TCRLA_Public/130213.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

             Wednesday, February 13, 2013, Vol. 14, No. 31


                            Headlines



C A Y M A N  I S L A N D S

AL DANA SHARIAH: Members Receive Wind-Up Report
AQR ABSOLUTE: Shareholder Receives Wind-Up Report
AQR ARF: Shareholder Receives Wind-Up Report
AQR GLOBAL: Shareholder Receives Wind-Up Report
AQR GLOBAL STOCK: Shareholder Receives Wind-Up Report

AQR OFFSHORE: Shareholder Receives Wind-Up Report
BAMBUCO INTERNATIONAL: Shareholders Receive Wind-Up Report
CAYMAN ECONOMIC: Members Receive Wind-Up Report
CHAMOMILE REALTY: Shareholder Receives Wind-Up Report
CYPRESSTREE SYNTHETIC: Shareholders Receive Wind-Up Report

HIDDEN JEWELS: Shareholders Receive Wind-Up Report
HIDDEN JEWELS OFFSHORE: Shareholders Receive Wind-Up Report
JF TWO: Shareholder Receives Wind-Up Report
PREMIUM FINANCE: Shareholders Receive Wind-Up Report
PREMIUM FINANCE II: Shareholders Receive Wind-Up Report

SP GBGH: Shareholder Receives Wind-Up Report
WATERFALL TALF: Shareholder Receives Wind-Up Report
WATERFALL TALF OPPORTUNITY: Shareholder Receives Wind-Up Report
WESSEX NATURAL: Shareholders Receive Wind-Up Report
YET HOLDINGS: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Egg Producers Report US$30M Losses in 2012


J A M A I C A

JAMAICA CITRUS: Asset Sale Price Not Enough to Cover Debts
LIME: David Shaw Steps Down as Caribbean Unit's Executive


P U E R T O   R I C O

EL FARMER: Hires Modesto Bigas as Counsel


V E N E Z U E L A

* VENEZUELA: Fitch Says Devaluation Fails to Clear Uncertainty


X X X X X X X X

* LATAM: Retail Expanding Despite Modest Growth, Fitch Says


                            - - - - -


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


AL DANA SHARIAH: Members Receive Wind-Up Report
-----------------------------------------------
On Dec. 24, 2012, the members of Al Dana Shariah Compliant Mena
Equity Manager Selection Fund Ltd. received 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


AQR ABSOLUTE: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 27, 2012, the sole shareholder of AQR Absolute Return
Offshore Fund (USD) III Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AQR ARF: Shareholder Receives Wind-Up Report
--------------------------------------------
On Dec. 27, 2012, the sole shareholder of AQR ARF Global Total
Return 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 Jennifer Parsons
         Telephone: 815-1820
         Facsimile: (345) 949-9877


AQR GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Dec. 27, 2012, the sole shareholder of AQR Global Asset
Allocation Offshore Fund (USD) VI Ltd. received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AQR GLOBAL STOCK: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Dec. 27, 2012, the sole shareholder of AQR Global Stock
Selection Offshore Fund (USD) II Ltd. received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AQR OFFSHORE: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 27, 2012, the sole shareholder of AQR Offshore Multi-
Strategy Fund II Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BAMBUCO INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Dec. 28, 2012, the shareholders of Bambuco International Inc.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


CAYMAN ECONOMIC: Members Receive Wind-Up Report
-----------------------------------------------
On Dec. 27, 2012, the members of Cayman Economic Development Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHAMOMILE REALTY: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 4, 2013, the shareholder of Chamomile Realty Corp.
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


CYPRESSTREE SYNTHETIC: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Jan. 29, 2013, the shareholders of Cypresstree Synthetic CDO
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIDDEN JEWELS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Dec. 27, 2012, the shareholders of Hidden Jewels Fund received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert Lewis
         The Central #14-81
         8 Eu Tong Sen Street
         Singapore 059818


HIDDEN JEWELS OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
On Dec. 3, 2012, the shareholders of Hidden Jewels Offshore Feeder
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robert Lewis
         The Central #14-81
         8 Eu Tong Sen Street
         Singapore 059818


JF TWO: Shareholder Receives Wind-Up Report
-------------------------------------------
On Dec. 3, 2012, the shareholder of JF Two Holdings Corp. II
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


PREMIUM FINANCE: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 29, 2013, the shareholders of Premium Finance received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


