TCRLA_Public/120125.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, January 25, 2012, Vol. 13, No. 018



                            Headlines



B E R M U D A

* BERMUDA: Number of Firms in Liquidations Rises, Registrar Says


B R A Z I L

ARAUCARIA SANEAMENTO: Moody's Assigns 'B1' Global Currency Rating


C A Y M A N   I S L A N D S

CENTAURI CORPORATION: Commences Liquidation Proceedings
CHEYNE ABI: Commences Liquidation Proceedings
CHEYNE DISCOVERY: Commences Liquidation Proceedings
CHEYNE REAL ESTATE: Commences Liquidation Proceedings
CHEYNE RENEWABLE: Commences Liquidation Proceedings

CHEYNE TRANSPORTATION: Commences Liquidation Proceedings
CORAL LEASING: Commences Liquidation Proceedings
DOS HOLDINGS: Commences Liquidation Proceedings
FRM EQUITY FUND: Commences Liquidation Proceedings
FRM EQUITY MASTER: Commences Liquidation Proceedings

GAM INTERNATIONAL: Commences Liquidation Proceedings
GDI FINANCE: Placed Under Voluntary Wind-Up
GOLDMAN SACHS TRADING: Commences Liquidation Proceedings
GRAMERCY DISTRESSED: Commences Liquidation Proceedings
INTANA CAPITAL MASTER: Commences Liquidation Proceedings

INTANA CAPITAL OFFSHORE: Commences Liquidation Proceedings
JUNIPER PRINCIPAL: Commences Liquidation Proceedings
MODELMANAGEMENT.COM: Placed Under Voluntary Wind-Up
MS CEMENT: Commences Liquidation Proceedings
MS CEMENT II: Commences Liquidation Proceedings

MS CEMENT III: Commences Liquidation Proceedings
NEW REALM: Commences Liquidation Proceedings
PILLOW INC: Commences Liquidation Proceedings
SHORE FINANCE: Commences Liquidation Proceedings
SIGNUM ISIS: Commences Liquidation Proceedings

SILVER METIS ASIAN: Placed Under Voluntary Wind-Up
SILVER METIS ASIAPAC: Placed Under Voluntary Wind-Up
UNITED GLOBAL: Commences Liquidation Proceedings
ZAIS ZEPHYR A-3: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Affirms Rating on Sr. Unsec. Bond at 'B/RR4'
EMPRESA GENERADORA: Fitch Affirms 'B' Rating on Sr. Unsec. Bond
ITABO DOMINICANA: Fitch Affirms 'B' Rating on Sr. Unsec. Bonds


J A M A I C A

* JAMAICA: To Reassure Coffee Makers on State of Industry


P U E R T O   R I C O

R-G PREMIER: FDIC Sues 19 Execs for US$417MM Over Collapse
ALCO CORPORATION: Sec. 341 Creditors' Meeting Set for Feb. 10
ALCO CORPORATION: Hires Carmen D. Conde Torres as Counsel
ALCO CORPORATION: Taps Jimenez as Accountants
EUROCLASS MOTORS: Has Until Jan. 30 to Propose Chapter 11 Plan


U R U G U A Y

BANCO ITAU: Moody's Assigns 'D' Bank Financial Strength Rating


                            - - - - -


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B E R M U D A
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* BERMUDA: Number of Firms in Liquidations Rises, Registrar Says
----------------------------------------------------------------
Lindsay Kelly at The Royal Gazette reports that figures from
Bermuda Registrar of Companies revealed that the number of
companies closing up shop is the highest in a decade.

Twenty-nine companies were either liquidated or struck off the
Bermuda Registrar's list in 2011, more than three times the
number from a year prior, according to The Royal Gazette.  The
report relates that the last time Bermuda saw numbers as high was
in 2004 when 20 companies closed.

The Royal Gazette notes that Peter Everson, chair of the
economics committee of the Chamber of Commerce, said that there
are at least two major reasons for the increase.  "There are very
few companies that stay open for 500 years.  It's part of the
natural business cycle companies open and close.  There tend to
be periods of large growth and expansion and then periods of
recession. . . .  For the past 30 years, prior to 2007, countries
like the US, Canada and Europe went through an enormous expansion
in the financial services sector. . . .  Bermuda profited as a
result.  Bermuda did extremely well for 15 years because of this
global growth," the report quoted Mr. Everson as saying.

Mr. Everson said that since 2007/2008, global economies have
shrunk, the report relates.

The Royal Gazette notes that the latest number from the Registrar
of Companies showed 64 companies had formed up from 49 from in
2010, the lowest since before 2000.

"The real strength of any economy is the number of businesses
opening and expanding. . . . The vast majority of companies in
Bermuda are paper companies and the number of companies that
employ people and pay payroll taxes is actually quite small, less
than 400," Mr. Everson said, The Royal Gazette adds.


