratios. Interhold's total financial
debt is considered adequate, with a double leverage ratio of
113.4% as of June 30, 2011.  According to the entity's
projections, the transaction impact over this ratio would be
neutral and in Fitch's opinion, a material increase of this ratio
will probably place downward pressure on Interhold's ratings.

Corpbanca is Chile's fourth largest private sector bank that
operates in almost all market segments.  At Oct. 31, 2011 it had
7.5% of the Chilean financial system's loans and 7.2% in
deposits.  It is 51.23% owned by Corp Group Banking S.A. (CGB),
9.22% by Cia.  Inmobiliaria y de Inversiones SAGA (entity
controlled by Alvaro Saieh Bendeck and his family), and the
balance is widely held by domestic and foreign institutional
investors.  In turn, CGB is controlled by a group of Chilean
businessmen, in which the main individual shareholder is Alvaro
Saieh, who together with his family indirectly control a 75.64%
of Corpbanca.

Fitch has affirmed Corpbanca's following ratings:

  -- Foreign and local currency Short-term IDR at 'F2'; Outlook
     Stable;
  -- Support Rating at '3';
  -- Support Rating Floor at 'BB-';


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


FABRICATO SA:  Pays Down Bankruptcy Debt to COP2.2 Billion
----------------------------------------------------------
Blake Schmidt at Bloomberg News, citing a regulatory filing,
reports that Fabricato SA said it paid down its debt under
Colombian bankruptcy law to COP2.2 billion pesos
(US$1.1 million).

Fabricato SA is a textile maker company in Colombia.


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


JAMAICA RAILWAY CORP: Opposition Calls for Financial Disclosures
----------------------------------------------------------------
RJR News reports that Dr. Omar Davies, opposition spokesman on
transport, is calling for full disclosure on the financial
affairs of the Jamaica Railway Corporation.

Mr. Davies call for the investigation comes in the wake of
reports that the cash strapped corporation, which has been trying
to revive passenger rail service, has been left in the red,
according to RJR News.  Documents obtained by RJR News revealed
that the JRC's operational costs have been exceeding revenue.

Dr. Davies, the report discloses, said it is time for the
Transport Ministry to tell the country the extent of the JRC's
financial woes.  "I'm not surprised because there have been
rumblings on different occasions but nothing has really been
brought to parliament or to the public explaining the situation.
It's in a sense typical of how the whole ministry has operated; a
personal freedom is the best way to describe it.  I look forward
to not only seeing the General Manager's report but getting a
formal statement from the new minister or the acting Permanent
Secretary," RJR News quoted Dr. Davies as saying.

                  About Jamaica Railway Corporation

The Jamaica Railway Corporation was established under the Jamaica
Railway Corporation Act.  The corporation is established to
control the expenditure of the corporation whether on revenue or
capital account; to ensure that the annual revenues of the
corporation are sufficient to meet all charges properly
chargeable to revenue; and to direct and control any expansion or
extension of the railway and the construction of any new railway.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, RadioJamica said that the Transport Minister has
confirmed the resignation of Harold Brady, as Chairman of the
Board of the Jamaica Railway Corporation.  The report related
that Mr. Brady's departure comes more than two months before the
October 31 expiration of the life of the Board of the JRC.
According to RadioJamiaca, Mr. Brady's resignation caused some
concern among government officials, as his departure brought an
abrupt halt to the Transport Ministry's plans to divest the
"failing" JRC as quickly as possible.  The report recounts that
the Railway Corporation ceased operations several years ago and
is now on the list of entities to be merged and retained by the
Transport Ministry.


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


BANCA MIFEL: S&P Retains 'BB-' Global Scale Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised or affirmed its ratings
on 33 Latin American financial institutions and related entities
by applying its new ratings criteria for banks and its revised
group methodology criteria and assumptions, which were published
on Nov. 9, 2011.

Although this is the last wave of criteria implementation for
Latin American financial institutions, which started on Nov. 29,
2011, there could be additional rating actions stemming from
recent actions on some Latin American banks' European parent
companies.

"We will publish individual research updates on each bank,
including a list of ratings on affiliated entities, as well as
the ratings by debt type -- senior, subordinated, junior
subordinated, and preferred stock.  The research updates will be
available at www.standardandpoors.com/AI4FI and on RatingsDirect.
Ratings on specific issues will be available on RatingsDirect and
www.standardandpoors.com," S&P said.

Ratings List
The ratings are issuer credit ratings.

