TCRLA_Public/130125.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 25, 2013, Vol. 14, No. 18


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Former CFO Jailed in Ponzi Scheme


A R G E N T I N A

CATERPILLAR FINANCIAL: Moody's Assigns 'B3' CFR; Outlook Stable
CCF CREDITOS SERIE 2: Moody's Affirms 'Ba3' Debt Ratings
CORDIAL COMPANIA: Moody's Assigns 'B2' Senior Debt Rating
* SAO PAULO: Moody's Corrects Dec. 17 Ratings Release


B E R M U D A

ARGYLL II: Creditors' Proofs of Debt Due Jan. 25
ARGYLL II: Members' Final Meeting Set for Feb. 15
JURA II: Creditors' Proofs of Debt Due Jan. 25
JURA II: Members' Final Meeting Set for Feb. 15
JURA III: Creditors' Proofs of Debt Due Jan. 25

JURA III: Members' Final Meeting Set for Feb. 15
JURA IV: Creditors' Proofs of Debt Due Jan. 25
JURA IV: Members' Final Meeting Set for Feb. 15
PANGAEA REINSURANCE: Creditors' Proofs of Debt Due Jan. 25
PANGAEA REINSURANCE: Members' Final Meeting Set for Feb. 15


B R A Z I L

* BRAZIL: Power Firms Ratings to Withstand Tariff, Fitch Says


C A Y M A N  I S L A N D S

ACACIA ASIA: Shareholders Receive Wind-Up Report
CURA FIXED: Shareholders Receive Wind-Up Report
DAVIDSON KEMPNER: Shareholder Receives Wind-Up Report
HAV2 (VIII): Shareholder Receives Wind-Up Report
HCP CHONGQING: Shareholder Receives Wind-Up Report

HCP HONG KONG: Shareholder Receives Wind-Up Report
IVY PARTNERS: Shareholders Receive Wind-Up Report
IVY SENTINEL 2/09: Shareholders Receive Wind-Up Report
IVY SENTINEL 3/09: Shareholders Receive Wind-Up Report
IVY SENTINEL 12/08: Shareholders Receive Wind-Up Report

MUMBAI HOLDINGS: Shareholders Receive Wind-Up Report
MYSTIC RE II: Shareholder Receives Wind-Up Report
OCTAGON INVESTMENT: Shareholders Receive Wind-Up Report
PALO ALTO: Shareholders Receive Wind-Up Report
SORIN MASTER: Shareholder Receives Wind-Up Report

SORIN OFFSHORE: Shareholder Receives Wind-Up Report
SORIN PLAN: Shareholder Receives Wind-Up Report
TATECH FUNDING: Shareholder Receives Wind-Up Report
TEMPUS ASIAN: Shareholders Receive Wind-Up Report
WITTENHAM INVESTMENT: Shareholder Receives Wind-Up Report


J A M A I C A

DIGICEL JAMAICA: New Software to Save US$1.4 Million Annually
* JAMAICA: Faces Deficit of 450,000 Housing Solutions


M E X I C O

DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Currency Rating


P A R A G U A Y

* PARAGUAY: Fitch Assigns 'BB-' Rating to US$500MM Bond Issue


P U E R T O   R I C O

COSTA BONITA: DF Servicing Fails in Bid to Dismiss Case
MUEBLERIA LA: Case Summary & 17 Largest Unsecured Creditors


                            - - - - -


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


STANFORD INT'L: Former CFO Jailed in Ponzi Scheme
-------------------------------------------------
Caribbean360.com reports that the former chief financial officer
for jailed Texas financier Robert Allen Stanford has been jailed
for five years.

The Justice Department said that James M. Davis, who formerly
worked with the Houston-based Stanford Financial Group and the
Antigua-based Stanford International Bank Limited, was sentenced
for his role in helping Mr. Stanford perpetrate a Ponzi scheme
involving SIB, and for conspiring to obstruct a U.S. Securities
and Exchange Commission investigation into SIB, according to
Caribbean360.com.

The report relates that U.S. District Judge David Hittner also
sentenced Davis to serve three years of supervised release.

