TCRLA_Public/120201.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, February 1, 2012, Vol. 13, No. 023



                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Shareholder Governments and Unions Hold Closed-Door Talks


C A Y M A N   I S L A N D S

ADRC (CAYMAN): Members Receive Wind-Up Report
ASHPLANT INVESTMENTS: Shareholders Receive Wind-Up Report
BERKELEY QUANTITATIVE: Shareholders Receive Wind-Up Report
BLACKROCK FUNDS: Shareholders Receive Wind-Up Report
BLACKSQUARE CAPITAL ACCESS: Shareholders Receive Wind-Up Report

BLACKSQUARE CAPITAL FUND: Shareholders Receive Wind-Up Report
BLUECOAST LTD: Shareholder Receives Wind-Up Report
CL QUATTRO FUND: Shareholders Receive Wind-Up Report
CL QUATTRO OFFSHORE: Shareholders Receive Wind-Up Report
DUKE ENERGY: Shareholders Receive Wind-Up Report

EASTBRIDGE ALMAL: Shareholders Receive Wind-Up Report
EASTBRIDGE (CAYMAN): Shareholders Receive Wind-Up Report
EQUILIBRIUM ASSET: Shareholders Receive Wind-Up Report
GOFFE CAPITAL: Shareholders Receive Wind-Up Report
HSBC AMANAH: Shareholders Receive Wind-Up Report

LOCK&LOCK (CAYMAN): Shareholders Receive Wind-Up Report
LW MODERATE: Shareholders Receive Wind-Up Report
LYDIAN GLOBAL FUND: Shareholders Receive Wind-Up Report
LYDIAN GLOBAL MASTER: Shareholders Receive Wind-Up Report
MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report

NAUTICAL PLEASURE: Shareholder Receives Wind-Up Report
NORTH STREET 2000-1: Shareholders Receive Wind-Up Report
NORTH STREET 2000-2: Shareholders Receive Wind-Up Report
PANAGORA EMERGING: Shareholders Receive Wind-Up Report
PLEASURE MARINE: Shareholder Receives Wind-Up Report

POST DISTRESSED: Shareholders Receive Wind-Up Report
S.AM HEALTHCARE/BIOTECH: Shareholders Receive Wind-Up Report
SAB OVERSEAS: Shareholders Receive Wind-Up Report
STRUCTURED INVESTMENTS: Shareholders Receive Wind-Up Report
SUCCESSOR X: Moody's Assigns 'B2' Rating to US$40MM Series Notes

UNIVERSAL MONEY: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IDB Readies US$300MM Loans in 2012


J A M A I C A

IBEROSTAR HOTELS: Supreme Court to Labor Case on May


P U E R T O   R I C O

EMPRESAS BASTARD: Wants U.S. Trustee's Dismissal Bid Denied


U R U G U A Y

* URUGUAY: Moody's Assigns 'Ba1' Long Term Issuer Ratings


                            - - - - -


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


LIAT: Shareholder Governments and Unions Hold Closed-Door Talks
---------------------------------------------------------------
Caribbean360.com reports that the prime ministers of the three
major governments that hold a major stake in Leeward Islands Air
Transport aka LIAT are holding closed-door talks on Feb. 1 with
unions on the future of the regional carrier.

The meeting involved Trinidad & Tobago Prime Minister Freundel
Stuart, Vincentian Prime Minister Dr. Ralph Gonsalves, and
Antigua & Barbuda Prime Minister Baldwin Spencer.

The discussions are focused on a strategic plan developed for the
airline by the Business Unit of the University of the West Indies
(UWI), according to Caribbean360.com.

LIAT, according to the report, has proposed staff cuts as it
considers outsourcing some aspects of its operations.
Caribbean360.com relays that this has been strongly resisted by
unions.  In November, the unions refused to attend a meeting in
Antigua requested by the airline's management to discuss the
proposal, the report notes.

Caribbean360.com discloses that the financially-troubled airline
lost EC$21.5 million (US$7.9 million) during the first half of
last year; reintroduced a fuel surcharge in August the same year
due to the increasing price of fuel; closed its City Ticketing
Offices across the region to save US$3 million annually; and
offered workers voluntary severance and early retirement
packages.

