TCRLA_Public/111228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Wednesday, December 28, 2011, Vol. 12, No. 257

                            Headlines



A R G E N T I N A

AGREPEZ SA: Creditors' Proofs of Debt Due March 1
ALMIRON VILLALBA: Creditors' Proofs of Debt Due March 3
CLIMEDICA SRL: Creditors' Proofs of Debt Due Feb. 21
FIDEICOMISO FINANCIERO: Moody's Puts B2 Rating on Debt Securities
INDUSTRIAS METALURGICAS: Creditors' Proofs of Debt Due Feb. 16

* ARGENTINA: Moody's Keeps 'B3' Long-term Issuer Ratings


B E L I Z E

* BELIZE: Moody's Maintains 'B3' Currency Ratings


B E R M U D A

DIGICEL GROUP: TBI Tries To Block Long Distance Service
ENERGY XXI: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive


B R A Z I L

AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
BANCO SOFISA: Moody's Assigns 'D' Bank Financial Strength Rating


C A Y M A N   I S L A N D S

AIO-AC LTD: Shareholders Receive Wind-Up Report
BUS 529: Shareholders Receive Wind-Up Report
CLP IT SOLUTIONS: Shareholders Receive Wind-Up Report
ERMITAGE LEVERAGED: Shareholders Receive Wind-Up Report
FEDERATED CBO: Shareholders Receive Wind-Up Report

GLG MMI: Shareholder Receives Wind-Up Report
GLG MMI: Shareholder Receives Wind-Up Report
JLA HOLDINGS: Shareholder Receives Wind-Up Report
OFFSHORE SERVICES: Shareholders Receive Wind-Up Report
PROGRESS FUNDING: Shareholders Receive Wind-Up Report

RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report
RS VENTURES: Shareholder Receives Wind-Up Report
SEACOAST SAND: Shareholder Receives Wind-Up Report
SIGNUM FUCHSIA: Shareholders Receive Wind-Up Report
SIGNUM OPAL: Shareholders Receive Wind-Up Report


C U B A

CUBA: Moody's Assigns 'Caa1' Long-term Issuer Rating


D O M I N I C A N  R E P U B L I C

EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating


G U A T E M A L A

GUATEMALA: Moody's Gives 'Ba1' Long-term Issuer Ratings


J A M A I C A

JAMAICA: Moody's Assigns 'B3' Long-term Issuer Ratings


M E X I C O

COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corp. Credit Rating


V E N E Z U E L A

CRYSTALLEX INT'L: Gets Additional Time To Pursue Arbitration


                            - - - - -


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


AGREPEZ SA: Creditors' Proofs of Debt Due March 1
-------------------------------------------------
Luis Miguel Riccardini, the court-appointed trustee for Agrepez
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 1, 2012.

Mr. Riccardini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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:

        Luis Miguel Riccardini
        Bartolome Mitre 1371
        Argentina


ALMIRON VILLALBA: Creditors' Proofs of Debt Due March 3
-------------------------------------------------------
Marta Ester Acuna, the court-appointed trustee for Almiron,
Villalba y Cia. SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 3, 2012.

Ms. Acuna will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk No.
10, 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:

        Marta Ester Acuna
        Combate de los Pozos 129
        Argentina


CLIMEDICA SRL: Creditors' Proofs of Debt Due Feb. 21
----------------------------------------------------
Mario Jasatzky, the court-appointed trustee for Climedica SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 21, 2012.

Mr. Jasatzky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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:

        Mario Jasatzky
        Cerrito 228
        Argentina


FIDEICOMISO FINANCIERO: Moody's Puts B2 Rating on Debt Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Secupyme XXXVI.

Ratings Rationale

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange are guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina. Garantizar has a local currency
national scale rating of Aa3.ar and a global local currency
rating of B2.

The rating assigned to this transaction is primarily based on the
rating of Garantizar. Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction. The rating addresses the payment of interest
and principal on or before the legal final maturity date of the
securities.

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in Argentine pesos. The rated
securities will bear a 5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar S.G.R. The
bills of exchange will have the same interest rate as the rated
securities. The promise to investors is to receive the payment of
interest and principal by the legal final maturity of the
transaction.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account. As a result, the dollar is used as a
currency of reference and not as a mean of payment. For that
reason, the transaction is considered to be denominated in local
currency.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to make
payment under the bills of exchange. Garantizar, in turn, will
have five days to make this payment into the trust account. Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which
the funds are initially deposited by either Garantizar, the
exporter, or the individual producers into the Trust account.

The designated Trustee in this transaction is Banco de Valores
S.A., rated by Moody's TQ1.ar.


INDUSTRIAS METALURGICAS: Creditors' Proofs of Debt Due Feb. 16
--------------------------------------------------------------
Susana Fernandez, the court-appointed trustee for Industrias
Metalurgicas Suarez SA's bankruptcy proceedings, will be
verifying
creditors' proofs of claim until Feb. 16, 2012.