PREMIUM FINANCE II: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Jan. 29, 2013, the shareholders of Premium Finance II received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


SP GBGH: Shareholder Receives Wind-Up Report
--------------------------------------------
On Jan. 4, 2013, the shareholder of SP GBGH 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


WATERFALL TALF: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Dec. 28, 2012, the sole shareholder of Waterfall Talf
Opportunity 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 Jennifer Parsons
         Telephone: 815-1820
         Facsimile: (345) 949-9877


WATERFALL TALF OPPORTUNITY: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
On Dec. 28, 2012, the sole shareholder of Waterfall Talf
Opportunity Intermediate 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 Jennifer Parsons
         Telephone: 815-1820
         Facsimile: (345) 949-9877


WESSEX NATURAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Dec. 27, 2012, the shareholders of Wessex Natural Resources
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


YET HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Jan. 4, 2013, the shareholders of Yet Holdings Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Fides Limited
         P.O. Box 10338, Grand Cayman, KY1-1003
         Cayman Islands
         Telephone: 345-949-7232



===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Egg Producers Report US$30M Losses in 2012
-----------------------------------------------------------
Dominican Today reports that the local association of egg
producers reported losses of RD$1.2 billion (US$30 million) in
2012, claiming high production costs, and warned it could lead to
bankruptcy if it continues this year.

The producers' current difficulties stem from the more than 100
percent markup by middlemen they say costs them RD$ 6.0 billion
per year, while adding to the sector's losses.

In a statement quoted by diariolibre.com, the produces affirm that
eggs sold below production cost in 2011 and during 11 months of
2012, citing that at a cost of RD$3.70 and an at-farm price of
RD$3.30, means a loss of 0.40 cents on each, the report notes.



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


JAMAICA CITRUS: Asset Sale Price Not Enough to Cover Debts
----------------------------------------------------------
Avia Collinder at Jamaica Gleaner reports that Wilfred Baghaloo, a
director of PricewaterhouseCoopers Jamaica, said that proceeds
from the assets sale is insufficient to cover both the debts of
Jamaica Citrus Growers Limited and financing obligations incurred
during the period of the receivership.

The JCGL was formerly owned by the Jamaica Citrus Growers
Association of Jamaica (JCGA).

Mr. Baghaloo, who is the agent of JCGL receiver John Lee, said
Development Bank of Jamaica (DBJ), which placed the citrus company
in receivership, is likely to receive less on the dollar than the
commercial banks which are holders of secured debt, according to
Jamaica Gleaner.

The report notes Mr. Baghaloo said that DBJ's allocations will
also be secondary to payments of working capital financing.
"We had to operate the company for almost two years. I had to
borrow working capital financing; that has to be settled," the
report quoted Mr. Baghaloo as saying.

The report discloses that JCGA technical director Dr. Percy Miller
said that DBJ was owed J$120 million and that JCGL's total debt to
creditors amounted to J$300 million.

Jamaica Gleaner relays that SM Jaleel of Trinidad, through its
local subsidiary Jamaica Beverages Limited (JBL), struck a J$1
billion deal with the receiver to acquire and invest capital in
JCGL's assets at Bog Walk in St Catherine.  The report relates
that the company has refused to divulge the split between the
asset acquisition price and the capital investment program.

Jamaica Gleaner notes that the deal sealed in January gives SM
Jaleel/JBL ownership of a juice and milk manufacturing operation
sited on a seven-acre complex, another seven properties, four
cottages, the Dairy Farmers brand.

The report says that the company also cut a side deal with JCGA
for the rights to the Juciful brand, initially for 10 years in
exchange for two per cent of annual sales.

Not all JCGA assets have been sold in this current deal. Other
properties include cold storage and warehouse facilities at
Newport West in Kingston, spanning six lots; a 130-acre property
at Springvale; and other property in Kingston Gardens, which
originally housed the JCGA headquarters but is currently rented
and occupied by the Police Civilian Oversight Authority, the
report adds.


LIME: David Shaw Steps Down as Caribbean Unit's Executive
---------------------------------------------------------
RJR News reports that David Shaw, LIME Caribbean chief executive
officer, has decided to step down after 4 years leading the
company.

Mr. Shaw, who has overseen the transformation of LIME, will remain
for another six months to facilitate a smooth hand over of
responsibilities, according to RJR News.

The report notes that Tony Rice, chief executive of LIME's parent
company, Cable & Wireless Communications (CWC), will take over.

