TCRLA_Public/130124.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

             Thursday, January 24, 2013, Vol. 14, No. 17


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Assigns 'B1' CFR; Outlook Negative


B E R M U D A

ASIAN RETAIL: Placed Under Voluntary Wind-Up
ASIAN RETAIL: Member to Receive Wind-Up Report on Feb. 11
CIRRUS INVESTMENTS: Placed Under Voluntary Wind-Up
CIRRUS INVESTMENTS: Members to Receive Wind-Up Report on Feb. 12
LSF7 BERMUDA: Placed Under Voluntary Wind-Up

LSF7 BERMUDA: Members' Final Meeting Set for Feb. 12
NOBLE JEWELRY: Placed Under Voluntary Wind-Up
NOBLE JEWELRY: Member to Receive Wind-Up Report on Feb. 11
* Bermuda Market Remains Strong Entering 2013, Fitch Says


B R A Z I L

BARTOLOMEO ACQUAVIVA: Barclays Plc to Close Unit and Cut Jobs
CEMIG DISTRIBUICAO: Moody's Cuts BCA to 'ba1'; Outlook Negative


C A Y M A N  I S L A N D S

APEX EQUITY: Shareholder Receives Wind-Up Report
CONTINENTAL TRUSTEE: Fitch Rates Securities at 'BB+'
CHESTER EMERGING: Shareholders Receive Wind-Up Report
COTTONROSE HOLDINGS: Sole Member Receives Wind-Up Report
DORICO FUND: Shareholders Receive Wind-Up Report

DURENDAL GLOBAL: Shareholders Receive Wind-Up Report
FEM HOLDINGS: Shareholders Receive Wind-Up Report
FLINTLOCK COMMODITY: Shareholders Receive Wind-Up Report
GARA INTERNATIONAL: Shareholders Receive Wind-Up Report
GENI MCF: Shareholders Receive Wind-Up Report

HP GROUP: Sole Member Receives Wind-Up Report
LABOR READY: Shareholder Receives Wind-Up Report
MAJOR TREND: Shareholders Receive Wind-Up Report
MERIT POINT: Shareholders Receive Wind-Up Report
MIL ASIA: Shareholders Receive Wind-Up Report

NF AURORA: Shareholders Receive Wind-Up Report
RAJMON LTD: Members Receive Wind-Up Report
RAMESSES OFFSHORE: Shareholders Receive Wind-Up Report
SPANISH PHARMA: Shareholders Receive Wind-Up Report
THEME IAM: Shareholders Receive Wind-Up Report
TMA ASIAN: Shareholders Receive Wind-Up Report


C H I L E

* CHILE: Fitch Says New Regulations a Step Forward for Insurers


G U A T E M A L A

GUATEMALAN BANCO: Fitch Affirms 'BB+' Issuer Default Ratings
GUATEMALAN BANCO G&T: Fitch Affirms 'BB' Issuer Default Rating


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Flights Unaffected by London Icy Weather


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


GPAT COMPANIA: Moody's Assigns 'B1' CFR; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has assigned a B1 local currency
corporate family rating (CFR) to GPAT Compania Financiera
Argentina S.A. (GPAT). The rating was assigned with a negative
outlook, in line with the negative outlook on its parent's
ratings.

The following rating was assigned to GPAT Compania Financiera
Argentina S.A. (GPAT):

Long term local currency corporate family rating of B1, negative
outlook

RATINGS RATIONALE

The assignment of the corporate family rating follows the
implementation of Moody's revised global rating methodology for
finance companies, which establishes the key operational,
financial and environmental factors Moody's considers when rating
this type of company. The CFR incorporates the standalone credit
profile of a finance company as well as any parental or affiliate
support. Moody's has assigned a CFR of B1 to GPAT, which is equal
to the company's B1 long term global local currency issuer rating.
The B1 CFR is based on a b3 standalone credit assessment that
receives two notches of uplift as a result of Moody's assumption
of a high probability of support from its parent, Banco Patagonia
(rated Ba3). The negative outlook reflects the negative outlook on
the parent's ratings which in turn reflects the negative outlook
on Moody's ratings for the Argentine sovereign.

