TCRLA_Public/100929.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, September 29, 2010, Vol. 11, No. 192

                            Headlines



A R G E N T I N A

ALAMOS DEL: Creditors' Proofs of Debt Due on October 5
CONSUMER INSIGHTS: Creditors' Proofs of Debt Due on February 8
EUROCORR SA: Asks for Preventive Contest
MANASO SRL: Asks for Own Bankruptcy


B E L I Z E

DIGICEL GROUP: Eyeing Stake in Belizean Market


B E R M U D A

ATI LTD: Creditors' Proofs of Debt Due on October 8
ATI LTD: Members' Final Meeting Set for November 1
TRITON WORLDWIDE: Creditors' Proofs of Debt Due on October 8
TRITON WORLDWIDE: Members' Final Meeting Set for November 1


B R A Z I L

BR PROPERTIES: Fitch Assigns Issuer Default Ratings at 'B+'
BR PROPERTIES: Moody's Assigns 'Ba3' Rating on US$300 Mil. Notes


C A Y M A N  I S L A N D S

BROKERBOX (INTERNATIONAL): Creditors' Proofs of Debt Due on Oct 22
BROKERBOX (INTERNATIONAL): Shareholders to Meet on October 25
C.B.G. FUND: Creditors' Proofs of Debt Due on October 28
CAMPANOLOGY LEASING: Creditors' Proofs of Debt Due on October 28
CONTEXT/TQA: Creditors' Proofs of Debt Due on October 27

GLOBAL COMMODITIES: Creditors' Proofs of Debt Due on October 27
LIPIZZANER LEASING: Creditors' Proofs of Debt Due on October 22
LIPIZZANER LEASING: Creditors' Proofs of Debt Due on October 22
NEMESIS PARTNERS: Creditors' Proofs of Debt Due on October 27
NOUVO CAYMAN: Creditors' Proofs of Debt Due on October 22

PATROPA INTERNATIONAL: Creditors' Proofs of Debt Due on October 27
PICTOR EQUITY: Creditors' Proofs of Debt Due on October 27
PICTOR MANAGEMENT: Creditors' Proofs of Debt Due on October 27
PLAINFIELD LIQUID: Creditors' Proofs of Debt Due on October 28
PLAINFIELD LIQUID: Creditors' Proofs of Debt Due on October 28

RETA LIMITED: Creditors' Proofs of Debt Due on October 22
RETA LIMITED: Shareholders' Final Meeting Set for October 25
RUSSIAN GROWTH: Creditors' Proofs of Debt Due on October 27
SOMERSET HOLDINGS: Commences Wind-Up Proceedings
UNION NATIONAL: Creditors' Proofs of Debt Due on October 27

UNION NATIONAL: Creditors' Proofs of Debt Due on October 27
UNION NATIONAL: Creditors' Proofs of Debt Due on October 27


J A M A I C A

* JAMAICA: Local Hotels in Serious Financial Bind


M E X I C O

OCEANOGRAFIA SA: S&P Withdraws 'CCC' Rating on US$335 Mil. Notes


T R I N I D A D  &  T O B A G O

CL FIN'L: Government Selects Ex-Finance Minister for Chairman Post
CL FIN'L: Policyholders Seek Meeting With Prime Minister


X X X X X X X X

* LATIN AMERICA: Moody's Comments on Sovereign Debt Rating Trends




                         - - - - -


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


ALAMOS DEL: Creditors' Proofs of Debt Due on October 5
------------------------------------------------------
Roberto Massacane, the court-appointed trustee for Alamos del Sur
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 5, 2010.

Mr. Massacane will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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.

The Trustee can be reached at:

         Roberto Massacane
         Avenida Presidente Roque Saenz Pea 846
         Argentina


CONSUMER INSIGHTS: Creditors' Proofs of Debt Due on February 8
--------------------------------------------------------------
Alberto Kahan, the court-appointed trustee for Consumer Insights
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 8, 2011.

Mr. Kahan will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, 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.

The Trustee can be reached at:

         Alberto Kahan
         avenida Santa Fe 2742
         Argentina


EUROCORR SA: Asks for Preventive Contest
----------------------------------------
Eurocorr SA asked for preventive contest.


MANASO SRL: Asks for Own Bankruptcy
-----------------------------------
Manaso SRL asked for its own bankruptcy.

The company stopped making payments last June 2008.


