TCRLA_Public/111223.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 23, 2011, Vol. 12, No. 254

                            Headlines



A R G E N T I N A

BUENOS AIRES: Creditors' Proofs of Debt Due Feb. 6
FECRIMED SRL: Creditors' Proofs of Debt Due Feb. 15
FORMATOS EFICIENTES: Creditors' Proofs of Debt Due March 5
GOLDEN AMERICAS: S&P Affirms 'B-' Corporate Credit Rating


B R A Z I L

CYRELA BRAZIL: Fitch Affirms Issuer Default Rating at 'BB'
HYPERMARCAS SA: Fitch Affirms BB Rating on 2021 Sr. Unsec. Notes
PDG COMPANHIA: Moody's Assigns (P)Ba2 to 15th Series Certificates


C A Y M A N   I S L A N D S

BLACKROCK ABSOLUTE: Shareholders Receive Wind-Up Report
CARPATHIA OFFSHORE: Members Receive Wind-Up Report
CHASE PROPERTIES: Shareholders Receive Wind-Up Report
CORIOLIS MASTER: Shareholders Receive Wind-Up Report
CORIOLIS OFFSHORE: Shareholders Receive Wind-Up Report

FINEST FUNDS: Shareholders Receive Wind-Up Report
INTERNATIONAL FACILITIES: Shareholders Receive Wind-Up Report
IVY GLOBAL: Shareholders' Final Meeting Set for Dec. 23
KUWAIT GATEWAY: Members' Final Meeting Set for Dec. 24
LEEHILL MASTER: Shareholders Receive Wind-Up Report

MARRET HIGH: Shareholders Receive Wind-Up Report
MITALAN INVESTMENTS: Shareholders Receive Wind-Up Report
MOL HOLDINGS: Shareholders Receive Wind-Up Report
NEW WING II: Shareholders Receive Wind-Up Report
PRIMUS MANAGED: Members Receive Wind-Up Report

SAWEMA INVESTMENTS: Shareholders Receive Wind-Up Report
SHARP CAPITAL: Shareholders Receive Wind-Up Report
SRH ECLIPSE: Shareholders Receive Wind-Up Report
THINKTANK GLOBAL: Shareholders Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: CAL says Pilots' Salaries Are Not Late
DIGICEL GROUP: Resumes Long Distance Service Amid Unlawful Claims


M E X I C O

AES ANDRES: S&P Raises Corp. Credit Rating to 'B'; Outlook Stable
DESARROLLADORA HOMEX: S&P Lowers Corporate Credit Rating to 'B+'
EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating
GMAC FINANCIERA: Moody's Reviews B1.mx Rating of Class A-2 Certs.


U R U G U A Y

* URUGUAY: MIF US$6MM Fund to Benefit 500 (MSMEs) Dairy Producers


                            - - - - -


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A R G E N T I N A
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BUENOS AIRES: Creditors' Proofs of Debt Due Feb. 6
--------------------------------------------------
Adolfo Horsmann, the court-appointed trustee for Buenos Aires
Eventos y Congresos SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until Feb. 6, 2012.

Mr. Horsmann will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Adolfo Horsmann
        Acevedo 246
        Argentina


FECRIMED SRL: Creditors' Proofs of Debt Due Feb. 15
---------------------------------------------------
Pablo Arturo Melaragni, the court-appointed trustee for Fecrimed
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 15, 2012.

Mr. Melaragni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Pablo Arturo Melaragni
        Marcelo Torcuato de Alvear 883
        Argentina


FORMATOS EFICIENTES: Creditors' Proofs of Debt Due March 5
----------------------------------------------------------
Estudio Fiorillo, the court-appointed trustee for Formatos
Eficientes SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 5, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 15, 2012.

The Trustee can be reached at:

        Estudio Fiorillo
        Bugueiro y Asociados
        Rodriguez Pena 434


GOLDEN AMERICAS: S&P Affirms 'B-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior secured debt ratings on Cayman Islands-based
special-purpose vehicle (SPV) Golden Americas Ltd. (GA).  The
outlook remains stable.

"We base our ratings on GA on our assessment of the company's
business profile as fair, reflecting the profile of GA's
investment in Colombia-based electric generation company
Termobarranquilla S.A. E.S.P. (TEBSA; not rated)," S&P said.

"The ratings also reflect a highly leveraged financial profile,"
said Standard & Poor's credit analyst Javier Cobas.  "However,
the rated debt at GA also benefits from a debt service reserve
account that is large enough to cover the next two coupon
payments."

"The stable outlook reflects our expectation that GA will be able
to upstream enough cash from GG to service its interest and
principal," S&P said.


