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


           Monday, January 23, 2012, Vol. 13, No. 014



                            Headlines



A N T I G U A  &  B A R B A D O S

STANFORD INT'L: Court Proceeds With Trial, Owner to go to Court


A R G E N T I N A

CAMPOSOL SA: S&P Rates Corporate Credit, US$125MM S Notes 'B'
METROGAS SA: Argentina Wins Appeal in BG Group Bankruptcy Case


B R A Z I L

BANCO DO ESTADO: Fitch Assigns 'BB+' Issuer Default Ratings
JBS USA: S&P Gives 'BB' Rating on US$400-Mil. Sr. Unsecured Notes


C A Y M A N   I S L A N D S

ASPEN OFFSHORE: Commences Liquidation Proceedings
BERKELEY QUANTITATIVE: Commences Liquidation Proceedings
BLACKROCK FUNDS: Commences Liquidation Proceedings
BLACKSQUARE CAPITAL ACCESS: Commences Liquidation Proceedings
BLACKSQUARE CAPITAL FUND: Commences Liquidation Proceedings

DB STERLING: Commences Liquidation Proceedings
EASTBRIDGE ALMAL: Commences Liquidation Proceedings
EASTBRIDGE (CAYMAN): Commences Liquidation Proceedings
HSBC AMANAH: Commences Liquidation Proceedings
LOCK&LOCK (CAYMAN): Commences Liquidation Proceedings

LW MODERATE: Commences Liquidation Proceedings
MANGOUSTA PARTNERS: Commences Liquidation Proceedings
MORAY COMPANY: Commences Liquidation Proceedings
NORTH STREET 2000-1: Commences Liquidation Proceedings
NORTH STREET 2000-2: Commences Liquidation Proceedings

NORTH WIND: Commences Liquidation Proceedings
ORBITAL HOLDINGS: Placed Under Voluntary Wind-Up
PANAGORA EMERGING: Commences Liquidation Proceedings
PIVOT GLOBAL: Placed Under Voluntary Wind-Up
POST DISTRESSED: Commences Liquidation Proceedings

SAB OVERSEAS: Placed Under Voluntary Wind-Up
STRUCTURED INVESTMENT: Placed Under Voluntary Wind-Up
TAG HEDGED: Commences Liquidation Proceedings
UNIVERSAL MONEY: Commences Liquidation Proceedings
WORLD PEACE: Placed Under Voluntary Wind-Up


C H I L E

LAPOLAR: Chile Government Rules Out Measures to Save Firm


P A N A M A

* PANAMA: Invites Bond Exchange Offers in Modified Dutch Auction


X X X X X X X X

* BOND PRICING: For the Week January 16 to 20, 2012


                            - - - - -


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


STANFORD INT'L: Court Proceeds With Trial, Owner to go to Court
---------------------------------------------------------------
Caribbean360.com reports that Robert Allen Stanford will finally
go on trial today, Jan. 23, 2012, nearly three years after his
arrest for fraudulent dealings.

United States District Judge David Hittner ruled that there would
be no more delays granted to Mr. Stanford's legal team and the
Texas financier, according to Caribbean360.com.

The report notes that the federal judge's decision came after
defense attorneys for Mr. Stanford argued that they needed a
delay in the trial so they could have more time to study possible
testimony from expert witnesses on accounting procedures.
Cariibean360.com discloses that the attorneys also put forward
that one of their contract workers involved in document
preparation needed cancer surgery and would be unavailable to
work for at least several weeks.

However, Caribbean360.com relates that Judge Hittner was as un-
swayed by these arguments as he had been in recent weeks by
motions by Mr. Stanford's lawyers that their client was not
mentally competent to stand trial and that the trial should be
postponed because they had not had sufficient time to prepare a
defense.

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Caribarena Antigua News said that Mr. Stanford has
again asked for a postponement of his upcoming trial, this time
citing the withdrawal of his expert witnesses. The experts
reportedly quit after the U.S. Court of Appeals decided to modify
and limit the budget for experts, and withhold payments until the
trial is completed, according to Caribarena Antigua News.  The
report related that the Court has control over Mr. Stanford's
defense, since it is publicly funded.  Caribarena Antigua News
relayed that Mr. Fazel, citing court documents, said that
prosecutors would not oppose a one-week delay in the deadline for
filing expert reports.  The report recalled that U.S Attorney
Gregg Costa said that he would be willing to wait six to eight
weeks to give Mr. Stanford more time to review documents in his
case with his attorneys.

