TCRLA_Public/120312.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

              Monday, March 12, 2012, Vol. 13, No. 051


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Prime Minister to Help Recover Funds


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moodys Rates ARS2.4MM Notes at 'C.ar'


B R A Z I L

BANQUE HERITAGE: Fitch Withdraws Low-B Issuer Default Rating
HIPOTECARIA CREDITO: Moody's Cuts Rating on A Certificates to B3


C A Y M A N   I S L A N D S

DIAMOND INC: Creditors' Proofs of Debt Due March 28
DILMUN CAPITAL II: Creditors' Proofs of Debt Due March 28
ERMITAGE DIVERSIFIED: Creditors' Proofs of Debt Due March 27
FV INVESTMENT: Creditors' Proofs of Debt Due March 28
GRENDEL LIMITED: Creditors' Proofs of Debt Due March 27

IKESEI ASSET: Creditors' Proofs of Debt Due March 28
IKESEI FUND: Creditors' Proofs of Debt Due March 28
KING SJOERD: Creditors' Proofs of Debt Due March 27
PATEO INTERNATIONAL: Creditors' Proofs of Debt Due March 20
PENGANA GLOBAL: Creditors' Proofs of Debt Due March 28

PENGANA GLOBAL MASTER: Creditors' Proofs of Debt Due March 28
SAKS LIMITED: Creditors' Proofs of Debt Due March 21
SCHEVENINGEN (NO. 1): Creditors' Proofs of Debt Due March 27
THADDEUS ASIA: Creditors' Proofs of Debt Due March 19
THADDEUS ASIA EVENT: Creditors' Proofs of Debt Due March 19


J A M A I C A

UGI FINANCE: Ken Tomlinson Sues Former Liquidator


M E X I C O

FINCOMUN SERVICIOS: S&P Affirms 'BB-/B' Issuer Credit Ratings
LOCATION BASED TECHNOLOGIES: Receives Mexico NYCE Approval
HIPOTECARIA CREDITO: Moody's Cuts Rating on A Certificates to B3


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Workers' Strike Almost at An End


U R U G U A Y

BANQUE HERITAGE: Fitch Withdraws Low-B Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week March 5 to March 9, 2012


                            - - - - -



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


STANFORD INT'L: Antigua Prime Minister to Help Recover Funds
------------------------------------------------------------
Jamaica Gleaner reports that Antigua Prime Minister Baldwin
Spencer has pledged to work with other agencies to try to help
victims of convicted Stanford International Bank Limited owner
Robert Allen Stanford recover their money.

Mr. Spencer, according to Jamaica Gleaner, said he feels justice
was served with the U.S. verdict, but noted that it "doesn't bring
any real joy" because he fears the verdict could provide more fuel
to a U.S. victims' coalition that has promoted a boycott of
Antigua.  The group, the report relates, has sometimes set up
booths at travel shows to urge vacationers to avoid the tourism-
dependent island.

"This is a very unfair campaign . . . .  This country was made out
as a country that encouraged and gave sustenance, if you like, to
such type of developments, and that clearly was not the case in my
view," Jamaica Gleaner quoted Mr. Spencer as saying.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2012, a federal jury in Houston, Texas, convicted Mr.
Stanford for orchestrating a 20-year investment fraud scheme in
which he misappropriated $7 billion from SIB to finance his
personal businesses.  Following a six-week trial before U.S.
District Judge David Hittner, and approximately three days of
deliberation, the jury found Mr. Stanford guilty on 13 of 14
counts in the indictment.  The jury found Mr. Stanford not guilty
on one count of wire fraud. At sentencing, Mr. Stanford faces a
maximum prison sentence of 20 years for the count of conspiracy to
commit wire and mail fraud, each count of wire and mail fraud, and
the count of conspiracy to commit money laundering, and five years
for the count of conspiracy to obstruct an SEC investigation and
the count of obstruction of an SEC investigation.

                 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).


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


FIDEICOMISO FINANCIERO: Moodys Rates ARS2.4MM Notes at 'C.ar'
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XI issued by
Equity Trust Company (Argentina) S.A., acting solely in its
capacity as issuer and trustee.

Moody's notes that as of March 7, 2012, the securities
contemplated by this transaction have not yet settled.  If any
assumptions or factors considered by Moody's in assigning the
ratings change before closing, Moody's could change the ratings
assigned to the notes.

