TCRLA_Public/120817.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, August 17, 2012, Vol. 13, No. 164


                            Headlines



B E R M U D A

ADAMANTINE FUND: Creditors' Proofs of Debt Due Aug. 30
ADAMANTINE FUND: Member to Receive Wind-Up Report on Oct. 19
ARIA INVESTMENTS: Creditors' Proofs of Debt Due Aug. 24
ARIA INVESTMENTS: Member to Receive Wind-Up Report on Sept. 14
MAN MAC BIRE 3A: Creditors' Proofs of Debt Due Aug. 24

MAN MAC BIRE 3A: Member to Receive Wind-Up Report on Sept. 14
REFCO CAPITAL: Court to Hear Wind-Up Petition on Sept. 7


B R A Z I L

BANCO CRUZEIRO: Urged to Form 'Alternative Plan' by Bingham
GOL LINHAS: S&P Places 'B+' Corporate Credit Rating on Watch Neg
NATIONAL COMMERCIAL BANK: S&P Raises Issuer Credit Rating to 'B'


C A Y M A N   I S L A N D S

APIS GLOBAL: Member to Hear Wind-Up Report on Aug. 30
ARTIO GLOBAL: Shareholders' Final Meeting Set for Sept. 6
CREEK SIDE: Shareholders' Final Meeting Set for Aug. 31
DRAFNA LTD: Shareholders' Final Meeting Set for Aug. 31
IGEA LTD: Shareholders' Final Meeting Set for Aug. 31

MEDIA GLORY: Shareholders' Final Meeting Set for Aug. 31
METAGE SPECIAL: Shareholders' Final Meeting Set for Sept. 6
PLATINUM EMANCIPATION: Member to Hear Wind-Up Report on Aug. 31
SHINHAN MORTGAGE: Shareholders' Final Meeting Set for Aug. 31
SPRINGBOK CAPITAL: Member to Hear Wind-Up Report on Sept. 4


C H I L E

CENTURY MINING: Defaults on Deutsche Bank Deal, Receiver Named


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Government Owes generators US$903 Million


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B E R M U D A
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ADAMANTINE FUND: Creditors' Proofs of Debt Due Aug. 30
------------------------------------------------------
The creditors of Adamantine Fund Limited are required to file
their proofs of debt by Aug. 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 6, 2012.

The company's liquidator is:

         James Keyes
         101 Front Street
         Hamilton HM12
         Bermuda


ADAMANTINE FUND: Member to Receive Wind-Up Report on Oct. 19
------------------------------------------------------------
The member of Adamantine Fund Limited will receive on Oct. 19,
2012, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         James Keyes
         101 Front Street
         Hamilton HM12
         Bermuda


ARIA INVESTMENTS: Creditors' Proofs of Debt Due Aug. 24
-------------------------------------------------------
The creditors of Aria Investments Ltd. are required to file their
proofs of debt by Aug. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 6, 2012.

The company's liquidator is:

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


ARIA INVESTMENTS: Member to Receive Wind-Up Report on Sept. 14
--------------------------------------------------------------
The member of Aria Investments Ltd. will receive on Sept. 14,
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:

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


MAN MAC BIRE 3A: Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------------
The creditors of Man MAC Bire 3A Limited are required to file
their proofs of debt by Aug. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN MAC BIRE 3A: Member to Receive Wind-Up Report on Sept. 14
-------------------------------------------------------------
The member of Man MAC Bire 3A Limited will receive on Sept. 14,
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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


REFCO CAPITAL: Court to Hear Wind-Up Petition on Sept. 7
--------------------------------------------------------
A petition to wind up the operations of Refco Capital Markets Ltd.
will be heard before the Supreme Court of Bermuda on Sept. 7,
2012, at 9:30 a.m.



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B R A Z I L
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BANCO CRUZEIRO: Urged to Form 'Alternative Plan' by Bingham
-----------------------------------------------------------
Boris Korby at Bloomberg News reports that Bingham McCutchen LLP,
a Boston-based law firm, is organizing a conference call with
creditors of Banco Cruzeiro do Sul SA after the deposit-insurance
fund overseeing the Brazilian bank offered to repurchase its
dollar bonds at a discount.

Bingham McCutchen decided to set up the call after it was
contacted by "a number of" Cruzeiro do Sul bondholders, Timothy
DeSieno, a partner at the firm, said in an e-mailed statement
obtained by Bloomberg.

"Experience shows that investors are best served to be well-
organized with a credible alternative plan at a very early
time," Mr. DeSieno said in the statement, Bloomberg News relates.

Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total
unconsolidated assets of R$11.5 billion (US$6.2 billion) and
equity of R$1.2 billion (US$644.5 million) as of December 31,
2011.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2012, Standard & Poor's Ratings Services lowered our
long-and short-term ratings on Banco Cruzeiro do Sul to 'CC/C'
from 'B+/B' and its national scale long- and short-term ratings
to 'brCC/brC' from 'brBBB/brA-3'.  "We have also placed the
ratings on CreditWatch with developing implications," S&P said.


