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

              Monday, March 26, 2012, Vol. 13, No. 061


                            Headlines



A R G E N T I N A

* Moody's Cuts Global LC Rating on 6 Argentine Oil/Gas Companies


B A R B A D O S

REDJET: Financial Woes Intensifies


B E R M U D A

LEHMAN BROTHERS: Seeks to Sell Local Reinsurance Arm for US$14MM


B R A Z I L

BANCO BGN: Moody's Affirms 'D-' BFSR; Outlook Remains Stable
MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds
* BRAZIL: Toll Roads Not Immune to Changing Concession Structures


C A Y M A N   I S L A N D S

A.F.M. CAPITAL: Shareholder to Receive Wind-Up Report on April 12
AWAS CAYMAN A330-I: Members' Final Meeting Set for April 3
CONCORDANCE EVENT: Shareholders' Final Meeting Set for April 12
CONCORDANCE EVENT MASTER: Shareholders' Meeting Set for April 12
DRV FUND: Shareholder to Receive Wind-Up Report on April 11

FLORIN FSU: Shareholders' Final Meeting Set for April 12
FOCUS 100: Members' Final Meeting Set for April 12
FOCUS 150: Members' Final Meeting Set for April 12
FOCUS 350: Members' Final Meeting Set for April 12
FOCUS 600: Members' Final Meeting Set for April 12

GEM DIF 1: Members' Final Meeting Set for April 6
PIRARUKU FUND: Members' Final Meeting Set for April 13
SANTA MARGHERITA: Members' Final Meeting Set for April 13
SILVER CREEK: Shareholders' Final Meeting Set for April 13
TAMPONE INVESTMENT: Members' Final Meeting Set for April 13


J A M A I C A

SUGAR COMPANY: Donna Scott-Mottley to Head Board


M E X I C O

SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'B3'


X X X X X X X X

* BOND PRICING: For the Week March 19 to March 23, 2012


                            - - - - -


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


* Moody's Cuts Global LC Rating on 6 Argentine Oil/Gas Companies
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
Argentine oil and gas companies and related companies:

- Pan American Energy LLC (PAE): Global Local Currency Rating
   downgraded to Ba3 from Ba2; negative outlook

- Pan American Energy LLC, Argentine Branch: Global Local
   Currency Rating downgraded to Ba3 from Ba2, Foreign Currency
   Rating downgraded to B1 from Ba3, National Scale Rating
   downgraded to Aa1.ar from Aaa.ar; negative outlook

- Petrobras Argentina S.A. (PASA): Global Local Currency Rating
   downgraded to Ba3 from Ba2, Foreign Currency Rating downgraded
   to B1 from Ba3, National Scale Rating confirmed at Aa2.ar;
   negative outlook; ratings unaffected by this action include
   the A3 Foreign Currency Rating and Aaa.ar National Scale
   Rating on US$300 million of Series S senior unsecured notes
   due 2017 supported by a standby purchase agreement with
   Petroleo Brasileiro S.A.

- YPF Sociedad Anonima (YPF): Global Local Currency Rating
   downgraded to Ba3 from Ba2, National Scale Rating downgraded
   to Aa2.ar from Aaa.ar; ratings remain on review for downgrade

- Petersen Energia S.A. (PESA): Foreign Currency Rating
   downgraded to Caa2 from B2; rating remains on review for
   downgrade

- Petersen Energia Inversora, S.A.U. (PEISA): Foreign Currency
   Rating downgraded to Caa2 from B2; rating remains on review
   for downgrade

Ratings Rationale

The rating actions reflect increased overall Argentine country
risk for these companies.  The Argentine government has a history
of interference in the oil and gas sector and has taken a number
of actions recently that demonstrate both increased interference
in the sector, as well as a high level of unpredictability.