===========
B E L I Z E
===========


DIGICEL GROUP: Eyeing Stake in Belizean Market
----------------------------------------------
Digicel Group is reportedly seeking a stake in the Belizean mobile
telecoms market, RadioJamaica reports.

The report relates Nestor Vasquez, the executive chairman of the
state-owned Belize Telemedia, said that Digicel Group has
expressed "serious interest" in purchasing a stake in the company.

According to RadioJamaica, Mr. Vasquez disclosed that Digicel
executives visited the company and that the two parties are
talking, under a non-disclosure agreement.  The report relates Mr.
Vasquez said that it has been made clear to Digicel Group that a
controlling interest is not up for grabs.

RadioJamaica notes that a Mexican investor has also expressed
interest in acquiring a stake in the company.   However, the
report relates, Mr. Vasquez said he will not be engaging in
negotiations with any other group until the talks with Digicel
reach a conclusion, one way or another.

                      About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


ATI LTD: Creditors' Proofs of Debt Due on October 8
---------------------------------------------------
The creditors of ATI, Ltd. are required to file their proofs of
debt by October 8, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


ATI LTD: Members' Final Meeting Set for November 1
--------------------------------------------------
The members of ATI, Ltd. will hold their final general meeting, on
November 1, 2010, at 9:30 a.m., to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


TRITON WORLDWIDE: Creditors' Proofs of Debt Due on October 8
------------------------------------------------------------
The creditors of Triton Worldwide, Ltd. are required to file their
proofs of debt by October 8, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


TRITON WORLDWIDE: Members' Final Meeting Set for November 1
-----------------------------------------------------------
The members of Triton Worldwide, Ltd. will hold their final
general meeting, on November 1, 2010, at 9:30 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


BR PROPERTIES: Fitch Assigns Issuer Default Ratings at 'B+'
-----------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings of 'B+' to BR Properties S.A., as well as a
National Scale rating of 'BBB+(bra)'.  In conjunction with these
rating actions, Fitch has assigned a 'B+/RR4' rating to its
proposed US$300 million issuance of perpetual notes.  The Rating
Outlook for BR Properties is Positive.

BR Properties' ratings reflect the company's predictable and
consistent cash generation from lease agreements, and its low
vacancy rates during diverse macroeconomic conditions.  The
ratings also incorporate the company's favorable debt amortization
schedule, satisfactory liquidity position and the quality of the
management.  Further considered in the ratings is the company's
adequate capital structure, strengthened by its October 2009
private placement and its March 2010 Initial Public Offering.  The
ratings are constrained by the company's high leverage, the
cyclicality of the commercial properties business, the
vulnerability to fluctuations of the domestic economy and its
reliance upon long-term lines of credit to finance its aggressive
expansion plan.

The Positive Rating Outlook reflects the expectation that BR
Properties' credit metrics should continue to improve in the
short- and medium-term as the heavy investments made since 2007
continue to generate additional operating cash flow.  Over time
these investments should also result in additional economies of
scale.

The proposed senior unsecured perpetual notes of BR Properties
will be fully and unconditionally guaranteed by a selected list of
SPEs.  The guarantees will rank equally in right of payment with
the unsecured and unsubordinated debt and will be junior to the
secured debt of any of BR Properties' subsidiaries.  Despite the
above average recovery expected in the event of default for the
proposed notes, the Recovery Rating has been capped at 'B+/RR4' in
order to reflect the uncertainties of the Brazilian legal system.

Recent Capital Increase to Support Growth:

BR Properties raised BRL727 million with its IPO in March 2010,
which has improved its capital structure and liquidity position.
Some of the proceeds from this IPO have been used to finance
future growth.  Since the beginning of the year, BR Properties has
invested about BRL1.5 billion in the acquisition of commercial
properties.  By yearend 2010, this figure should increase to about
BRL1.8 billion.  This growth is part of a plan by the company to
increase the market value of its properties to BRL8 billion by
2012 from BRL3 billion in June 2010.  Through this period of heavy
investment, Fitch expects BR Properties to preserve its prudent
risk management policy and maintain a loan-to-value ratio below
40%.  This growth should not only increase cash flow from
operations, but should also improve the diversification of the
company's asset portfolio by tenant and location.