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B R A Z I L
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CYRELA BRAZIL: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes' foreign and local currency
Issuer Default Ratings (IDR) at 'BB' and long-term national scale
at 'AA-(bra)'.  Fitch has also affirmed the 'AA-(bra)' national
long-term rating to its fifth debenture issuance, in the amount
of BRL400 million, due in 2015 (1st series of BRL120 million) and
2016 (2nd series of BRL280 million).  The Rating Outlook for
Cyrela's corporate ratings was revised to Negative, from Stable.

The revision of Cyrela's Outlook to Negative, from Stable,
follows the company's loss of profitability and the strong
weakening of operational margins since the last quarter of 2010,
and the consequent negative impact in its credit metrics.
Cyrela's weak operational performance was, in general, higher
than the other companies of the sector, which reported a
reduction in profitability in a lesser degree.  The company's
main challenge in 2012 is the recovery of its EBITDA margins to
levels above 18%, more adequate to the segments that the company
operates and its historical performance.

Fitch understands that in 2012, Cyrela's business will be exposed
to an environment of strong competition and higher cost pressure,
mainly labor and raw material, which further challenges Cyrela's
objectives to recover operational margins and to strengthen
credit metrics to levels compatible with the actual rating
category. Cyrela's ratings are under negative pressure and could
be downgraded if a sustained recovery of its profitability is not
observed during 2012.

Cyrela's ratings are supported by the company's position as one
of the largest developers in Brazil's real estate industry, its
conservative financial strategy sustained by a robust liquidity
position to support its business growth and the well-distributed
corporate debt maturity profile.  The ratings also incorporate
the strength of its franchise and its solid and diversified
landbank. The ratings are limited by the company's moderate
leverage, still negative free cash flow and the exposure of its
business to the cyclicality of the homebuilding industry, which
is highly correlated to the local economy and strongly vulnerable
to an economic slowdown and to restrictions of lines of credit.
The challenges of its business strategy for the low income
segment, which has strong competition and is more exposed to the
cyclicality of the homebuilding industry, were also incorporated.

Cyrela has reported weaker EBITDA margins since the last quarter
of 2010.  In the last 12 months (LTM) ended September 2011,
Cyrela reported an EBITDA margin of 14.8%, compared to 18.5% in
2010 and 23.6% in 2009, and is well below Fitch's initial
expectation.  Sales speed, measured as pre sales/supply, also
reduced to 21% in the third quarter of 2011, from a quarterly
average of 30% in 2010.  The strong business growth, in part due
to Cyrela's strategy to access new markets through partnerships
with local and smaller construction companies, led to a heavy
increase of works developed by partners.  The result of this
strategy proved to be unsatisfactory, mainly due to increased
pressure on labor and raw material prices, factors that were
responsible for the reduction of operational margins.

Cyrela has been implementing several measures to improve
profitability.  However, positive impacts from these initiatives
take some time to reflect in the results, due to the long cycle
of the projects in this sector.  The measures taken by the
company includes the improvement of control over the performance
of projects developed by partners, higher cost control, increased
participation on site management, and a focus on its business in
regions with higher own construction capacity.  If the company
succeeds in its strategy to recover operational margins to levels
historically reported, the Negative Outlook could be revised.

Weaker operational results and higher funding requirements to
support business growth resulted in a significant increase in
leverage in 2011.  The company reported in the LTM ended
September 2011, leverage (measured by total debt/adjusted EBITDA
ratio - including financial expenses allocated in costs), of 5.8
times (x) and, in net debt basis, of 3.6x. These ratios are weak
to support Cyrela's ratings in the medium term, and compare
negatively with 3.9x and 2.6x, respectively, at the end of 2010,
and 2.8x and 1.1x at the end of 2009.  Cyrela faces the challenge
of recovering its EBITDA generation to reduce net leverage to
more conservative levels, of about 2.5x, by the end of 2012.

Cyrela's robust liquidity combined with its lengthened corporate
debt maturity profile, strengthens the company's credit measures.
As of Sept. 30, 2011, Cyrela reported cash and marketable
securities of BRL1.8 billion and total debt of BRL4.7 billion,
with BRL2.1 billion due up to the end of 2012 and BRL837 million
in 2013.  Out of debt maturities up to December 2012, BRL1.6
billion are related to loans from the Housing Financial System
(SFH), that are guaranteed by specific receivables from units
sold and under construction, and are paid upon the delivery of
the units and the receivables, transferred.  Out of total debt,
about BRL2.6 billion, or 56%, is represented by SFH loans.  The
company's total debt has substantially increased in the last few
years but is not expected to significantly increase in 2012.
Despite this growth, Cyrela has efficiently managed an adequate
debt profile supported by an amortization schedule compatible
with its activities, and in great part by credit lines from SFH.

