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

              Thursday, March 22, 2012, Vol. 13, No. 059


                            Headlines



A N T I G U A  & B A R B U D A

STANFORD INT'L: Appeal Court Restores Investor Class Actions


A R G E N T I N A

AUTOVIA OESTE: Creditors' Proofs of Debt Due May 11
BBVA BANCO: Fitch Assigns 'B+' Issuer Default Rating
CENTRO MEDICO: Requests Opening of Bankruptcy Proceedings
HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
LACTEOS LAS: Creditors' Proofs of Debt Due April 9

PROVINCIA SEGUROS: Moody's Reviews 'B2' Rating for Downgrade
SAN ANTONIO: Creditors' Proofs of Debt Due April 17
VANSAL SA: Creditors' Proofs of Debt Due April 17
ZILNA SRL: Creditors' Proofs of Debt Due April 11


B A R B A D O S

REDJET: Workers Hope Meeting Will Shed Light on Airline's Future


B R A Z I L

BANCO BMG: Moody's Assigns Ba3 Rating to US$150MM Sr. Unsec Notes


C A Y M A N   I S L A N D S

AFM CAPITAL: Creditors' Proofs of Debt Due April 4
ARCAPITA BANK: Bahrain Bank Files for Chap. 11 in Manhattan
ARCAPITA BANK: Case Summary & 50 Largest Unsecured Creditors
BBGP MANAGING: Creditors' Proofs of Debt Due April 16
CONCORDANCE EVENT: Creditors' Proofs of Debt Due April 12

CONCORDANCE EVENT MASTER: Creditors' Proofs of Debt Due April 12
CROSSOVER FUND: Creditors' Proofs of Debt Due April 9
FLORIN FSU: Creditors' Proofs of Debt Due April 12
GIS LEVERAGED 2: Creditors' Proofs of Debt Due March 22
HONCHO CORPORATION: Creditors' Proofs of Debt Due April 11

INVESTCORP WHITE: Creditors' Proofs of Debt Due May 28
LION GLOBAL: Creditors' Proofs of Debt Due April 13
NEW STREAM: Commences Liquidation Proceedings
SALT CREEK: Creditors' Proofs of Debt Due April 12
SINGSONG LTD: Creditors' Proofs of Debt Due April 16


C O L O M B I A

CORPBANCA: Moody's Assigns 'D+' Bank Financial Strength Rating


J A M A I C A

WINDALCO: UC Rusal's 2011 Net Profit Drops 92% to US$237 Million


V E N E Z U E L A

BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A N T I G U A  & B A R B U D A
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STANFORD INT'L: Appeal Court Restores Investor Class Actions
------------------------------------------------------------
Jamaica Gleaner reports that a United States appeals court has
ruled that aggrieved investors in Robert Allen Stanford's Ponzi
scheme can press state court class-action lawsuits seeking to
recover losses in the US$7 billion scheme.

The court reversed a lower court decision that the claims were
prohibited by a US federal law preventing plaintiffs from
pursuing state-law claims arising from the purchase or sale of
federally regulated securities, according to Jamaica Gleaner.

"We find that the fact that some of the plaintiffs sold some
'covered securities' in order to put their money in the CDs
(certificates of deposit) was not more than tangentially related
to the fraudulent scheme," the three-member appeal court ruled,
the report notes.

Jamaica Gleaner discloses that four lawsuits were filed against
those who sold the CDs, lawyers and an insurer for Stanford
International Bank Limited.

The report notes that U.S. District Judge David Godbey in Dallas,
Texas, who has been overseeing the U.S. Securities and Exchange
Commission case and related litigation took jurisdiction over the
investor claims removed from state to federal court.

Judge Godbey, Jamaica Gleaner notes, had dismissed the claims
because he said Stanford advertised the CDs as being backed by
regulated securities, and that some investors had sold securities
to finance their CD purchases.  The report relates that Judge
Godbey said those facts put the CD-related suits in the ambit of
the Securities Litigation Uniform Standards Act, but the appeals
court disagreed.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2012, Jamaica Gleaner related that Antigua Prime
Minister Baldwin Spencer has pledged to work with other agencies
to try to help victims of Mr. Stanford.  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 US$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 a 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).


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


AUTOVIA OESTE: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
Jose Edmundo Sahade, the court-appointed trustee for Autovia
Oeste SA's reorganization proceedings, will be verifying
creditors' proofs of claim until May 11, 2012.

Mr. Sahade 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 March 26, 2013.

The Trustee can be reached at:

         Jose Edmundo Sahade
         Avenida de Mayo 1324
         Argentina


BBVA BANCO: Fitch Assigns 'B+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned a Local Currency Long-Term Issuer
Default Rating (IDR) of 'B+' to BBVA Banco Frances.  The Rating
Outlook is Stable.  At the same time, Fitch has affirmed the rest
of Frances's ratings.

The ratings reflect Frances's solid franchise in Argentina, its
healthy asset quality, and its satisfactory profitability,
liquidity and capitalization.  They also take into account its
ownership by Spain's Banco Bilbao Vizcaya Argentaria (BBVA; rated
'A' with a Negative Outlook by Fitch) and the potentially
volatile operating environment.

In 2010, the Argentine economy resumed its growing trend seen
since 2003.  This has benefited the operating environment for
banks, with deposits and lending growing very strongly and
steadily improving asset quality.  While the economy is expected
to slowdown markedly in 2012, lending is expected to continue to
grow, albeit at a much slower pace than in the past two years.

Along with the benign operating environment, Frances's
profitability has steadily improved, mainly based on higher net
interest and commission income, which have compensated for the
increase in administrative expenses due to the high inflation
rate.  However, at Dec. 31, 2011, its net income is lower than
the year before due to the reduction of the income from its
government bonds portfolio as a consequence of market volatility.
Fitch expects Frances's profitability to remain sound, based on
its solid revenue generation capacity, although it will probably
be under pressure from slower loan growth, a rising inflation and
persistent market volatility.

