TCRLA_Public/120620.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

              Wednesday, June 20, 2012, Vol. 13, No. 121


                            Headlines


A N T I G U A  &  B A R B U D A

LIAT: Dominica to Give US$8 Million to Airline
STANFORD INT'L: Receiver Loses US$50MM Libyan Fund Freeze Bid


A R G E N T I N A

INDUSTRIAS MD: Creditors' Proofs of Debt Due Aug. 1
LMX SA: Creditors' Proofs of Debt Due Sept. 3
MILA 18: Requests Opening of Bankruptcy Proceedings
OTAMENDI & CO: Creditors' Proofs of Debt Due Aug. 9
SANTO CRISTO: Creditors' Proofs of Debt Due July 4

VIP ITALIA: Creditors' Proofs of Debt Due Aug. 9
YPF SA: Offers to Buy Back Dollar Debt at Full Price


B R A Z I L

LINHA AMARELA: Moody's Rates BRL386.7MM Sr. Sec. Debentures 'Ba3'


C A Y M A N   I S L A N D S

BALLANCE PRINCIPALS: Shareholders' Final Meeting Set for July 17
CALIBRE TRADING: Shareholders' Final Meeting Set for July 6
CREEK IAM: Shareholders' Final Meeting Set for Aug. 20
DIKE IAM: Shareholders' Final Meeting Set for Aug. 20
MAN FOUR: Members' Final Meeting Set for June 25

MAN GLOBAL: Members' Final Meeting Set for June 25
MAN LEGENDS: Members' Final Meeting Set for June 25
MARVEL IAM: Shareholders' Final Meeting Set for Aug. 20
REFLEXION SELECT: Shareholders' Final Meeting Set for May 14
STALLION IAM: Shareholders' Final Meeting Set for Aug. 20


M E X I C O

MUNICIPALITY OF CENTRO: Moody's Withdraws 'Ba3' Issuer Ratings


P U E R T O   R I C O

SALUTARIS DIALYSIS: Case Summary & 14 Largest Unsecured Creditors


                            - - - - -


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


LIAT: Dominica to Give US$8 Million to Airline
----------------------------------------------
RJR News reports that the Dominica Prime Minister Roosevelt
Skeritt said his government will reportedly pump US$8 million
into regional carrier LIAT.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


STANFORD INT'L: Receiver Loses US$50MM Libyan Fund Freeze Bid
-------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Robert
Allen Stanford's court-appointed receiver, Ralph Janvey, can't
have a preliminary injunction freezing at least $50 million a
Libyan sovereign wealth fund recovered during the final days of
the Ponzi scheme, an appeals court ruled.

"The funds sought by the receiver are property of a foreign state
and are not subject to attachment," Bloomberg News quoted a
three-judge panel of the U.S. Court of Appeals in New Orleans as
saying.

The order sought would be "functionally equivalent to an
attachment," the court said, Bloomberg News notes.

Bloomberg News says that Mr. Janvey sought the freeze to prevent
the Libyans from repatriating the funds from a New York bank
account while he sues to recover the money for the benefit of
defrauded Stanford investors.

During late 2008 and early 2009, the Libyans withdrew about
$51.6 million of the $139.6 million they invested with Stanford
Group during the previous two years, according to the filing.
U.S. securities regulators seized the Texas financier's
operations in February 2009, claiming Mr. Stanford was running a
Ponzi scheme, paying older investors with money from new ones,
Bloomberg News discloses.

Kevin Sadler, Mr. Janvey's lawyer, said the receiver won't keep
appealing for an injunction to prevent the Libyans from
repatriating the money. He said the receiver will focus on the
lower-court lawsuit seeking to recover the funds, Bloomberg News
says.

"The Libyan defendants received tens of millions of dollars in
fraudulent transfers in the weeks prior to the mail . . . .  The
receiver will continue to pursue the recovery of those improper
payments for the benefit of the victims of the Stanford fraud,"
the report quoted Mr. Sadler as saying.