Cyrela's strong cash and marketable securities resulted in
cash/short-term debt ratio of 1.2x and funds from operations
(FFO) + cash/short-term debt ratio of 1.9x.  The company also
benefits from the potential liquidity supported by BRL1.3 billion
of receivables from completed and sold units not linked to debt
and about BRL3.0 billion of receivables that will mature between
the last quarter of 2011 and 2012, net of costs to be incurred.
The company's conservative financial strategy to preserve
relevant liquidity and its low corporate debt maturing in the
next two years is positive and should allow Cyrela to manage the
expected project launches, between BRL8.7 billion and BRL9.8
billion in 2012.

Cash Flow from Operations Should be Positive in 2012:
Cyrela reported strong funds from operations (FFO), above BRL1
billion in an annual basis since 2007.  In the LTM ended
September 2011, FFO was BRL1,138 million and, despite high
working capital requirements, cash flow from operations (CFO) was
slightly positive, BRL21 million.  These numbers compare with FFO
of BRL1,130 million and negative CFO of BRL794 million in 2010.
Negative free cash flow of BRL262 million reflects the still
limited CFO, investments of BRL140 million and dividends of
BRL143 million.  CFO could remain positive in 2012, supported by
strong receivables expected to be received during the year.

Leading Position in the Brazilian Homebuilding Sector:
Cyrela is one of the largest developer in Brazil's real estate
industry, supported by the strength of its franchise, and its
solid and diversified land bank.  As of Sept. 30, 2011, Cyrela
had BRL39.8 billion in potential sales value (PSV) of its own
landbank, of which about 78% was acquired through swap contracts.
The company's landbank is strategically well positioned to
support the growth of operations in the low- to medium-income
segments.

Cyrela should continue to benefit from the favorable business
environment of the Brazilian homebuilding sector.  The improved
fundamentals of the economy led to income per capita growth and
low unemployment rates, as well as more flexible financial
conditions to customers.  The sector should also benefit, in
2012, from the continued government support and adequate access
to debt and capital markets.  Fitch expects Cyrela's
participation in the Brazilian homebuilding market to remain
strong, backed by the company's liquidity position, good access
to credit, large scale of its operations and experienced
management team.

Cyrela's ratings could be negatively affected if the company's
operational margins and profitability do not recover to levels
historically reported or leverage is not materially reduced in
2012.  Other factors like a significant reduction in the
company's liquidity position, a more concentrated corporate debt
maturity profile or a more unstable macroeconomic environment,
could impact the company and the homebuilding sector's
fundamentals and result in a downgrade.


HYPERMARCAS SA: Fitch Affirms BB Rating on 2021 Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Hypermarcas
S.A.:

  -- Long-term foreign currency Issuer Default Rating at 'BB';
  -- Long-term local currency IDR at 'BB';
  -- Long-term national scale rating at 'A+(bra)';
  -- Senior unsecured notes due in 2021 at 'BB';
  -- Third debentures issuance at 'A+(bra)'.

The Rating Outlook was revised to Negative.

The Outlook revision reflects Fitch's concerns about Hypermarcas'
ability to recover its EBITDA generation and to deleverage during
2012.  The ratings are currently under pressure due to the
company's weak operating results, high leverage levels, and
execution risks related to the integration of several past
acquisitions.  The company's ability to restore sales and improve
profitability and EBITDA generation during 2012 will be key to
avoiding rating downgrade.

The 'BB' and 'A+(bra)' ratings reflect Hypermarcas' leading
position in the competitive Brazilian consumer products sector,
the strength of its brands, the diversification of its product
mix, and the resilience of the pharmaceutical and personal care
industries to economic conditions.  Hypermarcas' management's
commitment to maintain a strong liquidity position is key to
sustaining the ratings in the short term.  The strategy of
selling non-complementary businesses combined with the decision
to slow its aggressive growth plans via acquisitions are viewed
positively and are further incorporated into the ratings.

Strong Business Position, Diversified Product Portfolio:

Hypermarcas has one of the largest and most diversified consumer
products brand portfolios in Brazil, with focus on the
pharmaceutical, beauty and personal care segments.  The
significant expansion of Hypermarcas operations and product
portfolio in recent years reflects its aggressive expansion
profile via acquisitions. Since 2007, Hypermarcas carried out 23
acquisitions, which totaled around BRL8.1 billion.  The company'
business strategy is to capture synergies through the integration
of acquired operations into a single cost platform in terms of
packing, distribution, advertising and marketing.

