TCRLA_Public/120217.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

           Friday, February 17, 2012, Vol. 13, No. 035



                            Headlines



B E R M U D A

ARMOUR REINSURANCE: Creditors' Proofs of Debt Due Feb. 29
ARMOUR REINSURANCE: Member to Receive Wind-Up Report on March 16
CANADA BUILDING: Creditors' Proofs of Debt Due Feb. 29
CANADA BUILDING: Member to Receive Wind-Up Report on March 16
CAPAG II: Creditors' Proofs of Debt Due Feb. 29

CAPAG II: Member to Receive Wind-Up Report on March 16
ETESIAN FUND: Creditors' Proofs of Debt Due Feb. 24
ETESIAN FUND: Member to Receive Wind-Up Report on March 12
FPFH HOLDING II: Creditors' Proofs of Debt Due Feb. 29
FPFH HOLDING II: Member to Receive Wind-Up Report on March 16

FPFH HOLDING III: Creditors' Proofs of Debt Due Feb. 29
FPFH HOLDING III: Member to Receive Wind-Up Report on March 16


B R A Z I L

BANCO BBM: Moody's Affirms D+ Bank Financial Strength Rating
GOL LINHAS: Fitch Puts Rating on Proposed Bonds at 'BB-'


C A Y M A N   I S L A N D S

AC99C LIMITED: Shareholders Receive Wind-Up Report
ALPSTAR EQUITY: Shareholders Receive Wind-Up Report
CROFTER INVESTMENTS: Shareholders Receive Wind-Up Report
DELOS FUND: Shareholders Receive Wind-Up Report
DGC 2000: Shareholders Receive Wind-Up Report

DGC LONG/SHORT: Shareholders Receive Wind-Up Report
DWS ASIAN: Shareholders Receive Wind-Up Report
EMERALD INTERNATIONAL: Members Receive Wind-Up Report
HARTONE ASSOCIATES: Members Receive Wind-Up Report
INVESTMENT OPPORTUNITIES I: Shareholders Receive Wind-Up Report

INVESTMENT OPPORTUNITIES II: Shareholders Receive Wind-Up Report
LIBERO TRADING: Shareholders Receive Wind-Up Report
M/Y GTG III: Shareholders Receive Wind-Up Report
N.T.S. LIMITED: Shareholders Receive Wind-Up Report
NAPLES REAL: Shareholders Receive Wind-Up Report

NORTH EUROPEAN: Shareholders Receive Wind-Up Report
NOUNOURS LIMITED: Members Receive Wind-Up Report
PAROTRICK LIMITED: Members Receive Wind-Up Report
SAPPHIRE INTERNATIONAL: Members Receive Wind-Up Report
SHENG-BDO ZIV: Shareholders Receive Wind-Up Report

SYMPHONY CAPITAL: Shareholders Receive Wind-Up Report
SYMPHONY REAL: Shareholders Receive Wind-Up Report
TOURNESOL LIMITED: Members Receive Wind-Up Report
YYC CAPITAL: Members Receive Wind-Up Report


C H I L E

INVERSIONES ALSACIA: Fitch Affirms US$464MM Secured Bonds at 'BB'


V E N E Z U E L A

BANESCO BANCO: Fitch Affirms Issuer Default Rating at 'B+'
BANCO PROVINCIAL: Fitch Affirms Issuer Default Rating at Low-B
MERCANTIL CA: Fitch Affirms Issuer Default Rating at Low-B




                            - - - - -

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B E R M U D A
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ARMOUR REINSURANCE: Creditors' Proofs of Debt Due Feb. 29
---------------------------------------------------------
The creditors of Armour Reinsurance Group Limited are required to
file their proofs of debt by Feb. 29, 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:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


