TCRLA_Public/091127.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, November 27, 2009, Vol. 10, No. 235

                            Headlines

A R G E N T I N A

LIONTI Y LOPEZ: Creditors' Proofs of Debt Due on November 30
SEFAMA SA: Creditors' Proofs of Debt Due on February 9
SOCKS SHOW: Creditors' Proofs of Debt Due on February 12
UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12
VIA NOVUS: Creditors' Proofs of Debt Due on December 21


B E R M U D A

JUMPWATER LIMITED: Creditors' Proofs of Debt Due on December 2
JUMPWATER LIMITED: Members' Meeting Set for December 23
TARPON MINAS: Creditors' Proofs of Debt Due on December 2
TARPON MINAS: Members' Meeting Set for December 22
TURNMARK FUND: Creditors' Proofs of Debt Due on December 2

TURNMARK FUND: Members' Meeting Set for December 22
XL TRADING: Creditors' Proofs of Debt Due on December 2
XL TRADING: Members' Meeting Set for December 23
XL WEATHER: Creditors' Proofs of Debt Due on December 2
XL WEATHER: Members' Meeting Set for December 22


B R A Z I L

CITIGROUP INC: Denies Brazil Was Offered Stake During Crisis
GERDAU SA: May Revive Stricter Debt Covenants, CEO Says
GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+'
MARFRIG ALIMENTOS: S&P Gives Stable Outlook; Affirms 'B+' Rating


C A Y M A N  I S L A N D S

AWAL FEEDER: Creditors' Proofs of Debt Due on November 27
AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
AWAL FINANCE: Creditors' Proofs of Debt Due on November 27

AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
COAST PILOT: Commences Liquidation Proceedings
LANSDOWNE EMERGING: Commences Liquidation Proceedings
LANSDOWNE MACRO: Commences Liquidation Proceedings
LORETO INVESTMENTS: Commences Liquidation Proceedings

ML CBO: Commences Liquidation Proceedings
ML CBO: Commences Liquidation Proceedings
PALESTRINA FUNDING: Commences Liquidation Proceedings
PAMPELONNE CDO: Commences Liquidation Proceedings
PAMPELONNE CDO: Commences Liquidation Proceedings

PATRICK LIMITED: Commences Liquidation Proceedings
POLONIUS PORTFOLIO: Commences Liquidation Proceedings
SKYER I: Commences Liquidation Proceedings
SLC SECURITIZATION: Commences Liquidation Proceedings
SSV CAYMAN: Commences Liquidation Proceedings

VITA CAPITAL: S&P Assigns 'BB+' Debt Rating on $75 Mil. Notes


J A M A I C A

CLARENDON ALUMINA: Fitch Junks Issuer Default Rating from 'B-'


M E X I C O

AXTEL SAB: BBVA Sees Shares Drop if Firm Won't be Sold
CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'SD'
URBI DESARROLLOS: S&P Affirms 'B+' Global Scale Corp. Rating


P U E R T O  R I C O

CARABEL EXPORT: Plan Now with Creditors; Conf. Hearing on Feb. 22


                         - - - - -


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


LIONTI Y LOPEZ: Creditors' Proofs of Debt Due on November 30
------------------------------------------------------------
The court-appointed trustee for Lionti y Lopez y Asociados S.H.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 30, 2009.

The trustee will present the validated claims in court as
individual reports on February 15, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 29, 2010.


SEFAMA SA: Creditors' Proofs of Debt Due on February 9
------------------------------------------------------
The court-appointed trustee for Sefama S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 9, 2010.

The trustee will present the validated claims in court as
individual reports on March 23, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 7, 2010.


SOCKS SHOW: Creditors' Proofs of Debt Due on February 12
--------------------------------------------------------
The court-appointed trustee for Socks Show S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 12, 2010.

The trustee will present the validated claims in court as
individual reports on March 29, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 12, 2010.


UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12
---------------------------------------------------------------
The court-appointed trustee for Unipres Servicios Graficos S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 12, 2010.

The trustee will present the validated claims in court as
individual reports on March 30, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 14, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 5, 2010.


VIA NOVUS: Creditors' Proofs of Debt Due on December 21
-------------------------------------------------------
The court-appointed trustee for Via Novus S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 21, 2009.

The trustee will present the validated claims in court as
individual reports on March 5, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 22, 2010.


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


JUMPWATER LIMITED: Creditors' Proofs of Debt Due on December 2
--------------------------------------------------------------
The creditors of Jumpwater Limited are required to file their
proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


JUMPWATER LIMITED: Members' Meeting Set for December 23
-------------------------------------------------------
The members of Jumpwater Limited will hold their final meeting on
December 23, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TARPON MINAS: Creditors' Proofs of Debt Due on December 2
---------------------------------------------------------
The creditors of Tarpon Minas Ltd. are required to file their
proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TARPON MINAS: Members' Meeting Set for December 22
--------------------------------------------------
The members of Tarpon Minas Ltd. will hold their final meeting on
December 22, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TURNMARK FUND: Creditors' Proofs of Debt Due on December 2
----------------------------------------------------------
The creditors of The TurnMark Fund Limited are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


TURNMARK FUND: Members' Meeting Set for December 22
---------------------------------------------------
The members of The TurnMark Fund Limited will hold their final
meeting on December 22, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL TRADING: Creditors' Proofs of Debt Due on December 2
-------------------------------------------------------
The creditors of XL Trading Partners Ltd are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL TRADING: Members' Meeting Set for December 23
------------------------------------------------
The members of XL Trading Partners Ltd will hold their final
meeting on December 23, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL WEATHER: Creditors' Proofs of Debt Due on December 2
-------------------------------------------------------
The creditors of XL Weather & Energy Ltd are required to file
their proofs of debt by December 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL WEATHER: Members' Meeting Set for December 22
------------------------------------------------
The members of XL Weather & Energy Ltd will hold their final
meeting on December 22, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 16, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


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


CITIGROUP INC: Denies Brazil Was Offered Stake During Crisis
------------------------------------------------------------
Bradley Keoun at Bloomberg News reports that Citigroup Inc. said
it didn’t offer Brazil a stake in the company amid the credit
crisis.

“Regarding an alleged offer to the Brazilian government or state-
owned companies to buy a stake in Citi, the bank informs that
there was none and were no plans or discussions related to this
matter,” Citigroup said in a statement confirmed by spokeswoman
Shannon Bell, the report relates.

According to the report, Brazilian Energy and Mines Minister
Edison Lobao said that he was told about the offer by President
Luiz Inacio Lula da Silva.  The government “quickly abandoned” the
idea, opting to be “cautious,” he added.  However, Finance
Minister Guido Mantega , the report relates, said that Mr. Lobao
“must have used some kind of metaphor because there was no offer.”

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Bloomberg News, citing O Estado de S. Paulo
newspaper, said that Citigroup Inc. Latin America President
Gustavo Marin offered Brazil’s government a 50% stake in the U.S.
bank’s local unit during the global financial crisis.  The report
related that the newspaper said the purchase would have been made
through Banco do Brasil SA.

                      About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $52 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


GERDAU SA: May Revive Stricter Debt Covenants, CEO Says
-------------------------------------------------------
Gerdau SA may agree to stricter debt covenants to lower borrowing
costs as demand for its products improves, Lucia Kassai at
Bloomberg News reports, citing Chief Executive Officer Andre
Gerdau Johannpeter.  The report relates that Mr. Johannpeter said
that Gerdau agreed to “temporary flexibility.”

According to the report, the rearrangement cost the company US$60
million.  “If the economic recovery keeps on track, we may go back
to the original covenants,” the report quoted Gerdau Johannpeter
as saying.

