TCRLA_Public/120608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, June 8, 2012, Vol. 13, No. 114


                            Headlines



B A R B A D O S

REDJET: Antigua Says No to Airline


A R G E N T I N A

TRANSPOTADORA DE GAS: Fitch Withdraws 'CCC(exp)' Issuance Rating


B E R M U D A

DIGICEL GROUP: Sues Government for Substantial Damages
TELSTRA INTERNATIONAL: Creditors' Proofs of Debt Due June 20
TELSTRA INTERNATIONAL: Member to Hear Wind-Up on July 19


B R A Z I L

FUNDO DE INVESTIMENTO: Moody's Rates Senior Shares 'Ba3'
PDG COMPANHIA: Moody's Assigns 'Ba2' Rating to BRL250MM Certs.
PDG REALTY: Capital Increase No Impact on Moody's 'Ba2' CFR


C A Y M A N   I S L A N D S

BALLANCE PRINCIPALS: Creditors' Proofs of Debt Due June 26
BARCLAYS MOSELLE NO 2: Creditors' Proofs of Debt Due July 5
CALIBRE TRADING: Creditors' Proofs of Debt Due July 5
FLETCHER FIXED: Commences Liquidation Proceedings
HAUTEVILLE INVESTMENTS: Creditors' Proofs of Debt Due July 5

MAN FOUR SEASONS: Creditors' Proofs of Debt Due June 25
MAN GLOBAL MACRO: Creditors' Proofs of Debt Due June 25
MAN LEGENDS: Creditors' Proofs of Debt Due June 25
REFLEXION SELECT: Creditors' Proofs of Debt Due July 5
STALLION IAM: Creditors' Proofs of Debt Due Aug. 13


C O S T A   R I C A

CAJA COSTARRICENSE: To Put a Stop to its Financial Deficit


                            - - - - -


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


REDJET: Antigua Says No to Airline
----------------------------------
RJR News reports that Prime Minister Baldwin Spencer said that
Antigua & Barbuda will not participate in Airone Caribbean/Airone
Ventures Limited (REDjet)'s bid to return to the skies.

The airline has been seeking assistance from the governments of
Guyana and Barbados to resume operations, according to RJR News.
The report relates that St. Kitts and Nevis Tourism Minister
Richard Skerritt, who is also chairman of the Caribbean Tourism
Organisation, urged regional governments to help the Barbados-
based low-cost carrier.

RJR News notes that the Antigua Observer reported that PM Spencer
said helping the airline was simply not an option.

St Vincent and Antigua & Barbuda are among shareholder
governments for regional airline LIAT, and Spencer said he would
much prefer to put his funds in that financially embattled
company, RJR News says.

In April, a senior Barbados government minister said that efforts
were being made to have the low-cost carrier resume operations
within a two-month period, RJR News notes.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports 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 noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.

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


TRANSPOTADORA DE GAS: Fitch Withdraws 'CCC(exp)' Issuance Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn Transportadora de Gas del Norte's
(TGN) proposed USD 247.3 million debt issuance rating of
'CCC(exp)/RR4/BB(arg)'.  The rating withdrawal reflects the
suspension of the debt issuance due to the withdrawal of TGN's
proposed debt restructuring process.

On June 1st, the company announced it had voluntary filed for
'Concurso Preventivo'.  Such decision follows the lack of
advances in the court approval of the debt restructuring agreed
with 87.97% of bondholders in October 2009, and continued
operating losses due to frozen tariffs.

TGN's local and foreign currency Issuer Default Rating (IDR) is
'D', and its national scale rating is 'D(arg)'.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total
gas consumption.  The Argentine government has intervened into
TGN's administration since December 2008.  The designated
government's interventor is responsible for supervising all
actions related to the public service.  TGN's main shareholders
are Gasinvest S.A. (56.35%) and Blue Ridge Investments LLC
(23.53%), while 20% is floating in the market.  Gasinvest S.A. is
in turn owned by Tecpetrol Internacional SL (27.24%), Total Gas y
Electricidad Argentina S.A (20,60%), Total Gasandes (6.63%),
Compania General de Combustibles S.A. (27,24%), and RPM Gas S.A.
(18,29%).