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


ARAUCARIA SANEAMENTO: Moody's Assigns 'B1' Global Currency Rating
-----------------------------------------------------------------
Moody's America Latina has assigned a B1 rating on the global
scale and a Baa1.br local currency rating on the Brazilian
national scale to the 18-year BRL95.5 million senior secured
amortizing debentures, which will be issued by Araucaria
Saneamento S.A., a special purpose entity.  With the proceeds of
the issuance, Araucaria will construct a sewerage system in the
city of Campos do Jordao, Brazil, and lease it to Companhia de
Saneamento Basico do Estado de Sao Paulo, the concessionaire for
water and sewerage services in the State of Sao Paulo, Brazil.
The outlook for the ratings is stable.  This was the first time
that Moody's assigned ratings to the Company.

The Project will cost BRL106.1 million, and will be operated and
maintained by SABESP pursuant to a 20-year lease contract with
Araucaria.  Currently, Campos do Jordao does not have a sewerage
treatment facility, and sewerage collection is limited to 40% of
the city's population.

The Project Sponsors are OHL Meio Ambiente Inima Brasil Ltda.,
CESBE S.A. Engenharia e Empreendimentos and Construtora Elevacao.
OHLMA is wholly-owned by OHL Medio Ambiente Inima, S.A.U, which
is a subsidiary of Obrascon Huarte Lain S.A., one of the largest
construction groups in Spain.  In 2008, OHL created OHLMA to
consolidate the group's sanitation investments in Brazil.

On November 16, 2011, it was announced that OHLMAI was sold to GS
Engineering & Construction Corporation, one of the largest
engineering and construction groups in South Korea.  The closing
of said transaction is conditioned to the fulfillment of certain
typical conditions precedent.  Moody's has assumed that all
rights and obligations of OHLMA in the Project will be fully
assumed by GS; however, further details about the purchase
conditions of OHLMA have not been made available to Moody's.

CESBE and CE are medium-sized construction companies that are
headquartered in Curitiba, Parana State, and have over 30 years
of experience in the construction of infrastructure and
sanitation projects in Brazil, including a number of sewerage and
water treatment facilities previously built for SABESP.

The Project will adopt the technology of a biological reactor
followed by filtration membranes, which assures the stability of
the biological process and the quality of the final effluent,
complying with the standards required by the environmental
regulation CONAMA 357/2005 Federal Resolution and State Decree
8,468/1976, for water body receptor classified as "Class Two".
The resulting effluent can be used as reuse water, for non
potable use, after a disinfection process.  Although this process
is new in Brazil, it has been used for more than 25 years in
similar projects in the U.S. and Europe, with proven efficiency.

The Project will be constructed pursuant to a fixed-price, turn-
key engineering, procurement and construction contract to be
carried out by the Sponsors, who have formed a construction
consortium.  Araucaria will also provide a completion bond of
BRL10.1 million (10% of the Project cost) which will partially
mitigate the risk of construction delays.

The proceeds of the debentures will be used to finance up to 90%
of the Project's CAPEX; the remaining portion (BRL 10.6 million)
will be contributed upfront by the Sponsors in the form of equity
prior to the receipt of the debenture proceeds, as stated in the
debenture's indenture.  The construction license is in place.
Construction works started in October 2011, and are expected to
be completed within 24 months (by October 2013).  Until November
2011, Araucaria has invested approximately BRL2.5 million in
CAPEX, which has been funded by the Sponsors.  The debentures are
expected to be underwritten by FGTS, a fund managed by Caixa
Economica Federal, a Brazilian state-owned bank, in January 2012.

Araucaria will be responsible for delivering the sewerage system,
pursuant to specifications set out in the Concession Contract
executed between Araucaria and SABESP.  In return, SABESP will
pay Araucaria a fixed monthly leasing fee of BRL1.2 million,
adjusted annually by an inflation index.  SABESP will be
responsible for the operation and maintenance of the Project.  At
the end of the 20-year leasing period, the assets will be
transferred to SABESP at no cost.

The Sponsors will provide an uncapped, joint-and-several project
completion guarantee.  In addition, the debentures will be
guaranteed or secured by the pledge of Araucaria's common shares,
the rights to the cash flows derived from future lease payments,
the pledge of certain reserve accounts, and the pledge of the
completion bond.  The debentures will begin to amortize on a
monthly-basis 33 months after the issuance date.

The debenture indentures include covenants that require Araucaria
to maintain a minimum Debt Service Coverage Ratio of 1.3x. Non-
compliance with said covenants may trigger acceleration.  In
addition, there is a restriction on dividend payments during the
construction period, which includes an extension of up to 6
months due to any construction delays, provided that SABESP gives
an extension to the construction period without reduction in the
20-year lease period of the sewage plant.  The assigned ratings
and outlook reflect information provided to Moody's to date.  Any
material changes to the financial structure or the documentation
reviewed thus far could have an impact on the rating.

Ratings Rationale

The B1/Baa1.br ratings reflect Araucaria's construction and
operational risks, the highly leveraged financing structure, the
relatively limited financial strength of the Sponsors, the solid
credit profile of SABESP (which supports a predictable and stable
cash flow generation to meet debt service over the life of the
debentures), and the guarantees provided by the Sponsors and the
Company to mitigate Project risks.  Nevertheless, the
construction period presents higher risk than the operating
period; therefore, the ratings are constrained until the Project:
(i) is completed; (ii) is accepted by SABESP; and (iii) has
demonstrated adequate operating performance.  Notwithstanding,
the stable outlook reflects Moody's assessment that construction
work is expected to be completed on time and on budget, thus
meeting the technical and operating specifications set out in the
Contract.

