TCRLA_Public/120209.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, February 9, 2012, Vol. 13, No. 028



                            Headlines



A R G E N T I N A

ANDBRAVA SRL: Asks for Bankruptcy Proceedings
AXG GROUP: Applies for Bankruptcy Protection
CAPEX SA: Fitch Affirms Issuer Default Ratings at 'B'
CEDEBA SA: Creditors' Proofs of Debt Due March 5
CLUB DEL VINO: Requests Opening of Bankruptcy Proceedings

CONSULTORA INTEGRAL: Creditors' Proofs of Debt Due March 9
DALVE SRL: Creditors' Proofs of Debt Due Feb. 15
FYMA SA: Creditors' Proofs of Debt Due March 23
HOGAR DEL SOL: Creditors' Proofs of Debt Due Feb. 23
* ARGENTINA: IDB OKs US$300 Million Loan for Road Projects


B R A Z I L

BRAZILIAN FINANCE: Fitch Puts 'BB-' IDR on Positive Watch
CIMENTO TUPI: Fitch Rates US$50 Million Bonds Due 2018 at 'B/RR4'


C A Y M A N   I S L A N D S

AA PORTFOLIO: Placed Under Voluntary Wind-Up
CEOS LIMITED: Placed Under Voluntary Wind-Up
ET GP I: Placed Under Voluntary Wind-Up
FITZROY LTD: Commences Liquidation Proceedings
GEM QUA 1: Commences Liquidation Proceedings

GEM QUA 2: Commences Liquidation Proceedings
GOLDEN FALCON: Placed Under Voluntary Wind-Up
IBEX SELECTION: Placed Under Voluntary Wind-Up
KALLISTA MASTER: Commences Liquidation Proceedings
PROFESSIONAL LIABILITY: Commences Liquidation Proceedings

SUNSHINE FUND: Placed Under Voluntary Wind-Up
MEGA BUSINESS FUND: Placed Under Voluntary Wind-Up
MEGA BUSINESS FUND ONE: Placed Under Voluntary Wind-Up
MUTEKI LTD: Placed Under Voluntary Wind-Up
OFGP 2 LIMITED: Commences Liquidation Proceedings

PROSPERITY CAPITAL: Placed Under Voluntary Wind-Up
PRS GLOBAL: Placed Under Voluntary Wind-Up
TOPIARY CAPITAL: Placed Under Voluntary Wind-Up
WMT GLOBAL FUNDING I: Placed Under Voluntary Wind-Up
WMT GLOBAL FUNDING II: Placed Under Voluntary Wind-Up


J A M A I C A

* JAMAICA: Government Accepts New Subscriptions on 2017 Notes
* JAMAICA: Fitch Affirms Issuer Default Rating at 'B-'


M E X I C O

MEXICANA AIRLINES: Could Restart Operations in March, Judge Says


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ANDBRAVA SRL: Asks for Bankruptcy Proceedings
---------------------------------------------
Andbrava SRL asked for bankruptcy proceedings.

The company has defaulted on its payments last Dec. 22.


AXG GROUP: Applies for Bankruptcy Protection
--------------------------------------------
AXG Group SA applied for bankruptcy protection.

The company has defaulted on its payments last Dec. 14.


CAPEX SA: Fitch Affirms Issuer Default Ratings at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed the following ratings of Capex S.A.:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';

  -- Local currency IDR at 'B';

  -- US$200 million senior unsecured notes due 2018 at 'B/RR4';

  -- National scale rating at 'A+(arg)';

  -- National scale senior unsecured notes at 'A+(arg)'.

The Rating Outlook is Stable.

Capex's 'B' IDR reflects the company's operating efficiencies as
an integrated thermoelectric generating company in Argentina, the
operating flexibility from having its own natural gas reserves
and its adequate financial profile.  In the oil & gas business,
Capex is amongst the 12 largest producers of gas and liquefied
petroleum gas (LPG) in the country.  Ratings are constrained by
the high regulatory risk, exposure to devaluation risk (currency
mismatch between peso denominated cash flows and dollar
denominated debt), and the need to pursue an aggressive capital
expenditure plan in the long term to sustain the vertically
integrated business model.

Capex is an integrated thermoelectric generating company.