2011 Financial Results Pressured Credit Quality:

Changes in the commercial strategy and many integration fronts
have deteriorated Hypermarcas' operating cash flow generation,
measured by EBITDA, during the past year.  The company has
implemented new commercial policies seeking to balance sell in
and sell out sales levels.  Hypermarcas has reduced financial
terms with wholesalers, which have resulted in a destocking
process in the distribution chain and a reduction in sales.
Since the major part of the destocking process occurred in the
high-value pharma products, it also pressured the company sales
mix and cost structure.  At the same time, operating margins were
further pressured by increased sales expenses due to the
integration of sales forces and restructuring efforts.  Going
forward, the company has the challenge of recovering sales, while
getting synergies from past acquisitions.

Challenge to Generate Free Cash Flow to Support Deleverage

During the last 12 months (LTM) ended on Sept. 30, 2011
Hypermarcas' adjusted EBITDA was BRL794 million, which compares
to a pro forma EBITDA of BRL920 million during 2010, considering
12 month results for past acquisitions.  EBITDA margins for the
period were 22% and 25%, respectively.  During the LTM,
Hypermarcas recorded negative free cash flow of BRL26 million as
a result of higher capex for expansion (BRL180 million) and
dividends (BRL87 million).  The company's risk of breeching a
debt covenant is low until December 2012.

High Leverage

Hypermarcas' leverage is high and is not consistent with its
current ratings in the medium term.  The recent announcement of
the divestiture of its home and food assets (BRL445 million)
enhances Hypermarcas' cash position, but it is not sufficient to
materially change its currently high financial leverage.  On a
pro forma basis, Hypermarcas net leverage ratio, measured by net
debt/EBITDA, would reduce to 3.5 times (x) from the 4.1x reported
during the LTM.  Fitch expects some pressure on Hypermarcas'
fourth quarter 2011 (4Q'11) EBITDA, which should result in net
leverage ending 2011 at about 3.8x.

Strong Liquidity is Key

Fitch views Hypermarcas' refinancing risk as manageable at this
time. As of Sept. 30, 2011, the company's cash position of BRL2.5
billion was sufficient to support debt amortization through the
end of 2013 (BRL2.1 billion).  Hypermarcas' total debt grew to
BRL5.8 billion in 2011 from BRL 4.2 billion in 2010.  Its debt
was mainly comprised by local debentures (BRL2.6 billion or 45%
of total debt), international bonds (BRL1.4 billion or 24%) and
seller financing (BRL1.1 billion or 20%).

Rating downgrades would likely to be driven by the company's
inability to recover its operating cash flow generation and to
effectively sustain a deleverage process and/or deterioration in
its liquidity position.


PDG COMPANHIA: Moody's Assigns (P)Ba2 to 15th Series Certificates
-----------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)
Aa3.br (Brazilian National Scale) and of (P) Ba2 (Global Scale,
Local Currency) to the 15th series of the first issuance of real
estate certificates issued by PDG Companhia Securitizadora.

ISSUER: PDG Companhia Securitizadora

  15th Series/1st issuance: Up to BRL 250,000,000 certificates
  rated (P) Ba2/(P) Aa3.br

Ratings Rationale

The real estate certificates (certificates or CRI) are backed by
a cedula de credito imobiliario (CCI) that represents a cedula de
credito bancario (CCB or Bank Loan) issued by PDG Realty
Empreendimentos e Participacoes S.A. (PDG Realty), currently the
largest real estate developer in Brazil in terms of revenues,
contracted sales and potential sales value.  PDG Realty is
currently rated Ba2/Aa3.br (Corporate Family Rating) by Moody's.
The corporate ratings of the CCB are also Ba2/Aa3.br and underpin
the provisional (P) Ba2/(P) Aa3.br ratings assigned to the CRI.

The provisional ratings of the CRI are based on the following
factors:

-- Moody's views the CRI as full pass-through securities of the
   obligations and guarantees of the underlying CCB. The
   structure envisages the full payment of all cash flows payable
   by PDG Realty under the CCB in order to meet the identical
   pass-through payments under the CRI;

-- The willingness and ability of PDG Realty, with its corporate
   family rating of Aa3.br/Ba2, to meet the timely payments under
   the CCB.  The ratings of the CRI are aligned with the ratings
   of the underlying CCB issued by PDG Realty, also at
   Aa3.br/Ba2.  Any future rating changes on the underlying CCB
   will lead to a lockstep change of the rating assigned to the
   CRI;

-- The CRIs benefit from the fiduciary regime over the segregated
   assets linked to the issuance of the CRI, including the CCI
   (regime fiduciario); and

-- Other legal and structural features including events of early
   redemption on the CCB that correspondingly accelerate the
   obligation to pay under the CRI.

The certificates, issued by PDG Companhia Securitizadora, have a
five-year tenor from closing and will pay investors semi-annual
interest payments with full principal amortization at maturity.
The interest rate will be floating at 110% of DI Rate, the
Brazilian interbank deposit rate, and with daily accrual.