Leverage is High:

BR Properties' business is capital intensive and highly dependent
upon the availability of long-term lines of credit and access to
the capital markets.  The sustained availability of these
financing options continues to be negatively factored into the
credit ratings of BR Properties.  As of June 30, 2010, the
company's total debt was BRL896 million.  This figure compares
with BRL636 million as of Dec. 31, 2009 and BRL582 million as of
Dec. 31, 2008.  Leverage as measured by total debt-to-EBITDA was
high at 7.8 times, while net leverage as measured by net debt-to-
EBITDA was more moderate at 4.4x during the LTM ended June 30,
2010.  These ratios compare to 7.0x and 6.0x, respectively, in
2009 and 8.9x and 7.0x in 2008.

Relative to the value of the company's property, leverage is low.
The loan-to-value ratio for BR Properties real estate portfolio
was 17% as of June 30, 2010, an improvement from 32% at the end of
2009.  This ratio is below the company's goal of preserving of
ratio of around 40% and indicates that debt financed acquisitions
could occur in the short-term.

Predictable and Consistent Cash Generation from Lease Agreements:

BR Properties has a relatively predictable and consistent cash
flow from lease agreements.  Net revenues increased to BRL145
million during the LTM ended June 30, 2010 from BRL117 million
during 2009 and BRL87 million during 2008.  The company's EBITDA
grew at a slightly higher pace, as EBITDA was BRL114 million
during the LTM, an increase from BRL91 million during 2009 and
BRL65 million in 2008.  BR Properties' EBITDA margin was 79.1%,
77.8% and 75.2% during this time period.  High EBITDA margins are
a characteristic of the segment, as operating costs are low
relative to revenues.

Free Cash Flow To Remain Pressured by High Investments:

BR Properties has invested more than BRL2 billion since 2007,
resulting in negative free cash flow.  For the LTM ended June 30,
2010, the company generated BRL114 million of EBITDA.  Funds from
operations were negative BRL11 million (positive BRL83 million in
2009), due to the company's strategy of prepaying BRL127 million
for property acquisitions during the first half of 2010.
Investments totaled BRL934 million in the period, resulting in
negative free cash flow of BRL902 million.  Free cash flow should
remain pressured by high investments and Fitch does not expect it
to turn positive at least until 2012.  Risks remain high, however,
that additional acquisitions could occur at a pace higher than
cash flow growth beyond 2012.

Satisfactory Historical Liquidity:

As of June 30, 2010, BR Properties had a strong liquidity position
relative to debt, with BRL396 million of cash and marketable
securities and BRL896 million of total debt, of which BRL112
million was in the short term.  The high cash position is
primarily the result of the recent IPO.  Through the end of 2012,
the company faces total debt maturities of only BRL279 million.
The relatively long-term nature of the company's debt profile is
consistent with the requirements of the industry.  Fitch expects
the company to continue to conservatively manage its liquidity,
preserving a cash cushion sufficient to cover annual debt
amortization and vacancy costs.

Good Operational Track Record:

BR Properties has demonstrated a good operating track record since
2007.  The company had 61 properties at the end of June 2010,
including office buildings, warehouses and a retail store.  These
properties have an estimated market value of BRL3 billion.  The
lease contract expiration timeline is well distributed with 85% of
the contracts (by revenues) expiring after 2013.  BR Properties
delinquency rates are low at 0.1% in June 2010.  The company has
historically reported low vacancy rates due to the selective list
of tenants and low turnover.  During the second quarter of 2010,
BR Properties' vacancy rates increased to 10.4% from 6.9% during
December 2009 due to the recent acquisitions of properties with
high vacancy rates.  This ratio is expected to be reduced by the
company in the near-term.  BR Properties has some concentration of
tenant.  As of June 2010, the largest tenant represented 14% of
the company's revenues.  The five largest accounted for 39% of
revenues with the 10 largest clients represented 50% of revenues.
BR Properties will continue to be challenged by a very fragmented
and competitive market as it seeks to maintain profit margins and
occupancy levels.

Potential Rating or Outlook Drivers:

The ratings could be positively impacted by a consistent increase
in cash flow from operations and by the maintenance of a
conservative cash cushion.  The ratings could also be upgraded by
sustained levels of low debt relative to the value of the
company's portfolio.  BR Properties ratings could be downgraded in
the case of a significant increase in vacancy and delinquency
ratios.  The ratings could also be pressured by lower liquidity,
higher than expected leverage ratios or a weakening of the debt
maturity profile.  A significant downturn in the Brazilian economy
could also result in negative rating actions.