Frances's asset quality is healthy.  At Dec. 31, 2011, its NPL
accounted for a very low 0.45% of the total, with sound loan loss
reserve coverage of 422.0%.

Frances's liquidity is ample, backed by continued deposit growth.
Its capital adequacy is adequate, supported backed by its
increased profits; at Dec. 31, 2011 Fitch Core Capital was
15.65%.  Although it has decreased due to strong loan growth and
dividend payments, Fitch expects France's capitalization to
remain at satisfactory levels as loan growth will decelerate and
given the recent restrictions imposed by the Central Bank on
dividend payments.

Spain's BBVA held 76.00% of Frances at Dec.31, 2011.  Frances was
the third largest private sector bank by deposits and the fourth
by loans in Argentina at Dec. 31, 2011 and had 268 branches.

Fitch has affirmed the following ratings for Frances:

  -- Long-term National Rating at 'AA+'(arg); Stable Outlook
  -- Short-term National Rating at 'A1+(arg)';
  -- Viability Rating at 'b+';
  -- Support Rating at '5';
  -- National long-term rating on its senior unsecured bonds and
     on its USD500 million (previously USD300 million) debt
     issuance program at 'AA+'(arg);
  -- National long-term rating on the subordinated debt to be
     issued under its USD500 million debt issuance program
     (previously USD300 million) at 'AA'(arg);
  -- National Equity Ratings at Primera Clase Nivel '1(arg)'.


CENTRO MEDICO: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------------
Centro Medico Traumatologico Caballito SRL requested the opening
of bankruptcy proceedings by default.


HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
-----------------------------------------------------------------
Moody's Latin America affirmed the Ba3 global local currency and
the Aa2.ar Argentina national scale insurance financial strength
(IFS) ratings of HSBC-La Buenos Aires Seguros. The rating outlook
remains negative. This rating action follows the March 7
announcement of the planned sale of HSBC-La Buenos Aires by HSBC
Holdings to Australian-based insurer QBE Insurance Group Limited.
The sale is subject to regulatory approvals and is expected to be
completed during the first half of 2012.

HSBC-La Buenos Aires is a leading property and casualty (P&C)
insurer in Argentina, with an overall market share of 7% -- based
on gross premiums -- and 6% in the important automobile business
segment.

Ratings Rationale

According to Moody's, the ratings affirmation reflects Moody's
view that La Buenos Aires' operations and fundamental credit
profile will not be materially affected by the change in
ownership, and that the likely improved strategic fit for the
insurer under a new parent that is focused first and foremost in
general insurance offsets the somewhat lower credit profile of
QBE (holding company senior debt is rated A3/stable by Moody's,
as compared with HSBC Holdings plc's Aa2 senior debt rating,
which is currently on review for possible downgrade). Moody's
further noted that HSBC's announced sale of La Buenos Aires to
QBE, along with the Hong Kong-based Hang Seng general insurance
operations, was concurrent with its announced sale of the rest of
its international general insurance operations to AXA Group.

Alejandro Pavlov, VP and Senior Analyst at Moody's, noted:
"Although we have long considered La Buenos Aires' credit profile
as benefiting from the financial strength and global reach of
HSBC, we have also viewed the bancassurance strategy as being
more strongly aligned with the life insurance and pension
businesses than with general insurance, given their greater
emphasis on financial and savings products, and their greater
sales potential through the traditional bank distribution
channel." Pavlov added, "Consequently, we believe that whereas
HSBC-NYLife Vida's operations remain firmly within HSBC's
bancassurance strategy, La Buenos Aires is likely to benefit from
greater strategic alignment under QBE, which maintains a global
presence and has in recent years demonstrated increasing
commitment to Argentina and the Latin American insurance
markets."

In maintaining its negative outlook, Moody's noted that La Buenos
Aires' stand-alone credit profile continued to be under some
strain as a result of the company's increasingly high
underwriting leverage (15.3x equity at December 31 2011, as
compared with 14.6x at the end of 2010/11 fiscal year ended June
30 2011). In addition, its concentration of high risk assets
relative to capital continued to grow and reached to 352% from
339% at June 30 2011.

The resolution of the Negative outlook will focus on several
factors, including the following: 1) Completion of the pending
sale of the company to QBE; 2) La Buenos Aires' prospective
leverage and capital adequacy profile post-sale, given QBE's own
internal enterprise risk management and capital management
procedures and 3) further clarification on the implications of
Argentina's new reinsurance regulations as to the extent La
Buenos Aires may benefit from potential intra-group reinsurance
support from QBE, in a manner similar to that provided to many of
QBE's other subsidiary operations worldwide.

Based in Buenos Aires, Argentina, during the first half of the
fiscal year ended 31 December 2011 HSBC-La Buenos Aires reported
a net profit of AR$61.2 million, 9% up on the year-ago figure.
Shareholders' equity totaled AR$294.3 million, after a dividend
payment of AR$30 million (about US$ 7 million), at the same date.

QBE, based in Sydney, Australia, is an international general
insurance and reinsurance group, and operates in Australia, the
Asia Pacific, Europe, and the Americas, with subsidiaries in
several Central and South American countries, including
Argentina, Mexico, Colombia, Ecuador, Chile, Puerto Rico and
Brazil. For the full year 2011, QBE reported gross written
premiums of US$18.3 billion, and net (after-tax) income of
US$704 million. As of December 31, 2011, the company reported
shareholders' equity of US$10.4 billion.


LACTEOS LAS: Creditors' Proofs of Debt Due April 9
--------------------------------------------------
Maria del Carmen Perez Alonso, the court-appointed trustee for
Lacteos Las Violetas SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 9, 2012.

