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                     L A T I N   A M E R I C A

            Friday, February 24, 2012, Vol. 13, No. 038


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Trial Resumes Following Illness Interruption


A R G E N T I N A

BALMY SA: Requests Opening of Bankruptcy Proceedings
CAFAPORT SA: Creditors' Proofs of Debt Due Feb. 29
ELECTRO ALEACIONES: Creditors' Proofs of Debt Due April 13
FERLOG SA: Requests Opening of Bankruptcy Proceedings
LADYCAMP SA: Creditors' Proofs of Debt Due March 15

PRODUCTOS SOLIG: Creditors' Proofs of Debt Due March 19
REPROGRAFIAS JMA: Creditors' Proofs of Debt Due March 14
SODA CORBELLE: Creditors' Proofs of Debt Due March 12


B E R M U D A

ORCONSULT LIMITED: Creditors' Proofs of Debt Due March 8
ORCONSULT LIMITED: Members' Final Meeting Set for March 23


B R A Z I L

VIGOR: Moody's Reviews 'B1' Ratings for Possible Downgrade


C A Y M A N   I S L A N D S

EMIRATES NBD: Members Receive Wind-Up Report
HIBERNIA HOLDINGS: Members' Final Meeting Set for Feb. 24


J A M A I C A

CASH PLUS: PwC Sells Hillshire Hotel, Legal Fight Not Over


                            - - - - -


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


STANFORD INT'L: Trial Resumes Following Illness Interruption
------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that the
criminal fraud trial of Stanford International Bank Limited owner
Robert Allen Stanford resumed after testimony was halted
afternoon when the defendant became ill.

Mr. Stanford reoccupied his place at the defense table in federal
court in Houston, coughing frequently and deeply, according to
Bloomberg.  The report relates that Mr. Stanford's coughing
worsened by midday, when the jury broke for lunch.  The trial is
in its fifth week.

Jurors are hearing from expert witnesses testifying on Mr.
Stanford's behalf, Bloomberg notes.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


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


BALMY SA: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------
Balmy SA requested the opening of bankruptcy proceedings by
default.


CAFAPORT SA: Creditors' Proofs of Debt Due Feb. 29
--------------------------------------------------
Silvio Lauferman, the court-appointed trustee for Cafaport SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 29, 2012.

Mr. Lauferman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Silvio Lauferman
         Av. Corrientes 4280
         Argentina


ELECTRO ALEACIONES: Creditors' Proofs of Debt Due April 13
----------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Electro
Aleaciones SA's reorganization proceedings, will be verifying
creditors' proofs of claim until April 13, 2012.

Ms. Palermo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 6, 2013.

The Trustee can be reached at:

         Maria Ines Palermo
         Florida 336


FERLOG SA: Requests Opening of Bankruptcy Proceedings
-----------------------------------------------------
Ferlog SA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last Aug. 20, 2010.


LADYCAMP SA: Creditors' Proofs of Debt Due March 15
---------------------------------------------------
Monica Silvia Elsa Sanchez, the court-appointed trustee for
Ladycamp SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 15, 2012.

Ms. Sanchez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Monica Silvia Elsa Sanchez
         Campos Salles 2375
         Argentina


PRODUCTOS SOLIG: Creditors' Proofs of Debt Due March 19
-------------------------------------------------------
Graciela Cecilia Sanchez, the court-appointed trustee for
Productos Solig SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 19, 2012.

Ms. Sanchez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Graciela Cecilia Sanchez
         Uruguay 618


REPROGRAFIAS JMA: Creditors' Proofs of Debt Due March 14
--------------------------------------------------------
Fernando Javier Maggi, the court-appointed trustee for
Reprografias JMA SA's reorganization proceedings, will be
verifying creditors' proofs of claim until March 14, 2012.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 28, 2012.

The Trustee can be reached at:

         Fernando Javier Maggi
         Uruguay 121


SODA CORBELLE: Creditors' Proofs of Debt Due March 12
-----------------------------------------------------
Roberto Alfredo Mazzarella, the court-appointed trustee for Soda
Corbelle SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 12, 2012.

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

The Trustee can be reached at:

         Roberto Alfredo Mazzarella
         Ortega y Gasset 1827
         Argentina


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


ORCONSULT LIMITED: Creditors' Proofs of Debt Due March 8
--------------------------------------------------------
The creditors of Orconsult Limited are required to file their
proofs of debt by March 8, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 20, 2012.

The company's liquidator is:

         Guido Banholzer
         Wengistrasse 7, Postfach
         Zurich CH-8026
         Switzerland


ORCONSULT LIMITED: Members' Final Meeting Set for March 23
----------------------------------------------------------
The members of Orconsult Limited will hold their final meeting on
March 23, 2012, at 10:00 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 Feb. 20, 2012.

The company's liquidator is:

         Guido Banholzer
         Wengistrasse 7, Postfach
         Zurich CH-8026
         Switzerland



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


VIGOR: Moody's Reviews 'B1' Ratings for Possible Downgrade
----------------------------------------------------------
Moody's has placed under review for possible downgrade the long-
term ratings for Vigor, following JBS' (B1 stable) announcement
of a voluntary exchange offering to spin-off the dairy subsidiary
to its shareholders.  The transaction is still dependent on the
approval, as well as exemptions from compliance with certain
regulatory provisions, by the Brazilian Securities and Exchange
Commission (CVM).  In addition, JBS will need the consent of
holders of the bonds issued by (i) JBS USA LLC and JBS USA
Finance Inc., maturing in May 2014; (ii) JBS and JBS Finance
Ltd., maturing in August 2016; and (iii) JBS S.A. (as the
successor of Bertin S.A.), maturing in October 2016.

