TCRLA_Public/120215.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 15, 2012, Vol. 13, No. 033



                            Headlines



A R G E N T I N A

* BUENOS AIRES CITY: Fitch Assigns 'B' Issuer Default Rating


B E R M U D A

BALACLAVA LIMITED: Creditors' Proofs of Debt Due Feb. 15
BALACLAVA LIMITED: Members' Final Meeting Set for March 13
EXTERNAL PEARL: Creditors' Proofs of Debt Due Feb. 15
EXTERNAL PEARL: Member to Receive Wind-Up Report on March 8
GLC MANAGED FUND: Creditors' Proofs of Debt Due Feb. 15

GLC MANAGED FUND: Member to Receive Wind-Up Report on March 8
GLC MANAGED TRADING: Creditors' Proofs of Debt Due Feb. 15
GLC MANAGED TRADING: Member to Receive Wind-Up Report on March 6
GRA (BERMUDA): Creditors' Proofs of Debt Due Feb. 15
GRA (BERMUDA): Members to Receive Wind-Up Report on March 8

MAN PEARL: Creditors' Proofs of Debt Due Feb. 15
MAN PEARL: Member to Receive Wind-Up Report on March 9
MAN PEARL ONE: Creditors' Proofs of Debt Due Feb. 15
MAN PEARL ONE: Member to Receive Wind-Up Report on March 12
MAN PERFORMANCE: Creditors' Proofs of Debt Due Feb. 15

MAN PERFORMANCE: Member to Receive Wind-Up Report on March 9
MAN PERFORMANCE DOLLAR: Creditors' Proofs of Debt Due Feb. 15
MAN PERFORMANCE DOLLAR: Member to Hear Wind-Up Report on March 7
MUSCAT IP 320: Creditors' Proofs of Debt Due Feb. 15
MUSCAT IP 320: Member to Receive Wind-Up Report on March 7

MUSCAT IP 320 OMR: Creditors' Proofs of Debt Due Feb. 15
MUSCAT IP 320 OMR: Member to Receive Wind-Up Report on March 5
PARK INVESTMENTS: Creditors' Proofs of Debt Due Feb. 15
PARK INVESTMENTS: Members to Receive Wind-Up Report on March 14
SANS SOUCI: Creditors' Proofs of Debt Due Feb. 15

SANS SOUCI: Members' Final Meeting Set for March 13
XOMA (BERMUDA): Creditors' Proofs of Debt Due Feb. 15
XOMA (BERMUDA): Members to Receive Wind-Up Report on March 8


C A Y M A N   I S L A N D S

AA PORTFOLIO: Members Receive Wind-Up Report
ARKLOW MASTER: Shareholder Receives Wind-Up Report
BEIJING JASMINE 1: Members Receive Wind-Up Report
DIAMOND ALTERNATIVE: Shareholder Receives Wind-Up Report
ET GP I: Shareholders Receive Wind-Up Report

GEM QUA 1: Members Receive Wind-Up Report
GEM QUA 2: Members Receive Wind-Up Report
IBEX SELECTION: Shareholders Receive Wind-Up Report
LOM SECURITIES: Members Receive Wind-Up Report
MEGA BUSINESS: Shareholders Receive Wind-Up Report

MEGA BUSINESS FUND: Shareholders Receive Wind-Up Report
MILESTONE (CAYMAN): Members Receive Wind-Up Report
MUTEKI LTD: Shareholder Receives Wind-Up Report
OFGP 2 LIMITED: Shareholders Receive Wind-Up Report
PROSPERITY CAPITAL: Shareholder Receives Wind-Up Report

PRS GLOBAL: Shareholder Receives Wind-Up Report
SUNSHINE FUND: Shareholder Receives Wind-Up Report
TOPIARY CAPITAL: Shareholder Receives Wind-Up Report
WMT GLOBAL FUNDING I: Shareholder Receives Wind-Up Report
WMT GLOBAL FUNDING II: Shareholder Receives Wind-Up Report


M E X I C O

GRUPO MINSA: Moody's Assigns 'Ba3' Long Term Corp. Family Ratings
HIPOTECARIA II: S&P Puts 'BB+' Series HSCICB 06 Rating on Watch
HIPOTECARIA SU CASITA: S&P Lowers National Scale Rating to 'mxCC'


P A N A M A

BANCOLOMBIA PANAMA: Fitch Affirms Viability Rating at 'BB-'


S U R I N A M E

* SURINAME: IDB Approves Two Loans Totaling US$20 Million


                            - - - - -


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


* BUENOS AIRES CITY: Fitch Assigns 'B' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned an expected long-term Foreign Currency
rating of 'B(exp)' to the City of Buenos Aires's (the CBA) new
bond.