Caribbean360.com notes that assistant Attorney General Lanny A.
Breuer said as part of Davis' sentence, the court also imposed a
personal money judgment of one billion (US) dollars *which is an
ongoing obligation for Davis to pay back criminal proceeds*.

The report discloses that during the sentencing proceeding, Judge
Hittner noted that Davis began cooperating with the government in
early 2009, shortly after SIBL's collapse.

The judge also noted that over the following three years, Davis
provided "substantial assistance" to the authorities in the
investigation and prosecution of others, including testifying at
Stanford's trial, the report says.

In addition, the judge noted that Mr. Davis prepared to testify
against Laura Pendergest-Holt, Stanford's chief investment
officer, who eventually pleaded guilty and jailed for three years,
Caribbean360.com relates.

Mr. Stanford is currently serving 110 years in prison,
respectively, while two other former employees are in federal
custody and await sentencing, scheduled for February 14, the
report says.

As part of his 2009 guilty plea, Mr. Davis admitted that he was
aware of Stanford's misuse of SIB's assets, kept the misuse hidden
from the public and from almost all of Mr. Stanford's other
employees and worked to prevent the misuse from being discovered,
Caribbean360.com recalls.

In addition, the report relays that Mr. Davis acknowledged that in
January 2009, when the SEC sought testimony and documents related
to SIBL's entire investment portfolio, he conspired with others in
an effort to impede the SEC's investigation and help SIB continue
operating.

                  About Stanford International Bank

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

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



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


CATERPILLAR FINANCIAL: Moody's Assigns 'B3' CFR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 local currency
corporate family rating (CFR) to Caterpillar Financial Services
Argentina S.A. (CFSA). The rating was assigned with a stable
outlook, and is based on the full, unconditional and irrevocable
guarantee of its parent, Caterpillar Financial Services
Corporation, rated A2. The rating action reflects the
implementation of Moody's revised global rating methodology for
finance companies titled, "Finance Company Global Rating
Methodology," published in March 2012, and is not driven by any
company-specific credit development.

The following rating was assigned to Caterpillar Financial
Services Argentina S.A.:

Local currency corporate family rating: Ba3, stable 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 Ba3 to CFSA, which is equal
to the company's Ba3 long term global local currency issuer
rating. The Ba3 CFR is based on a caa1 standalone credit
assessment that receives four notches of uplift as a result of the
parent's guarantee.

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. CFSA's Ba3 CFR is equal
to its issuer ratings as it reflects the predominance of senior
unsecured obligations in the company's debt structure.

CFSA is a finance company headquartered in Buenos Aires,
Argentina, and reported total assets of Ar$82.6 million and equity
of Ar$23 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.


CCF CREDITOS SERIE 2: Moody's Affirms 'Ba3' Debt Ratings
--------------------------------------------------------
Moody's Latin America has affirmed the ratings of the debt
securities and certificates of Fideicomiso Financiero CCF Creditos
Serie 2 after a change in the transaction strucutre and the
securitized pool. This transaction will be issued by Equity Trust
Company (Argentina) S.A. -- acting solely in its capacity as
issuer and trustee.

Moody's notes that as of Jan. 23, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

Moody's has affirmed the ratings of all rated classes, as follows:

- ARS71,343,300 in Class A Fixed Rate Debt Securities (VDF TFA)
of Fideicomiso Financiero CCF Creditos Serie 2, Affirmed Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency); previously on Nov 2, 2012 Assigned Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS25,479,750 in Class B Floating Rate Debt Securities (VDF
TVB) of Fideicomiso Financiero CCF Creditos Serie 2, Affirmed
Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency); previously on Nov 2, 2012 Assigned Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS5,095,950 in Certificates (CP) of Fideicomiso Financiero CCF
Creditos Serie 2, Affirmed A2.ar (sf) (Argentine National Scale)
and B3 (sf) (Global Scale, Local Currency); previously on Nov 2,
2012 Assigned A2.ar (sf) (Argentine National Scale) and B3 (sf)
(Global Scale, Local Currency)

The rating of the VDF TFA and VDF TVB securities addresses the
expected loss posed to investors related to the payment of
interest and principal by the legal final maturity date. The
rating of the CP addresses the expected loss posed to investors
related to the repayment of the principal only by the legal final
maturity date. The rating of the CP does not address any other
interest or residual payments.