- ARS19,412,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Pvcred Serie XI", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
   Currency)

- ARS44,486,000 in Class A Floating Rate Debt Securities of
   "Fideicomiso Financiero Pvcred Serie XI", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
   Currency)

- ARS14,559,000 in Class B Debt Securities of "Fideicomiso
   Financiero Pvcred Serie XI", rated Ca.ar (sf) (Argentine
   National Scale) and Ca (sf) (Global Scale, Local Currency)

- ARS2,426,000 in Certificates of "Fideicomiso Financiero
   Pvcred Serie XI", rated C.ar (sf) (Argentine National Scale)
   and C (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,824 eligible personal loans denominated in Argentine pesos,
bearing Fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

The Class A Fixed Rate Debt Securities will bear a Fixed interest
rate of 15%. The Class A Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread to be defined.  The Floating
Rate Debt Securities' interest rate will never be higher than 24%
or lower than 14%.  The Class B Fixed Rate Securities will bear a
Fixed interest rate of 23%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 73.84% and
13.89% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance.  The subordination levels will
increase overtime due to the turbo sequential payment structure.

The transaction also benefits from an estimated 44.19% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 24% for Class A floating rate securities.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to September 2010.  In assigning the rating to
this transaction, Moody's assumed a triangular distribution for
each one of the different pools securitized, for the PVCred and
the "Staff" pool losses a most likely scenario of 20%, with a
minimum of 10% and a maximum of 30% were assumed, for the Cuota Ya
loans, a minimum of 15%, a maximum of 35% and a most likely
scenario of 25% were assumed.  Moreover, a triangular distribution
of 50% as the most likely, 40% as a minimum and 60% as a maximum
was assumed for the refinanced loans and another triangular
distribution with a maximum of 28%, a minimum of 8% and a most
likely of 18% was assumed for the loans with a discounted
installment.  Also, Moody's assumed a triangular distribution for
prepayments centered around a most likely scenario of 40%, with a
minimum of 30% and a maximum of 50%.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 0.00% for the Floating Rate Debt
Securities, 55.36% expected loss for Class B Fixed Rate Debt
Securities and 99.99% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6% from
the base case scenario for the pool the ratings of the Class A
Fixed Rate would be unchanged.  The ratings of the Class A
Floating Rate be likely downgraded to Ba3 (sf) and the ratings of
the Class B be likely downgraded to C.  The ratings of Class A
Fixed Rate, and the CP would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi (Ba3/Aa2.ar) will be appointed as the back-up
collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity and the unemployment rate in Argentina.


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


BANQUE HERITAGE: Fitch Withdraws Low-B Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banque Heritage (Uruguay)
S.A.'s ratings as these are no longer considered relevant for
Fitch's coverage.

Banque Heritage's ratings balance strong liquidity and asset
quality against continued losses (albeit declining) and a
reduction in its capitalization ratios.  Fitch revised the Rating
Outlook to Stable from Positive due to difficulties in assessing
the qualitative improvement which may have resulted from the
increased integration with the shareholder (Switzerland's Banque
Heritage), the key driver that underpinned a revision of the
Outlook to Positive from Stable in the last review.

Fitch has affirmed and withdrawn the following ratings:

  -- Foreign and local currency Issuer Default Rating (IDR) at
     'B'; Stable Outlook;
  -- National long-term rating at 'BBB(uy)'; Stable Outlook;
  -- Support rating at '5'.


HIPOTECARIA CREDITO: Moody's Cuts Rating on A Certificates to B3
----------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has downgraded its ratings on
CREYCB 06U certificates to B3 (sf) (Global Scale, Local Currency)
from B1 (sf) and to B1.mx (sf) (National Scale Rating) from
Baa2.mx (sf).  The ratings on CREYCB 06-2U (Class B certificates)
of Ca (sf) (Global Scale, Local Currency) and Ca.mx (sf) (National
Scale) are not affected.

Originator: Hipotecaria Credito y Casa S.A. de C.V., SOFOL

Issuer: Banco Invex S.A., Institucion de Banca Multiple, INVEX
Grupo Financiero; solely as trustee of trust #599

Primary Servicer: ABC Capital, S.A., Institucion de Banca
                  Multiple

-- Class A certificates CREYCB 06U ratings downgraded to B3 (sf)
    (Global Scale, Local Currency) from B1 (sf) and to B1.mx (sf)
    (National Scale Rating) from Baa2.mx (sf)

Ratings Rationale

The downgrade to CREYCB 06U ratings is based on the continued
shortfalls on net interest collections to make interest payments
on the notes.  This is a result of operational expenses which are
higher than Moody's expectations and the consistent deterioration
of the mortgage loans pool reflected by rising delinquencies.  The
downgrade also reflects the slow pace of foreclosures and Real
Estate Owned (REO) sales relative to the loans' high delinquency.