           To                      From

Banca Afirme S.A.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

Afirme Grupo Financiero S.A. de C.V.
           mxA-/Stable/mxA-2       mxBBB+/Stable/mxA-2

Almacenadora Afirme S.A. de C.V.
           mxA-/Stable/mxA-2       mxBBB+/Stable/mxA-2

Arrendadora Afirme S.A. de C.V.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

Factoraje Afirme S.A. de C.V.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

Seguros Afirme S.A. de C.V.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

Banca Mifel S.A.
   Global Scale
           BB-/Stable/B            BB-/Stable/B
   National Scale
           mxBBB+/Stable/mxA-2     mxBBB+/Stable/mxA-2

BANCO AHORRO FAMSA S.A  INSTITUCION DE BANCA MULTIPLE
   Global Scale
           B/Stable                B/Stable
   National Scale
           mxBBB-/Stable/mxA-3     mxBBB-/Stable/mxA-3

Banco Base, S.A.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

Banco BMG S.A.
   Global Scale
           BB-/Stable/B            BB-/Stable/B
   National Scale
           brA-/Stable             brA-/Stable

Banco de la Provincia de Buenos Aires
           B/Stable                B/Stable

Banco G & T Continental S.A.
           BB/Negative/B           BB-/Stable/B

Banco Industrial e Comercial S.A.
   Global Scale
           BB+/Stable/B            BB+/Stable/B
   National Scale
           brAA/Stable             brAA/Stable

Banco Industrial S.A.
           BB/Negative/B           BB-/Stable/B

Banco Indusval S.A.
   Global Scale
           BB/Stable/B             B+/Positive/B
   National Scale
           brA+/Stable/brA-1       brBBB+/Positive/brA-3

Banco Intermedium S.A.
           brBBB/Stable            brBB+/Stable

Banco Internacional de Costa Rica S.A.
           BB/Stable/B             BB/Stable/B

Banco Internacional del Peru-Interbank
           BBB/Stable              BBB-/Stable

Banco Invex S.A. Institucion de Banca Multiple
           mxA/Stable/mxA-2        mxA/Stable/mxA-2

Invex Casa de Bolsa S.A. de C.V.
           mxA/Stable/mxA-2        mxA/Stable/mxA-2

Banco JBS S.A.
           brBBB-/Watch Pos/brA-3  brBBB-/Stable/brA-3

Banco Mercantil Do Brasil S.A.
   Global Scale
           BB-/Stable/B            B+/Stable/B
   National Scale
           brA-/Stable             brBBB/Stable

Banco Monex S.A.
           mxA+/Stable/mxA-1       mxA/Stable/mxA-2

Monex Casa de Bolsa S.A.
           mxA+/Stable/mxA-1       mxA/Stable/mxA-2

Banco Rural S.A.
   Global Scale
           B/Stable                B-/Positive
   National Scale
           brBB+/Stable            brBB/Positive

Banco Toyota do Brasil S.A.
           brAAA/Stable            brAAA/Stable

Banco Volkswagen S.A.
           brAAA/Stable            brAAA/Stable

Bansi S.A.
           mxA/Stable/mxA-2        mxA-/Stable/mxA-2

CI Banco S.A.
           mxA-/Stable/mxA-2       mxA-/Stable/mxA-2

Corporacion Financiera de Desarrollo S.A.
           BBB/Stable/A-3          BBB/Stable/A-3

Discount Bank Latin America S.A.
           BB+/Stable/B            BB+/Stable/B

Inter Banco, S.A., Institucion de Banca Multiple
           mxA-/Stable/mxA-2       mxA-/Stable/mxA-2

Intercam Casa de Bolsa S.A. de C.V.
           mxA-/Stable/mxA-2       mxA-/Stable/mxA-2

MiBanco, Banco de La Microempresa S.A.
           BBB/Stable/A-3          BB+/Stable/B

Grupo ACP Inversiones y Desarrollo
           BB+/Stable              BB-/Stable

National Commercial Bank Jamaica Ltd.
           B-/Negative/C           B-/Negative/C

Scotiabank Inverlat, S.A.
   Global Scale
           BBB/Stable/A-3          BBB/Stable/A-3
   National Scale
           mxAAA/Stable/mxA-1+     mxAAA/Stable/mxA-1+

Scotia Inverlat Casa de Bolsa S.A de C.V.
           mxAAA/Stable/mxA-1+     mxAAA/Stable/mxA-1+

Scotiabank Peru S.A.A.
           BBB/Stable/A-3          BBB/Stable/A-3

Union de Credito Alpura S.A. de C.V.
           mxBBB/Stable/mxA-3      mxBBB/Stable/mxA-3