RATINGS RATIONALE

The ratings are mainly based on the following factors:

- The initial subordination of the VDF TFA and VDF TVB securities
of 5% (calculated over the principal amount of the underlying
loans, and considering the occurrence of an Special Event)

- The turbo sequential payment structure which captures all the
available excess spread in the transaction to pay down the VDF
securities (approximately 63.50% annually, assuming 0% defaults
and 0% prepayments, before expenses and taxes)

- The ability of Cordial Compania Financiera S.A. (CCF)
(B2/Aa3.ar) to act as primary servicer of the pool

- The ability of Banco Supervielle S.A. (B2/Aa3.ar) to act as
master servicer and backup servicer

- The credit quality of the underlying loans

- The availability of several reserve funds

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 25,831
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by Cordial Compania Financiera
S.A. (CCF), in an aggregate amount of ARS 101,919,912.32.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of CCF's
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults as follows: a mean of 14% and
a coefficient of variation of 70%. Moody's also assumed a
lognormal distribution for prepayments with a mean of 30% and a
coefficient of variation of 70%. These assumptions are derived
from the historical performance to date of the CCF pools. Servicer
default was modeled by simulating the default of CCF as the
servicer consistent with its current ratings. In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points compared with the
base default assumption.

The model results showed 0.15% expected loss for the VDF TFA
securities, 1.66% for the VDF TVB and 6.19% for the CP
certificate.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario, the ratings of the VDF TVB and the CP
would be downgraded to B1 (sf) and Caa1 (sf) respectively. The
rating of the VDF TFA securities would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. The transaction is linked to the credit
quality of the servicer, which will transfer collections to the
trust account every 72 hours. Therefore, there are three days of
commingling risk at the servicer level. If CCF is removed as
servicer, Banco Supervielle S.A. will be appointed as the backup
servicer. However, Banco Supervielle belongs to the same economic
group than the primary servicer. This is mitigated by the fact
that collections are initially received by two collection agents
before flowing into CCF's account. Borrowers should be able to
continue making payments at any of these two collection agents if
the servicer needs to be replaced. As a result, any potential
servicer replacement should be simpler in this case than in other
Argentine transactions.

CCF, the originator and primary servicer in the transaction, is a
financial company owned by Banco Supervielle (B2/Aa3.ar) which
holds 95% of CCF's shares. CCF offers financial products such as
credit cards, personal and consumer loans to Wal-Mart customers in
Argentina, based on a commercial agreement with Wal-Mart Argentina
S.R.L. signed in July 2010. CCF current deposit ratings are Aa3.ar
(national scale rating) and B2 (global scale, local currency).

The main source of uncertainty for this transaction is the level
of delinquency of the loans assigned to the trust. A worsening in
macroeconomic conditions such as an increase in unemployment could
increase the losses of the pool. Obligors in this transaction
belong to low or middle income socioeconomic segments, therefore
they may be more affected by a slowdown in the economic activity
or higher unemployment. However, Moody's believes CCF's has in
place solid collection and loss mitigation practices that should
mitigate this risk to some extent.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published in October 12,
2012.


CORDIAL COMPANIA: Moody's Assigns 'B2' Senior Debt Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 global local currency
senior debt rating to Cordial Compania Financiera S.A.'s fourth
bond expected issuance for an amount up to Ar$120 million, which
will be due in 270 days, as well as to the fifth issuance for an
amount up to Ar$120 million, which will be due in 360 days. Both
expected issuances together should not exceed Ar$120 million. At
the same time, on the National Scale, Moody's assigned Aa3.ar
local currency debt rating to both expected issuances.

The outlook on all ratings is negative, following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Cordial Compania Financiera
S.A.:

Fourth Issuance of a maximum amount of Ar$ 120 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Fifth Issuance of a maximum amount of Ar$ 120 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Cordial's B2 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$ 1001 million of total assets and Ar$
156 million of shareholders' equity as of September 30, 2012.