The bond will be issued up to US$500 million under a US$1.4
billion EMTN Program. This is a bullet note denominated in U.S.
dollars, to accrue a fixed interest rate to be determined at
issuance and payable on a semi-annual basis.  The maturity of the
bond will be defined at placement with a minimum tenor of five
years.  Proceeds from the bond will be used for capital
expenditure financing and the repayment of debt.

Fitch currently rates the City of Buenos Aires as follows:

  -- Issuer Default Rating 'B';

  -- EMTN Program 'B';

  -- National scale long-term rating 'AA(arg)'.

The Rating Outlook is Stable.

During 2009 and 2010 CBA issued US$50 million and US$475 million
under two bonds, placed in the international capital market, in
order to comply with the public investment program.  In addition,
the city issued ARP690 million under a bond placed in the local
market in order to consolidate debt with suppliers.  Finally, at
end- 2011 the city issued other bonds in the local market for
US$85 million.

As of September 2011, CBA's outstanding direct debt amounted to
ARP3,708.6 million, representing 20.0% of its current revenues.
At that time, Series 1, 2, 3, 4 and 5 notes under the EMTN
Program were fully amortized.  CBA's direct debt at end-2011 is
expected to account for 17.0% of its current revenues, while debt
services payments are expected to absorb 9.8% of current revenues
and 88.6% of operational balance.

With this new US$500 million-bond, CBA's debt is expected to
represent 20.2% of 2012 current revenues.  The city's direct debt
has been increasing since 2009; however, its debt profile is
still adequate and in line with the current rating level.
The City of Buenos Aires is the capital district of Argentina.
According to the 2010 Census, its population was registered at
2,890,151 inhabitants, accounting for 7.5% of Argentina's total.
Its socioeconomic profile is the highest one in the country due
to a very dynamic and well-diversified regional economy, combined
with a good provision of social services.


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B E R M U D A
=============


BALACLAVA LIMITED: Creditors' Proofs of Debt Due Feb. 15
--------------------------------------------------------
The creditors of Balaclava Limited are required to file their
proofs of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


BALACLAVA LIMITED: Members' Final Meeting Set for March 13
----------------------------------------------------------
The members of Balaclava Limited will hold their final meeting on
March 13, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


EXTERNAL PEARL: Creditors' Proofs of Debt Due Feb. 15
-----------------------------------------------------
The creditors of External Pearl Investments (Feeder) Limited are
required to file their proofs of debt by Feb. 15, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


EXTERNAL PEARL: Member to Receive Wind-Up Report on March 8
-----------------------------------------------------------
The member of External Pearl Investments (Feeder) Limited will
receive on March 8, 2012, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GLC MANAGED FUND: Creditors' Proofs of Debt Due Feb. 15
-------------------------------------------------------
The creditors of GLC Managed Futures Fund Ltd are required to
file their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GLC MANAGED FUND: Member to Receive Wind-Up Report on March 8
-------------------------------------------------------------
The member of GLC Managed Futures Fund Ltd will receive on
March 8, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GLC MANAGED TRADING: Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------------
The creditors of GLC Managed Futures Trading Ltd are required to
file their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GLC MANAGED TRADING: Member to Receive Wind-Up Report on March 6
----------------------------------------------------------------
The member of GLC Managed Futures Trading Ltd will receive on
March 6, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GRA (BERMUDA): Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------
The creditors of GRA (Bermuda) GP Limited are required to file
their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