ARMOUR REINSURANCE: Member to Receive Wind-Up Report on March 16
----------------------------------------------------------------
The member of Armour Reinsurance Group Limited will receive on
March 16, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CANADA BUILDING: Creditors' Proofs of Debt Due Feb. 29
------------------------------------------------------
The creditors of Canada Building Products Holding, Ltd. are
required to file their proofs of debt by Feb. 29, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2012.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CANADA BUILDING: Member to Receive Wind-Up Report on March 16
-------------------------------------------------------------
The member of Canada Building Products Holding, Ltd. will receive
on March 16, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CAPAG II: Creditors' Proofs of Debt Due Feb. 29
-----------------------------------------------
The creditors of Capag II, Ltd. are required to file their proofs
of debt by Feb. 29, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 26, 2012.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CAPAG II: Member to Receive Wind-Up Report on March 16
------------------------------------------------------
The member of CAPAG II, Ltd. will receive on March 16, 2012, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


ETESIAN FUND: Creditors' Proofs of Debt Due Feb. 24
---------------------------------------------------
The creditors of Etesian Fund Limited are required to file their
proofs of debt by Feb. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 9, 2012.

The company's liquidator is:

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


ETESIAN FUND: Member to Receive Wind-Up Report on March 12
----------------------------------------------------------
The member of Etesian Fund 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


FPFH HOLDING II: Creditors' Proofs of Debt Due Feb. 29
------------------------------------------------------
The creditors of FPFH Holding II, Ltd. are required to file their
proofs of debt by Feb. 29, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2012.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


FPFH HOLDING II: Member to Receive Wind-Up Report on March 16
-------------------------------------------------------------
The member of FPFH Holding II, Ltd. will receive on March 16,
2012, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 26, 2012.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


FPFH HOLDING III: Creditors' Proofs of Debt Due Feb. 29
-------------------------------------------------------
The creditors of FPFH Holding III, Ltd. are required to file their
proofs of debt by Feb. 29, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2012.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


FPFH HOLDING III: Member to Receive Wind-Up Report on March 16
--------------------------------------------------------------
The member of FPFH Holding III, Ltd. will receive on March 16,
2012, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


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


BANCO BBM: Moody's Affirms D+ Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco
BBM S.A., including the D+ financial strength rating, the global
local and foreign currency deposit ratings of Ba1 and Not Prime,
as well as the national scale deposit ratings on Brazilian
national scale of Aa2.br and BR-1.The outlook on all ratings
remained stable.

The following ratings assigned to Banco BBM S.A. were affirmed:

Bank financial strength rating: D+, with stable outlook

Long term global local currency deposit rating: Ba1, stable
outlook

Short-term global local currency deposit rating: Not Prime

Long-term foreign currency deposit rating: Ba1

Short-term foreign currency deposit rating: Not Prime

Long-term Brazilian national scale deposit rating: Aa2.br, stable
outlook

Short-term Brazilian national scale deposit rating: BR-1

Rating Rationale

Moody's affirmation of BBM's ratings incorporates the favorable
profitability prospects as the bank expands its lending business,
supported by adequate capital levels and a relatively more
diversified funding profile.  BBM's disciplined liquidity
management and conservative loan underwriting policies are also
incorporated into this action, as well as its track record of
volatile earnings, which reflect a dynamic risk management
strategy.

Moody's noted that BBM's loan book grew at a robust 60% rate in
2011 against 2010, with similar performance anticipated for 2012.
This growth largely reflects the rebuilding of BBM's lending
operations, following management's decision to substantially
deleverage its balance sheet in 2008 and 2009, because of
increased risk aversion during the crisis period.

While such strategic shifts are intended to protect the bank's
capital, Moody's notes that the resulting high growth now being
reported may risk the bank's future asset quality indicators,
particularly under very competitive market conditions.  More
importantly, they tend to create volatility and reduce the
predictability of the bank's earnings, which is a negative ratings
consideration.  BBM's volatile track record of earnings
recurrence, therefore, remains an important limitation to any
future rating movement.

In addition, Moody's notes that the recent shift in business
strategy resulted in the segregation of BBM's asset management
unit, which became a sister company of the bank in July 2011.
Consequently, fees and securities trading gains, which have
traditionally been a relevant component of BBM's earnings, are no
longer available to boost the bank's profitability.  Moody's
therefore, expects earnings to accommodate at a lower, though more
stable levels, as interest earnings grow with the expansion of its
loan book.  Its recent return on assets of 2.87% as of December
2011 evidences the new trend.