The proceeds from the debentures issuance will be deposited in a
cash reserve account.  During construction, an independent
engineer, which has been selected by CEF, will monitor project
progress in order to verify if the construction works are being
carried out in compliance with Project specifications.  If the
construction work is on budget and on schedule, the IE will
authorize the transfer of funds from the cash reserve account for
the payment of the EPC contractors by Araucaria.  Otherwise, the
IE will provide an early warning of potential problems and
restrict the release of funds to Araucaria.  The interest income
on this cash reserve account is, however, unrestricted and can be
used to support Araucaria's working capital needs.

The Project structure also includes a debt service reserve
account that covers three months of debt service payments.  On a
relative basis, the DSRA is smaller than typically seen in other
project finance transactions in Latin America, which tend to
have, at a minimum, six-months of debt service in reserves funded
up front. Funding of the DSRA will begin in July 2014 through the
receipt of SABESP's lease payments which is three months prior to
the beginning of scheduled amortization.

Moody's base case projections consider that construction work may
be delayed by up to 6 months.  As a result, the relatively tight
debt service coverage ratio (DSCR), defined as (CFO + Interest
Expense -- Maintenance CAPEX) divided by Debt Service (Principal
+ Interest Expense), is expected to remain below 1.2x until the
sixth year of operations which constrains the rating over the
medium-term.  In the short term, net revenues in the first full
year of operations (2015) generate a DSCR of just 0.99x.
Although Moody's calculated DSCR will be below 1.00x in 2015, the
Company still presents enough resources to meet the debt service
covenant through its expected cash and cash equivalents position
in addition to its reported financial income, which are not
included in Moody's calculations.  Therefore, the Company will
not need any additional equity injection from the Sponsors,
provided that the Project will not require or have any
significant disbursement which is not forecasted, although the
additional liquidity mentioned should not be considered to remain
on an unlimited basis.  In Moody's conservative six-month
construction delay scenario with no further capital injections
from the Sponsors or other funding sources, the DSCR would be
higher than 1.2x only after the sixth year of operations.
In the Management Case, which assumes that the Project starts
operations in December 2013, the DSCR calculated using Moody's
methodology reaches 1.20x only in 2017 (fourth year of full year
operations).  Notwithstanding, this would violate the DSCR
maintenance covenant of 1.3x, if it were calculated following
Moody's methodology; however, Araucaria and CEF have agreed on a
DSCR defined differently from Moody's methodology, which would
enable Araucaria do maintain a DSCR above 1.3x as per the
Management Case, with the lowest DSCR registered in 2016 (1.40x).

The ratings could increase once project completion is met and the
credit risk shifts to SABESP, the leasee.  Conversely, if the
construction milestones are not achieved in a timely fashion or
on budget, or if the DSCR is consistently below certain
parameters established by the applicable Moody's methodology,
liquidity pressures and potential breaches in the Contract could
materialize which would create negative pressure on the ratings.

Araucaria Saneamento S.A. is a special purpose company created by
OHL Meio Ambiente Inima Brasil Ltda (51% ownership), Cesbe S.A.--
Engenharia e Emprendimento (30% ownership), and Construtora
Elevacao Ltda (19% ownership).  In December 2009, Araucaria
participated and won the public auction conducted by Companhia de
Saneamento Basico do Estado de Sao Paulo - SABESP to construct
and lease a sewerage system and a sewerage treatment facility in
the city of Campos do Jordao, State of Sao Paulo, Brazil.


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


CENTAURI CORPORATION: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held Dec. 5, 2011, the shareholder of
Centauri Corporation passed a resolution that voluntarily
liquidates 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 liquidators are:

         David Dyer
         Alan Corkish
         Deutsche Bank (Cayman) Limited
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CHEYNE ABI: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 7, 2011, the sole shareholder of Cheyne ABI General
Partner Inc. passed a resolution that voluntarily liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


CHEYNE DISCOVERY: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Cheyne Discovery General
Partner Inc. passed a resolution that voluntarily liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


CHEYNE REAL ESTATE: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Cheyne Real Estate
Opportunities General Partner Inc. passed a resolution that
voluntarily liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


CHEYNE RENEWABLE: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Cheyne Renewable Energy
General Partner Inc. passed a resolution that voluntarily
liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


CHEYNE TRANSPORTATION: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Cheyne Transportation
General Partner Inc. passed a resolution that voluntarily
liquidates 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 liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


CORAL LEASING: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 8, 2011, the shareholder
of Coral Leasing Limited passed a resolution that voluntarily
liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


DOS HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2011, the shareholder of Dos Holdings Limited passed a
resolution that voluntarily liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FRM EQUITY FUND: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 19, 2011, the shareholder of FRM Equity Opportunity Fund
SPC passed a resolution that voluntarily liquidates 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


FRM EQUITY MASTER: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 19, 2011, the shareholder of FRM Equity Opportunity
Master Fund SPC passed a resolution that voluntarily liquidates
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


GAM INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 5, 2011, the sole shareholder of GAM International SPV,
Ltd. passed a resolution that voluntarily liquidates 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:

         Gotham Funds G.P. LLC
         c/o Bernard Seibert
         Telephone: 212-319-4100
         Facsimile: 212-319-4419
         e-mail: seibert@gothamassetmanagement.com
         535 Madison Avenue, 30th Floor
         New York, New York 10022


GDI FINANCE: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 8, 2011, the sole shareholder of GDI Finance (Cayman)
2003 Limited passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard, Wai Hung Poon
         Telephone: (852) 2887 8621
         Facsimile: (852) 2887 8631
         Room 1410, 14th Floor
         Harbour Centre, No. 25 Harbour Road
         Wanchai
         Hong Kong


GOLDMAN SACHS TRADING: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 8, 2011, the shareholder of Goldman Sachs Trading
Advisors Limited passed a resolution that voluntarily liquidates
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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


GRAMERCY DISTRESSED: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Gramercy Distressed
Argentina Fund Ltd passed a resolution that voluntarily
liquidates 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


INTANA CAPITAL MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 6, 2011, the sole shareholder of Intana Capital Master
Fund Ltd passed a resolution that voluntarily liquidates 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


INTANA CAPITAL OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 6, 2011, the sole shareholder of Intana Capital Offshore
Fund, Ltd passed a resolution that voluntarily liquidates 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


JUNIPER PRINCIPAL: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 8, 2011, the shareholder of Juniper Principal Protected
Notes 1999-1 Ltd. passed a resolution that voluntarily liquidates
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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


MODELMANAGEMENT.COM: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 30, 2011, the shareholders of Modelmanagement.com passed
a resolution that voluntarily winds up the company's operations.

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:

         Gavin Lowe
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


MS CEMENT: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 5, 2011, the shareholder of MS Cement Limited passed a
resolution that voluntarily liquidates the company's business.

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:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MS CEMENT II: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 5, 2011, the shareholder of MS Cement II Limited passed a
resolution that voluntarily liquidates the company's business.

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:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MS CEMENT III: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 5, 2011, the shareholder of MS Cement III Limited passed
a resolution that voluntarily liquidates the company's business.

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:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


NEW REALM: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 25, 2011, the sole shareholder of New Realm Island Fund,
Ltd. passed a resolution that voluntarily liquidates 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


PILLOW INC: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 6, 2011, the sole shareholder of Pillow Inc. passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Stephen R. Nelson
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: stephen.nelson@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


SHORE FINANCE: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 8, 2011, the shareholder of Shore Finance Limited passed
a resolution that voluntarily liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SIGNUM ISIS: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held Dec. 8, 2011, the shareholder of
Signum Isis Limited passed a resolution that voluntarily
liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SILVER METIS ASIAN: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Silver Metis Asian
Smaller Companies Fund passed a resolution that voluntarily winds
up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Samir Dilip Mehta
         Telephone: (345) 949 6258
         Facsimile: (345) 945 28 77
         c/o Campbell Corporate Services Limited
         P.O. Box 268
         Scotia Centre, 4th Floor
         George Town Grand Cayman KY1-1104
         Cayman Islands


SILVER METIS ASIAPAC: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Silver Metis Asiapac
Fund passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Samir Dilip Mehta
         Telephone: (345) 949 6258
         Facsimile: (345) 945 28 77
         c/o Campbell Corporate Services Limited
         P.O. Box 268
         Scotia Centre, 4th Floor
         George Town Grand Cayman KY1-1104
         Cayman Islands


UNITED GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 8, 2011, the shareholder of United Global Investment
Grade CDO III Limited passed a resolution that voluntarily
liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


ZAIS ZEPHYR A-3: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held Dec. 8, 2011, the shareholder of
Zais Zephyr A-3, Ltd. passed a resolution that voluntarily
liquidates 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:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


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


AES ANDRES: Fitch Affirms Rating on Sr. Unsec. Bond at 'B/RR4'
--------------------------------------------------------------
Fitch Ratings has affirmed AES Andres Dominicana's SPV. (AES
Dominicana) Long-Term Issuer Default Rating (IDR) at 'B' and its
senior unsecured bond rating due 2020 at 'B/RR4'.  Concurrently,
Fitch has affirmed AES Andres B.V. national rating at 'A-(dom)'.

The Outlook on the Long-Term IDR is positive.

AES Dominicana's ratings reflect the electricity sector's high
dependency on transfers from the central government to service
its financial obligations.  Although Fitch expects the
continuation of recent policy changes to allow distribution
companies (EDEs) to reach breakeven cash flow generation in the
medium term, the expiration of the stand-by arrangement (SBA)
with the International Monetary Fund (IMF) on Feb. 28, 2012 and
the presidential elections in May 2012 hold the potential to
derail the modest progress achieved by the sector so far.  AES
Dominicana's credit quality also reflects the company's linkage
to the Dominican Republic Government as public transfers are
necessary to pay for the company's account receivables associated
to electricity sales.  The company's ratings also consider the
company's solid asset portfolio, strong balance sheet and well
structured PPAs, which contribute to strong cash flow generation
and bolster liquidity.