Most notably, in February of this year, the government suspended
the Petroleo Plus and Refinacion Plus programs. And in October,
2011, the government mandated that oil, natural gas and mining
companies repatriate 100% of their foreign-currency proceeds,
contrary to the previous policy allowing the oil and gas
companies to keep 70% of export proceeds offshore.  The federal
government and certain provinces have also put more pressure on
producers, notably YPF, to increase production and investment
levels in the country.

The rating actions reflect Moody's assessment of the degree of
correlation between these entities' credit profiles and the
Argentine sovereign, which is rated B3, a view that is further
discussed in the rating implementation guidance "How Sovereign
Credit quality May Affect Other Ratings," published on Feb. 12,
2012.  While these downgrades more closely align the companies'
ratings and rising Argentine systemic risk, these companies also
benefit from other factors that support their ratings above the
government's B3 rating.

The ratings of PAE consider the company's strong track record in
servicing its foreign currency debt obligations during past
Argentine financial crises, healthy foreign currency liquidity
profile, sizable exports, limited reliance on domestic markets
for funding, and strong shareholders that operate outside of
Argentina, including BP p.l.c. (A2 stable) and CNOOC (Aa3 stable,
indirect state through Bridas Corporation).  In addition, the
ratings are supported by the company's substantial reserve and
production profile, low cost structure and conservative financial
leverage metrics, which are indicative of a low investment-grade
rated E&P company.  These factors help to offset PAE's
concentration in Argentina and high degree of foreign currency
convertibility and transfer risk, with the bulk of its debt
denominated in foreign currency.

PASA also has an external majority owner in Petroleo Brasileiro
S.A. (A3 stable), which in recent years has increasingly directed
the subsidiary's focus on operations and investments in
Argentina. PASA in fact has a relatively limited export profile,
primarily in chemicals and refined products, and will be
relatively less affected by the government's currency
initiatives.  In addition, PASA has been reducing debt and has a
strong external liquidity profile in the form of cash and other
assets available to service its predominantly foreign currency
debt.  A portion of its debt is also guaranteed by Petrobras.
PASA has been increasing its investment in exploration and
production in Argentina.  With declining reserves and a
relatively short reserve life, its primary operational challenge
will be to extend a largely mature asset base and show rising
production and reserve growth over the next few years.

YPF's ratings consider its strong track record in servicing its
foreign currency debt obligations during past Argentine financial
crises and its majority ownership by Repsol YPF S.A. (Baa2
stable) operating outside of Argentina.  YPF 's ratings are
further supported by its status as the largest industrial
corporation and energy company in Argentina, the benefits of
upstream/downstream integration and other business
diversification; its sizeable oil and gas reserves, including
sizeable shale gas resources in the longer-term; and a modest
export profile.  However, restraining YPF's ratings are its
Argentine concentration, high degree of foreign currency
convertibility and transfer risk, with the majority of its debt
denominated in foreign currency, high levels of short-term debt,
only modest foreign currency liquidity, and a moderate reliance
on domestic markets for funding.

Moody's is keeping YPF's ratings on review for downgrade
reflecting heightened risk of further government interference
specifically targeted at the company.  A number of provinces have
already cancelled certain concession contracts for YPF, although
Moody's notes the impact on production and reserves is limited.
In addition, Moody's believes YPF faces increased nationalization
risk, but currently believe this risk is low.

The ratings downgrades and continuing review for downgrade of
PESA and PEISA are driven by YPF's downgrade, as well as expected
restrictions on YPF's cash dividend payout.  Moody's believes
that YPF will be subject to increased currency controls in
remitting cash dividends to its owners.  YPF appears to be moving
forward with a script dividend, subject to shareholders' approval
in April. PESA and PEISA are solely dependent on the YPF dividend
stream in order to meet debt service obligations.  While PESA and
PEISA benefit from a first lien interest in a portion of YPF's
shares outstanding, the share price is exposed to substantial
valuation risk.  Collateral coverage of the loans under stress
case valuation scenarios is assumed to be insufficient to cover
remaining debt outstanding, particularly with PESA's looming May
maturity and refinancing risk. In addition, due to the receipt of
only limited information on PESA and PEISA, the ratings could be
withdrawn in the near-term should Moody's determines that the
rating agency lacks adequate information in order to monitor the
entities' credit profiles.