              About Stanford International Bank

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

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

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

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

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



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


INDUSTRIAS MD: Creditors' Proofs of Debt Due Aug. 1
---------------------------------------------------
Marcelo Eduardo Mirasso, the court-appointed trustee for
Industrias MD SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Aug. 1, 2012.

Mr. Mirasso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 May 14, 2013.

The Trustee can be reached at:

         Marcelo Eduardo Mirasso
         Lavalle 1675
         Argentina


LMX SA: Creditors' Proofs of Debt Due Sept. 3
---------------------------------------------
Alberto Roizigues, the court-appointed trustee for LMX SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 3, 2012.

Mr. Roizigues will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

         Alberto Roizigues
         Parana 1083
         Argentina


MILA 18: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------
Mila 18 SA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last March 26.


OTAMENDI & CO: Creditors' Proofs of Debt Due Aug. 9
---------------------------------------------------
Carlos Daniel Grela, the court-appointed trustee for Otamendi &
Co. SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 9, 2012.

Mr. Grela 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.

The Trustee can be reached at:

         Carlos Daniel Grela
         Cramer 3112
         Argentina


SANTO CRISTO: Creditors' Proofs of Debt Due July 4
--------------------------------------------------
Maria Ines Strusberg, the court-appointed trustee for Santo
Cristo SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 4, 2012.

Ms. Strusberg 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. 17, 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 Ines Strusberg
         Avenida Cordoba 1367
         Argentina


VIP ITALIA: Creditors' Proofs of Debt Due Aug. 9
------------------------------------------------
Mario Adrian Narisma, the court-appointed trustee for Vip Italia
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Aug. 9, 2012.

Mr. Narisma will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

         Mario Adrian Narisma
         Tucuman 1455
         Argentina


YPF SA: Offers to Buy Back Dollar Debt at Full Price
----------------------------------------------------
Camila Russo at Bloomberg News reports that YPF SA is offering to
buy back dollar-denominated bonds after the takeover triggered a
change-of-control clause in the securities.

Investors have until July 6 to exercise the put option on the
debt due 2028 and will be paid at 100 cents on the dollar on
July 20, according to a notice sent to holders dated June 1,
according to Bloomberg News.

Bloomberg News notes that the price on the securities has risen
2.5 cents this month to 97 cents on June 15, according to Trace,
the bond-price reporting system of the Financial Industry
Regulatory Authority.

A clause in the bonds' prospectus says a put option may be
exercised if the Argentine government takes control of 49% or
more of the company's outstanding stock, Bloomberg News says.

Bloomberg News recalls that President Cristina Fernandez de
Kirchner nationalized 51% of the company in April.

                      About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.



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


LINHA AMARELA: Moody's Rates BRL386.7MM Sr. Sec. Debentures 'Ba3'
----------------------------------------------------------------
Moody's America Latina assigned the ratings of Ba3 on the global
scale and A2.br on the Brazilian National Scale to ("NSR") to
BRL386.7 million senior secured debentures, which were issued by
Linha Amarela S.A. -- LAMSA, a toll road concessionaire in the
city of Rio de Janeiro, Brazil.  LAMSA is a wholly owned
operating subsidiary of Investimentos e Participacoes em
Infraestrutura S.A. -- INVEPAR. The outlook is stable for the
ratings. This was the first time that Moody's directly assigned
ratings to LAMSA's securities.

Moody's previously withdrew the ratings of INVEPAR's BRL450
million, senior unsecured debentures, since these were redeemed
by INVEPAR on March 29, 2012. These debentures had ratings of Ba3
on the global scale, and A2.br on the Brazil national scale, and
were guaranteed by LAMSA.

LAMSA's debentures have a 15-year tenor, including a 3-year grace
period, and were issued in one single tranche on May 31, 2012.
The debentures were placed with the Carteira Administrada de
Transporte Urbano (the Urban Transportation Fund), which is
managed by Caixa Economica Federal ("CEF"), a bank controlled by
the Brazilian Federal Government.