                             About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


ADRC (CAYMAN): Members Receive Wind-Up Report
---------------------------------------------
The members of ADRC (Cayman) Limited received on Jan. 23, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert Appleby
         Telephone: +852 2536 4567
         Facsimile: +852 2147 2813
         ADM Capital
         1008 ICBC Tower, 3 Garden Road
         Central, Hong Kong


ASHPLANT INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ashplant Investments received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


BERKELEY QUANTITATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Berkeley Quantitative Performance Fund Ltd.
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street, George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


BLACKROCK FUNDS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Blackrock Funds of Alternatives SPC received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLACKSQUARE CAPITAL ACCESS: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Blacksquare Capital Access Fund Inc. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLACKSQUARE CAPITAL FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Blacksquare Capital Fund Inc. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLUECOAST LTD: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Bluecoast Ltd received on Dec. 22, 2011, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         Telephone: 949-7755
         Facsimile: 949-7634


CL QUATTRO FUND: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of CL Quattro Fund, Ltd. received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CL QUATTRO OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of CL Quattro Offshore Fund, Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


DUKE ENERGY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Duke Energy International Argentina Holdings
received on Jan. 10, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Elizabeth C. De La Rosa
         5555 San Felipe Road
         Houston, TX 77056
         USA


EASTBRIDGE ALMAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Eastbridge Almal Holdings Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EASTBRIDGE (CAYMAN): Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Eastbridge (Cayman) Ltd. received on Jan. 27,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EQUILIBRIUM ASSET: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Equilibrium Asset Management Limited received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GOFFE CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goffe Capital Offshore Fund, Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HSBC AMANAH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of HSBC Amanah Investments SPC received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LOCK&LOCK (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Lock&Lock (Cayman) Holdings Limited received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LW MODERATE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of LW Moderate Volatility Master Fund received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street
         George Town
         P.O. Box 1348  Grand Cayman KY1-1108
         Cayman Islands


LYDIAN GLOBAL FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Lydian Global Opportunities Fund Ltd.
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LYDIAN GLOBAL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Lydian Global Opportunities Master Fund Ltd.
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Medical Enterprises Finance 3 Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 2232 2096


NAUTICAL PLEASURE: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Nautical Pleasure Ltd. received on Jan. 19,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 1350, Clifton House, 75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


NORTH STREET 2000-1: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of North Street Referenced Linked Notes, 2000-1
Limited received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


NORTH STREET 2000-2: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of North Street Referenced Linked Notes, 2000-2
Limited received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PANAGORA EMERGING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Panagora Emerging Markets Multi-Alpha Fund,
Ltd. received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PLEASURE MARINE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Pleasure Marine Ltd. received on Jan. 19,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 1350, Clifton House, 75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


POST DISTRESSED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Post Distressed Offshore Fund, Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


S.AM HEALTHCARE/BIOTECH: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of S.AM Healthcare/Biotech Equity Fund, Ltd.
received on Jan. 9, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SAB OVERSEAS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of SAB Overseas Holdings Limited received on
Jan. 10, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STRUCTURED INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Structured Investments, Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SUCCESSOR X: Moody's Assigns 'B2' Rating to US$40MM Series Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a rating to this class of
notes issued by Successor X Ltd., a Cayman Islands exempted
company:

  US$40,000,000 Series 2012-1 Class V-D3 Principal At-Risk
  Variable Rate Notes due January 27, 2015 (the "Notes"),
  Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's rating of the Notes is based primarily on the expected
loss posed to noteholders.  The rating reflects the risks
relating to certain hurricane events that occur in the covered
area during the specified risk period, the transaction's legal
structure, the credit strength of the counterparty and the
underlying collateral.

The Issuer is a catastrophe bond program sponsored by Swiss
Reinsurance Company Ltd. and the Notes will be one of several
series of notes outstanding.  The risks of the Notes are linked
to the occurrences of a PCS North Atlantic Hurricane Event in the
North Atlantic Covered Area during a risk period of three years
beginning Jan. 27, 2012.  Potential losses to the noteholders are
calculated per occurrence and are tied to the PCS Insured
Industry Residential and Commercial Property Loss Amount as
reported by Property Claim Services.  The initial collateral
securing the Notes are U.S. Treasury money market funds rated
Aaa-mf and are segregated from other outstanding series of notes.