CWC recently disclosed its intention to focus its business on the
Caribbean and Central American region after agreeing to sell its
Macau and Monaco operations, RJR News says.

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than
JM$17 billion.  Concurrently, its equity base has diminished to
JM$2 billion on its December 2011 unaudited balance sheet,
reflecting book value of two cents per share, the report added.



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


EL FARMER: Hires Modesto Bigas as Counsel
-----------------------------------------
El Farmer Inc. asks the U.S. Bankruptcy Court for the District of
Puerto Rico for permission to employ Modesto Bigas Law Office as
counsel.

A $1,000 retainer was paid by the Debtor against which the law
firm would bill on the basis of $250 per hour plus expense for
work performed by Modesto Bigas Mendez, Esq.; attorney Alexandra
Bigas Valendon, $200 per hour, upon application and the approval
of the Court.

The firm attests that it is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012.  The
Debtor scheduled $18.3 million in assets and $12.0 million in
liabilities, including $11.0 million owed to secured creditor
Banco Popular De Puerto Rico.  The Debtor owns farm lands in
Isabela, Puerto Rico.



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


* VENEZUELA: Fitch Says Devaluation Fails to Clear Uncertainty
--------------------------------------------------------------
Venezuela's decision to devalue the official exchange rate while
scrapping the official parallel market partly addresses existing
macroeconomic and fiscal imbalances. However, Fitch Ratings sees a
need for further measures to increase coherence and transparency
in the management of fiscal, monetary, and exchange rate policies,
including a tighter fiscal stance, before sustainable improvements
in the country's macroeconomic fundamentals can be achieved.

The announcement by the central bank that the official dollar
exchange rate for the bolivar would change from 4.3 to 6.3
effective Feb. 12 is a necessary step to partly ease the
currency's overvaluation, while making it possible to narrow a
central government budget deficit that deteriorated further in
2012. Nevertheless, it remains uncertain how the government will
allocate this "devaluation windfall," as expenditure pressures
could remain in 2013 given the growing probability of fresh
presidential elections.

The elimination of the official FX trading platform SITME appears
to reduce the need for a continuous supply of new FX government
debt instruments to offer at the rate of 5.3 bolivars per dollar.
Risks remain that FX debt issuance could still be used as a tool
to address excess FX demand. The challenge for the government
remains how to manage and allocate FX resources in an efficient,
timely and transparent manner.

Strengthening the credibility of the exchange rate regime will
likely entail further measures that increase the coherence between
fiscal, monetary and exchange rate policies such as a tighter
fiscal stance. In addition, if not accompanied by measures that
improve Venezuela's domestic productive capacity and access to FX
for the private sector, the devaluation could reinforce domestic
inflationary pressures, worsen shortages of even essential goods,
and lead to growth underperformance.

"We remain focused on the central government's commitment to a
more balanced, transparent, and sustainable policy mix as the key
to improvement in macroeconomic fundamentals," Fitch says.



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


* LATAM: Retail Expanding Despite Modest Growth, Fitch Says
-----------------------------------------------------------
Increasing consumption driven by decreasing unemployment rates,
rising per capita incomes, and an increase in the availability of
credit coupled with declining interest rates is spurring growth in
the Latin American retail industry, according to a new Fitch
Ratings report.

Large retail chains benefit from high fragmentation and low
penetration, and liquidity is generally solid. But expansion must
be balanced against challenges associated with obtaining land or
retail space at reasonable prices - especially in urban areas.

Retailers face strong competition from peers and the informal
sector. Large retailers are responding by opening new stores to
defend market share, gain economies of scale, and improve
operating efficiencies. EBITDA margins will come under pressure
for retailers unable to respond to the challenge.

Leading retailers are generating negative free cash flow due to
high levels of capital expenditures and acquisitions, placing
capital structures under pressure. Working capital needs are also
increasing, further pressuring cash flow. The increase in
retailers providing consumer credit has also increased working
capital needs.

Retailers in Chile, Mexico and Argentina that fully own their
credit business present metrics encumbered with the full amount of
debt associated with the more highly leveraged credit card
business. Profitability of the credit business is expected to be
flat after delinquency and write-off rates decreased during the
last two years, following an improvement after the financial
crisis.

For more information, Fitch's special report titled 'Latin America
Retail Industry' is available at www.fitchratings.com.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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