                 About Stanford International Bank

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

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

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

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

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


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


CAMPOSOL SA: S&P Rates Corporate Credit, US$125MM S Notes 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Service assigned its 'B' corporate
credit rating to Peru-based integrated agribusiness company
Camposol S.A. "At the same time, we assigned our 'B' senior
unsecured rating to the company's proposed five-year Rule 144A
Reg. S notes for up to $125 million. The outlook is stable," S&P
said.

"Our ratings on Camposol reflect our assessment of the company's
'vulnerable' business risk profile and 'aggressive' financial
risk profile. Such assessment is based on the company's
participation in the competitive, commodity-oriented, and
seasonal fresh produce industry that typically results in
volatile profitability and cash flows. The ratings also
incorporate the company's exposure to political and economic
risks. Such factors are partially offset by Camposol's high level
of vertical integration, certain climatic advantages due to its
location in Peru, its good market position and prospects for the
production and export of non-traditional products -- asparagus
and avocado -- and a manageable medium-term debt maturity profile
pro forma after the proposed notes issuance," S&P said.

"We expect the company to focus its strategy on increasing its
production of avocado and table grapes in the next two to five
years, which should be the main drivers of revenue growth.
Already planted hectares for both products are expected to mature
in upcoming years and reach their peak yields. Only about one-
third of the company's avocados are at its mature production
stage. The U.S. appears as the key strategic market for avocado,
given its growth potential and recent clearance for imports.
Nevertheless, operating performance is susceptible to
uncontrollable factors such as global supply, world trade
policies, political risk, currency swings, weather, and crop
disease," S&P said.

"The stable outlook incorporates our expectations of improved
profitability and cash flows and the company's very manageable
medium-term principal maturity schedule. We could consider
lowering the rating if the company adopts a more aggressive
financial policy or uncontrollable factors cause financial
performance to fall below our expectations. This could mean for
example, a leverage ratio consistently above 4x. An upgrade would
depend on the company's ability to consolidate its business
position and sustain growth," S&P said.


METROGAS SA: Argentina Wins Appeal in BG Group Bankruptcy Case
--------------------------------------------------------------
Sara Forden at Bloomberg News reports that Argentina won a U.S.
appeals court decision throwing out a US$185 million dollar award
to BG Group Plc (BG/), which claimed the country's freeze on
natural gas prices caused the bankruptcy of a local gas
distributor it controlled.

The U.S. Court of Appeals in Washington, overturning a lower
court, ruled that the arbitration panel that made the award
exceeded its authority in even taking the dispute, according to
Bloomberg.  The court said that BG Group should have sued first
in Argentine courts and then waited 18 months for a result as
required by a commercial treaty governing the case, Bloomberg
News.

"The arbitral panel rendered a decision wholly based on outside
legal sources and without regard to the contracting parties'
agreement establishing a precondition to arbitration," the three-
judge panel said in an opinion written by Judge Judith Rogers,
Bloomberg News notes.

BG Group, the U.K.'s third-largest oil and gas producer,
initiated arbitration in the U.S. in 2003 over the gas-price
freeze, which Argentina imposed following a sovereign debt
default in December 2001, Bloomberg discloses.

Bloomberg says that it won the damage award in 2007 when the
arbitration panel ruled Argentina had breached the treaty by
enacting a law that hurt BG Group's investment in Argentina's
Metrogas SA.

Bloomberg discloses that the judges said that under the Bilateral
Investment Treaty between the U.K. and Argentina, which went into
effect in 1993, disputes between contracting parties should be
settled in the country where the investment was made.

Unsettled disputes may be submitted to international arbitration
after 18 months from the time the issue was presented to the
competent tribunal, Bloomberg notes.

Bloomberg discloses that BG Group argued that customary
international law didn't require exhaustion of local remedies,
according to the opinion.

Argentina sued BG in the U.S. seeking to vacate the arbitration
award, the report adds.

                         About MetroGas SA

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.
Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the
area of the Federal Capital and southern and eastern Greater
Buenos Aires, by operating the assets allocated to the Company by
GdE for a 35-year period from the Takeover Date (Dec. 28, 1992).
This period can be extended for an additional 10 year period
under certain conditions.