In contrast to a finance company's issuer ratings, which represent
Moody's opinion of credit risk equivalent to the companies' senior
unsecured debt obligations, the CFRs represent the rating agency's
opinion of a company's consolidated credit risk, equivalent to the
weighted average of all debt classes within the company's capital
structure. Using the CFR as a reference point, the methodology
codifies Moodys' framework for assigning ratings to the various
classes of debt issued by non-investment grade finance companies
on the basis of expected differences in loss given default. This
framework considers the proportionality, seniority and level of
asset protection associated with various debt classes, both
nominally and in relation to each other. GPAT's CFR is equal to
its issuer rating as it reflects the predominance of senior
unsecured obligations in the company's debt structure.

GPAT Compania Financiera Argentina S.A. is headquartered in Buenos
Aires, Argentina, and reported total assets of Ar$1.483 million
and equity of Ar$294 million as of September 30, 2012.

The principal methodology used in this rating is Moody's Finance
Company Global Rating Methodology published in March 2012.



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


ASIAN RETAIL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 8, 2013, the member of Asian Retail Mall II (Co-
Investment) Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ASIAN RETAIL: Member to Receive Wind-Up Report on Feb. 11
---------------------------------------------------------
The member of Asian Retail Mall II (Co-Investment) Limited will
receive on Feb. 11, 2013, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CIRRUS INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 8, 2013, the members of Cirrus Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CIRRUS INVESTMENTS: Members to Receive Wind-Up Report on Feb. 12
----------------------------------------------------------------
The members of Cirrus Investments Limited will receive on Feb. 12,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


LSF7 BERMUDA: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 4, 2013, the members of LSF7 Bermuda Holdings V, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LSF7 BERMUDA: Members' Final Meeting Set for Feb. 12
----------------------------------------------------
The members of LSF7 Bermuda Holdings V, Ltd. will hold their final
general meeting on Feb. 12, 2013, 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOBLE JEWELRY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 7, 2013, the member of Noble Jewelry Investment Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NOBLE JEWELRY: Member to Receive Wind-Up Report on Feb. 11
----------------------------------------------------------
The member of Noble Jewelry Investment Limited will receive on
Feb. 11, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


* Bermuda Market Remains Strong Entering 2013, Fitch Says
---------------------------------------------------------
According to a new Fitch Ratings report, Bermuda (re)insurers
withstood another year of sizable industry catastrophe losses
supported by the group's strong capitalization and favorable risk
management.

Fitch views Hurricane Sandy as an earnings event and not a capital
event for the group of 17 large publicly traded (re)insurers with
operations in Bermuda that Fitch actively follows. While companies
will suffer a sizable hit to fourth-quarter earnings, Bermuda
(re)insurers will still report an improved combined ratio of
approximately 95% in 2012 compared to 107% in 2011.

Bermuda continues to lead the way as convergence of the
reinsurance market and capital market persists. Many (re)insurers
on the island are involved in both providing and using alternative
forms of risk transfer to supplement the traditional balance
sheet, with several Bermuda (re)insurers transforming into risk
asset managers.

The protracted low yielding investment environment has not pushed
Bermuda (re)insurers overall to stretch for yield and
significantly increase portfolio risk. However, Fitch has
witnessed a few companies that have made modest changes as a means
to enhance investment returns, including partnering with asset
management firms.

Further delay in the implementation of Solvency II until at least
2015 provides more time to achieve unqualified third-party country
equivalence. However, it also postpones Bermuda reinsurers from
realizing the potential market benefits from increased reinsurance
demand under the new regulatory regime.

Several merger and acquisition (M&A) transactions were completed
or announced in the Bermuda market sector in 2012. However, this
activity was more opportunistic, as most Bermuda (re)insurers
continue to trade at a discount to book value, increasing the
relative attractiveness of share repurchases over M&A.