Union de Credito de la Industria Litografica S.A.
           mxBBB+/Stable/mxA-2     mxBBB/Stable/mxA-3

Vision Banco S.A.E.C.A.
           BB-/Stable              B+/Positive


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


CAPARRA HILLS: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Caparra Hills, Inc.'s 'BB' Issuer
Default Rating (IDR), Fitch has also affirmed the company's
US$59.3 million secured bonds rating at 'BBB-'.  The secured
bonds are payable solely from payments made to The Puerto Rico
Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority (AFICA) by Caparra Hills.
AFICA serves solely as an issuing conduit for local qualified
borrowers for purpose of issuing bonds pursuant a trust agreement
between AFICA and a trustee.  The secured bonds are not
guaranteed by AFICA, do not constitute a charge against the
general credit of AFICA, and do not constitute an indebtedness of
the Commonwealth of Puerto Rico or any of its political
subdivisions.

The Rating Outlook is Stable.

The ratings reflect the stable cash flow generated by the
company's lease portfolio, which passes the vast majority of its
operating expenses on to its tenants.  Caparra Hills' properties
have relatively low vacancy rates and solid collateral values
backing its secured debt.  The ratings are also supported by the
company's manageable debt maturity schedule, adequate cash
position of US$5.7 million and stable EBITDA margins of over 60%
during the last five years ended Sept. 30, 2011, which result in
adequate debt service coverage ratios.  Also factored in the
ratings is Caparra Hills' capacity to generate consistently
positive free cash flow (FCF) with an average FCF margins around
19% during the last four years ended September 2011.

The 'BBB-' rating for the secured bonds positively incorporates
the collateral support included in the transaction structure as
the payments of the bonds are secured by a first mortgage on the
company's real estate properties and an assignment of leases.  In
addition, the ratings consider as part of the transaction
structure the inclusion of a debt-service reserve fund
permanently covering an equivalent of 18-month debt service
related to the secured bonds, by the end of September 2011 the
total amount in the reserve fund was USD7 million.

The Stable Outlook reflects Caparra Hills' consistent and stable
operating performance and its track record of maintaining
positive free cash flow, stable leverage and solid liquidity
during the last several years.  Fitch would consider a negative
rating action if deterioration in the company's financial profile
occurs, leading to weaker credit metrics resulting from declining
revenues coupled with significant distributed dividends and
increasing vacancy rates that would move the company's capital
structure away from the levels Fitch understands to be compatible
with the rating category assigned.

Stable and Predictable Results:

The ratings incorporate Caparra Hills' stable revenues stream
from its lease portfolio and adequate credit profile of its main
tenants.  The lease revenues are predominately fixed in nature
and also provide for the pass-through of ongoing maintenance and
operating expenses for Caparra Hills' properties, which lowers
business risk.

The company's lease portfolio has an adequate maturity profile
with staggered expirations of 17.2% and 6.7% of its rental income
expiring in the next 12 and 24 months, respectively.  About 10.8%
of Caparra Hills' rental income contracts have expiration dates
over the next 24-48 months, while 66.4% of the portfolio expires
beyond 48 months.

Caparra Hills' revenues structure is mostly based on fixed rent,
which represent about of 60% total revenues, making the company's
revenues very predictable.  The other significant component in
Caparra Hills' revenue structure is tenant reimbursements, which
represent about of 25% of total revenues, covering costs
associated with property management and taxes.

Incorporated in the ratings is the company's tenant concentration
risk. Caparra Hills' five most important anchor tenants are
University of Phoenix, Banco Santander, General Electric Consumer
Fin., United Surety & Indemnity Co, and Kimberly Clark Corp.
These tenants generate annual revenues of about US$6.2 million
and represent approximately 60% of the company's total annual
rent revenues.  Due to challenging operating environment during
the last three years, Caparra Hills' vacancy rates have
deteriorated as it increased from 4% to 8.6% during the last two
years ended in September 2011.