BR PROPERTIES: Moody's Assigns 'Ba3' Rating on US$300 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings of
(P)Ba3 to the proposed US$300 million senior unsecured notes of BR
Properties S.A. and a Ba2 global local currency corporate family
rating (A1.br national scale).  The rating outlook is stable.

Assignments:

Issuer: BR Properties S.A.

  -- Corporate Family Rating, Assigned a Ba2 global local currency
     (A1.br national scale)

  -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3

                        Ratings Rationale

BR Properties proposes to issue US$300 million of perpetual non-
call 5 year senior unsecured notes, under Rules 144A / Reg. S.
The notes will rank pari passu with other unsecured debt.  The
notes have various covenants including: limitation on liens &
limitation on the consolidation, merger or transfer of assets.
The company will hedge against foreign exchange risk.  Most of the
proceeds will be used to fund part of the company's capital
expenditure plan, which includes developments, expansions and
acquisitions.

BR Properties is a leading real estate company that invests in
office and industrial warehouse properties in the main economic
regions of Brazil.  It is also one of the largest public
commercial property firms in Brazil as measured by total gross
leasable area, with a book value of R$ 2.8 billion in gross
assets.  The company's portfolio comprises of 62 assets (totaling
1.0 million sqm of GLA) and also 4 development projects (150 sqm
of GLA), concentrated in the buoyant real estate markets of Sao
Paulo and Rio de Janeiro.

According to Moody's, the company's (P) Ba3 senior unsecured
rating and Ba2/A1.br corporate family ratings reflects BR
Property's extensive management experience in the markets in which
they operate.  The rating also incorporates the company's high
quality portfolio with strong profitability and minimal vacancies.
Additional credit strengths include Brazil's positive
macroeconomic fundamentals.  Offsetting these credit positives are
the company's small size, lack of unencumbered assets and limited
operating history as a public company, coupled with its aggressive
growth and the funding of its growth strategy.  BR Properties also
has significant concentration in Sao Paulo with the top five
tenants representing 41% of total revenue.

Moody's notes that BR Properties' liquidity and funding is limited
and reflects the company's utilization of secured debt as its
primary long-term funding source.  All of the company's assets are
encumbered with secured debt, resulting in strained financial
flexibility.  Like most companies in Brazil, BR Properties has no
committed line of credits.  BR Properties also has no major near-
term debt maturities with R$ 60 million and R$ 76 million coming
due in 2011 and 2012, respectively.  The bulkiest maturity comes
due in 2017 when R$ 242 million in debt matures.  Moody's
acknowledges that the issuance of US$300 million of senior
unsecured debt should allow the company to comfortably fund its
growth and development plans and create a free cash cushion.

BR Properties' balance sheet is modestly levered as measured by
effective leverage (debt plus preferred stock as a percentage of
gross assets).  As of the end of the second quarter, effective
leverage was 32.5% and mostly in the form of secured financing.
Moody's expect leverage to increase as the company continues to
grow its portfolio.  The company's EBITDA margins are high at 93%
supported by its triple net lease structure.  Fixed charge
coverage is adequate at 2.2x.  However, fixed charge is weaker
when including principal amortization.

The stable rating outlook is based on Moody's expectation that BR
Properties' credit metrics will improve further as the company
continues to tap the capital markets, while at least maintaining
its operating margins.  The outlook also incorporates BR
Properties' position as a leading office and industrial company in
Brazil with a good quality portfolio with stable performance.
Moody's will monitor BR Properties' opportunistic investment and
growth strategy and the funding of its growth strategy.

Moody's remarked that a rating upgrade will be difficult in the
short-term, but would be predicated upon BR Properties' continued
success in its development and growth strategy accompanied by
material improvements in the credit profile, which include fixed
charge coverage consistently above 2.3x, growing its portfolio to
at least R$ 4 billion in gross assets, effective leverage closer
to 40% and demonstrated strong execution and access to both
unsecured and equity public markets.  Negative ratings pressure
would result from any significant missteps in its development
pipeline or growth plans, a decline in fixed charge coverage at or
below 1.9x on a consistent basis, effective leverage greater than
60% and any liquidity pressures.  A deterioration in operating
metrics as measured by same store NOI (negative growth for more
than two quarters) and or increase in stabilized physical vacancy
of more than 6% for more than two quarters will also place
downward pressure on the ratings.

This is the first time Moody's rates BR Properties.