Moody's notes that the bank's elevated loan and deposit
concentration remains a challenge for BBM, as it is for other
similar size rated banks.  In a competitive environment, the
maintenance of adequate asset quality indicators is critical for
the bank.  However, Moody's acknowledges BBM's robust risk
management infrastructure and controls, and management's limited
leverage appetite, (set at maximum three times the equity for
2012), as well as its predominantly short-term, secured lending,
which all help mitigate risk exposures.  Moreover, efforts to
diversify funding sources have resulted in longer duration of the
bank's liabilities relative to its assets, which is positive.
The key challenge for BBM's ratings is the sustainability of
earnings recurrence, which has yet to be proven as the bank
increases loan origination, while it recovers to historically
superior asset quality ratios.  BBM has a high capital level,
conservative liquidity management and capable management team to
support growth over the next quarters.

Banco BBM S.A. is headquartered in Rio de Janeiro, Brazil, and
presented consolidated assets of R$2.3 billion (US$1.3 billion)
and equity of R$536.2 million (US$287.8 million), as of Dec. 31,
2011.


GOL LINHAS: Fitch Puts Rating on Proposed Bonds at 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(exp)' to Gol
Linhas Aereas Inteligentes S.A.'s proposed perpetual bonds.  These
notes will be issued through GOL's wholly owned subsidiary, VRG
Linhas Aereas S.A., and will be unconditionally guaranteed by GOL.
The target amount of the proposed issuance is in the range of
US$100 million to US$150 million; the final amount of the issuance
will depend on market conditions.  Proceeds from the proposed
issuance will be used to refinance existing debt and general
corporate purposes.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.

Fitch currently rates GOL and the company's fully owned
subsidiaries as follows:

  -- F oreign and local currency long-term Issuer Default Ratings

    (IDRs) 'BB-';

  -- Long-term national rating 'A-(bra)';

  -- US$200 million perpetual bonds 'BB-.;

VRG Linhas Aereas S.A.:
  -- Foreign currency IDR 'BB-';

  -- Local currency IDR 'BB-';

  -- Long-term national rating 'A-(bra)';

  -- BRL500 million of senior unsecured debentures due in 2017 'A-

     (bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

  -- Foreign currency IDR 'BB-';

  -- Local currency IDR 'BB-'.

  -- US$200 million of senior notes 2017 at 'BB-';

  -- US$300 million of senior notes 2020 at 'BB-'.

The Rating Outlook is Stable.

GOL's ratings continue to reflect the company's significant market
share position in the Brazilian airline sector and its business
strategy of focusing its operations primarily on the Brazilian
domestic market.  The company is exposed to fuel cost volatility
and other industry-related risks, such as revenue volatility, high
operating leverage and increasing competition.  The ratings
incorporate the high degree of sensitivity of GOL's operations to
changes in the macroeconomic scenario.

Ratings are under pressure due to deterioration in the company's
credit profile beyond Fitch's expectations previously incorporated
in the ratings.  Considering the trends in oil prices, the
Brazilian real relative to the U.S. dollar, and yields and load
factors in the Brazilian domestic market, Fitch expects to see
further deterioration in the company's net leverage during fourth
quarter 2011 (4Q'11), reaching levels of around 9.0 times (x) by
the end of December 2011.  Fitch is currently closely monitoring
GOL's financial performance.  A negative rating action may be
likely absent a significant recovery in the company's operational
results during the first and second quarters of 2012.

The company's leverage and other financial metrics deteriorated
during the six months ended September 2011 due to lower cash flow
generation, measured by EBITDAR, resulting from growing fuel cost,
which represents approximately 40% of its operating costs.
Revenue declines were driven primarily by increasing competition,
resulting in a negative trend in domestic yields.  In addition,
the negative trend in the Brazilian real relative to the U.S.
dollar further exacerbated the deterioration of GOL's leverage, as
approximately 90% of the company's revenues are denominated in
local currency, while approximately 60% of the company's total
costs and 80% of the company's total debt are denominated in U.S.
dollars.

