TCRLA_Public/120126.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

            Thursday, January 26, 2012, Vol. 13, No. 19



                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' GSR to Class A Notes


B R A Z I L

BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating
JBS USA: Moody's Assigns 'B1' Rating to Proposed US$400MM Notes


C A Y M A N   I S L A N D S

ALTERNATIVE INVESTMENTS: Commences Liquidation Proceedings
ANCHORAGE CROSSOVER: Commences Liquidation Proceedings
AUAM GP I: Commences Liquidation Proceedings
BEAVAN SOMUA: Commences Liquidation Proceedings
BLACKROCK ELITE I: Commences Liquidation Proceedings

BLACKROCK ELITE II: Commences Liquidation Proceedings
BLACKROCK ELITE III: Commences Liquidation Proceedings
C & D WOOD: Commences Liquidation Proceedings
CHEYNE VALUE: Commences Liquidation Proceedings
COSMIC LAND: Commences Liquidation Proceedings

CRESCENT ARABIAN ADVISORS: Placed Under Voluntary Wind-Up
CRESCENT ARABIAN SERVICES: Placed Under Voluntary Wind-Up
CRESCENT BROTHERS: Placed Under Voluntary Wind-Up
CRESCENT POINT: Placed Under Voluntary Wind-Up
EMIRATES NBD: Commences Liquidation Proceedings

ENHANCEMENT FUND: Placed Under Voluntary Wind-Up
FIFTH AVENUE: Commences Liquidation Proceedings
FREE LODGE: Commences Liquidation Proceedings
GOLDMAN SACHS GLOBAL: Commences Liquidation Proceedings
GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings

GOTHAM ASSET: Commences Liquidation Proceedings
H&F INTERGRAPH: Commences Liquidation Proceedings
JC CO-INVESTMENT: Commences Liquidation Proceedings
KERRSPOFA HOLDINGS: Commences Liquidation Proceedings
KOROMAS FUND: Placed Under Voluntary Wind-Up

NEW VISION: Commences Liquidation Proceedings
RYE SELECT: Commences Liquidation Proceedings
SILVER HOLDINGS: Commences Liquidation Proceedings
VIRADOURO FUND: Placed Under Voluntary Wind-Up
XE SELECT: Commences Liquidation Proceedings


J A M A I C A

DIGICEL GROUP: Customers Saved Billions on Competition, FTC Says


M E X I C O

GRUPO IUSACELL: Watchdog Makes Decision on Televisa-Iusacell Deal
VITRO SAB: Court Orders Arbitrator to Pay US$124MM to U.S. Units
* MEXICO: Moody's Assigns 'Ba1' Issuer Rating to Jalisco State


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Declares TT$24 Billion in Liabilities


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' GSR to Class A Notes
--------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero Supervielle Creditos
56.  This transaction will be issued by Deutsche Bank (Argentina)
S.A., acting solely in its capacity as Issuer and Trustee.

Moody's notes that the securities contemplated by this
transaction have not yet settled.  If any assumptions or factors
considered by Moody's in assigning the ratings change before
closing, Moody's could change the ratings assigned to the notes.

- ARS33,600,000 in Class A Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 56", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
   Local Currency)

- ARS62,400,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 56", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
   Local Currency)

- ARS19,200,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 56", rated B1.ar
   (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale,
   Local Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 56", rated C.ar (sf) (Argentine National
   Scale) and C (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 26,194 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,002,096.16.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

Overall credit enhancement is comprised of subordination: 72% for
the Class A Floating Rate Debt Securities, 20% for the Floating
Rate Securities and 4% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Floating
Rate Debt Securities and Floating Rate Debt Securities, 19.48%
expected loss for Class C Fixed Rate Debt Securities and 91.17%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6%
from the base case scenario for the pool (i.e., most likely
scenario of 16%, a minimum of 11% and a maximum of 26%), the
ratings of the Classes A, Class B and CP would be unchanged.  The
ratings for Class C Fixed Rate debt securities and Certificates
would be likely downgraded to Ca (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction.  If Banco Supervielle is removed
as servicer, Deutsche Bank (Argentina) S.A. will be appointed as
the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


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


BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco
Mercantil do Brasil S.A. (BMB), including the D bank financial
strength rating (BFSR), the global local and foreign currency
deposit ratings of Ba2 and Not Prime, the national scale deposit
ratings on the Brazilian national scale of Aa3.br and BR-1 and
the foreign currency senior unsecured and subordinated debt
ratings of Ba2 and Ba3, respectively, assigned to the notes
issued by BMB. The outlook on all ratings remains stable.

