TCRLA_Public/130111.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, January 11, 2013, Vol. 14, No. 8


                            Headlines



A R G E N T I N A

ALTO PALERMO: Fitch Affirms 'B-' Issuer Default Rating
CRESUD SACIF: Fitch Affirms 'B-' Issuer Default Ratings
INVERSIONES Y REPRESENTACIONES: Fitch Affirms 'B' IDR


B E R M U D A

BAY MARITIME: Member Receives Wind-Up Report
LSF7 GERMAN: Member Receives Wind-Up Report
LSF7 GLOBAL: Members Receive Wind-Up Report
LSREF2 GLOBAL: Members Receive Wind-Up Report
NEW CASTLE: Members Receive Wind-Up Report


B R A Z I L

MARFRIG HOLDINGS: Fitch Rates Proposed USD300MM Notes at 'B+/RR4'
MARFRIG HOLDINGS: Moody's Rates US$300MM Sr. Unsecured Notes 'B2'
MARFRIG HOLDINGS: S&P Assigns 'B+' Rating to $300MM Senior Notes


C A Y M A N  I S L A N D S

AJW OFFSHORE: Liquidators Seek U.S. Recognition
ATC LEASING: Shareholder Receives Wind-Up Report
BTG PACTUAL: Shareholder Receives Wind-Up Report
CHATHAM ASSET: Shareholder Receives Wind-Up Report
CHATHAM ASSET MASTER: Shareholders Receive Wind-Up Report

CRESCENT PLANECONSULT: Shareholders Receive Wind-Up Report
DAMPIER INTERNATIONAL: Shareholders Receive Wind-Up Report
DAMPIER MASTER: Shareholders Receive Wind-Up Report
DURATION MUNICIPAL: Shareholders Receive Wind-Up Report
F&C SELECT: Shareholders Receive Wind-Up Report

FCOI II INVESTMENTS: Shareholders Receive Wind-Up Report
H.T. CAYMAN: Shareholder Receives Wind-Up Report
MOBILE NET: Shareholders Receive Wind-Up Report
NORMANDY HILL: Shareholders Receive Wind-Up Report
O'CONNOR CREDIT: Shareholders Receive Wind-Up Report

O'CONNOR GLOBAL: Shareholders Receive Wind-Up Report
PARDUS DPH: Shareholders Receive Wind-Up Report
PLATINUM RIVER: Shareholder Receives Wind-Up Report
PRG MANAGEMENT: Shareholder Receives Wind-Up Report
RP FINANCE III: Shareholder Receives Wind-Up Report

SR ROCKVIEW: Shareholders Receive Wind-Up Report
WESSEX GOLD: Shareholders Receive Wind-Up Report
ZGG CAYMAN: Shareholder Receives Wind-Up Report


C O L O M B I A

* DOMINICAN REPUBLIC: No Deal Yet With Electricity Firms


J A M A I C A

* JAMAICA: Sees Lower Imports and Fewer Exports in 2012


M E X I C O

VITRO SAB: 5th Cir. Affirms Order Recognizing Mexican Proceeding


P U E R T O   R I C O

* PUERTO RICO: Banks Face Economic Headwinds in 2013, Fitch Says


V E N E Z U E L A

* VENEZUELA: Faces Increasing Political Uncertainty, Moody's Says


                            - - - - -


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


ALTO PALERMO: Fitch Affirms 'B-' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Alto Palermo
S.A.:

-- Foreign currency Issuer Default Rating (IDR) at 'B-', Rating
    Outlook Negative;
-- Local currency IDR at 'B+', Rating Outlook Negative;
-- USD120 million senior unsecured notes due in 2017 at 'B/RR3';
-- National scale rating at 'AA+(arg)', Rating Outlook Stable;
-- National scale senior unsecured notes at 'AA+(arg)';
-- National scale equity rating at '1'.

The 'RR3' recovery rating reflects good recovery prospects in the
event of default. The notching above the soft cap of 'RR4' for
bonds issued by Argentine corporates reflects the company's very
strong credit profile and its ability to continue to operate
should a potential economic and political crisis occur in
Argentina.

APSA's foreign currency (FC) IDR continues to be constrained at
'B-' by the 'B-' country ceiling assigned to Argentina by Fitch.
The company's local currency (LC) IDR is constrained at 'B+' due
to the high degree of risk associated with operating in
Argentina's real estate industry. The Negative Rating Outlooks
that have been assigned to the FC and LC IDRs are in line with
ones assigned to Argentina's sovereign ratings and reflect the
high degree of uncertainty about the business climate and economic
conditions that should persist throughout 2013.

APSA's 'B+' LC IDR is supported by the company's strong market
position in the Argentine shopping center industry. While debt at
APSA is low in relation to cash flow, Fitch has linked the credit
quality of APSA with its more highly leveraged parent company,
IRSA Inversiones y Representaciones S.A. (IRSA).

APSA has a strong business position in the Argentine shopping
center industry. The company operates 13 shopping centers with a
gross leasable space of approximately 309,000 square meters. The
high quality of these malls and their strategic locations result
in sales per square meter that exceed the market average and
occupancy rates of more than 98%. APSA's revenues are partially
hedged against consumer inflation, as the company receives a
percentage of the sales made by tenants of its malls. The
company's high operating margins are due to leases that result in
the tenants paying direct expenses and a percentage of the common
expenses.

APSA's results are closely correlated with the performance of the
economy, which has proven to be quite volatile. APSA shows some
concentration in the near term for its lease agreements (36% of
lease contracts expiring in fiscal year 2013), as the contracts
are generally for 36 months. While this ratio is high for the
industry, APSA's strong market position allows it to renew
contracts updating leasing terms.