Pool performance is weak. As of January 2012, past due loans (+90
days) and Real Estate Owned (REO) assets accounted for 29.8% of
the original pool balance; up from 26.0% the previous year.  At
the same time, high servicing fees and monthly servicer
reimbursements of costs related to highly delinquent loans and REO
management resulted in insufficient net interest collections in
February 2012 for interest payments on the CREYCB 06U and CREYCB
06-2U certificates.  As of the same date, the trustee had to use
funds in a cash reserve to make interest payments for the Class A
and B certificates.  Therefore, this reserve have funds equivalent
to 54.4% of the latest monthly interest payments for CREYCB 06U
certificates.

As of February 2012, the interest coverage ratio (ICR) for the
CREYCB 06U debt certificates, calculated by dividing interest
collections (net of fees and expenses) by the interest on the
senior certificates was of 0.83 times.

If cashflows from interest collections continue to decline or
collection costs remain higher than historical levels, the net
interest collections available to make interest payments will
remain insufficient, which may result in the potential failure to
make full interest payments on the certificates.  The primary
servicer's efforts to improve collections and recoveries on early
and late delinquent loans will be key to restoring collections to
levels sufficient to make the payments.  Moody's acknowledges ABC
Capital might implement loan modifications products in this
transaction.  Moody's will evaluate the implementation and
effectiveness of these loan modification products and any effect
it may have on the credit quality and performance of the
certificates.  Moody's will continue to monitor delinquencies of
the securitized pool, the amount of operational expenses, the
servicer's efforts to repossess homes, and the impact that these
factors have on the severity of the loss for defaulted loans.

Credit protection for CREYCB 06U is adequate for the B3 (sf) /
B1.mx (sf) ratings, considering a possible short-fall on interest
payments.  Moody's projected net loss for this transaction is
30.4% of the outstanding balance of the loan pool, assuming a
severity of loss of 56.0%.  This compares to a projected lifetime
credit enhancement, including overcollateralization, remaining
excess spread and cash reserves, equivalent to 31.4% of the
outstanding balance.  Moody's notes that the ratings of the
certificates are highly sensitive to the amounts to be recovered
from REO sales and to the level of operational expenses.  The
uncertainty surrounding recoveries is considerable, given the
limited number of REO sales completed to date.  In monitoring this
transaction, Moody's assumes that recoveries will be equivalent to
44% of the current loan amount, based on the assumption that the
pool benefits from SHF's mortgage insurance will be equivalent to
around 24.9% of the current pool balance.  In addition, the
servicing agreement will expire in 2013 and it will have to be
extended or a new servicer will have to be found, which compounds
the uncertainty regarding the operational aspects of the
transaction.

When rating mortgage backed securitizations in Mexico, Moody's
prepares a loan-by-loan cash flow analysis that takes into account
scheduled interest and principal collections on the mortgages, a
distribution of cumulative gross default scenarios on the mortgage
portfolio, severity and recovery rate assumptions, an assumed
cumulative prepayment percentage, the priority of payments due to
investors, and any particular characteristics of the transaction
such as credit enhancement levels, reserves, and any type of
guarantee benefiting the Note holders.

The main assumptions underlying Moody's expectations of the future
performance of the collateral are the cumulative gross default
percentage, the cumulative prepayment percentage, and the severity
of loss given a loan default. For cumulative gross defaults,
Moody's uses a triangular distribution stressing the mortgage cash
flows in a range of default scenarios and timing defaults along a
default curve.  The assumed severity of loss on defaulted loans
takes into account numerous variables, including, but not limited
to, the balance of the loan at the time of default, recovery lags,
and downward adjustments to the original property value to stress
the value of the property at liquidation. For each of the
cumulative gross default scenarios, Moody's allocates the
available cash flows according to the priority of payments
stipulated in the transaction documents.  Moody's applies varying
weights, or probabilities of occurrence, to each of the cumulative
gross default scenarios according to the triangular distribution
to arrive at an aggregate weighted average expected loss on the
notes.  Moody's also calculates a weighted average life for the
notes, which together with its weighted average loss and idealized
loss tables, it uses to assign a rating to the notes.