GOL LINHAS: S&P Places 'B+' Corporate Credit Rating on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Gol Linhas Aereas Inteligentes S.A. (GOL) on
CreditWatch with negative implications. "The CreditWatch is based
on our view that GOL's financial risk profile may deteriorate
beyond our assumptions for the current rating because of its
weaker-than-expected performance during the first half of 2012 and
tepid recovery prospects for the remainder of the year," S&P said.

"The CreditWatch placement follows the announcement of GOL's
results for the second quarter of 2012 and its revised performance
guidance for the whole year. While domestic demand is still
growing, the passenger air transportation industry in Brazil
suffers from overcapacity and a significant increase in operating
costs due to higher fuel and lease costs. These factors have hurt
GOL's profitability and cash generation further in the second
quarter of 2012, weakening its credit metrics. Despite efforts to
reduce its fleet and cancel unprofitable routes, the currency
depreciation on both fuel and aircraft lease costs have eroded the
company's operating profitability and cash flows. We believe these
effects may be longer lasting than we expected, as the competition
and weaker-than-expected demand growth restrict GOL's ability to
raise air fares and improve yields. Although we acknowledge that
GOL's second-quarter performance is seasonally the weakest for any
given year and its results tend to improve for the remainder of
the year, the company has also revised its market guidance for
2012 and now expects EBIT margin to be negative for the year," S&P
said.

"We believe GOL's liquidity, which remains adequate with cash
reserves of R$1.8 billion as of June 2012 (net of restricted cash)
and low debt maturities in the next few quarters, will allow it to
withstand depressed margins and negative cash flows for the next
few quarters. However, we are concerned that operating losses may
linger in 2013 amid intense competition--in particular, if
domestic economic activity slows down further--and high fuel
costs. GOL's efforts to streamline operations may not be enough to
reverse cash flow trends in the next year, resulting in a more
permanent, highly-leveraged financial profile. We assume GOL will
obtain waivers for covenant breaches in 2012, but they will be a
concern in 2013," S&P said.

"We aim to resolve the CreditWatch placement after completing our
projections for GOL's performance 2012 and beyond, with a
particular focus on possible scenarios for 2013. We could
downgrade the company by one or two notches if we conclude that it
will not be able to reverse its losses and improve cash flows in
2013," S&P said.


NATIONAL COMMERCIAL BANK: S&P Raises Issuer Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its short-term issuer
credit rating on National Commercial Bank Jamaica Ltd. (NCB) to
'B' from 'C'. "We also affirmed our 'B-' long-term foreign and
local currency issuer credit ratings on the bank. The outlook
remains negative," S&P said.

"The upgrade reflects the revision of Standard & Poor's criteria
on the linkage between long- and short-term ratings on corporate
and sovereign issuers and NCB's higher stand-alone credit profile
(SACP) than the sovereign rating, which caps the ratings on the
bank. Currently, the bank's SACP is 'b' and the long-term
sovereign rating on Jamaica is 'B-'. This reflects our belief that
the bank's significant exposure to the government and public
entities represents a constraint on the issuer credit rating, and
the upgrade does not reflect an improvement in our view of the
bank's short-term creditworthiness," S&P said.

"The negative outlook reflects the sovereign outlook and our
opinion that NCB might suffer due to its high exposure to the
government and public entities. Any positive rating action would
depend on the sovereign rating on Jamaica. A negative rating
action could occur if there's a negative action on the sovereign
or if current economic conditions in the country significantly
pressure the bank's liquidity or capital or if its nonperforming
assets ratio rises above 10%," S&P said.



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C A Y M A N   I S L A N D S
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APIS GLOBAL: Member to Hear Wind-Up Report on Aug. 30
-----------------------------------------------------
The member of Apis Global Deep Value Offshore, Ltd. will receive
on Aug. 30, 2012, at 4:00 p.m., 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 House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


ARTIO GLOBAL: Shareholders' Final Meeting Set for Sept. 6
---------------------------------------------------------
The shareholders of Artio Global Balanced (Cayman) Fund Ltd. will
hold their final meeting on Sept. 6, 2012, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


CREEK SIDE: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------
The shareholders of Creek Side Properties II will hold their final
meeting on Aug. 31, 2012, at 11:30 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


DRAFNA LTD: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------
The shareholders of Drafna Ltd. will hold their final meeting on
Aug. 31, 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:

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


IGEA LTD: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------
The shareholders of Igea Ltd. will hold their final meeting on
Aug. 31, 2012, at 11:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MEDIA GLORY: Shareholders' Final Meeting Set for Aug. 31
--------------------------------------------------------
The shareholders of Media Glory International Limited will hold
their final meeting on Aug. 31, 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