* SAO PAULO: Moody's Corrects Dec. 17 Ratings Release
-----------------------------------------------------
Moody's Investors Service upgraded by one notch the global scale
issuer ratings of the State of Sao Paulo to Baa2 from Baa3. The
outlook of the State of Sao Paulo is revised to positive. At the
same time, Moody's Investors Service upgraded the global scale
issuer rating of the State of Minas Gerais to Baa3 from Ba1. The
outlook of the State of Minas Gerais remains stable. In addition,
Moody's revised the outlook to positive from stable on the global
scale issuer ratings of the city of Rio de Janeiro.

Revised release follows.

ISSUERS AND RATINGS AFFECTED

- State of Sao Paulo: upgraded to Baa2 (Global Scale) with
positive outlook from Baa3 with stable outlook;

- State of Minas Gerais: upgraded to Baa3 (Global Scale) from Ba1,
the outlook remains stable;

- City of Rio de Janeiro: revised outlook to positive from stable
on the global scale rating. Issuer ratings remain at Baa2 (Global
Scale) and Aaa.br (Brazil National Scale).

RATINGS RATIONALE

The State of Sao Paulo's issuer rating was upgraded to Baa2 with
positive outlook reflecting a solid track record of balanced
financial performance underpinned by conservative fiscal policies.
The state's diversified economy supports a strong own-source
revenue base - the highest among rated peers - that allows the state
to exercise a high degree of revenue flexibility. Sao Paulo's
positive outlook follows the positive outlook on Brazil's
Sovereign bond ratings (as the largest state in the country by
population and GDP contribution) and reflects Moody's expectation
that the positive fiscal trend will continue in the near future.

*Over the medium term, Moody's expects the state's prudent
financial management and economic growth to support continued
positive margins*, said Moody's analyst Patricio Esnaola. As of
September 2012, the state's gross operating balance and cash
financing surplus represented 21.5% of operating revenues and
19.1% of total revenues, respectively. Medium-term fiscal
challenges remain and include pressures to meet demands for social
services, and significant requirements in infrastructure.

The State of Minas Gerais' issuer rating was upgraded to Baa3 with
stable outlook reflecting a sustained track record of positive
gross operating balances and modest cash financing surpluses,
underpinned by strong revenue growth and a proven capacity to
match expenditures to revenue growth. *Over the medium term,
Moody's anticipates that the state's prudent policy framework
should continue to sustain positive gross operating balances and
roughly balanced cash financing results*, added Esnaola.
Challenges facing the state include a relatively narrow economy,
ongoing demands for social services, and significant
infrastructure requirements.

The rating also incorporates the state's sizeable but slowly
declining debt to revenue levels. A recent restructuring on a debt
owed to CEMIG (the state-owned electric utility company) helped
the state to improve its debt profile.

The methodologies used in this rating were Regional and Local
Governments Outside the US, published in May 2008, The Application
of Joint Default Analysis to Regional and Local Governments,
published in December 2008, and Mapping Moody's National Scale
Ratings to Global Scale Ratings published in October 2012.

The outlook change to positive from stable in the global scale
rating of the City of Rio de Janeiro reflects Moody's assessment
on the beneficial impact that the positive trends seen in the
Brazilian economy exert over this entity. *The positive
developments at the Sovereign level, combined with a high degree
of federal fiscal oversight, have also contributed to the better
fiscal and debt performance of the City of Rio de Janeiro*, said
Esnaola.

WHAT COULD CHANGE THE RATING UP/DOWN

For the State of Sao Paulo and the city of Rio de Janeiro, an
upgrade of Brazil's Baa2 government bonds ratings could exert
upward pressure on the assigned ratings. For the State of Minas
Gerais, a sustained continuation of positive fiscal results
combined with a decline in debt-to-revenue levels, could exert
upward pressure on the ratings.

While unlikely in the short term given its positive outlook, a
downgrade of Brazil's government bond ratings could translate in a
downgrade of these issuers. Also, a significant deterioration in
the financial performance of any of these entities including
diminishing gross operating balances and increases in their debt
to revenue levels, could move the ratings down.