Ms. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

        Susana Fernandez
        Florida 520


* ARGENTINA: Moody's Keeps 'B3' Long-term Issuer Ratings
--------------------------------------------------------
Moody's Investors Service issued a release representing its
summary credit opinion on Argentina, and which includes certain
regulatory disclosures regarding its ratings. The release does
not constitute any change in Moody's ratings or rating rationale
for Argentina.

Moody's maintains these ratings on Argentina and its affiliates:

Long Term Issuer (domestic and foreign currency) ratings of B3

Senior Unsecured (foreign currency) ratings of B3/Ca

Senior Unsecured MTN Program (foreign currency) ratings of (P)Ca

Senior Unsecured Shelf (foreign currency) ratings of (P)B3/(P)Ca

Other Short Term ratings of NP

Other Short Term (domestic currency) ratings of NP

Other Short Term (foreign currency) ratings of (P)NP

Ratings Rationale

Argentina's B3 ratings balance the country's economic development
and improved debt metrics with continuing concerns about the
country's policy mix and political volatility. Argentina's GDP
per capita is more than twice the median of B-rated sovereigns,
and its economy larger and more diversified than its peer group.
The debt burden is similar to rating peers and has been trending
downwards for several years. Moody's estimates that the debt-to-
revenues ratio will be under 190 this year, falling from 346 in
2006.

Institutional strength concerns remain the key ratings constraint
for Argentina. The impact of politics in Argentina's ratings
affects the government's ability to pay through a combination of
unsustainable macro and micro policies and a highly contentious
political process. Politics also have an impact on Moody's
assessment of willingness to pay, as evidenced by the
authorities' decision to underreport inflation when 23% of
government debt is indexed to inflation. Continued Paris Club
arrears, and the inability to resolve this, also weigh on the
rating.

Rating Outlook

Moody's views countries in the B category as susceptible to high
default risk -- even from just a single, major shock -- because
of substantial political, economic, and/or fiscal weaknesses.
Argentina clearly belongs in this category.

Absent prospects of an imminent default, which would push the
ratings lower, Argentina's ratings are appropriately positioned
at the low end of the B category reflecting a balance between
improved debt metrics and a questionable policy environment.

What Could Change the Rating Up

Reduced policy concerns and/or continued improvement in the
external and debt metrics could result in a ratings upgrade.

What Could Change the Rating Down

A large and sustained deterioration of commodity prices; failure
to make fiscal adjustments that could translate into a serious
erosion of market confidence, liquidity and public finances.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


===========
B E L I Z E
===========


* BELIZE: Moody's Maintains 'B3' Currency Ratings
-------------------------------------------------
Moody's Investors Service issued a release representing its
summary credit opinion on Belize, and which includes certain
regulatory disclosures regarding its ratings. The release does
not constitute any change in Moody's ratings or rating rationale
for Belize.

Moody's maintains these ratings on Belize:

Long Term Issuer (domestic and foreign currency) ratings of B3

Senior Unsecured (domestic and foreign currency) ratings of B3

Ratings Rationale

Belize's B3 government bond ratings reflect the government's
high debt burden and weak public finances, relatively weak
institutions, and an economy that remains highly vulnerable to
natural disasters and external shocks. The government
restructured part of its debt in 2007 but the debt-to-revenues
ratio and other debt metrics remain higher than most rating peers
and a key ratings constraint. Institutional concerns have
surfaced most recently in the aftermath of a controversial
nationalization of the national electricity company, and raising
further questions about the medium and long-term fiscal position.

The economy remains comparatively weak as evidenced by the $6600
per capita GDP (2010 PPP basis) and a nominal GDP of less than
$1.5 billion. Economic growth has been stronger than most of the
Caribbean nations with which it shares a language and history,
but averaging only 2.5% annually in the last five years it
remains insufficient to change the country's relative standing.
Historically dependent on agriculture and tourism, the discovery
of oil in 2005 led to speculation of a major shift in the economy
but production peaked at only 4000 bpd and is now declining.

The economy's vulnerability to natural disasters and a very
limited ability to adjust in the event of adverse shocks make
Belize highly susceptible to event risk. Most of the government
debt is foreign currency-denominated and the exchange rate regime
is a peg to the US dollar.

Rating Outlook

The stable outlook reflects Moody's view that government finances
are manageable after the recent debt restructuring but
vulnerabilities remain high, including the potential fiscal cost
of recent and previous nationalizations.

What Could Change the Rating Up

An increase in fiscal revenues available to service debt could
lead to a positive outlook or upwards ratings movement, as would
an increase in trend GDP growth that reduces the overall debt
burden.

