TCRLA_Public/120216.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 16, 2012, Vol. 13, No. 034



                            Headlines



A R G E N T I N A

FBA AHORRO: Moody's Affirms 'B1' Bond Fund Rating
GPAT COMPANIA: Moody's Assigns 'Ba2' Global LC Debt Rating
* CITY OF BUENOS AIRES: S&P Rates US$500-Mil. Notes at 'B'


B E R M U D A

AIG ASIAN: Creditors' Proofs of Debt Due Feb. 17
AIG ASIAN: Members' Final Meeting Set for March 8
AIG EMERGING: Creditors' Proofs of Debt Due Feb. 17
AIG EMERGING: Members' Final Meeting Set for March 8
GLENNSTARS MORTGAGE: Creditors' Proofs of Debt Due Feb. 17

GLENNSTARS MORTGAGE: Members' Final Meeting Set for March 9
LAIF I LTD: Creditors' Proofs of Debt Due Feb. 17
LAIF I LTD: Members' Final Meeting Set for March 8


B R A Z I L

GUARULHOS AIRPORT: Moody's Affirms Corp. Family Ratings at 'Ba3'


C A Y M A N   I S L A N D S

ARKLOW OFFSHORE: Shareholder Receives Wind-Up Report
ATTICUS TRADING: Shareholder Receives Wind-Up Report
ATTICUS TRADING (CAYMAN): Shareholder Receives Wind-Up Report
AURORA OVERSEAS: Shareholders Receive Wind-Up Report
CMA GLOBAL: Shareholder Receives Wind-Up Report

ELGIN CAPITAL: Shareholders Receive Wind-Up Report
GALLEON INTERNATIONAL: Shareholders Receive Wind-Up Report
GALLEON INTERNATIONAL FUND: Shareholders Receive Wind-Up Report
GALLEON INTERNATIONAL MASTER: Shareholders Receive Wind-Up Report
GEMINI FUTURES: Shareholder Receives Wind-Up Report

HUAYNA INVESTMENT: Members Receive Wind-Up Report
JUPITER EUROPA: Shareholders Receive Wind-Up Report
LAZARD MAC: Members Receive Wind-Up Report
LV INVESTMENT: Members Receive Wind-Up Report
MARBRIDGE ENERGY: Shareholder Receives Wind-Up Report

MEINL INVESTMENT I: Members Receive Wind-Up Report
MEINL INVESTMENT II: Members Receive Wind-Up Report
MEINL INVESTMENT III: Members Receive Wind-Up Report
MONTRICA INVESTMENT: Shareholders Receive Wind-Up Report
PANGU OPPORTUNITY: Shareholder Receives Wind-Up Report

RMF ALTERNATIVE: Members Receive Wind-Up Report
SANDIFORD LIMITED: Members Receive Wind-Up Report
SFCG P NOTE: Members Receive Wind-Up Report
SOLERA INTERNATIONAL: Members Receive Wind-Up Report
Z-LINE LTD: Members Receive Wind-Up Report


J A M A I C A

LIME JAMAICA: New Inter-Connection Rates Still Not Agreed On
SUPER PLUS: Retreats From Big Cities, Concentrates on Mid-Markets


M E X I C O

HIPOTECARIA PUENTE II: S&P Puts 'B' Rating on Series HSCCICB Loan


P U E R T O   R I C O

GP WEST: Court Confirms Joint Plan of Reorganization


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


FBA AHORRO: Moody's Affirms 'B1' Bond Fund Rating
-------------------------------------------------
Moody's downgraded the market risk rating of FBA Ahorro Pesos
FCI, a fund managed by Frances Administradora de Inversiones
S.A.G.F.C.I. to MR3 (Moderate) from MR2 (Low).  At the same time,
Moody's affirmed the B1/Aa2.ar bond fund rating of the fund.

"The fund is a short-term duration investment vehicle which
mainly invests in Argentinean central bank obligations" said
Carlos De Nevares, Moody's analyst.  "However FBA Ahorro Pesos
fund is also exposed to illiquid securities which may impact the
fund's Net Asset Value (NAV)."