GOL's cash generation as measured by EBITDAR was BRL942 million
during the last-12-month (period ended Sept. 2011, a decline of
39% versus the LTM period ended in March 2011.  The company had
approximately BRL8.1 billion in total adjusted debt at the end of
September 2011 versus BRL7.3 billion at the end of March 2011.
The company's net leverage, as measured by total adjusted net
debt/EBITDAR ratio, was 7.1x at the end of September 2011 versus
3.6x at the end of March 2011.

Increasing financial leverage is partially mitigated by adequate
liquidity and Fitch sees GOL's refinancing risk as low at this
time.  The company ended 3Q'11 with an adequate cash position of
BRL1.5 billion, representing approximately 20% of the company's
LTM revenues.  In addition, GOL maintains a manageable debt
maturity schedule -- incorporating on a pro forma basis debt
related to recently acquired Webjet Linhas Aereas S.A. (WebJet) --
with due debt payments of BRL112 million and BRL260 million during
4Q'11 and 2012, respectively.


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


AC99C LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of AC99C Limited received on Feb. 2, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


ALPSTAR EQUITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Alpstar Equity Quantitative Strategies Master
Fund, Ltd. received on Feb. 3, 2012, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CROFTER INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Crofter Investments Limited received on
Jan. 23, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Baraterre Limited
         Bahamas Financial Centre, 2nd Floor
         Shirley & Charlotte streets
         P.O. Box N-4899 Nassau
         Bahamas
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


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

The company's liquidator is:

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


DGC 2000: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of DGC 2000 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:

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


DGC LONG/SHORT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of DGC Long/Short Euro Holdings 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:

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


DWS ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of DWS Asian Micro Cap Fund received on Jan. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         48 Market Street, 2nd Floor, Unit 4290
         Canella Court, Camana Bay
         Grand Cayman
         Cayman Islands


EMERALD INTERNATIONAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Emerald International Fund received on Jan. 30,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alfredo Frohlich
         Telephone: 13058681500


HARTONE ASSOCIATES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Hartone Associates 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:

         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


INVESTMENT OPPORTUNITIES I: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Investment Opportunities Fund I, Ltd received
on Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INVESTMENT OPPORTUNITIES II: Shareholders Receive Wind-Up Report
----------------------------------------------------------------
The shareholders of Investment Opportunities Fund II, Ltd received
on Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LIBERO TRADING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Libero Trading 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


M/Y GTG III: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of M/Y GTG III 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:

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


N.T.S. LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of N.T.S. 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:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


NAPLES REAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Naples Real Estate Holdings 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


NORTH EUROPEAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of North European Capital Markets Services
received on Jan. 23, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Baraterre Limited
         Bahamas Financial Centre, 2nd Floor
         Shirley & Charlotte streets
         P.O. Box N-4899 Nassau
         Bahamas
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


NOUNOURS LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Nounours Limited received on Jan. 19, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


PAROTRICK LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Parotrick Limited received on Jan. 9, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


SAPPHIRE INTERNATIONAL: Members Receive Wind-Up Report
------------------------------------------------------
The members of Sapphire International Fund received on Jan. 30,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alfredo Frohlich
         Telephone: 13058681500


SHENG-BDO ZIV: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sheng-BDO ZIV Haft China Hospitality Fund
Associates, Ltd. received on Feb. 3, 2012, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SYMPHONY CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Symphony Capital Partners 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:

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


SYMPHONY REAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Symphony Real Estate 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:

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


TOURNESOL LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Tournesol Limited received on Jan. 19, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


YYC CAPITAL: Members Receive Wind-Up Report
-------------------------------------------
The members of YYC Capital Partners Healthcare Fund Ltd. received
on Feb. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


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C H I L E
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INVERSIONES ALSACIA: Fitch Affirms US$464MM Secured Bonds at 'BB'
-----------------------------------------------------------------
Fitch Ratings affirms the 'BB' rating on Inversiones Alsacia's
US$464 million senior secured bonds due in 2018.  The Rating
Outlook remains Stable.