Bloomberg News notes that Gerdau SA restarted a 3 million-ton-a-
year blast furnace at its Acominas unit in Brazil in July after a
six-month halt, because of rising steel demand from builders and
carmakers.  The company, the report relates, said in August it
wouldn’t shut a smaller furnace as planned for maintenance amid a
rebound in Brazil and abroad.  The steelmaker is also in talks
with the state of Oklahoma to reopen its idled unit in Sand
Springs, a Tulsa suburb, the report adds.

Meanwhile, Bloomberg News says Mr. Johannpeter said that discounts
for some Brazil clients of as much as 16% will continue at least
until the end of the year, as it is too soon to raise prices.  “We
will wait until the beginning of next year to evaluate whether
there is space for price increases,” the report quoted Mr.
Johannpeter as saying.

Moreover, Chief Financial Officer Osvaldo Schirmer, the report
notes, Gerdau SA, which controls Aco Villares SA, may delist the
shares of the unit.  The report relates that Gerdau SA was
studying options for the restructuring of Aco Villares to save
costs.  Aco Villares makes long-steel products in Brazil.

                        About Gerdau SA

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Gol Linhas Aereas Inteligentes S.A.'s
ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)'.

The Rating Outlooks for the Foreign and Local Currency long-term
IDRs and the Long-term National Ratings have been revised to
Positive from Negative.

Fitch also has upgraded the ratings of GOL's perpetual notes
(US$200 million) and senior notes (US$200 million) to 'B+/RR4'
from 'B/RR5'.

GOL's ratings reflect the company's significant market share
position in the Brazilian airline sector, its comfortable
liquidity position and high leverage.  GOL's current ratings
contemplate Fitch's expectation that the company will maintain a
competitive cost structure vis-a-vis the global industry and its
significant market share position in the Brazilian airline sector.
The ratings also incorporate the company's exposure to fuel cost
volatility and other industry-related risks, such as revenue
volatility, high correlation with the domestic economy, high
operating leverage and competitive threats.

The Positive Outlook reflects improvements on GOL's credit metrics
as well as the more benign business environment.  Fitch expects
GOL, Brazil's second largest airline with a 42% domestic market
share, to benefit from stronger domestic demand for domestic air
travel in the business and leisure segments following the recovery
in Brazil's economy.  Another factor in the Positive Outlook is
the company's ability to dramatically restore its liquidity
position in a relative short period of time, and the reduction in
the company's net leverage, which was quite high at the beginning
of the year.  The Positive Outlook incorporates Fitch's
expectations that the company will continue lowering its net
leverage, which remains high, maintaining a strong cash position.

The upgrade of the company's unsecured debt to 'B+/RR4' from
'B/RR5' reflects better recovery prospects for GOL's subordinated
debt resulting from the company's improved profitability.

Improving Business Environment:

The domestic demand has shown increasing traffic volume during the
first nine months of the year, while the international demand
decreased during the same period.  In the third quarter of 2009
(3Q'09) and the first nine months of 2009, domestic flight demand
in Brazil, measured by revenue passenger kilometers (domestic RPK)
increased by 25.7% and 10.5%, respectively, over the third quarter
(3Q'08) and the first nine months of 2008.  Demand for
international traffic fell by 2.5% and 4.6%, respectively, during
the same periods.  One of the factors behind the domestic market
recovery is the increasing number of business travelers resulting
from Brazil's improved economic environment.  The decline in the
international market demand reflects the impact of the global
financial crisis, GOL's decision to reduce its international
flights, and the swine flu outbreak affecting international routes
in South America.

Fitch considers that GOL should benefit from improving volume
traffic in the domestic segment given its strong market position
in the most important Brazil's domestic airports.  Since VRG's
(formally known as Varig) acquisition, the company has been the
carrier with the most flights at the busiest airports in Brazil:
Congonhas (Sao Paulo), Santos Dumont and Galeao (Rio de Janeiro),
Juscelino Kubitschek (Brasilia), and Confins (Belo Horizonte).
The company holds a participation of about 50% of the departures
from these airports, which are among the most profitable routes in
the domestic market, with higher yields achieved mostly from
travelers in the business segment.