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B E R M U D A
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DIGICEL GROUP: Sues Government for Substantial Damages
------------------------------------------------------
The Royal Gazette reports that Digicel Bermuda is suing the
Bermuda government for substantial damages "for misfeasance in
public office" as part of the protracted legal battle over its
launch last year of international long distance.

The Royal Gazette understands from a legal source that Digicel
Bermuda's latest legal action is against the Ministry of
Environment, Planning and Infrastructure Strategy and is based
mainly on an affidavit sworn by Permanent Secretary Dr. Derrick
Binns.

The Royal Gazette says that Digicel Bermuda's recent judicial
review proceedings included the claim for damages, which
Government applied to set aside.  The report relates that the
proceedings were adjourned, but both sides are due back in court
soon.

It's been government's case, as stated in previous affidavits,
that the Digicel ILD offered through sister company and ISP
Transact was not lawful, The Royal Gazette notes.

However, the report notes that Digicel Bermuda claims Government
approved it to carry ILD.

The report discloses that it's Digicel Bermuda's case that it met
with Government before it purchased Transact and was "absolutely
clear" what its intentions were with regard to offering ILD.

"Government understood this and approved the matter on that basis
. . . .  Digicel proceeded to purchase Transact following
Government's express approval," the company said in a statement
obtained by the news agency.

Digicel Group contends that key meeting took place last
September 16 and was attended by Ministry/Telecoms officials, the
report says.

The approval Digicel says Government gave it appeared to be
supported in a letter of October 20, 2011, obtained by The Royal
Gazette.

The report notes that the Telecoms Commission has advised
Government that it has found Digicel Bermuda and Transact are not
in compliance with their licenses.  But Minister of Environment,
Planning and Infrastructure Strategy Marc Bean has told the
Commission that before he makes his decision in the case he needs
more information on how it reached its findings, the report says.

Long distance provider TBi is joined with Government in objecting
to Digicel Bermuida's launch of ILD, the report adds.


TELSTRA INTERNATIONAL: Creditors' Proofs of Debt Due June 20
------------------------------------------------------------
The creditors of Telstra International Holdings No. 2 Limited are
required to file their proofs of debt by June 20, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 30, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


TELSTRA INTERNATIONAL: Member to Hear Wind-Up on July 19
--------------------------------------------------------
The member of Telstra International Holdings No. 2 Limited will
receive on July 19, 2012, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 30, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda



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B R A Z I L
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FUNDO DE INVESTIMENTO: Moody's Rates Senior Shares 'Ba3'
--------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A2.br
(sf) (Brazilian National Scale) and of Ba3 (sf) (Global Scale,
Local Currency) to the senior shares issued by Fundo de
Investimento em Direitos Creditorios CDC Financiamento de
Veículos Credifibra (FIDC Credifibra or the Issuer), a
securitization backed by a pool of auto loans originated by
Credifibra S.A. -- Credito, Financiamento e Investimento
(Credifibra). FIDC Credifibra is the first securitization of
vehicle loans sponsored by Credifibra S.A. and rated by Moody's.

Issuer: FIDC CDC Financiamento de Veiculos Credifibra

Senior Shares - A2.br (sf) (Brazilian National Scale) & Ba3 (sf)
(Global Scale, Local Currency)

Ratings Rationale

The ratings are based on the following factors, among others:

- The minimum 30% credit enhancement, at closing and during the
life of the transaction, in the form of subordination supporting
the senior shares. Quarterly amortization payments to the
subordinated share in excess of the minimum 30% subordination are
allowed subject to the discretion of the trustee;

- A minimum discount rate of 1.74% per month or 23% per annum
yielding 4.5% excess spread under base case assumptions;

- The static nature of the transaction, with no ongoing
revolving purchases. Senior shareholders may vote at future
shareholders meeting to allow for a new issuance of senior
shares, which will finance additional purchases of portfolios;

- The role of a highly rated third party, Banco Bradesco and its
subsidiary, BEM DTVM, as custodian bank, payment bank and trustee
of the transaction. The transaction benefits from Bradesco's
operational quality;

- The main weakness of transaction is related to the short
historical performance data reviewed, which is limited to 23
months and reflects Credifibra's status of a new entrant in this
line of business. The historical data available is below 5 years,
the maximum tenor of the contracts, so no full cycle of loan
origination to maturity has been observed.