STRONG COMPETITIVE POSITION: Inversiones Alsacia, S.A. and Express
de Santiago Uno, S.A. have a combined market share of over 30% of
Transantiago's bus operations, which constitutes a key service for
the city of Santiago.  In terms of operational efficiency, both
companies are among the strongest in the system.

ESSENTIAL PUBLIC SERVICE: A portion of the current government
subsidy available to financially support the transport system is
supposed to end in 2014.  Given the social essentiality of the
Transantiago and the solid legal framework in Chile, Fitch
believes it is very likely that the Chilean government will
continue providing financial support to it beyond 2014.

COMPLEX OPERATION: Compared to other availability-based projects,
the bus operations are logistically complex.  Synergies coming
from Alsacia and Express' operational merger may take longer to
materialize than what was initially expected by the sponsor.  The
eventual adoption of additional bus routes may increase such
complexity.  The project operates based upon a strong contract
with indexed pass-through of major cost items, which meaningfully
mitigate cost escalation risk.

LIMITED OPERATOR EXPERIENCE: Although the sponsor has experience
in similar bus lines in Colombia, the size of the Chilean business
is much bigger and has rapidly expanded with the acquisition of
Express in 2011, increasing the need of having strong logistics
and controls.

CONSERVATIVE DEBT STRUCTURE: Tight covenants for equity
distribution and additional leverage, fixed interest rate, cross-
currency swap, among other credit protections.  Historical (two
biannual payments) financial performance is in line with Fitch's
original base expectations, and in accordance to other
availability-based projects that are similarly rated.

What Could Trigger a Rating Action

  -- Lower operating levels: Failure to achieve synergies and

     similar competitiveness among the two companies may

     significantly reduce operating performance;

  -- Cost escalations: Substantial and sustained cost escalations

     may stress financial flexibility;

  -- Concession terms: Liquidity and debt coverage levels may be

     adversely affected by the restatement of current concession

     titles;

  -- Government actions: Elimination of subsidies may materially

     deteriorate the overall credit profile.

The notes are secured by a first lien interest of total revenues
and contract rights, as well as all assets owned by Alsacia and
Express, excluding a bus terminal located in Huachuraba.

Twelve months have elapsed since Alsacia and Express started
operating under a single administrative team.  Fitch believes that
the main challenges facing the concessionaires are to gain
operational efficiency, to control costs, and to reach certain
synergies deriving mainly from scale economies and best practices.
In 2011, even with the students' protests that took place in the
second quarter of the year and partially interrupted the operation
of their bus routes for some weeks, both concessionaires kept
increasing their average operational efficiency (indicated in the
form of Service Fulfillment Index) to 97.6% in the case of
Alsacia, and 94.1% for Express.  According to information of the
Chilean Ministry of Transportation and Telecommunications (MTT),
this positive trend has continued and both companies registered
99.1% and 95.8% of efficiency in January 2012.

Such operational performance led to 11.1% increase in revenue
during 2011 and 23.5% EBITDA.  Debt Service Coverage Ratio (DSCR)
for the first debt payment reached 1.30 times (x), which favorably
compares with our 1.26x estimation for that specific period.  DSCR
for the second debt payment to be made in February 2012 is
expected in similar levels.  The level of cash at the end of
December 2011, amounted CLP 47.8 billion (approx. US$ 91.9
million) managed by the Secured Party Trustee.

During 2011, the MTT invited all Transantiago operators to express
their interest to take over additional routes that previously were
operated by underperforming concessionaires.  On Dec. 22, the
interested concessionaires entered into new concession agreements
that are in the process of being approved and are anticipated to
occur in February or March 2012.  The restated agreements
incorporate new routes with the old bus lines and also modify
important concepts such as the way revenues and deductions are
calculated, the economic stabilization mechanisms, among others.
Several paybacks from the MTT in annual installments that amount
to approximately CLP 40 billion will also be included in the new
documents.