Solid Liquidity Expected to Continue:

Caparra Hills' liquidity position is solid resulting from its
capacity to consistently generate positive cash flow from
operations (CFFO) and its good credit access.  During the last
three years, Caparra Hills' CFFO reached an annual average of
US$3.6 million.  By the end of September 2011, Caparra Hills'
cash position was US$5.7 million. In addition, the company
maintains a debt service reserve fund of approximately US$7
million covering 18 months of debt service. Excluding the reserve
fund, the company's maintains liquidity that represents
approximately 51% of Caparra Hills' LTM revenue (US$11.3 million)
and 4.5 times (x) the company's short-term debt (US$1.3 million)
by the end of September 2011.  In addition, Caparra Hills
maintains US$1 million available in unused committed bank credit
facility.  The ratings incorporate the view that Caparra Hills
will maintain a solid liquidity, with a cash position above 30%
the company's revenue and more than 2x its short-term debt on a
consistent basis.

A Positive Free Cash Flow Business:

The ratings factor in a continued trend in the company's free
cash flow, which has been positive during the last five years.
For the LTM period ended September 2011, FYE June 2010, and FYE
June 2009, Caparra Hills' free cash flow was positive reaching
levels of US$2.3 million; US$2.2 million; and, US$ 2.0 million,
respectively.

Caparra Hills' free cash flow is expected to continue to be
positive during the next following years due to the company's
stable cash flow from operations, low level of capital
expenditures (approximately US$0.3 million per year), and level
of dividends of approximately in the US$0.8 million to US$1.5
million range that Caparra Hills is planning to distribute per
year.  Factored into the ratings is the view that Caparra Hills
does not plan to execute any major investments that could place
additional pressure in its cash flow.

Adequate Leverage, Manageable Debt Schedule A Positive:
By the end of September 2011, Caparra Hills' total debt was
US$59.3 million.  This compares to US$50.7 million by the end of
June 2010.  The increase in the company's total debt reflects the
proceeds the company took to implement the reserve fund of US$7
million during the debt refinancing completed early this year.
By the end of September 2011, Caparra Hills' debt was composed
entirely by US$59.3 million secured bonds.  The company does not
maintain any off-balance debt associated with operating leases
obligations.

Caparra Hills' EBITDA margin was 63% by the end of September
2011, which has been in line with the company's average EBITDA
margin for the last three years (2010-2008) of 62%.  Caparra
Hills' net leverage, as measured by net debt/EBITDA, was 7.6x by
the end of September 2011, higher than the levels of 5.8x at the
end of June 2010. Considering the reserve fund, the company's
adjusted leverage is estimated at 6.6x.

The ratings incorporate the expectation that Caparra Hills' net
leverage will remain stable.  Positively factored into the
ratings is Caparra Hills' manageable debt maturity schedule.  The
company faces debt principal payments of US$1.3 million, US$1.3
million, and US$1.4 million during FY2012, FY2013, and FY2014,
respectively.

Main Credit Concerns:

The ratings are constrained by the negative business environment
and the concentration risk affecting Caparra Hills' operations.
The ratings incorporate the negative business environment
affecting the economy of Puerto Rico, which has been in recession
since the fourth quarter of FY 2006.  Additionally, the ratings
factor the concentration risk in Caparra Hills' operations
related to three contiguous properties, which limits the
company's diversification and growth strategies.  Further,
Caparra Hills' operations are highly dependent from its main
tenants, with five tenants representing approximately 60% of the
company's total revenues.  The concentration risk is counter
balanced by the adequate credit profile of Caparra Hills' main
tenants and the company's good track-record of maintaining
positive FCF and solid liquidity.

Negatively incorporated in the ratings is Caparra Hills' high
dividend payout ratio.  During the last five years, ended in
fiscal 2011, Caparra Hills has distributed more than US$4.6
million in dividends, and the company expects to maintain a
dividend payout ratio of approximately 60% to 80% over its excess
of cash flow for the next years.

Caparra Hills conducts its operations in Puerto Rico, which Fitch
views as a positive in terms of enforceability of the company's
secured debt in the event of default.  The relationship between
the United States and Puerto Rico is referred to as commonwealth
status.  Puerto Rico's constitutional status is that of a
territory of the United States, and, pursuant to the territorial
clause of the U.S. Constitution, the ultimate source of power
over Puerto Rico is the U.S. Congress.


EMPRESAS INTEREX: Hires Cuprill Law Office as Bankr. Counsel
------------------------------------------------------------
Empresas Interex Inc. said it is not sufficiently familiar with
the law to be able to plan and conduct its bankruptcy proceedings
without competent legal counsel.  Accordingly, Empresas Interex
seeks Bankruptcy Court permission to hire as counsel:

          Charles Alfred Cuprill, Esq.
          CHARLES A CURPILL, PSC LAW OFFICE
          356 Calle Fortaleza, Second Floor
          San Juan, PR 00901
          Tel: (787) 977-0515
          E-mail: ccuprill@cuprill.com

The Debtor proposes to pay Charles A. Cuprill-Hernandez, Esq.,
US$350 per hour; senior associates US$225; junior associates
US$150; and paralegals US$85.  The Debtor will also reimburse the
firm for actual necessary expenses.  The Debtor has provided the
firm US$15,000 as retainer.