FIDC Credifibra is a newly incorporated closed-ended FIDC with
unspecified legal final maturity. It has the ability to issue
multiple series of shares. The definitive ratings are assigned to
the first series of senior shares to be distributed by means of a
public placement with restricted efforts (CVM Instruction 476).
The subordinated shares were entirely retained by the seller,
Credifibra. Secondary sales of subordinated shares are limited to
entities that are part of the seller's economic group.

The senior shares accrue a floating-rate interest of 117.8% of DI
Rate (Brazilian Interbank Rate) with daily accrual, and its final
maturity will take place on January 6, 2017. The senior shares
make principal and interest payments starting on the first month
of the transaction. Payments to subordinated shares are permitted
on a quarterly basis as long as the minimum subordination ratio
of 30% is adhered to, no evaluation or early liquidation event is
triggered and subject to the general discretion of the trustee
(BEM DTVM S.A.).

The assets backing FIDC Credifibra are vehicle loans originated
by Credifibra. Most of the securitized pool is comprised of light
vehicles (sedans). As per eligibility criteria, trucks and heavy
vehicles can represent up to a maximum of 20% of the fund's net
assets. Loans for motorcycles are not allowed. The maximum single
borrower concentration accepted is 0.10%.

The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.

Key revision event triggers include:

- Downgrade of the senior shares rating below level A2.br (sf)
by Moody's;

- Failure of trustee, custodian bank or seller to carry out its
duties;

- One day increase of the DI Rate above 130%;

- Failure to establish Payment Reserve Account for 3 consecutive
business days;

- Failure to establish Liquidity Reserve Account for 3
consecutive business days;

- Breach of certain delinquency triggers stipulated in the
fund's indenture;

- Breach of Minimum Subordination Level (30%) for 3 consecutive
business days;

- Verification (monthly) of total repurchase amount in excess of
0.8% of outstanding loans within a 12 month window;

- Verification (monthly) of total prepayments amount in excess
of 3.0% of outstanding loans within a 12 month window;

- Errors in formalization that account for more than 2% of
underlying loan contracts or guarantees during a quarterly audit.

Key eligibility criteria and conditions of sale are:

- Loans must have tenor of maximum 60 months;

- The contracts must have a final maturity date before the legal
final maturity of the senior shares;

- Maximum concentration for trucks: 20% of the fund's net
assets;

- Obligors must not have restrictions with the credit bureaus
(SERASA /SPC);

- Maximum concentration of 0.10% of fund net assets per
borrower;

- Loans must not have any encumbrances or third party pledges;

- The financed vehicle must be less than 10 years old;

- The financed vehicle must have been pledged as collateral to
the loan contract by means of fiduciary assignment (alienacao
fiduciaria);

- The loans must have no installments in arrears at the moment
of sale.

Banco Bradesco S.A. acts as master servicer (custodiante) of the
transaction as well as payment bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the Issuer's daily financial and operating activities.

BEM DTVM S.A. (Banco Bradesco Group) is the trustee.

Credifibra S.A. -- Credito, Financiamento e Investimento (not
rated by Moody's) is a subsidiary of Banco Fibra S.A., which is
rated D Bank Financial Strength Rating, Ba2 Long Term Bank
Deposit Rating in the Global Scale, Local Currency, and Aa3.br in
the Brazilian National Scale. Banco Fibra S.A., is controlled by
Vicunha Group and since 2007 the IFC (International Finance
Corporation) has become a minority shareholder.

In assigning the provisional ratings to this transaction, Moody's
evaluated a receivables' portfolio for 23-month period starting
October 1, 2009 and ending August 31, 2011. During this period,
Credifibra originated vehicle loans financing for an amount of
BRL 2.1 billion (corresponding to BRL 3.6 billion nominal
installments). The average ticket size of the contracts was BRL
18.2 thousand (corresponding to BRL 30.4 thousand nominal
installments).

Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 8.5% per annum
and a standard deviation of 5.5% per annum. Other model input
assumptions include an annual prepayment rate of 5.0% per annum
and a minimum discount rate (effective rate used for the purchase
of the assets by the FIDC) of 1.74% per month. The DI Rate was
stressed from 11.6% per annum at closing of transaction to 18.0%
at month 60 after closing.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and
prepayments, were statically stressed commensurate with the Ba3
(sf) / A2.br (sf) rating level. The resulting cash flows
available to the senior shareholders for each scenario was then
discounted using an estimated 117.8% of the DI Rate, the promised
coupon to investors, to determine if, and the amount of, loss to
the senior shares. Expected loss and probability of default on
the senior shares are then computed across all scenarios. These
statistics were finally translated into Moody's global scale
rating using Moody's idealized loss tables. The global scale
rating was then mapped to a national scale rating using Moody's
published national scale mappings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.

Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal. For example, by increasing the base
case annual loss rate from 8.5% to 10%, the rating of Ba3 (sf)
(global scale) would drop one notch to B1 (sf) (global scale).

Moody's also performed deterministic break-even analysis to
assess the maximum annual credit loss rate the transaction can
support before senior shareholders suffer losses. Senior shares
would start to suffer a loss if the annual credit loss rate on
the performing pool would exceed 20.4% per annum or a 2.4x
coverage assuming base case 8.5% per annum credit losses.

As of March 30, 2012, the subordination level was 32%, the
annualized loss rate proxy (3-month rolling average) was 3.3%,
and all performance triggers were in compliance.

The main uncertainty relating to this transaction relates to the
limited historical data available, comprising a 23-month of
period, which is due to the relatively short time period in which
Credifibra is engaged in the auto lending business.


PDG COMPANHIA: Moody's Assigns 'Ba2' Rating to BRL250MM Certs.
--------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Ba2
(Global Scale, Local Currency) and of Aa3.br (Brazilian National
Scale) to the 15th series of the first issuance of real estate
certificates issued by PDG Companhia Securitizadora (PDG
Securitizadora or the Issuer).

Issuer: PDG Companhia Securitizadora

15th Series /1st issuance: BRL250,000,000.00 certificates
rated Ba2 / Aa3.br

Ratings Rationale

The real estate certificates (certificates or CRI) are backed by
a cedula de credito imobiliario (CCI) that represents a cedula de
credito bancario (CCB or Bank Loan) issued by PDG Realty
Empreendimentos e Participacoes S.A. (PDG Realty), currently the
largest real estate developer in Brazil in terms of revenues,
contracted sales and potential sales value. PDG Realty is
currently rated Ba2/Aa3.br (Corporate Family Rating) by Moody's.
The corporate ratings of the CCB are also Ba2/Aa3.br and underpin
the definitive Ba2 / Aa3.br ratings assigned to the CRI.

The ratings of the CRI are based on the following factors:

- Moody's views the CRI as full pass-through securities of the
obligations and guarantees of the underlying CCB. The structure
envisages the full payment of all cash flows payable by PDG
Realty under the CCB in order to meet the identical pass-through
payments under the CRI;

- The willingness and ability of PDG Realty, with its corporate
family rating of Ba2 / Aa3.br, to meet the timely payments under
the CCB. The ratings of the CRI are aligned with the ratings of
the underlying CCB issued by PDG Realty, also at Ba2 / Aa3.br.
Any future rating changes on the underlying CCB will lead to a
lockstep change of the rating assigned to the CRI;

- The CRIs benefit from the fiduciary regime over the segregated
assets linked to the issuance of the CRI, including the CCI
(regime fiduciario);

- Other legal and structural features including events of early
redemption on the CCB that correspondingly accelerate the
obligation to pay under the CRI.

The certificates, issued by PDG Companhia Securitizadora, have a
five-year tenor from closing (legal final maturity on December
21, 2016) and will pay investors semi-annual interest payments
with full principal amortization at maturity. The interest rate
is floating at 110% of DI Rate, the Brazilian interbank deposit
rate, and with daily accrual.