Rating Rationale

Moody's affirmation of BMB's standalone BFSR reflects the bank's
relatively stable profitability indicators over time as well as
BMB's ongoing credit strengths such as competitive funding costs
relative to those of other Brazilian mid-sized banks.  Though
weaker than peers', BMB's margins are influenced positively by
the bank's access to stable and low cost retail deposits, a
competitive advantage that derives from the bank's well-
established retail-oriented branch network in the state of Minas
Gerais, as well as from its role as the payment agent for
pensioners of the state government.  The bank's loyal client base
offers opportunities for business expansion and potential cross
selling, and ensures a good regional market share and access to
consumer deposits.

Moody's acknowledges that high credit costs, as measured by
provisions for loan losses as a percentage of pre-provision
profits, have persistently challenged BMB's profits, as has an
expensive operating structure that has led to efficiency ratios
that are higher than those of peers.  As a consequence, the
rating agency notes that a modest generation of profits is likely
to constrain the replenishment of the capital base through income
retention, a fact that could slow down future growth.  This is
particularly relevant because growing competition in BMB's target
markets from large banks in the retail segment, as well as from
mid-sized institutions in commercial lending, could hurt margins.

Moody's noted that although BMB's delinquency ratios showed
little oscillation in 2011, they remained higher than the ratios
reported by similar regional mid-sized banks in Brazil, a
negative rating factor.  Nevertheless, the bank's credit risk
profile benefits from the sizable share of low-risk payroll loans
on the bank's on-balance sheet credit portfolio, equivalent to
30% of total loans, and also from the short-term and granular
nature of BMB's lending operations.

The last rating action on BMB was on July 12, 2010, when Moody's
assigned a long-term foreign currency debt rating of Ba3 to BMB's
US$200 million subordinated notes.  All other ratings remained
unchanged.

Banco Mercantil do Brasil S.A. is headquartered in Belo
Horizonte, Brazil and reported consolidated assets of R$10.9
billion (US$5.9 billion) and equity of R$748 million (US$403
million) as of September 30, 2011.

These ratings of Banco Mercantil do Brasil were affirmed:

Bank Financial Strength Rating: D, with stable outlook

Global Local Currency Deposit Ratings: Ba2 and Not Prime, with
stable outlook

Foreign Currency Deposit Ratings: Ba2 and Not Prime, with stable
outlook

Long-term Foreign Currency Senior Unsecured Debt Rating: Ba2,
with stable outlook

Long-term Foreign Currency Subordinated Debt Rating of Ba3, with
stable outlook

Brazilian National Scale Deposit Ratings: Aa3.br and BR-1, with
stable outlook


JBS USA: Moody's Assigns 'B1' Rating to Proposed US$400MM Notes
---------------------------------------------------------------
Moody's Investor's Service has assigned a B1 long-term debt
rating to US$400 million of proposed 144A senior unsecured notes
due 2020 to be issued by JBS USA LLC and JBS USA Finance, Inc.
The rating outlook is stable.

Rating assigned:

JBS USA, LLC:

JBS USA Finance, Inc.

US$400 proposed senior unsecured notes due 2020 at B1

Proceeds from the private notes offering will be used to fund a
cash distribution to the issuing companies' ultimate parent, JBS
S.A., and for general corporate purposes.  The notes will be
guaranteed by JBS S.A., and two intermediate holding companies,
JBS Hungary Holdings Kft. and JBS USA Holdings, and will rank
equally to the existing senior unsecured debt at JBS USA, LLC
including $650 million of 7.25% notes due 2021 and $700 million
of 11.625% notes due 2014.  The notes will be effectively
subordinated to the existing senior secured debt at JBS USA, LLC
including an $850 million asset-backed revolving credit facility
($56 million outstanding as of Sept. 30, 2011) expiring 2016 and
a $475 million bank term loan due 2018.

The most restrictive financial covenant is a debt incurrence test
that requires net debt to EBITDA leverage at JBS S.A. to be less
than 4.75 times versus 4.0 times as of Sept. 30, 2011.