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


DIAMOND INC: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Diamond Inc are required to file their proofs of
debt by March 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 16, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


DILMUN CAPITAL II: Creditors' Proofs of Debt Due March 28
---------------------------------------------------------
The creditors of Dilmun Capital II, Limited are required to file
their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ERMITAGE DIVERSIFIED: Creditors' Proofs of Debt Due March 27
------------------------------------------------------------
The creditors of Ermitage Diversified Strategies Fund Limited are
required to file their proofs of debt by March 27, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 14, 2012.

The company's liquidator is:

         David Morrissey
         Telephone: 44 1534 615 500
         Facsimile: 44 1534 615 520
         c/o Ermitage Asset Management Jersey Limited
         47 The Esplanade, 1st Floor
         St Helier Jersey JE1 9LB
         Channel Islands


FV INVESTMENT: Creditors' Proofs of Debt Due March 28
-----------------------------------------------------
The creditors of FV Investment Alpha Four Limited are required to
file their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 8, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GRENDEL LIMITED: Creditors' Proofs of Debt Due March 27
-------------------------------------------------------
The creditors of Grendel Limited are required to file their proofs
of debt by March 27, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


IKESEI ASSET: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
The creditors of Ikesei Asset Ltd. are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


IKESEI FUND: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Ikesei Fund Ltd. are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


KING SJOERD: Creditors' Proofs of Debt Due March 27
---------------------------------------------------
The creditors of King Sjoerd Limited are required to file their
proofs of debt by March 27, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


PATEO INTERNATIONAL: Creditors' Proofs of Debt Due March 20
-----------------------------------------------------------
The creditors of Pateo International Group Co., Ltd. are required
to file their proofs of debt by March 20, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2012.

The company's liquidator is:

         Yhang Yan
         No. 27C, Zhaofenghuanqiu Tower
         1800 Shanxi Road
         Shanghai, China
         Telephone: 0086-18616577668
         Facsimile: 0086-2164400307


PENGANA GLOBAL: Creditors' Proofs of Debt Due March 28
------------------------------------------------------
The creditors of Pengana Global Volatility (Offshore) Fund are
required to file their proofs of debt by March 28, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 24, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PENGANA GLOBAL MASTER: Creditors' Proofs of Debt Due March 28
-------------------------------------------------------------
The creditors of Pengana Global Volatility Master Fund are
required to file their proofs of debt by March 28, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 24, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SAKS LIMITED: Creditors' Proofs of Debt Due March 21
----------------------------------------------------
The creditors of Saks Limited are required to file their proofs of
debt by March 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 17, 2012.

The company's liquidator is:

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


SCHEVENINGEN (NO. 1): Creditors' Proofs of Debt Due March 27
------------------------------------------------------------
The creditors of Scheveningen (No. 1) are required to file their
proofs of debt by March 27, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


THADDEUS ASIA: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------
The creditors of Thaddeus Asia Partners I, Limited are required to
file their proofs of debt by March 19, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2012.

The company's liquidator is:

         Thaddeus Capital Limited
         c/o Charle Peza
         Ruttonjee Centre - Ruttonjee House, 5th Floor
         11 Duddell Street, Central
         Hong Kong
         Telephone: 852-2214-8834
         Facsimile: 852-2521-8020


THADDEUS ASIA EVENT: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------------
The creditors of Thaddeus Asia Event Driven Fund are required to
file their proofs of debt by March 19, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2012.

The company's liquidator is:

         Thaddeus Capital Limited
         c/o Charle Peza
         Ruttonjee Centre - Ruttonjee House, 5th Floor
         11 Duddell Street, Central
         Hong Kong
         Telephone: 852-2214-8834
         Facsimile: 852-2521-8020


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


UGI FINANCE: Ken Tomlinson Sues Former Liquidator
-------------------------------------------------
Jamaica Gleaner reports that Ken Tomlinson, liquidator for the
Neville Blythe-owned subsidiary UGI Finance and Investment
Limited, has filed a lawsuit against Dalma James for failing to
hand over documents which he said have stalled efforts to wind up
the company since last August.

Mr. James, a chartered accountant, served as liquidator for UGI
Finance and Investment from January 2010 to August 2011.  He was
replaced by Mr. Tomlinson after 18 months.

Mr. James' claim is demanding payment of fees totaling
approximately JM$30.4 million "to proceed with the handing over,"
according to Jamaica Gleaner.  The report relates that in the
invoice provided by Mr. James, the final bill for liquidation
services for the period amounted to JM$39 million.  Of that
amount, it stated that JM$13 million has been paid, Jamaica
Gleaner notes.