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

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

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

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

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


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


BANCO DO ESTADO: Fitch Assigns 'BB+' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to Banco
do Estado do Rio Grande do Sul (Banrisul):

  -- Foreign and Local Currency Long-Term Issuer Default Rating
     (IDR) 'BB+'; Outlook Stable;

  -- Foreign and Local Currency Short-Term IDR 'B';

  -- Viability Rating 'bb+';

  -- Support Rating '4';

  -- Support Rating Floor 'B';

  -- National Long-Term Rating 'AA-(bra)'; Outlook Stable;

  -- National Short-Term Rating 'F1+(bra)'.

The IDRs and the Viability Rating of Banrisul reflect its
regional importance with strong franchise in its home state of
Rio Grande do Sul (RS), its above-average profitability, adequate
liquidity and granular and stable retail funding structure.  The
ratings also consider its relatively modest nationwide market
share, fierce competition in the domestic banking sector, a
rather undiversified funding structure, and risk concentration in
RS, Brazil's fourth largest state, whose economy is largely
focused on the agricultural sector.

Fitch does not rate the state of Rio Grande do Sul, but believes
that under a stress scenario, Federal government support for the
bank would be possible but limited, considering Banrisul's
economic relevance to RS.  The Support Rating also reflects the
absence of any explicit guarantees of this potential support from
the Federal Government.

Less exposure to regional risk coupled with the maintenance of
adequate liquidity and capitalization could lead to a positive
review of the ratings although this is not considered likely over
the medium term.  Deterioration in capital and credit metrics
caused by imprudent expansion could lead to a negative impact on
the ratings.

Banrisul is the largest bank in RS where it holds a 30.5% market
share in time deposits.  The bank operates as a commercial bank
in many segments, focusing on companies (44% of loans) and
individuals (56%).  Moreover, Banrisul offers services and
products to the public sector of the state and related municipal
employees, especially payroll deductible loans, which account for
roughly one third of its consolidated loan portfolio.
Banrisul remains a state-owned bank, contrary to many other
state-owned banks, which have been privatized, liquidated or
incorporated by federal institutions.  In 2007, Banrisul launched
a public stock offering. Similar to other state-owned banks,
Banrisul is subject to political influence.  Banrisul's
profitability measures are relatively high and efficiency ratios
are in line with those achieved by large Brazilian banks.
However, Fitch warns that impairment provisions may rise,
reflecting the recent rapid lending expansion.

Banrisul relies on cheap retail deposits attracted through its
branch network.  It has plans to issue medium-term bonds in the
domestic market and abroad, which could lead to funding
diversification and better-matched asset and liability tenors.
Current liquidity corresponds to 33% of total deposits and its
capital base is mainly composed of Tier I capital, denoting good
quality. Fitch expects that given current expansion, its
capitalization will likely be pressured in the long run.

Controlled by the State of Rio Grande do Sul, Banrisul is the
largest bank within the state with prevalent market share in
credits and deposits.  With 399 branches, Banrisul operates as a
retail bank, focusing on companies and individuals.


JBS USA: S&P Gives 'BB' Rating on US$400-Mil. Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt rating
to JBS USA LLC's (JBS USA) and its subsidiary JBS USA Finance
Inc.'s US$400 million senior unsecured notes due 2020. The rating
reflects the rating on JBS USA (BB/Stable/--) and on its parent
company, Brazil-based JBS S.A. (JBS; BB/Stable/--).  The notes
are
guaranteed on an unsecured senior basis by JBS USA's all wholly-
owned subsidiaries (except JBS US Holding LLC and JBS Five
Rivers) and its parents -- JBS, JBS Hungary Holdings Kft, and JBS
USA Holding Inc.

"We don't expect the bonds issuance to increase JBS's total
leverage-the company is likely to use the proceeds to pay down
its more expensive, short- and medium-term debt, which would
result in lower consolidated interest expenses. The rating on JBS
reflects its 'fair' business profile and 'aggressive' financial
profile (as our criteria define the terms).  We factor the
group's aggressive growth strategy and our assessment of its
'less-than-adequate' liquidity -- due to its somewhat tight
covenant cushion of
about 10% -- as risks," S&P said.

Ratings List
JBS USA LLC

  Corporate credit rating       BB/Stable/--

Rating Assigned
JBS USA LLC
JBS USA Finance Inc.