Separately, JBS USA Holdings intends to purchase between US$134
million and US$200 million of Pilgrim's Pride Corporation shares
(JBS Holdings currently owns 67%) in connection with a planned
$200 million rights offering announced in December 2011.  This
amount would be partially funded through the retirement of a
US$50 million intercompany note that JBS Holdings purchased from
Pilgrims last year, and Moody's assumes that the balance will
come from JBS USA, its principal operating company.  The rights
offering is expected to be completed in the first quarter of
fiscal 2012.

Ratings Rationale

JBS USA's ratings are driven primarily by the Corporate Family
Rating of JBS S.A (B1, stable), which controls Holdings and JBS
USA LLC in all material aspects.  However, the ratings also
reflect JBS USA's modest debt/EBITDA leverage (about 2.2 times),
solid free cash flow generation before distributions, and the
growing global demand for protein. In addition, the ratings take
into consideration JBS USA's diversification among beef, pork and
chicken (indirectly through its parent ownership stake in
Pilgrim's Pride) and geographic supply diversity among the
Brazil, USA, and Australia.

Moody's would expect to upgrade JBS USA's ratings if JBS S.A.'s
Corporate Family rating is upgraded.  Conversely, Moodys would
expect to downgrade JBS USA's ratings if JBS S.A.'s Corporate
Family rating is downgraded. Refer to JBS S.A.'s credit opinion
on moodys.com for the factors that could lead to a downgrade.

JBS USA, LLC operates the U.S. beef and pork segments and the
Australian beef and small cattle operations of JBS S.A., one of
the largest protein operators in the world.  JBS USA is owned by
an intermediate holding company, JBS USA Holdings, which also
owns a controlling 67% equity interest in Pilgrim's Pride
Corporation, one of the leading poultry producers in the United
States. Reported sales for JBS S.A., Holdings, and JBS USA for
the twelve months ended September, 2011 were approximately
BRL59.5 billion, US$26 billion, and US$19 billion, respectively.

JBS USA Finance, Inc., the co-issuer of the notes, is a special
purpose entity wholly-owned by JBS USA LLC.  It has no
subsidiaries and no operations or assets other than that
incidental to maintaining its corporate existence.


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


ALTERNATIVE INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Alternative Investments
Institutional Euro 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


ANCHORAGE CROSSOVER: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Anchorage Crossover
Credit Finance, 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


AUAM GP I: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 7, 2011, the sole shareholder of AUAM GP I, 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


BEAVAN SOMUA: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 6, 2011, the sole shareholder of Beavan Somua Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Linda M. Johnson
         KPMG Channel Islands Limited
         20 New Street St Peter Port
         Guernsey, GY1 4AN
         Channel Islands
         c/o Stuart Gardner
         Telephone: +44 (0)1534-608447
         Facsimile: +44 (0)1534-888892
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: +1 345-949-2631
         Facsimile: +1 345-949-7164


BLACKROCK ELITE I: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Blackrock Elite
Portfolio I (Euro) 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


BLACKROCK ELITE II: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Blackrock Elite
Portfolio II (Euro) 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


BLACKROCK ELITE III: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Blackrock Elite
Portfolio III (Euro) 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


C & D WOOD: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 5, 2011, the sole shareholder of C & D Wood Holdings C.A.
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


CHEYNE VALUE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2011, the sole shareholder of Cheyne Value 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


COSMIC LAND: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 30, 2011, the sole shareholder of Cosmic Land Limited
resolved to voluntarily liquidate the company's business.

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:

         Robin Lee Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 345 814 8962
         e-mail: robert.crockett@ky.ey.com


CRESCENT ARABIAN ADVISORS: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Dec. 7, 2011, the shareholders of Crescent Arabian Advisors
Limited resolved to voluntarily wind up the company's operations.

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:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CRESCENT ARABIAN SERVICES: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Dec. 6, 2011, the shareholders of Crescent Arabian Services
Ltd. resolved to voluntarily wind up the company's operations.

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:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CRESCENT BROTHERS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 6, 2011, the shareholders of Crescent Brothers, Ltd.
resolved to voluntarily wind up the company's operations.

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:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CRESCENT POINT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 6, 2011, the shareholders of Crescent Point Arabian
Opportunities Investments Limited resolved to voluntarily wind up
the company's operations.