The key steps to the transaction are:

1. PDG Realty, through direct or indirectly controlled
subsidiaries, will undertake residential real estate projects in
urban locations (the real estate projects);

2. PDG Realty enters into a bank loan with Banco do Brasil S.A.,
whereby PDG Realty issues a CCB representing the real estate
financing received and destined exclusively for the acquisition
of property, financing of construction and other expenses related
to the real estate projects described in the transaction
documents. PDG Realty may include or substitute the real estate
projects from time to time provided that the new real estate
projects fall within the eligibility criteria described in the
transaction documents;

3. The Bank Loan is guaranteed (Cessao Fiduciaria) by (i) credit
rights derived from the future sale of residential units of the
real estate projects and (ii) cash deposits made by buyers of the
real estate units, as well as cash deposits made PDG Realty
and/or the special purpose entities that have titles to each
respective real estate project. Moody's notes that no credit is
being attributed to these additional guarantees in rating the
transaction;

4. Banco do Brasil S.A. sells the CCB together with its
guarantees (Cessao Fiduciaria) to PDG Securitizadora;

5. PDG Securitizadora issues a Cedula de Credito Imobiliario, or
CCI, backed by the CCB. The CCB represents the totality of the
real estate credits derived from the real estate financing
amount, including principal, interest owed by PDG Realty,
including the guarantees (Cessao Fiduciária) described in 3, as
well as the right to receive fees and penalties described in the
CCB;

6. The Issuer issues the CRI being the only and legal title
holder to the CCI, as documented under the Termo de Securitizaco
(CRI Indenture). The CRI are issued and backed by the CCI under a
fiduciary regime;

7. The CRI are placed with investors;

8. The proceeds from CRI issuance are transferred by the Issuer
to Banco do Brasil S.A. in exchange for the assignment of the
CCB;

9. The repayment of the real estate credits derived from the real
estate financing amount will be made by PDG Realty on a segregate
bank account the proceeds of which will be used to amortize the
CRI. Ensuing payments to the holders of the CRI will be made by
PDG Securitizadora via Cetip or BMF&Bovespa (clearing houses), as
applicable.

The events of early redemption of the CCB as defined in the
respective documentation are considered early redemption events
of the CRI. Upon the occurrence of such an event, the fiduciary
agent may declare due and payable all obligations under the terms
of the CRI and will demand immediate payment by the PDG
Securitizadora of the CRI outstanding balance. The key early
redemption events of the CCB are:

- Judicial or extra-judicial request, or filing, by PDG Realty
for bankruptcy and/or request, or filing, by third parties, of
insolvency of PDG Realty;

- Change of control or corporate reorganization of PDG Realty;

- Downgrade of PDG Realty below single A, or equivalent, by the
principal rating agencies;

- In case the credit rights assigned to the creditor of the CCB
are sold, alienated, transferred, pledged, seized or in way
impaired or negotiated.

Headquartered in Rio de Janeiro, Brazil, and founded in 2003, PDG
Realty is the largest real estate developer in Brazil in terms of
revenues, contracted sales and potential sales value. It operates
through its wholly owned subsidiaries, Goldfarb, CHL, and Agre or
through minority investments in other companies. PDG Realty
operates in 17 states and in over 100 cities across Brazil.

PDG Realty holds a near 100% stake in PDG Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2009.


PDG REALTY: Capital Increase No Impact on Moody's 'Ba2' CFR
-----------------------------------------------------------
Moody's Investors Service commented on June 6 that PDG Realty
S.A., Ba2/Aa3.br corporate family ratings are unaffected by the
BRL800 million capital increase approved by the Board of
Directors. The deal still needs the approval from the
shareholders, and will be discussed and voted on an Extraordinary
Shareholders Meeting. "The transaction is credit positive as the
proceeds will improve its leverage and liquidity profile," said
Moody's Analyst, Marcos Schmidt.

The proposed transaction includes the issuance of 199 million
warrants at BRL4.02, each of them including the issuance of a new
share at BRL4.01 and a convertible debenture at BRL0.01, which
will be exchanged for one PDG share in four years at the highest
price between BRL4.00 readjusted by Selic rate and BRL6.00. Even
though in Moody's opinion PDG already has a strong liquidity
position, an enhanced balance sheet would be credit positive as
the Brazilian economy in general and the homebuilding industry
are facing uncertainties after sluggish GDP growth and cost
overruns respectively. With the execution of the deal PDG will
increase its cash position to BRL2.5 billion from BRL1.7 billion
and will decrease its Total Adjusted Debt to Book Capitalization
to 49.5% from 52.4% pro forma for the end of March 2012.