Moody's quantitative analysis of the transaction is based
primarily on the risk analysis performed by AIR Worldwide.
Taking the exceedance probability curves generated and provided
by AIR for a Covered Event in the Covered Area as direct inputs
to Moody's model, Moody's simulated the occurrence of Covered
Events, determined whether the calculated index value exceeded
the Trigger Level and losses to the notes had occurred, and
calculated the expected loss to the noteholders.  As of the
closing date, the Trigger Level for PCS North Atlantic Hurricane
Event is 505 and the Exhaustion Level is 612.  These levels
correspond to the Initial One-Year Attachment Probability of
3.22% and the Initial One-Year Expected Loss of 2.66% estimated
by AIR.  In terms of the modeled industry losses, these estimates
correspond to US$60.111 billion for the Trigger Level and
US$70.259 billion for the Exhaustion Level for a single event.

Both qualitative and quantitative analysis was conducted when
analyzing the counterparty and collateral default risks. With
regard to collateral risk, the idealized expected loss of the
three-year Aaa collateral exposure was added to the modeled
expected losses.  Because the counterparty makes payments that
will constitute interest on the notes, Moody's incorporated a one
year default probability of A1 (current Swiss Re Insurance
Financial Strength Rating) multiplied by the fraction of interest
divided by the total rated promise.

V SCORE

The V Score for this transaction is Medium/High, driven by
Performance Variability and Analytic Complexity.  While there
exists more than 100 years of hurricane occurrence data, future
hurricane events or the magnitude of loss caused by such events
are difficult to predict or forecast.  It is uncertain whether
historic performance data is a good indicator of future
performance.  The analytical complexity of modeling hurricane
risks also adds to uncertainty and variability around the modeled
parameters.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination.  The V Score ranks
transactions by the potential for significant rating changes
owing to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modeling and the transaction governance that
underlie the ratings.  V Scores apply to the entire transaction,
rather than individual tranches.

Parameter Sensitivity

For parameter sensitivity, Moody's analyzed scenarios stressing
the key model input assumption to determine the potential model-
indicated ratings impact.  The key model input is the exceedance
probability and the applied stresses are 110%, 130%, 150%, 175%
and 200% of the loss index value associated with the exceedance
probability.  Using such assumptions, the model output for the
Notes changed to B3 (-1) for 150% and 175%, Caa1 (-2) for 200%.
The model output did not change for 110% and 130% stressed
scenarios.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial ratings process differed.  The analysis
assumes that the deal has not aged.  It is not intended to
measure how the rating of the security might migrate over time,
but rather, how the initial rating of the security might differ
as certain key parameters vary.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.  Qualitative factors are
also taken into consideration in the ratings process, so the
actual ratings assigned in each case could vary from the
information presented in the Parameter Sensitivity analysis
below.


UNIVERSAL MONEY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Universal Money Market Fund received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


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


* DOMINICAN REPUBLIC: IDB Readies US$300MM Loans in 2012
--------------------------------------------------------
Dominican Today reports that the Inter-American Development Bank
representative Manuel Labrado said the entity doesn't have any
loans pending from 2011 for Dominican Republic and works in this
year's portfolio of US$300 million.

"Last year, there weren't any problems, because everything there
was to disburse was disbursed, the last one we did was of
US$200 million in December," Dominican Today quoted Mr. Labrado
as saying.

Mr. Labrado said that none of this year's financings are linked
to the agreements with the International Monetary Fund, adding
that the credits being prepared are for the Solidarity Program,
for Santiago's Aqueducts Agency CORAASAN; and another for the
education sector, according to Dominican Today.


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


IBEROSTAR HOTELS: Supreme Court to Labor Case on May
----------------------------------------------------
RJR News reports that the case involving the more than 300
employees of the Iberostar Rose Hall Beach Hotel whose services
were terminated three years ago is to be heard in the Supreme
Court in May.

The date was set following a case management hearing, according
to RJR News.

The report relates that the court will first hear the hotel's
appeal against the ruling by the Industrial Disputes Tribunal
that the workers be reinstated.  RJR News notes that it will then
be the University and Allied Workers Union's turn to presents its
case to the court.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2010, RadioJamaica related that the dispute between the
Iberostar Rose Hall Beach Hotel and the University and Allied
Workers Union has been referred to the Industrial Disputes
Tribunal.  The dispute surrounds the dismissal of more than 2,000
employees.  According to the report, the UAWU and the management
of Iberostar have been at odds since August 2009, when the
hotel's management closed down operations, citing a downturn in
the global economy.  The report noted that as a result, the
position of all the employees in the bargaining unit represented
by the UAWU were made redundant.

TCR-LA reported on Sept. 1, 2009, RadioJamaica related that the
IBEROSTAR Hotels & Resorts, one of three hotels on the Spanish
chain's property in Montego Bay, closed Sept. 1 due to low
occupancy. IberoStar opened in 2007.