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:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


EMIRATES NBD: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 21, 2011, the shareholders of Emirates NBD Investment
Partners International G.P. 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:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ENHANCEMENT FUND: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Enhancement Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         c/o Lisa Clarke or Jean Ebanks
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


FIFTH AVENUE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 7, 2011, the sole shareholder of Fifth Avenue Tower, 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


FREE LODGE: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 8, 2011, the sole shareholder of Free Lodge Limited
resolved to voluntarily liquidate 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


GOLDMAN SACHS GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Goldman Sachs Global
Volatility Fund 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


GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Goldman Sachs
Quantitative Commodities Alpha Fund 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


GOTHAM ASSET: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 5, 2011, the sole shareholder of Gotham Asset Management
(International), 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:

         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


H&F INTERGRAPH: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 5, 2011, the sole shareholder of H&F Intergraph (Bentley)
Blocker 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


JC CO-INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 6, 2011, the sole shareholder of JC Co-Investment Co.
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


KERRSPOFA HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 30, 2011, the sole shareholder of Kerrspofa 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:

         Michael Alberga
         Telephone: (345) 949-0699
         Facsimile: (345) 949-8171
         Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         Grand Cayman KY1-1106
         Cayman Islands


KOROMAS FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 9, 2011, the sole member of Koromas Fund Limited resolved
to voluntarily wind 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:

         Turner & Roulstone Management Ltd.
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman, KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone: 1 345 943 5555


NEW VISION: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 7, 2011, the sole shareholder of New Vision Investment
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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RYE SELECT: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 2, 2011, the sole shareholder of Rye Select Fund Series
SPC 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


SILVER HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Silver Holdings LDC
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


VIRADOURO FUND: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 25, 2011, the sole shareholder of Viradouro Fund Limited
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 Ben Gillooly
         Telephone: (345) 815-1764
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


XE SELECT: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 8, 2011, the sole shareholder of XE Select 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


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


DIGICEL GROUP: Customers Saved Billions on Competition, FTC Says
----------------------------------------------------------------
RJR News reports that the Fair Trading Commission released
information in which it estimates Digicel Group customers have
saved $16 billion in recent years, because of competition.

The FTC, which highlights the savings as part of its suit against
the merger of Digicel Group and Claro Jamaica, said the savings
were accumulated between 2007 and 2011, according to RJR News.

RJR News notes that the FTC said the savings came through more
talk time for less money which was due to the competition from
Claro Jamaica to Digicel Group.

The report notes that FTC said Jamaica Claro's entry forced
Digicel Group to make the concessions for customers.  With Claro
merged with Digicel Group, competitive environment is lost and
consumers will be harmed by it, FTC added, RJR News relays.

                       About Digicel Group

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

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

                         *     *     *

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


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


GRUPO IUSACELL: Watchdog Makes Decision on Televisa-Iusacell Deal
-----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Mexico's
antitrust agency, Cofeco, made a decision on Grupo Televisa SAB's
investment of US$1.6 billion in Grupo Iusacell SA.

Cofeco didn't disclose the nature of its decision and said it
must notify the parties involved in the transaction, according to
an e-mailed statement obtained by the news agency.

Grupo Iusacell SA is the Mexican mobile-phone carrier owned by
billionaire Ricardo Salinas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 8, 2011, Crayton Harrison at Bloomberg News said that Grupo
Iusacell SA said holders of US$206 million in bonds due in 2013
agreed to a restructuring plan in which they will get
US$103 million in notes due 2017, plus additional fees.  The plan
was approved in Mexican bankruptcy court in April, and the new
notes were to be issued around June 30 of this year, Iusacell
said in a U.S. regulatory filing, according to Bloomberg.


VITRO SAB: Court Orders Arbitrator to Pay US$124MM to U.S. Units
----------------------------------------------------------------
Jose Enrique Arrioja at Bloomberg News reports that Vitro, S.A.B.
de C.V. said an arbitrator ordered to pay as much as US$124.1
million to several investment funds in a case against some of its
U.S. units.

The U.S. arbitrator's order will not have a significant impact on
Vitro SAB since the glassmaker doesn't have "relevant assets in
the United States," Vitro said in the statement obtained by the
news agency.  The report relates that the case against the
company is under review in a New York state court.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

          Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push
through a plan to buy back or swap US$1.2 billion in debt from
bondholders based on the vote of US$1.9 billion of intercompany
debt when third-party creditors were opposed.  Vitro as a result
dismissed the first Chapter 15 petition following the ruling by
the Mexican court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court
in Monterrey.  The approval vote was evidently obtained using
claims of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49% to 54% of creditors' claims.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


* MEXICO: Moody's Assigns 'Ba1' Issuer Rating to Jalisco State
--------------------------------------------------------------
Moody's de Mexico assigned issuer ratings of A1.mx (Mexico
National Scale) and Ba1 (Global Scale, local currency) to the
State of Jalisco. The outlook on the ratings is stable.