Headquartered in Rio de Janeiro, PDG is the largest real estate
developer in Brazil in terms of revenues, contracted sales and
PSV ("Potential Sales Value"). It operates through its wholly
owned subsidiaries, Goldfarb, CHL, and Agre or through minority
investments in other companies. The company's portfolio of
products is diverse and includes projects in virtually all of the
homebuilding segments.



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C A Y M A N   I S L A N D S
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BALLANCE PRINCIPALS: Creditors' Proofs of Debt Due June 26
----------------------------------------------------------
The creditors of Ballance Principals Limited are required to file
their proofs of debt by June 26, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2012.

The company's liquidator is:

         Reverio Capital Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


BARCLAYS MOSELLE NO 2: Creditors' Proofs of Debt Due July 5
-----------------------------------------------------------
The creditors of Barclays Moselle No 2 Investments Limited are
required to file their proofs of debt by July 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

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


CALIBRE TRADING: Creditors' Proofs of Debt Due July 5
-----------------------------------------------------
The creditors of Calibre Trading Limited are required to file
their proofs of debt by July 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 4, 2012.

The company's liquidator is:

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


FLETCHER FIXED: Commences Liquidation Proceedings
-------------------------------------------------
On May 9, 2012, the sole shareholder of Fletcher Fixed Income
Alpha Fund Ltd resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         Tammy Fu
         Zolfo Cooper (Cayman) Limited
         Cayman Financial Centre, Building 3
         George Town Grand Cayman KY1-1102
         Cayman Islands


HAUTEVILLE INVESTMENTS: Creditors' Proofs of Debt Due July 5
------------------------------------------------------------
The creditors of Hauteville Investments Limited are required to
file their proofs of debt by July 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

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


MAN FOUR SEASONS: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
The creditors of Man Four Seasons Strategies 2XL Eur (Feeder)
Ltd. are required to file their proofs of debt by June 25, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2012.

The company's liquidator is:

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


MAN GLOBAL MACRO: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
The creditors of Man Global Macro Strategies Eur (Feeder) Ltd.
are required to file their proofs of debt by June 25, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2012.

The company's liquidator is:

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


MAN LEGENDS: Creditors' Proofs of Debt Due June 25
--------------------------------------------------
The creditors of Man Legends JPY (Feeder) SPC are required to
file their proofs of debt by June 25, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2012.

The company's liquidator is:

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


REFLEXION SELECT: Creditors' Proofs of Debt Due July 5
------------------------------------------------------
The creditors of Reflexion Select Portfolio SPC are required to
file their proofs of debt by July 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

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


STALLION IAM: Creditors' Proofs of Debt Due Aug. 13
---------------------------------------------------
The creditors of Stallion IAM Limited are required to file their
proofs of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands



===================
C O S T A   R I C A
===================


CAJA COSTARRICENSE: To Put a Stop to its Financial Deficit
----------------------------------------------------------
Inside Costa Rica News reports Caja Costarricense del Seguro
Social (CCSS) plans to put the brakes to its financial deficit as
projected by the Pan American Health Organization (PAHO) last
June.

The plan includes a series of spending cuts and programs towards
increasing revenues, according to Inside Costa Rica News.

Inside Costa Rica News notes that Ileana Balmaceda, CCSS
president, she noted that there are signs of improvement, but the
institution must follow a strict line of spending containment and
revenue growth.  The report relates that some of the measures
adopted by the public health services institution are cutting
salaries of managers and assistant managers of the various
departments, while other department heads will not be subject to
the semi-annual salary adjustments.

Also, Inside Costa Rica News discloses that there will be a
freeze on the creation of new jobs for 2012 and a freeze on
replacements in the areas of legal services, among other
measures.

Ms. Balmaceda said that these and other measures, which have been
implemented in the past year, will reduce spending by some
CRC23 billion, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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