  US$400M sr. unsec. notes        BB


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


ASPEN OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Aspen Offshore Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BERKELEY QUANTITATIVE: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 30, 2011, the shareholder of Berkeley Quantitative
Performance Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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

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


BLACKROCK FUNDS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 24, 2011, the sole shareholder of Blackrock Funds of
Alternatives SPC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLACKSQUARE CAPITAL ACCESS: Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Blacksquare Capital
Access Fund Inc. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLACKSQUARE CAPITAL FUND: Commences Liquidation Proceedings
-----------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Blacksquare Capital Fund
Inc. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


DB STERLING: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 24, 2011, the sole shareholder of DB Sterling Finance
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeremy Simon Spratt
         KPMG LLP
         8 Salisbury Square
         London EC4Y 8BB
         United Kingdom
         Name: Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


EASTBRIDGE ALMAL: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Eastbridge Almal
Holdings Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EASTBRIDGE (CAYMAN): Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Eastbridge (Cayman)
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HSBC AMANAH: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 30, 2011, the sole shareholder of HSBC Amanah Investments
SPC resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LOCK&LOCK (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 30, 2011, the sole shareholder of Lock&Lock (Cayman)
Holdings Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LW MODERATE: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 2, 2011, the sole shareholder of LW Moderate Volatility
Master Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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

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


MANGOUSTA PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 1, 2011, the shareholder of Mangousta Partners Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         PO Box  31855 Grand Cayman KY1-1207
         Cayman Islands


MORAY COMPANY: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 2, 2011, the sole member of Moray Company Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG 1110
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


NORTH STREET 2000-1: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 6, 2011, the sole shareholder of North Street Referenced
Linked Notes, 2000-1 Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


NORTH STREET 2000-2: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 6, 2011, the sole shareholder of North Street Referenced
Linked Notes 2000-2 Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


NORTH WIND: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 1, 2011, the sole member of North Wind GF Fund resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Pearson
         c/o Russell Gleisner
         Deloitte & Touche
         PO Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2330
         Facsimile: +1 (345) 949 8258
         e-mail: rgleisner@deloitte.com


ORBITAL HOLDINGS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 2, 2011, the sole member of Orbital Holdings, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


PANAGORA EMERGING: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Panagora Emerging
Markets Multi-Alpha Fund, Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PIVOT GLOBAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 5, 2011, the members of Pivot Global Fund resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


POST DISTRESSED: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Post Distressed Offshore
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SAB OVERSEAS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 6, 2011, the sole member of SAB Overseas Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STRUCTURED INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Structured Investment
Holdings, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TAG HEDGED: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 30, 2011, the sole shareholder of Tag Hedged Equity
Offshore Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


UNIVERSAL MONEY: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Universal Money Market
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WORLD PEACE: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 2, 2011, the sole member of World Peace Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


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


LAPOLAR: Chile Government Rules Out Measures to Save Firm
---------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Chile's government
ruled out measures to save Empresas La Polar SA (LAPOLAR) from
bankruptcy.

Authorities won't intervene in a lawsuit brought against the
company by consumer defense agency Sernac on behalf of customers
that has stalled the restructuring of client debt and may further
increase provisions, Economy Minister Pablo Longueira said in an
interview with Diario Financiero, according to Bloomberg.

Bloomberg relates that a Santiago court ordered La Polar on
Jan. 13 to suspend negotiations over new repayment terms with
customers that the company had previously modified unilaterally.

La Polar said it may have to increase provisions by ARS17 billion
(US$35 million) as a result, Bloomberg relays.

Bloomberg discloses that the company also plans to sell
ARS$120 billion of new shares to shore up its finances.  The
share sale may be delayed by Sernac's legal action, Mr. Barros
said, Bloomberg adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Bloomberg News said that LAPOLAR, the Chilean
retailer that set aside US$900 million for consumer-lending
losses, will seek a court agreement with creditors to renegotiate
repayments and avoid bankruptcy.  The board agreed to file a
so- called preventative judicial agreement that requires support
from creditors representing more than half the outstanding debt
to be processed, La Polar said in an e-mailed statement obtained
by the news agency.

Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.