Related to these contractual changes, Express will incorporate in
its bus network (Trunk 4 and some routes of Trunk 3, as of today)
the routes of Feeder D, which represents about 24% of its current
operational size, in terms of travelled kilometers.

Alsacia obtained a Fairness Opinion from an independent consulting
firm who analyzed the financial impact of the concessions'
adjustments, concluding they are more likely to be beneficial.
Also, the CEO and CFO delivered a certificate stating that the
restatements could not reasonably be expected to result in
material adverse effect.

The affirmation of the 'BB' rating is supported by a combination
of increasing operation efficiency, augmented revenue, cost
control, and debt coverage in line with Fitch's original
projections regarding the transaction's financial flexibility.
The 8% fixed-rate notes were issued by Alsacia under a 7.5-year
tenure, with expected maturity in 2018, and secured by all the
revenues collected on Alsacia and Express' operations pursuant to
their respective concessions.

Alsacia and Express are two of the top bus concessionaires of the
Transantiago System, which provides mass urban bus/metro
transportation services to the City of Santiago, in Chile since
2005, and is regulated by the MTT.  The transaction consisted of
the acquisition by Alsacia of the remaining shares of Express, and
the refinancing of all the existing debt of both concessionaires.


=================
V E N E Z U E L A
=================


BANESCO BANCO: Fitch Affirms Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banesco Banco
Universal's Issuer Default Rating at 'B+', with a Stable Rating
Outlook.

BBU's ratings balance its strong franchise, as well as its
adequate liquidity and asset quality against its tight capital
base and a volatile operating environment.  A significant
improvement in capital ratios could be positive for BBU's ratings.
Negative action could stem from deteriorating capital and asset
quality ratios in an environment of meager profits.

Since peaking in 2009, BBU's impaired loans to gross loans ratio
(NPL) improved to 1.23% at Sept. 30, 2011, still slightly higher
than domestic peers (universal banks), but lower than
international peers (emerging market commercial banks rated 'B-
/B/B+').  Fitch views BBU's reserve coverage of total loans
(2.33%) as tight in light of its larger share of unsecured
consumer lending and the volatile operating environment.  Fitch
expects BBU's NPL ratio to remain low in 2012 given the favorable
economic scenario.  However, it could be pressured by government
intervention in the private sector and the seasoning of credit
portfolio expansion over the medium term.

In spite of interest rate controls, BBU has consistently reduced
its funding cost due to a dramatic shift in its funding structure,
which has underpinned its net interest margins to a peak level in
2011, and along with a slower pace of provisioning, has benefited
the bank's profitability that has recovered from its low level
posted in 2009.  Under the absence of new government intervention,
Fitch expects that BBU's ROAA could get closer to 3% in the medium
term, though it will remain low relative to local peers.
BBU's costly operating structure compares unfavorably with local
and regional peers.  Fitch highlights, that in spite of BBU's
efforts, a volatile operating environment, high inflation, and a
larger burden of contributions to government constitute a barrier
to enhance its efficiency.

Since 2008, moderate asset growth, controlled cash dividends (33%
average of net income), and better profitability steadily improved
BBU's capital ratios, though these remain below the peer average
for larger banks in Venezuela.  Fitch views the bank's
capitalization as tight given its exposure to unsecured lending
and is concerned that capital ratios could be pressured somewhat
in 2012 due to robust asset growth.

BBU's ample presence and leadership in retail markets contributes
to its diversified funding base.  In Fitch's opinion, continued
monetary base expansion in real terms this year should result in
low liquidity risk for Venezuela's largest banks.

Given Venezuela's sub-investment grade rating and the lack of a
consistent policy regarding bank support, in Fitch's view, current
interference with the banking system could influence decisions
that shareholders may face if BBU were to require financial
assistance, which, although possible, cannot be relied on.
BBU is the largest private bank with 12.47% market share in terms
of assets at end of Sept. 30, 2011, and has been the leader in
many segments, especially in the consumer and middle-loan market.