GRA (BERMUDA): Members to Receive Wind-Up Report on March 8
-----------------------------------------------------------
The members of GRA (Bermuda) GP Limited will receive on March 8,
2012, at 9:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MAN PEARL: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------
The creditors of Man Pearl Investments (Feeder) Limited are
required to file their proofs of debt by Feb. 15, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PEARL: Member to Receive Wind-Up Report on March 9
------------------------------------------------------
The member of Man Pearl Investments (Feeder) Limited will receive
on March 9, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PEARL ONE: Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------
The creditors of Man Pearl One Account Limited are required to
file their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PEARL ONE: Member to Receive Wind-Up Report on March 12
-----------------------------------------------------------
The member of Man Pearl One Account Limited will receive on
March 12, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PERFORMANCE: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------------
The creditors of Man Performance Bond 8 Years Ltd are required to
file their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PERFORMANCE: Member to Receive Wind-Up Report on March 9
------------------------------------------------------------
The member of Man Performance Bond 8 Years Ltd will receive on
March 9, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PERFORMANCE DOLLAR: Creditors' Proofs of Debt Due Feb. 15
-------------------------------------------------------------
The creditors of Man Performance Bond 8 Years Dollar Trading Ltd
are required to file their proofs of debt by Feb. 15, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PERFORMANCE DOLLAR: Member to Hear Wind-Up Report on March 7
----------------------------------------------------------------
The member of Man Performance Bond 8 Years Dollar Trading Ltd
will receive on March 7, 2012, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MUSCAT IP 320: Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------
The creditors of Muscat IP 320 Ltd are required to file their
proofs of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MUSCAT IP 320: Member to Receive Wind-Up Report on March 7
----------------------------------------------------------
The member of Muscat IP 320 Ltd will receive on March 7, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MUSCAT IP 320 OMR: Creditors' Proofs of Debt Due Feb. 15
--------------------------------------------------------
The creditors of Muscat IP 320 OMR Trading Ltd are required to
file their proofs of debt by Feb. 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MUSCAT IP 320 OMR: Member to Receive Wind-Up Report on March 5
--------------------------------------------------------------
The member of Muscat IP 320 OMR Trading Ltd will receive on
March 5, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


PARK INVESTMENTS: Creditors' Proofs of Debt Due Feb. 15
-------------------------------------------------------
The creditors of Park Investments Ltd. are required to file their
proofs of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 31, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


PARK INVESTMENTS: Members to Receive Wind-Up Report on March 14
---------------------------------------------------------------
The members of Park Investments Ltd. will receive on March 14,
2012, at 9:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 31, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SANS SOUCI: Creditors' Proofs of Debt Due Feb. 15
-------------------------------------------------
The creditors of Sans Souci Limited are required to file their
proofs of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SANS SOUCI: Members' Final Meeting Set for March 13
---------------------------------------------------
The members of Sans Souci Limited will hold their final meeting
on March 13, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


XOMA (BERMUDA): Creditors' Proofs of Debt Due Feb. 15
-----------------------------------------------------
The creditors of XOMA (Bermuda) Ltd. are required to file their
proofs of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 31, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


XOMA (BERMUDA): Members to Receive Wind-Up Report on March 8
------------------------------------------------------------
The members of XOMA (Bermuda) Ltd. will receive on March 8, 2012,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda




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



AA PORTFOLIO: Members Receive Wind-Up Report
--------------------------------------------
The members of AA Portfolio Management Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARKLOW MASTER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Arklow Master Fund, Ltd. received on Jan. 26,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bradley Kruger
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


BEIJING JASMINE 1: Members Receive Wind-Up Report
-------------------------------------------------
The members of Beijing Jasmine 1 Ltd received on Jan. 26, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Timothy Le Cornu
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


DIAMOND ALTERNATIVE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Diamond Alternative Investment Ltd. received
on Jan. 26, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: +1 (345) 815-1793
         Facsimile: +1 (345) 949-9877


ET GP I: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of ET GP I, Inc. received on Jan. 25, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


GEM QUA 1: Members Receive Wind-Up Report
-----------------------------------------
The members of Gem Qua 1 Ltd. received on Jan. 26, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Members Receive Wind-Up Report
-----------------------------------------
The members of Gem Qua 2 Ltd. received on Jan. 26, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


IBEX SELECTION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Ibex Selection Ltd. received on Jan. 24,
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


LOM SECURITIES: Members Receive Wind-Up Report
----------------------------------------------
The members of Lom Securities (Cayman) Limited received on
Jan. 24, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Malcolm G. Moseley
         Telephone: 441-294-7031
         Facsimile: 441-295-0135
         e-mail: Malcolm.moseley@lom.com
         The LOM Building
         27 Reid Street
         Hamilton, HM 11
         Bermuda


MEGA BUSINESS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Mega Business Fund One Limited received on
Jan. 25, 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