The rating outlook is negative for PAE and PASA, as Moody's
believes that the Argentine operating environment for the oil and
gas sector has not stabilized and is subject to further negative
intervention.

The principal methodology used in rating PAE and PASA was the
Global Independent Exploration and Production Industry
Methodology published in December 2011.

The principal methodology used in rating YPF was the Global
Integrated Oil & Gas Industry Methodology published in November
2009.

PESA and PEISA's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside Petersen's core industry
and believes Petersen's ratings are comparable to those of other
issuers with similar credit risk.


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


REDJET: Financial Woes Intensifies
----------------------------------
RJR News reports that REDjet (Airone Caribbean/Airone Ventures
Limited) could lose its license to fly to Trinidad.

Trinidad Minister of Transport Devant Maharaj reportedly said the
airline should not take its air operation license from Trinidad
lightly, and suggested that now may be the time for the Civil
Aviation Authority to revoke REDjet's license, according to RJR
News.

The report notes that REDjet's decision to suspend all flights
came a day after the airline announced the addition of its new
route to Antigua and Barbuda.   REDjet officials are calling on
the Barbadian government for close to $8,000,000 in assistance,
and to receive the same subsidies as other airlines, RJR News
notes.

The report discloses that Mr. Maharaj said governments cannot
continue to expose themselves as a guarantor to private
enterprises.

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.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.


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B E R M U D A
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LEHMAN BROTHERS: Seeks to Sell Local Reinsurance Arm for US$14MM
----------------------------------------------------------------
Marcia Breen at The Royal Gazette Online reports that Lehman
Brothers Holdings Inc. is looking to sell its Bermuda reinsurance
arm, Congress Life Insurance, for US$14 million.

The Bermuda unit is seeking bankruptcy court approval to close on
the sale of Congress Life as a part of the wind-down of Lehman Re
Ltd, which is being overseen by the Bermuda courts, according to
The Royal Gazette.  It is one of the many loose ends, the report
relates, yet to be tied up for the failed investment bank.

The Royal Gazette Online notes that court records indicate
Tennessee Farmers Life Insurance Co, the buyer in the deal, wants
the U.S. Bankruptcy Court of Manhattan to approve the deal to
ensure none of Lehman's liabilities haunt them.

The Lehman reinsurance division bought Congress Life from an
affiliate of JP Morgan Chase & Co. in 2007 for about
US$9.1 million, the report recounts.  The division, The Royal
Gazette Online cites, provided US$50 million in capital to
Congress Life, which was supposed to strengthen Lehman's
reinsurance business.

The report notes that Congress Life is one of the assets caught
up in Lehman's battle with Magnetar Capital's Pulsar Re Ltd, a
court fight that continues in Bermuda.  The proceeds of the sale,
plus an additional $45 million used to capitalized Congress Life,
will be held in a segregated account until there is a ruling or
settlement in the dispute, the report discloses.

The Royal Gazette Online notes that Pulsar Re claims Lehman used
Pulsar's money to buy and capitalize Congress Life.  It has
nevertheless agreed to let the sale go through, the report adds.

A Bermuda court is scheduled to review the deal before the
Manhattan bankruptcy court takes it up in early April.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


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B R A Z I L
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BANCO BGN: Moody's Affirms 'D-' BFSR; Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco
BGN S.A. (BGN), including the D- bank financial strength rating
(BFSR), the global local currency deposit ratings of Ba1 and Not
Prime, the foreign currency deposit ratings of Ba1 and Not Prime
and the national scale deposit ratings on the Brazilian national
scale of Aa2.br and BR-1.  The outlook on all ratings remains
stable.