Fitch affirms BBU's ratings as follow:

  -- Long-term foreign and local currency Issuer Default Ratings

     (IDR) at 'B'; Outlook Stable;

  -- Short-term foreign and local currency ratings at 'B';

  -- Viability rating at 'b';

  -- Support at '5';

  -- Support floor 'NF';

  -- Long-term national-scale rating at 'A(ven)';

  -- Short-term national-scale rating at 'F1(ven)'.


BANCO PROVINCIAL: Fitch Affirms Issuer Default Rating at Low-B
--------------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banco Provincial's
long-term Issuer Default Rating at 'B+'.  The Rating Outlook is
Stable.

Additional government intervention resulting in pressures on
Provincial's financial performance could negatively affect its
ratings.  Currently, there is limited upside potential for
Provincial's ratings as the country ceiling is equivalent to
Venezuela's long-term IDR of 'B+'.  Although the Outlook on
Venezuela's sovereign ratings is Stable, a change in Fitch's view
on the sovereign's creditworthiness could also affect the bank's
ratings.

Provincial's ratings reflect its strong franchise and financial
profile.  The ratings also incorporate the bank's conservative
risk management and operational support from Spain's Banco Bilbao
Vizcaya Argentaria.

The negative effects of government control over the financial
sector and the broader economy, as well as high inflation,
continue to weigh on Provincial's ratings.  Inflation averaged 27%
in the five years ending in 2011; however, Venezuelan banks are
not required to adjust financial statements for inflation.
Provincial continues to be one of the most profitable privately
owned banks in Venezuela due to its stable and ample net interest
margin, controlled credit costs and better efficiency.  The bank's
return on average assets ratio has averaged around 4.5% since 2007
and reached 4.8% at Sept. 30, 2011.  Based on supplemental
information contained in Provincial's audited financial
statements, Fitch estimates that Provincial's inflation adjusted
annualized ROAA reached 3.4% at June 30, 2011, which still
compares favorably to both domestic (privately-owned large
universal banks) and international (emerging market commercial
banks with a foreign currency IDR of 'B-/B/B+')peers.

Absent government intervention, Fitch expects profitability to
remain at similar levels in 2012 as credit growth is likely to
remain sound and positive in real terms under current domestic
market conditions.

Strong risk policies bolstered by Provincial's largest shareholder
combined with the bank's vast knowledge of the Venezuelan market
continue to underpin solid asset quality as reflected by low
impaired loans and charge-offs and ample loan loss reserve
coverage relative to peers.  As of Sept. 30, 2011, Provincial's
impaired loans/gross loans ratio stood at 1.1%, while loan loss
reserves covered 4.2% of gross loans.  The bank's loan portfolio
is adequately diversified given its leading position in most
business segments.  Fitch expects these trends to continue in
2012.

Access to ample retail funding is a key strength of the bank, in
terms of funding costs and liquidity management, as well as a tool
to leverage its growth through cross-selling from its vast
costumer base.  As robust deposit growth exceeded loan growth,
Provincial's loans/customer deposits ratio declined to 66%.  While
excess liquidity during 2012 will continue to benefit deposit
growth, loan growth is likely to increase this ratio in the near
term though Fitch expects the bank's loan portfolio to remain
fully funded by deposits.

Moderate cash dividends limited by local regulation and high
profits continue to sustain Provincial's capital base growth.  The
bank's Fitch core capital/adjusted weighted risks ratio increased
to 20% at Sept. 30, 2011, and compares quite favorably to both
domestic and international peers, though it may decline somewhat
in 2012 due to asset growth.

Provincial's regulatory capital ratio reached 22.1% at Sept. 30,
2011, reflecting growth in its securities portfolio and compulsory
loans as well as an expansion in the bank's capital base.
According to local regulation, compulsory loans are weighted at
50% (versus 100% for Fitch core capital ratio).
Provincial is Venezuela's third largest bank, with a 12.1% market
share in terms of total assets at Sept. 30, 2011.  Spain's BBVA
controls about 55.21% of Provincial's equity and Grupo Polar is
the second largest shareholder with a 26.47% stake.