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


ARGYLL II: Creditors' Proofs of Debt Due Jan. 25
------------------------------------------------
The creditors of Argyll II Limited are required to file their
proofs of debt by Jan. 25, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidator is:

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


ARGYLL II: Members' Final Meeting Set for Feb. 15
-------------------------------------------------
The members of Argyll II Limited will hold their final meeting on
Feb. 15, 2013, at 11:00 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. 31, 2012.

The company's liquidator is:

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


JURA II: Creditors' Proofs of Debt Due Jan. 25
----------------------------------------------
The creditors of Jura II Limited are required to file their proofs
of debt by Jan. 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidator is:

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


JURA II: Members' Final Meeting Set for Feb. 15
-----------------------------------------------
The members of Jura II Limited will hold their final meeting on
Feb. 15, 2013, at 10:15 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. 31, 2012.

The company's liquidator is:

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


JURA III: Creditors' Proofs of Debt Due Jan. 25
-----------------------------------------------
The creditors of Jura III Limited are required to file their
proofs of debt by Jan. 25, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidator is:

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


JURA III: Members' Final Meeting Set for Feb. 15
------------------------------------------------
The members of Jura III Limited will hold their final meeting on
Feb. 15, 2013, at 10:00 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. 31, 2012.

The company's liquidator is:

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


JURA IV: Creditors' Proofs of Debt Due Jan. 25
----------------------------------------------
The creditors of Jura IV Limited are required to file their proofs
of debt by Jan. 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidator is:

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


JURA IV: Members' Final Meeting Set for Feb. 15
-----------------------------------------------
The members of Jura IV Limited will hold their final meeting on
Feb. 15, 2013, at 10:30 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. 31, 2012.

The company's liquidator is:

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


PANGAEA REINSURANCE: Creditors' Proofs of Debt Due Jan. 25
----------------------------------------------------------
The creditors of Pangaea Reinsurance III, Ltd. are required to
file their proofs of debt by Jan. 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 9, 2013.

The company's liquidator is:

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


PANGAEA REINSURANCE: Members' Final Meeting Set for Feb. 15
-----------------------------------------------------------
The members of Pangaea Reinsurance III, Ltd. will hold their final
meeting on Feb. 15, 2013, at 11:15 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 Jan. 9, 2013.

The company's liquidator is:

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



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


* BRAZIL: Power Firms Ratings to Withstand Tariff, Fitch Says
-------------------------------------------------------------
While expected tariff reductions will negatively impact Brazilian
power distributors, ratings will likely withstand the downward
pressure, according to a new Fitch Ratings report.

'Moderate to high reductions in cash flow generation are expected
as a result of the third tariff-review cycle, but the ratings
already incorporate this volatility,' said Mauro Storino, Senior
Director. 'We expect the industry will be able to manage their
capital structures to withstand the cash flow reductions, though
some uncertainty remains present and downgrades can't completely
be ruled out.'

Over time, it will be increasingly difficult for a power
distribution company to achieve a greater degree of efficiency in
each tariff review cycle. As a result, Fitch expects tariffs to
reach more optimal levels and be more sensitive to the tariff
review process.

Efficient cost management becomes even more important after the
tariff review. State-owned power distributors will have a reduced
ability to lower costs, primarily due to high personnel expenses.

Maintaining adequate profitability going forward will be
challenging for Brazilian power distributors, as the regulator
seeks to transfer a significant portion of efficiency gains to end
users in each tariff review cycle.

In general, Brazilian power distributors are expected to benefit
from government initiatives to lower the price of electricity to
end-users through the concession renewal proposal, as this could
boost electricity demand and increase the overall amount of
electricity distributed.

The full report, titled 'Brazilian Power Distributors Tariff
Review', is available on the Fitch Ratings web site at
'www.fitchratings.com'.