Devaluation risk is also present for APSA as most of its cash flow
is denominated in Argentine pesos and a substantial part of its
debt is in U.S. dollars. This risk is partially mitigated by
APSA's dollar-denominated asset portfolio and its long-term debt
profile.

APSA's leverage is low and its interest coverage is adequate. At
Sept. 30, 2012, the company's total debt-to-EBITDA ratio was 0.7x,
while its EBITDA-to-interest ratio was 12.7x. APSA had USD125.3
million of total debt, excluding USD32.4 million of convertible
notes, which repurchase was approved in the company's last
shareholders assembly on Oct. 31, 2012. Only 5% of the company's
debt is short term. The company had USD50.4 million of cash and
marketable securities at the end of September, covering short-term
debt by 7x.

APSA is 95.6% owned by IRSA. On a consolidated basis, IRSA had
USD364 million of sales and generated USD212 million of EBITDA
during the fiscal year ended June 30, 2012. At Sept. 30, 2012,
IRSA had USD565.5 million of consolidated debt, resulting in a
total debt-to-EBITDA ratio of 2.6x. APSA accounted for only 28% of
IRSA's consolidated debt. IRSA's main debt obligations are USD150
million first notes maturing in 2017, USD150 million second notes
maturing in 2020, and around USD70 million of third and fourth
notes maturing in 2013 and 2014. APSA also has a USD120 million
note maturing in 2017. These notes do not have cross guarantees.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, as well as the size of the asset
base. APSA's portfolio of assets is strong, with book capital of
USD343 million as of Sept. 30, 2012. This value would be higher at
market values. These assets are mostly unencumbered, as secured
debt represents less than 5% of its total debt load. The large
pool of unencumbered assets at APSA provides financial flexibility
and results in above-average recovery prospects in the event of
default.

During the first quarter of fiscal year ended June 30, 2013 (1Q
FYE13), APSA had USD42.4 million of EBITDA, a 10.7% improvement
from 1Q FYE12. The improvement continues to show the positive
performance of the company's shopping centers.

Key Rating and Outlook Drivers

Fitch expects APSA will manage its balance sheet to a targeted of
debt-to-EBITDA ratio under 1.5x. Under a conservative scenario,
Fitch estimates the company's interest coverage to be above 5.0x.
APSA's management is intent on maintaining a conservative
financial structure. Fitch estimates that the company's EBITDA
margin will remain above 70%.

A significant increase in APSA's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action. APSA's FC IDR could be affected by an upgrade or downgrade
of the Argentine Country Ceiling of 'B-'.


CRESUD SACIF: Fitch Affirms 'B-' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cresud S.A.C.I.F. y A.
as follows:

-- Foreign Currency Issuer Default Rating (IDR) at 'B-'; Outlook
    Negative;

-- Local Currency Issuer Default Rating (IDR) at 'B-'; Outlook
    Negative;

-- USD60 million senior unsecured bullet notes due in 2014 at
    'B-/RR4';

-- National Scale at 'AA-(arg)'; Outlook Stable

-- National Scale Senior Unsecured Notes at 'AA-(arg)';

-- Equity Rating at Category 1.

Cresud's foreign currency (FC) IDR is constrained at 'B-' due to
the 'B-' country ceiling of Argentina. Cresud's 'B-' local
currency (LC) IDR is constrained by above-average risks associated
with operating in the real estate segment in Argentina and the
volatile cash flow of its agribusiness division, which is subject
to weather conditions and commodity prices.

The Negative Rating Outlooks that have been assigned to the FC and
LC IDRs are in line with those assigned to Argentina's sovereign
ratings and reflect the high degree of uncertainty about the
business climate and economic conditions that should persist
throughout 2013.

Cresud's ratings consider its position as a leading company in the
real estate and agribusiness sectors in Argentina. Cresud owns
64.5% of IRSA ('B+' local currency IDR by Fitch), a leading real
estate company in Argentina dedicated to real estate development,
office rentals, and shopping mall operations through Alto Palermo
(APSA), which is 94.9% owned subsidiary of IRSA Inversiones y
Representaciones S.A. (IRSA).

During the fiscal year ended June 30, 2012, IRSA accounted for all
of Cresud's consolidated EBITDA and 66% of its consolidated
assets. Cresud has an important portfolio of farms in Argentina
and also has a presence in Bolivia, Paraguay, and in Brazil
through its 39.64% stake in BrasilAgro. The results from the
agribusiness segment were negatively affected during the fiscal
year ended June 30, 2012 due to poor weather conditions in
Argentina.

Fitch links the ratings of Cresud and IRSA. Cresud's 'B-' local
currency IDR is notched down from IRSA's 'B+' LC IDR because of
the structural subordination of its debt and its weaker stand-
alone financial profile. This linkage reflects factors such as
strong strategic and operational ties and the fact that IRSA's
upstream dividends represent a significant part of Cresud's cash
flow from operations. The dividend flow to Cresud from IRSA is
expected to be relatively stable. During 2012, Cresud received
dividends of USD14 million in June from IRSA and USD24 million in
November.

The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity, as a result of unencumbered assets and
land that could be sold. Regarding the real estate industry, the
emphasis of Fitch's methodology is on portfolio quality,
diversity, and the size of the asset base. Cresud's consolidated
portfolio of real estate assets is strong with USD 1.2 billion of
book value as of Sept. 30, 2012. This value would be higher at
market values. These assets are mostly unencumbered and provide
Cresud and its direct and indirect subsidiaries with a degree of
financial flexibility.