The key steps to the transaction are:

1. PDG Realty, through direct or indirectly controlled
   subsidiaries, will undertake residential real estate projects
   in urban locations (the real estate projects);

2. PDG Realty enters into a bank loan with Banco do Brasil S.A.,
   whereby PDG Realty issues a CCB representing the real estate
   financing received and destined exclusively for the
   acquisition of property, financing of construction and other
   expenses related to the real estate projects described in the
   transaction documents.  PDG Realty may include or substitute
   the real estate projects from time to time provided that the
   new real estate projects fall within the eligibility criteria
   described in the transaction documents;

3. The Bank Loan is guaranteed (Cessao Fiduciaria) by (i) credit
   rights derived from the future sale of residential units of
   the real estate projects and (ii) cash deposits made by buyers
   of the real estate units, as well as cash deposits made PDG
   Realty and/or the special purpose entities that have titles to
   each respective real estate project. Moody's notes that no
   credit is being attributed to these additional guarantees in
   rating the transaction;

4. Banco do Brasil S.A. sells the CCB together with its
   guarantees (Cessao Fiduciaria) to PDG Securitizadora;

5. PDG Securitizadora issues a Cedula de Credito Imobiliario, or
   CCI, backed by the CCB. The CCB represents the totality of the
   real estate credits derived from the real estate financing
   amount, including principal, interest owed by PDG Realty,
   including the guarantees (Cessao Fiduciaria) described in 3,
   as well as the right to receive fees and penalties described
   in the CCB;

6. The Issuer issues the CRI being the only and legal title
   holder to the CCI, as documented under the Termo de
   Securitizacao (CRI Indenture).  The CRI are issued and backed
   by the CCI under a fiduciary regime;

7. The CRI are placed with investors;

8. The proceeds from CRI issuance are transferred by the Issuer
   to Banco do Brasil S.A. in exchange for the assignment of the
   CCB; and

9. The repayment of the real estate credits derived from the real
   estate financing amount will be made by PDG Realty on a
   segregate bank account the proceeds of which will be used to
   amortize the CRI.  Ensuing payments to the holders of the CRI
   will be made by PDG Securitizadora via Cetip or BMF&Bovespa
   (clearing houses), as applicable.

The events of early redemption of the CCB as defined in the
respective documentation are considered early redemption events
of the CRI.  Upon the occurrence of such an event, the fiduciary
agent may declare due and payable all obligations under the terms
of the CRI and will demand immediate payment by the PDG
Securitizadora of the CRI outstanding balance.  The key early
redemption events of the CCB are:

- judicial or extra-judicial request, or filing, by PDG Realty
   for bankruptcy and/or request, or filing, by third parties, of
   insolvency of PDG Realty;

- change of control or corporate reorganization of PDG Realty;

- downgrade of PDG Realty below single A, or equivalent, by the
   principal rating agencies;

- in case the credit rights assigned to the creditor of the CCB
   are sold, alienated, transferred, pledged, seized or in way
   impaired or negotiated.

Headquartered in Rio de Janeiro, Brazil, and founded in 2003, PDG
Realty is the largest real estate developer in Brazil in terms of
revenues, contracted sales and potential sales value.  It
operates through its wholly owned subsidiaries, Goldfarb, CHL,
and Agre or through minority investments in other companies.  PDG
Realty operates in 17 states and in over 100 cities across
Brazil.

PDG Realty holds a near 100% stake in PDG Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2009.  PDG Securitizadora has issued approximately BRL 1.9
billion of CRI to date.


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C A Y M A N   I S L A N D S
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BLACKROCK ABSOLUTE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Blackrock Absolute Return Partners (Offshore)
Ltd. received on Dec. 22, 2011, 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


CARPATHIA OFFSHORE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Carpathia Offshore Ltd. received on Dec. 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Bernard McGrath
        69 Dr. Roy's Drive
        PO Box 1043, George Town
        Grand Cayman KY1-1102
        Cayman Islands


CHASE PROPERTIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Chase Properties Limited received on Dec. 15,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Eagle Holdings Ltd.
        c/o Barclays Private Bank & Trust (Cayman) Limited
        FirstCaribbean House, 4th Floor
        P.O. Box 487 Grand Cayman KY1-1106
        Cayman Islands


CORIOLIS MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Coriolis Master Fund, Ltd. received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CORIOLIS OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Coriolis Offshore Fund, Ltd. received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FINEST FUNDS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Finest Funds Asset Management Ltd. received
on Dec. 21, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


INTERNATIONAL FACILITIES: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of International Facilities Holding Limited
received on Dec. 12, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Linburgh Martin
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KYI-1102
        Cayman Islands