METAGE SPECIAL: Shareholders' Final Meeting Set for Sept. 6
-----------------------------------------------------------
The shareholders of Metage Special Emerging Markets Fund Limited
will hold their final meeting on Sept. 6, 2012, at 2:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


PLATINUM EMANCIPATION: Member to Hear Wind-Up Report on Aug. 31
---------------------------------------------------------------
The member of Platinum Emancipation Fund Limited will receive on
Aug. 31, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


SHINHAN MORTGAGE: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------------
The shareholders of Shinhan Mortgage First International Limited
will hold their final meeting on Aug. 31, 2012, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SPRINGBOK CAPITAL: Member to Hear Wind-Up Report on Sept. 4
-----------------------------------------------------------
The member of Springbok Capital Offshore, Ltd will receive on
Sept. 4, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877



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C H I L E
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CENTURY MINING: Defaults on Deutsche Bank Deal, Receiver Named
--------------------------------------------------------------
White Tiger Gold Ltd disclosed the filing of its interim financial
statements and management's discussion and analysis for the three
and six month periods ended June 30, 2012, which are both
available on White Tiger's Web site and have been filed on SEDAR.

                          Century Default

On May 25, 2012, the Company announced that its wholly-owned
subsidiary, Century Mining Corporation, received a notice from
Deutsche Bank AG, London Branch, advising that Deutsche Bank had
elected to terminate its forward gold purchase agreement with
Century as a result of the occurrence of an event of default.

In connection with the Default, Deutsche Bank enforced its
security on the properties of Century, including Century's Lamaque
project in Val d'Or, Quebec and its San Juan project in Arequipa
Department, Peru, and these projects were placed under the control
of a receiver. Century determined to accept and not take steps to
remedy the Default, following a review of the viability of the
Lamaque project in light of ongoing operating losses and continued
lower than anticipated gold production, combined with Century's
continuing obligations to deliver gold and/or make cash payments
under the Forward Agreement. As a result of these events, the
Company concluded that it ceased to have the ability to exert
control over, and has effectively disposed of, Century.

Accordingly, the Company's investment in Century has been
deconsolidated from the Company's unaudited interim condensed
consolidated financial statements for the three and six months
ended June 30, 2012, and presented as discontinued operations on
the statements of comprehensive loss and cash flows.

                   Key Milestones for 2012/2013

For the remainder of 2012 and through 2013 the Company is planning
to achieve a number of key milestones as part of the strategy of
production growth to a medium term production target of 130,000
ounces of gold per annum.

At its Savkino mine the Company plans to complete the Savkino
phase 2 expansion projects and bring a new pit into operation in
2013. In addition, in 2013 the Company plans to complete
construction of the crushing and screening unit 2, install pump
stations, complete the expansion of heap leaching pads and finish
the construction of new accommodation facilities for 116 people.

Concurrently, the Company plans to expand the gold recovery plant
and to start the installation of additional equipment. Savkino
remains on target to produce the planned 20,000 ounces of gold in
2012.

At its Nasedkino project the Company plans to complete, in the
third quarter of 2012, metallurgical tests of one bulk sample and
an updated National Instrument 43-101 compliant technical report.

Depending on the results of the updated technical report, the
Company may start construction design of a mine and preparatory
work on supplying grid power to the site. In addition, in
conjunction with its activities at the Nasedkino license area, the
Company intends to continue prospecting on the areas adjacent to
the Nasedkino license area that form part of the Uryum license
area.
                         About White Tiger

White Tiger Gold Ltd. is a TSX-listed mining and exploration
company, focused on the development of mineral resources in the
Russian Federation and Peru.



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D O M I N I C A N  R E P U B L I C
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* DOMINICAN REPUBLIC: Government Owes generators US$903 Million
---------------------------------------------------------------
Dominican Today reports that the Dominican Electricity Industry
Association (ADIE) is concerned about the high accumulated debt
and the delays in paying the generating companies.  The report
relates that the amount owed currently surpass the $903 million
mark.

The association stated that the level of the current expired debt
is four months, taking into account the debt that will expire next
week, according to Dominican Today.

Dominican Today notes that ADIE believes that the current
administration of the Dominican Corporation of State Electricity
Companies (CDEEE) has made an effort to reduce the debt
accumulated to date, but so far this has been fruitless.

"Meeting the debt commitments is the only guarantee for ensuring
the sustainability of the electricity system in the short term, as
well as allowing for new investments to be made in the electricity
subsector," declared the entity, Dominican Today says.

Dominican Today discloses that ADIE is calling on the electricity
sector authorities to fulfill the promises made on paying the
debt.  They recall that as part of the agreement with the
International Monetary Fund (IMF) the government committed to
paying the generating companies within 45 days, Dominican Today
adds.

The CDEEE was complying with this agreement.


                            ***********


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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