Although the fund is well-placed to meet high level redemptions,
it would likely do so by liquidating its investments in Central
Bank's Tbonds and Short Term securities.  Such a development
would likely increase the relative share of less-liquid assets in
the investment mix and so decrease the liquidity of the fund
overall.

"Given observed concentration in the fund's shareholder base,
high redemptions could potentially increase downward pressure on
the fund's NAVs in the event of liquidation", Mr. De Nevares
said.
FBA Ahorro Pesos is managed by Frances Administradora de
Inversiones S.A.G.F.C.I., which is part of well known Spanish
international financial group BBVA. As of December 2011, Frances
Administradora managed investments of approximately ARS1,936.5
million (approximately US$447.2 million).


GPAT COMPANIA: Moody's Assigns 'Ba2' Global LC Debt Rating
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
debt rating to the expected sixth issuance of GPAT Compania
Financiera (GPAT) up to the amount of ARS150 million, which will
be due in 365 days.  At the same time, Moody's Latin America
assigned Aa1.ar national scale local currency debt rating to
GPAT's issuance.

The outlook for the ratings is stable.

The following ratings were assigned to GPAT Compania Financiera
S.A.:

ARS 150 million senior unsecured debt issuance:

Ba2 Global Local Currency Debt Rating, with stable outlook

Aa1.ar Argentina National Scale Local Currency Debt Rating

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS972 million of total assets and
ARS231 million of shareholders' equity as of December 31, 2011.


* CITY OF BUENOS AIRES: S&P Rates US$500-Mil. Notes at 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' global-scale
long-term rating to the City of Buenos Aires' (B/Stable/--)
proposed notes of up to US$500 million notes.  The amortizing
notes, pursuant to the City of Buenos Aires' medium-term note
program (series 10), will be dollar denominated.

"The global-scale rating on the City of Buenos Aires reflects the
risk in Argentina's political and economic environments, the lack
of predictability in central government policies, and high
inflation, which still constrains the ratings on the sovereign.
The city's revenue and financial flexibility, which are greater
than that of other local governments in Argentina, its low debt,
and its highly developed economy (compared with other local
economies in Argentina), partially offset the weaknesses," S&P
said.

"After the addition of the US$500 million notes, the city's debt
would total Argentine pesos (ARP) 6.3 billion, which is a mere
20% of the city's 2012 budgeted operating revenue. Standard &
Poor's does not believe that this additional debt will
deteriorate the city's financial risk profile.  We expect that
its low debt level will continue to support the rating on the
city," S&P said.

"The stable outlook incorporates our expectation that
conservative management and low debt will provide the City of
Buenos Aires with fiscal flexibility during the next two to three
years. Accordingly, we expect that the city will be able to
manage its increasing expenditures in a manner consistent with
the ratings. Greater fiscal instability, as a result of
unsustainable increases in the city's capital expenditures, could
prompt us to lower the ratings.  Therefore, if we raise the
ratings on Republic of Argentina, we could raise the ratings on
the city of Buenos Aires," S&P said.

Ratings List
City of Buenos Aires
  Issuer credit rating           B/Stable/--

New Rating
US$500 million notes series 10
Global Scale Rating              B


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


AIG ASIAN: Creditors' Proofs of Debt Due Feb. 17
------------------------------------------------
The creditors of AIG Asian Infrastructure Management Ltd. are
required to file their proofs of debt by Feb. 17, 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


AIG ASIAN: Members' Final Meeting Set for March 8
-------------------------------------------------
The members of AIG Asian Infrastructure Management Ltd. will hold
their final meeting on March 8, 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. 31, 2012.