Better Operational Results:

The company has delivered positive operating performance in the
last two quarters driven by positive trend in the domestic demand
and lower operating expenses, mostly driven by lower fuel costs.
As a result, the company's EBITDAR for the last 12 month period
ended in September 2009 was BRL1.2 billion, a healthy 77% increase
over the company's EBITDAR during 2008 (BRL 681.5 million).
EBITDAR margin was 20.2% by the end of September 2009, compared to
10.6% by the end of December 2008.  The company's load factors in
the domestic market continued on a positive trend, reaching 67.2%
during 3Q'09, significantly higher than the comparable figure for
3Q'08 (58%).  However, the more competitive scenario during 3Q'09
negatively impacted the company's yield per passenger kilometers,
averaging BRL18.92 cents versus BRL27.09 cents for 3Q'08 The lower
yields during 3Q'09 was the consequence of a more competitive
scenario, when airlines successfully reverted decreasing load
factor.  During the fourth quarter of 2009, the company expects to
see a recovery in its yields, with the implementation of tariffs
increase already under way.

The company continues showing improvements on its cost structure
mostly due to lower fuel costs, but also from synergy gains
resulting from the GOL/VRG merger.  The company's total operating
expenses for 3Q'09 were BR1.4 billion, a reduction of 17% when
compared with 3Q'08.  The main drivers explaining the company's
lower operating expenses during 3Q'09 were fuel cost, sales and
marketing expenses; as well as maintenance expenses, which
decreased 35.2%, 47.5%; and 23%, respectively, over 3Q'08.  Fuel
costs represented 34.7% of total operating expenses during the
3Q'09; compared to 44.4% during 3Q'08.  Despite an increase of 3%
of Available Seat Kilometers (ASK) during 3Q'09, operating
expenses excluding fuel expenses decreased by 2.6% to
BR912.1 million, when compared to 3Q'08.

Strong Liquidity;

Fitch considers the company has dramatically improved its
liquidity during the last quarters due to its continued efforts
and steps taken to achieve specific cash targets of BR800 million
(13% of revenues) and BR1.2 billion (19% of revenues) by the end
of 2009 and 2010.  The company ended 3Q'09 with a cash position of
BR662 million, 68% higher that the company's cash position by the
end of 1Q'09 (BR396 million).  Steps taken by GOL included a
capital increase of BRL203.5 million and the issuance of
BRL400 million in local debentures due in 2011.  The company also
raised BRL255 million, of which it had received BRL150 million as
of Sept. 30, 2009, through the advance sale of miles to Bradesco
and Banco do Brasil.

GOL continues to pursue a strong capital structure.  During the
first week of October 2009, the company completed an equity
offering which generated net proceeds of BR602 million.
Considering the net proceeds of the recent offering, the company's
cash position would be around BR1.2 billion (21% of revenues).

Leverage Remains High:

Fitch views as a positive the company's ability to reduce its
leverage during the last quarters, however, it still remains high.
Fitch expects to see further improvement in the coming quarters.
During the LTM ended Sept. 30, 2009, GOL generated BRL1.2 billion
of EBITDAR, an improvement from BRL474 million during the
comparable period in 2008.  GOL's total debt adjusted for
operating leases was BRL8.1 billion at the end of September 2009,
while its cash and marketable securities balance was
BRL646 million.  These figures result in an adjusted net debt-to-
EBITDAR ration of 6.2 times for the LTM, which favorably compares
with the company's net leverage by the end of December 2008 of
11.0x.

GOL's on-balance sheet debt totals BRL3 billion.  It primarily
consists of BRL1.8 billion of secured debt and financial leases,
BRL341 million in PDP loans, and BRL684 million in local public
debentures and perpetual bonds.  Lease expense for the LTM were
BRL728 million, resulting in an off-balance-sheet debt adjustment
made by Fitch of BRL5 billion.