On a consolidated basis, Cresud had USD641 million of sales and
generated USD208 million of EBITDA during the fiscal year ended
June 30, 2012. These figures compare with USD 858 million of
consolidated debt, resulting in a net debt-to-EBITDA ratio of 3.6x
and an EBITDA-to-interest expense ratio of 2.3x. Long-term debt
accounts for 71% of total debt and includes USD420 million of
senior notes at APSA and IRSA that mature between 2017 and 2020.

Consolidated EBITDA consists of USD160 million from the shopping
mall segment developed by APSA and USD50 million from IRSA
(including office rentals, developments, and hotels). The weak
performance of the agribusiness segment resulted in a negative
EBITDA of USD3 million. These results were mainly in the crop
segment and are explained by an important drought during the 2011
- 2012 season and losses from holdings and derivatives in
BrasilAgro that carried out its hedging transactions. Fitch
expects an improvement in the profitability of the agribusiness
segment for the current period.

The company's stand-alone debt reached USD239 million as of
Sept. 30, 2012. Short-term debt accounted for 31% of Cresud's
stand-alone total debt. During 2012, the company extended the
average life of its debt through the issuance of approximately
USD115 million of senior unsecured notes in the local markets with
maturities between 18 and 36 months. Cresud's debt is supported by
its asset portfolio. Its main assets include participations in
IRSA and BrasilAgro, its portfolio of farms, and its inventory of
crops and livestock. A significant portion of Cresud's assets
could be sold in traded markets, providing Cresud with additional
liquidity to support its short-term debt obligations.

POTENTIAL RATING AND OUTLOOK DRIVERS:

Fitch expects that Cresud will manage its balance sheet to a
consolidated net debt-to-EBITDA ratio of around 4.0x. Any
significant increase in Cresud's leverage ratio would weaken
credit quality and could result in a negative rating action.
Cresud's ratings could be affected by an upgrade or downgrade of
the Argentine country ceiling of 'B-'.


INVERSIONES Y REPRESENTACIONES: Fitch Affirms 'B' IDR
-----------------------------------------------------
Fitch Ratings has affirmed the following ratings of Inversiones y
Representaciones S.A.:

-- Foreign Currency Issuer Default Rating (IDR) at 'B-' with a
    Negative Outlook;
-- Local Currency IDR at 'B+' with a Negative Outlook;
-- USD150 million Senior Unsecured Notes due in 2017 at 'B/RR3';
-- USD 150 million Senior Unsecured Notes due in 2020 at 'B/RR3';
-- National Scale rating at AA+(arg) with a Stable Outlook;
-- National Scale Senior Unsecured Notes at AA+(arg);
-- National Scale Equity Rating at '1'

The 'RR3' recovery rating reflects good recovery prospects in the
event of default. The notching above the soft cap of 'RR4' for
bonds issued by Argentine corporates reflects the company's strong
credit profile and its ability to continue to operate should a
potential economic and political crisis occur in Argentina.

IRSA's foreign currency (FC) IDR continues to be constrained at
'B-' due to Argentina's 'B-' country ceiling. IRSA's Local
Currency (LC) IDR is constrained at 'B+' by above-average risks
associated with real estate development in Argentina. Devaluation
risk is also present for IRSA as most of its cash flow is
denominated in Argentine pesos and a substantial part of its debt
is in U.S. dollars. This is partially mitigated by IRSA's dollar-
denominated asset portfolio.

The Negative Rating Outlooks that have been assigned to the FC and
LC IDRs are in line with ones assigned to Argentina's sovereign
ratings and reflect the high degree of uncertainty about the
business climate and economic conditions that should persist
throughout 2013.

IRSA's 'B+' LC IDR is supported by its strong performance and
positive operating trends. IRSA has a leading position in the
shopping center segment within the city of Buenos Aires through
its subsidiary, Alto Palermo S.A. (APSA, 95.6% owned). The
shopping centers segment accounts for about 75% of IRSA's
consolidated operating EBITDA. IRSA is also the leader in the
development and management of office buildings in Buenos Aires
(14% of consolidated operating EBITDA). The balance of IRSA's
operating results is derived from three premium hotels, as well as
its residential property development division.

IRSA maintains a moderate level of debt, as well as a manageable
liquidity position, due to unencumbered assets and land that could
be sold. For the real estate industry, the emphasis of Fitch's
methodology is on portfolio quality, diversity, and size. IRSA's
asset portfolio is strong with USD776 million of book capital as
of Sept. 30, 2012. This value would be higher at market values.
These assets are mostly unencumbered as secured debt represents
less than 5% of total debt.

As of Sept. 30, 2012, IRSA had USD566 million of debt, resulting
in a total debt-to-EBITDA ratio of 2.7x and an EBITDA-to-interest
expense ratio of 3.0x. APSA accounted for only 28% of IRSA's
consolidated debt. IRSA's main debt obligations are USD150 million
notes maturing in 2017 and 2020. APSA also has a USD120 million
note maturing in 2017. These notes do not have cross guarantees.

IRSA had USD135.6 million of consolidated short-term debt
obligations as of Sept. 30, 2012, of which USD7 million are
associated with debt at APSA. These figures compare with USD107
million of cash and marketable securities. Approximately USD50.4
million of the company's cash is at APSA. IRSA is expected to meet
its upcoming debt obligations with a mix of cash from operations
and the rollover of existing debt. Importantly, both IRSA and APSA
own key parcels of land in strategic areas of Buenos Aires, which
could be sold to improve the company's liquidity, or used for new
developments. The book value of this undeveloped land exceeds
USD90 million.

Despite lower leverage at its subsidiary APSA, the local currency
IDRs of APSA and IRSA have been linked at 'B+'. This linkage
reflects factors that align the credit quality of the company,
such as strong strategic ties, and the fact that APSA's upstream
dividends represent a relevant part of IRSA's cash flow
generation.

Rating and Outlook Drivers

Fitch expects that IRSA will manage its balance sheet to reach a
total debt-to-EBITDA ratio of less than 3.5x. Any significant
increase in IRSA's targeted leverage ratio would weaken credit
quality and could result in a negative rating action. IRSA's FC
IDR could be affected by an upgrade or downgrade of the Argentine
Country Ceiling of 'B-'.



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B E R M U D A
=============


BAY MARITIME: Member Receives Wind-Up Report
--------------------------------------------
The member of Bay Maritime Limited received on Dec. 31, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 29, 2012.

The company's liquidator is:

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


LSF7 GERMAN: Member Receives Wind-Up Report
-------------------------------------------
The member of LSF7 German Lendings, Ltd. received on Dec. 14,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on Nov. 28, 2012.

The company's liquidator is:

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


LSF7 GLOBAL: Members Receive Wind-Up Report
-------------------------------------------
The members of LSF7 Global Lendings, Ltd. received on Dec. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

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

The company's liquidator is:

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


LSREF2 GLOBAL: Members Receive Wind-Up Report
---------------------------------------------
The members of LSREF2 Global Holdings, Ltd. received on Dec. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

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

The company's liquidator is:

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


NEW CASTLE: Members Receive Wind-Up Report
------------------------------------------
The members of New Castle Market Neutral Offshore Limited received
on Dec. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

Robert S. Reitzes is the company's liquidator.



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


MARFRIG HOLDINGS: Fitch Rates Proposed USD300MM Notes at 'B+/RR4'
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+/RR4' rating
to Marfrig's proposed USD300 million senior unsecured notes due
2017 to be issued by Marfrig Holdings (Europe) BV. These notes
will be unconditionally guaranteed by Marfrig Alimentos S.A.
(Marfrig), Marfrig Overseas Ltd and several other subsidiaries.
Proceeds are expected to be used to refinance debt maturities and
extend debt maturity schedule. A complete list of Fitch's ratings
of Marfrig is at the bottom of the press release.

The 'B+' rating takes into consideration the company's aggressive
growth strategy and high leverage. Further considered in the
rating is the volatility of protein prices and profit margins due
to factors beyond the company's control. Positive considerations
include Marfrig's strong business position as one of the largest
producers and exporters of beef, poultry, and pork in Brazil.

Ratings Drivers:

The Rating Outlook for Marfrig and its rated subsidiaries is
Negative. A revision of the Outlook to Stable could be triggered
by a number of factors that could include financial improvements
which are better than expected given the current operating
environment, and/or sufficient capital injections to meaningfully
reduce debt. A rating downgrade could be precipitated by a further
deterioration in company's credit metrics, negative cash flow
generation or liquidity concerns.

Fitch views positively the BRL 1 billion equity issuance concluded
by the company during October 2012. Along with the current bond
issuance this will strengthen liquidity and improve the company's
amortization schedule. In Fitch's opinion, the funds raised will
be sufficient to address an estimated BRL1.2 billion of debt
maturities (other than trade debt) through 2013. Fitch projects
that Marfrig's free cash flow generation will be negative in 2013,
which will continue to make the company dependent upon external
financing, as it faces debt maturities during 2014 of BRL2.8
billion. Additional challenges faced by the company include:
integrating the assets acquired in an asset swap with Brazil Foods
(BRF), retaining the market share of the brands it received, and
the successful launch of a large number of new products in a bid
to capture additional market share.

Leverage Remains High Despite Recent Equity Issuance:

As of Sept. 30, 2012, Marfrig had BRL 12.9 billion of debt and BRL
2.8 billion of cash and marketable securities. During the LTM
ended Sept. 30, 2012, the company generated BRL 1.9 billion of
EBITDA. Fitch estimates that Marfrig's gross and net debt-to-LTM
EBITDA ratios pro forma the equity issuance for the period ended
Sept. 30, 2012 were 6.1x and 4.6x, respectively. These ratios
compare with 6.8x and 4.8x during 2011. Fitch expects that
Marfrig's leverage ratios will remain relatively high through
2013.

Earnings Volatility:

Protein prices and demand are volatile. Marfrig's profit margins
are affected by factors beyond the company's control. These
include domestic and international supply and demand imbalances
resulting from animal disease and weather conditions, global
economic growth, changes in consumption habits, and government-
imposed sanitary and trade restrictions. Competitive pressures
from other players also affect the company's margins.

Strong Business Position:

Marfrig is one of Brazil's largest producers and exporters of
beef, poultry, and pork. The company has a more diversified
business profile than most of its peers. Its production base is
diversified and 35% of its sales are from exports. A little over
one-third of its revenues come from higher value-added processed
food. As a result of the recent asset swap with BRF, processed and
prepared product capacities will more than double.

Processed Food - Long-Term Positive, Short-Term Volatility:

Marfrig's strategy of reducing commodity protein exposure by
increasing its share in processed food, which is less volatile and
commands better profit margins, is a credit positive. The asset
swap with BRF will strengthen Marfrig's competitive position in
the value-added protein products market and is consistent with the
company's previous acquisitions. Achieving full capacity will take
time and the company's efficiency may decline during the
integration period which will pressure margins.

Fitch currently rates Marfrig:

Marfrig Alimentos S.A.
-- Local currency IDR at 'B+';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (1st tranche) at
    'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (2nd tranche) at
    'BBB+(bra)'.

Marfrig Overseas Ltd
-- Foreign currency IDR at 'B+';
-- US$375 million senior unsecured notes due 2016 at 'B+/RR4';
-- US$500 million senior unsecured notes due 2020 at 'B+/RR4'.

Marfrig Holdings (Europe) B.V.

-- Foreign currency Marfrig Alimentos S.A.
-- Local currency IDR at 'B+';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (1st tranche) at
    'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (2nd tranche) at
    'BBB+(bra)'.

The Rating Outlook for Marfrig Alimentos S.A., Marfrig Overseas
Ltd, and Marfrig Holdings (Europe) B.V. is Negative. The ratings
of these companies are linked by Fitch Parent and Subsidiary
Linkage criteria.


MARFRIG HOLDINGS: Moody's Rates US$300MM Sr. Unsecured Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating to
Marfrig's proposed issuance of US$300 million senior unsecured
notes due 2017. The ratings outlook is stable. Proceeds from the
proposed notes will be used to improve the company's capital
structure by lengthening its debt profile.

Ratings Rationale

Marfrig's B2 rating reflects the company's still elevated leverage
as measured by adjusted gross debt/EBITDA of 6.4x as of September
2012, and the high amount of short term debt due over the next few
quarters. Moreover, about one third of the company's cash position
is restricted, linked to long-term export related debt obligation.

Following the BRL1.05 billion equity issuance, concluded in
December, Moody's expects an improvement in liquidity levels and
less pressure coming from short term maturities, said Moody's
vice-president Marianna Waltz. The company expects to use most of
the proceeds to repay shorter term debt and strengthen its cash
position. In Moody's estimates, the equity follow-on, combined
with the proposed bond issuance, could represent a total debt
reduction of about BRL1.3 billion over the next few quarters. The
company also holds, through its subsidiary Keystone, a US$600
million secured revolving long-term credit facility with 17 banks.
Of this amount about US$300 million is drawn as of September 2012,
with the balance still available.

The rating is supported by the company's diversified portfolio of
products in five animal proteins (lamb, pork, turkey, poultry and
beef) and strong brands, as well as its large geographic footprint
and global distribution capabilities. In addition, Moody's see
opportunities for the Seara brand in Brazil related not only to
the integration of assets exchanged with Brasil Foods, but also to
the suspension of certain Perdigao products by the Anti-trust
commission (CADE) for a period of three to five years. Moody's is
assuming that Brasil Foods will recover the most of Perdigao's
market share using the Sadia brand, but in Moody's view Seara
could gain some shares nonetheless.

The stable outlook reflects Moody's view that Marfrig will be able
to keep operating margins near current levels and avoid further
significant deterioration in its liquidity over the near term.

Marfrig's rating could be downgraded if liquidity were to
deteriorate such that unrestricted cash position would represent
less than 80% of short term debt. Quantitatively, downward
pressure on Marfrig's B2 rating or outlook is likely if Total Debt
/ EBITDA is sustained above 6.0x, EBITA to gross interest expense
falls below 1.0x or if Retained Cash Flow to Net Debt is below
10%. All credit metrics are according to Moody's standard
adjustments and definitions.

The ratings or outlook could be upgraded if Marfrig is able to
improve liquidity and keep operating margins at least near current
levels. In addition, it would require a CFO/ Net Debt approaching
15% and a Total Debt / EBITDA of near 4.5x.

Marfrig, headquartered in Sao Paulo, Brazil, is among the largest
protein companies globally, with reported net consolidated
revenues of BRL23.5 billion (US$11.7 billion) in the 12 months
ended in September, 2012. With two main divisions, which are Seara
Foods and Marfrig Beef, the company currently has 108 beef,
poultry, pork and lamb processing plants. The company processes,
packages and delivers fresh, chilled and processed beef, chicken,
pork and lamb products to customers in Brazil and abroad, with
approximately 30% of global sales derived from international
markets. In the past few years Marfrig has focused on non-organic
growth and made 18 acquisitions, the most important ones being Moy
Park (2008), Seara (2009) and Keystone (2010).

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


MARFRIG HOLDINGS: S&P Assigns 'B+' Rating to $300MM Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
rating to Marfrig Holdings Europe B.V.'s planned $300 million
senior unsecured notes due 2017.

The rating on the issue reflects the credit quality of both
Brazil-based Marfrig Alimentos S.A. (Marfrig; B+/Negative/--),
which will irrevocably and unconditionally guarantee the bonds,
and its most relevant operating subsidiaries; we analyze these as
a single group.

The proposed bond issuance, together with the company's recent
equity offering through which Marfrig raised about R$1 billion (or
about $500 million), will improve its capital structure by
reducing overall debt and extending its maturities, lowering the
company's annual refinancing risks and sizable interest rate
burden.  "We expect Marfrig to continue this deleveraging trend
and use most of the proceeds of both transactions to pay down debt
as it comes due," said Standard & Poor's credit analyst Flavia
Bedran.  We also expect operating performance to improve thanks to
both strong cash flows from its beef division and a gradual
recovery in its poultry unit, as grain prices have softened.
However, the outlook on the company's corporate credit rating
remains negative as Marfrig confronts the volatility of the beef
and poultry industry and the need to improve operating
efficiencies to generate stronger discretionary cash flows.

RATINGS LIST

Marfrig Alimentos S.A.
  Corporate credit rating           B+/Negative/--

Rating Assigned

Marfrig Holdings Europe B.V.
  $300M sr unsec notes              B+



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


AJW OFFSHORE: Liquidators Seek U.S. Recognition
-----------------------------------------------
Liquidators of AJW Offshore, Ltd., and three affiliates filed
Chapter 15 petitions (Bankr. E.D.N.Y. Case No. 8-70078) on Jan. 7,
2013 in Central Islip, New York, in the United States to seek
recognition of the liquidation supervised by the Cayman Islands
Grand Court.

Before succumbing to liquidation, the Offshore Funds were engaged
in private investments in public equities (PIPE). They traded at
the distressed end of the market, predominantly providing funding
to businesses that could not obtain financing from traditional
sources.

By mid-to-late 2007, the PIPE investment strategy began to fail.
Many of the companies that received financing from the Offshore
Funds were struggling, on the verge of bankruptcy, or defunct.
Many defaulted on their loan and conversion obligations.

According to the liquidators, the funds' manager, Corey Ribotsky,
rather than disclose these facts and write down the fair value of
the funds, chose to "restructure" the outstanding debt by issuing
new debenture to the same delinquent and nonperforming companies.
Mr. Ribotsky allegedly rolled the outstanding principal, interest
and default penalties into new debentures which provided even
greater conversion discounts for the issuer's shares.

The U.S. Securities and Exchange Commission instituted an
investigation into the management of the Offshore Funds and
certain U.S.-based funds.  A lawsuit was filed against Mr.
Ribotsky and NIR in September 2011 citing allegations of, among
other things, artificially inflating the financial performance of
the AJW Funds, and impermissibly transferring money from certain
Offshore Funds to other funds to satisfy redemption requests.

Because the funds were unable to pay their debts with interest for
the next 12 months, the Cayman Islands Grand Court in 2011 ordered
the entities' liquidation come under the court's supervision and
appointed PwC Corporate Finance & Recovery (Cayman) Limited's Ian
Stoke and David Walker as joint official liquidators.

The liquidators are currently in the midst of a lengthy and
complex liquidation process.  Assets of the offshore Funds fall
into four categories:

   1. $427,000 in cash in bank and brokerage accounts in the U.S.
and Cayman Islands.

  2. callable secured convertible notes and warrants issued
largely by U.S. entities for which U.C.C. filings are required to
perfect securities interest over the assets;

  3. causes of action against various issuers;

  4. potential claims against Mr. Ribotky, NIR Group LLC, Offshore
Funds professionals, almost all of whom are located in the U.S.

The liquidators are asking the U.S. Bankruptcy Court to recognize
the Cayman Islands Proceedings as foreign main proceedings to
garner and administer the Offshore Funds' assets that may be
located and held in the U.S.

The liquidators note that, considering that the allegations in the
SEC complaint predate 2007, the fear that the causes of action
have imminent expiry date.  Accordingly, they request an order
that explicitly acknowledges that the statutory tolling and
extension provided for in Sec. 108 of the Bankruptcy Code apply
for the Offshore Funds.

The liquidators note that the Cayman Islands Proceedings provide
for a centralized process to assert and resolve claims against the
Offshore Funds' estates, and to make distributions to the Offshore
Funds' creditors.


ATC LEASING: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of ATC Leasing Limited received on Dec. 14, 2012,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Roger Priaulx
         Edel Andersen
         c/o Genesis Trust & Corporate Services Ltd.
         Midtown Plaza, 2nd Floor
         Elgin Avenue, George Town
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470


BTG PACTUAL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of BTG Pactual Special Purpose Fund, Ltd. received
on Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Ben Gillooly
         Telephone: (345) 815 1764
         Facsimile: (345) 949-9877


CHATHAM ASSET: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Chatham Asset Partners Special Situations
Offshore Fund, Ltd. received on Dec. 7, 2012, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


CHATHAM ASSET MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Chatham Asset Partners Special Situations
Master Fund, Ltd. received on Dec. 7, 2012, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


CRESCENT PLANECONSULT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Crescent Planeconsult Group received on
Dec. 12, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


DAMPIER INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Dampier International Fund Ltd. received on
Dec. 10, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Devina Patel
         Telephone: (345) 914 8739
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


DAMPIER MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dampier Master Fund Ltd. received on Dec. 10,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Devina Patel
         Telephone: (345) 914 8739
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


DURATION MUNICIPAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Duration Municipal Offshore Fund, Ltd.
received on Nov. 30, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Eleanore Laureles
         Telephone: +1 345-914-4466/+1 345-949-4800
         Facsimile: +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


F&C SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of F&C Select Alpha Fund Of Hedge Funds Limited
received on Dec. 29, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


FCOI II INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of FCOI II Investments Ltd. received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


H.T. CAYMAN: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of H.T. Cayman Ltd received on Dec. 10, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


MOBILE NET: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Mobile Net Invest Limited received on Dec. 12,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555


NORMANDY HILL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Normandy Hill Offshore Fund Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


O'CONNOR CREDIT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of O'Connor Credit Opportunity Master Limited
received on Dec. 12, 2012, 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


O'CONNOR GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of O'Connor Global Convertible Bond Limited
received on Dec. 12, 2012, 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


PARDUS DPH: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Pardus DPH Holding Ltd. received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PLATINUM RIVER: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Platinum River Growth Fund I received on
Dec. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Patrik Vonmoos
         Wiedingstrasse 98
         8045 Zurich, Switzerland
         Telephone: +41 43 333 0551
         Facsimile: +41 44 450 1536


PRG MANAGEMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of PRG Management Ltd. received on Dec. 3, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Patrik Vonmoos
         Wiedingstrasse 98
         8045 Zurich, Switzerland
         Telephone: +41 43 333 0551
         Facsimile: +41 44 450 1536


RP FINANCE III: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of RP Finance III received on Dec. 7, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


SR ROCKVIEW: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of SR Rockview Master MA Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


WESSEX GOLD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Wessex Gold Fund Limited received on Nov. 29,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


ZGG CAYMAN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of ZGG Cayman Holding Limited received on Dec. 14,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Roger Priaulx
         Edel Andersen
         c/o Genesis Trust & Corporate Services Ltd.
         Midtown Plaza, 2nd Floor
         Elgin Avenue, George Town
         Grand Cayman
         Cayman Islands KY1-1106
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470



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


* DOMINICAN REPUBLIC: No Deal Yet With Electricity Firms
--------------------------------------------------------
Ruben Jimenez Bichara at Dominican Today reports that there is
still no agreement between the Dominican Electricity Companies
Corporation (CDEEE) and power generators.

Dominican Republic Industry Electricity Association (ADIE)
Executive Vice President Milton Morrison denied that the existence
of such an agreement and stated that there have been some meetings
with some generators in order to make them know the CDEEE interest
in reaching a pact on the payment of the Government's debt,
according to Dominican Today.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2012, the Dominican Today said that the Dominican
Republic State-owned Electric utility (CDEEE) Chief Executive
Officer Ruben Jimenez Bichara said that the government had reached
said an agreement with the power companies to be disclosed this
month.  Mr. Bichara spoke after a meeting with President Danilo
Medina, but declined to provide details on the pact, according to
Dominican Today.  The report related that the government owes the
power companies more than US$1.0 billion.  Mr. Jimenez noted that
since he took office, Mr. Medina negotiates with the power
companies to solve the energy crisis and pay the Government's
debt, the report disclosed.



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


* JAMAICA: Sees Lower Imports and Fewer Exports in 2012
-------------------------------------------------------
RJR News reports that Jamaica has seen lower imports and exported
fewer goods to the rest of the world in between January and
September last year.

Total imports during that period were valued at US$4.8 billion
while exports were valued at US$1.2 billion, according to RJR
News.

The report relates that the United States is Jamaica's biggest
market in terms of both exports and imports.

The report says that up to September last year, which is the
latest available data, Jamaica imported goods from the United
States, worth US$1.6 billion.

Venezuela was second, from which imports are chiefly oil under the
Petrocaribe agreement, RJR News notes.

RJR News relates that the Bolivarian Republic replaces Trinidad
and Tobago, which fell to the third largest source of imports for
the country.

Of the top five import partners, Trinidad and Tobago was the only
country from which Jamaica took fewer imports, RJR News says.

RJR News says relays that China and Japan were the fourth biggest
source of imports for Jamaica.  The fourth and fifth largest
export markets were Slovenia and Latvia, the report discloses.

In 2011 nothing was exported to Latvia in but in 2012, it was the
fifth biggest market for Jamaican products, RJR News adds.



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


VITRO SAB: 5th Cir. Affirms Order Recognizing Mexican Proceeding
----------------------------------------------------------------
The U.S. Court of Appeals for the Fifth Circuit affirmed the lower
courts' judgment recognizing Vitro S.A.B. de C.V.'s Mexican
reorganization proceeding and the appointment of foreign
representatives.  The Fifth Circuit also affirmed the bankruptcy
court's order denying enforcement of the Mexican reorganization
plan.

The Ad Hoc Group of Vitro Noteholders, a group of creditors
holding a substantial amount of Vitro's debt, took an appeal from
the district court's decision affirming the bankruptcy court's
recognition of the Mexican reorganization proceeding and Vitro's
appointed foreign representatives under Chapter 15 of the
Bankruptcy Code.  Vitro and one of its largest third-party
creditors, Fintech Investments, Ltd., each took an appeal directly
to the Fifth Circuit from the bankruptcy court's decision denying
enforcement of the Mexican reorganization plan because the plan
would extinguish the obligations of non-debtor guarantors.

The Fifth Circuit appeals are: AD HOC GROUP OF VITRO NOTEHOLDERS,
Appellant, v. VITRO SAB DE CV, Appellee; VITRO SAB DE CV,
Appellant, v. AD HOC GROUP OF VITRO NOTEHOLDERS; WILMINGTON TRUST,
NATIONAL ASSOCIATION, solely in its capacity as indenture trustee;
U.S. BANK NATIONAL ASSOCIATION, Appellees; FINTECH INVESTMENTS,
LIMITED, Appellant, v. AD HOC GROUP OF VITRO NOTEHOLDERS;
WILMINGTON TRUST, NATIONAL ASSOCIATION, solely in its capacity as
indenture trustee; U.S. BANK NATIONAL ASSOCIATION, Appellees.
No. 12-10542, Consolidated with No. 12-10689., 12-10750 (5th
Cir.).  A copy of the Fifth Circuit's Jan. 7, 2013 decision is
available at http://is.gd/h1Ah8Vfrom Leagle.com.

The Fifth Circuit panel consists of Circuit Judges Carolyn Dineen
King, Jerry Edwin Smith, and Rhesa Hawkins Barksdale.  Judge King
penned the decision.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  Vitro's appeal is
pending.

In November, the U.S. Court of Appeals Judge Carolyn King ruled
that Vitro SAB won't be permitted to enforce its bankruptcy
reorganization plan in the U.S.  She said that Vitro "has not
shown that there exist truly unusual circumstances necessitating
the release" preventing bondholders from suing subsidiaries.