The company's liquidator is:

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


AIG EMERGING: Creditors' Proofs of Debt Due Feb. 17
---------------------------------------------------
The creditors of AIG Emerging Europe Infrastructure Management
Ltd. are required to file their proofs of debt by Feb. 17, 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


AIG EMERGING: Members' Final Meeting Set for March 8
----------------------------------------------------
The members of AIG Emerging Europe Infrastructure Management Ltd.
will hold their final meeting on March 8, 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


GLENNSTARS MORTGAGE: Creditors' Proofs of Debt Due Feb. 17
----------------------------------------------------------
The creditors of Glennstars Mortgage Ltd. are required to file
their proofs of debt by Feb. 17, 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


GLENNSTARS MORTGAGE: Members' Final Meeting Set for March 9
-----------------------------------------------------------
The members of Glennstars Mortgage Ltd. will hold their final
meeting on March 9, 2012, at 10:00 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


LAIF I LTD: Creditors' Proofs of Debt Due Feb. 17
-------------------------------------------------
The creditors of LAIF I Ltd. are required to file their proofs of
debt by Feb. 17, 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


LAIF I LTD: Members' Final Meeting Set for March 8
--------------------------------------------------
The members of LAIF I Ltd. will hold their final meeting on
March 8, 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


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


GUARULHOS AIRPORT: Moody's Affirms Corp. Family Ratings at 'Ba3'
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 on the global scale
and A2.br on the national rating scale Corporate Family Ratings
(CFR) of Investimentos e Participacoes em Infra-Estrutura S.A.
mainly as a result of its current and expected increasing
leverage related to new investments, as well as relatively
strained liquidity.  The outlook was also maintained as negative
for both ratings, as has been since March 2011, when Moody's
changed it to negative from stable due to liquidity pressures
generated by investments committed by Linha Amarela S.A. - LAMSA,
the main operational cash flow generator of the INVEPAR group, as
well as the expected leverage increase related to new
investments.

Ratings Rationale

On Feb. 6, 2012, the consortium formed by INVEPAR and Airports
Company South Africa Soc Limited -- ACSA (the INVEPAR -- ACSA
Consortium) won the bid for the 20-year concession to expand,
operate, maintain and explore the Guarulhos Airport, which is
located near the city of Sao Paulo and is currently the largest
airport in Latin America.  INVEPAR holds a 90% participation in
the Consortium, which will hold 51% of the concessionaire SPE
(Special Purpose Entity) with the remaining 49% to be owned by
INFRAERO.  This SPE will pay BRL16.2 billion (in equal
installments, adjusted by the IPCA inflation index) to the
Government of Brazil over the term of the concession, in addition
to the near term CAPEX of approximately BRL1.4 billion required
until the Soccer World Cup tournament in 2014 (out of a total
CAPEX of BRL4.7 billion over the life of the concession),
according to the ANAC's (the Brazilian Civil Aviation Agency)
02/2011 bidding documents.

As a result, INVEPAR's leverage, on a consolidated basis, is
expected to increase in the next 12 to 18 months, which will
continue to constrain its corporate family ratings.

Notwithstanding, Moody's expects that INVEPAR's shareholders will
continue to provide strong support to INVEPAR and its operating
subsidiaries.

Moody's will monitor INVEPAR's liquidity, leverage as well as
other relevant credit metrics as it learns more details about the
specific conditions of INVEPAR's winning bid for the airport
concession as well as other planned or intended investments in
other projects, and how these may impact INVEPAR's ratings and
outlook as well as those of other rated entities within the
INVEPAR group.  Nevertheless, Moody's recognizes the strong
support commitment from INVEPAR's shareholders, as evidenced by
the BRL800 million, BRL440 million and BRL358 million capital
injections made by group shareholders in 2009, 2010 and 2011,
respectively, as disclosed by INVEPAR.