What Could Change the Rating Down

A Negative Outlook or other downwards ratings movement could
result if the government does not adjust its finances to the
expected increase in debt servicing costs. Extra pressure on
fiscal accounts from payments due on past nationalizations as
well as the regular natural disasters Belize is prone to are
further credit negatives, and could result in ratings downgrades.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


DIGICEL GROUP: TBI Tries To Block Long Distance Service
-------------------------------------------------------
Marina Mello at The Royal Gazette reports that TBI has called on
the Bermudan government to take action against Digicel Group
Limited after the firm relaunched its long distance service.

Digicel said in a statement, "Digicel and Transact shall
immediately recommence the marketing, promotion and sales of its
international long distance (ILD) over VoIP offerings to all
consumers in Bermuda effective 1:00 p.m.  This announcement
follows the decision of the Supreme Court of Bermuda last
Thursday in which the Chief Justice 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 Oct. 27.  This suspension of service
has now ended."

The Royal Gazette quoted TBI president and COO Greg Swan as
saying, "The Chief Justice clearly indicated that the appropriate
statutory body to address the issue of whether Digicel/Transact's
offering of direct dial long distance is legal resides with the
Telecommunications Commission.  The court did not rule in favor
of Digicel/Transact as there was no trial.  Our position remains
the same, the offering of direct dial long distance by
Digicel/Transact falls outside of the scope of one or both of
their operating licenses.  The Telecommunications Act, the
associated regulations and Ministerial directives were put in
place to govern the telecommunications sector and regulatory
reform was put in place to enable an orderly transition as the
market is opened more fully."

Digicel Group Limited said in a statement that Mr. Swan "is no
longer the Director of Telecommunications and that does not have
a role in dictating or framing government policy or activity.
Digicel would also remind Mr. Swan that TeleBermuda was offered
the opportunity to give a cross-undertaking as to damages to the
Supreme Court last week if they wished to prevent
Digicel/Transact from relaunching ILD.  TeleBermuda, represented
in Court by Mr. Swan, expressly refused to do so."

The government said in a statement, "Following Digicel/Transact's
announcement today (Dec. 22) that, effective immediately, it has
resumed offering, selling, and marketing its International Long
Distance (ILD) via Voice over Internet Protocol (VOIP) service,
the government would like to state that it intends to refer the
matter of whether this service is in compliance with the terms of
the licenses provided to Telecommunication (Bermuda and West
Indies) Ltd (TBWL) and Transact Ltd to the Telecommunications
Commission, pursuant to Section 16 of the Telecommunications Act
1986.  Additionally, government will soon initiate a consultation
period with industry stakeholders regarding a change in policy
for the provision of international long distance service."

The Digicel-branded long distance service, offered through sister
company Transact, is not lawful, The Royal Gazette cited
government officials as saying.

                       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.


ENERGY XXI: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Hamilton, Bermuda-based Energy XXI (Bermuda) Ltd. to positive
from stable, and affirmed the 'B' corporate credit rating.

"At the same, we affirmed our 'B' senior unsecured debt rating
and revised the recovery rating to '4' from '3', indicating our
expectation that lenders will receive average (30% to 50%)
recovery in the event of a payment default," S&P said.

"The positive outlook reflects Energy XXI's improved debt
leverage, liquidity, and solid operational performance relative
to its Gulf of Mexico peers," said Standard & Poor's credit
analyst Paul Harvey. "Since its December 2010 acquisition of
properties from ExxonMobil, Energy XXI has lowered adjusted debt
leverage to about 2x from over 3.5x, having repaid nearly $275
million of revolver debt. We expect debt leverage to remain about
2x or less in 2012 given the positive outlook for crude oil
prices, as well as the expectation that the company will continue
to generate positive free cash flows. The positive outlook also
reflects Energy XXI's 5.5 year proved developed reserve life,
good profitability, and three-year organic reserve replacement of
85%, which is above average relative to its peers."

"The ratings on Energy XXI (Bermuda) Ltd. reflect its moderate
reserve size, focus on the difficult Gulf of Mexico region that
requires high reinvestment to maintain production and reserve
levels, and an elevated cost structure. Rating factors also
include the company's improved liquidity and cash flows, near-
term free cash flow generation and expectations for a focus on
maintaining its improved debt leverage," S&P said.

"The positive outlook reflects the potential for an upgrade over
the next 12 months because of Energy XXI's improved debt
leverage, liquidity, and solid operational performance relative
to its Gulf of Mexico peers. We could raise ratings if Energy XXI
maintains historical reserve replacement levels, about 80%
organic and over 100% all-in, while keeping adjusted debt
leverage below 2.5x. In addition, we expect Energy XXI to
maintain sufficient liquidity of $150 million to $200 million to
provide a cushion against potential production stoppages, such as
from the impact of a hurricane or other unplanned event. We could
revise our outlook to stable if the company pursues a more
aggressive financial policy such that debt leverage exceeds 2.5x
for a prolonged period or reserve replacement falls short of
expectations," S&P said.