BR Properties S.A., headquartered in Sao Paulo, Brazil, is an
owner, manager, and developer of office and warehouse properties
in the main economic regions of Brazil.  The company's portfolio
comprises of 62 assets (totaling 1.0 million sqm of GLA) and also
4 development projects (150 sq m of GLA), concentrated in the
buoyant real estate markets of Sao Paulo and Rio de Janeiro.  As
of June 30, 2010, the company reported total assets of
approximately BRL2.7 billion and total shareholder equity of
approximately BRL1.7 billion.


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



BROKERBOX (INTERNATIONAL): Creditors' Proofs of Debt Due on Oct 22
------------------------------------------------------------------
The creditors of Brokerbox (International) Limited are required to
file their proofs of debt by October 22, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


BROKERBOX (INTERNATIONAL): Shareholders to Meet on October 25
-------------------------------------------------------------
The shareholders of Brokerbox (International) Limited will hold
their final general meeting, on October 25, 2010, at 9:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


C.B.G. FUND: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------
The creditors of C.B.G. Fund are required to file their proofs of
debt by October 28, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on September 1,
2010.

The company's liquidator is:

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


CAMPANOLOGY LEASING: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------------
The creditors of Campanology Leasing Limited are required to file
their proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 31, 2010.

The company's liquidator is:

         Jeremy Simon Spratt
         c/o KPMG LLP 8
         Salisbury Square London
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


CONTEXT/TQA: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Context/TQA Convertible Fund, Ltd. are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 3,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


GLOBAL COMMODITIES: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The creditors of Global Commodities Beta + Fund are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 25, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


LIPIZZANER LEASING: Creditors' Proofs of Debt Due on October 22
---------------------------------------------------------------
The creditors of Lipizzaner Leasing Limited are required to file
their proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 6, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


LIPIZZANER LEASING: Creditors' Proofs of Debt Due on October 22
---------------------------------------------------------------
The creditors of Lusitano Leasing Limited are required to file
their proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 6, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


NEMESIS PARTNERS: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Nemesis Partners International Ltd. are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 6,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


NOUVO CAYMAN: Creditors' Proofs of Debt Due on October 22
---------------------------------------------------------
The creditors of Nouvo Cayman Limited are required to file their
proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 6, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


PATROPA INTERNATIONAL: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------------
The creditors of Patropa International Ltd. are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 3, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands


PICTOR EQUITY: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Pictor Equity Fund Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2010.

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


PICTOR MANAGEMENT: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------------
The creditors of Pictor Management Company Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 6,
2010.

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


PLAINFIELD LIQUID: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------------
The creditors of Plainfield Liquid Strategies Offshore Feeder Fund
Limited are required to file their proofs of debt by October 28,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 7,
2010.

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


PLAINFIELD LIQUID: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------------
The creditors of Plainfield Liquid Strategies Master Fund Limited
are required to file their proofs of debt by October 28, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 2,
2010.

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


RETA LIMITED: Creditors' Proofs of Debt Due on October 22
---------------------------------------------------------
The creditors of Reta Limited are required to file their proofs of
debt by October 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


RETA LIMITED: Shareholders' Final Meeting Set for October 25
------------------------------------------------------------
The shareholders of Reta Limited will hold their final general
meeting, on October 25, 2010, at 9:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


RUSSIAN GROWTH: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Russian Growth Fund are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 31, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


SOMERSET HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------------
On September 6, 2010, the sole shareholder of Somerset Holdings
Limited resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


UNION NATIONAL: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Union National Brazil Opportunity Fund are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 3,
2010.

The company's liquidator is:

         Directorsplus Limited
         Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman KY1-1207
         Cayman Islands


UNION NATIONAL: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Union National Brazil Opportunity Master Fund are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 3,
2010.

The company's liquidator is:

         Directorsplus Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         DirectorsPlus Limited
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman KY1-1207
         Cayman Islands


UNION NATIONAL: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Union National Investment Management Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 6,
2010.

The company's liquidator is:

         Directorsplus Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         DirectorsPlus Limited
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman KY1-1207
         Cayman Islands


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


* JAMAICA: Local Hotels in Serious Financial Bind
-------------------------------------------------
Alarm bells have gone off about the financial state of Jamaica's
local hotel sector in the wake of reports that key players have
been hit hard with a dramatic drop in cash flow, RadioJamaica
reports.

According to the report, with the tourism industry still reeling
from the effects of the global recession and May's West Kingston
incursion, the Jamaica Hotel and Tourist Association (JHTA) is
reporting that some hoteliers are now facing serious challenges
meeting their financial obligations.