Originally formed as an oil exploration and production company,
its large discoveries of natural gas in 1991 coupled with the
liberalization of Argentina's electricity sector, spurred Capex
to transform itself into an electric generation company.  The
company also continues to explore, develop and produce petroleum
on its existing properties.  For the fiscal year ended (FYE)
April 2011, 71% of sales were derived from electric sales, and
29% from oil and other liquids sales.

Ratings are restricted by the high regulatory risk associated
with operating in the electricity sector in Argentina.
Electricity and gas prices remain sub-optimal compared with other
countries in the region.  This has discouraged investments in
both sectors.  Capital investments for maintenance in the power
generation industry depend on discretional approvals by the
regulatory authority.  In addition, the increasing deficit
between electricity tariffs and industry costs is funded through
subsidies, being dependent on public funding. The government has
recently announced changes in tariffs and subsidies for the
industry, yet the final outcome is still uncertain.

Capex's cash flow generation is volatile; power generation is
among others subject to regulatory issues and weather conditions.
Operating cash flow generation is concentrated in Argentina.  For
the latest-12-month (LTM) as of Oct. 31, 2011, Capex had cash
flow from operations (CFFO) of US$52 million and capital
expenditures of US$54 million.  The company has some flexibility
to manage capital expenditures in the short term. In the long
run, however, investments are vital to continue a high degree of
vertical integration.  Proven gas reserves cover approximately
six to eight years of the electric plant's needs depending upon
the percentage bought in the market and the power generation.

Capex benefits from its vertical integration, with approximately
80% of gas needs at the electric plant being self supplied.  This
gives the company an advantage against other players in the
industry, especially given existing gas restrictions in
Argentina.  Capex's generating units are efficient, and the
proximity to its natural gas reserves in the Agua del Cajon field
reduces the gas supply risk.

For the LTM as of Oct. 31, 2011, Capex had US$181 million of
sales, an improvement from the US$177 million during the FYE
April 2011 and the US$127 million during the FYE April 2010.
This was the result of both higher prices and volumes sold
(electricity, +10%; oil & liquids, +23%). Capex generated US$38.2
million of EBITDA, being affected by the disruption of one of its
turbines in June 2011.  The estimated impact of this
extraordinary event over EBITDA was approximately US$5 million.

Fitch considers Capex's leverage needs to remain moderate to
mitigate regulatory risks. For the latest twelve months (LTM)
ended October 31, 2011, Capex had a total debt-to-FFO ratio of
3.4 times (x) and FFO-to-interests of 2.4x. The company's
liquidity position was adequate.  As of Oct. 31, 2011, Capex had
US$48.1 million of cash and marketable securities and US$26.2
million of short term debt.  In March 2011, Capex issued US$200
million of notes maturing in 2018.  Proceeds were used to cancel
existing loans, extending the average debt life.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that Capex will
manage its balance sheet to a targeted FFO adjusted leverage
ratio below 3.5x.  Under a conservative scenario, Fitch estimates
the company's interest coverage to be around 2.5x.

Any significant increase in Capex's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action.  Also, ratings could be negatively impacted by a
sustained decline in gas reserves and production or failure to
further develop new fields, threatening the integrated business
model in the long term.  Conversely, ratings could be positively
impacted by a significant and sustain improvement in the
regulatory environment.


CEDEBA SA: Creditors' Proofs of Debt Due March 5
------------------------------------------------
Isaac Jozpe, the court-appointed trustee for Cedeba SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 5, 2012.

Mr. Jozpe will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk No.
15, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Isaac Jozpe
         Uriburu 1054
         Argentina


CLUB DEL VINO: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------------
Club del Vino SA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last Dec. 20.


CONSULTORA INTEGRAL: Creditors' Proofs of Debt Due March 9
----------------------------------------------------------
Haydee Alicia Lypka, the court-appointed trustee for Consultora
Integral de Comunicaciones Coinco SRL's bankruptcy proceedings,
will be verifying creditors' proofs of claim until March 9, 2012.

Ms. Lypka will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk No.
48, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Haydee Alicia Lypka
         Avenida Corrientes 1628
         Argentina


DALVE SRL: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------
Juan Carlos Gabriel Toledo, the court-appointed trustee for Dalve
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 15, 2012.