===========
P A N A M A
===========


* PANAMA: Invites Bond Exchange Offers in Modified Dutch Auction
----------------------------------------------------------------
The Republic of Panama disclosed an invitation (the "Exchange
Invitation") to eligible holders of its 7.250% Global Bonds due
2015 to submit, in a modified Dutch auction, offers to exchange
their 2015 Bonds for (i) Panama's 6.700% U.S. Dollar-Denominated
Amortizing Global Bonds due 2036 and (ii) if Panama determines to
pay an additional amount of cash, a U.S. dollar amount of cash.
Holders of the 2015 Bonds located or resident outside the United
States may not participate in the Exchange Invitation before
confirming their status as qualified investors or that they meet
other eligibility standards.

The terms and conditions of the Exchange Invitation are set out
in the Prospectus Supplement dated Jan. 17, 2012, to the
Prospectus dated Dec. 16, 2009.  The aggregate principal amount
of the 2015 Bonds outstanding is US$1,471,000,000.  Panama
reserves the right to determine, in its sole discretion, the
aggregate principal amount of 2015 Bonds that it will accept
pursuant to the Exchange Invitation.

The Exchange Invitation will commence on Jan. 17, 2012, and
expire at 5:00 P.M., New York City time, on Jan. 24, 2012, unless
extended or earlier terminated by Panama.

The amount of the 2036 Bonds that will be delivered for each
US$1,000 principal amount of 2015 Bonds accepted by Panama for
exchange pursuant to the Exchange Invitation will equal US$1,000
multiplied by the 2015 Bond Exchange Value divided by the 2036
Bond Exchange Value.  The 2015 Bond Exchange Value and the 2036
Bond Exchange Value will be based on the sum of the yields of
Reference U.S. Treasury Note or Bond and Benchmark Spreads, which
are:

     2015 Bonds: U.S. Treasury 0.250% Note due January 15, 2015;
     Benchmark Spread: 1.352%

     2036 Bonds: U.S. Treasury 3.125% Bond due November 15, 2041;
     Benchmark Spread: 1.813%

     The Reference U.S. Treasury Note or Bond yields will be
calculated based on the applicable bid-side prices as reported on
Bloomberg screen PX5 (for the 2015 Bonds) and PX8 (for the 2036
Bonds) at approximately 8:30 A.M., New York City time, on the
Expiration Date.

     If Panama determines to pay an additional amount of cash to
holders of the 2015 Bonds accepted in exchange for the 2036
Bonds, they will also receive a cash payment determined in
Panama's sole discretion pursuant to a modified Dutch auction.
The minimum Clearing Cash Premium is zero.

     The principal amount of the 2036 Bonds issued to each holder
pursuant to the Exchange Invitation will be rounded down to the
nearest US$1,000.  Holders will receive a cash payment in respect
of the principal amount not issued as a result of that rounding.

     Holders of the 2015 Bonds will not receive a payment in
respect of any accrued and unpaid interest on the 2015 Bonds
accepted for exchange.  Holders of the 2015 Bonds will also not
be required to pay an amount equal to the interest accrued on the
2036 Bonds since the last interest payment date.  These amounts
have been incorporated into and form part of the calculation of
the 2015 Bond Exchange Value and the 2036 Bond Exchange Value.

     Panama is conducting a concurrent invitation for eligible
holders to submit offers to sell the 2015 Bonds for cash, but
reserves the right to cancel the Concurrent Cash Invitation at
any time.  The Exchange Invitation and Concurrent Cash Invitation
are conditioned upon the settlement of an issue of local
Panamanian bonds or another financing, in either case,
satisfactory to Panama, which we refer to as the "Financing
Condition" and which Panama may in its sole discretion waive. The
Exchange Invitation is not conditioned on the results of the
Concurrent Cash Invitation, and the Concurrent Cash Invitation is
not conditioned on the results of the Exchange Invitation.  Any
individual 2015 Bond may be offered for purchase in the
Concurrent Cash Invitation or offered for exchange in the
Exchange Invitation, but may not be offered in both invitations.
Panama currently expects it will be willing to accept a larger
principal amount of the 2015 Bonds for exchange through the
Exchange Invitation than for sale through the Concurrent Cash
Invitation.

     At or around 3:00 P.M., New York City time, on Jan. 25,
2012, the business day after the Expiration Date, or as soon as
possible thereafter, Panama will announce whether it will accept
any offers to exchange and if so, the Clearing Cash Premium, the
aggregate principal amount of the 2015 Bonds it will accept for
exchange, information with respect to any proration of offers and
the expected settlement date, in each case subject to the
satisfaction or waiver of the Financing Condition. Panama, in its
sole and absolute discretion, may accept all, some, or no offers
to exchange the 2015 Bonds.