These ratings have been place under review for possible
downgrade:

S.A. Fabrica de Produtos Alimenticios Vigor

- Corporate Family Rating: B1 (global scale)

- US$100 million senior unsecured notes due 2017: B1 (foreign
   currency)

Ratings Rationale

"The review process was triggered by the fact that, upon the
approval and conclusion of the proposed share swap, Vigor will
operate independently, without the operating and financial
support of its parent company", says local market analyst
Marianna Waltz.

The action is also taking into consideration that Vigor's US$100
million 2017 bonds are not guaranteed by JBS.

Vigor was rated B2 until its acquisition by JBS in 2009, when the
rating was raised to B1, the same level as JBS, reflecting
anticipated benefit from JBS' scale and bargaining power, and
access to capital. This rating lift will not exist after the
proposed share swap.

Accordingly, besides the removal of JBS' support, the review will
take into consideration Vigor's high financial leverage, as
measured by Debt/EBITDA, and its relative small size in a
consolidating market that tends to favor larger players.  With
annual revenues of BRL1.2 billion in fiscal year 2011, the
company operates in the competitive dairy business against well
capitalized and larger international and local peers, including
Nestle, Danone and Brasil Foods.  On the other hand, the review
will consider the business profile of the dairy segment, which
can
provide higher and more stable margins than the protein industry.
In addition, Vigor has a portfolio of leading and well recognized
brands with focus on value-added products targeting different
social classes.

In Moody's views, Vigor's corporate governance standards should
improve with the share swap, since upon the conclusion of the
transaction it will be listed in the Novo Mercado of BM&FBovespa.
Moreover, the company should benefit from having a dedicated
professional management team, as opposed to being a minor
business segment of JBS.  Vigor will also have a Board of
Directors with five independent members and a Fiscal Council.

Moody's expects to conclude the review process by the time the
share swap has been approved and concluded.

Founded in 1917 and headquartered in Sao Paulo, Vigor is
currently 100% owned by JBS.  With annual revenues of BRL 1.2
Billion the company is a manufacturer of dairy products and
vegetable oils, having under its portfolio the brands Vigor,
Leco, Faixa Azul, Danubio and Serrabella.  About 61% of revenues
come from value added dairy products, while only 8% come from UHT
milk. Vigor is a relevant player in the Southeast of Brazil, with
approximately 75% of its revenues coming from this region,
principally from Sao Paulo, which accounts for 65% of the group's
revenues on a standalone basis.


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


EMIRATES NBD: Members Receive Wind-Up Report
--------------------------------------------
The members of Emirates NBD Investment Partners International
G.P. received on Jan. 31, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


HIBERNIA HOLDINGS: Members' Final Meeting Set for Feb. 24
---------------------------------------------------------
The members of Hibernia Holdings Ltd. will hold their final
meeting on Feb. 24, 2012, to receive 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


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


CASH PLUS: PwC Sells Hillshire Hotel, Legal Fight Not Over
----------------------------------------------------------
Jamaica Gleaner reports that the Hillshire Hotel has been placed
on the market for sale by PricewaterhouseCoopers to recover fees
for two employees of the auditing firm that were appointed co-
interim receivers of failed investment scheme, Cash Plus.

The property, however, is said to be part subject of a legal
dispute to be settled by the Court of Appeal between trustee in
bankruptcy, Hugh Wildman, and the joint co-interim receiver-
manager, Kevin Bandoian, a chartered accountant of PwC in the
United States and another employee of PwC who has not been named,
according to Jamaica Gleaner.

Mr. Bandoian and the unnamed employee were appointed co-interim
receivers by the court in March 2008.

Jamaica Gleaner discloses that a third party to the suit was
identified only as 'Monica A', who is a former worker at Cash
Plus, according to Kevin Williams, one of three attorneys from
Dunn Cox and Orrett who represent the PwC staff.

Mr. Williams, the report relates, said PwC the company is not a
party to the suit, which next comes up for hearing on March 16.

Jamaica Gleaner says that a Supreme Court victory in September
2011 approved the sale of assets owned by the defunct alternative
investment scheme for payments to service claims against the Cash
Plus Investments.

The joint co-interim receivers from PwC indicated to the court
that they were owed JM$200 million in fees and costs, and a
special order was made for the sale of the Hillshire for the
purpose of settling the debt to the PwC staff, the report notes.

Jamaica Gleaner relays that Mr. William said that the orders of
the court are sealed.  "PwC was never appointed a receiver.  Two
individuals Kevin Bandoian and another person who cannot be named
were the former co-interim receivers.  They are connected to PwC.
We represent persons connected to PwC . . . . It was only when
the co-interim receivers were discharged that Mr. Wildman was
appointed liquidator," the report quoted Mr. William as saying.

Meanwhile, Mr. Wildman said that he is contesting the sale of the
hotel on the basis that the decision to appoint the PwC staff as
receivers had been a "bad one".

"They want to sell it to realize the balance of their fees.
However, the matter is still in the Court of Appeal. They are
trying to force our hand. . . . By doing that, they want us to
settle before the court matter is tried.  But, we are not going
down that road," Mr. Wildman added.

The report notes that Mr. Wildman said, last year, that there
were JM$8 billion in claims against Carlos Hill's Cash Plus.  The
company was shuttered by the Financial Services Commission in
2008, and Hill is on trial accused of fraud, Jamaica Gleaner
recalls.

Hillshire is a boutique hotel comprising 33 rooms and two
conference rooms spread across two buildings -- 36,722 square
feet combined -- at Queen's Drive in Montego Bay.

                          About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002
by mortgage banker Carlos Hill.  The company offers its
participants the opportunity to participate in the group's
ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling JM$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant, Kevin Bandoian, was appointed
as joint receiver-manager for Cash Plus.


                            ***********


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.


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