The largest portion of the debentures' proceeds (up to BRL 232.6
million) will be used to finance LAMSA's investment (CAPEX)
program, including the payment, in full, of the outstanding
principal debt amount of BRL180 million, which was previously
raised to finance said investments. The remaining portion (up to
BRL154.2 million) will be used to finance up to 90% of the CAPEX
program of its sister company, Concessao Metroviaria do Rio De
Janeiro S.A. -- METRORIO (Ba3/A3.br; negative), the subway
concessionaire of the city of Rio de Janeiro, which is also
wholly-owned by INVEPAR. METRORIO will borrow this amount from
LAMSA by issuing senior unsecured debentures, which will be fully
underwritten by LAMSA.

Ratings Rationale

LAMSA generates strong and stable cash flows, supported by its
robust asset features and long-term concession agreement. On
May 14, 2010, LAMSA signed an amendment to its concession
agreement, whereby the City Government of Rio de Janeiro granted
an additional 15 years to the concession, until January 2038. In
exchange, LAMSA committed to investing additional BRL252 million
for road improvements until the end of 2012. In order to fully
restore its financial-economic equilibrium, LAMSA was authorized
to increase the tariff by 2.32% per year from June 2012 through
June 2015, in addition to the regular pass-through of inflation
provided every January.

Notwithstanding LAMSA's strong concession fundamentals, the
Ba3/A2.br with stable outlook assigned ratings reflect the
structure that is not sufficiently ring-fenced from METRORIO's
credit risk as a result of the cross-default provision in LAMSA's
debentures indentures. The exposure to METRORIO derives from
LAMSA's loan of up to BRL154.2 million to finance METRORIO's
operations. INVEPAR has extended intercompany loans to provide
cash needed by its subsidiaries for ongoing operations as well as
to reduce INVEPAR's cost of debt on a consolidated basis. Despite
LAMSA's loan to METRORIO, INVEPAR's new risk management policy,
which is expected to be in place by the end of 2012, will
restrict intercompany loans among its subsidiaries. Therefore, in
order to conform with the upcoming policy, LAMSA's debentures
limit LAMSA from providing/receiving intercompany loans, except
when LAMSA is the recipient of funds from INVEPAR. The debentures
also restrict LAMSA and METRORIO from providing guarantees,
individually or in the aggregate, above BRL1 million (approx.
US$530,000).

LAMSA's additional cash flows provided by the incremental toll
rate and the extended concession tenor will largely mitigate the
financial imbalance brought by the additional CAPEX requirements
in the near term. Despite the expected increase in leverage, the
indicative rating for LAMSA provided by Moody's Toll Roads Rating
Methodology is fairly strong, mapping to Baa3, considering
historical credit metrics.

LAMSA's debentures will be secured by a pledge of 40% of its
present and future toll receivables. In addition, METRORIO will
provide a corporate guarantee to CEF for the outstanding amount
of its debentures (up to BRL154.2 million), which will be fully
underwritten by LAMSA. Also, METRORIO will subrogate to the
rights of LAMSA's debenture holders in case METRORIO's guarantee
is called.

LAMSA's debentures require that it comply with a 1.3x minimum
debt service coverage ratio (DSCR) covenant. Other financial
covenants require that LAMSA maintain EBITDA / Net Financial
Expenses equal to or higher than 1.5, and Net Debt / EBITDA (Net
Debt excludes cash and liquid investments) equal to or lower than
2.0x. Dividend distributions above the minimum required by
Brazilian corporate law will be subject to the compliance by
LAMSA with the debentures' covenants, which include meeting a
DSCR equal or higher than 1.3x.

The last rating action for INVEPAR was taken in June 2011, as
Moody's downgraded INVEPAR's BRL450 million senior unsecured
debentures, which were guaranteed by LAMSA, to Ba3 from Ba2 on
the global scale, and to A2.br from A1.br on the Brazil national
scale. These debentures were redeemed by INVEPAR on March 29,
2012 thus releasing LAMSA's corporate guarantee.

On February 6, 2012, the consortium formed by INVEPAR and
Airports Company South Africa Soc Limited -- ACSA (the INVEPAR --
ACSA Consortium) won the bid for the 20-year concession to
expand, operate, maintain and explore the Guarulhos Airport,
which is located near the city of Sao Paulo, currently the
busiest airport in Latin America. INVEPAR holds a 90%
participation in the Consortium, which has a 51% stake in the
Special Purpose Company (SPC); the remaining 49% are owned by the
Empresa Brasileira de Infraestrutura Aeroportu ria -- INFRAERO
(the Brazilian aeronautical infrastructure company). The
concession contract was signed on June 14, 2012.

According to the result of the Guarulhos airport bid, the SPC
will pay BRL16.2 billion (in equal installments, adjusted by the
IPCA inflation index) to the Government of Brazil (GOB) over the
term of the concession, in addition to the near term CAPEX of
approximately BRL1.4 billion required until the Soccer World Cup
tournament in 2014 (out of a total CAPEX of approximately BRL4.7
billion over the life of the concession).

Given INVEPAR's capital investment plans and the recent award of
the airport concession, INVEPAR's leverage is expected to
increase in the next 12 to 18 months as it begins to execute its
ambitious business plan, which will continue to constrain its
corporate family ratings. Notwithstanding, Moody's expects that
INVEPAR's shareholders will continue to support INVEPAR
financially. Moody's will monitor INVEPAR's liquidity, leverage
as well as other relevant credit metrics as they may affect its
current rating and outlook.

Given LAMSA's CAPEX program and the loan provided to METRORIO,
the likelihood of a rating upgrade in the short / medium term is
relatively limited. Quantitatively, a rating upgrade could be
considered if Funds from Operations (FFO) to Debt rises above
25%, or Interest Coverage Ratio rises above 4.5x on a sustainable
basis.

Conversely, the ratings could be downgraded if LAMSA's liquidity
deteriorates and/or METRORIO fails to service the intercompany
loan provided by LAMSA. Quantitatively, a downgrade could be
considered if FFO--to-Debt and Interest Coverage Ratio fall below
14% or 2.5x, respectively, for an extended period.

Linha Amarela S.A. -- LAMSA has the concession to operate the
toll road services of a 20-km urban route in the city of Rio de
Janeiro. The concession was granted by the City Government of Rio
de Janeiro in 1998 for a 20-year period. In May 2010, LAMSA
committed to additional investments, which resulted in the
concession being extended for an additional 15 years, until
January 2038. At the end of the concession period, the assets
will revert to the City of Rio de Janeiro. In the LTM ended on
December 31, 2011, LAMSA reported consolidated net revenues
(excluding construction revenues) of BRL 193 million (USD 115
million) and EBITDA of BRL 132 million (USD 79 million).

LAMSA is wholly owned by Investimentos e Participacoes em
Infraestrutura S.A. -- INVEPAR (Ba3/A2.br; negative), a holding
company controlled by three of the largest Brazilian pension
funds (PREVI, FUNCEF and PETROS), which together own
approximately 75% of INVEPAR, as well as the construction company
OAS (unrated). INVEPAR also controls METRORIO (Ba3/A3.br;
negative), which operates the subway lines 1 and 2 in the city
of Rio de Janeiro, the Concessionaria Raposo Tavares S.A. (CART)
in Sao Paulo, the Concessionaria Litoral Norte S.A. (CLN) in
Bahia, and the toll road Via Parque Rimac in Lima, Peru. INVEPAR
also has a 24.9% stake in the Concessionaria Rio Teresopolis S.A.
(CRT), 50% in the Concessionaria Bahia Norte S.A., 50% in the
Concessionaria Rota do Atlantico S.A., and 33.3% in the
Transolimpica expressway in the City of Rio de Janeiro. Finally,
in February 2012, the INVEPAR-ACSA consortium won the bid for the
concession to operate and maintain the
international airport ofGuarulhos, and signed the concession
contract on June 14, 2012.