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


ACACIA ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
On Dec. 21, 2012, the shareholders of Acacia Asia Panthera Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box   31855, Grand Cayman, KY1-1207
         Cayman Islands


CURA FIXED: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 19, 2012, the shareholders of Cura Fixed Income Arbitrage
Master Fund, Ltd. received 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 Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


DAVIDSON KEMPNER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Dec. 21, 2012, the shareholder of Davidson Kempner Event Driven
Equities International Ltd. received 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


HAV2 (VIII): Shareholder Receives Wind-Up Report
------------------------------------------------
On Dec. 21, 2012, the shareholder of HAV2 (VIII) Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HCP CHONGQING: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Dec. 21, 2012, the shareholder of HCP Chongqing QBS CO Ltd
received 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


HCP HONG KONG: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Dec. 21, 2012, the shareholder of HCP Hong Kong Fully Co Ltd 1
received 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


IVY PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 4, 2012, the shareholders of Ivy Partners Fund I SPV
12/09, Ltd. received 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


IVY SENTINEL 2/09: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Dec. 4, 2012, the shareholders of Ivy Sentinel International
Fund SPV 2/09, Ltd. received 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


IVY SENTINEL 3/09: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Dec. 4, 2012, the shareholders of Ivy Sentinel International
Fund SPV 3/09, Ltd. received 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


IVY SENTINEL 12/08: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Dec. 4, 2012, the shareholders of Ivy Sentinel International
Fund SPV 12/08, Ltd. received 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


MUMBAI HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Dec. 21, 2012, the shareholders of Mumbai Holdings Limited
received 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


MYSTIC RE II: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 17, 2012, the shareholder of Mystic RE II Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Kevin Poole
         Damien Austin
         Telephone: 914-2265/ 914-2249
         Facsimile: 949-6021
         PO Box 10233
         171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands
         Telephone: 914-2264
         Facsimile: 949-6021


OCTAGON INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Dec. 19, 2012, the shareholders of Octagon Investment Partners
II (Offshore) Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile:  345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road George Town
         Grand Cayman


PALO ALTO: Shareholders Receive Wind-Up Report
----------------------------------------------
On Dec. 19, 2012, the shareholders of Palo Alto Energy Offshore
Ltd received 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 Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


SORIN MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 11, 2012, the shareholder of Sorin Master Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


SORIN OFFSHORE: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Dec. 12, 2012, the shareholder of Sorin Offshore Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


SORIN PLAN: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 11, 2012, the shareholder of Sorin Plan Offshore Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


TATECH FUNDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Dec. 21, 2012, the shareholder of Tatech Funding Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TEMPUS ASIAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 27, 2012, the shareholders of Tempus Asian Strategies Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Schofield
         48 Luk Tei Tong Tsuen,
         Mui Wo, Lantau Island, NT
         Hong Kong SAR
         Telephone: +852 2521 1726


WITTENHAM INVESTMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Dec. 27, 2012, the shareholder of Wittenham Investment
Management Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Paul Henry Smith
         Flat A-B, 3rd Floor
         Wyndham Mansion
         Wyndham Street
         Hong Kong
         Telephone: 852 3655 0578
         Facsimile: 852 3655 0501



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


DIGICEL JAMAICA: New Software to Save US$1.4 Million Annually
-------------------------------------------------------------
RJR News reports that Digicel Jamaica is projected to save
US$1.4 million dollars annually in energy costs following the
installation of new software across its network.  The software
slashes energy consumption at Digicel's cellular tower system,
according to RJR News.

The report notes that known as the Smart Energy Solution (SES),
the software deactivates base stations during low traffic demand,
while ensuring that subscribers have continued service.

The report discloses Digicel began testing the SES in early 2012,
achieving significant reductions in energy consumption.

In October, the company fully commissioned the SES network-wide,
becoming the world's first mobile phone operator with such a
software, the report adds.


* JAMAICA: Faces Deficit of 450,000 Housing Solutions
-----------------------------------------------------
RJR News reports that Dr.  Morais Guy, Minister without Portfolio
in the Ministry of Housing, on Tuesday said recent surveys have
revealed that Jamaica is facing a deficit of 450,000 housing
solutions, with the sector averaging fewer than 3,000 units per
year.

Dr. Guy said this will require a program involving the
construction of 12,000 to 15,000 units annually to bridge the gap,
according to RJR News.

In response to this dilemma, the Minister disclosed that there was
a plan in place to proceed with two projects, the report relates.

RJR News notes that the first, which is funded by the PetroCaribe
Development Fund in partnership with Food for the Poor, is for the
indigent as well as persons living in substandard housing
conditions.  It will result in the construction of 1, 200 units
annually over the next five years, the report relays.

The second project involves the building of a number of concrete
structures under the Jamaica Emergency Employment Programme (JEEP)
for National Housing Trust contributors, who are considered
minimum wage earners, the report adds.



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


DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Currency Rating
-----------------------------------------------------------
Moody's de Mexico assigned a A3.mx national scale and Ba3 global
scale local currency rating to Desarrolladora Homex, S.A.B. de
C.V.'s (*Homex's*) second proposed senior unsecured debt issuance
of up to $700 million Mexican pesos. This will be the second
issuance from the company's senior unsecured debt program of up to
$2 billion Mexican pesos. The rating outlook is stable.

Ratings Rationale

The unsecured debt issuance will have a maturity of three years.
The issuance will rank pari passu with other unsecured debt and
will have a guarantee from Proyectos Inmobiliarios de Culiac n,
S.A. de C.V. (*PICSA*) and Desarrolladora de Casas del Noroeste,
S.A. de C.V. (*DECANO*), jointly with PICSA. Proceeds from the
issuance will be used to refinance existing debt.

Moody's ratings continue to reflect Desarrolladora Homex's
position as one of the largest homebuilders in Mexico in terms of
housing units titled, as well as its geographic diversification
with presence in most states, solid land reserve strategy,
operational efficiencies through the use of aluminum moulds during
construction and a solid liquidity profile. Challenges still
include the high costs of land and infrastructure in Homex's
markets, and some speculative homebuilding by Homex and its
competitors. Moody's notes that although the penitentiary projects
add diversity it is still a new business with inherent
construction and managing risks. Furthermore, the long-term
viability of Homex's Brazilian homebuilding platform is as of yet
unproven with few homes titled due to inherent administrative
constraints in the collection process, although the demographics
and financing availability are similar to those in Mexico.

The stable outlook reflects Moody's expectation that Homex will at
least maintain its current credit metrics and continue to improve
efficiencies in land development. Furthermore, Moody's also
expects that Homex will continue to focus on targeting its current
product mix, while maintaining high quality construction and its
market leadership.

Moody's stated that rating improvements could result from bringing
Total Debt/EBITDA closer to 1.5X, Total Debt/Total Assets under
15%, fixed charge coverage over 3.75X (including capitalized
interest and with the adoption of NIC 23) on a consistent basis,
while at a minimum maintaining EBITDA margins in the low to mid
20% range. Continued improvement in its industry leadership in the
sector would also be a plus.

Downward rating pressure would result from substantial missteps in
its strategic plan, which includes some international expansion
and its tourist division, as well as total debt to total asset
levels approaching 35% on a sustained basis, while EBITDA margins
fall below 15% and fixed charge coverage falls consistently below
2.0X (including capitalized interest and with the adoption of NIC
23). Increased costs of land and land development would also
result in negative rating pressure, as would an adverse shift in
governmental housing policy.

The following ratings were assigned with a stable outlook:

Desarrolladora Homex, S.A.B. de C.V. -- senior unsecured notes of
up to $700 Million Mexican Pesos at A3.mx national scale, Ba3
global scale local currency

The last rating action with respect to Homex was on November 27,
2012 when Moody's assigned a A3.mx national scale and (P)Ba3
global scale local currency rating to the company's senior
unsecured debt program of up to $2 billion Mexican Pesos and a
A3.mx national scale and Ba3 global scale local currency rating to
the company's first issuance from this program of up to $500
million Mexican pesos.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52.1 billion Mexican Pesos and equity of
approximately $15.0 billion Mexican Pesos as of September 30,
2012. Homex is a homebuilder engaged in the development,
construction, marketing and sale of mostly affordable housing in
Mexico.



===============
P A R A G U A Y
===============


* PARAGUAY: Fitch Assigns 'BB-' Rating to US$500MM Bond Issue
-------------------------------------------------------------
Fitch Ratings has assigned the Republic of Paraguay's US$500
million bond issuance maturing in 2023 a 'BB-' rating. The ratings
are in line with Paraguay's long-term foreign currency Issuer
Default Rating (IDR) of 'BB-', with a Stable Outlook. The proceeds
will be used to finance infrastructure and energy projects.