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


AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' global scale and 'brAA-' national scale
corporate credit ratings, on Brazil-based electric utility Ampla
Energia e Serviā€”os S.A. The outlooks remained stable.

"The ratings on Ampla reflect its somewhat weak operations with a
high level of electricity losses and past due receivables, and
the sizable capital expenditures and dividend distributions that
result in a less-than-adequate liquidity position, in our view,"
said Standard & Poor's credit analyst Luisa Vilhena. "Partially
offsetting these risks are Ampla's adequate credit metrics,
resulting from rising consumption in its concession area and its
stable debt."

"The stable outlook reflects our expectation that Ampla will
report steady financial metrics over the next few years, on
strong cash generation and debt stability," S&P said.

"We believe the company will maintain significant investments to
reduce its electricity losses and improve its operations, which
could gradually result in stronger margins," said Ms. Vilhena.


BANCO SOFISA: Moody's Assigns 'D' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating (BFSR) assigned to Banco Sofisa S.A. to D, from D+, and
revised its stand alone baseline credit assessment (BCA) to Ba2,
from Ba1. Moody's also downgraded the bank's long term global
local and foreign currency deposit ratings to Ba2, from Ba1. At
the same time, Moody's downgraded Banco Sofisa's long term
Brazilian national scale deposit rating to Aa3.br, from Aa2.br.
The ratings outlook was changed to stable. All short term ratings
remained unchanged.

These ratings assigned to Banco Sofisa were downgraded:

Bank Financial Strength Rating to D from D+, stable outlook

Long term Global Local Currency Deposit Rating to Ba2 from Ba1,
stable outlook

Long term Foreign Currency Deposit Rating: to Ba2 from Ba1,
stable outlook

Long term Brazilian National Scale Deposit Rating in Brazil to
Aa3.br from Aa2.br, stable outlook

The following ratings remained unchanged:

Short term Global Local Currency Deposit Rating: Not Prime

Short term Foreign Currency Deposit Rating: Not Prime

Short term Foreign Currency Senior Unsecured Debt Rating: Not
Prime

Short term Brazilian National Scale Rating: BR1

Ratings Rationale

In downgrading the ratings of Banco Sofisa, Moody's highlighted
the challenges to the bank's business growth and earnings
generation in the context of intensifying competition in its core
market of commercial lending, as well as less favorable credit
conditions. The rating action incorporates Moody's expectations
that profitability will remain modest as management repositions
Sofisa's franchise and amends its operations and funding sources
to its business strategy.

Moody's noted that management's decision to refocus on its core
expertise and away from consumer lending is a positive ratings
development given Sofisa's proven track record as a lender to
small and mid-sized companies (SME). The bank, however, has a
sizable legacy consumer loan book to manage, equivalent to about
23% of total loans, which will continue to demand additional
provisioning and management's attention, with negative
implications to its operating performance. Moreover, increasing
competition, combined with decelerating economic activity, may
translate into lower growth and compel the bank to defend its
market position.

Moody's acknowledges Banco Sofisa's robust capitalization, which
at 17.7% Tier 1 ratio, could withstand considerable potential
losses even in a harsh stress scenario, while supporting
management's plans of expanding loans by 15% and 20%,
respectively in 2012 and 2013. Sofisa's disciplined approach to
risk and controls, and the largely secured nature of its loans,
have supported asset quality indicators, despite the recent
deterioration in its legacy portfolio.

The bank's low leverage and renewed focus on short-term lending
should support the liquidity of its balance sheet, together with
strengthened cash cushion that serves the bank well to face
potential market volatility. Moody's notes the increasing share
of guaranteed deposits and other wholesale funding sources in
Sofisa's liability; recent initiatives for gathering online
retail deposits through Sofisa-Direto are yet to prove
sustainable and economical.

Moody's noted that management's ability to adequately manage
asset quality and funding risk diversification is critical to
sustain Banco Sofisa's specialized business model and enhance its
earnings generation capability. To that effect, the stable
outlook on the ratings captures Moody's expectations that efforts
to expand the bank's sales force, and thus loan origination in
its targeted SME market (notably among companies with total
annual sales between BRL50 million and BRL500 million), will be
important for their contribution to earnings and market position.

Negative pressures on the ratings would derive from the bank's
inability to deal with greater competition in the middle-market
lending segment, which could lead to a higher risk appetite.
Rapid loan growth could also pressure ratings if it is derived
from any loosening of Sofisa's conventionally strict credit
policies, which could affect asset quality ratios. A significant
decline in liquidity or material deterioration in asset quality
would represent key negative rating drivers. Reliance on
expensive and volatile funding sources that would pressure
margins could also lead to downward rating pressures.