Mr. Cuprill-Hernandez attests that his firm is a "disinterested
person" as defined in 11 U.S.C. Sec. 101(14).

San Juan, Puerto Rico-based Empresas Interex Inc. filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on
Dec. 7, 2011.  Bankruptcy Judge Mildred Caban Flores presides
over the case.  Empresas Interex scheduled $10,372,712 in assets
and $9,668,801 in debts.  The petition was signed by Hector
Alvarez, president.


EMPRESAS INTEREX: Sec. 341 Creditors' Meeting Set for Jan. 13
-------------------------------------------------------------
The United States Trustee in San Juan, Puerto Rico, will hold a
meeting of creditors in the Chapter 11 case of Empresas Interex
Inc. pursuant to Sec. 341(a) of the Bankruptcy Code on Jan. 13,
2012, at 2:00 p.m. at 341 Meeting Room, Ochoa Building, 500 Tanca
Street, First Floor, San Juan.

Proofs of claim are due April 12, 2012.  Government proofs of
Claim are due by June 9, 2012.

San Juan, Puerto Rico-based Empresas Interex Inc. filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on
Dec. 7, 2011.  Bankruptcy Judge Mildred Caban Flores presides
over the case.  Charles Alfred Cuprill PSC Law Office serves as
the Debtor's counsel.  Empresas Interex scheduled US$10,372,712
in assets and US$9,668,801 in liabilities.  The petition was
signed by Hector Alvarez, president.


MIRAMAR REAL: Court OKs C. Agosto & FVP & Galindez as Auditors
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Miramar Real Estate Management Inc. to employ FPV &
Galindez, CPAs, PSC, and its principal, Marcos A. Claudio Agosto,
as its external auditors and restructuring advisors.

The Debtor asserts that services are required in its
reorganization process in the areas of Plan Development,
Liquidation Analysis, Claims Administration, Feasibility,
Negotiations, Investment, Financing and other matters.

Miramar wishes to retain Mr. Agosto and FPV as its external
auditors and insolvency and restructuring advisors, in the
exercise of their powers and duties, on all financial matters
pertaining to the reorganization in its Chapter 11 proceedings.

FPV has served as external auditors for the Debtor and Debtor's
stockholder since Dec. 31, 2005.

Mr. Agosto assures the Court that his firm is a disinterested
party within the meaning of Sections 101(3) and 327 of the
Bankruptcy Code.

San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case
No. 11-01786) on March 2, 2011.  Fausto D. Godreau Zayas, Esq.,
at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
US$100 million to US$500 million.


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


* TRINIDAD & TOBAGO: To Receive US$130-Million Loan From IDB
------------------------------------------------------------
Trinidad Express reports that Inter-American Development Bank has
approved two loans loan agreements for a total of US$130 million
to Trinidad and Tobago government.

The loans comprise of US$80 million in support of climate change
policy, legislative and institutional reform and US$50 million to
ensure strengthening of the financial sector, according to
Trinidad Express.

The report notes that the Ministry of Finance will be the agency
responsible for the execution of both projects.

The loans are for a 20-year term, with a four-year grace period
respectively, at a variable interest rate, the ministry said in
statement obtained by Trinidad Express.


=============
U R U G U A Y
=============


* URUGUAY: To Get US$80MM IDB Loan to Finance Government Project
----------------------------------------------------------------
The Inter-American Development Bank approved a US$80 million loan
to finance rehabilitation of Uruguay's road network, improve road
safety in the intercity network, and help increase the role of
rail transport in the freight sector.

The Highway Infrastructure Program II aims to support maintenance
and efficient management of Uruguay's transport infrastructure to
meet the urgent needs created by the country's sharp economic
growth in the agriculture and forestry industries.  This growth
has resulted in a significant increase in heavy traffic and
impact on the country's road network.

The IDB loan was extended for a 25-year term with a five-year
grace period and a variable interest rate based on LIBOR.
Counterpart funding totals US$20 million.

                            *     *     *

Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to the Oriental Republic of Uruguay US$2 billion (inflation
indexed) bond (4.375% coupon) maturing in 2028.  The UI bond is
part of liability management transaction to improve the
sovereign's external debt profile.


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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