Ratings Constrained by Credit Quality of the Government:
The Dominican Republic's power sector is characterized by low
collections from end-users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies, and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.  During 2009,
the Dominican Republic government entered into a stand-by
agreement with the IMF to aid the country run counter cyclical
fiscal policies.

As part of this arrangement, the government committed itself to
increase metered users, gradually reduce the gap between the
technical tariff and the implemented tariff; eliminate the free
electricity areas (PRA) and substitute this program with more
efficient demand subsidies.  The arrangement also included a
reduction in the account payables with generation companies to no
more than 45 days of sales, a reduction from a previous average
of approximately 180 days in 2008.  Although the government did
not succeed in meeting all the goals, it at least reduced the
amount of payables due to generation companies, which
strengthened generators' liquidity and cash flow generation.

There is a latent risk of disrupting the progress the sector has
achieved so far as the SBA with the IMF expires and the country
goes through a presidential electoral year.  The expiration of
the SBA with the IMF removes the third party pressure on the
government to stay current on its payments to generation
companies and there is no guaranty that the new administration
will have the same willingness to overcome the structural
problems that affect the financial sustainability of the
country's electricity sector.  Fitch will closely monitor these
events to determine the impact of any potential change on the
credit quality of all generation companies in the Dominican
Republic.

AES Dominicana received two extraordinary payments from the
government during the months of October and December 2011 (US$ 19
million and US$37.5 million, respectively).  These payments
contributed to maintaining days-of-Sale (DOS) within the agreed
target of 45 days and ensured a payment rate from distribution
companies of 101% by Dec. 31, 2011.

AES Dominicana's ratings reflect its high quality assets,
consisting of Andres and DPP.  These plants have an aggregate
effective generating capacity of 540 MW.  Andres is the company's
newest and most efficient power plant.  It ranks among the lowest
cost electricity generators in the country.  Andres' combined-
cycle plant burns natural gas and is expected to be fully
dispatched as a base-load unit as long as the LNG price is not
more than 15% higher than the price of imported fuel oil No. 6.

The company's operating profits are healthy due to well
structured, U.S. dollar denominated Power Purchase Agreement
(PPA) with EDE Este, a Dominican distribution company.  The
increase in the participation of non-regulated users in its
client base and its income diversification strategy, which is
achieved through incremental sales of natural gas also support
the ratings.  AES Dominicana owns the only liquefied natural gas
import terminal in the country with a storage and daily
transportation capacity of 160,000 m3 and 6,000 m3 respectively.

AES Dominicana has a strong standalone credit profile for the
rating category. The company generated US$193 million of EBITDA
during the last-twelve-month period ended Sept. 30, 2011.  This
is already above the EBITDA posted by the end of FY 2010.  AES
Dominicana's cash flow measures have also improved.  The company
reported FFO of approximately US$186 million and CFO of US$ 150
million during the same period.  The company can comfortably meet
its annual debt service using some of its US$163 million cash
holdings. With only US$168 million of total debt, AES
Dominicana's leverage, as measured by total debt to EBITDA, is
low at 0.9x.

Fitch affirms the following ratings:

  -- AES Andres Dominicana's Long-Term IDR at 'B';
  -- AES Andres Dominicana's Long-Term bond rating at 'B';
  -- AES Andres B.V. Long-Term National Rating at 'A-(dom)'.


EMPRESA GENERADORA: Fitch Affirms 'B' Rating on Sr. Unsec. Bond
---------------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Haina S.A. (HAINA) long-term Issuer Default Rating (IDR) and
local currency IDR at 'B' and senior unsecured international bond
rating due 2017 at 'B/RR4'.  Concurrently, Fitch has affirmed
both, HAINA's national rating and local bond ratings with
maturities in 2012 and 2016 at 'A-(dom)'.  The Rating Outlook on
the IDR is Positive.

HAINA's ratings reflect the electricity sector's high dependency
on transfers from the central government to service its financial
obligations.  Although Fitch expects the continuation of recent
policy changes to allow distribution companies to reach breakeven
cash flow generation in the medium term, the expiration of the
stand-by arrangement with the International Monetary Fund (IMF)
on Feb. 28, 2012 and the presidential elections in May 2012 hold
the potential to derail the modest progress achieved by the
sector so far.  HAINA's credit quality also reflects the
company's linkage to the Dominican Republic Government as public
transfers are necessary to pay for the company's account
receivables associated to electricity sales.  The company's
ratings also consider the company's solid asset portfolio, strong
balance sheet and well structured power purchase agreements
(PPAs), which contribute to strong cash flow generation and
bolster liquidity.

Ratings Constrained by Credit Quality of the Government:

The Dominican Republic's power sector is characterized by low
collections from end-users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies, and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.  During 2009,
the Dominican Republic government entered into a stand-by
agreement with the IMF to aid the country run counter cyclical
fiscal policies.

As part of this arrangement, the government committed itself to
increase metered users, gradually reduce the gap between the
technical tariff and the implemented tariff; eliminate the free
electricity areas (PRA) and substitute this program with more
efficient demand subsidies.  The arrangement also included a
reduction in the account payables with generation companies to no
more than 45 days of sales, a reduction from a previous average
of approximately 180 days in 2008.  Although the government did
not succeed in meeting all the goals, it at least reduced the
amount of payables due to generation companies, which
strengthened generators' liquidity and cash flow generation.