Fitch has affirmed Provincial's ratings as follows:

  -- Long-term foreign and local currency IDRs at 'B+'; Stable

     Outlook;

  -- Short-term foreign and local currency ratings at 'B';

  -- Viability at 'b+';

  -- Support at 5;

  -- Support Floor NF;

  -- Long-term national-scale rating at 'AA+(ven)';

  -- Short-term national-scale rating at 'F1+(ven)'.


MERCANTIL CA: Fitch Affirms Issuer Default Rating at Low-B
----------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Mercantil, C.A. Banco
Universal's (MB) Issuer Default Rating (IDR) at 'B+', with a
Stable Rating Outlook.

MB's ratings reflect its strong franchise, stable retail deposit
base, and adequate performance sustained by an above-average risk
control culture, while its ratings are constrained by the negative
effects of government intervention over the bank business and
overall private sector activities.  The Rating Outlook for the
long-term IDR is Stable.  Government intervention that pressures
MB's financial performance could negatively affect its ratings.
There is limited upside potential to the bank's international
ratings given Venezuela's current country ceiling of 'B+'.
MB continues to post healthy asset quality ratios in spite of
economic volatility, government policies that affect borrowers'
willingness to pay, and the natural seasoning process of its
expanding loan portfolio due to its comparably stronger credit
risk culture, as well as its appropriate loan origination and
monitoring tools.  MB's asset quality ratios compare favorably to
both domestic (universal banks) and international peers (emerging
market commercial banks rated 'B-/B/B+').

Fitch expects MB's past-due ratio to remain low in 2012 given the
favorable economic scenario, however, this ratio could be
pressured by the seasoning of credit portfolio expansion in midst
of a less benign operating environment in 2013.
MB's performance has been resilient against a still heavy burden
of operating costs and the negative effects of government
intervention.  Given its diversified business base, adequate
interest margin management, manageable credit costs and non
recurrent devaluation gains, MB's profitability ratios recovered
to the highest level since 2006 at Sept. 30, 2011.  Under the
absence of new government intervention, Fitch expects
profitability to remain at similar levels in 2012, even without
non recurrent income.

Reflecting sound profitability and moderate cash dividends, MB's
capital ratios remain adequate and above the system average, but
relatively lower than other large peers around the region.  Fitch
core capital to adjusted weighted assets stood at 14.06% as of
Sept. 30, 2011.  Nevertheless, Fitch considers that this level may
be pressured somewhat in 2012 due to robust asset growth.

MB's ample market share and leadership in the retail market
provides a powerful client base in terms of funding.  The bank's
deposit mix has changed over time, adapting to the complex array
of interest rate controls, and privileging very short-term
deposits to benefit net interest income.  In Fitch's opinion, the
likely continued monetary base expansion in real terms for a
second year in a row will result in low liquidity risk for
Venezuela's largest banks.

Given Venezuela's sub-investment grade rating and the lack of a
consistent policy regarding bank support, in Fitch's view, current
interference with the banking system could influence decisions
that shareholders may face if MB were to require financial
assistance, which, although possible, cannot be relied on.
MB was the fourth largest bank in Venezuela at September 2011,
with almost 11% of market share in terms of assets.  MB is 99.9%
owned by Mercantil Servicios Financieros, a holding company with
major investments in Venezuela and the U.S.

Fitch affirms MB's ratings as follow:

  -- Long-term foreign and local currency Issuer Default Ratings

     (IDR) at 'B+'; Outlook Stable;

  -- Short-term foreign and local currency ratings at 'B';

  -- Viability rating at 'b+';

  -- Support at '5';

  -- Support floor 'NF';

  -- Long-term national-scale rating at 'AA+(ven)';

  -- Short-term national-scale rating at 'F1+(ven)'.


                            ***********


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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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.


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