Conversely, positive ratings movement would derive from
continuing growth of the bank's franchise, business scope and
thus, profitability, as well as a balanced funding structure with
lower dependence on wholesale sources on a sustained basis. In
addition, adequate asset quality and profitability ratios,
reflecting recurring earnings generation, could also have
positive implications for the bank's ratings.

The last rating action on Banco Sofisa occurred on April 14, 2010
when Moody's affirmed its BFSR rating of D+, but changed the
outlook to negative, from stable.

The principal methodologies used in these banks were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.

Based in Sao Paulo, Banco Sofisa had total assets of
approximately BRL4.07 billion (US$2.23 billion) and equity of
BRL758 million (approximately US$415 million) as of September 30,
2011.


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


AIO-AC LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AIO-AC, 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


BUS 529: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Bus 529 Acquisition Corp. 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


CLP IT SOLUTIONS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of CLP IT Solutions Limited 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


ERMITAGE LEVERAGED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ermitage Leveraged SPC received on Dec. 22,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David Morrissey
        c/o Ermitage Asset Management Jersey Limited
        47 The Esplanade, 1st Floor
        St Helier
        Jersey JE1 9LB
        Channel Islands


FEDERATED CBO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Federated CBO, Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David Dyer
        Telephone: (345)949-8244
        Facsimile: (345)949-5223
        P.O. Box 1984 Grand Cayman KY1-1104
        Cayman Islands


GLG MMI: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of GLG MMI CTA Fund received on Dec. 13, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        K.D. Blake
        c/o Jenna Nicholson
        Telephone: 345-815-2640
        Facsimile:  345-949-7164
        P.O. Box 493 Grand Cayman KY1-1106
        Cayman Islands


GLG MMI: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of GLG MMI Select Fund received on Dec. 13, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        K.D. Blake
        c/o Jenna Nicholson
        Telephone: 345-815-2640
        Facsimile:  345-949-7164
        P.O. Box 493 Grand Cayman KY1-1106
        Cayman Islands


JLA HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of JLA Holdings 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:

        Commerce Corporate Services Limited
        Telephone: 949 8666
        Facsimile: 949 0626
        PO Box 694 Grand Cayman
        Telephone: 949 8666
        Facsimile: 949 0626


OFFSHORE SERVICES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Offshore Services LLC received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David Dyer
        Telephone: (345)949-8244
        Facsimile: (345)949-5223
        P.O. Box 1984 Grand Cayman KY1-1104
        Cayman Islands


PROGRESS FUNDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Progress Funding 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


RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Renaissance Russia Master Fund SPC received
on Dec. 20, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

        Appleby Trust (Cayman) Ltd.
        PO Box 1350
        Clifton House
        75 Fort Street
        Grand Cayman KY1-1108
        Cayman Islands


RS VENTURES: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of RS Ventures Corporation received on Dec. 22,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Commerce Corporate Services Limited
        Telephone: 949 8666
        Facsimile: 949 0626
        PO Box 694 Grand Cayman
        Cayman Islands


SEACOAST SAND: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Seacoast Sand and Gravel Co. 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:

        Commerce Corporate Services Limited
        Telephone: 949 8666
        Facsimile: 949 0626
        PO Box 694 Grand Cayman
        Telephone: 949 8666
        Facsimile: 949 0626


SIGNUM FUCHSIA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Signum Fuchsia Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David Dyer
        Telephone: (345)949-8244
        Facsimile: (345)949-5223
        P.O. Box 1984 Grand Cayman KY1-1104
        Cayman Islands


SIGNUM OPAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Signum Opal Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David Dyer
        Telephone: (345)949-8244
        Facsimile: (345)949-5223
        P.O. Box 1984 Grand Cayman KY1-1104
        Cayman Islands


=======
C U B A
=======


CUBA: Moody's Assigns 'Caa1' Long-term Issuer Rating
----------------------------------------------------
Moody's Investors Service issued a release representing its
summary credit opinion on the Government of Cuba, and which
includes certain regulatory disclosures regarding its ratings.
The release does not constitute any change in Moody's ratings or
rating rationale for Cuba.

Moody's current ratings on Cuba are:

Long Term Issuer (foreign currency) rating of Caa1

Ratings Rationale

Cuba's Caa1 sovereign ratings reflect a debt moratorium, in place
for more than 20 years, which has led to the accumulation of
principal and interest arrears. Cuba's ratings incorporate very
low economic strength largely on account of the small size of its
economy and low GDP per-capita.

Very weak institutional strength reflecting governance problems
are factored into Cuba's ratings, along with considerations
related to limited availability of information and a lack of
transparency.

In addition to weak government financial strength, Cuba's ratings
incorporate: (i) the economy's extreme dependence on imported
goods, (ii) restricted access to external financing, and (iii)
ongoing political uncertainties.