IVY GLOBAL: Shareholders' Final Meeting Set for Dec. 23
-------------------------------------------------------
The shareholders of Ivy Global Equity Opportunities Fund II, Ltd
will hold their final meeting on Dec. 23, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

        Peter Anderson
        Graham Robinson
        RHSW (Cayman) Limited at Windward 1
        Regatta Office Park, West Bay Road
        Grand Cayman KY1-1103
        Cayman Islands
        c/o Barnaby Gowrie
        e-mail: Barnaby.gowre@walkersglobal.com
        Telephone: +1 345 9146365
        Walkers, 87 Mary Street, George Town
        Grand Cayman KY1-9001
        Cayman Islands


KUWAIT GATEWAY: Members' Final Meeting Set for Dec. 24
------------------------------------------------------
The members of Kuwait Gateway Fund Ltd. will hold their final
meeting on Dec. 24, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Ghassan Hitti
        c/o Alan G. de Saram
        Telephone: 949-4544
        Facsimile: 949-8460
        Charles Adams Ritchie & Duckworth
        Zephyr House
        122 Mary Street
        P.O. Box 709 Grand Cayman KY1-1107
        Cayman Islands


LEEHILL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Leehill Master Fund Ltd. received on Dec. 22,
2011, 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


MARRET HIGH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Marret High Grade Hedge Limited received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MITALAN INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Mitalan Investments, Ltd. received on Dec.
22, 2011, 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


MOL HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Mol Holdings Limited received on Dec. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NEW WING II: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of New Wing II Company received on Dec. 22,
2011, 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


PRIMUS MANAGED: Members Receive Wind-Up Report
----------------------------------------------
The members of Primus Managed Prisms 2004-1 Ltd. received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Bernard McGrath
        69 Dr. Roy's Drive
        PO Box 1043, George Town
        Grand Cayman KY1-1102
        Cayman Islands


SAWEMA INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sawema Investments Limited received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Andrea Aegerter
        Telephone: +41 22 319 01 76
        Facsimile: +41 22 319 01 02
        Coutts & Co Trustees (Switzerland) Ltd
        13 Qaui de l'Ile
        P.O. Box 5511
        1211 Geneva 11


SHARP CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sharp Capital Progressive Fund received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SRH ECLIPSE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of SRH Eclipse Inc. received on Dec. 22, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Graham Robinson
        c/o Omar Grant
        Telephone: (345) 949-7576
        Facsimile: (345) 949-8295
        P.O. Box 897 Windward 1
        Regatta Office Park
        Grand Cayman KY1-1103
        Cayman Islands


THINKTANK GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Thinktank Global Fund received on Dec. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Zhou Chao
        Flat A, 10/F, Block 27
        Parc Oasis, Tat Chee Ave
        Kowloon Tong
        Hong Kong


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


AIR JAMAICA: CAL says Pilots' Salaries Are Not Late
---------------------------------------------------
RJR News reports that Caribbean Airlines Limited, in response to
claims from pilots that their salaries for December are late, has
indicated that this is not the case.

The airline said the scheduled payday for pilots is December 25,
but since that date falls on a Sunday, payroll processing will be
executed on Friday, and not Monday.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2011, RJR News said that the Jamaica Airline Pilots
Association (JALPA) said its members are yet to be paid salaries
due Dec. 19.  JALPA says the salaries are late, and up to 4:00
p.m., no reason had come from Caribbean Airlines for the late
payment, according to RJR News.  The report related that the
pilots said this is not the first time that salaries have been
late with no communication from the airline.  The report said
that the late payment comes just days after the pilots threatened
strike action to force the company to come to the bargaining
table to sort out a salary increase among other matters.  RJR
News disclosed that that strike action was however thwarted by an
Industrial Disputes Tribunal ruling that the work should continue
while the negotiations between the airline and the pilots are to
take place at the end of January.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.  According to
a TCR-LA report on June 29, 2009, RadioJamaica News said the
Jamaican government indicated it will name a buyer for cash-
strapped Air Jamaica.  RadioJamaica related the airline has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill.  In addition, RadioJamaica said,
Air Jamaica currently has over US$600 million in loans
outstanding.


DIGICEL GROUP: Resumes Long Distance Service Amid Unlawful Claims
-----------------------------------------------------------------
The Royal Gazette reports that Digicel Group Limited has resumed
its controversial long distance service, despite Bermuda
government's claims that it was unlawful.

"Digicel and Transact shall immediately recommence the marketing,
promotion and sales of its international long distance over VoIP
offerings to all consumers in Bermuda effective Dec. 21 . . . .
This follows the decision of the Supreme Court of Bermuda Chief
Justice to discharged Digicel and Transact from all undertakings
provided to the court in respect of the long distance services
being offered by Digicel and Transact. . . .  This decision paved
the way for Digicel to recommence offering international long
distance through VoIP.  Digicel had previously launched this
service, but was compelled to suspend promotion and marketing on
October 27.  This suspension of service has now ended," the
company related in a statement obtained by the news agency.