     At or around 5:00 P.M., New York City time, on Jan. 30,
2012, or as soon thereafter as practicable, Panama will announce
whether the Financing Condition has been satisfied or waived and,
accordingly, whether it will issue 2036 Bonds in exchange for
2015 Bonds pursuant to the Exchange Invitation.

     The settlement date for the 2015 Bonds exchanged pursuant to
the Exchange Invitation is currently expected to be Feb. 1, 2012.
The consideration holders of the 2015 Bonds may receive pursuant
to the Exchange Invitation will be determined by reference to the
Expected Settlement Date that Panama will announce on the
Preliminary Announcement Date.  If the actual settlement date
turns out to be later than that Expected Settlement Date, Panama
will not adjust the principal amount of the 2036 Bonds or cash
(if any) holders of 2015 Bonds will receive pursuant to the
Exchange Invitation.


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


* BOND PRICING: For the Week January 16 to 20, 2012
---------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS               8.28   12/31/2033    USD           74.5
ARGENT-PAR                1.18   12/31/2038    ARS          45.43
ARGENT- DIS               7.82   12/31/2033    EUR             55
ARGENT- DIS               7.82   12/31/2033    EUR             56
ARGENT- DIS               7.82   12/31/2033    EUR          59.25
ARGENT- DIS               4.33   12/31/2033    JPY             42
ARGENT- PAR               0.45   12/31/2038    JPY             15
ARGENT- PAR&GDP           0.45   12/31/2038    JPY              8
PROV BUENOS AIRE          9.62    4/18/2028    USD          65.74


BRAZIL
------

BANCO BONSUCESSO          9.25   11/3/2020     USD             71
BANCO BONSUCESSO          9.25   11/3/2020     USD          74.75
BANCO CRUZEIRO            8.87   9/22/2020     USD          64.75
BANCO CRUZEIRO            8.87   9/22/2020     USD          61.75
BANCO CRUZEIRO            8.25   1/20/2016     USD          72.75
BANCO CRUZEIRO            8.25   1/20/2016     USD          72.25


CAYMAN ISLAND
-------------

BANCO BPI (CI)            4.15   11/14/2035    EUR         34.875
BCP FINANCE BANK          5.01   3/31/2024     EUR         37.625
BCP FINANCE BANK          5.31   12/10/2023    EUR         39.625
BCP FINANCE CO            5.543                EUR         30.125
BCP FINANCE CO            4.239                EUR          32.75
BES FINANCE LTD           5.58                 EUR             34
BES FINANCE LTD             4.5                EUR           44.5
BES FINANCE LTD           6.625                EUR           46.5
CAM GLOBAL FIN            6.08   12/22/2030    EUR          60.25
CHINA AUTOMATION          7.75    4/20/2016    USD         67.036
CHINA FORESTRY           10.25   11/17/2015    USD             67
CHINA FORESTRY           10.25   11/17/2015    USD             67
CHINA HUIYUAN JU          4       4/29/2016    USD          65.99
CHINA MED TECH            6.25   12/15/2016    USD          35.92
CHINA MED TECH            4       8/15/2013    USD          56.37
CHINA NICKEL             10      12/12/2012    HKD          74.80
CHINA SUNERGY             4.75    6/15/2013    USD          61.5
DUBAI HLDNG COMM          6        2/1/2017    GBP          72.55
EFG ORA FUNDING           1.7    10/29/2014    EUR          49.39
ESFG INTERNATION          5.75                 EUR          34.16
EVERGRANDE REAL           9.25    1/19/2016    CNY          71.83
FANTASIA HOLDING          14      5/12/2015    USD             74
FANTASIA HOLDING          14      5/12/2015    USD          74.25
GLORIOUS PROPERT          13     10/25/2015    USD          71.54
GREENTOWN CHINA            9      11/8/2013    USD          66.25
GREENTOWN CHINA            9      11/8/2013    USD          66.25
HOME INNS                  2     12/15/2015    USD         73.493
HOME INNS                  2     12/15/2015    USD         72.547
JINKOSOLAR HOLD            4      5/15/2016    USD         38.167
KAISA GROUP                8     12/20/2015    CNY         72.347
LDK SOLAR CO LTD           4.7    4/15/2013    USD         63.25
LDK SOLAR CO LTD           4.7    4/15/2013    USD         53.69
LDK SOLAR CO LTD           4.75   4/15/2013    USD         65
LUPATECH FINANCE          9.87                 USD         75
MANILA CAVIT TOL          12      9/15/2022    USD         75
MBPS FINANCE              11.25   11/15/2015   USD         72
MBPS FINANCE              11.25   11/15/2015   USD         71.5
MINGFA GROUP INT           5.25    5/23/2016   HKD         70.06
POWERLONG RE HLD          13.75    9/16/2015   USD         67.62
POWERLONG RE HLD          11.5     3/17/2014   CNY         67.95
POWERLONG RE HLD          13.75    9/16/2015   USD         68
PUNCH TAVERNS              4.7     6/30/2033   GBP         65.40
RENHE COMMERCIAL          13       3/10/2016   USD         72
RENHE COMMERCIAL          13       3/10/2016   USD         69.12
RENHE COMMERCIAL          11.75    5/18/2015   USD         69.75
RENHE COMMERCIAL          11.75    5/18/2015   USD         68.78
SOLARFUN POWER H           3.5     1/15/2018   USD         50
SOLARFUN POWER H           3.5     1/15/2018   USD         49.40
SPG LAND HOLDING           13.5    4/8/2016    USD         63.62
SUNTECH POWER              3       3/15/2013   USD         45.95
SUNTECH POWER              3       3/15/2013   USD         43.58
TEXHONG TEXTILE            7.62    1/19/2016   USD         73.62
TEXHONG TEXTILE            7.62    1/19/2016   USD         75.5
YUZHOU PROPERTIE           13.5   12/15/2015   USD         68.37
YUZHOU PROPERTIE           13.5   12/15/2015   USD         69.00