Tourism has been a major driving force of the economy with
tourism-related revenues accounting for a large share of the
country's foreign exchange. With two-thirds of the population
receiving family transfers from Cubans residing abroad,
remittances are also an important source of foreign revenues
amounting to some 4% of GDP.

Rating Outlook

Cuba's ratings have a stable outlook even though the country
remains an economy in transition. The medium-term perspective
will be strongly influenced by the government's ability to manage
an intergenerational transfer of power.

A nickel-based mining sector has become an important growth
driver. The mining sector has become a major recipient of foreign
direct investment flows coming from Canada and, more recently,
China. With nickel exports making an important contribution to
foreign currency earnings, mining is expected to play an
increasingly important role in the coming years. Medium-term
prospects appear favorable as Cuba holds the third largest
reserve of nickel in the world and currently ranks among the
world's top five producers.

Substantial economic and financial support from Venezuela has
influenced Cuba's near-term economic performance. Venezuela's
most significant contribution has involved the provision of oil
supplies at below-market prices that have covered nearly half of
the country's energy needs -- the implicit subsidy coming from
Venezuela is estimated at $1.5 billion annually.

What Could Change the Rating Up

Institutional changes that introduce economic reforms; a smooth
political and economic transition in the post-Castro era.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


==================================
D O M I N I C A N  R E P U B L I C
==================================


EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Dominican Republic-based power generation company Empresa
Generadora de Electricidad Haina S.A. to positive from stable.

"At the same time, we affirmed our 'B-' corporate credit rating
on the company and on its senior unsecured notes," S&P said.

"The positive outlook reflects our expectation that Haina will
gradually improve its financial profile," said Standard & Poor's
credit analyst Carolina Duran. "It is further diversifying its
energy sources, expanding its capacity through large capital
expenditures, and continuing to post satisfactory financial
indicators and stronger cash flow generation capacity."

"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 Haina in the event of
financial distress. In accordance with our criteria for
government-related entities, our view is based on our assessment
of Haina's limited importance to the government's key economic
and political objectives, and its limited link to the government
given the latter's low involvement in the company's strategy,
day-to-day operations, and no controlling rights," S&P said.

The Haina Investment Co. (HIC; not rated) owns 50% of the
company, and the Dominican government owns 50%.

"We assess Haina's stand-alone credit profile (SACP) at 'b-', to
reflect the challenges of operating in the Dominican Republic's
heavily subsidized electric sector with uncertain, although
improving, long-term operating and financial sustainability," S&P
said.

Also, the SACP incorporates the company's diversified portfolio
of dollar-denominated long-term energy sales contracts and its
position as the country's largest electricity generator. The SACP
also considers the company's improved key financial ratios due to
higher average energy sales prices in 2011 as a result of higher
energy demand and an increase in Fuel Oil No. 6 prices, the main
driver of price escalations in Haina's power purchase agreement
(PPA) pricing formula.

"In our view, the Dominican Republic's institutional and
regulatory framework has improved during the past two years. We
believe that allowance for tariff increments, its improvements in
invoicing systems, the distribution companies' ability to suspend
the service to debtors, and the strengthening of the management
of the state-owned distribution companies have improved the
overall business environment in the sector," S&P said

"However, we believe that the sector continues to face several
unresolved structural, technical, and institutional deficiencies.
These are total electricity theft (including technical losses) --
representing approximately 35% of total electricity generated in
the Dominican Republic -- outdated equipment, dependence on fuel
oil, and the distribution companies' failure to improve their
overall operating and financial performance -- leading to a high
dependence on the government's annual subsidy, which totaled
about $800 million in 2011," S&P said.

These unresolved issues continue to hinder the sector's
performance and our assessment of industry risk, resulting in
high operational and financial costs," S&P said.

Haina's ownership of 11 generation units at seven plants and a
diversified portfolio of dollar-denominated, long-term energy
sales contracts, which limit its exposure to spot-market
volatility and allow pass-through of fuel costs, partially offset
these challenges.


=================
G U A T E M A L A
=================


GUATEMALA: Moody's Gives 'Ba1' Long-term Issuer Ratings
-------------------------------------------------------
Moody's Investors Service issued a release representing its
summary credit opinion on the Government of Guatemala and which
includes certain regulatory disclosures regarding its ratings.
The release does not constitute any change in Moody's ratings or
rating rationale for Guatemala.

Moody's current ratings on Guatemala are:

Long Term Issuer (domestic and foreign currency) ratings of Ba1

Senior Unsecured (foreign currency) ratings of Ba1

Ratings Rationale

Guatemala's Ba1 foreign currency and local currency ratings
reflect the country's moderate institutional strength, which
balances the commitment to macroeconomic stability and prudent
fiscal and monetary policies with concerns related to government
effectiveness and the country's social infrastructure. The
country has a long track record of fiscal responsibility with
government deficits averaging 2% of GDP during the last decade. A
manageable debt burden and low debt rollover risk, given the
prevalence of multilateral funding, are elements that support the
rating.