Mr. Toledo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Carlos Gabriel Toledo
         Paraguay 729


FYMA SA: Creditors' Proofs of Debt Due March 23
-----------------------------------------------
Armando Luis Molinari, the court-appointed trustee for FYMA SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 23, 2012.

Mr. Molinari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Armando Luis Molinari
         Sarmiento 1474
         Argentina


HOGAR DEL SOL: Creditors' Proofs of Debt Due Feb. 23
----------------------------------------------------
Carlos Enrique Wolff, the court-appointed trustee for Hogar del
Sol SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 23, 2012.

Mr. Wolff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk No.
27, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carlos Enrique Wolff
         Virrey del Pino 2354
         Argentina


* ARGENTINA: IDB OKs US$300 Million Loan for Road Projects
----------------------------------------------------------
The Inter-American Development Bank approved a US$300 million
loan to finance the expansion, rehabilitation and improvement of
roads in Argentina's Norte Grande region, connecting major
production areas with local and foreign markets.  The program
aims to improve the accessibility, efficiency and safety on
priority corridors of the National Road Network as well as feeder
roads of the Provincial Road Network.

Among the program's goals are to increase the Norte Grande's
share of the country's total exports, reduce the number of road
accident deaths, and cut travel times and vehicle operating
costs.

"With this operation, the IDB continues to support Argentina's
efforts to close the development gap between the Norte Grande
region and the rest of the country," said Fernando Orduz, IDB
project team leader.

The Norte Grande region comprises the provinces of Catamarca,
Corrientes, Chaco, Formosa, Jujuy, Misiones, Tucuman, Salta and
Santiago del Estero.  It accounts for one third of the Argentine
mainland and is home to approximately 8.3 million people, or 21%
of the total population.

The new program was preceded by the Norte Grande Road
Infrastructure Program, which was supported by a US$1.2 billion
IDB loan approved in February 2007.  Some of its components
include engineering works for the expansion, rehabilitation and
improvement of national highways and provincial roads; the
implementation of measures and construction of road safety
countermeasures; and strengthening the management of provincial
transport agencies well as the National Roads Directorate.

This second operation will expand activities to Norte Grande
provinces that were not covered by the first project. In
addition, it will substantially expand road safety efforts.

The US$300 million IDB loan is for a 25-year term, with a 5-year
grace period and a variable interest rate based on LIBOR.  Local
counterpart financing will contribute US$33.5 million to the
program.


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


BRAZILIAN FINANCE: Fitch Puts 'BB-' IDR on Positive Watch
---------------------------------------------------------
Fitch Ratings has affirmed Brazilian Finance & Real Estate (BFRE)
and its subsidiaries' ratings and placed them on Rating Watch
Positive.  The rating action follows the announcement of their
sale to Banco Panamericano S.A. and to Banco BTG Pacual S.A. (BTG
Pactual), which still is pending the approval from local
regulators and Panamericano's shareholders.  At the same time,
Fitch has affirmed BTG Pactual and Panamericano's ratings.

Fitch expects that upon completion of the proposed acquisition,
BFRE and its subsidiaries' Issuer Default Ratings (IDRs) and
National Ratings will be upgraded since these companies will
become fully owned subsidiaries of Panamericano.  Panamericano's
ratings, in turn, reflect the support from its controlling
shareholder BTG Pactual (51% of ordinary shares) as well as the
benefits from Caixa Economica Federal (49% of ordinary shares)
(Caixa, National Rating 'AAA(bra)'), which is the country's fifth
largest bank in terms of total assets and is fully controlled by
the Brazilian government.

BTG Pactual's ratings reflect its strong franchise as a
investment bank in Brazil, success in developing activities and
good performance track.  The bank's ratings also take into
account the high quality and experience of its executives, its
strong risk controls and its recurring earnings flow, which have
consistently covered its fixed operational costs.  However,
ratings are constrained by the limited though increasing balance
sheet and revenues diversification.

A larger and more diversified business and revenues volume, which
is already one of BTG Pactual strategic aims, may benefit its
ratings in the medium and/or long term.  On the other hand, the
bank's ratings could be negatively impacted by large trading
losses or by a deterioration on its asset quality and
consequently on its capitalization.  Fitch also notes with
concern growing pressure on BTG Pactual's capitalization
indicators; while regulatory capital indicators continue to
compare well locally and internationally, these benefit from
significant holdings of low and zero risk weighted assets, mainly
American and Brazilian sovereign debts, and by the inclusion of
subordinated debt in the regulatory capital base.

Fitch's Core Capital, its primary capital indicator, has seen a
sustained drop from 20% in December 2010 to 14% in September
2011; while some pressure on capitalization indicators was
expected and considered in current ratings, significant further
pressure would be a credit negative.  The rapid growth in the
bank's loan portfolio, which is expected to continue to grow to
around 3 times equity will bring potentially significant
concentrations, and the concentrations in the securities
portfolio, while of solid credit profile, are also notable; in
Fitch's view, a solid level of capitalization is important in
light of existing and potential future concentrations.

BTG Pactual's franchise attracted international shareholders,
which injected US$ 1.55 billion and acquired 16.04% of its shares
in December 2010.  This additional capital injection has enabled
the bank to become more competitive and continue its development
pace by taking advantage of opportunities offered by both the
local and foreign economy.  Good examples of such opportunities
include the acquisition of Panamericano and the negotiation to
acquire Celfin Capital S.A., Chile's largest brokerage house and
BFRE.  This acquisition will increase the bank's business
diversification.  Created in 1983, BTG Pactual is controlled by
Mr. Andre Esteves, main executive of UBS Pactual up to 2008 and
one of the controllers of the former Banco Pactual.

Under the terms of the proposed acquisition, Panamericano will
acquire the origination, financing and securitization assets by
BRL940 million, with a goodwill of roughly BRL140 million.  On
its turn, the BRL2.3 billion of assets under management, BRL4.6
billion related to the fiduciary administration and the BRL179
million of investment in real estate funds (FIIs) and other
investment vehicles will be segregated prior to the sale to
Panamericano and acquired directly by BTG Pactual by BRL275
million, given that they fall within the latter activities as an
investment bank and asset manager.

In Fitch's opinion, this transaction will strongly benefit BFRE,
given the complementary nature of its activities, the lower
funding costs and consequently better results.  Fitch also
believes that the acquisition will add new and very promising
business line that will increase Panamericano's earnings
generation, mainly through fee income with low capital
allocation.  This business line is comprised by real estate
loans, which may be subsequently securitized.  Moreover, since
Caixa is the largest player in real estate loans, holding a local
market share of roughly 70% and counting on a wide distribution
network, which may additionally benefit BFRE's securitization
business.

BFRE's current ratings reflects the strong expertise of the group
in the real estate financing market, its experienced and
conservative team, and well controlled and identified risks.  The
ratings also reflect its good asset quality and satisfactory
performance.  On the other hand, the ratings consider its
concentrations in the real estate market and its dependence on
institutional funding.  BFRE group is a financial services
company, solely focused on the Brazilian real estate market, BS
being the largest securitization company in Brazil, holding a
roughly 31% market share in the domestic market.  BFRE group is
controlled by Ourinvest Real Estate Holding S.A., which holds
70.56% of its voting shares and 34% of the total.  The remaining
shares belong to two international investors.

Panamericano's ratings will not be affected by this transaction,
as they remain based mainly on the support from BTG Pactual, even
though its credit profile will benefit from the higher
capitalization as a result of the announced capital injection of
up to R$ 1.8 billion.  According to Panamericano, this capital
injection will be carried out by both shareholders, with no
changes on its ownership structure.  Panamericano's ratings also
benefit from the recurring support provided by Caixa through
BRL10 billion in credit limits, valid up to 2019, which strongly
benefit its liquidity and funding.  Changes in BTG Pactual's
propensity or capacity of offering support to Panamericano may
affect their ratings.
Fitch has taken the following rating actions:

BFRE

  -- Foreign and local currency long-term Issuer Default Rating
     (IDR) affirmed at 'BB-'; placed on Rating Watch Positive;

  -- Foreign and local currency short-term affirmed at 'B';

  -- National long-term rating affirmed at 'A-(bra)'; placed on

     Rating Watch Positive;

  -- National short-term rating affirmed at 'F2(bra)'; placed on
     Rating Watch Positive.

Brazilian Mortgages Cia. Hipotecaria (BM)

  -- Foreign and local currency long-term IDR affirmed at 'BB-';
     placed on Rating Watch Positive;

  -- Foreign and local currency short-term affirmed at 'B';

  -- National long-term rating affirmed at 'A-(bra)'; placed on
     Rating Watch Positive;

  -- National short-term rating affirmed at 'F2(bra)'; placed on
     Rating Watch Positive.

Brazilian Securities Cia. de Securitizacao (BS)

  -- Foreign and local currency long-term IDR affirmed at 'BB-';
     placed on Rating Watch Positive;

  -- Foreign and local currency short-term affirmed at 'B';

  -- National long-term rating affirmed at 'A-(bra)'; placed on
     Rating Watch Positive;

  -- National short-term rating affirmed at 'F2(bra)'; placed on
     Rating Watch Positive.

  -- Debentures issuance due October 2014 affirmed at 'A-(bra)';
     placed on Rating Watch Positive.

BTG Pactual

  -- Foreign and local currency long-term IDR affirmed at 'BBB-';
     Outlook Stable;

  -- Foreign and local currency short-term affirmed at 'F3';

  -- Viability rating affirmed at 'bbb-';

  -- Support rating affirmed at '5';

  -- Support rating floor affirmed at 'No Floor';

  -- National long-term rating affirmed at 'AA(bra)'; Outlook
     Stable;

  -- National short-term rating affirmed at 'F1+(bra)';

  -- Senior notes unsecured due June 2016 affirmed at 'BBB-'.

Panamericano

  -- National long-term rating affirmed at 'AA-(bra)'; Outlook
     Stable;

  -- National short-term rating affirmed at 'F1+(bra)'.


CIMENTO TUPI: Fitch Rates US$50 Million Bonds Due 2018 at 'B/RR4'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR4' rating to the US$50 million
reopening of Cimento Tupi S.A.'s bonds due 2018.  The reopening
is an additional offering of the US$100 million, 9.75% bond due
May 11, 2018.  Proceeds from this transaction will be used for
expansion of the Pedra do Sino and general corporate purposes,
including the repayment of debt.

Fitch currently rates Tupi as follows:

  -- Foreign Currency Issuer Default Rating (IDR) 'B';

  -- Local Currency IDR 'B';

  -- Long-Term National Rating 'BBB-(bra)'.

The Rating Outlook is Stable.

Tupi's 'B' ratings reflect the volatility of its cash flow
generation due to the cyclicality of the cement industry. As a
small producer of cement, Tupi lacks geographic diversification,
heightening the risk of this exposure.  Tupi's cost structure is
higher than the largest integrated Brazilian cement producers.
The strong credit profile of these large companies may allow them
to pressure prices during a downturn in the industry in an
attempt to sustain volumes, which would negatively affect Tupi's
ability to service its debt.

Tupi has a challenge to shift its business model.  The company is
currently implementing a new operating model due to the
termination of a supply agreement effective April 2012 for slag
from CSN, a large Brazilian steel company, which is increasing
its presence in cement.  Tupi's strategy is to expand its unit at
its Pedra do Sino plant, which will significantly reduce the
company's reliance on slag and increase total overall nominal
production to 3.2 million tons of cement per year by 2014 from
2.4 million.  The success of this expansion is crucial to the
company's ongoing activities.  Absent this expansion, Fitch
estimates that the company's nominal annual capacity would be
reduced to 1.6 million tons.

Tupi's credit metrics will be under pressured until 2013 due to
the aforementioned capital expenditure plan (US$150 million). In
May 2011, the company issued a US$100 million, and this current
add-on issuance is key to support the capex program and avoid
higher refinancing risks.  For the 12 months ended Sept. 30,
2011, Tupi generated BRL72.4 million of EBITDA.  The company had
BRL55.2 million of cash and marketable securities and BRL291.3
million of total debt, including taxes refinancing, with BRL62.7
in the short term.  These figures result in a total debt-to-
EBITDA ratio of 4.0 times (x) and a net debt-to-EBITDA ratio of
3.3x.  Net leverage is expected to return to less than 3.0x
during 2013 once the project is complete.