MARFRIG ALIMENTOS: S&P Gives Stable Outlook; Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Brazil-based meat processor Marfrig Alimentos S.A. to
stable from negative and affirmed the 'B+' corporate credit
rating.

"The outlook revision reflects S&P's expectation that Marfrig's
recently announced equity-financed acquisition of Seara Alimentos
S.A. will provide the company with economies of scale in poultry
and operating synergies in logistics and distribution services for
its beef operations.  Moreover, S&P has a positive view of
Marfrig's acquisition of a leather processing plant in Uruguay and
increased cattle slaughtering and processing capacity in Brazil,
which will likely expand production and boost its product line
diversification," said Standard & Poor's credit analyst Flavia
Bedran.

The ratings on Marfrig reflect the volatile demand in the
commodity-oriented fresh meat export market, the risks inherent in
the meat industry, and the industry's high dependence on raw
material sourcing.  Moreover, S&P see Marfrig's aggressive
acquisitive strategy, leveraged capital structure, and the
integration risks associated with its now-substantial poultry
operations as relevant risks.  Conversely, S&P believes the
company's more-diversified meat/poultry portfolio, its increased
economies of scale in poultry and beef production, and its well-
built logistics and distribution network partly offset these
risks.

The stable outlook reflects S&P's expectation that Marfrig's cash
flow generation will improve from 2010 onward, thanks to its
expanded capacity and more-diversified products mix, coupled with
projected logistical and operating synergies.  These will provide
the company with more-stable and more-robust operating margins.
S&P also incorporate into S&P's expectations Marfrig's proved
track record in integrating acquired companies and its adequate
access to credit and capital markets.

"The ratings could be raised if Marfrig captures the expected
synergies in its business integration, improving its operating
results as export markets recover.  On the other hand, S&P could
revise the ratings downward if Marfrig is not successful in
integrating acquired assets, does not use free cash flow to
gradually reduce indebtedness, or maintains its aggressive
acquisitive strategy, leading to increasing financial leverage,"
Ms. Bedran added.


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


AWAL FEEDER: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Awal Feeder 1 Fund are required to file their
proofs of debt by November 27, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Awal Finance Company Limited are required to file
their proofs of debt by November 27, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Awal Finance Company (No. 2) Limited are required
to file their proofs of debt by November 27, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Awal Finance Company (No. 3) Limited are required
to file their proofs of debt by November 27, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Awal Finance Company (No. 4) Limited are required
to file their proofs of debt by November 27, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


AWAL FINANCE: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Awal Finance Company (No. 5) Limited are required
to file their proofs of debt by November 27, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town KY1-1104
          Grand Cayman, Cayman Islands


COAST PILOT: Commences Liquidation Proceedings
----------------------------------------------
On October 8, 2009, the shareholder of Coast Pilot Strategy
Investments Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


LANSDOWNE EMERGING: Commences Liquidation Proceedings
-----------------------------------------------------
On October 13, 2009, the shareholder of Lansdowne Emerging Markets
Master Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


LANSDOWNE MACRO: Commences Liquidation Proceedings
--------------------------------------------------
On October 13, 2009, the shareholder of Lansdowne Macro Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


LORETO INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On October 14, 2009, the shareholder of Loreto Investments Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ML CBO: Commences Liquidation Proceedings
-----------------------------------------
On October 14, 2009, the shareholder of ML CBO VIII (Cayman) Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ML CBO: Commences Liquidation Proceedings
-----------------------------------------
On October 14, 2009, the shareholder of ML CBO VI (Cayman) Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PALESTRINA FUNDING: Commences Liquidation Proceedings
-----------------------------------------------------
On October 14, 2009, the shareholder of Palestrina Funding 2001-A,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PAMPELONNE CDO: Commences Liquidation Proceedings
-------------------------------------------------
On October 12, 2009, the shareholder of Pampelonne CDO II, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PAMPELONNE CDO: Commences Liquidation Proceedings
-------------------------------------------------
On October 12, 2009, the shareholder of Pampelonne CDO I, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