INVEPAR is a holding company controlled by three of the largest
Brazilian pension funds in Brazil (PREVI, FUNCEF and PETROS) and
the construction company OAS. INVEPAR was created in March 2000
to invest in other companies operating in the infrastructure
sector. INVEPAR controls three toll road concessions: Linha
Amarela S.A. (Lamsa), Concessionaria Auto Raposo Tavares
S.A.(Cart) and Concessionaria Litoral Norte S.A. (CLN), and one
subway concession operated by Concessao Metroviaria Rio de
Janeiro S/A (Metro Rio). Invepar also participates in a joint-
venture with the Odebrecht group in the Concessionaria Bahia
Norte S.A. (CBN) a road system in Bahia, and in the
Concessionaria Rota do Atlantico in Pernambuco.  INVEPAR also
owns 36.88% of the voting capital and 24.91% of the total capital
of the Concessionaria Rio Teresąpolis (CRT).  In the last twelve
months ended on September 30, 2011, INVEPAR reported consolidated
net revenues of BRL855 million (USD518.5 million) and EBITDA of
BRL379 million (USD 229.8 million).


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


ARKLOW OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Arklow Offshore 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


ATTICUS TRADING: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Atticus Trading, 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 Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


ATTICUS TRADING (CAYMAN): Shareholder Receives Wind-Up Report
-------------------------------------------------------------
The shareholder of Atticus Trading (Cayman), 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 Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


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

The company's liquidator is:

         Transcontinental Fund Administration
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654


CMA GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of CMA Global Investments Ltd. received on
Jan. 25, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Peter Martin Blair
         Telephone: 00353 18780807
         Facsimile: 00353 18780827
         c/o 25 Eden Quay
         Dublin 1, Ireland


ELGIN CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Elgin Capital (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:

         K.D. Blake
         c/o Jenna Nicholson
         Telephone: 345-815-2640/ 345-949-4800
         Facsimile: 345-949-7164/ 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


GALLEON INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Galleon International Multistrategy Fund,
Ltd. received on Jan. 31, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Delta Group Limited
         c/o J. Aljadir
         Telephone: (345) 743 6626
         103 South Church St.
         Harbour Place, 2nd Floor
         PO Box 11820, George Town
         Grand Cayman KY1-1009
         Cayman Islands


GALLEON INTERNATIONAL FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Galleon International Fund, Ltd. received on
Jan. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Delta Group Limited
         c/o J. Aljadir
         Telephone: (345) 743 6626
         103 South Church St.
         Harbour Place, 2nd Floor
         PO Box 11820, George Town
         Grand Cayman KY1-1009
         Cayman Islands


GALLEON INTERNATIONAL MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of Galleon International Master Fund, SPC Ltd.
received on Jan. 31, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Delta Group Limited
         c/o J. Aljadir
         Telephone: (345) 743 6626
         103 South Church St.
         Harbour Place, 2nd Floor
         PO Box 11820, George Town
         Grand Cayman KY1-1009
         Cayman Islands


GEMINI FUTURES: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Gemini Futures Fund, Ltd. received on Feb. 13,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Continental Fund Administration
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654


HUAYNA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Huayna Investment Company received on Jan. 24,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JUPITER EUROPA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Jupiter Europa Hedge 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:

         Rob McMahon
         c/o Aisling Clarke
         Ernst & Young Ltd
         62 Forum Lane Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345 814 8986


LAZARD MAC: Members Receive Wind-Up Report
------------------------------------------
The members of Lazard MAC Limited 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


LV INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------
The members of LV Investment Company received on Jan. 24, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARBRIDGE ENERGY: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Marbridge Energy Finance Fund International
Ltd. 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


MEINL INVESTMENT I: Members Receive Wind-Up Report
--------------------------------------------------
The members of Meinl Investment Funding I Limited 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
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


MEINL INVESTMENT II: Members Receive Wind-Up Report
---------------------------------------------------
The members of Meinl Investment Funding II Limited 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
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


MEINL INVESTMENT III: Members Receive Wind-Up Report
----------------------------------------------------
The members of Meinl Investment Funding III Limited 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
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


MONTRICA INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Montrica Investment Management (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:

         Rob McMahon
         c/o Aisling Clarke
         Ernst & Young Ltd
         62 Forum Lane Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345 814 8986