The report says that the difference of more than JM$25 million,
along with the addition of tax at a rate of 17.5% brought the
outstanding balance to JM$30 million, which Mr. James said must
now be paid before the documents are handed over, Jamaica Gleaner
discloses.

In 2009, Jamaica Gleaner recalls that after 13 years in operation,
UGI Finance and Investment opted for voluntary liquidation, saying
it was running short of cash.  The report relates that the
decision came shortly after the Financial Services Commission
served notice of its intention to suspend the company's securities
dealer's license.  Jamaica Gleaner notes that the company's book
assets were valued at JM$900 million at the time it was placed in
liquidation.

Jamaica Gleaner notes that the particulars of the claim filed by
Mr. Tomlinson states that on Oct. 3, 2011, Greg Dennis, the agent
he appointed, went to retrieve the UGI files but Mr. Dalma refused
to hand them over.  When Mr. Dennis was asked to return the
following morning, he was subsequently told by Mr. James that he
would not return the files until his fees were paid, the legal
documents allege, the report says.

The date for the hearing of the case is still to be set.

                          About UGI Finance

UGI Finance and Investments Limited is an investment company
located in Plaza Mandeville.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 23, 2010, RadioJamaica reports that investors in failed
Neville Blythe-led UGI Finance and Investments Limited are yet to
receive their money since it collapsed in January and went into
receivership.  The report related that liquidator Dalma James told
investors that there was no money to pay them next month.
RadioJamaica recounted that the company went into receivership on
Jan. 12, 2010, and proceeded to close its Mandeville and Montego
Bay offices without notifying investors.  The report related that
investors said they found out about the closure after they were
contacted by the Liquidator in March at which time they had their
first and last meeting with Mr. Blythe, chairman of UGI Finance's
Board of Directors.


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


FINCOMUN SERVICIOS: S&P Affirms 'BB-/B' Issuer Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its issuer credit
ratings on Mexico-based microfinance company FinComun Servicios
Financieros Comunitarios S.A. de C.V. Sociedad Financiera Popular
at 'BB-/B' on the global scale and 'mxBBB+/mxA-2' on the Mexican
national scale.

The outlook is stable.  The stand-alone credit profile (SACP) is
'bb-'.

"Standard & Poor's ratings on FinComun reflect its 'moderate'
business position, 'adequate' capital and earnings and liquidity,
'weak' risk position, and 'below-average' funding, as our criteria
define them," S&P said.

"In our view, FinComun has a 'moderate' business position, given
its focus on microfinance and still small participation in that
sector, and high concentration by product and region," S&P said.

"The company has been unable to maintain stable revenues because
of changes during the past two years in management and strategy--
moving toward a more conservative lending approach, but resulting
in high expenses," said Standard & Poor's credit analyst Elena
Enciso Benoit.  "The new strategy is directed toward fewer
products and operation in fewer states, which allows the company
to be more selective but also increases concentration."

"We expect that FinComun will stabilize its revenues as its
portfolio grows within the new risk management practices. These
consist of more stringent loan origination policies,
implementation of variable salaries based on achieving goals, and
an online collection system that allows better management and
control of the portfolio," S&P said.

"The outlook is stable, based on our expectation that FinComun
will maintain its adequate capital structure, and that the new
management team will manage credit risk proactively, improving
asset quality despite the more-challenging operating conditions.
The company is still proving its new strategy, which we believe
will take time to bear fruit," S&P said.


LOCATION BASED TECHNOLOGIES: Receives Mexico NYCE Approval
----------------------------------------------------------
Location Based Technologies Inc. announced the launch of its
PocketFinder GPS devices in Mexico, starting on March 1, 2012.
The Company received notification of Mexico's Normalizacion y
Certificacion Electronica (NYCE) laboratory certification and
approval for its PocketFinder Vehicle, Personal and Pet devices.
NYCE approval allows Location Based Technologies to officially
sell its PocketFinder devices in Mexico.  The PocketFinder family
of GPS locators allows people to easily stay connected to almost
anyone or anything from any web-enabled device.

NYCE approval is accredited by the Mexican Accreditation Entity
(EMA) and authorized by the Federal Telecommunications Commission
(COFETEL).

"Expanding into Mexico is a major strategic milestone for our
company.  This accreditation gives us the ability to begin
delivery of our products throughout Mexico," said Dave Morse, CEO
of Location Based Technologies.  "While we continue to sell both
to consumers and commercially direct and through our sales
partner, Apple, we also appreciate the national and international
attention the devices are getting."

