TCRLA_Public/130118.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 18, 2013, Vol. 14, No. 13


                            Headlines



B A R B A D O S

* BARBADOS: Forecasts Little Growth for 2013


B E R M U D A

BERMUDA HOTELS (1): Member to Receive Wind-Up Report on Jan. 22
BERMUDA HOTELS (2): Member to Receive Wind-Up Report on Jan. 23
BERMUDA HOTELS (3): Member to Receive Wind-Up Report on Jan. 24
CORAL BEACH: Wardman Seeks to Reassure Over Possible Receivership
FAIRMONT AVIATION: Members' Final Meeting Set for Jan. 23

KARIMCO LIMITED: Members' Final Meeting Set for Feb. 5
METRO NATURAL: Members' Final Meeting Set for Jan. 29
METRO NATURAL PARTICIPATIONS: Members' Meeting Set for Jan. 22


B R A Z I L

BC LUXCO: Fitch Assigns BB Foreign Currency Issuer Default Rating
DESENVIX ENERGIAS: Moody's Assigns 'B1' Rating; Outlook Stable


C A Y M A N  I S L A N D S

3L FUND: Commences Liquidation Proceedings
3L MASTER: Commences Liquidation Proceedings
ARES IV CLO: Commences Liquidation Proceedings
ARROW FUND: Placed Under Voluntary Wind-Up
BCI HOLDINGS: Commences Liquidation Proceedings

CABLE (DFS 2002): Commences Liquidation Proceedings
CHYPS CBO 1999-1: Commences Liquidation Proceedings
DRAXIS ENERGY: Commences Liquidation Proceedings
DRAXIS ENERGY FUND: Commences Liquidation Proceedings
DRAXIS ENERGY INTERMEDIATE: Commences Liquidation Proceedings

FGG CUSTOMIZED: Members Receive Wind-Up Report
KNIGHT FUNDING: Commences Liquidation Proceedings
KOCH FERTILIZER: Shareholder Receives Wind-Up Report
MILLGATE INTERNATIONAL: Commences Liquidation Proceedings
NMT HOLDINGS: Commences Liquidation Proceedings

NS INVESTMENTS XIV: Commences Liquidation Proceedings
PIXCEL LTD: Commences Liquidation Proceedings
SORIN CL MASTER: Placed Under Voluntary Wind-Up
TWICKENHAM INSURANCE: Placed Under Voluntary Wind-Up
VALE CAPITAL: Commences Liquidation Proceedings


P U E R T O   R I C O

EMPRESAS BENITEZ: Case Summary & 20 Largest Unsecured Creditors
EMPRESAS OMAJEDE: Meeting of Creditors on Jan. 28


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Moody's Affirms 'B1' Rating; Outlook Neg.


                            - - - - -


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


* BARBADOS: Forecasts Little Growth for 2013
--------------------------------------------
RJR News reports that Barbados is forecasting less than 1%
economic growth for 2013 up from no real growth last year.

The Central Bank of Barbados said the 0.7% forecast for this year
is based on the most recent outlook by the International Monetary
Fund (IMF) of average growth of 1.7% for the United States, the
United Kingdom and Canada, the island's major trading partners,
according to RJR News.

The report relates that in a review of the Barbados economic
performance for 2012 and prospects for 2013, the Central Bank said
the projections were also based on an improvement in consumer
expenditure in these markets of 1.2%.

No significant gain in employment is expected, the report says.



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


BERMUDA HOTELS (1): Member to Receive Wind-Up Report on Jan. 22
---------------------------------------------------------------
The member of Bermuda Hotels (1) Limited will receive on Jan. 22,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 14, 2012.

The company's liquidator is:

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


BERMUDA HOTELS (2): Member to Receive Wind-Up Report on Jan. 23
---------------------------------------------------------------
The member of Bermuda Hotels (2) Limited will receive on Jan. 23,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 17, 2012.

The company's liquidator is:

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


BERMUDA HOTELS (3): Member to Receive Wind-Up Report on Jan. 24
---------------------------------------------------------------
The member of Bermuda Hotels (3) Limited will receive on Jan. 24,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 18, 2012.

The company's liquidator is:

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


CORAL BEACH: Wardman Seeks to Reassure Over Possible Receivership
-----------------------------------------------------------------
The Royal Gazette reports that George Wardman has broken his
silence over fears for the future of the Coral Beach Club, said to
be facing imminent receivership.

In a letter to CBC's some 1,100 members, he sought to reassure
that the private beach and tennis club would continue to operate
if it is put into receivership, according to the report.

"We think we should warn you that the Club is rumored to soon be
mentioned in a 'receivership action . . . .  I want to assure you
that the property, the buildings, the courts, the beach and all
the rights to them are still intact and not affected by this. This
is intended to be the orderly handover from the earlier tenant
(Brickman) to their lender (Swedbank)," the report quoted Mr.
Wardman as saying.

The report relates that Brickman has said it wants out of its
lease, saying it's no longer interested in developing the property
as a five-star resort. CBC members rejected Brickman's plan to
sell them the resort's facilities for $28 million, leading to
concerns the club could close, be sold to another party, or handed
back to mortgagee Swedbank.

The report discloses that a group of concerned members and at
least one New York-based firm are among potential buyers for the
club.

The current lease payments are for annual rental payments of
$1 million for the Horizon lease and $1 million for the CBC lease
for the next 45 years of the lease, and thereafter drop to
$125,000 for each property for the next 150 years of the original
200-year leases which commenced in 2008, the report discloses.


FAIRMONT AVIATION: Members' Final Meeting Set for Jan. 23
---------------------------------------------------------
The members of Fairmont Aviation Company Ltd. will hold their
final meeting on Jan. 23, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 17, 2012.

The company's liquidator is:

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


KARIMCO LIMITED: Members' Final Meeting Set for Feb. 5
------------------------------------------------------
The members of Karimco Limited will hold their final meeting on
Feb. 5, 2013, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 14, 2012.

The company's liquidator is:

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


METRO NATURAL: Members' Final Meeting Set for Jan. 29
-----------------------------------------------------
The members of Metro Natural Resources Ltd will hold their final
meeting on Jan. 29, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 14, 2012.

The company's liquidator is:

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


METRO NATURAL PARTICIPATIONS: Members' Meeting Set for Jan. 22
--------------------------------------------------------------
The members of Metro Natural Resources Participations Ltd will
hold their final meeting on Jan. 22, 2013, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 14, 2012.

The company's liquidator is:

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



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


BC LUXCO: Fitch Assigns BB Foreign Currency Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings to BC Luxco 1
S.A., Atento Group's new intermediate holding company:

-- Foreign currency Issuer Default Rating (IDR) 'BB'; and
-- Proposed USD250 million senior secured notes due 2019 'BB'.

The Rating Outlook is Stable.

The proceeds are to support the leverage buyout acquisition of
Atento Group by Bain Capital Partners, a private investment firm,
from Telefonica in the amount of EUR932 million. The additional
sources of cash for the transaction include a BRL914 million
(EUR341 million) debenture issued by the main subsidiary Atento
Brasil S.A. and an equity contribution of EUR360 million. Atento
Group's existing debt will be prepaid, which means that the
consolidated on-balance sheet debt will be EUR536 million at the
end of the transaction, with estimated cash of EUR102 million. The
proposed notes will have all subsidiaries, with the exception of
Brazil and Argentina, as guarantors, and will be secured by the
guarantor's shares. Under the new group structure post
acquisition, Luxco is an intermediate holding company controlling
all operational subsidiaries.

Luxco's ratings reflect Atento's increased consolidated leverage
ratio post its acquisition, which is somewhat mitigated by the
group's expected strong cash flow generation in the coming years
and extended debt maturity profile. They also consider the growth
prospects of the contact center sector and the group's business
position as one of the main players in this fragmented market.
Atento has a good geographic diversification, with its main
operations in investment grade countries. Atento's credit quality
is tempered by the strong competition; high revenue concentration
in Telefonica Group; and increasing labor costs and high turnover
in Brazil.

Moderate Leverage Post Acquisition

Fitch expects Atento's consolidated net leverage to reduce to a
more moderate level in the medium term, consistent with the rating
assigned. The net adjusted debt-to-EBITDAR ratio should range
between 3.5x-4.0x, above the 1.5x-3.5x in the last five years. For
the last 12 months (LTM) ended on Sept. 30, 2012, Atento's total
adjusted debt-to-EBITDAR ratio and net adjusted debt-to-EBITDA
ratio were 3.6x and 3.4x, respectively. According to Fitch's
calculations, total adjusted debt of EUR1,193 million incorporates
off-balance sheet debt of EUR883 million related to rental
expenses. On a pro forma basis, post acquisition considering the
LTM ended Sept. 30, 2012, net adjusted debt-to-EBITDAR should
approximate to 4.0x.

Margins Should Remain Strong

Fitch expects EBITDAR margins of 17%-20% in the medium term, which
compares favorably with its peers. Atento's margin can become
under pressure because of the competitive environment and due to
higher labor costs in its operation in Brazil, as this country
contributed with approximately 53% of revenues and 50% of EBITDAR
in 2011. This risk is somewhat mitigated by potential improvement
in margins based on more value added services rendered to clients
and maintenance of cost controls. The group's net revenues have
benefited from the growing trend of the contact center market
worldwide. In the LTM ended Sept. 30, 2012, net revenues of
EUR1,873 million were 3.9% higher than in 2011. Following the same
increasing trend, EBITDAR was EUR334 million in the LTM ended
Sept. 30, 2012, with an adequate EBITDAR margin of 17.8%.

Positive free cash flow (FCF) is expected until the notes are
fully paid. Atento should not distribute dividends during this
period and Fitch foresees capital expenditures at 5% of net
revenues, in line with its sector peers. In the LTM ended Sept.
30, 2012, cash flow from operations (CFFO) recovered to EUR126
million, with capital expenditures of EUR117 million and reduced
dividends of EUR2 million leading to a FCF of EUR6 million. The
ratings incorporate that Atento will not participate in any
acquisition over the next few years.

Strong Business Position

The ratings are supported by Atento's positive geographic
diversification with its main operations in investment grade
countries. Brazil, Spain and Mexico accounted for 77% of revenues
and 81% of EBITDA in 2011. Atento is also one of the main players
in the global fragmented market of contact center, being one of
the leaders in all countries. Market share is estimated at 4.7%
globally and 24% in Brazil.

Extended Debt Maturity Profile

Atento's liquidity risk is mitigated by a strong operational cash
generation and a lengthened debt maturity profile. After the
payment of the existing debt and the conclusion of the proposed
notes and debentures, the initial debt amortization of just EUR26
million will occur after a two year grace period. In the case of
the notes, there is a bullet payment in 2020. The notes are U.S.-
dollar denominated and will be hedged proportionally for the
maturity into EUR and MXN, effectively hedging approximately 65%
of the exposure. The debentures in Reais scheduled to mature from
2014 to 2019 should be paid by Atento Brasil with no currency
risk. A positive FCF should help the group to build higher cash
balances going forward in order to meet financial obligations.

KEY RATING DRIVERS

A negative rating action can occur as a result of a decline in
operational margins combined with negative FCF and inability to
meet expectations of credit metrics improvements. Increased cash
flow generation along with sound liquidity that lead to more
conservative credit metrics can trigger a positive rating action.


DESENVIX ENERGIAS: Moody's Assigns 'B1' Rating; Outlook Stable
--------------------------------------------------------------
Moody's America Latina Ltda assigned a B1 and Baa1.br ratings to
Desenvix Energias Renovaveis S.A.'s (DESENVIX) 4-year BRL 100
million debentures on the global and national scales,
respectively. Moody's also assigned a Ba3 and A2.br corporate
family ratings to DESENVIX on the global and national scales,
respectively. At the same time, Moody's withdrew DESENVIX's
previous provisional (P) Ba3 and A2.br corporate family ratings as
well as the provisional (P) B1 and Baa1.br ratings assigned to
DESENVIX's 4-year BRL 100 million debentures.

Rating assigned as is follows:

- Corporate Family Rating (CFR) assigned to Desenvix Energias
   Renovaveis S.A: Ba3/A2.br/Stable Outlook

- Ratings assigned to the 4-year BRL100 million debentures issued
   by Desenvix Energias Renovaveis S.A: B1/Baa1.br/Stable Outlook

Rating Rationale

These rating actions have been prompted by the company's recent
announcement on the disbursement of BRL102 million from the China
Development Bank Corporation (CDB) to DESENVIX's subsidiary,
Energen Energias Renovaveis S.A. (ENERGEN), and by DESENVIX's
successful issuance of BRL100 million debentures in the local
market at the end of December, which clearly enhanced the
company's liquidity position.

Moody's expects that ENERGEN will use approximately BRL80 million
of the BRL102 million to pay off existing intercompany loans in
the same amount to its major shareholder DESENVIX. The receipt of
BRL102 million from CDB and the issuance of the BRL100 million
debentures by DESENVIX have satisfied the basic conditions
required for Moody's to withdraw the existing provisional ratings.

Desenvix is a holding company controlled through a shareholding
agreement between Jackson Empreendimentos Ltda (not rated) through
the equity fund FIP Cevix, with 40.65% of Desenvix's voting and
total capital; SN Power, which holds 40.65% of the company's
voting and total capital; and the pension fund FUNCEF, which holds
the remaining 18.7% of the company's voting and total capital. SN
Power is a holding company controlled by two Norwegian companies,
Statkraft (60%; Baa1, stable) and Norfund (40%; not rated).

Desenvix holds interests in 15 power plants with a total installed
capacity of 349 MW, consisting of 10 small and medium sized hydro-
power plants, one biomass plant and four wind power plants. In
addition, Desenvix holds 25.5% of two transmission projects for
the construction of 511 kilometers of transmission lines. Desenvix
is also engaged in the development of two small hydro-power plants
with total installed capacity of 80 MW and a 30 MW wind power
plant.

Moody's ratings are constantly monitored, unless designated as
point-in-time ratings in the initial press release. All Moody's
ratings are reviewed at least once during every 12-month period.

The principal methodology used in this rating was "Unregulated
Utilities and Power Companies" published in August 2009.

The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate data
may not be available. Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the
information that is available to it. The date of the last Credit
Rating Action was October 11, 2012.



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


3L FUND: Commences Liquidation Proceedings
------------------------------------------
On Oct. 19, 2012, the shareholders of 3L Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Matthew Wright
         Tamara Corbin
         Rawlinson and Hunter Limited
         PO Box 897 Windward 1
         Regatta Office Park West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         Filed by:
         Appleby (Cayman) Ltd.
         Clifton House, 75 Fort Street
         PO Box 190 Grand Cayman KY1-1104
         Cayman Islands


3L MASTER: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 19, 2012, the shareholders of 3L Master Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Matthew Wright
         Tamara Corbin
         Rawlinson and Hunter Limited
         PO Box 897 Windward 1
         Regatta Office Park West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         Filed by:
         Appleby (Cayman) Ltd.
         Clifton House, 75 Fort Street
         PO Box 190 Grand Cayman KY1-1104
         Cayman Islands


ARES IV CLO: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 8, 2012, the members of
Ares IV CLO Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ARROW FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 8, 2012, the sole shareholder of The Arrow Fund (111919)
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Celina Lin
         Telephone: 852 2845 0956
         Facsimile: 852 2845 0931
         Bowen Asia Limited
         1503 Jubilee Centre
         18 Fenwick Street
         Wanchai
         Hong Kong


BCI HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 31, 2012, the shareholders of BCI Holdings Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CABLE (DFS 2002): Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Nov. 8, 2012, the members of
Cable (DFS 2002) Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CHYPS CBO 1999-1: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Nov. 8, 2012, the members of
CHYPS CBO 1999-1 Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


DRAXIS ENERGY: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 7, 2012, the shareholders of Draxis Energy Master Fund
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


DRAXIS ENERGY FUND: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 7, 2012, the shareholders of Draxis Energy Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


DRAXIS ENERGY INTERMEDIATE: Commences Liquidation Proceedings
-------------------------------------------------------------
On Nov. 7, 2012, the shareholders of Draxis Energy Intermediate
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


FGG CUSTOMIZED: Members Receive Wind-Up Report
----------------------------------------------
On Dec. 14, 2012, the members of FGG Customized Portfolio
Solutions SPC received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 6, 2012.

The company's liquidator is:

         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


KNIGHT FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 8, 2012, the members of
Knight Funding Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


KOCH FERTILIZER: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Dec. 14, 2012, the sole shareholder of Koch Fertilizer Finance,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 30, 2012.

The company's liquidator is:

         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


MILLGATE INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on Nov. 8, 2012, the members of
Millgate International Trading Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


NMT HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 31, 2012, the shareholders of NMT Holdings Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NS INVESTMENTS XIV: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 31, 2012, the sole shareholder of NS Investments XIV, Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PIXCEL LTD: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 31, 2012, the sole shareholder of Pixcel Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SORIN CL MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sorin CL Master Fund,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TWICKENHAM INSURANCE: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Oct. 29, 2012, the sole shareholder of Twickenham Insurance
Company resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         RSM Cayman Ltd.
         Ian Lomas
         Telephone: (345) 743 3016
         Harbour Place, 2nd Floor, George Town
         PO Box 10311 Grand Cayman KY1-1003
         Cayman Islands


VALE CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 17, 2012, the sole shareholder of Vale Capital Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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



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


EMPRESAS BENITEZ: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Empresas Benitez Toledo, Inc.
        Carr Num. 112 Int. Km 5.3
        Sector Cachichuela
        Bo. Arenales Altos
        Isabela, PR 00662

Bankruptcy Case No.: 13-00186

Chapter 11 Petition Date: January 14, 2013

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

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  254 San Jose Street
                  5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Scheduled Assets: $5,201,300

Scheduled Liabilities: $12,885,097

A list of the Company's 20 largest unsecured creditors, filed
together with the petition, is available for free at
http://bankrupt.com/misc/prb13-00186.pdf

The petition was signed by Carlos R. Benitez Lopez, president.


EMPRESAS OMAJEDE: Meeting of Creditors on Jan. 28
-------------------------------------------------
There's a meeting of creditors of Empresas Omajede Inc. on
Jan. 28, 2013, at 10:00 a.m.  The meeting will be held at 341
Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, San
Juan.

The meeting, which is required under Section 341(a) of the
Bankruptcy Code, offers creditors a one-time opportunity to
examine a bankrupt company's representative under oath about its
financial affairs and operations that would be of interest to the
general body of creditors.

According to the notice of the 341 meeting, proofs of claim are
due by April 29, 2013.  Governmental entities have until June 26,
2013 to file their proofs of claims.

Empresas Omajede Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Patricia I. Varela, Esq., at Charles A. Cuprill, PSC, serves as
counsel.  The Debtor disclosed $5,613,568 in assets and
$98,762,700 in its schedules.



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


PETROLEOS DE VENEZUELA: Moody's Affirms 'B1' Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed Petróleos de Venezuela's
(PDVSA) B1 global local currency and B2 foreign currency ratings
and changed the rating outlook to negative from stable, following
the change in outlook for the Venezuelan government's local and
foreign currency bond ratings to negative. The sovereign rating
action reflects increasing uncertainty over President Chavez's
political succession, and the impact of a possibly tumultuous
transition on civil order, the economy, and an already
deteriorating government fiscal position.

Ratings affected include:

-- B1 global local currency issuer rating, outlook changed to
    negative

-- B2 foreign currency bond rating for 9.75% guaranteed Senior
    Global Notes, outlook changed to negative

Ratings Rationale

PDVSA's B1 local currency issuer rating and B2 foreign currency
bond rating are equal to the government's ratings, reflecting its
key role as the state oil company. PDVSA is a driver of
Venezuela's economy and primary source of government fiscal
revenues and foreign exchange. The government approves and
controls PDVSA's budget and has steeply increased transfer
payments in the form of royalties, social payments and dividends
to support government spending and social programs, particularly
in the run-up to the presidential election in fall 2012. Under a
scenario of fiscal and economic deterioration in a post-Chavez
era, the government could become even more dependent on PDVSA,
which would further constrain the state oil company's capital
investments and increase its debt burden.

As a government-related issuer, PDVSA's ratings reflect a high
level of imputed government support and default correlation
between the two entities. A downgrade of the government's local
and foreign currency ratings would be likely to result in a
downgrade of PDVSA's ratings as well.

The Ba2 issuer rating and securities ratings for CITGO Petroleum
Corporation, PDVSA's wholly-owned US- based refining subsidiary,
are not affected by PDVSA's change in rating outlook.

The principal methodology used in rating PDVSA was the Global
Integrated Oil & Gas Industry Methodology published in November
2009. Other methodologies used include Government-Related Issuers
methodology published in July 2010.


                            ***********


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., 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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