A ratings downgrade or Negative Outlook could result from
significant deterioration in the company's cash generation and
operating margins due to a downward turn in the Brazilian market.
A rating upgrade could result from a successful change in Tupi's
business profile with the concentration of its operations at
Pedra do Sino and a subsequent increase in operating cash flows.
A more conservative capital structure with lower leverage and a
more robust liquidity


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


AA PORTFOLIO: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2011, the
members of AA Portfolio Management Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd
         Telephone: (345) 949-7555 (ext.618)
         Anderson Square, 5th Floor Shedden Road
         PO Box 866 Grand Cayman KY1-1103
         Cayman Islands


CEOS LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 22, 2011, the sole shareholder of CEOS Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Clive Philip Le Brun Tomes
         PO Box 771
         St. Helier
         Jersey, Channel Islands


ET GP I: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 21, 2011, the sole shareholder of ET GP I, Inc. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile:   (+1) 345 769 9351
         Landmark Square, 1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


FITZROY LTD: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 9, 2011, the shareholders of Fitzroy Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Saskia Lawrence
         10 Market Street #765, Camana Bay
         Grand Cayman KY1 9006
         Cayman Islands
         Telephone: +1 345 769 7212
         Facsimile: +1 345 949 7120


GEM QUA 1: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 15, 2011, the shareholders of Gem Qua 1 Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


GEM QUA 2: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 15, 2011, the shareholders of Gem Qua 2 Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


GOLDEN FALCON: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 13, 2011, the shareholders of Golden Falcon Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ammar Alsaad
         Telephone: + 974 17338877
         Facsimile: + 974 17332356
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street, George Town
         Grand Cayman KY1-1106
         Cayman Islands


IBEX SELECTION: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 10, 2011, the sole member of Ibex Selection Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


KALLISTA MASTER: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 25, 2011, the shareholder of Kallista Master Fund Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         Hugh Dickson
         c/o James Drury
         10 Market Street #765
         Camana Bay
         Grand Cayman KY1 9006
         Cayman Islands
         Telephone: +1 345 769-7219
         Facsimile: +1 345 949-7120
         e-mail: james.drury@uk.gt.com


PROFESSIONAL LIABILITY: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on Dec. 8, 2011, the members of
Professional Liability Underwriting Services SPC Ltd. resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Nick Gale
         Marsh Management Services Cayman Ltd.
         Management Services Cayman Ltd.
         P.O. Box 1051 Grand Cayman KY1-1102
         Cayman Islands


SUNSHINE FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 8, 2011, the sole shareholder of Sunshine Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MEGA BUSINESS FUND: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 14, 2011, the sole member of Mega Business Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MEGA BUSINESS FUND ONE: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 14, 2011, the sole member of Mega Business Fund One
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MUTEKI LTD: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011, the
shareholder of Muteki Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


OFGP 2 LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 9, 2011, the shareholder of OFGP 2 Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         Hideki Sakai
         6-10-16, Ginza, Chuo-ku
         Tokyo 104-0061
         Japan


PROSPERITY CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on Dec. 15, 2011, the
shareholder of Prosperity Capital Management (Africa) Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PRS GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 7, 2011, the sole shareholder of The PRS Global
Diversified Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: +1 (345) 815-1793
         Facsimile: +1 (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TOPIARY CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011, the
shareholder of Topiary Capital Ltd resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


WMT GLOBAL FUNDING I: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011, the
shareholder of WMT Global Funding I Inc resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


WMT GLOBAL FUNDING II: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011, the
shareholder of WMT Global Funding II Inc resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


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


* JAMAICA: Government Accepts New Subscriptions on 2017 Notes
-------------------------------------------------------------
RJR News reports that the Jamaican government said it will be
accepting new subscriptions on its existing variable rate bond
which is due in 2017.

Subscriptions will be opened between Wednesday and Friday with
the government willing to take any amount investors can lend,
according to RJR News.

The report notes that the bond will pay an initial interest of
7.595% through to February 24 and thereafter the payments will be
calculated at 1.375% above the 3-month Treasury bill yield.

Analysts said they expect the bond to perform moderately as
current "uncertainties" may increase investors preference to hold
cash, RJR News notes.


* JAMAICA: Fitch Affirms Issuer Default Rating at 'B-'
------------------------------------------------------
Fitch Ratings has affirmed Jamaica's ratings as follows:

  -- Foreign and Local Currency Issuer Default Ratings (IDRs) at
     'B-';

  -- Short-term IDR at 'B';

  -- Country Ceiling at 'B'.

The Rating Outlook is Stable.

Jamaica's ratings are supported by improving macroeconomic
stability and its relative high level of institutional strength,
which has allowed the sovereign to respond to significant fiscal
and balance of payments pressures over the years.  Jamaica also
compares favorably with peers in terms of GDP per capita and
Human Development Indicators (HDI).