=====================
P U E R T O   R I C O
=====================


* PUERTO RICO: Banks Face Economic Headwinds in 2013, Fitch Says
----------------------------------------------------------------
Fitch Ratings expects Puerto Rican banks to face continuing
operating challenges in 2013, despite recent efforts by those
institutions to build capital and derisk their balance sheets.
Weak economic fundamentals in Puerto Rico will likely persist this
year, and banks will face ongoing risks of rising asset quality
pressure.

The Puerto Rican economy has been in recession since 2006, and a
newly elected governor (who took office last week) must confront
continuing budget deficits, very high debt levels, and substantial
unfunded pension liabilities. These issues threaten to restrain
GDP growth in coming years, potentially delaying a recovery in the
island's weak labor market and a rebound in real estate prices.
The Puerto Rican unemployment rate, while down from post-financial
crisis highs, remains above 13%.

In light of the weak macro backdrop, as well as commercial and
residential real estate markets that remain stressed, Puerto Rican
banks will be forced to maintain high capital levels to absorb
shocks that could drive net charge-off (NCO) and nonperforming
loan (NPL) levels higher in 2013.

Although growth in problem assets slowed in 2011 and 2012, NPLs
remain stubbornly high, and NCOs could increase if the island's
economic growth falters and financial pressure on borrowers
builds. We believe reserve levels will remain higher than
comparable figures for U.S. mainland banks.

The overwhelming majority of problem loans in the local market are
related to commercial real estate and construction lending. While
non-accrual loans in residential home lending remain high at 7%
for total residential mortgages for all banks, NCOs have not risen
significantly. This reflects the fact that the Puerto Rican
housing market has limited rental properties on the island.
Borrowers have few housing options and generally are committed to
remain in their homes despite financial pressures. Most banks have
stated an average self-cure rate of 70% for residential
nonperforming loans. In addition, conventional mortgages account
for 85% of home loans on the island as Alt-A loan products were
not used as extensively as they were on the U.S. mainland.
Nonetheless, the prolonged recession and weak economic prospects
may have negative implications for future trends regarding net
losses from residential mortgages.

Consumer and commercial lending performance, in contrast to real
estate, has held up reasonably well through the economic downturn.
Excluding residential mortgages, consumer nonaccruals (NALs) for
all commercial banks in Puerto Rico remain low at roughly 1.0% of
total loans in third-quarter 2012. Commercial and industrial loans
are also holding up with NAL estimated at 2.5% for third-quarter
2012.

None of the three Puerto Rican banks rated by Fitch -- Popular,
Inc., First Bancorp, and Doral Financial Corp. -- currently have
an investment-grade rating. Fitch also rates Santander Bancorp,
which has a Viability Rating of 'bb+'. This reflects the impact of
the prolonged recession and high unemployment on asset quality in
the real estate sector, as well as the still-elevated levels of
nonperforming assets.



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


* VENEZUELA: Faces Increasing Political Uncertainty, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service said that with Venezuela's President
Hugo Chavez unable to attend the inauguration for his next
Presidential term originally scheduled to take place on Thursday,
January 10 due to his seemingly terminal cancer, Venezuela faces a
period of heightened political uncertainty. The current situation
appears to revive the possibility that an opposition candidate
could take over the presidency and with it begin to usher in
economic reforms that could improve Venezuela's credit picture in
the medium term. Regardless of who succeeds Mr. Chavez and which
part of the political spectrum they represent, however, this
potential opportunity is outweighed in the shorter term by risks
associated with the political transition that could negatively
impact Venezuela's rating if they crystallize.

While the Constitution seemingly requires that elections be called
within 30 days if Mr. Chavez is unable to attend the inauguration,
the Chavistas are currently arguing that this is in fact not the
case. The longer the current situation persists the greater the
likelihood of social and political unrest. The opposition would
not stand idly by if they perceive the Chavistas to be attempting
to solidify their grasp on power through extra-constitutional
means.

Even if elections are called promptly, Moody's believes the
likelihood of an opposition victory is limited. The recent
Presidential and regional elections have re-legitimized the
Chavista movement while calling the level of support for the
opposition into question. Although the expected Chavista
candidate, Vice President Nicolas Maduro, is generally not
regarded as a very strong candidate on his own, he will likely
benefit from a large sympathy vote.

Although the Chavista movement is in fact a coalition of fairly
disparate interest groups that has been held together by
Mr. Chavez, Moody's does not think it is likely to fall apart
simply due to his absence. Most likely there will be a behind --
the-scenes power struggle, notwithstanding Mr. Maduro's recent
public anointment as Mr. Chavez's preferred successor. As long as
it retains power, however, the movement is expected to present an
external image of unity, as it has been doing since Mr. Chavez's
most recent bout of illness began.

That said, Mr. Chavez's successor will be challenged to establish
his authority over rivals, which may prevent him from making
urgently needed adjustments to the exchange rate and government
spending levels -- adjustments that would be painful for
significant portions of the population. A related risk given the
country's very weak public institutions is that without the
discipline provided by Mr. Chavez' presence, corruption may spiral
out of control as individuals within the government could be
tempted into a race for spoils before increasing macroeconomic
imbalances cause the economy to collapse. If assets in the
government's various off-budget funds, or even actual oil
shipments, start to go missing as a result, this would have a
direct negative impact on credit quality.

Even if the opposition manages to win the elections, it will lack
the mandate that it would have had if Capriles had defeated Mr.
Chavez head-to-head in October, which will make it more difficult
to implement any meaningful but likely disruptive reforms. There
is the risk of civil unrest in this circumstance as well as the
Chavistas most assuredly will not go gently into the night.


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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


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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., Washington, D.C.,
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 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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