PANGU OPPORTUNITY: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Pangu Opportunity Fund received on Jan. 25,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Anthony Tse
         Telephone: + 852 3521 1898
         Facsimile: + 852 3521 1895


RMF ALTERNATIVE: Members Receive Wind-Up Report
-----------------------------------------------
The members of RMF Alternative Real Estate Alpha (Master) 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


SANDIFORD LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Sandiford 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:

         Claudio Zapata Bakas
         c/o Higgs & Johnson
         Telephone: (345) 949 7555


SFCG P NOTE: Members Receive Wind-Up Report
-------------------------------------------
The members of SFCG P Note Company received on Feb. 6, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Annie Chapman
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SOLERA INTERNATIONAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Solera International 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:

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


Z-LINE LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Z-Line 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:

         Fernando Adrian Ramirez Gallegos
         F. Adrian Ramirez Gallegos
         c/o Higgs & Johnson
         Telephone: (345) 949 7555


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


LIME JAMAICA: New Inter-Connection Rates Still Not Agreed On
------------------------------------------------------------
Jamaica Gleaner reports that early reports of a telecoms
agreement on inter-connection rates were doused after Minister
Phillip Paulwell clarified that the parties had only agreed a
framework on which an eventual deal could emerge.

LIME Jamaica Managing Director Garry Sinclair said new rates and
the timelines on which they would be implemented have not been
agreed, and that it is likely that the rates will have to be
imposed by a regulator, according to Jamaica Gleaner.

Jamaica Gleaner notes that Mr. Sinclair is pushing for progress
on 'emergency' legislation that was supposed to speed up the
setting of interim rates by the minister or his regulator, until
a final position is agreed on cross-network charges.  The report
relates that the delay can only hurt LIME Jamaica, which is
reporting a second quarter of negative cash flows amid losses
that have climbed to JM$1.2 billion in the third quarter ending
December, and fewer mobile subscribers to prop up its business.

As reported in the Troubled Company Reporter on Nov. 18, 2009,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  The company have grown
internet and data revenues and maintained market share on mobile
while growing demand for business products, however the poor
economic environment exerted downward pressure on fixed and
mobile voice minutes of use with a resulting decline in revenue.

Jamaica Gleaner discloses that the results led its UK parent C&W
Communications in its regional assessment issued to describe
Jamaica as a "difficult market", and signaled that the local
operation would take a non-cash hit for its full year ending
March.

Mr. Sinclair, Jamaica Gleaner discloses, said that the company
had 380,000 mobile subscribers of which 290,000 were active, and
that the company would continue to rack up losses unless an
accommodation is reached on reducing inter-connection rates.  The
report relates that LIME also disclosed that the company would
record a non-cash write-down of the carrying value of LIME
Jamaica's assets at its March yearend but said it would try to
arrest its possible negative impact on the company's value.

Jamaica Gleaner notes that LIME's accumulated deficit has climbed
to more than JM$17 billion.  Concurrently, its equity base has
diminished to JM$2 billion on its December 2011 unaudited balance
sheet, reflecting book value of two cents per share, the report
relates.

Meanwhile, Jamaica Gleaner relates that the UK bid by Vodafone to
acquire Cable & Wireless Worldwide will not affect the Jamaican
operations as it is a separate parent entity.


SUPER PLUS: Retreats From Big Cities, Concentrates on Mid-Markets
-----------------------------------------------------------------
The Gleaner reports that Super Plus Food Stores has retreated
from the big cities and is now concentrated in mid-Jamaica
markets.

Chairman Wayne Chen said Super Plus, whose stores are down to
eight in what he calls "mature locations", has no immediate plans
for investment or growth, according to The Gleaner.  The report
relates that the chain is no longer operational in the cities of
Kingston and Montego Bay and has exited St Catherine.

"We are just holding," Mr. Chen said, when asked about new
directions under consideration for the chain in 2012, The Gleaner
notes.  "We have been selling the stores for the last five years
and are now down to eight. These are locations in which we have
been open since the 1970s; they are mature locations," the report
quoted Mr. Chen as saying.