Ratings Rationale

The issuer ratings of A1.mx (Mexico National Scale) and Ba1
(Global Scale, local currency) assigned to the State of Jalisco
reflect a strong and diversified economy, as well as, the absence
of unfunded pension liabilities, a unique situation under the
Mexican context, that reflects strong governance and management
practices.

The ratings also take into account the recording of unbalanced
consolidated results and increasing, although still moderate,
debt levels.  In recent years, the state faced operating
pressures linked to the Pan-American games that took place in the
Metropolitan Area of Guadalajara, as well as, increases in
capital expenditures.  As a result, between 2006 and 2010, the
state recorded cash financing requirements that averaged -3.7% of
total revenues.  During this period, net direct and indirect debt
increased to 21.5% of total revenues in 2010 from 9.6% in 2006.

"While cash financing requirements have been decreasing from a
maximum of -10.0% recorded in 2009, Moody's considers that this
situation may persist in 2012, given the state elections and lack
of revenue from the vehicle tax that may exert pressure on the
state's finances.  However, Moody's anticipates a low cash
financing requirement that may drive debt levels to around 25% of
total revenues, a still moderate level" said María del Carmen
Martínez-Richa, a Moody's sub-sovereign analyst.

Jalisco, with a population of 7.4 million inhabitants, is the
fourth largest economy in Mexico.  Jalisco contributes to 6.6% of
the national GDP and the state's GDP is well diversified: the
primary sector contributes to 6.8% of the state's GDP, while
manufacturing and commerce and services share are 28.2% and 65%
respectively.

What Can Change The Rating Up/Down

The structural alignment of revenue and expenditure growth that
leads to decreasing debt levels and an improvement in liquidity
could exert upward pressure on the ratings.  The absence of
fiscal measures to regain balanced fiscal outcomes, leading to
increases in debt levels and/or a further weakening in the
state's liquidity position, could exert downward pressure on the
ratings.


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


CL FIN'L: CLICO Declares TT$24 Billion in Liabilities
-----------------------------------------------------
Trinidad Express reports that Colonial Life (CLICO) presented its
consolidated financial statements for Dec. 31, 2009, showing a
balance sheet ravaged by massive liabilities of TT$24.5 billion
and a 34% decline in income.  This is the first published
financial statements in several years by CLICO, a subsidiary of
CL Financial Limited.

CLICO's 2009 operating results "present a grim picture indeed as
the board and management team grappled with the nonperformance of
related party investments and the withdrawal demands of clients
holding short-term investment and mutual fund products,"
according to Trinidad Express.

As of Dec. 31, 2009, CLICO's balance sheet showed assets of
TT$15.1 billion (of which TT$1.9 billion was pledged as security
to various loans) compared to liabilities of TT$24.5 billion,
resulting in a deficit of TT$9.5 billion, the report notes.

Trinidad Express discloses that the company's comprehensive
income statement showed a loss of TT$4.8 billion.

"The loss for 2009 was mainly caused by significant impairments
on related party investments totaling TT$3.1 billion and a 34 per
cent decline in investment income," current CLICO Chairman Gerald
Yetming said in his CLICO chairman's statement obtained by the
news agency.

Since its restructuring started in 2009, Mr. Yetming said the
company has concentrated on retaining its client base and has
kept the "majority of our client portfolio," the report adds.

                     About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
    Grand Hyatt Atlanta, Atlanta, Ga.
       Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
    Gaylord National Resort & Convention Center,
    National Harbor, Md.
       Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
    The Ritz-Carlton Amelia Island, Amelia Island, Fla.
       Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
    Hyatt Regency Chesapeake Bay, Cambridge, Md.
       Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
    Westin Copley Place, Boston, Mass.
       Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
    JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
       Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
    JW Marriott Chicago, Chicago, Ill.
       Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
    Marriott Wardman Park, Washington, D.C.
       Contact: http://www.turnaround.org/


                            ***********


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 * * *