CHILE
-----

AGUAS NUEVAS               3.4    5/15/2012     CLP          0.62
CGE DISTRIBUCION           3.25  12/1/2012      CLP         19.54
COLBUN SA                  3.2    5/1/2013      CLP         73.1
ESVAL S.A.                 3.8   7/15/2012      CLP         25.3
INVERSIONES ALSA           8     8/18/2018      USD         77.9
MASISA                     4.2  10/15/2012      CLP         19.8
QUINENCO SA                3.5   7/21/2013      CLP         24.9


PANAMA
------

NEWLAND INT PROP           9.5  11/15/2014      USD         52


PUERTO RICO
-----------

BANCO SANTANDER             6.1  6/1/2032      USD         52.647
BANCO SANTANDER             6.3  6/1/2032      USD         61.523
PUERTO RICO CONS              6  12/15/2034    USD           0.01
PUERTO RICO CONS            6.3  11/1/2033     USD           0.01
PUERTO RICO CONS            6.2   5/1/2017     USD         53
PUERTO RICO CONS            6.5   4/1/2016     USD         62

VENEZUELA
---------

ELEC DE CARACAS             8.5   4/10/2018    USD         59.53
PETROLEOS DE VEN            5.5   4/12/2037    USD         48.91
PETROLEOS DE VEN            5.3   4/12/2027    USD         50.15
PETROLEOS DE VEN            5.2   4/12/2017    USD         64.50
PETROLEOS DE VEN            5.1  10/28/2016    USD         65.67
PETROLEOS DE VEN            5    10/28/2015    USD         71.63
VENEZUELA                   7     3/31/2038    USD         59.00
VENEZUELA                   7     3/31/2038    USD         59
VENEZUELA                   6     12/9/2020    USD         62
VENEZUELA                   7.65   4/21/2025   USD         63
VENEZUELA                   8.25   10/13/2024  USD         67
VENEZUELA                   9.25    5/7/2028   USD         70.25
VENEZUELA                   7      12/1/2018   USD         72
VENEZUELA                   9       5/7/2023   USD         71.75
VENEZUELA                   9.25    9/15/2027  USD         72.35
VENEZUELA                   9.25    9/15/2027  USD         72.6
VENEZUELA                   7.75   10/13/2019  USD         73
VENZOD - 189000             9.37    1/13/2034  USD         70.25

                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                   * * * End of Transmission * * *