Transition Risk:

There is a latent risk of disrupting the progress the sector has
achieved so far as the SBA with the IMF expires and the country
goes through a presidential electoral year.  The expiration of
the SBA with the IMF removes the third party pressure on the
government to stay current on its payments to generation
companies and there is no guaranty that the new administration
will have the same willingness to overcome the structural
problems that affect the financial sustainability of the
country's electricity sector.  Fitch will closely monitor these
events to determine the impact of any potential change on the
credit quality of all generation companies in the Dominican
Republic.

Recent Payments Bolster Liquidity:

HAINA received an extraordinary payment from the government
during the month of December 2011 (US$106 million) which
contributed to maintaining days-of-Sale (DOS) within the agreed
target of 45 days and ensured a payment rate from distribution
companies of 93% by Dec. 31, 2011.

Competitive Generation Assets:

HAINA's ratings are supported by its diversified portfolio of
generation assets, the use of various sources of fuel in its
plants, its strong market position and operational efficiency.
HAINA'S generation assets comprise plants that use fuel oil,
diesel and coal located throughout the country.  This provides
the company with different positions on the dispatch merit list.
HAINA's operational efficiency compares favorably with other
generating companies in the country, registering an average heat
rate of 8.856 British thermal units (Btu) per kilowatt-hour
(kWh), while its most efficient unit registers a 7.833 BTU / kWh
heat rate burning heavy fuel oil.

Adequate Credit Metrics:

HAINA's credit metrics are currently adequate for the rating
category. For the fiscal year 2011, the company reported EBITDA
of US$112 million, an increase from US$79 million in fiscal year
2010 (FY10).  Cash flow from operations (CFO) was US$44 million
due to an extraordinary payment made by the government during
month of December which contributed to maintaining the 45 days
DOS average by the end of the year.  As of Dec. 31, 2011, HAINA
had a cash and marketable securities balance of US$184 million.
HAINA's leverage ratio and net leverage were 2.5 times (x) and
0.9x respectively during the referenced period.


ITABO DOMINICANA: Fitch Affirms 'B' Rating on Sr. Unsec. Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed ITABO Dominicana SPV's long-term
Issuer Default Rating (IDR) at 'B' and senior unsecured
international bond rating due 2020 at 'B/RR4'.  Concurrently,
Fitch has affirmed both, Empresa Generadora de Electricidad Itabo
S.A. (Ege ITABO) long-term IDR and local currency IDR at 'B'.
Similarly, Ege ITABO's national rating and senior unsecured local
bond rating have both been affirmed at 'A-(dom)'.  The Rating
Outlook on the long-term IDR is Positive.

ITABO's and Ege ITABO's ratings reflect the electricity sector's
high dependency on transfers from the central government to
service its financial obligations.  Although Fitch expects the
continuation of recent policy changes to allow distribution
companies to reach breakeven cash flow generation in the medium
term, the expiration of the stand-by arrangement with the
International Monetary Fund on Feb. 28, 2012 and the presidential
elections in May 2012 hold the potential to derail the modest
progress achieved by the sector so far.  ITABO's credit quality
also reflects the company's linkage to the Dominican Republic
Government (IDR 'B', Outlook Positive by Fitch) as public
transfers are necessary to pay for the company's account
receivables associated to electricity sales.  The company's
ratings also consider the company's solid asset portfolio and
well structured power purchase agreements (PPAs), which
contribute to strong cash flow generation and bolster liquidity.

Ratings Constrained by Credit Quality of the Government:

The Dominican Republic's power sector is characterized by low
collections from end-users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies, and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.  During 2009,
the Dominican Republic government entered into a SBA with the IMF
to aid the country run counter cyclical fiscal policies.

As part of this arrangement, the government committed itself to
increase metered users, gradually reduce the gap between the
technical tariff and the implemented tariff; eliminate the
subsidized electricity areas (PRA) and substitute this program
with more efficient demand subsidies.  The arrangement also
included a reduction in the account payables with generation
companies to no more than 60 days of sales, a reduction from a
previous average of approximately 180 days in 2008.  Although the
government did not succeed in meeting all the goals, it at least
reduced the amount of payables due to generation companies, which
strengthened generators' liquidity and cash flow generation.

Transition Risk:

There is a latent risk of disrupting the progress the sector has
achieved so far as the SBA with the IMF expires and the country
goes through a presidential electoral year.  The expiration of
the SBA with the IMF removes the third party pressure on the
government to stay current on its payments to generation
companies and there is no guaranty that the new administration
will have the same willingness to overcome the structural
problems that affect the financial sustainability of the
country's electricity sector.  Fitch will closely monitor these
events to determine the impact of any potential change on the
credit quality of all generation companies in the Dominican
Republic.

Recent Payments Bolster Liquidity:

ITABO received two extraordinary payments from the government
during the months of October and December 2011 (US$29 million and
US$54 million, respectively).  These payments contributed to
maintaining days-of-sale (DOS) within the agreed target of 60
days and ensured a payment rate from distribution companies of
97% by Dec. 31, 2011.