Key credit weaknesses include one of the highest debt burdens of
all sovereigns rated by Fitch, weak external and fiscal solvency
indicators, continued growth underperformance, and high
vulnerability to external and confidence shocks.
In 2011, the central bank, the Bank of Jamaica (BOJ), has been
able to maintain, and even reduce, historically low interest
rates in the context of broad exchange rate stability and reduced
inflationary pressures.  Inflation averaged 7.5% in 2011, while
the exchange rate was stable in spite of the absence of reviews
under the IMF Stand-By Arrangement (SBA) since December 2010.
The new PNP administration has announced that it intends to
negotiate a new agreement with the IMF (as the 2010 SBA ends in
May 2012), reign in expenditure pressures, and move forward with
policies to reform the tax system, bring public sector salaries
under control and contain rising pension costs.

'Maintaining the credibility of fiscal policy and multilateral
support will be key given Jamaica's sizeable twin deficits and
limited buffers, which leave the economy vulnerable to swings in
investor confidence and a variety of shocks ranging from a weaker
global growth to natural disasters,' said Erich Arispe, Director
in Fitch's Sovereign Group.

Jamaica's current account deficit (CAD) rose to an estimated
11.7% of GDP in 2011, reflecting still soft demand for exports
and a large imported fuel bill.  With Fitch projecting the CAD to
be near 10% of GDP in 2012, continued multilateral support would
be necessary to mitigate Jamaica's external accounts
vulnerability to shifts in investor confidence and international
oil price shocks.

Fitch forecasts Jamaica's central government deficit to reach
5.2% of GDP in fiscal year (FY) 2011 (April 2011 until March
2012), down from 6.2% in FY 2010.  The domestic debt exchange and
low domestic interest rates have supported fiscal consolidation
in spite of the lackluster growth performance and continued
expenditure pressures, especially in terms of public sector
salaries.

As the 2010 domestic debt restructuring (JDX) did not involve
haircut on principal, Jamaica's burdensome debt stock, estimated
at 131% of GDP, is the fourth highest among all sovereigns rated
by Fitch.  Moreover, in spite of improvements in recent years,
debt dynamics are highly sensitive to currency and interest rate
risks.  Government financing needs, at 16% for FY 2012, are among
the highest in the 'B' category.

After three years of recession, Fitch expects the Jamaican
economy to grow by 1.2% and 1% in 2011 and 2012, respectively.
Higher growth is currently constrained by structural weaknesses
such as crime and the high cost of energy.

'Reforms designed to improve the structure of public finances by
either increasing government revenues or reducing expenditure
rigidities, as well higher growth are key to achieve sustainable
fiscal consolidation and positive debt dynamics,' added Arispe.

Continued fiscal consolidation and higher economic growth that
ensures medium-term debt sustainability as well as further
reduction in the country's external vulnerabilities could benefit
sovereign creditworthiness.  On the other hand, increased
external and fiscal financing risks as well as destabilizing
fiscal dynamics would be negative for Jamaica's ratings.


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


MEXICANA AIRLINES: Could Restart Operations in March, Judge Says
----------------------------------------------------------------
Latin American Herald Tribune reports that Mexican Judge Felipe
Consuelo Soto said that a consortium has deposited US$300 million
to recapitalize Compania Mexicana de Aviacion or Mexicana
Airlines, which could return to the skies next month.

Judge Soto said that Med Atlantica, which is 80% controlled by
Mexican investors, has shown it has the necessary funds and is
now the best option for rescuing the beleaguered carrier,
according to Herald Tribune.

"The group brings together the elements to be awarded Mexicana de
Aviacion.  It's shown me that it has the money and the
willingness to restructure Mexicana," Herald Tribune quoted Judge
Soto as saying.

The report notes that Judge Soto said he has petitioned the
Communications and Transportation Secretariat to reactivate
Mexicana's operating permit.  Herald Tribune relates that the
carrier's bankruptcy proceedings will conclude after a few
administrative formalities have been completed.

"This is wonderful news for the (airline's) 8,000 workers," the
judge said, adding that the secretariat still must decide if Med
Atlantica meets the technical requirements, the report discloses.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


===============
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 * * *