JHTA President Wayne Cummings, RadioJamaica notes, said that he
was concerned that the government was not paying adequate
attention to the state of the sector.  The report relates Mr.
Cummings warned that the industry could be left in a precarious
state if a stimulus package is not provided to ease the financial
woes facing hoteliers.

                          *     *     *

As of September 22, 2010, the country continues to carry Moody's
"B3" country ceiling long-term bank deposit and currency issuer
ratings.  The country also continues to carry Standard and Poor's
"C" currency short-debt ratings.


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


OCEANOGRAFIA SA: S&P Withdraws 'CCC' Rating on US$335 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its long-term
corporate credit rating on Oceanografia S.A. de C.V.  At the same
time, S&P withdrew its 'CCC' issue-level rating and '3' recovery
rating on the company's US$335 million senior secured notes.

S&P withdrew its ratings on Oceanografia due to the inadequate
timeliness of information and insufficient documentation to
conduct appropriate surveillance of the ratings.


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


CL FIN'L: Government Selects Ex-Finance Minister for Chairman Post
------------------------------------------------------------------
Former Finance Minister Gerald Yetming has been selected by the
People's Partnership Government as the new chairman of CL
Financial Limited, Trinidad and Tobago Guardian reports.

According to the report, Mr. Yetming replaced Marlon Holder
starting last week.

Asked what prompted his decision to take on the chairmanship, Mr.
Yetming responded: "Somebody had to do it.  I was invited to do
it.  The Government obviously wanted help in attending to this
problem," Trinidad and Tobago Guardian notes.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


CL FIN'L: Policyholders Seek Meeting With Prime Minister
--------------------------------------------------------
The Clico Policyholders Group is seeking an urgent meeting with
Prime Minister Kamla Persad-Bissessar on her return to Trinidad
and Tobago from attending the general assembly of the United
Nations in New York, Trinidad and Tobago Guardian reports.

According to the report, since its meeting at Centre Pointe Mall,
the Group lashed back at comments made by Finance Minster Winston
Dookeran that he acted within the law in his Clico bailout plan.
The report relates that speaking with reporters after attending an
Eid function at the Barrackpore Islamic Centre, Mr. Dookeran said
he was not worried about facing legal action by former attorney
general Ramesh Lawrence Maharaj.

Trinidad and Tobago Guardian notes Peter Permell, deputy chairman
of the CPG, described Mr. Dookeran's comments as unfortunate and
regrettable. "Some may even say a slap in the face of the over
56,000 policyholders and their dependants who will be negatively
impacted by this so-called bailout plan.  But more importantly, we
wish to respectfully caution the minister that his seemingly
intractable position, coupled with the his obvious refusal to meet
with us to explore less painful more viable options, could easily
give rise to unnecessary suspicions that there may be more in the
mortar than the pestle," the report quoted Mr. Permell as saying.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* LATIN AMERICA: Moody's Comments on Sovereign Debt Rating Trends
-----------------------------------------------------------------
(New York, September 27, 2010)
The sovereign debt rating trends in Latin America over the last
decade show how the ratings' gap with other regions has narrowed
and how the trend is likely to continue, says Moody's Investors
Service in a new report.

After lagging behind other regions through most of the decade, the
sovereign ratings in Latin America have strengthened, thanks to an
improving macroeconomic picture, rising economic growth and a
trend in favor of diminishing government debt burdens that are
better managed," said Moody's Analyst Sergio Valderrama, author of
the report.

Latin America has started to change for the better, he said, even
as more advanced economies, especially those in Europe, have
struggled since the start of the economic crisis with the
sovereigns taking on vast new debt as they attempt to stimulate
economies that remain sluggish.

The upward rating trend in recent years accelerated in the first
three quarters of this year.  Seven regional sovereigns were
upgraded this year, the most in any region in the world.  Another
three are on review for possible upgrades, indicating the
likelihood of further improvements this year.

Despite the improvement, the median sovereign rating for Latin
American sovereign is Ba2, three notches below the median for all
sovereign rated by Moody's.  Moreover, the Latin American region
has the highest share of countries in the B-Caa category and the
highest number of defaults since December 2000.

"Still, even though improvements in debt numbers and economic
growth vary by subregion, the upward ratings trend is undeniable
and Moody's expect it will persist at least for the near term,"
said Valderrama.


                            ***********

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 2010.  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 * * *