Well Structured PPAs:

ITABO has a strong competitive position as one of the lower cost
thermoelectric generators in the country.  The company operates
two low cost coal fired thermal generating units and sells
electricity to three distribution companies in the country
through well structured long term U.S. dollar denominated PPAs.

Weak Financial Profile Due to Coal Contracts:

ITABO generated an EBITDA of US$20 million during the 12 month
period ended Sept. 30, 2011.  This figure is very weak compared
with EBITDA generation during the 2007 - 2009 period.  This
recent weak performance is explained by adverse conditions in one
of ITABO's coal contracts, which negatively impacted the cash
cost of coal during 2010 and through out the first semester of
2011; therefore, reducing operational profitability.  Going
forward, it is expected that the company's financial profile will
continue to improve as new purchases of coal through the spot
market and new contracts reflect current coal market prices,
benefiting in turn the company's financial profile.


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


* JAMAICA: To Reassure Coffee Makers on State of Industry
---------------------------------------------------------
RJR News reports that investors who are eyeing production plants
in the local coffee industry are to be approached by the the
Jamaican government to assist in allaying fears being expressed
by farmers.

This was the conclusion arrived at after a meeting involving
coffee farmers and Agriculture Minister Roger Clarke, according
to RJR News.  The report relates that the meeting was arranged in
the wake of concerns about the precarious state of the coffee
industry and fears that production could fall to a 20-year low.

RJR News discloses that Mr. Clarke said that the farmers'
concerns will be put to the parties involved in the privatization
of the coffee industry.

                             *     *     *

As of Jan. 2, 2012, Jamaica continues to carry Standard and
Poor's "B-" long-term debt ratings and "C" short-term debt
ratings.


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


R-G PREMIER: FDIC Sues 19 Execs for US$417MM Over Collapse
----------------------------------------------------------
Amanda Bransford at Bankruptcy Law360 reports that the Federal
Deposit Insurance Corp. launched a US$417 million suit against 19
former directors and officers of R-G Premier Bank of Puerto Rico
for causing one of the largest bank failures in Puerto Rico's
history.

The complaint, filed in Puerto Rico federal court, accuses the
directors and officers, including bank founder Victor J. Galan-
Alvarez, of negligently overseeing the bank's expansion into
commercial lending, ignoring repeated warnings by regulators and
personally approving just about any loan request, no matter how
unlikely the loan's eventual repayment, according to Law360.

As reported in the Troubled Company Reporter on May 4, 2010,
R-G Premier Bank of Puerto Rico in Hato Rey, P.R., was closed on
April 30, 2010, by the Office of the Commissioner of Financial
Institutions of the Commonwealth of Puerto Rico, which appointed
the Federal Deposit Insurance Corporation as receiver.  To
protect the depositors, the FDIC entered into a purchase and
assumption agreement with Scotiabank de Puerto Rico of San Juan,
P.R., to assume all of the deposits of R-G Premier Bank of Puerto
Rico.


ALCO CORPORATION: Sec. 341 Creditors' Meeting Set for Feb. 10
-------------------------------------------------------------
Monsita Lecaroz Arribas of the Office of the U.S. Trustee in San
Juan, Puerto Rico, will hold a meeting of creditors pursuant to
Sec. 341(a) of the Bankruptcy Code in the Chapter 11 case of Alco
Corporation on Feb. 10, 2012, at 9:00 a.m. at 341 Meeting Room,
Ochoa Building, 500 Tanca Street, First Floor, San Juan.

Proofs of claim are due in the case by May 10, 2012.  Government
proofs of claim are due by July 18, 2012.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., at C. Conde & Associates, serves as
the Debtor's counsel.  It scheduled US$11,200,030 in assets and
US$7,762,314 in debts.  The petition was signed by Alfonso
Rodriguez, president.


ALCO CORPORATION: Hires Carmen D. Conde Torres as Counsel
---------------------------------------------------------
Alco Corporation asks the Bankruptcy Court to approve its
engagement of Carmen D. Conde Torres, Esq., and C. Conde &
Associates as its Chapter 11 lawyer.

Mrs. Conde Torres, Esq., a senior attorney at the firm, charges
US$300 an hour for her services.  Associates at the firm bill
US$275 per hour while paralegals charge US$150 per hour.

The firm received a non-refundable retainer of US$20,000 which
was paid by Desarrolladora Los Filters Inc.

The firm may be reached at:

         Carmen D. Conde Torres, Esq.
         C. CONDE & ASSOC.
         254 San Jose Street, 5th Floor
         Old San Juan, Puerto Rico 00901
         Tel: 787-729-2900
         Fax: 787-729-2203
         E-mail: condecarmen@microjuris.com

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
It scheduled US$11,200,030 in assets and $7,762,314 in debts.
The petition was signed by Alfonso Rodriguez, president.  Alco
tapped Jimenez Vasquez & Associates, PSC, as accountants.


ALCO CORPORATION: Taps Jimenez as Accountants
---------------------------------------------
Alco Corporation seeks permission from the Bankruptcy Court to
employ Jose Victor Jimenez, CPA, of Jimenez Vasquez & Associates,
PSC, as accountants.  The Debtor proposes to pay the firm US$125
per hour.  The firm has been provided a US$7,000 retainer.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., at C. Conde & Associates, serves as
the Debtor's counsel.  It scheduled $11,200,030 in assets and
US$7,762,314 in debts.  The petition was signed by Alfonso
Rodriguez, president.