"For example," Morse continued, "ABC's 'The View' will feature
PocketFinder on Friday March 2.  On March 7, nationally syndicated
television show 'EXTRA' will also air our device, both via
recognized tech personality Dr. Gadget.  We are excited to share
our great products with their viewers."

PocketFinder Locator devices allow parents, pet or vehicle owners
to know the location of their family members and assets while they
are on the go - from almost anywhere at any time.  The rugged and
waterproof PocketFinder Locators fit easily in a pocket or
backpack or on a pet's collar or harness.  It provides near real
time information about the location of the device, 60+ days of
history, speed and geo-fence notification.

An end user interface is easily accessed via a web browser or any
web-enabled phone and supports all PocketFinder products.  The
products are built to work everywhere in the world where there is
a GSM wireless signal-a highly mobile worldwide location solution.

Location Based Technologies launched PocketFinder through Apple
Online and Apple Retail Stores, initially targeting the U.S. and
Canada.  However, after significant international sales interest,
Location Based Technologies now has device activations in more
than 40 countries.

PocketFinder devices are available at Apple Retail Stores, the
Online Apple Store, and at www.PocketFinder.com.  PocketFinder GPS
Personal and Pet locators cost $149 and include two free months'
service.  Ongoing wireless network connectivity is $12.95 per
month.

                 About Location Based Technologies

Headquartered in Irvine, Calif., Location Based Technologies, Inc.
(OTC BB: LBAS) -- http://www.locationbasedtech.com/-- designs,
develops, and sells personal, pet, and vehicle locator devices and
services.

Location Based Technologies reported a net loss of $8.22 million
on $16,969 of total net revenue for the year ended Aug. 31, 2011,
compared with a net loss of $9.06 million on $67,090 of total net
revenue during the prior year.

The Company's balance sheet at Aug. 31, 2011, showed $9.40 million
in total assets, $4.17 million in total liabilities, $685,500 in
commitments and contingencies and $4.53 million in total
stockholders' equity.

Comiskey & Company, in Denver Colorado, expressed substantial
doubt about the Company's ability to continue as a going concern
following the 2011 results.  The independent auditors noted that
the Company has incurred recurring losses since inception and has
an accumulated deficit in excess of $37,000,000.  There is no
established sales history for the Company's products, which are
new to the marketplace.


HIPOTECARIA CREDITO: Moody's Cuts Rating on A Certificates to B3
----------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has downgraded its ratings on
CREYCB 06U certificates to B3 (sf) (Global Scale, Local Currency)
from B1 (sf) and to B1.mx (sf) (National Scale Rating) from
Baa2.mx (sf).  The ratings on CREYCB 06-2U (Class B certificates)
of Ca (sf) (Global Scale, Local Currency) and Ca.mx (sf) (National
Scale) are not affected.

Originator: Hipotecaria Credito y Casa S.A. de C.V., SOFOL

Issuer: Banco Invex S.A., Institucion de Banca Multiple, INVEX
        Grupo Financiero; solely as trustee of trust #599

Primary Servicer: ABC Capital, S.A., Institucion de Banca
                  Multiple

-- Class A certificates CREYCB 06U ratings downgraded to B3 (sf)
    (Global Scale, Local Currency) from B1 (sf) and to B1.mx (sf)
    (National Scale Rating) from Baa2.mx (sf)

Ratings Rationale

The downgrade to CREYCB 06U ratings is based on the continued
shortfalls on net interest collections to make interest payments
on the notes.  This is a result of operational expenses which are
higher than Moody's expectations and the consistent deterioration
of the mortgage loans pool reflected by rising delinquencies.  The
downgrade also reflects the slow pace of foreclosures and Real
Estate Owned (REO) sales relative to the loans' high delinquency.

Pool performance is weak. As of January 2012, past due loans (+90
days) and Real Estate Owned (REO) assets accounted for 29.8% of
the original pool balance; up from 26.0% the previous year.  At
the same time, high servicing fees and monthly servicer
reimbursements of costs related to highly delinquent loans and REO
management resulted in insufficient net interest collections in
February 2012 for interest payments on the CREYCB 06U and CREYCB
06-2U certificates.  As of the same date, the trustee had to use
funds in a cash reserve to make interest payments for the Class A
and B certificates.  Therefore, this reserve have funds equivalent
to 54.4% of the latest monthly interest payments for CREYCB 06U
certificates.