Guatemala's ratings are constrained by a persistent difficulty
raising tax revenues over 10% of GDP coupled with substantial
social and infrastructure needs. These factors limit fiscal
flexibility and reduce government financial strength.

Ratings are also constrained by a relatively low level of
economic development. Guatemala's GDP per capita - $4760 on a PPP
basis - is lower than the corresponding median for Ba peers.
Despite above-trend growth in the years preceding the global
crisis, Guatemala's economic performance has lagged that of
similarly-rated sovereigns, a condition that limits its upside
rating potential. Low income levels and limited diversification
of the economic base introduce potential vulnerabilities given a
somewhat limited ability to manage adverse shocks. Moderate
political, economic, and financial risk support a somewhat
favorable assessment of susceptibility to event risk.

Rating Outlook

The current outlook for Guatemala's ratings is stable. Moody's
expects continued fiscal and policy stability.

What Could Change the Rating Up

Stronger economic growth that results in a sustained improvement
of credit metrics; a significant reduction in government debt
indicators relative to peers.

What Could Change the Rating Down

Erosion of the country's longstanding consensus economic policy.
A worse-than-expected economic performance that raises debt
ratios.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


JAMAICA: Moody's Assigns 'B3' Long-term Issuer Ratings
------------------------------------------------------
Moody's Investors Service issued a release representing its
summary credit opinion on Jamaica and which includes certain
regulatory disclosures regarding its ratings. The release does
not constitute any change in Moody's ratings or rating rationale
for Jamaica.

Moody's maintains these ratings on Jamaica and its affiliates:

Long Term Issuer (domestic and foreign currency) ratings of B3

Senior Unsecured (domestic and foreign currency) ratings of B3

Senior Unsecured Shelf (foreign currency) ratings of (P)B3

Air Jamaica Limited

BACKED Senior Unsecured (foreign currency) ratings of B3

Ratings Rationale

Jamaica's B3 foreign- and local-currency government bond ratings
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks. Jamaica's per capita GDP is higher than
the B-category median but annual growth has averaged less than 1%
a year in the last decade. The country has been in recession for
the past three years, only recovering in the first quarter of
2011. Lack of growth makes reducing the debt burden difficult and
the country's debt-to-revenues ratio remains among the highest in
its rating category, even after last year's domestic debt
exchange.

A high tolerance for fiscal austerity measures among its
population, and the country's broad consensus on economic
policies supports Moody's view of moderate institutional
strength, a key support for the rating. The country's high
susceptibility to event risk is the result of an economy highly
vulnerable to external shocks given the importance of tourism and
continued need for external financing. Jamaica's per capita GDP
is higher than the B-category median but annual growth has
averaged less than 1% a year in the last decade.

Rating Outlook

Jamaica's Stable Outlook reflects Moody's views that changes to
the government's bond ratings are unlikely at this time, given
the country's still high debt burden and low economic growth. The
2010 debt exchange improved the government's fiscal position by
dramatically reducing the interest burden, but debt levels remain
much higher than those of most of its rating peers, giving the
country little room to maneuver. And while the economy will
likely grow in 2011, after 3 years of recession, Moody's expects
future growth to remain subdued. Fostering conditions promoting
faster growth will likely remain a key policy challenge.

What Could Change the Rating Up

A Positive outlook or other upward ratings movement could result
if fiscal consolidation efforts are successful and/or economic
growth rebounds strongly, leading to a sustainable drop in the
main debt metrics. It will require a combination of continued
fiscal restraint and structural reforms supporting faster
economic growth. This depends on policy continuity to ensure that
recent efforts to improve the fiscal and debt position bear
fruit. This is under the control of Jamaica's political system.
But it also requires no major external shock that impacts public
finances, which is not susceptible to government control.

What Could Change the Rating Down

A Negative outlook or other downward ratings movement would
result from failure to limit debt growth and/or slower economic
growth that leads to another fiscal crisis. In many ways this is
the exact flip side of the positive scenarios outlined above
since either an external shock (including natural disasters) or a
policy shift to higher deficits could lead to downgrades.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings,
including the corporate credit rating, on Barbados-based capacity
services and retail broadband-enabled services provider Columbus
International Inc. The outlook remains stable.

"The ratings on Columbus reflect its 'weak' business and 'highly
leveraged' financial profiles (as our criteria define them)," S&P
said.

"We also considered the competitive conditions in the
telecommunications industry in the regions where it operates, the
company's exposure to foreign-exchange risk, its exposure to
regulatory and license renewal risk, and the rapid pace of
technological change in its capital-intensive industry,"
said Standard & Poor's credit analyst Marcela Duenas.