On Jan. 10, 2012, Fitch initiated the sovereign coverage of the
Republic of Paraguay.



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


COSTA BONITA: DF Servicing Fails in Bid to Dismiss Case
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
denied the motion of DF Servicing LLC for the dismissal of Costa
Bonita Beach Resort Inc.'s Chapter 11 case.

DF Servicing in its motion says the Debtor lacks adequate
insurance coverage over property of the estate given to it as
collateral to secure its claim.

The Debtor countered that DF's allegations are completely
unfounded, meritless and made without any basis or supporting
evidence and asked the Court to enter an order recognizing the
adequacy of its insurance policy on its Project at Culebra, Puerto
Rico and denying the motion to dismiss by DF, with prejudice.

The Debtor pointed out that:

   1. DF does not appear as Certificate Holder in any of the
      submitted insurance policies.  Debtor requested the insurer
      to substitute DF for Doral Bank,  which provided the
      financing for the construction of the Project, as
      Certificate Holder but the insurer replied that DF must
      submit a written authorization from Doral, authorizing the
      substitution of Doral for DF as loss payee.

   2. Building No. 42 of the Project is covered under the Policy.

   3. The Debtor has maintained adequate insurance on the Project.

                 About Costa Bonita Beach Resort

Costa Bonita Beach Resort, Inc., owns 50 apartments at the Costa
Bonita Beach Resort in Culebra, Puerto Rico.  It filed a
bankruptcy petition under Chapter 11 of the Bankruptcy Code for
the first time (Bankr. D.P.R. Case No. 09-00699) on Feb. 3, 2009.
During this case, the Court entered an Opinion and Order finding
that the Debtor satisfied all three (3) prongs of the Single Asset
Real Estate, and, as such is a SARE case subject to 11 U.S.C. Sec.
362(d)(3). The Court also entered an Order modifying the automatic
stay to allow creditor DEV, S.E., to continue in state court
proceedings for the removal of the illegal easement and the
restoration of DEV, S.E.'s land to its original condition by the
Debtor.  The first bankruptcy petition was dismissed on May 10,
2011 on the grounds that the Debtor failed to comply with an April
21, 2011 Order and the Debtor's failure to maintain adequate
insurance.  The case was subsequently closed on Oct. 11, 2011.

Costa Bonita Beach Resort filed a second bankruptcy petition
(Bankr. D. P.R. Case No. 12-00778) on Feb. 2, 2012, in Old San
Juan, Puerto Rico.  In the 2012 petition, the Debtor said assets
are worth $15.1 million with debt totaling $14.2 million,
including secured debt of $7.8 million.  The apartments are valued
at $9.6 million while a restaurant and some commercial spaces at
the resort are valued at $3.67 million.  The apartments serve as
collateral for the $7.8 million while the commercial property is
unencumbered.

Bankruptcy Judge Enrique S. Lamoutte presides over the 2012 case.
Charles Alfred Cuprill, Esq., serves as counsel in the 2012 case.
The petition was signed by Carlos Escribano Miro, president.


MUEBLERIA LA: Case Summary & 17 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Muebleria La Providencia Inc.
        37 Calle Jose de Diego
        Cidra, PR 00739

Bankruptcy Case No.: 13-00394

Chapter 11 Petition Date: January 22, 2013

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

Judge: Brian K. Tester

Debtor's Counsel: Lyssette A Morales Vidal, Esq.
                  LA MORALES & ASSOCIATES LAW FIRM
                  76 Calle Aquamarina Urb
                  Villa Blanca
                  Caguas, PR 00725-1908
                  Tel: (787) 746-2434
                  E-mail: lamoraleslawoffice@gmail.com

Scheduled Assets: $1,975,680

Scheduled Liabilities: $3,113,332

A copy of the Company's list of its 17 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-00394.pdf

The petition was signed by Miguel Santos Ruiz, president.


                            ***********


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 * * *