MEGA BUSINESS FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Mega Business Fund Limited received on
Jan. 25, 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


MILESTONE (CAYMAN): Members Receive Wind-Up Report
--------------------------------------------------
The members of Milestone (Cayman) Limited received on Jan. 27,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Cosimo Borrelli
         Borrelli Walsh Limited
         e-mail: sm@borrelliwalsh.com
         Level 17, Tower 1, Admiralty Centre
         18 Harcourt Road
         Hong Kong
         Telephone: +852 3761 3870
         Facsimile: +852 3761 3889


MUTEKI LTD: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Muteki Ltd received on Jan. 31, 2012, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


OFGP 2 LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of OFGP 2 Limited received on Jan. 30, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hideki Sakai
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


PROSPERITY CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Prosperity Capital Management (Africa) Limited
received on Jan. 25, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PRS GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of The PRS Global Diversified Fund received on
Jan. 26, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: +1 (345) 815-1793
         Facsimile: +1 (345) 949-9877


SUNSHINE FUND: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Sunshine Fund Ltd. received on Jan. 30, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815 1861
         Facsimile: (345) 949-9877


TOPIARY CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Topiary Capital Ltd received on Jan. 31, 2012,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


WMT GLOBAL FUNDING I: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of WMT Global Funding I Inc received on Jan. 31,
2012, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


WMT GLOBAL FUNDING II: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of WMT Global Funding II Inc received on Jan. 31,
2012, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


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GRUPO MINSA: Moody's Assigns 'Ba3' Long Term Corp. Family Ratings
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The following release represents Moody's Investors Service's
summary credit opinion on Grupo Minsa, S.A.B. de C.V. and
includes certain regulatory disclosures regarding its ratings.
This release does not constitute any change in Moody's ratings or
rating rationale for Minsa.

Moody's current ratings on Minsa are:

Grupo Minsa, S.A.B. de C.V.

- Long Term Corporate Family Ratings domestic currency Rating of
   Ba3

- Mexican National Scale Long Term Corporate Family Ratings
   domestic currency Rating of Baa1.mx

- Mexican National Scale Commercial Paper domestic currency
   Rating of MX-2

Ratings Rationale

Minsa's Ba3 and Baa1.mx ratings reflect the company's limited
operating scale and product diversification, along with exposure
to volatile corn prices and a seasonal cash flow pattern because
of the corn purchase cycle.  These credit negatives are partly
offset by the company's franchise strength as Mexico's second
largest corn flour producer, established brand equity, solid
credit metrics for the rating category and favorable underlying
longer growth prospects for the corn flour industry.

The outlook for Minsa's Ba3 and Baa1.mx ratings is stable,
reflecting Moody's expectation that Minsa will be able to improve
results due to volume growth and price increases carried out in
2010, boosting cash flow generation.  The outlook also reflects
Moody's view that corn prices will moderate towards the end of
the year and that Minsa will benefit from a more stable corn
price environment going forward.

Based on the company's limited scale and diversification, that
make it highly vulnerable to negative external shocks such as
unanticipated commodity prices increases, Moody's believes that a
ratings upgrade is unlikely over the near to medium term.  Longer
term, upward ratings pressure could build once the company
materially increase its scale and expand its geographic footprint
while maintaining strong credit metrics for the rating category.


HIPOTECARIA II: S&P Puts 'BB+' Series HSCICB 06 Rating on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
construction loan securitizations originated and serviced by
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R., on CreditWatch
with negative implications.  The affected deals are: Hipotecaria
Su Casita-Bursatilizaciones de Creditos Puente II's series
HSCCICB 06 and HSCCB 08, and the mezzanine notes from the
Hipotecaria Su Casita Construction Loan Trust series 2005-1.

"At the same time, we also placed on CreditWatch negative our
rating on the Hipotecaria Su Casita Bursatilizaciones de
Hipotecas Residenciales RMBS series BRHCGCB 03U, a residential
mortgage-backed securities (RMBS) transaction," S&P said.

The negative CreditWatch placements follow a company announcement
that a group of Su Casita's shareholders will meet Feb. 28, 2012,
to discuss the possible dissolution and liquidation of the
company.