The full report, 'Bermuda 2013 Market Update' is available on
Fitch's website at 'www.fitchratings.com' under 'Insurance' and
'Research'.



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


BARTOLOMEO ACQUAVIVA: Barclays Plc to Close Unit and Cut Jobs
-------------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that Barclays Plc is
closing Bartolomeo Acquaviva, its Brazil research unit, and
cutting staff there amid a global restructuring, two people with
direct knowledge of the matter said.

Bloomberg News notes that Barclays will reduce the size of its
equity-trading, fixed- income and investment-banking business in
Brazil, according to one of the people, who asked not to be
identified because the decision hasn't been made public.

Chief Executive Officer Antony Jenkins, who took charge in August
after the bank was fined a record GBP290 million (US$460 million)
for manipulating Libor, is preparing to announce his restructuring
plan, according to Bloomberg News.

Bloomberg News discloses that the firm has said it will eliminate
businesses that are a risk to its reputation and aren't profitable
enough as regulators toughen capital requirements.

Bartolomeo Acquaviva was named country head for the Brazil
subsidiary in June to oversee all of the London-based lender's
businesses there, Bloomberg News notes.

Barclays has about BRL775 million (US$379 million) in capital and
assets of about BRL6.8 billion in Brazil, according to the central
bank's website, the report adds.


CEMIG DISTRIBUICAO: Moody's Cuts BCA to 'ba1'; Outlook Negative
---------------------------------------------------------------
Moody's America Latina (Moody's) assigned the Baa3 rating on the
global scale, and Aa1.br on the Brazilian National Scale Rating
("NSR") to CEMIG Distribuicao S.A.'s ("CEMIG-D") new issuance of
BRL.1.6 billion senior unsecured debentures. The debentures will
be guaranteed by Companhia Energetica de Minas Gerais -- CEMIG
(the holding company). Concurrently, Moody's downgraded the
Baseline Credit Assessment (BCA) of CEMIG to ba1 from baa3 due to
expected lower cash flows as a result of the upcoming Third Tariff
Review and the non-renewal of generation concessions expiring over
the next several years. The outlook is negative.

At the same time, Moody's changed the outlook for CEMIG-D's and
CEMIG Geracao e Transmissao S.A.'s ("CEMIG-GT") senior unsecured
ratings (domestic currency) to negative from stable, and affirmed
CEMIG-D's and CEMIG-GT's senior unsecured ratings (domestic
currency) on the global scale (Baa3) and on the NSR (Aa1.br).

Moody's also changed the outlook of CEMIG-D, CEMIG-GT and CEMIG
issuer ratings to negative from stable. Concurrently, Moody's
affirmed the issuer ratings on the global scale and the NSR,
respectively, as follow: (i) CEMIG-D: Baa3/Aa1.br; (ii) CEMIG-GT:
Baa3/Aa1.br; (iii) CEMIG: Ba1/Aa2.br.

CEMIG's BCA was changed as follows:

- Downgraded to ba1 from baa3.

CEMIG D, CEMIG GT and CEMIG's issuer rating outlook was changed as
follows:

- To negative from stable.

CEMIG D, CEMIG GT and CEMIG's issuer ratings were affirmed as
follows:

(i) CEMIG-D: affirmed at Baa3/Aa1.br;

(ii) CEMIG-GT: affirmed at Baa3/Aa1.br;

(iii) CEMIG: affirmed at Ba1/Aa2.br.

Ratings Rationale

CEMIG-D's Baa3 and Aa1.br issuer and senior unsecured ratings
reflect the overall investment grade profile of CEMIG on a
consolidated basis, the stable and predictable operating cash
flows from the electricity distribution business, the good track
record in accessing the local bank and capital markets, strong
management, above average corporate governance practices, and the
support from the State of Minas Gerais (Baa3) to CEMIG's
consolidated group.