As of February 2012, the interest coverage ratio (ICR) for the
CREYCB 06U debt certificates, calculated by dividing interest
collections (net of fees and expenses) by the interest on the
senior certificates was of 0.83 times.

If cashflows from interest collections continue to decline or
collection costs remain higher than historical levels, the net
interest collections available to make interest payments will
remain insufficient, which may result in the potential failure to
make full interest payments on the certificates. The primary
servicer's efforts to improve collections and recoveries on early
and late delinquent loans will be key to restoring collections to
levels sufficient to make the payments.  Moody's acknowledges ABC
Capital might implement loan modifications products in this
transaction.  Moody's will evaluate the implementation and
effectiveness of these loan modification products and any effect
it may have on the credit quality and performance of the
certificates.  Moody's will continue to monitor delinquencies of
the securitized pool, the amount of operational expenses, the
servicer's efforts to repossess homes, and the impact that these
factors have on the severity of the loss for defaulted loans.

Credit protection for CREYCB 06U is adequate for the B3 (sf) /
B1.mx (sf) ratings, considering a possible short-fall on interest
payments. Moody's projected net loss for this transaction is 30.4%
of the outstanding balance of the loan pool, assuming a severity
of loss of 56.0%.  This compares to a projected lifetime credit
enhancement, including overcollateralization, remaining excess
spread and cash reserves, equivalent to 31.4% of the outstanding
balance.  Moody's notes that the ratings of the certificates are
highly sensitive to the amounts to be recovered from REO sales and
to the level of operational expenses.  The uncertainty surrounding
recoveries is considerable, given the limited number of REO sales
completed to date.  In monitoring this transaction, Moody's
assumes that recoveries will be equivalent to 44% of the current
loan amount, based on the assumption that the pool benefits from
SHF's mortgage insurance will be equivalent to around 24.9% of the
current pool balance.  In addition, the servicing agreement will
expire in 2013 and it will have to be extended or a new servicer
will have to be found, which compounds the uncertainty regarding
the operational aspects of the transaction.

When rating mortgage backed securitizations in Mexico, Moody's
prepares a loan-by-loan cash flow analysis that takes into account
scheduled interest and principal collections on the mortgages, a
distribution of cumulative gross default scenarios on the mortgage
portfolio, severity and recovery rate assumptions, an assumed
cumulative prepayment percentage, the priority of payments due to
investors, and any particular characteristics of the transaction
such as credit enhancement levels, reserves, and any type of
guarantee benefiting the Note holders.

The main assumptions underlying Moody's expectations of the future
performance of the collateral are the cumulative gross default
percentage, the cumulative prepayment percentage, and the severity
of loss given a loan default.  For cumulative gross defaults,
Moody's uses a triangular distribution stressing the mortgage cash
flows in a range of default scenarios and timing defaults along a
default curve.  The assumed severity of loss on defaulted loans
takes into account numerous variables, including, but not limited
to, the balance of the loan at the time of default, recovery lags,
and downward adjustments to the original property value to stress
the value of the property at liquidation.  For each of the
cumulative gross default scenarios, Moody's allocates the
available cash flows according to the priority of payments
stipulated in the transaction documents.  Moody's applies varying
weights, or probabilities of occurrence, to each of the cumulative
gross default scenarios according to the triangular distribution
to arrive at an aggregate weighted average expected loss on the
notes.  Moody's also calculates a weighted average life for the
notes, which together with its weighted average loss and idealized
loss tables, it uses to assign a rating to the notes.


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


TRINIDAD CEMENT: Workers' Strike Almost at An End
-------------------------------------------------
RJR News, citing Trinidad's Express newspaper, relates that the
strike by Trinidad Cement Limited's workers could soon end.

The newspaper reported that TCL General Manager Satnarine Bachew
said that some employees have responded to the company's
invitation to negotiate individually, and return to work,
according to RJR News.

RJR News notes that Mr. Bachew said that letters outlining the
company's terms and conditions were mailed to its 600 employees on
March 7.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


=============
U R U G U A Y
=============


BANQUE HERITAGE: Fitch Withdraws Low-B Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banque Heritage (Uruguay)
S.A.'s ratings as these are no longer considered relevant for
Fitch's coverage.

Banque Heritage's ratings balance strong liquidity and asset
quality against continued losses (albeit declining) and a
reduction in its capitalization ratios.  Fitch revised the Rating
Outlook to Stable from Positive due to difficulties in assessing
the qualitative improvement which may have resulted from the
increased integration with the shareholder (Switzerland's Banque
Heritage), the key driver that underpinned a revision of the
Outlook to Positive from Stable in the last review.