PATRICK LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
On October 14, 2009, the shareholder of Patrick Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


POLONIUS PORTFOLIO: Commences Liquidation Proceedings
-----------------------------------------------------
On October 14, 2009, the shareholder of Polonius Portfolio Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


SKYER I: Commences Liquidation Proceedings
------------------------------------------
On October 15, 2009, the shareholder of SKYER I Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


SLC SECURITIZATION: Commences Liquidation Proceedings
-----------------------------------------------------
On October 5, 2009, the shareholder of SLC Securitization
Corporation resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


SSV CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On October 15, 2009, the shareholder of SSV Cayman Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
November 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


VITA CAPITAL: S&P Assigns 'BB+' Debt Rating on $75 Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
long-term debt rating to the $75 million series I, class E
principal-at-risk variable-rate notes due Jan. 15, 2014, which
were issued on Nov. 23, 2009, by Cayman Islands-based Vita Capital
IV Ltd.

The notes will provide Swiss Reinsurance Company Ltd.
(A+/Stable/A-1) with a degree of protection against extreme
mortality events occurring to specified age and gender
distributions in the U.S. and the U.K.

Swiss Re has previously securitized mortality risk through the
Vita Capital Ltd., Vita Capital II Ltd., and Vita Capital III Ltd.
transactions.  The Vita II transaction is scheduled to expire at
the end of 2009 and the new issuance by Vita Capital IV partly
replaces these existing notes.

Vita Capital IV was created for the sole purpose of issuing one or
more series of notes out of a mortality catastrophe shelf program.
Standard & Poor's has not assigned ratings to the shelf program.

The noteholders are at risk from an increase in age- and gender-
weighted mortality rates that exceed a specified percentage of a
predefined mortality index value, for a given country, over five
years from Jan. 1, 2009, to Dec. 31, 2013.  The MIV self-adjusts
for changes in general mortality trends over the risk period.

The MIV is defined on a rolling two-calendar-year basis, and the
probability of a loss attaching and the magnitude of the loss in
principal depends on the extent to which the MIV for any
measurement period (that is, two consecutive years) exceeds the
attachment point for the notes.  Unlike previous mortality
catastrophe transactions, the notes are triggered upon attachment
of either country in the covered area, the U.S. and the U.K., and
the attachment points vary by country.  The attachment points are
105% in the U.S. and 112.5% in the U.K. with the exhaustion points
being 110% in the U.S. and 120% in the U.K.

This is the first catastrophe mortality transaction that has
utilized the modeling services of Risk Management Solutions Inc.

At closing, Swiss Re will enter into an International Swaps and
Derivatives Association-based contract with the issuer whereby
Swiss Re will make payments to the issuer in exchange for extreme
mortality protection.  The issuance proceeds are to be invested in
'AAA' rated notes issued by the International Bank for
Reconstruction and Development.  The coupon on the notes will be
paid from the payments made by Swiss Re under the ISDA contract
and from investment earnings on the collateral held in trust.

The rating on the notes reflects:

* Standard & Poor's qualitative assessments of the potential event
  risk;

* The low probability of default;

* The frequency and severity of an event reaching the index
  attachment point;

* The strong diversification of the underlying mortality risk
  exposure in terms of geographic location, age, and gender; and

* The application of Standard & Poor's catastrophe bond criteria.


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


CLARENDON ALUMINA: Fitch Junks Issuer Default Rating from 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Clarendon Alumina Production
Limited's foreign and local currency Issuer Default Rating to
'CCC' from 'B-'.  The Rating Outlook remains Negative.  CAP is
100% owned by the Government of Jamaica and is the holding company
for its 45% ownership in a joint venture with a subsidiary of
Alcoa called Jamalco, which is a bauxite mining and alumina
refining operation in Jamaica.  This rating action follows the
downgrade of the long-term foreign currency IDR of Jamaica by
Fitch to 'CCC' with a Negative Outlook.