                           About Super Plus

Super Plus is one of Jamaica's largest food chains.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that the Super Plus food chain
plans to close five additional stores, increasing the total
number of ceased operations to 13, with the Spanish Town branch
as among those that will be affected in the latest phase of the
downsizing.  "We are closing our Spanish Town location as part of
our restructuring operations.  We have closed the Trafalgar Road
New Kingston branch and the Liguanea Branch and we will also
close four other branches in 30 days making a total of 13 stores
closed after the restructuring is over," the report quoted
SuperPlus Chairman Wayne Chen as saying.  The supermarket chain
is further restructuring its operations in order to reduce its
debts, he added.  According to the report, RadioJamaica said
Super Plus closed its branches in Liguanea, St. Andrew, New
Kingston, and Oasis Centre in Spanish Town, St. Catherine; and
its head office at Beverly Vale has reportedly been sold as the
company seeks to rationalize its operations, closing non-
performing stores while at the same time trimming waste.


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


HIPOTECARIA PUENTE II: S&P Puts 'B' Rating on Series HSCCICB Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B (sf)' global
scale and 'mxBB+ (sf)' Mexican national scale ratings on one
construction loan securitization (ticker HSCCICB 06; formerly
HSCCB 06) originated and serviced by Hipotecaria Su Casita S.A.

de C.V. SOFOM E.N.R. (Su Casita). "At the same time, we withdrew
the underlying rating (SPUR) on HSCCICB 06 because the deal no
longer has bond insurance," S&P said.

"The affirmations reflect our belief that the transaction has
sufficient credit enhancement levels to support the current
ratings under observed and projected performance scenarios.
Specifically, despite having high default ratios, the transaction
has been able to continue making interest and even principal
payments, which has generated additional cash flow into the
trust. However, if performance within the underlying portfolio
weakens to exceed our projections, we will review the
transactions again," S&P said.

In addition, the rating affirmations acknowledge changes made to
the transaction on Feb. 3, 2012, as agreed upon by the
certificateholders on the deal:

  The Bank of New York Mellon S.A. Institucion de Banca Multiple,
  Division Fiduciaria was substituted as trustee and issuer of
  the certificates with CI Banco S.A., Institucion de Banca
  Multiple, Division Fiduciaria.  All references to Ambac
  Assurance Corp. (Ambac) were removed.  The spread of the notes
  was increased to 0.85% from 0.15%.  The ticker on the senior
  notes was changed to HSCCICB 06 from HSCCB 06 and the ticker on
  the subordinate notes was changed to HSCCICB 06-2 from HSCCB
  06-2.

"Originally, Ambac (not rated) provided a full financial
guarantee to series HSCCICB 06. Bondholders agreed to cancel this
bond insurance contract on Jan. 24, 2011, and the rating on the
tranche currently reflects the transaction's own credit strength
and structural features. Because the SPUR on the tranche is no
longer relevant in the absence of bond insurance, we withdrew
it," S&P said.

The rating of 'mxD (sf)' on the subordinated series HSCCICB 06-2
remains unchanged.

             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 Report
included in this credit rating report is available at

      http://standardandpoorsdisclosure-17g7.com


Ratings Affirmed
Hipotecaria Su Casita-Bursatilizaciones de Creditos Puente II

Series            Rating          Outs. Amount
                                  (MXN mil.)

HSCCICB 06*       B (sf)          627.25
HSCCICB 06*       mxBB+ (sf)      250.00

*Formerly HSCCB 06.

Rating Withdrawn
Hipotecaria Su Casita-Bursatilizaciones de Creditos Puente II

Series         Series        Rating
               Type        To       From

HSCCICB 06     SPUR        NR       B (sf)


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


GP WEST: Court Confirms Joint Plan of Reorganization
----------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico confirmed Swiss Chalet, Inc., and G.P.
West, Inc.'s Joint Plan of Reorganization early this month.

The Court found that the Plan satisfies the requirements for
confirmation set forth in Section 1129 of the Bankruptcy Code.

A copy of the Confirmation Order is available for free at:

         http://bankrupt.com/misc/GP_WEST_plan_order.pdf

Under the Plan, Holders of Allowed Administrative Expense Claims,
including without limitation real property taxes in respect of
the Chapter 11 administration; Holders of Allowed Priority Tax
Claims in the SCI Case and GPW Case, including without limitation
pre-petition real property taxes last payable within one year of
the Chapter 11 filing dates; Class 1 -- The Secured Claim of
Centro de Recaudaciones de Ingresos Municipales ("CRIM", or
Municipal Revenue Collection Center) secured by Debtor's realty
in the GPW Case to the extent not allowed as a Tax Priority Claim
or Administrative Expense; and Class 3 -- Holders of Allowed
Priority Claims under Section 507 of the Bankruptcy Code, other
than Priority Tax Claims, in the SCI Case and the GPW Case -- are
unimpaired and have full recovery.

The impaired classes are:

Description                         Estimated Amount   Estimated
of Claim                Class       of Allowed Claim   Recovery
------------            -----       ----------------   ---------
The Claim of CPG/GS     Class 2(a)  $9,065,950.58      71%
PR NPL, LLC ("CPG")
secured by
substantially all of
Debtor GPW's assets

The Claim of CPG/GS     Class 2(b)  $119,154,958.00,   --
PR NPL LLC ("CPG" or                as may be reduced
"CPG/GS") secured by                for the payments
substantially all of                made during the
Debtor SCI's Assets                 reorganization
                                     period.

Holders of Estimated    Class 4(a)  $7,576,701         70%-90%
Allowed General                     including the
(excluding
Unsecured Claims in                 deficiency claim   the
the GPW Case                        of CPG/GS and the
deficiency
                                     Allowed Claims of  claim of
                                     Insiders and       CPG and
                                     Affiliate          the
                                                        Allowed
                                                        Claims of
                                                        Share-
                                                        holders,
                                                        and

Affiliates

Holders of Allowed      Class 4(b)  $11,456,035        6.6%
General Unsecured                   (exclusive of
Claims in the SCI Case              CPG $29,000,000
                                     deficiency claim)

The shares of the Equity Interest Holders in GPW and in SCI will
remain unaltered.

                  About The Swiss Chalet Inc.

The Swiss Chalet Inc., developed the Gallery Plaza Condominium
and Atlantis Condominium in San Juan, Puerto Rico.  SCI also owns
the DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent
to the Gallery Plaza.  SCI filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants.  In its schedules, the Debtor disclosed
total assets of US$115,580,977 and total debts of US$138,603,384.
The petition was signed by Arnold Benus, director.

                           About GP West

GP West, Inc., based in San Juan, Puerto Rico, is engaged in the
rental of residential and non-residential real properties under
the name of GP West, Inc..  GPW owns a non-residential parcel of
land located at the southwest corner of De Diego Avenue and
Wilson Street, San Juan, P.R., which is currently leased to
Supermercados Maximo, Inc.  GPW also owns 8 residential
apartments at Gallery Plaza Condominium, acquired in March 2011
for its affiliate SCI, 6 of which are currently leased to BPP
Retail Management, LLC.

GPW filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No.
11-04954) on June 9, 2011.  Eduardo J. Corretjer Reyes, Esq., at
Bufete Roberto Corretjer Piquer, in San Juan, P.R., represents
the Debtor in its restructuring effort.  CPA Luis R. Carrasquillo
& Co., P.S.C., serves as financial consultant.  In its schedules,
the Debtor disclosed $13,384,251 in assets and $132,825,590 in
debts.  The petition was signed by Jose Teixidor Mendez,
president.

No trustee or examiner has been appointed in this Chapter 11
case, and no official committee of creditors or otherwise has
been appointed or designated.


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