The change in outlook to negative from stable for CEMIG-D's
ratings reflects the expected negative impact on operating cash
flows from the third periodic tariff review starting in 2013 as
well as the lag in tariff adjustments as a result of higher
electricity prices due to a tighter domestic electricity supply in
2012 that is also expected to persist in the first quarter of 2013
, and the continuity in the Company's policy of paying out a
significant amount of dividends to its controlling shareholder
(CEMIG).

CEMIG-GT's Baa3 and Aa1.br issuer and senior unsecured ratings
(including the ratings of CEMIG-GT's BRL1.35 billion senior
unsecured debentures that were issued in January 2012) reflect the
overall investment grade profile of CEMIG on a consolidated basis,
the relatively stable and predictable cash flows from its large
generation fleet, the good track record in accessing the local
bank and capital markets, strong management, above average
corporate governance practices, and the support from the State of
Minas Gerais.

The change in outlook to negative from stable for CEMIG-GT's
ratings results mostly from CEMIG's decision not to renew 3,619 MW
of CEMIG-GT's installed capacity (52.5% of the group's total)
holding concessions that will expire between 2013 and 2017 (424 MW
in 2013; the remaining 3,195MW between 2015 and 2017), following
the conditions set out by the Brazilian Federal Government (GOB)
in the Provisional Measure (MP) #579 issued on September 11, 2012,
which became law in December 2012.

We do not expect that CEMIG-GT will be indemnified for any non-
depreciated portion of the assets once it returns these assets to
the GOB. The change in outlook also reflects the fact that CEMIG-
GT may face a potential electricity shortfall starting in 2015,
which could impact the ability to meet its contractual electricity
supply obligations given the scheduled loss of generating
capacity, while we expect that the Company will continue to target
the payment of a significant amount of dividends.

CEMIG's issuer ratings of Ba1 on the global scale and Aa2.br on
the NSR largely reflect the structural subordination of the
holding company vis--vis its operating subsidiaries (i.e. CEMIG-D
and CEMIG-GT). The downgrade in the BCA and the change in outlook
reflects the significant impacts expected on CEMIG-D and CEMIG-GT
as mentioned above, given that CEMIG-D and CEMIG-GT account for
the vast majority of the CEMIG's consolidated revenues, EBITDA and
cash flows.

CEMIG is Brazil's second largest integrated power utility group,
with equity stakes in more than 110 companies, operating in the
electricity sectors of generation, transmission and distribution.
CEMIG is publicly traded on the local (BM&FBOVESPA), New York
(NYSE) and Madrid (LATIBEX) stock exchanges. The government of the
State of Minas Gerais holds 50.96% of CEMIG's voting capital, and
22% of its total capital.

CEMIG-D is one of the largest distribution companies in Brazil,
with a total concession area of 567 thousand square kilometers
(Km2), serving 774 cities, and 7.4 million consumers. Based on
interim financial statements of September 30, 2012, CEMIG-D
accounts for 50% of CEMIG's consolidated net sales, 25% of
consolidated EBITDA, 28% of CEMIG's consolidated cash position,
and 26% of consolidated indebtedness. CEMIG-D is CEMIG's second
largest company in terms of EBITDA, following CEMIG-GT, which
accounts for approximately 59% of CEMIG's consolidated EBITDA
(based on interim financial statements of September 30, 2012).
CEMIG-GT is currently one of the largest Brazilian electricity
generation companies, with an installed capacity of 6,900 MW.
CEMIG is the only shareholder of CEMIG-D and CEMIG-GT owning 100%
of their voting capital.

In accordance with Moody's methodology for government related
issuers, or GRIs, the Baa3 corporate family rating of CEMIG
reflects the combination of the following inputs:

- Baseline credit assessment (BCA) of 11 (mapping to a Ba1)

- High-level dependence (70%)

- Moderate level of government support (31-50%)

- The Baa3 rating of the State of Minas Gerais, which has a
   stable outlook.