Positive factors include Columbus' technologically advanced
subsea cable network throughout the Pan-Caribbean region;
favorable growth prospects in its operating markets because of
low penetration; geographic diversification in the Caribbean,
Latin America, and North America; and dollar-denominated
revenues, which partially mitigate its foreign-exchange exposure.

"The stable outlook reflects Columbus' manageable debt maturity
profile and our expectation that the company will maintain stable
financial indicators in the coming year," S&P said.

"Columbus is a diversified Caribbean communications company with
a core operating business in cable-TV services, high-speed
Internet access, digital phone and Internet infrastructure
services, development of an undersea fiber optic cable network,
and the sale and lease of the telecom capacity this network
provides. The company operates two divisions: Columbus Networks
(wholesale) and Flow (retail broadband services), representing
43% and 57%, respectively, of the company's consolidated
revenues," S&P said.


=================
V E N E Z U E L A
=================


CRYSTALLEX INT'L: Gets Additional Time To Pursue Arbitration
------------------------------------------------------------
Crystallex International Corporation has obtained an order from
the Ontario Superior Court of Justice (Commercial List) for
protection under the Companies' Creditors Arrangement Act
(Canada) (CCAA).  Ernst & Young Inc. was appointed monitor under
the order.  Subject to the order, proceedings by creditors and
others cannot be continued or commenced without the consent of
the Company and the monitor, or leave of the court.

Management of the Company has been exploring financing
alternatives for some time, including a $120 million private
placement disclosed on October 11, 2011, in order to deal with
the liquidity crisis resulting from the $100 million senior
unsecured notes issued by the Company maturing on the date
hereof.  Although the Company has received proposals, none have
been satisfactory and discussions continue.  The order obtained
permits Crystallex to remain in possession and control of its
property, carry on its business and retain employees while the
Company obtains additional time to pursue its arbitration with
the Bolivarian Republic of Venezuela and complete financings in
order to enable all its creditors to be paid in full.

The Company currently has cash and cash equivalents and other
assets that are expected to be sufficient to fund its obligations
and budgeted expenditures until it obtains debtor-in-possession
financing.  The Company is currently pursuing DIP financing in
amounts sufficient to continue to finance the Company through the
CCAA proceedings.  Crystallex has received expressions of
interest from several parties who are interested in providing DIP
financing and intends to conclude negotiations for a DIP
financing facility within the next few weeks.

Effective no later than December 28, 2011, court filed documents
and other information regarding the CCAA proceedings will be
available on the Company's Web site at http://www.crystallex.com
and on the monitor's Web site at http://www.ey.com/ca/crystallex

Other Matters

Crystallex has been informed that the arbitral tribunal for its
claim against the Bolivarian Republic of Venezuela with respect
to the Las Cristinas Project has agreed upon a schedule of
written submissions from the parties and has set a hearing date
of November 11, 2013.  The Company is diligently advancing its
arbitration claim, while remaining receptive to settlement
alternatives with Venezuela.  The Company will continue to
vigorously pursue this claim while it remains under creditor
protection.

On December 7, 2011, the Toronto Stock Exchange determined that
the Company did not meet the Original Listing Requirements of the
Exchange and that the Company's shares will be delisted effective
at the close of market on January 6, 2012.  Management has no
current intentions to pursue alternative exchange listing
options.  Crystallex shares will continue to trade in the US on
the OTCQB market.

                   About Crystallex International

Based in Toronto, Canada, Crystallex International Corporation
(TSX: KRY) (NYSE Amex: KRY) -- http://www.crystallex.com/-- is a
Canadian-based company, which has been granted the Mine Operating
Contract to develop and operate the Las Cristinas gold properties
located in Bolivar State, Venezuela.

The Company also reported a net loss and comprehensive loss of
US$33.71 million for the nine months ended Sept. 30, 2011,
compared with a net loss and comprehensive loss of
US$27.66 million for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
US$19.77 million in total assets, US$115.07 million in total
liabilities and a US$95.29 million total shareholders'
deficiency.

As at Sept. 30, 2011, the Company had negative working capital of
$92.6 million, including cash and cash equivalents of $7.6
million.  Most of this working capital amount is the obligation
to repay the Noteholders the principal amount of the $100 million
notes payable due on Dec. 23, 2011.  Management estimates that
its existing cash and cash equivalents and expected proceeds from
additional equipment sales will be sufficient to meet its on-
going requirements through 2012 assuming either a settlement or
refinancing of the notes; however, without receipt of additional
sources of financing, will not be sufficient to pay the notes.
The unilateral cancellation of the MOC by CVG and the subsequent
arbitration claim may impact on the Company's ability to raise
financing.  These material uncertainties raise substantial doubt
as to the ability of the Company to meet its obligations as they
come due and, accordingly, as to the ultimate appropriateness of
the use of accounting principles applicable to a going concern.


                            ***********


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, Sheryl Olano, Psyche A.
Castillon, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

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

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

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


                   * * * End of Transmission * * *