The statement continued: "Digicel and Transact's ISP services
were unaffected by the court proceedings and shall continue to be
offered to the public without impediment. The court proceedings
concerned solely the provision of ILD."

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2011, Caribbean360.com said that the Digicel Group is
bracing for the financial fallout from Bermuda Supreme Court's
decision to cease the company's internet-based long-distance
service.  The report recalled that the turf war between Digicel
Group and other major telecommunications providers on island took
a legal twist when TeleBermuda International launched proceedings
against Digicel Group to stop it offering its new long distance
service.  Caribbean360.com disclosed that the other telecoms
accused Digicel Group of by-passing Bermuda government's
liberalization agenda and complained that Digicel Group was being
given an unfair head start in terms of positioning itself ahead
of its rivals before the expected liberalization of the industry,
which is expected to begin this month when the necessary
legislative package of telecommunications regulatory reform is
tabled by government.  Initially it seemed that the case would be
decided in Digicel's Group favour when Judge Kawaley ruled after
hearing the first day of legal arguments that Digicel Group was
legally entitled to market the service under its brand unless the
government mounted any objection to the contrary within seven
days, the report noted.  However, Caribbean360.com related that
days later the Attorney General's office in Bermuda pointed out
that Digicel Group had a Class B Telecommunications License,
authorizing it to provide wireless voice services; Transact, with
a Class C Telecommunications License, was authorized to provide
Internet services; but following its recent acquisition of
Transact, Digicel Group had blurred the lines by beginning the
process of providing long distance service.

                         About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.

Digicel is incorporated in Bermuda based in Jamaica.  It has=
operations in 31 markets worldwide.  Its Caribbean and Central
American markets comprise Anguilla, Antigua & Barbuda, Aruba
Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos.  The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.

                           *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


AES ANDRES: S&P Raises Corp. Credit Rating to 'B'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
Dominican Republic-based special purpose financing entity AES
Andres Dominicana to 'B' from 'B-'.  The outlook is stable.

The upgrade reflects the company's improved financial profile due
to its development of its natural-gas marketing business,
diversification of its customer base, and the government's
ongoing commitment to provide support to the electricity sector
through subsidies and structural reforms that contribute to the
sector's growth prospects.  However, despite the gradual
improvements in the institutional and regulatory frameworks, the
rating reflects the continuing challenges of operating in the
Dominican Republic's electric sector, whose distribution segment
is highly reliant on government subsidies for its long-term
operational and financial sustainability.


DESARROLLADORA HOMEX: S&P Lowers Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on Mexico-based homebuilder
Desarrolladora Homex S.A.B. de C.V. to 'B+' from 'BB-'.

"At the same time, we removed the ratings from CreditWatch, where
we had placed them with negative implications on July 5, 2011.
The outlook is stable," S&P said.

"The rating action reflects our perception of an increase in
Homex's risk tolerance," said Standard & Poor's credit analyst
Laura Martínez.

Homex's performance has been below our expectations, on greater
leverage, negative free operating cash flow (FOCF), higher short-
term debt, and tight covenant headroom.  The deterioration
resulted from the company's significant investments in working
capital to sustain its growth targets, and the effect of foreign-
exchange volatility on its balance sheet.

"We believe that the company's FOCF will remain negative in the
coming two years, and that it will continue to require external
financing," S&P said.

"The stable outlook reflects our expectation that Homex will keep
its adjusted debt leverage below 4.0x despite significant
expected investments in working capital that may require
additional external funding," S&P said.


EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Dominican Republic-based electricity generation company Empresa
Generadora de Electricidad Itabo S.A. (Itabo) to stable from
negative.  "At the same time, we affirmed the 'B-' ratings on the
company," S&P said.

"The 'B-' rating incorporates our opinion that there is a low
likelihood of timely and sufficient extraordinary support from
the Dominican Republic (B+/Stable/B) to Itabo in the event of
financial distress.  In accordance with our criteria for
government-related entities (GREs), our view is based on our
assessment of Itabo's limited importance for the Dominican
government's key economic and political objectives and its
minority ownership of the company with no effective control
rights.  The AES Corp.'s (BB-/Stable/--) subsidiaries own 50% of
the company, the Dominican government 49.97%, and former state
employees 0.03%," S&P said.


GMAC FINANCIERA: Moody's Reviews B1.mx Rating of Class A-2 Certs.
-----------------------------------------------------------------
Moody's de Mexico has placed on review for possible downgrade the
ratings of three certificates from residential mortgage backed
securitizations (RMBS) issued by GMAC Financiera S.A. de C.V.,
Sociedad Financiera de Objeto Multiple, Entidad No Regulada and
Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto
Multiple E.N.R.