EUROCLASS MOTORS: Has Until Jan. 30 to Propose Chapter 11 Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico,
extended Euroclass Motors, Inc.'s exclusive periods to file and
solicit acceptances for the proposed Plan of Reorganization until
Jan. 30, 2012, and May 3, respectively.

The extension will enable the Debtor to reconcile its claims and
complete the negotiations to extend and renew its financing
agreement with Reliable Holding Company, negotiations which will
assist in the feasibility of the Plan.

The Court ordered that it is the final extension of its
exclusivity period.

                      About Euroclass Motors

San Juan, Puerto Rico-based Euroclass Motors, Inc. filed for
Chapter 11 protection (Bankr. D. P.R. Case No. 11-05772) on
July 6, 2011.  Ramon Vega Diaz, president of the Debtor, filed
the petition.  The Chapter 11 case of Euroclass Motors, Inc., has
been reassigned to the Hon. Mildred Caban Flores.  The Debtor
estimated assets between US$1 million and US$10 million and
estimated debts between US$10 million and US$50 million.

Charles Alfred Cuprill, at Charles A Cuprill, PSC Law Office, in
San Juan, Puerto Rico, represents the Debtor in this case.

Affiliate Autos Vega, Inc., is a car dealership engaged in the
sales of new and used cars and trucks car parts, accessories and
providing vehicle repair and maintenance, based in San Juan,
Puerto Rico.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 11-05773) on July 6, 2011.
The Debtor disclosed US$22,959,296 in assets and US$34,224,323 in
liabilities.


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


BANCO ITAU: Moody's Assigns 'D' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's affirmed the bank financial strength rating of D assigned
to Banco Itau Uruguay S.A., as well as its Baa2/P-2 and Ba2/NP
global local and foreign currency deposit ratings, for long and
short-term, respectively.  The local currency Aaa.uy and the
foreign currency Aa3.uy national scale ratings were also
affirmed. The outlook on the bank's long term local currency
deposit rating was changed to stable from positive, bringing it
in line with the stable outlook on the ratings of its parent
bank, Itau Unibanco Holding S.A.

All ratings now have a stable outlook.
The following ratings assigned to Banico Itau Uruguay S.A. were
affirmed:

Bank Financial Strength Rating: D

Global Local Currency Deposit Rating: Baa2/P.2; outlook changed
to stable from positive

Global Foreign Currency Deposit Rating: Ba2/NP

Local Currency National Scale Deposit Rating : Aaa.uy

Foreign Currency National Scale Deposit Rating: Aa3.uy

Ratings Rationale

The affirmation of Itau's ratings incorporates its well
established franchise in the Uruguayan financial system together
with its relatively stable financial fundamentals, particularly
its earnings and asset quality.  Itau is the third largest
privately owned bank in Uruguay, holding loan and deposit market
shares of approximately 9%, and provides a range of banking
services mainly to large corporations, small and medium-sized
companies and individuals.

Moody's noted that the stable outlook on Itau Uruguay's stand-
alone ratings reflects its steady earnings generation, which is
supported by a stable net interest margin of 4%; a 47% growth in
net income in 2011 relative to the prior year owing mainly to the
bank's recent business expansion and to the very low cost of
funding enjoyed by most banks in Uruguay.  The bank expanded its
portfolio of private sector loans by 34% in the past year,
chiefly within the agribusiness and manufacturing sectors,
benefiting from the economy's performance.  Itau has also been
very active in consumer lending through credit cards and personal
loans. The bank's Tier one ratio of 9% provided support to such
growth.

The bank's operations benefit from ample liquidity in the form of
inexpensive core deposits from residents, which accounted for
more than 70% of total deposits and are mainly transactional in
nature, while non-resident depositors only accounted for 14%.
The bank follows the prudent risk management practices of its
parent, which is demonstrated by a high level of loan and deposit
granularity as well as a low and stable non-performing loan ratio
of 0.7% since 2007.

Moody's also highlighted the strong support Itau Uruguay enjoys
from its 100% shareholder, Itau Unibanco in terms of both its
management practices and capital support, which is reflected in
the bank's deposit ratings.  The bank's Baa2/Prime-2 local
currency deposit ratings incorporate both Itau Uruguay's stand-
alone baseline credit assessment of Ba2, that is lifted three
notches as a result of Moody's assessment of a high probability
of support from its parent bank, Itau Unibanco Holding S.A.  The
support level is based on Brazil's foreign currency government
bond rating.  Moody's believes that the support of Itau Unibanco
to its Uruguayan subsidiary would be limited by the Brazilian
government's willingness and ability to allow Itau Unibanco to
transfer foreign currency from Brazil and direct it towards
supporting a subsidiary beyond its borders.

Itau Uruguay S.A. is headquartered in Montevideo, Uruguay, and
had Ur$46.0 billion in assets, Ur$43.4 billion in deposits, and
Ur$2.6 billion in shareholders' equity as of September 2011.


                            ***********


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.


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