Ms. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Maria del Carmen Perez Alonso
         Avenida Cordoba 456
         Argentina


PROVINCIA SEGUROS: Moody's Reviews 'B2' Rating for Downgrade
------------------------------------------------------------
Moody's Latin America has placed the B2 global local-currency and
the Aa3.ar Argentina national scale insurance financial strength
(IFS) ratings of Provincia Seguros under review for possible
downgrade.  This rating action follows Moody's initiation of a
global assessment of linkages between financial institutions and
sovereign credit risk.

Provincia Seguros is 60% owned by the major Argentine financial
services group, Grupo Banco Provincia S.A., which in turn is
owned by the second-largest bank in Argentina, Banco de la
Provincia de Buenos Aires. Grupo Banco Provincia S.A. is engaged
in multiple financial services segments and it also maintains a
presence in the life insurance industry through Provincia Seguros
de Vida, and in the mono-line workers' compensation segment
through Provincia Seguros ART.

Rating Rationale

According to Moody's, the review for possible downgrade of
Provincia Seguros' IFS ratings will focus on the extent to which
Moody's finds the company's standalone credit profile to be
correlated with sovereign credit quality.  The review will take
into account the following: (i) the extent to which the company's
business is dependent on the domestic macroeconomic and financial
environment and (ii) the extent of direct or indirect exposures
to domestic sovereign assets and local bank deposits, which as of
Dec. 31, 2011 was at a high 344% of the company's capital.  This
review reflects Moody's assessment of the correlation between
sovereign and financial institutions credit risk globally, a view
that is further discussed in Moody's recently published rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on Feb. 13, 2012.

The rating agency explained that Provincia Seguros' ratings
primarily reflect its adequate market position, as well as the
advantages provided by its access to diversified product
distribution channels and the synergies maintained with its
parent bank, Banco de la Provincia de Buenos Aires.  Moody's also
noted that the company's book of business is adequately
diversified and is less exposed than many of its competitors to
Argentine motor insurance, which the rating agency considers to
have a risky and volatile profile.

Offsetting these positive considerations are the company's high
gross underwriting leverage and sustained underwriting losses,
which have resulted in Provincia Seguros becoming highly
dependent on investment returns.  The company's reliance on
investment returns to continually offset underwriting losses
remains a key challenge and weakness for the company's
profitability and overall credit profile, exposing both its
earnings and capital to systemic risk to a greater degree than
many of its competitors.  Moody's also noted that -- like most
Argentine insurers -- Provincia Seguros' credit profile is
constrained by the weak operating environment of Argentina.

Among the factors that could lead to a downgrade of the
companies' ratings are 1) sustained high exposure to domestic
sovereign bonds and local bank deposits, 2) persistent impairment
of capital levels, or 3) sustained weak profitability.  On the
other hand, the company's outlook could be reverted back to
stable if 1) Argentina's government bond rating and/or operating
environment significantly improves, or 2) a sustained improvement
in underwriting results persists over the next few years. (i.e.
combined ratios consistently below 100

Based in Buenos Aires, Argentina, Provincia Seguros reported a
net loss of AR$11 million for the six-month period ended
December 31, 2011, consisting of a ARS$64 million underwriting
loss and ARS$ 53 million of net investment income and other
results. Shareholders' equity was ARS$220 million at December 31,
2011, down 19% compared to the previous fiscal year, reflecting
dividend payments of ARS$40 million and the abovementioned net
loss of ARS$11 million.


SAN ANTONIO: Creditors' Proofs of Debt Due April 17
---------------------------------------------------
Susana Aguilera, the court-appointed trustee for San Antonio
Editorial SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 17, 2012.

Ms. Aguilera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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:

         Susana Aguilera
         Luis Saenz Pena 1690
         Argentina


VANSAL SA: Creditors' Proofs of Debt Due April 17
-------------------------------------------------
Stella Maris Duiaz, the court-appointed trustee for Vansal SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 17, 2012.

Ms. Duiaz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk No.
18, 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:

         Stella Maris Duiaz
         Colombres 1070
         Argentina


ZILNA SRL: Creditors' Proofs of Debt Due April 11
-------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for Zilna
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 11, 2012.

Mr. de la Piedra 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. 47, 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:

         Juan Carlos de la Piedra
         Avenida Juan B. Justo 5096
         Argentina


===============
B A R B A D O S
===============


REDJET: Workers Hope Meeting Will Shed Light on Airline's Future
----------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
REDjet (Airone Caribbean/Airone Ventures Limited)'s employees
have expressed hope that a staff meeting scheduled for March 20
would shed some light on the company's future.

"We heard a staff meeting with CEO Ian Burns and other executives
will take place . . . so we're hoping to hear some good news then
about the company and our jobs," one REDjet employee told Newsday
in an interview.

Similar sentiments were expressed by members of the public when
Newsday spoke to them, the report relates.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2012, Jamaica Gleaner related that REDjet suspended all
its flights indefinitely in a bid to protect the long term
interests of the business.  In the email signed by REDjet
director Robbie Burns, the airline outlined a three-week process
for travellers to get refunds and urged travellers to check the
company's Web site and call center for updates, according to
Jamaica Gleaner.  The report noted that the airline did not give
specific reasons for the shutdown, but suggested that it was
expecting state assistance to continue operations and blamed
"subsidized" competitors for its troubles.

                          About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.  The
privately-owned airline, incorporated in Barbados features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.


===========
B R A Z I L
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BANCO BMG: Moody's Assigns Ba3 Rating to US$150MM Sr. Unsec Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the 9.625% senior unsecured notes issued by Banco BMG
S.A. (BMG) in the amount of US$150 million. The notes are due
March 2017. The outlook on this rating is negative.

Assignment:

Issuer: Banco BMG S.A.

Senior Unsecured Regular Bond, Assigned Ba3

Ratings Rationale

The rating agency explained that the foreign currency senior
unsecured debt rating derives from BMG's Ba3 long-term global
scale rating, which has a negative outlook.

The last rating action on Banco BMG S.A. was on March 7, 2012,
when Moody's downgraded the bank's bank financial strength rating
(BFSR) to D- from D, the long-term global local and foreign
currency deposit ratings to Ba3 from Ba2, and the Brazilian
national scale deposit ratings to A3.br/BR-2 from Aa3.br/BR-1,
long and short-term, respectively. In the same rating action,
BMG's foreign currency senior and unsecured debt ratings were
downgraded to Ba3 and B1, from Ba2 and Ba3, respectively. The
short-term global scale ratings of Not Prime remained unchanged.
The outlook on the ratings is negative.

The principal methodologies used in rating Banco BMG were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
total consolidated assets of R$17.2 billion (US$9.2 billion) and
equity of R$3.6 billion (US$1.9 billion) as of December 31, 2011.


===========================
C A Y M A N   I S L A N D S
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AFM CAPITAL: Creditors' Proofs of Debt Due April 4
--------------------------------------------------
The creditors of A.F.M. Capital Limited are required to file
their proofs of debt by April 4, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ARCAPITA BANK: Bahrain Bank Files for Chap. 11 in Manhattan
-----------------------------------------------------------
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on
March 19, 2012.

Henry A. Thompson, executive director, explains in a court
filing, "Like virtually all private equity institutions and
investment banks, the Debtors have been adversely impacted by the
global economic downturn, and have been especially hard hit by
the recent debt crisis in the Eurozone.  This global recession
has hampered the Debtors' ability to obtain liquidity from the
capital markets, and has also resulted in a reduction in asset
values."

The Debtors do not have the liquidity necessary to repay a
$1.1 billion syndicated unsecured facility when it comes due on
March 28, 2012, according to Mr. Thompson.

The Debtors have tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG, Inc., as notice and claims
agent.

The Debtors expect that during the first 30 days of the Chapter
11 case, payments to employees will total US$250,000 per week,
and officers and senior management will be paid US$60,000 per
week.  Total estimate for accrual of business and financial
consultants during the first 30 days is US$7.24 million.

                          Investment Bank

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group currently has approximately US$7 billion in
assets under management.  On a consolidated basis, the Arcapita
Group owns assets valued at approximately US$3.06 billion and has
liabilities of approximately US$2.55 billion.

The Debtors owe US$96.7 million under two secured facilities made
available by Standard Chartered Bank.  As to unsecured debt,
Arcapita:

    * is a borrower under a US$1.1 billion unsecured murabaha,
      Shari'ah-compliant syndicated facility, dated as of
      March 28, 2007;

    * owes US$145 million in various unsecured strategic investor
      facilities;

    * is a sponsor of a US$100 million murabaha-based Arcsukuk
      facility, dated as of Sept. 7, 2011 and maturing on
      Sept. 7, 2013;

    * is a borrower under an approximately US$256 million
      Unsecured facility issued by the CBB;

    * is a borrower under a number of shortterm, unsecured
      regional bank loans, of which obligations outstanding are
      comprised of: (i) US$28.4 million of U.S. dollar-
      denominated debt, (ii) EUR2.7 million of Euro-denominated
      debt and (iii) BHD3.6 million of Bahraini dinar-denominated
      debt; and

    * is a borrower under that certain unsecured Bahrain Bay
      Development Facility in the approximate amount of
      US$116 million.

As there is currently no cash collateral associated with the
collateral pledged to secure their obligations, the Debtors are
not required to seek, and have not sought, the use of cash
collateral.

                    Dispute With Hedge Funds

Arcapita explored out-of-court restructuring scenarios.  The
Debtors, however, have been unable to achieve 100% lender consent
required to effectuate the terms of an out-of-court
restructuring.

"More importantly in the short term, one or more hedge funds that
are minority participants in the syndicated facility-and who
purchased their interests at deep discounts and are seeking to
leverage their opposition to a restructuring to obtain a buyout
at par while other lenders may well receive less favorable
treatment-have threatened precipitous action that would, if
successful, undermine the Debtors' going concern value to the
detriment of other creditors and stakeholders," Mr. Thopmson
explains.

In assessing these threats -- which included, among other things,
the commencement of an involuntary and value-destructive straight
liquidation proceeding in the Cayman Islands -- the Debtors
considered reorganization options under the laws of various other
jurisdictions.  It is management's view, however, that Chapter 11
is the proper and most effective venue for implementing a
comprehensive restructuring plan for all the Debtors that will
maximize recoveries for all creditors and stakeholders.

                         Cayman Proceeding

Subsequent to the commencement of the Chapter 11 Cases, Arcapita
Investment Holdings Limited, a wholly owned Debtor subsidiary of
Arcapita in the Cayman Islands, issued a summons seeking
ancillary relief from the Grand Court of the Cayman Islands with
a view to facilitating the Chapter 11 Cases

AIHL commenced the Cayman Proceeding, seeking the appointment of
Zolfo Cooper as a provisional liquidator.  The summons in the
Cayman Proceedings contains not only a request for the
appointment of the Provisional Liquidator, but also a petition
for a winding-up (or liquidation) order.  AIHL has requested that
the Winding-Up Order be stayed pending resolution of the Chapter
11 cases.

While the Debtors believe that all of their creditors are fully
bound by the provisions of the worldwide automatic stay imposed
by Section 362 of the Bankruptcy Code, the Cayman Proceeding
ensures that the automatic stay is honored in the Cayman Islands
and that none of the Debtors' creditors, including creditors who
might be willing to risk violation of the automatic stay in an
attempt to increase their own returns to the detriment of the
Debtors' other creditors and stakeholders, will be able to use
the courts in the Cayman Islands to collect or enforce
obligations owed to them by AIHL.


ARCAPITA BANK: Case Summary & 50 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Arcapita Bank B.S.C.(c)
        aka First Islamic Investment Bank B.S.C. (c)
        Arcapita Bank Building
        Bahrain Bay
        Building 551, Road 4612
        Manama Sea Front 346
        Manama
        Bahrain

Bankruptcy Case No.: 12-11076

Affiliates that simultaneously filed Chapter 11 petitions:

       Debtor                         Case No.
        ------                        --------
Arcapita Bank B.S.C.(c)               12-11076
Arcapita Investment Holdings Limited  12-11077
Arcapita LT Holdings Limited          12-11078
WindTurbine Holdings Limited          12-11079
AEID II Holdings Limited              12-11080
RailInvest Holdings Limited           12-11081

Chapter 11 Petition Date: March 19, 2012

About the Debtors: Founded in 1996, Arcapita is a global manager
                  of Shari'ah-compliant alternative investments
                  and operates as an investment bank.  Arcapita
                  is not a domestic bank licensed in the U.S.
                  Arcapita is headquartered in Bahrain and is
                  regulated under an Islamic wholesale banking
                  license issued by the Central Bank of Bahrain.
                  The Arcapita Group employs 268 people and has
                  offices in Atlanta, London, Hong Kong and
                  Singapore in addition to its Bahrain
                  headquarters.  The Arcapita Group's principal
                  activities include investing on its own account
                  and providing investment opportunities to
                  third-party investors in conformity with
                  Islamic Shari'ah rules and principles.

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Sean H. Lane

Debtor's Counsel: Michael A. Rosenthal, Esq.
                  GIBSON, DUNN & CRUTCHER LLP
                  200 Park Avenue, 47th Floor
                  New York, NY 10166
                  Tel: (212) 351-4000
                  Fax: (212) 351-4035
                  E-mail: mrosenthal@gibsondunn.com

Total Assets: US$3.06 billion (includes non-debtor affiliates)

Total Liabilities: US$2.55 billion (includes non-debtor
                                    affiliates)

The petition was signed by Henry A. Thompson, general counsel.

Arcapita Bank's List of Its 30 Largest Unsecured Creditors:

        Entity                     Nature of Claim   Claim Amount
        ------                     --------------    ------------
Central Bank of Bahrain            Bank Loan       US$255,120,417
P.O. Box 27
Diplomatic Area
Manama, Kingdom of Bahrain

Commerzbank                        Bank Loan         $164,687,500
C ommerzbank Aktiengesellschaft
Corporates & Markets, Leveraged
Finance,
Maizner Landstr. 153,
DLZ-Geb. 2, Handlerhaus, 60327
Frankfurt am Main, Germany

National Bank of Bahrain           Bank Loan         $132,251,777
P.O. Box 106
Manama, Kingdom of Bahrain

Bahrain Bay Development B.S.C.(c)  Bank Loan         $116,481,112
P.O. Box 5092
Manama, Kingdom of Bahrain

District Cooling Capital Limited   Bank Loan         $110,673,521
c/o Paget-Brown Trust Company Ltd.
Boundary Hall
Cricket Square
P.O. Box 1111, Grand Cayman
KY1-1102
Cayman Islands

Arcsukuk (2011 - 1) Limited        Bank Loan         $100,000,000
P.O. Box 1093 GT
Queensgate House
South Church Street
George Town
Grand Cayman
Cayman Islands

Euroville Sarl (formally           Bank Loan          $88,750,000
Satinland Finance Sarl)
125 London Wall
London
EC2Y 5AJ

Riyad Bank                         Bank Loan          $75,000,000
P.O. Box 22622, Riyadh 11416,
Saudi Arabia

VR Global Partners LP              Bank Loan          $74,900,000
400 Madison Avenue, 15th Floor
New York, NY 10017

Midtown Acquisitions LP            Bank Loan          $50,050,000
C65 East 55th Street, 19th Floor
New York, NY 10022

Thornbeam Limited                  Bank Loan          $50,118,502
#10F1, Ministry of Finance
Building, Commonwealth Drive
Jalan Kebangsan BB3910
Negara Brunei Darussalam

Perbadanan Tabung Amanah Islam     Bank Loan          $47,258,216
Brunei
Jalan Sultan, Bandar Seri Begawan
BS8811, Brunei Darussalam

Fortis Bank NA/NV                  Bank Loan          $40,094,802
Warandeberg 3
1000 Brussels
Belgium

Overseas Fund Co. S.P.C.           Bank Loan          $40,000,000
P.O. Box 836
Sheraton Commercial Complex
Manama, Kingdom of Bahrain

Devonshire Limited                 Bank Loan          $35,000,000
P.O. Box 61999
Abu Dhabi Investment Council
Sheikh Hamdan Building-Silver Tower
Abu Dhabi, United Arab Emirates

Standard Bank PLC                  Bank Loan          $31,000,000
20 Gresham Street
London
EC2V 7JE
England
United Kingdom

BBB Holding Company II Limited     Bank Loan          $30,025,128
c/o Paget-Brown Trust Company Ltd.
Boundary Hall
Cricket Square
P.O. Box 1111, Grand Cayman
KY1-1102
Cayman Islands

Goldman Sachs Lending Partners     Bank Loan          $30,000,000
Goldman Sachs International
Daniel House
133 Fleet Street
London EC4A 2BB

Barclays Bank PLC                  Bank Loan          $30,000,000
5 The North Colonnade
Canary Wharf
London E14 4BB
United Kingdom

Bank of America N.A.               Bank Loan          $30,000,000
Bank of America Merrill Lynch
Financial Centre
2 King Edward St.
London EC1A 1HQ
United Kingdom

CIMB Bank Berhad                   Bank Loan          $30,000,000
10th Floor Bangunan CIMB
Jalan Semantan
Damansara Heights
50490 Kuala Lumpur Malaysia

Credit Suisse, London              Bank Loan          $30,000,000
One Cabot Square
London E14 4QJ
United Kingdom

Deutsche Bank Luxembourg S.A.      Bank Loan          $30,000,000
2, Boulevard Konrad Adenauer
L-1115 Luxemburg
Luxemburg

European Islamic Investment        Bank Loan          $30,000,000
Bank PLC
60 Chiswell Street
London, EC1Y 4SA
England

Malayan Banking Berhad,            Bank Loan          $30,000,000
London Branch
Maybank Bahrain Branch
8th Floor, Al-Jasrah Tower
P.O. Box 10470, Diplomatic Area
Manama
Kingdom of Bahrain

Mashreqbank PSC                    Bank Loan          $30,000,000
P.O. Box 1250, Dubai
Near Al Ghurair City, Deira

Royal Bank of Scotland N.V.        Bank Loan          $30,000,000
280 Bishopsgate
London EC2M 4RB
United Kingdom

The Royal Bank of Scotland PLC     Bank Loan          $30,000,000
280 Bishopsgate
London EC2M 4RB
United Kingdom

The Arab Investment Company S.A.A. Bank Loan          $30,000,000
Sharq - Ahmed Al-Jaber Street
Emad Commercial Center - 4th & 5th Floor
P.O.Box: 26630 Safat 13127
Kuwait

ING Bank N.V.                      Bank Loan          $29,000,000
ING Commercial Banking
Amsterdamse Poort Building
Bijlmerplein 888
1102 MG, Amsterdam, The Netherlands

HSH Nordbank AG,                   Bank Loan          $29,000,000
Luxembourg Branch
2 Rue Jean Monnet
2180 Luxembourg
Luxembourg

Yayasan Sultan Haji Hassanal       Bank Loan          $23,631,610
Bolkiah
Peti Surat 1166, Bandar Seri
Begawan BS8672
Negara Brunei Darussalam

Bandtree SDN BHD                   Bank Loan          $23,631,592
Level 12, Ministry of Finance Building
Commonwealth Drive
Jalan Kebangsaan, BSB BB3910,
Brunei Darussalam

Saudi Industrial Capital I Limited Bank Loan          $21,314,389
Boundary Hall
Cricket Square
P.O. Box 1111, Grand Cayman
KY1-1102
Cayman Islands

Fuad Al Ghanim & Sons              Bank Loan          $21,147,000
General Trading and Contracting
P.O. Box 2118
Safat 13022, Kuwait

BAWAG P.S.K. Bank fr Arbeit und   Bank Loan          $20,000,000
Wirtschaft und Osterreichische
Postsparkasse Aktiengesellschaft
Seitzergasse 2-4,
A-1010 Vienna

BBK B.S.C.                         Bank Loan          $20,000,000
P.O. Box 597
43 Government Avenue
Manama, Kingdom of Bahrain

Boubyan Bank K.S.C.                Bank Loan          $20,000,000
Mubarak tower
Kuwait City, Abdullah Al Salem
Street, Block 5, Building 15
Central Commercial Area, Kuwait

Doha Bank                          Bank Loan          $20,000,000
P.O. Box 3818, Grand Hamad Street
Doha, Qatar

Natixis                            Bank Loan          $20,000,000
30, Avenue Pierre MendŠs-France
75013 Paris

Perbadanan Tabung Amanah Islam     Bank Loan          $19,696,798
Brunei
Jalan Sultan, Bandar Seri Begawan
BS8811, Brunei Darussalam

Tadhamon Capital B.S.C.            Bank Loan          $18,421,924
P.O. Box 75511
GBCorp Tower 12th Flr.
Bahrain Financial Harbour
Manama, Kingdom of Bahrain

Kuwait Finance House KSC           Bank Loan          $18,000,000
Aras 18, Tower Two
Etiqa Twins, 11
Jalan Pinang, 50450
Kuala Lumpur, Malaysia

NavIndia Holding Company Limited   Bank Loan          $17,605,878
Boundary Hall
Cricket Square
P.O. Box 1111, Grand Cayman
KY1-1102
Cayman Islands

Commerzbank (beneficiary PVC       Bank Loan          $17,127,500
(Lux) Lux Holding Company S.a. r.l.)
Commerzbank Aktiengesellschaft,
Corporates & Markets
Leveraged Finance
Maizner Landstr. 153
DLZ-Geb. 2, Handlerhaus, 60327
Frankfurt am Main, Germany

Falcon Gas Storage Company, Inc.   Bank Loan          $15,160,475
5847 San Felipe, Suite 3050
Houston, TX 77057

The Governor and Company of the    Bank Loan          $15,000,000
Bank of Ireland
Bank of Ireland Corporate Banking
Lower Baggot Street, Dublin 2

Bank of Taiwan, Singapore Branch   Bank Loan          $15,000,000
80 Raffles Place #28-20
UOB Plaza 2
Singapore 048624

G.P. Zachariades Overseas Ltd.     Bank Loan          $13,250,000
P.O. Box 5632
Manama, Kingdom of Bahrain

Tabung Amanah Pekerja              Bank Loan          $12,219,295
Island Block Level 1
Commonwealth Drive
Jln Kebangsaan
Bandar Seri Begawan BB3910
Negara Brunei Darussalam


BBGP MANAGING: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------
The creditors of BBGP Managing General Partner Limited are
required to file their proofs of debt by April 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601 / +1 345-949-4800
         Facsimile: +1 345-949-7164


CONCORDANCE EVENT: Creditors' Proofs of Debt Due April 12
---------------------------------------------------------
The creditors of Concordance Event Fund Ltd. are required to file
their proofs of debt by April 12, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 21, 2012.

The company's liquidator is:

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


CONCORDANCE EVENT MASTER: Creditors' Proofs of Debt Due April 12
----------------------------------------------------------------
The creditors of Concordance Event Master Fund Ltd. are required
to file their proofs of debt by April 12, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 21, 2012.

The company's liquidator is:

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


CROSSOVER FUND: Creditors' Proofs of Debt Due April 9
-----------------------------------------------------
The creditors of Crossover Fund, Ltd. are required to file their
proofs of debt by April 9, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 28, 2012.

The company's liquidator is:

         Delta FS Limited
         c/o Janeen Aljadir
         Telephone: (345) 743 6626
         Harbour Place, 2nd Floor
         103 South Church Street
         PO Box 11820 Grand Cayman KY1-1009
         Cayman Islands


FLORIN FSU: Creditors' Proofs of Debt Due April 12
--------------------------------------------------
The creditors of Florin FSU Credit Opportunities Fund are
required to file their proofs of debt by April 12, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 29, 2012.

The company's liquidator is:

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


GIS LEVERAGED 2: Creditors' Proofs of Debt Due March 22
-------------------------------------------------------
The creditors of GIS Leveraged 2 Limited are required to file
their proofs of debt by March 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 1, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         9 Argonaut House
         5 Park Road
         Hamilton HM 09
         Bermuda
         Telephone:  441-292-7979
         e-mail:  bmathias@argonaut.bm


HONCHO CORPORATION: Creditors' Proofs of Debt Due April 11
----------------------------------------------------------
The creditors of Honcho Corporation, Ltd. are required to file
their proofs of debt by April 11, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 1, 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


INVESTCORP WHITE: Creditors' Proofs of Debt Due May 28
------------------------------------------------------
The creditors of Investcorp White Eagle European Event Driven
Fund Limited are required to file their proofs of debt by May 28,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


LION GLOBAL: Creditors' Proofs of Debt Due April 13
---------------------------------------------------
The creditors of Lion Global Offshore Fund, Ltd. are required to
file their proofs of debt by April 13, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidators are:

         Stuart Sybersma
         Christopher Rowland
         Deloitte & Touche
         P.O Box 1787, Grand Cayman KY1-1109
         Cayman Islands


NEW STREAM: Commences Liquidation Proceedings
---------------------------------------------
On Feb. 29, 2012, a resolution was passed to liquidate these
companies:

   -- New Stream Secured Capital Fund A1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund A2 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Aa1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Ac1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund B2 (Cayman) Ltd;
   -- New Stream Secured Capital Fund B3 (Cayman) Ltd;
   -- New Stream Secured Capital Fund C1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund D1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund E1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund F1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund G1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund I1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund J1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund K1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund L1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund M1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund N1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund O1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund P1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Q1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Q2 (Cayman) Ltd;
   -- New Stream Secured Capital Fund R1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund R2 (Cayman) Ltd;
   -- New Stream Secured Capital Fund T1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund U1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund V1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund W1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund X1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Y1 (Cayman) Ltd;
   -- New Stream Secured Capital Fund Y2 (Cayman) Ltd; and
   -- New Stream Secured Capital Fund Z1 (Cayman) Ltd.

Creditors are required to file their proofs of debt by April 13,
2012, to be included in the company's dividend distribution.

The companies' liquidator is:

         Stuart Sybersma
         c/o Ryan Pull
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3306
         Facsimile: +1 (345) 949 8258


SALT CREEK: Creditors' Proofs of Debt Due April 12
--------------------------------------------------
The creditors of Salt Creek High Yield CSO 2005-1 Ltd. are
required to file their proofs of debt by April 12, 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


SINGSONG LTD: Creditors' Proofs of Debt Due April 16
----------------------------------------------------
The creditors of Singsong Ltd. are required to file their proofs
of debt by April 16, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 1, 2012.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


===============
C O L O M B I A
===============


CORPBANCA: Moody's Assigns 'D+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating (BFSR) of D+ and a standalone baseline credit assessment
of Baa3 to CorpBanca. Moody's has also assigned the bank Baa1 and
Prime-2 long and short term local and foreign currency deposit
ratings.

The outlook on all ratings is stable.

The following ratings were assigned to CorpBanca:

Bank financial strength rating: D+, stable

Long term global local currency deposit rating: Baa1, stable

Short term global local currency deposit rating: Prime-2

Long term foreign currency deposit rating: Baa1, stable

Short term foreign currency deposit rating: Prime-2

Ratings Rationale

Moody's said that CorpBanca's D+ BFSR and Baa1 long term deposit
ratings reflect the bank's established corporate and retail
banking franchise and brand identity in the Chilean market, where
it ranks fifth in deposits and loans. The ratings also
incorporate the bank's increasing earnings capacity and well
managed asset quality and capitalization that are supported
byChile's stable operating environment and established regulatory
framework.

Corpbanca's stable asset quality indicators, including relatively
low levels of nonperforming loans and adequate reserve coverage,
reflect in part the bank's predominantly high quality corporate
loan portfolio. Despite continued double digit loan growth and a
sizable dividend payout rate, Corpbanca's tangible capital
appears adequate to withstand potentially higher credit and
investment losses under more adverse scenarios. As of December
31, 2011, CorpBanca's Tier 1 ratio was 9.5%, which includes the
July 2011 US$ 370 million issue of common stock aimed at
supporting the bank's lending growth strategy in Chile.

Moody's said at the same time that Corpbanca's net interest
margin remains below those of its large and mid-sized peers,
reflecting both its principal focus on lending to large
corporations, which accounts for about half of the loan
portfolio, as well as its dependence on short term wholesale
funding. Management's efforts to diversify the bank's funding
sources away from its traditional base of institutional deposits
has led to debt issuances, which currently represent 20% of
liabilities, a strategy that is helping to extend the bank's
maturity profile and reduce tenor gaps while enhancing its
ability to increase its long term lending.

As a medium-sized bank in Chile, CorpBanca also faces stiff and
increasing competition in all its core business segments from the
large and mid-sized banks in Chile, as well as from foreign
banks. CorpBanca's affiliations with other financial services and
retail companies of the CorpGroup should however provide the bank
with revenue and cost synergies that will assist it in meeting
this challenge.

Management's decision to enter the Colombian market through its
acquisition of Banco Santander's operations, announced in
December 2011, supports the bank's goal of earnings and regional
diversification by taking advantage of opportunities
withinColombia's growing economy and financial system. Moody's
noted that Corpbanca's high growth strategy for Colombia
nonetheless also represents a potential ratings constraint as its
poses cross border risk management and funding challenges as well
as competitive dynamics that could alter the bank's risk profile.

CorpBanca's Baa1 deposit rating incorporates two notches of
uplift from its baseline credit assessment of Baa3 based on
Moody's assessment of a very high probability of systemic support
for the bank's obligations in case of need. This assessment
reflects the bank's importance as the fifth largest deposit-
taking institution in Chile.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Based in Santiago, CorpBanca reported consolidated assets of
US$17.1 billion, loans of US$13.2 billion and shareholders'
equity of US$1.4 billion as of December 31, 2011, with 8% and 7%
market shares in loans and deposits, respectively. CorpBanca is a
principal investment of CorpGroup Banking S.A. and other
companies related to the Saieh group, with a combined 63.67%
controlling stake. In addition to financial services, the group
has interests in real estate, retail, and media.


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


WINDALCO: UC Rusal's 2011 Net Profit Drops 92% to US$237 Million
----------------------------------------------------------------
RJR News reports that Moscow-based UC Rusal's 2011 net profit
dropped 92% to US$237 million due to a write-down of its holding
in a mining company and a steep drop in aluminum prices last
year.  UC Rusal owns 92% of West Indies Alumina Company.

The news comes as it wrestles with a management dispute among its
Russian shareholders, according to RJR News.

RJR News notes that the company posted a net loss of US$974
million for the fourth quarter of 2011 compared with a net profit
of US$1.45 billion the previous year.

In a separate RJR News, Russian billionaire Viktor Vekselberg has
quit as Chairman of the company effective March 13.

Mr. Vekselberg accused Chief Executive Officer Oleg Deripaska of
leading the giant aluminum producer into a deep crisis, according
to RJR News.

The report notes that revealing his disagreement with UC Rusal's
management over several decisions pertaining to the firm's
strategic development, Mr. Vekselberg claimed the moves were made
without board approval and in breach of shareholder agreements.

Mr. Deripaska controls 47.4% of UC Rusal which has a major stake
in Jamaica's bauxite/alumina sector.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2011, RJR News said the Jamaican cabinet will consider
a proposal for the government to allow the reopening of the
Kirkvine Alumina Plant in Manchester.  Jamaica Observer said the
Jamaica government said a delay in the reopening by the end of
the year will cost the country an estimated US$63 million.  State
Minister for Energy and Mining Lawrence Broderick told a forum in
Mandeville that while talks with Windalco had been "difficult and
are at a delicate stage, according to Jamaica Observer.
RadioJamaica said the board of UC Rusal, the parent firm of
Windalco, has approved the reopening of the Windalco-Kirkvine
Plant.  However, RadioJamaica related, the restart of mining
activities is subject to the approval by UC Rusal's international
lenders and further discussions with its partners on the project.
Production at the Windalco-Kirkvine Plant was temporarily
suspended in April 2009 due to cost-cutting measures,
RadioJamaica recounted.  RadioJamaica, citing an internet report,
noted that the cost of the restart of operations is expected to
be approximately US$9 million while the plant commissioning
budget is approximately US$17 million.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


BANCO EXTERIOR: Fitch Affirms 'B+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Banco Exterior, C.A. Banco Universal's
(Exterior) long-term Issuer Default Rating (IDR) at 'B+'.  The
Rating Outlook is Stable.

Exterior's ratings reflect its robust asset quality, good
profitability and adequate capital base.  The bank's market
share, limited revenue diversification, and the negative effects
of government intervention over the bank's business weigh on its
ratings.

Government intervention that pressures Exterior's financial
performance could negatively affect its ratings.  Similarly, a
sustained deterioration in profitability or asset quality that
pressures capitalization ratios could also be negative for
Exterior's ratings.  There is limited upside potential to the
bank's international ratings given Venezuela's current country
ceiling of 'B+'.

Exterior's expertise in its niche market (commercial loans to the
middle market and consumer loans) remains crucial in preserving
its asset quality ratios, despite frequent periods of volatility
in the Venezuelan economy since the mid 1980s.  At 0.4% as of
Dec. 31, 2011, Exterior's impaired loans/gross loans ratio
continued to compare favorably to domestic and international
peers.  Loan loss reserve coverage of impaired loans also
continued to compare favorably to both domestic and international
peer medians.

The stable trend in the bank's profitability continued in 2011 as
Exterior remained among the most profitable relative to domestic
peers (privately-owned universal banks).  Exterior's ROAA
averaged 4.3% over the four years ending in 2011.  Exterior's
ample spreads and strong loan growth continue to underpin its
profitability, while still limited income diversification is
compensated by its low credit costs, trends Fitch expects to
continue.

However, Fitch notes that Venezuelan banks are not required to
adjust for inflation. Including an adjustment for inflation,
Exterior's ROAA would be in line with similarly rated
international peers (emerging market commercial banks with a
long-term IDR of 'B-/B/B+').

As profitability kept pace with asset growth in 2011, Exterior's
capital base has stabilized and remains mostly unencumbered.
Fitch believes Exterior's main challenge in 2012 will be to
preserve and enhance its current capital base in light of
potential economic instability in 2013, given the pressures
derived of a complex regulatory scheme and sustained rapid loan
expansion.

Exterior is a mid-size bank in Venezuela, with a 4% market share
in terms of total assets at Dec. 31, 2011.  Spain's Grupo
Bancario Industrial Fierro (GBIF) controls about 83% of
Exterior's equity and has interests in other financial
institutions in Latin America and Miami.

Fitch has affirmed Exterior's ratings as follows:

  -- Long-term foreign and local currency Issuer Default Ratings
     (IDR) at 'B+'; Stable Outlook;
  -- Short-term foreign and local currency ratings at 'B';
  -- Viability at 'b+';
  -- Sup port at '5';
  -- Support floor at 'NF'.
  -- Long-term national scale rating at 'AA(ven)';
  -- Short-term national scale rating at 'F1+(ven)'.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800
http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800            ;
http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


                   * * * End of Transmission * * *