The complete rating action is:

Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
        Multiple, acting solely as trustee

   BRHCCB 07-2U Class A-2, ratings of B1.mx (sf) (National Scale)
   and B3 (sf) (Global Scale, Local Currency) placed on review
   for possible downgrade.

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
        Financiero HSBC, Division Fiduciaria, acting solely as
        trustee

   MXMACFW 07-5U Class A, ratings of B1.mx (sf) (National Scale)
   and B3 (sf) (Global Scale, Local Currency) placed on review
   for possible downgrade.

   MXMACFW 07-3U Class A, ratings of B1.mx (sf) (National Scale)
   and B3 (sf) (Global Scale, Local Currency) placed on review
   for possible downgrade.

Ratings Rationale

The affected certificates benefit from a financial guaranty
insurance policy issued by MBIA Insurance Corporation (MBIA) or
MBIA Mexico S.A. de C.V. (MBIA Mexico) that covers timely
interest payment and ultimate principal payment by the legal
final maturity date of the certificates.  On Dec. 19, 2011,
Moody's placed on review for possible downgrade MBIA and MBIA
Mexico's insurance financial strength rating of B3 and MBIA
Mexico's national scale insurance financial strength rating of
B1.mx.

The current ratings on the certificates are consistent with
Moody's practice of rating insured securities at the higher of
(1) the guarantor's insurance financial strength rating and (2)
the underlying ratings, based on Moody's modified approach to
rating structured finance securities wrapped by financial
guarantors. Since MBIA's and MBIA Mexico's financial strength
ratings are higher than the affected certificates' underlying
ratings, the certificates' ratings of Ba1.mx (sf) and B3 (sf) on
review for possible downgrade are in line with MBIA's and MBIA
Mexico's current ratings.

As part of evaluating the current security ratings, Moody's also
reviewed the underlying ratings.  The underlying ratings reflect
the intrinsic credit quality of the certificates in the absence
of the guarantee.  Moody's current underlying ratings for the
affected certificates are as follows:

-- BRHCCB 07-2U Class A-2 Certificates: Caa2.mx (sf), Caa2 (sf),

-- MXMACFW 07-5U Class A: Caa3.mx (sf), Caa3 (sf),

-- MXMACFW07-3U Class A: Caa1.mx (sf), Caa1 (sf).

Regarding the variability of the ratings, any downgrades in MBIA
or MBIA Mexico's insurance financial strength rating of B3 would
result in at least a one notch downgrade in the ratings of the
affected certificates.  The primary source of assumption
uncertainty is related to MBIA and MBIA Mexico's insurance
financial strength ratings.  With respect to the underlying
ratings, the primary sources of assumption uncertainty are
related to the macroeconomic environment, the timing of recovery
of the Mexican economy and labor market, and the severity of loss
assumption given the limited market data related to historical
recoveries for REOs.


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


* URUGUAY: MIF US$6MM Fund to Benefit 500 (MSMEs) Dairy Producers
-----------------------------------------------------------------
The Multilateral Investment Fund, in partnership with the
Cooperativa Nacional de Productores de Leche, is launching a
US$6 million project to help expand access to clean and efficient
energy for small and medium-sized dairy farmers in Uruguay.

Working alongside dairy producers, government agencies and the
industry, the project will support measures to improve energy
efficiency in farms by combining technical assistance with
financing to access energy saving technologies.  The project will
help increase the competitiveness of an industry whose energy
consumption accounts for 18% of the total energy consumed by the
Uruguayan agricultural sector.

The project will develop at least four types of energy efficiency
solutions to be offered to farmers as well as financing
alternatives for participants to implement such solutions.  The
project is expected to benefit as many as 500 milk producers from
Uruguay's dairy belt by allowing them to increase efficiency in
milk collection and adopt at least one energy efficiency measure
and/or incorporate renewable energy into their production
systems.

By empowering rural milk producers in Uruguay and helping expand
access to finance and cleaner energy, the MIF honors its
commitment to the peoples of Latin America and the Caribbean to
considerably improve their lives.

                About the Multilateral Investment Fund

Established in 1993, as part of the Inter-American Development
Bank Group, the Multilateral Investment Fund was created to
develop effective approaches to support economic growth and
poverty reduction through private sector-led development in
support of micro, small and medium enterprises benefitting the
poor, their businesses, their farms, and their households.

                         *     *     *

As of Dec. 23, 2011, the country continues to carry Standard and
Poor's "BB+" local currency long-term debt rating and "B" short-
term debt ratings.

                            ***********


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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