Fitch has affirmed and withdrawn the following ratings:

  -- Foreign and local currency Issuer Default Rating (IDR) at
     'B'; Stable Outlook;
  -- National long-term rating at 'BBB(uy)'; Stable Outlook;
  -- Support rating at '5'.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 5 to March 9, 2012
-----------------------------------------------------


Issuer               Coupon      Maturity    Currency      Price
------               ------     --------     --------      -----

ARGENTINA
---------

ARGENT- DIS               8.28 12/31/2033     USD          73.52
ARGENT-PAR                1.18 12/31/2038     ARS          45.75
ARGENT- DIS               7.82 12/31/2033     EUR             55
ARGENT- DIS               7.82 12/31/2033     EUR             67
ARGENT- DIS               7.82 12/31/2033     EUR             65
ARGENT- DIS               4.33 12/31/2033     JPY             42
ARGENT- PAR               0.45 12/31/2038     JPY             15
ARGENT- PAR&GDP           0.45 12/31/2038     JPY              8
ARGNT-BOCON PRE9             2 3/15/2014      ARS           75.6
EMP DISTRIB NORT          9.75 10/25/2022     USD          73.65
PROV BUENOS AIRE         9.625 4/18/2028      USD          68.76


BRAZIL
------

REDE EMPRESAS            11.13                USD          63.65
REDE EMPRESAS            11.13                USD          63.63
REDE EMPRESAS            11.13                USD          63.63


CAYMAN ISLAND
-------------

BANCO BPI (CI)            4.15 11/14/2035     EUR          45.25
BCP FINANCE BANK          5.01 3/31/2024      EUR          48.13
BCP FINANCE BANK          5.31 12/10/2023     EUR          50.13
BCP FINANCE CO           5.543                EUR             32
BCP FINANCE CO           4.239                EUR          33.17
BES FINANCE LTD           5.58                EUR           42.5
BES FINANCE LTD            4.5                EUR          44.38
CAM GLOBAL FIN            6.08 12/22/2030     EUR           69.5
CHINA FORESTRY           10.25 11/17/2015     USD             60
CHINA FORESTRY           10.25 11/17/2015     USD             60
CHINA SUNERGY             4.75 6/15/2013      USD             46
EFG ORA FUNDING            1.7 10/29/2014     EUR          50.93
ESFG INTERNATION         5.753                EUR          33.88
JINKOSOLAR HOLD              4 5/15/2016      USD          57.79
LDK SOLAR CO LTD          4.75 4/15/2013      USD          85.32
LDK SOLAR CO LTD          4.75 4/15/2013      USD          61.04
LDK SOLAR CO LTD          4.75 4/15/2013      USD          61.04
LDK SOLAR CO LTD            10 2/28/2014      CNY             69
MBPS FINANCE             11.25 11/15/2015     USD             76
MBPS FINANCE             11.25 11/15/2015     USD          74.63
PUBMASTER FIN            5.943 12/30/2024     GBP          72.17
PUNCH TAVERNS            4.767 6/30/2033      GBP          72.51
SOLARFUN POWER H           3.5 1/15/2018      USD           63.5
SOLARFUN POWER H           3.5 1/15/2018      USD          63.15


CHILE
-----
AGUAS NUEVAS               3.4 5/15/2012      CLP          1.145
CGE DISTRIBUCION          3.25 12/1/2012      CLP          19.97
COLBUN SA                  3.2 5/1/2013       CLP          74.99
ESVAL S.A.                 3.8 7/15/2012      CLP          12.53
MASISA                    4.25 10/15/2012     CLP          20.26
QUINENCO SA                3.5 7/21/2013      CLP          25.41


PUERTO RICO
-----------

BANCO SANTANDER            6.1 6/1/2032       USD          75.14
PUERTO RICO CONS             6 12/15/2034     USD           0.01
PUERTO RICO CONS           6.3 11/1/2033      USD           0.01
PUERTO RICO CONS           6.5 4/1/2016       USD          68.71


VENEZUELA
---------

ELEC DE CARACAS            8.5 4/10/2018      USD          73.75
PETROLEOS DE VEN           5.5 4/12/2037      USD           61.5
PETROLEOS DE VEN         5.375 4/12/2027      USD             56
VENEZUELA                    7 3/31/2038      USD          71.54
VENEZUELA                    7 3/31/2038      USD             72


                            ***********


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 * * *