                About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com/-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance
to ensure full guest satisfaction.  With a star as its symbol,
the chain has managed to win over customers with its philosophy
and values, and its efficient, professional staff.


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


EMPRESAS BASTARD: Wants U.S. Trustee's Dismissal Bid Denied
-----------------------------------------------------------
Empresas Bastard Incorporado opposes the U.S. Trustee's motion to
dismiss its Chapter 11 case.

Donald F. Walton, the United States Trustee for Region 21, is
seeking dismissal of the Debtor's case due to:

    a) the Debtor's unexcused failure to timely satisfy any
       filing or reporting requirement established under the
       Bankruptcy Code or by applicable rules; and

    b) the Debtor's failure to timely provide information or
       attend meetings reasonably requested by the U.S. Trustee.

The Debtor denies it is abusing the bankruptcy process.  The
Debtor said in court papers that its president, Antonio Bastard
Rodriguez, may be suffering from some mental health issues that
may be bordering on Alzheimer's or dementia, causing him to fail
to provide the necessary documents required by the U.S. Trustee.

The Debtor noted that its asset consists of plots of land and
thus, an issue of loss or diminution of the estate is not at
issue.  The Debtor stated that the reorganization and
implementation of a project it Debtor proposed may increase
rather than diminish the value of the properties.

                       About Empresas Bastard

Empresas Bastard Incorporado, based in San Juan, Puerto Rico,
filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-
08736) on Oct. 8, 2011.  Robert Millan, Esq., at Millan Law
Offices, represented the Debtor.  The petition was signed by
Antonio Bastard Rodriguez, president.

The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in
liabilities as of the Chapter 11 filing.

In December 2011, Robert Millan, Esq., sought authority from the
U.S. Bankruptcy Court to withdraw as counsel.  Mr. Millan related
that on Nov. 11, 2011, the Debtor informed that a new counsel was
being sought.


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


* URUGUAY: Moody's Assigns 'Ba1' Long Term Issuer Ratings
---------------------------------------------------------
Moody's Investors Service has revised its rating outlook to
positive from stable for the Ba1 rating of the government of
Uruguay.

Moody's current ratings of the Government of Uruguay are:

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

  Senior Unsecured (domestic and foreign currency) ratings of Ba1

  Senior Unsecured Shelf (foreign currency) ratings of (P)Ba1

The positive outlook is based on:

  A steady improvement in Uruguay's sovereign credit profile as a
  result of a strong and continued commitment by the government
  to fiscal discipline, a condition that has led to moderate
  deficits and declining debt metrics.

  The authorities' ability to reduce credit vulnerabilities
  embedded in the government debt structure through liability
  management operations that have lowered refinancing risks by
  extending average maturities while simultaneously decreasing
  the share of foreign currency-denominated debt.

Additional contributing factors to Uruguay's positive credit
outlook include: (i) sustained economic growth supported by
structural elements that have reinforced medium-term potential
growth prospects, (ii) increased government financial buffers
backed by an ample cash reserve, (iii) a transition toward a more
diversified export structure, and, last but not least (iv) a
track record of policy continuity coupled with increased policy
predictability.

"Along with an enhanced ability to manage adverse economic and
financial conditions, the government's credit profile has been
improving gradually -- but steadily -- moving closer in line with
that present in higher-rated sovereigns," says Moody's.

Even though Uruguay's sovereign credit profile is much stronger
than in the past, certain elements give rise to potential credit
vulnerabilities that pose important challenges, according to
Moody's.

Accordingly, as the external environment is likely to be
associated with an extended period of low global growth and
persistent global financial turmoil in the near future, Moody's
will closely monitor developments during the next 12-18 months in
order to assess the country's ability to manage these conditions.

Particular attention will be given to regional contagion events
and the potential credit implications of still-relatively high
government debt dollarization (i.e., foreign currency-denominated
debt) and financial dollarization (i.e., foreign currency-
denominated bank deposits).

Since Uruguay as well as other Latin America countries is likely
to be tested in the coming months, Moody's will take the
opportunity to assess the country's credit resilience during this
period of time to determine if it is comparable to that typically
associated with investment grade-rated sovereigns.

The outlooks of Uruguay's country ceilings for foreign currency
bonds and for deposits have been also changed to positive from
stable.

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


                            ***********


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 * * *