CEMIG is a GRI as defined in Moody's rating methodology "The
Application of Joint Default Analysis to Government Related
Issuers". Moody's methodology for GRIs is to systematically
incorporate into the rating both the stand-alone credit risk
profile or Baseline Credit Assessment (BCA) of the company as well
as an assessment of the likelihood that its government owner would
provide extraordinary support to the company's obligations. The
BCA of a GRI is expressed on a 1-21 scale or as a range within the
1-21 scale, according to the issuer's preference, where one
represents the equivalent risk of an Aaa, two a Aa1, three a Aa2
and so forth. Please refer to Moody's special comments "Rating
Government-Related Issuers in Americas Corporate Finance" and
"Government-Related Issuers: July 2006 Update" at moodys.com for
additional information on GRIs.

Given the effects of the third periodic tariff review on CEMIG-D,
the significant impact of the non-renewal of CEMIG-GT's expiring
concessions, CEMIG's ambitious capital expenditure and acquisition
program as well as the track record of large dividend
distributions, the likelihood of a rating upgrade in the short to
medium term is extremely low.

The ratings could be downgraded if CEMIG-GT and CEMIG-D do not
adjust their respective dividend distributions and operating costs
to their new economic realities in a timely manner, and if CEMIG-
GT and/or CEMIG continue to make large equity investments or
acquisitions but fail to secure long-term financing at reasonable
terms that will allow them to preserve an adequate level of
liquidity and robust capital structure.

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 methodologies used in this rating were "Regulated Electric and
Gas Utilities" published in August 2009, and Government-Related
Issuers: Methodology Update published in July 2010.



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


APEX EQUITY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Apex Equity Opportunity, Ltd. received on
Dec. 21, 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


CONTINENTAL TRUSTEE: Fitch Rates Securities at 'BB+'
----------------------------------------------------
(Matet/Fitch) -- NOT SURE
Fitch Expects to Rate BBVA Banco Continental's Senior Notes 'BBB+'
Fitch Ratings-New York-22 January 2013:

Fitch Ratings expects to assign a 'BBB+' rating to BBVA Banco
Continental's upcoming up to four-year U.S. dollar senior
unsecured, unsubordinated notes.

The notes - for an amount to be determined but not to exceed
USD300 million - will mature in up to four years. The notes will
carry a fixed interest rate to be set at the time of issuance;
interest payments will be made semi-annually until maturity.

The notes will be BBVA Banco Continental's direct senior unsecured
obligations and rank pari-passu with the bank's existing and
future senior obligations. The notes will rank senior to BBVA
Banco Continental's existing and future subordinated and junior
subordinated debt. In addition, the notes will be structurally
subordinated to the existing and future obligations of BBVA Banco
Continental's subsidiaries - including trade payables - and to
labor, tax and other obligations that are privileged by law.

BBVA Banco Continental has long-term local and foreign currency
Issuer Default Ratings (IDR) of 'BBB+' both with a Negative
Outlook. The bank's IDRs are driven by BBVA Banco Continental's
Viability Rating (VR, 'bbb+'), which in turn reflects its solid
franchise, sound balance sheet, solid performance and robust asset
quality. The Negative Outlook is in line with that of BBVA Banco
Continental's parent (BBVA, rated 'BBB+') and acknowledges the
potential contagion risk from the ongoing crisis that BBVA faces
in Spain. The notes will be rated 'BBB+', at the same level as the
bank's IDRs.

BBVA Banco Continental will use the proceeds from the planned
issue for general corporate purposes. The bank's leverage will
slightly increase in the short run but Fitch expects that gradual
debt replacement, continued growth and positive returns, will
allow the bank to sustain adequate Fitch core capital levels.

Fitch rates BBVA Banco Continental as:

--  Long-term foreign currency IDR 'BBB+', Negative Outlook;
--  Short-term foreign currency IDR 'F2';
--  Long-term local currency IDR 'BBB+', Negative Outlook;
--  Short-term local currency IDR 'F2';
--  Viability rating 'bbb+';
--  Support Rating '2';
--  Support floor 'BBB-';
--  Senior unsecured debt 'BBB+'.

In addition, the following entities issued securities whose
underlying credit risk is that of BBVA Banco Continental; Fitch's
ratings of those securities are:

-- Continental Trustees (Cayman) Ltd 'BB+';
-- Continental Senior Trustees (Cayman) Ltd 'BBB+';
-- Continental Senior Trustees (Cayman) II Ltd 'BBB+'.


CHESTER EMERGING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Chester Emerging Markets SPV received on
Jan. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


COTTONROSE HOLDINGS: Sole Member Receives Wind-Up Report
--------------------------------------------------------
The sole member of Cottonrose Holdings Limited received on
Dec. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1110
         British Virgin Islands


DORICO FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Dorico Fund received 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 KY1-1106
         Cayman Islands
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470


DURENDAL GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Durendal Global Opportunities Fund Limited
received on Dec. 17, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


FEM HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Fem Holdings Limited received on Dec. 21,
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


FLINTLOCK COMMODITY: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Flintlock Commodity Opportunities Fund, Ltd.
received on Dec. 19, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


GARA INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Gara International Ltd. received on Dec. 12,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Hans Rudolf Steiner
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


GENI MCF: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Geni MCF SPV Ltd. received on Dec. 20, 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


HP GROUP: Sole Member Receives Wind-Up Report
---------------------------------------------
The sole member of HP Group Limited received on Dec. 31, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town, Tortola
         British Virgin Islands


LABOR READY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Labor Ready Assurance Corporation received on
Dec. 10, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Darren Mccallon
         c/o Willis Management (Cayman) Ltd.
         Governors Square, 62 Forum Lane, 3rd Floor
         Camana Bay
         P.O. Box 30600 Grand Cayman KY1-1203
         Cayman Islands
         Telephone: (345) 949 6039
         Facsimile: (345) 949 6621


MAJOR TREND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Major Trend Limited received on Dec. 19, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


MERIT POINT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Merit Point Limited received on Dec. 19, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


MIL ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of MIL Asia Fund received on Dec. 11, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NF AURORA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of NF Aurora Investors Limited received on
Dec. 21, 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


RAJMON LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Rajmon 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:

         CDL Company Ltd.
         P.O. Box 31106
         Grand Cayman KY1-1205
         Cayman Islands


RAMESSES OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Ramesses Offshore Investments Limited received
on Dec. 21, 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


SPANISH PHARMA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Spanish Pharma Ltd. received on Dec. 21, 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


THEME IAM: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Theme Iam Limited received on Dec. 21, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


TMA ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of TMA Asian Equity Long Short Master Fund
received on Dec. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.



=========
C H I L E
=========


* CHILE: Fitch Says New Regulations a Step Forward for Insurers
---------------------------------------------------------------
Last week's release of a new framework for risk-based regulation
of Chilean insurers represents a positive step toward the
implementation of Solvency II principles, according to Fitch
Ratings.  "We generally expect the adoption of stronger risk
assessment rules to improve capitalization levels among Chile's
insurers, while promoting a better understanding of the industry's
financial position through better disclosure," Fitch says.

Chile's securities and insurance industry regulator SVS released
the regulatory framework last week, beginning efforts to put risk-
based capital standards into law. This process, which will require
input from the Treasury and Congress, could require as much as two
years to complete.

"We regard the establishment of a strong risk-based regulatory
framework as an important step at a time when the Chilean
insurance industry has the potential to grow rapidly. The
stability of the industry is critical given its role in
safeguarding the country's savings and pension assets," Fitch
states.

"Based on our initial assessment of the new regulations, ratings
of Chilean insurers are unlikely to be affected in the near term.
A move toward stricter capital requirements and better risk
management could support stronger credit profiles in the industry
over time. However, any move toward higher leverage resulting from
a view that risks are being measured more effectively would not
necessarily improve the financial condition of the industry,"
Fitch notes.

The outline provided by SVS seeks to define basic principles of
risk-based supervision in the Chilean insurance market, while
specifying approaches to the reporting of assets, liabilities and
equity by regulated insurers.

The regulator has issued the preliminary guidelines in an effort
to encourage dialogue with insurers during a period of public
comment that will last until April 30. SVS seeks to refine
upcoming regulations based on input from the Chilean insurance
industry.



=================
G U A T E M A L A
=================


GUATEMALAN BANCO: Fitch Affirms 'BB+' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed the Guatemalan Banco de Desarrollo
Rural's long-term Issuer Default Rating (IDR) at 'BB+'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

Banrural's IDRs and Viability Rating (VR) reflect its sound local
franchise, historically high profitability, strong capital, good
credit quality and ample depository base. Banrural's ratings also
reflect moderate concentrations in public sector funds and the
limited revenue diversification, given its main target markets
(micro, and small enterprises).

Banrural has exhibited a consistently high profitability over the
past years. The bank's return on assets and equity during 2012
(2.5% and 23.7%, respectively) was boosted by its ample net
interest margin (8%), which balances the weak efficiency (5% of
average assets) derived from its business model and ample network
of services. Fitch foresees that Banrural's strong profitability
will continue comparing positively with the local banking system
and similarly rated international peers.

Banrural's good capital levels continue comparing positively with
its main local peers and similarly rated international banks.
Fitch Core Capital to risk-weighted assets stood at a high 16.1%,
well above the Guatemalan banking systems capitalization.
Banrural's capitalization will continue benefiting from the
moderate dividends distribution practice.

Banrural's funding benefits from an ample depository base which
has been growing at double-digits since 2010. This strength is
reflected in the bank's capacity to have financed 1.3 times the
gross loans over the past five years through this mean. The high
weight of low-cost saving and current account deposits (around 70%
on total deposits over the past five years) have favored the
bank's funding costs. However, the bank maintains a moderate
concentration in its 20 largest depositors and in the public
sector.

Banrural's delinquency metrics have been below 1% over the past
years, at the same time, the reserve coverage for nonperforming
and gross loans has gradually improved, reaching up to 328.5% and
2.3% in 2012, respectively. Overall, loan portfolio concentration
in the largest economic debtors is low, as is the entity's foreign
currency exposure and level of non-domiciliated loans. Although
restructured loans remain relatively high (2012: 6.9% of gross
loans), they have declined from their peak (2010: 8%).

WHAT COULD TRIGGER A RATING ACTION

Banrural's Stable Outlook reflects that Fitch does not anticipate
substantial changes in the bank's risk profile in the foreseeable
future. Banrural's upside potential is considered limited and, at
this point, constrained by the sovereign rating, given its
association with the public sector. However, Banrural's rating
could be upgraded should it significantly reduces the weight of
public sector deposits, which accounts approximately 23% of total
deposits, while maintaining a strong Fitch Core Capital. On the
other hand, a significant and unexpected reduction of the bank's
Fitch Core Capital Ratio (below 11%) and a period of sustained low
earnings (Operating ROAA close to 1%) would trigger a negative
rating action.

CREDIT PROFILE

Established in Guatemala in 1998, Banrural focus its services in
promoting economic and social development in rural areas of the
country. The bank is mainly oriented to finance consumption, as
well as micro, small and medium companies, with a smaller share in
corporate loans. Banrural is currently the third largest bank in
Guatemala in terms of assets (2012: 19.7% of the system's assets),
the second in deposits (21.6% of total deposits) and loans (22.1%
of gross loans), but the largest in net profits (29.2%).

Fitch has affirmed the following rating on Banrural:

-- Long-term foreign currency IDR at 'BB+'; Outlook Stable;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National long -term rating at 'AA+(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.


GUATEMALAN BANCO G&T: Fitch Affirms 'BB' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Guatemalan Banco G&T Continental's
long-term Issuer Default Rating (IDR) at 'BB'. The Outlook is
Stable.

KEY RATING DRIVERS

G&TC's IDRs and Viability Rating reflect its sound niche position
and franchise, good asset quality and efficiency, and ample
liquidity relative to similarly rated peers. G&TC's ratings also
consider its modest capitalization and profitability, moderate
concentration of loans and deposits, and relatively high elated
party lending.

G&TC's sound asset quality metrics are in line with those of
similarly rated peers, boosted by the bank's good origination
processes, permanent collection efforts and charge-off practice.
This is reflected in the bank's low impaired and restructured
loans (1.2% and 1% of gross loans, respectively). The bank's
debtor concentration is moderate and slightly higher than in
previous years, while the entity's good reserve cushion covers
1.4x impaired loans and 1.6% of gross loans. Fitch does not
foresee material changes in the bank's asset quality for the
medium term.

G&TC has sustained a moderate profitability since the pre-crisis
years. However, the decreasing trend in the already low net
interest margin has affected the bank's bottom line, despite the
entity's good efficiency and higher revenues originated through
double-digits loan growth. For the 2012 fiscal year, the bank's
returns may be slightly lower than in the years 2009-2011 when the
average ROAA and ROAE were 1.3% and 16.3%, respectively. The
Agency anticipates a ROAA slightly above 1.1% for 2013 and double-
digit loan growth.

G&TC's capitalization has been moderate and relatively stable
during the past two years. Fitch's core capital of 13.5% to risk
weighted assets is in line with similarly rated banks.
Additionally, G&TC doesn't have material pressures for the
ultimate parent's reliance on dividends for the short term main,
given that its main shareholder moderate double-leverage (3Q2012:
112.4%). The strong franchise and country-wide network have
boosted G&TC's deposits growth, with a mix of current and term
deposits accounting each for around of 38% of total deposits. The
bank, however, holds a moderate concentration in the largest
depositors.

WHAT COULD TRIGGER A RATING ACTION

The ratings could be upgraded if the bank enhances its financial
performance and sustains returns on assets above 1.5%, coupled
with a sustained Fitch Core Capital above 14%. On the other hand,
severe asset quality deterioration, or a material decline in
G&TC's financial performance, that affects the bank's
capitalization, could put downward pressure on the ratings.

CREDIT PROFILE

G&TC was established in 2001 after the merger of the Guatemalan
banks Banco Granai & Townson and Banco Continental. The bank is
mainly corporate oriented. The bank is the third largest in terms
of assets and deposits, with a market share of 20%, and 19.5%
respectively, as of September 2012. G&TC is the most important
subsidiary of Corporacion G&T Continental, a holding company
domiciled in Guatemala, with assets of US$6.4 billion, before
eliminations as of September 2012.

Fitch affirms ratings on Banco G&T Continental as follows:

--Long-term IDR at 'BB'; Outlook Stable;
--Short-term IDR at 'B';
--Local-currency long-term IDR at 'BB'; Outlook Stable;
--Local-currency short-term IDR at 'B';
--Viability Rating at 'bb';
--Support at '3';
--Support Rating Floor at 'BB-';
--National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
--National scale short-term rating at 'F1+(gtm)'.



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


CARIBBEAN AIRLINES: Flights Unaffected by London Icy Weather
------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited said it was not
affected by icy weather conditions which on Monday forced Heathrow
International Airport in London to ground 187 flights.

Caribbean Airlines reported that none of its London flights was
impacted, according to RJR News.  The report relates that
disruption is expected to continue Tuesday as the cold weather
continues.

Mr. Heathrow has warned passengers to expect cancellations and
delays and Gatwick has also advertised delays on its website, the
report notes.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



===============
X X X X X X X X
===============


Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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.


                   * * * End of Transmission * * *