"The CreditWatch placements reflect the possible negative impact
that the company's possible liquidation could have on the
underlying asset portfolios that it services.  In light of the
company's announcement, we believe all parties involved in the
transactions should proceed with replacement processes to
substitute Su Casita as primary servicer.  Even if replacement
servicers are approved, however, it is possible that there could
be cash flow disruptions to the trust during the replacement and
notification processes.  We expect to resolve the CreditWatch
placements within the next 90 days," S&P said.

As of, no servicer replacement process has started for the
construction loan securitizations.  On Aug. 1, 2011, a bondholder
assembly agreed to replace Su Casita with Pendulum, S. de R.L. de
C.B. (ranked as AVERAGE as a residential loan servicer and ABOVE
AVERAGE as a special servicer) for the RMBS transaction; however,
this process has yet to be completed.

"The subordinated classes from HSCCICB 06-2 and HSCCB 08-2, rated
'mxD (sf)', are not affected. Likewise, we previously withdrew
our rating on the senior VFN notes from the Construction Loan
Trust series 2005-1 transaction in May 2010 after the notes were
prepaid," S&P said.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

        http://standardandpoorsdisclosure-17g7.com
Ratings Placed On Creditwatch Negative
Hipotecaria Su Casita-Bursatilizaciones de Hipotecas
Residenciales

               Rating                 Rating
Series         To                     From
BRHCGCB 03U    mxAAA (sf)/Watch Neg   mxAAA (sf)


Hipotecaria Su Casita-Bursatilizaciones de Creditos Puente II

                Rating                 Rating
Series          To                     From
HSCCICB 06      B (sf)/Watch Neg        B (sf)
HSCCICB 06      mxBB+ (sf)/Watch Neg    mxBB+ (sf)
HSCCB 08        mxBBB (sf)/Watch Neg    mxBBB (sf)

Hipotecaria Su Casita Construction Loan Trust

               Rating                  Rating
Series          To                     From
Mezzanine
Notes 2005-1    B (sf)/Watch Neg       B (sf)
Mezzanine
Notes 2005-1    mxBB+ (sf)/Watch Neg   mxBB+ (sf)


HIPOTECARIA SU CASITA: S&P Lowers National Scale Rating to 'mxCC'
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered its global scale
ratings on Mexico-based mortgage and construction lender
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. to 'CC' from
'CCC', while also lowering its long-term national scale rating on
the company to 'mxCC' from 'mxCCC'.  "We affirmed the national
scale short-term rating at 'mxC'," S&P said.

"Shortly thereafter, we withdrew all of the company's existing
ratings at the issuer's request.  At the time of the withdrawal,
we had not rated any of its outstanding debt and the outlook was
negative," S&P said.

"The rating action reflects HSC announcement on Feb. 9, 2012,
that it had requested an extraordinary shareholder's meeting to
propose the liquidation of the company.  We believe that, in the
event of liquidation, its existing assets may not be sufficient
to cover the company's outstanding debt, which amounted to
Mexican peso (MXN) $5.568 billion as of September 2011," S&P
said.

"Our view that HSC may not be able to meet its debt obligations
stems from the company's significant number of nonperforming
assets (past due loans and foreclosures), which represented 64.4%
of HSC's total loans, or MXN5.109 billion.  We believe that, in
the event of liquidation, the price of problematic assets will be
significantly below par, given the current situation of the
Mexican real estate market and the difficulty that other mortgage
companies we rate have had in selling these kinds of assets.  In
addition, as of September 2011, its performing assets only
amounted to MXN2.815 billion and cash on hand and securities were
MXN365 million.  The negative outlook at the time of the
withdrawal reflected our view that, if liquidated, the company
may default on some of its liabilities," S&P said.


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P A N A M A
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BANCOLOMBIA PANAMA: Fitch Affirms Viability Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed Bancolombia Panama's (BP) Issuer
Default Ratings with a Stable Rating Outlook.

BP is highly integrated with its parent and a key part of its
business strategy in Colombia and Central America. Support from
Bancolombia should be forthcoming if needed and its ability to
support BP is reflected in its ratings; Bancolombia's IDR is
rated 'BBB-' with a Positive Outlook by Fitch.

BP's IDRs could be upgraded if Bancolombia's IDR is upgraded; the
IDRs would move in line with Bancolombia's rating.  The Viability
rating could be pressured if BP's asset quality deteriorates,
resulting in higher loan loss provision needs and eroding the
loan loss reserve and capital cushion.  On the other hand, the
Viability rating could improve if BP is able to maintain its
performance while improving its capital and reserve cushion.
Tight cost control and economies of scale resulted in a lean
operation in Panama and El Salvador. BP's efficiency ratios have
improved after deteriorating following the acquisition of Banco
Agricola (BA) and are gradually returning to historical levels.
These ratios compare well to the company's local and regional
peers.

BA is a well-positioned bank that runs an efficient and
profitable universal banking business in El Salvador.  By
acquiring BA, BP gained in geographical diversification.  In
addition, it increased its business lines, revenue sources,
product offering and funding base.

Benefiting from a positive operating environment in its core
market of Colombia and a dominant franchise in El Salvador, BP
was able to maintain a sound performance that is likely to
continue improving as macroeconomic conditions stabilize in the
Central American region and synergies with BA start to bear
fruit.

The spike in PDLs observed in 2009-2010 has stabilized and
reversed the trend into 2011 as El Salvador's economy stabilized
and the bank's sound risk management policies helped contain
asset deterioration.  Given the expected growth and economic
prospects, this trend is likely to continue into 2013.

BP's funding is better diversified after BA's acquisition and
shows great stability.  The bank maintains sound levels of
liquidity between its cash, deposits in banks and investment
portfolio.

BP maintains adequate loan loss reserves that cover PDLs at 140%
at June 2011.  Along with BP's sustained profitability, reserves
constitute an additional cushion against unexpected losses.

BP's tangible equity-to-tangible assets ratio was depressed after
the acquisition of BA due to the significant goodwill that the
transaction generated. Sustained profitability (i.e. capital
generation) and sound growth in its core market have contributed
to restore capital and dilute the weight of goodwill.  Capital
has grown at a rate of 100-150 basis points per year since 2008.
This clearly positive trend is likely to continue amid better
economic prospects.

Bancolombia Panama SA (BP) was established in 1973 and is the
largest bank with an international banking license in Panama.  It
is a wholly owned subsidiary of Bancolombia (Colombia's largest
bank) and acts as a holding company for Bancolombia's core
investments abroad.

Fitch affirms the following ratings on Bancolombia Panama S.A.:

  -- Long-term IDR at 'BBB-'; Outlook Positive;

  -- Short-term IDR at 'F3';

  -- Viability Rating at 'bb-';

  -- Support Rating at '2';

  -- Long Term Deposits at 'BBB-'

  -- Short Term Deposits at 'F3'


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S U R I N A M E
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* SURINAME: IDB Approves Two Loans Totaling US$20 Million
---------------------------------------------------------
Authorities from the Republic of Suriname and the Inter-American
Development Bank signed the contracts for two loans totaling
US$20 million to help finance a conditional cash transfers
program and the national census and household survey.

Suriname Finance Minister Adelien Wijnerman and IDB President
Luis Alberto Moreno signed the documents at a ceremony held here,
on occasion of a regional meeting of IDB Governors from the
Caribbean region.

A US$15 million loan will help finance Suriname's Social
Protection Support Program, supporting the government's efforts
to enhance the effectiveness of spending on social protection
programs.

The program will finance grants to poor pregnant and lactating
women and the mothers of poor children, reaching up to 15,000
households by 2015.  The goal is to break the intergenerational
transmission of poverty by investing in children's nutrition,
health and education during their crucial formative years.

Families receiving cash transfers will have to attend regular
health check-ups, participate in nutrition education and take
nutrition supplements, and attend school regularly in order to
receive monthly payments.

The program is expected to substantially increase education
enrollment rates, especially in secondary schools.  Expected
health outcomes include improved maternal health due to regular
prenatal checkups and an increase in the number of children who
are immunized against preventable diseases.

A US$5 million loan will support the National Population and
Housing Census and Household Budget Survey, which will yield
updated demographic, social, economic, and cultural information
on Suriname.

Suriname will carry out its Eighth General Population and Housing
Census in 2012 to update the national data from 2004.  Based on
the results, the General Bureau of Statistics will carry out the
Household Budget Survey in 2013-14 to update data on household
expenditures, the labor force, and the basket of goods and
services used to calculate the change in the Consumer Price
Index.

The comprehensive information collected by the census and the
household survey will allow the GBS to generate updated,
reliable, and detailed data about the size, distribution,
composition, income, and geographical movements of the
population.


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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


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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
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Information contained herein is obtained from sources believed to
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