Fitch has also downgraded the US$200 million 8.5% unsecured notes
due November 2021 of CAP to 'CCC/RR4' from 'B/RR4'.  The 15-year
notes continue to be supported by an explicit unconditional and
irrevocable guarantee by the GoJ for the timely payment of
interest and principal.  The Government of Jamaica announced
earlier this year that it is seeking to sell its 45% stake in
Jamalco.  Fitch notes that Alcoa has a right of first refusal on
buying the shares, and could possibly end up with 100% ownership
of Jamalco if it chooses to exercise this option.

CAP's future rating actions are directly linked to Fitch's actions
taken on Jamaica, which has a Negative Outlook.  If Fitch were to
further downgrade the ratings on the sovereign due to concerns
regarding macroeconomic pressures, then CAP's ratings would also
mirror this action.  This rating linkage will continue as long as
the company remains 100% owned by the GoJ.

CAP was incorporated in April 1985 in Jamaica.  CAP entered into a
joint-venture agreement with a subsidiary of Alcoa Inc., to become
partners in a bauxite mining and alumina refining operation in
Jamaica called Jamalco.  Jamalco is an unincorporated joint-
venture association that involves the proportionate sharing of
production costs and the alumina output of the Clarendon Alumina
Refinery.  In the financial year 2008, CAR produced 1.15 million
tons of alumina and CAP's 45% share of the output generated
revenues of US$117.2 million from the sale of 606,000 tons of
alumina.


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


AXTEL SAB: BBVA Sees Shares Drop if Firm Won't be Sold
------------------------------------------------------
Crayton Harrison at Bloomberg News reports that BBVA Bancomer SA
said that Axtel SAB's shares may decline if the company isn’t
sold.

Mexican lawmakers may reach a decision by next year on whether to
remove the 49% limit on foreign ownership of landline phone
companies, said Andres Coello, a BBVA analyst, in a research note
obtained by the news agency.  A change would allow Madrid-based
Telefonica SA to acquire a Mexican carrier, he added.

According to the report, Mr. Coello said that Axtel and Maxcom
will face new competition from Telefonica and questions about
their “long-term viability” if they’re not acquired.

                          About Axtel

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009 Fitch Ratings assigned these ratings for Axtel,
S.A.B. de C.V.:

  -- Local currency Issuer Default Ratings at 'BB';

  -- Foreign currency IDR at 'BB';

  -- Proposed senior notes due 2019 for up to US$300 million at
     'BB';

In addition, Fitch has affirmed Axtel national scale rating at 'A+
(mex)'.


CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. to 'SD' from 'CC', indicating
selective default.  The action reflects approval by the
bondholders of the amendments made to its Mexican pesos
(MXN) 500 million notes, its MXN1,400 million notes in the
domestic capital market, and 97% of its short-term bank loans.
S&P also affirmed Ltd. 'CC' rating on the company's $200 million
senior unsecured notes maturing in 2015, of which $13.6 million
remains outstanding.

"The downgrade reflects S&P's view that the restructure of the
debt certificates in the domestic capital market is similar to a
distressed debt exchange and therefore tantamount to default,"
said Standard & Poor's credit analyst Monica Ponce.  According to
S&P's criteria, the restructure of the debt certificates
constitutes selective default, as it is not a purely opportunistic
offer, as S&P believes that if the short-term debt is not
restructured, the company will default on at least some of its
obligations.  Moreover, the company's operating results and key
credit measures during third-quarter 2009 were weaker than S&P
expected.

The negotiations for the restructuring have taken place within a
short time from the maturity date of some of the obligations.  In
addition, according to its criteria, S&P believes that with the
modifications made to the debt certificates under the restructure,
investors will receive less value than the promise of the original
securities, as the new securities' maturities extend beyond the
original.  The 'SD' also reflects its expectation that the company
will continue to comply with its other obligations, such as the
semiannual interest payment of the $200 million senior unsecured
notes rated 'CC', the next of which is due December 2009.