Ratings Rationale

In affirming BGN's D- standalone rating and Ba3 baseline credit
assessment, Moody's noted the strong ties between the operations
of BGN and its parent, BNP Paribas, in Brazil.  Having a
specialized franchise in the segment of payroll loans, the bank
acts as BNP Paribas' exclusive vehicle for credit origination in
that market, leveraging the extensive expertise that it first
established under the tenure of the bank's previous controllers.
Moody's also highlighted that the rating reflects the small size
of the bank's franchise, its relatively tight, though stable,
profit margins, and limited earnings diversification, a
consequence of BGN's monoline operation.

Moody's also noted that the high integration between BGN and its
parent allows the bank to overcome funding- and capital-related
challenges common to other banks focused on payroll lending.
Almost the entire funding structure of BGN is provided by BNP
Paribas and related companies, which enables management to
achieve an improved matching between the tenure of loans and
deposits, as well as more attractive funding costs.  As a result,
the bank does not rely on the sale of credit operations or the
issuance of special time deposits guaranteed by the insurance
deposit fund (DPGEs) as complementary sources of funding.
Moreover, loan origination is not constrained by the bank's
capitalization because BGN reports solvency ratios on a
consolidated basis with the BNP Paribas Group.  Finally, BGN's
credit profile also benefits from the application of risk
management and corporate governance policies that mirror those of
BNP Paribas Personal Finance.

According to the rating agency, the growth potential for BGN's
operation is currently limited by the intense competitive
environment present in the segment of payroll loans.  Moreover,
its growth prospects remain challenged by high operating
expenses, as demonstrated by an efficiency ratio of 81% in year-
end 2011 as compared with an average of 67% for peers, thus
keeping profitability indicators at modest levels.

BGN's Ba1 global local currency deposit rating incorporates a
moderate probability of support from BNP Paribas, but does not
incorporate systemic support given its limited participation in
the Brazilian deposit market, added Moody's.

The last rating action on Banco BGN was on September 22, 2009
when Moody's upgraded the bank's long-term foreign currency
deposit rating to Ba1 from Ba2, in line with the upgrade of the
sovereign ceiling for foreign currency deposit.  After this
upgrade, BGN's foreign currency deposit rating was no longer
constrained by the ceiling. Other ratings remained unchanged.

Banco BGN S.A. is headquartered in Recife, Brazil and reported
consolidated assets of R$3.46 billion (US$1.86 billion) and
equity of R$878 million (US$313 million) as of December 31, 2011.

The following ratings of Banco BGN were affirmed:

Bank Financial Strength Rating: D-, with stable outlook

Global Local Currency Deposit Ratings: Ba1 and Not Prime, with
stable outlook

Foreign Currency Deposit Ratings: Ba1 and Not Prime, with stable
outlook

Brazilian National Scale Deposit Ratings: Aa2.br and BR-1, with
stable outlook


MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds
----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating
to Minerva S.A.'s reopening of its 2022 senior unsecured notes in
order to issue an additional US$100 million.  The ratings outlook
is stable.  The proposed notes, issued by its subsidiary Minerva
Luxembourg S.A, will be unconditionally and irrevocably
guaranteed by Minerva S.A.  Proceeds from the proposed notes will
be used to refinance existing debt.

Ratings Rationale

"The B2 rating reflects the company's track record of stable
operating margins, despite the difficult environment for the
sector in 2011, with higher cattle prices and FX volatility,
factors that negatively impacted the overall meat processing
sector in Brazil", said Moody's local market analyst Marianna
Waltz.  In addition, it also considers the significant
improvement in debt profile after the US$350 million issuance in
February.

Moody's has also incorporated in Moody's assumptions that Minerva
will (i) focus on deleveraging; (ii) only make modest
acquisitions over the near term; (iii) continue to successfully
execute the strategies of its beef trading operations that has
delivered above average margins; and (iv) turn free cash flow
positive in 2012 and beyond.  Moody's is also considering the
improvement in Minerva's liquidity levels, as evidenced by the
company's unwritten policy of keeping a minimum BRL500 million in
cash (BRL740 million as of December 2011).

Offsetting some of the positive attributes is Minerva's
relatively small size compared to local and global peers, based
on consolidated net revenues, its still high leverage, as well as
the sales concentration in live cattle, beef and beef related
products and the volatile nature of the protein business.

The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage and maintain liquidity at current
levels.

The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions causes operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 5.0x.  The company's inability to keep CFO/Net Debt above
10% or deliver positive free cash flow in 2012 could add to
negative ratings pressure.

Minerva's ratings could be upgraded if Minerva makes additional
progress in deleveraging its balance sheet and is able to deliver
greater diversification of revenue and cash flow streams.
Upwards pressure would depend on the company's ability to reduce
adjusted total debt to EBITDA ratio to below 4.5x and increase
EBITA to Interest Expense to above 1.5x and CFO to Net Debt to
above 15%.

The principal methodology used in rating Minerva was the Global
Food - Protein and Agriculture Industry Methodology published on
September 2009.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL3.98 billion (approximately US$2.27
billion) at FY2011 and installed slaughtering capacity of 10.480
heads of cattle per day, Minerva is the second largest Brazilian
exporter of beef and beef byproducts and has ten own beef
production facilities in Brazil as well as presence in Paraguay
and Uruguay.


* BRAZIL: Toll Roads Not Immune to Changing Concession Structures
-----------------------------------------------------------------
Brazil's road system stretches over 1.1 million miles and is ripe
for development ahead of the 2014 Soccer World Cup and the 2016
Olympics, but credit quality remains uneven in the Latin American
country says Moody's Investors Service in a new report on toll
road credit quality.

"Credit quality among toll roads in Brazil depends on the
financial and legal structure of each road, as well as its basic
features, ownership structures, service area, vehicle flow and
operating history," said Cristiane Spercel, a Moody's analyst and
author of the report.

The market is ripe for future development with only half of the
currently paved 13% of roads considered to be in good condition.
"The large toll road concession groups in Brazil, including CCR,
Ecorodovias and OHL Brasil, are well positioned in terms of
liquidity and corporate governance to benefit from these growth
opportunities" said Ms. Spercel.

Moody's says the most important issues when assessing toll road
credit quality include the presence of strong governance and
autonomy over tariff-setting, which provides road operators with
a financial buffer against economic and political pressures.

Other key factors include the security and visibility of
concession contracts -- where private investors are responsible
for operation and maintenance -- and whether Brazilian regulators
continue their hands-off approach.

As Brazil's regulatory environment is not yet fully independent
from political influence, adverse changes to concessions remain a
potential hazard.  Moody's notes, however, that much of this risk
has been mitigated for existing concessions by protections
already mandated in current contracts.

Moody's expects a risk increase from political pressure over the
next 12 to 18 months as the municipal elections take place in the
second half of this year and certain investments approach the
deadlines for completion in 2014.

While the competitive environment for new auctions remains
fierce, the framework for new concessions will gradually evolve
to increase the risk allocation to private investors.  Still,
toll road concession and construction activity will rise but
increased competition may hamper profits from any new projects,
says the report.


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C A Y M A N   I S L A N D S
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A.F.M. CAPITAL: Shareholder to Receive Wind-Up Report on April 12
-----------------------------------------------------------------
The shareholder of A.F.M. Capital Limited will receive on
April 12, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


AWAS CAYMAN A330-I: Members' Final Meeting Set for April 3
----------------------------------------------------------
The members of AWAS Cayman A330-I Ltd. will hold their final
meeting on April 3, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONCORDANCE EVENT: Shareholders' Final Meeting Set for April 12
---------------------------------------------------------------
The shareholders of Concordance Event Fund Ltd. will hold their
final meeting on April 12, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONCORDANCE EVENT MASTER: Shareholders' Meeting Set for April 12
----------------------------------------------------------------
The shareholders of Concordance Event Master Fund Ltd. will hold
their final meeting on April 12, 2012, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DRV FUND: Shareholder to Receive Wind-Up Report on April 11
-----------------------------------------------------------
The shareholder of DRV Fund will receive on April 11, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


FLORIN FSU: Shareholders' Final Meeting Set for April 12
--------------------------------------------------------
The shareholders of Florin FSU Credit Opportunities Fund will
hold their final meeting on April 12, 2012, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FOCUS 100: Members' Final Meeting Set for April 12
--------------------------------------------------
The members of Focus 100 Ltd. will hold their final meeting on
April 12, 2012, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


FOCUS 150: Members' Final Meeting Set for April 12
--------------------------------------------------
The members of Focus 150 Ltd. will hold their final meeting on
April 12, 2012, at 9:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


FOCUS 350: Members' Final Meeting Set for April 12
--------------------------------------------------
The members of Focus 350 Ltd. will hold their final meeting on
April 12, 2012, at 9:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


FOCUS 600: Members' Final Meeting Set for April 12
--------------------------------------------------
The members of Focus 600 Ltd. will hold their final meeting on
April 12, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


GEM DIF 1: Members' Final Meeting Set for April 6
-------------------------------------------------
The members of GEM DIF 1 Ltd. will hold their final meeting on
April 6, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


PIRARUKU FUND: Members' Final Meeting Set for April 13
------------------------------------------------------
The members of Piraruku Fund Limited will hold their final
meeting on April 13, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Turner & Roulstone Management Ltd.
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone: 1 345 943 5555


SANTA MARGHERITA: Members' Final Meeting Set for April 13
---------------------------------------------------------
The members of Santa Margherita Investment Ltd. will hold their
final meeting on April 13, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


SILVER CREEK: Shareholders' Final Meeting Set for April 13
----------------------------------------------------------
The shareholders of Silver Creek Currency Hedged SPC, Ltd. will
hold their final meeting on April 13, 2012, at 9:40 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAMPONE INVESTMENT: Members' Final Meeting Set for April 13
-----------------------------------------------------------
The members of Tampone Investment Holding Ltd. will hold their
final meeting on April 13, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


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


SUGAR COMPANY: Donna Scott-Mottley to Head Board
------------------------------------------------
RJR News reports that attorney-at-law Donna Scott Mottley has
been appointed to head the Board of the Sugar Company of Jamaica
Holdings Limited.

Desmond Leakey is the Deputy Chairman, according to RJR News.

RJR News notes that the other members are:

   -- Paul Wilson,
   -- Robert Henriques,
   -- Reverend Hartley Perrin,
   -- Vincent Morrison,
   -- Morais Wallen,
   -- Hopeton Morrison,
   -- George Callaghan, and
   -- a representative of the Finance Ministry.

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 3, 2010, RadioJamaica said that the Jamaican government
and
Complant International Sugar Company has closed the deal on the
sale of SCJ's three remaining state-run sugar factories --
Bernard Lodge, Monymusk and Frome Sugar -- to the Chinese firms.
According to the report, the government will collect US$774
million from the sale of SCJ's assets.  The report noted Dr.
Christopher Tufton, Minister of Agriculture, said that Complant
International will immediately begin taking control of some of
the
sugar assets.  TCRLA reported on June 22, 2009, that the Jamaica
Gleaner said that Agriculture and Fisheries Minister Christopher
Tufton said that if a new deal is not inked soon for the
divestment of SCJ's factories, the public will be called on again
to plug a projected US$4.2 billion hole -- representing a US$2
billion operational loss, and bank penalties -- apparently from
continuous hefty overdrafts.  The loss was incurred by the SCJ's
four factories during the 2008/2009 season.  The Gleaner related
the enterprise has a US$21-billion debt and losses totaling more
than US$14 billion since 2005.


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


SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'B3'
---------------------------------------------------------------
Moody's de Mexico downgraded the national scale senior unsecured
debt rating of Sare Holding, S.A.B. de C.V. to B3.mx, from
Ba3.mx. Moody's also affirmed Sare's global local currency senior
unsecured debt rating at B3. The rating outlook remains negative.

Ratings Rationale

The rating actions reflect Sare's significant reduction in sales,
which has placed considerable stress on its earnings, credit
metrics and liquidity.  The company's large exposure in middle
and higher income high rise developments coupled with stricter
underwriting by banks for mortgage funding in these sectors has
led to a slowdown in sales for the company.  In addition, the
company's prospective clients have become more cautious when
making real estate investment decisions.  Furthermore, the
earnings deterioration during the first nine months of 2011 was
exacerbated by the company's debt rescheduling process with its
banks, started in October 2011.  The debt restructuring caused
the temporary suspension of cash flows to the company by its
creditors, and the suspension of Sare's land sales program.  This
debt restructuring process also limited Sare's ability to
generate enough cash flow to continue the development of its
housing projects in the low income housing segment, which in turn
did not allow it reduce debt levels and generate stronger
earnings as expected. Thus, the company's credit metrics
substantially deteriorated in the 4Q11 and for the full year
2011.  The company's viability and liquidity is tied to the
timely execution of its land sale program.

The negative outlook reflects the stress on Sare's cash flows and
its limited liquidity, and the uncertainty as to how quickly the
company can start developing and selling homes in 2012.
Furthermore, the negative rating outlook reflects Moody's
expectation that the company will continue to experience
deterioration in its operating profits and credit metrics. Its
liquidity and development capabilities remain strained as they
are completely tied to its land sale program.

Nevertheless, Moody's acknowledges that the completion of the
debt restructuring process with bank creditors (the rescheduling
of maturities and the program for divesting of land) should give
Sare the financial flexibility and some free cash flow to boost
their housing projects earnings, meet debt service obligations
and lower its debt levels.  Moody's B3 global local currency and
B3.mx national scale issuer ratings continue to reflect Sare's
current position as a medium size homebuilder in Mexico in terms
of housing units sold.  Sare is a publicly traded company, listed
on the Bolsa Mexicana de Valores (BMV), which enhances
transparency and corporate governance.

Moody's stated that a return to a stable would require progress
in the company's land sale program, coupled with deleveraging and
the re-start of its low-income housing development projects. Any
further deterioration in Sare's current liquidity and credit
metrics coupled with any further debt restructuring or debt
covenant compliance issues will lead to a multiple notch
downgrade.

The following ratings were downgraded with a negative outlook:

Sare Holding, S.A.B. de C.V. - national scale senior unsecured
debt rating to B3.mx, from Ba3.mx; national scale issuer rating
to B3.mx, from Ba3.mx

The following ratings were affirmed with a negative outlook:

Sare Holding, S.A.B. de C.V. - global scale local currency
senior unsecured debt rating at B3; and global scale local
currency issuer rating at B3

Moody's last action with respect to Sare took place on
November 30, 2011, when Moody's downgraded the national scale
senior unsecured debt rating of Sare Holding, S.A.B. de C.V. to
Ba3.mx, from Ba1.mx.  Moody's also downgraded Sare's global local
currency senior unsecured debt rating to B3, from B2.  The rating
outlook was revised to negative, from stable.

Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a
fully integrated, diversified homebuilder engaged in the
development, construction, marketing, consulting, and sales of
affordable, middle- and upper-income housing developments in
Mexico. Sare was founded in 1967 and first developed single-
family homes and office buildings in 1977.  Sare has an important
presence in Mexico City and nine different states in the country:
State of Mexico, Jalisco, Puebla, Michoacan, Guanajuato,
Queretaro, Quintana Roo, Guerrero and Morelos.  Sare Holding,
S.A.B. de C.V. is one of the top eight home developers in Mexico.
As of Dec. 31, 2011 Sare reported approximately US$7.2 billion
Mexican pesos in assets and US$3.5 billion Mexican pesos in
shareholders equity.


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


* BOND PRICING: For the Week March 19 to March 23, 2012
-------------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS            8.28    12/31/2033     USD           72.15
ARGENT-PAR             1.18    12/31/2038     ARS           46.92
ARGENT- DIS            7.82    12/31/2033     EUR              56
ARGENT- DIS            7.82    12/31/2033     EUR              65
ARGENT- DIS            7.82    12/31/2033     EUR              66
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            73.5
EMP DISTRIB NORT       9.75    10/25/2022     USD              61
EMP DISTRIB NORT       9.75    10/25/2022     USD           62.88
PROV BUENOS AIRE       9.625    4/18/2028     USD           68.91

BRAZIL
------

REDE EMPRESAS         11.125                  USD           42.5
REDE EMPRESAS         11.125                  USD           38.02
REDE EMPRESAS         11.125                  USD           42.63


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

BANCO BPI (CI)           4.15   11/14/2035    EUR           46.38
BCP FINANCE BANK         5.01   3/31/2024     EUR           54.63
BCP FINANCE BANK         5.31   12/10/2023    EUR           56.75
BCP FINANCE CO           5.543                EUR            32.5
BCP FINANCE CO           4.239                EUR           33.25
BES FINANCE LTD          6.625                EUR           96.88
BES FINANCE LTD          5.58                 EUR           44.33
BES FINANCE LTD          4.5                  EUR           51
CAM GLOBAL FIN           6.08   12/22/2030    EUR           67.25
CHINA FORESTRY           10.25  11/17/2015    USD           60
CHINA FORESTRY           10.25  11/17/2015    USD           57.5
CHINA SUNERGY            4.75    6/15/2013    USD           46
EFG ORA FUNDING          1.7    10/29/2014    EUR           51.08
ESFG INTERNATION         5.753                EUR           34.5
JINKOSOLAR HOLD          4       5/15/2016    USD           55.97
LDK SOLAR CO LTD         4.75    4/15/2013    USD           48.01
LDK SOLAR CO LTD         4.75    4/15/2013    USD           48.01
LDK SOLAR CO LTD         4.75    4/15/2013    USD           85.32
LDK SOLAR CO LTD        10       2/28/2014    CNY           67
LUPATECH FINANCE         9.875                USD           72
PUBMASTER FIN            5.943  12/30/2024    GBP           73
PUNCH TAVERNS            4.767   6/30/2033    GBP           72.08
SOLARFUN POWER H         3.5     1/15/2018    USD           64.5
SOLARFUN POWER H         3.5     1/15/2018    USD           63.48
SUNTECH POWER            3       3/15/2013    USD           75.25
SUNTECH POWER            3       3/15/2013    USD           74.32


CHILE
-----
AGUAS NUEVAS              3.4    5/15/2012    CLP           1.265
CGE DISTRIBUCION          3.25   12/1/2012    CLP          20.1
ESVAL S.A.                3.8    7/15/2012    CLP          12.6
MASISA                    4.25  10/15/2012    CLP          20.42
QUINENCO SA               3.5    7/21/2013    CLP          25.54


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


BANCO SANTANDER           6.1    6/1/2032      USD         73.26
PUERTO RICO CONS          6    12/15/2034      USD          0.01
PUERTO RICO CONS          6.5    4/1/2016      USD          63.5


VENEZUELA
---------

PETROLEOS DE VEN          5.5    4/12/2037      USD         62.11
PETROLEOS DE VEN          5.375  4/12/2027      USD         56
VENEZUELA                 7      3/31/2038      USD         71.61
VENEZUELA                 7      3/31/2038      USD         71.75


                            ***********


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 * * *