The principal methodology used in this rating was Operational
Toll Roads published in December 2006.

LAMSA's A2.br national scale rating reflects the standing of the
Company relative to its domestic peers. Moody's National Scale
Ratings (NSRs) are intended as relative measures of
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks. NSRs differ from Moody's global scale ratings in that they
are not globally comparable with the full universe of Moody's
rated entities, but only with NSRs for other rated debt issues
and issuers within the same country. NSRs are designated by a
".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.



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


BALLANCE PRINCIPALS: Shareholders' Final Meeting Set for July 17
----------------------------------------------------------------
The shareholders of Ballance Principals Limited will hold their
final meeting on July 17, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


CALIBRE TRADING: Shareholders' Final Meeting Set for July 6
-----------------------------------------------------------
The shareholders of Calibre Trading Limited will hold their final
meeting on July 6, 2012, at 10:15 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


CREEK IAM: Shareholders' Final Meeting Set for Aug. 20
------------------------------------------------------
The shareholders of Creek IAM Limited will hold their final
meeting on Aug. 20, 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:

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


DIKE IAM: Shareholders' Final Meeting Set for Aug. 20
-----------------------------------------------------
The shareholders of Dike IAM Limited will hold their final
meeting on Aug. 20, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


MAN FOUR: Members' Final Meeting Set for June 25
------------------------------------------------
The members of Man Four Seasons Strategies 2XL EUR (Feeder) Ltd.
will hold their final meeting on June 25, 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


MAN GLOBAL: Members' Final Meeting Set for June 25
--------------------------------------------------
The members of Man Global Macro Strategies EUR (Feeder) Ltd. will
hold their final meeting on June 25, 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


MAN LEGENDS: Members' Final Meeting Set for June 25
---------------------------------------------------
The members of Man Legends JPY (Feeder) SPC will hold their final
meeting on June 25, 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


MARVEL IAM: Shareholders' Final Meeting Set for Aug. 20
-------------------------------------------------------
The shareholders of Marvel IAM Limited will hold their final
meeting on Aug. 20, 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:

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


REFLEXION SELECT: Shareholders' Final Meeting Set for May 14
------------------------------------------------------------
The shareholders of Reflexion Select Portfolio SPC will hold
their final meeting on May 14, 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:

         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


STALLION IAM: Shareholders' Final Meeting Set for Aug. 20
---------------------------------------------------------
The shareholders of Stallion IAM Limited will hold their final
meeting on Aug. 20, 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:

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



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


MUNICIPALITY OF CENTRO: Moody's Withdraws 'Ba3' Issuer Ratings
--------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of Ba3/Baa1.mx
of the Municipality of Centro (Villahermosa).

Ratings Rationale

Moody's Investors Service has withdrawn the issuer ratings for
its own business reasons.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008, The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in March
2011.

The last rating action took place on January 10, 2012 when
Moody's de Mexico downgraded Centro's issuer ratings to Baa1.mx
(Mexican National Scale) and Ba3 (Global Scale, local currency)
from A2.mx and Ba2, respectively. In addition, the outlook on the
ratings was changed to negative from stable.



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P U E R T O   R I C O
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SALUTARIS DIALYSIS: Case Summary & 14 Largest Unsecured Creditors
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Debtor: Salutaris Dialysis & Nephrology Center
        Hospital Menonita De Caguas
        Carr 172
        Turabo Gardens
        Caguas, PR 00725

Bankruptcy Case No.: 12-04675

Chapter 11 Petition Date: June 15, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUESADA
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Estimated Assets: $0 to $50,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 14 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/prb12-04675.pdf

The petition was signed by Shakil Shafique, secretary.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
San Juan Bautista Medical              11-02270   03/18/11
Center Corp.


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Monday's edition of the TCR-LA delivers a list of indicative
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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
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