S&P expects to assign a new corporate credit rating on CIE once &P
conclude its review of the company's new capital structure and
liquidity profile.  However, S&P expects the rating to remain in
the low investment-grade category.  In S&P's opinion, CIE's highly
leveraged financial profile and weak cash-flow generation -- which
S&P expects to continue given the company's high working-capital
requirements -- will continue to constrain the corporate credit
rating on the group.


URBI DESARROLLOS: S&P Affirms 'B+' Global Scale Corp. Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'B+' global scale and 'mxBBB' Mexican
national scale corporate credit ratings, on homebuilder Urbi
Desarrollos Urbanos S.A.B. de C.V.  S&P removed the ratings from
CreditWatch, were S&P placed them with negative implications on
Nov. 4, 2009.

The outlook is stable.

"The rating action follows the announcement that Urbi's
bondholders have agreed to amend the credit agreement on its peso-
denominated bonds to increase its covenant headroom," said
Standard & Poor's credit analyst Laura Martinez.  "In exchange,
the bondholders will receive an additional premium of 1% per year
on the adjusted nominal value of the bonds."

The stable outlook reflects S&P's expectation that the company
will maintain similar levels of current debt, specifically, total
debt-to-EBITDA ratio of less than 3.0x, and cash on hand in spite
of expected investments in working capital during the next few
quarters.


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


CARABEL EXPORT: Plan Now with Creditors; Conf. Hearing on Feb. 22
------------------------------------------------------------------
Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the
District of Puerto Rico approved the Disclosure Statement
explaining the Chapter 11 Plan of Carabel Export and Import, Inc.

The Debtor and parties-in-interest may solicit acceptances or
rejections of the Debtor's Plan of Reorganization.

The Court will consider the confirmation of the Plan on Feb. 22,
2010, at 10:30 a.m. at the U.S. Post Office and Courthouse
Building, Courtroom 2, 300 Recinto Sur Street, Old San Juan,
Puerto Rico.

As reported in the Troubled Company Reporter on Oct. 30, 2009,
under the Plan, retained professionals and the U.S. trustee fees
will be paid in full.  Other holders of administrative expense
claims would only recover 45% of their claims and will be paid
from the $300,000 carve out established by Continental Tiles Inc.
and Westernbank Puerto Rico.

Secured lender Westernbank Puerto Rico will receive the proceeds
of the sale of Debtor's assets to Continental Tiles, Inc.,
amounting to $6,500,000, plus any funds arising from Debtor's
accounts receivable and Debtor's balance of available cash, for an
estimated 35% recovery.  The balance of Westernbank's claim for
$18,541,094 is dealt with under Class 5 as a General Unsecured
Claim.

As per the settlement agreement between Debtor and Firstbank
Puerto Rico dated Aug. 13, 2009, Debtor agreed to surrender
Firstbank's collateral thereto.  Any deficiency in Firstbank's
claim will be dealt with under Class 5 as a General Unsecured
Claim.

On or before the effective date, Debtor will surrender Popular
Auto's collateral thereto.  Any deficiency in Popular Auto's Claim
will be dealt with under Class 5 as a General Unsecured Claim.

Priority tax claims estimated to total $8,863,569 won't be paid.
The holders of allowed general unsecured claims against Debtor
also won't receive distributions and are deemed to reject the
Plan.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/CARABELEXPORT_DS.pdf

Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba
ItalCeramica, and its affiliates filed separate Chapter 11
petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No.
08-08956).  The Hon. Enrique S. Lamoutte Inclan oversees the case.
Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law
Office, in San Juan, Puerto Rico, represents the Debtors.
When it filed for bankruptcy, Carabel disclosed $14,544,289 in
total assets, and $26,957,250 in total debts.


                            ***********

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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  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$625 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 Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *