TCRLA_Public/101008.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, October 8, 2010, Vol. 11, No. 199

                            Headlines



A R G E N T I N A

ASOCIACION MUTUAL: Creditors' Proofs of Debt Due by November 18
PIR CONDUCT: Creditors' Proofs of Debt Due by November 12
STONER SRL: Creditors' Proofs of Debt Due by October 25


B R A Z I L

BRMALLS PARTICIPACOES: Fitch Raises Issuer Default Rating to 'BB'


C A Y M A N  I S L A N D S

ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
DRAKE LONG: Shareholders' Final Meeting Set for October 29
EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29

EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29
GLOBAL COMMODITIES: Shareholders' Final Meeting Set for Oct. 29
HEKLA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 27
LIPIZZANER LEASING: Shareholder to Hear Wind-Up Report on Oct. 22
LUSITANO LEASING: Shareholder to Hear Wind-Up Report on Oct. 22

MELLON OFFSHORE: Shareholders' Final Meeting Set for October 29
NOUVO CAYMAN: Shareholder to Receive Wind-Up Report on October 22
PATROPA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 27
PICTOR EQUITY: Shareholders' Final Meeting Set for October 27
PICTOR MANAGEMENT: Shareholders' Final Meeting Set for October 27

PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28
PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28
TUSCAN INVESTMENTS: Shareholders' Final Meeting Set for October 29
UNION NATIONAL: Shareholders' Final Meeting Set for December 3
UNION NATIONAL: Shareholders' Final Meeting Set for December 3


C H I L E

COMPANHIA MINERA: Miners' Families Sue Bosses for GBP6.3 Million


H A I T I

* HAITI: IDB Provides US$20MM Grant for Credit Guarantee Program


J A M A I C A

RBBT BANK: Yet to Agree With BITU on Restructuring Exercise


M E X I C O

CABLEMAS SA: Fitch Upgrades Issuer Default Rating to 'BB'


T R I N I D A D  &  T O B A G O

CL FIN'L: Credit Unions Slam Senator Watson Over Clico EFPA Claims
PETROLEUM COMPANY: ECT&T Companies Seek TT$60 Million Payment


V I R G I N  I S L A N D S

INNOVATIVE COMMUNICATION: Caribbean Asset Takes Control of Assets




                         - - - - -


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A R G E N T I N A
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ASOCIACION MUTUAL: Creditors' Proofs of Debt Due by November 18
---------------------------------------------------------------
Mauricio Mudric, the court-appointed trustee for Asociacion Mutual
de Accion Solidaria's bankruptcy proceedings, will be verifying
creditors' proofs of claim until November 18, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Mauricio Mudric
         Tucuman 893
         Argentina


PIR CONDUCT: Creditors' Proofs of Debt Due by November 12
---------------------------------------------------------
Mirta Beatriz Rotman, the court-appointed trustee for Pir Conduct
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 12, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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:

         Mirta Beatriz Rotman
         Charcas 3040
         Argentina


STONER SRL: Creditors' Proofs of Debt Due by October 25
-------------------------------------------------------
Horacio Czaban, the court-appointed trustee for Stoner SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until October 25, 2010.

Mr. Czaban will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 8, 2011.

The Trustee can be reached at:

         Horacio Czaban
         Uruguay


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B R A Z I L
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BRMALLS PARTICIPACOES: Fitch Raises Issuer Default Rating to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of BRMALLS Participacoes
S.A.:

  -- Foreign Currency Issuer Default Rating to 'BB' from 'BB-';
  -- Local currency IDR to 'BB' from 'BB-';
  -- Long-term national scale rating to 'AA-(Bra)' from 'A(Bra)';
  -- US$175 million perpetual notes to 'BB' from 'BB-';

Fitch has also assigned an Issuer Default Rating of 'BB' to BR
Malls International Finance Limited (Finco), a BRMALLS' fully
owned subsidiary incorporated under the laws of the Cayman
Islands.  Finco is the issuer of the US$175 million perpetual
notes noted above, which are irrevocably and unconditionally
guaranteed by BRMALLS.  In addition, Fitch has assigned an 'AA-
(Bra)' rating to BRMALLS' BRL320 million local debentures, first
and second tranches due in 2014 and 2016, respectively.

The Rating Outlook is Stable.

The ratings of BRMALLS Participacoes S.A. reflect its dominant
business position as the largest Brazilian shopping center
operator with participation in 37 shopping centers, stable and
predictable cash flow generation, Brazil's positive economic
environment, geographical and property revenue base
diversification, and low working capital requirements with renters
responsible for most maintenance expenses.  The ratings also
factors in BRMALLS' aggressive growth strategy and the potential
affects of delays of turning around recently acquired assets
and/or leasing new developments.  These risks are partially
mitigated by the company's comfortable cash position, large pool
of unencumbered assets, and successful track record in selecting
and integrating its acquisitions.

The rating upgrade reflects the view that BRMALLS has built a good
track record during the last four years of consistently
implementing its growing strategy and increasing cash flow
generation levels while maintaining solid liquidity and an
adequate capital structure.

The Stable Outlook reflects the expectation that BRMALLS will
continue to deliver positive operating results based on its strong
market position, the quality of its assets, and its proven ability
to pursue its acquisition strategy without compromising its
capital structure through heavily debt-funded acquisitions.

Strong Business Fundamentals:

BRMALLS is expected to continue to benefit from the strong
industry fundamentals as a result of a positive macroeconomic
environment coupled with a limited supply of leasable shopping
areas.  Brazil's favorable economic environment during the last
few years has led to an increase in disposable income, which in
turn has led to an increase in retail sales at a higher rate than
Brazil's inflation rate and GDP growth.  The Brazilian economy is
forecast to post growth rates of 7% and 4.5% during 2010 and 2011,
respectively.  The company's net operating income during 2009 and
LTM June 2010 was BRL370 million and BRL409 million, respectively.
The ratings consider the expectation that the company's NOI will
be around BRL480 million in fiscal 2010.

Cash Flow Stability:

BRMALLS' revenues are stable given the characteristics of its
lease portfolio, which provide it with a stable base of fixed-rent
income and a staggered lease expirations.  The company's revenues
for 2008, 2009, and LTM June 2010 were BRL319 million, BRL393
million, and BRL453 million, respectively.  BRMALLS' lease
structure consists of fixed rent payments (70%) and tenant
reimbursements (10%), which (basically covering costs associated
with property management and taxes) represent about of 80% total
revenues and make the company's revenues more predictable.  The
lease portfolio has staggered lease expiration dates with about of
70% of the company's rental income contracts have expiration dates
longer than two years.  Over the next 12 months and 24 months,
lease expirations are somewhat high at 16% and 14%, respectively;
the vast majority of these leases are expected to be renewed.

Positive Trend in Operating Metrics:

BRMALLS' tenant consolidated sales volume totaled BRL2.7billion
and BRL3 billion during the first and second quarters of 2010,
representing increases of 21.7% and 17.2% over the first quarter
and second quarters of 2009, respectively, and reflect the
positive business environment.  In addition, BRMALLS' improving
property income is reflected in the positive trend of its levels
of rent per square meter (m2) and net operating income (NOI) per
m2, which reflect the company's capacity to continually integrate
and further develop its portfolio of assets.  The company's NOI
per m2 and rent per m2 for the 2Q'10 were BRL83 and BRL73,
respectively, levels that represented increases of 16% and 24% and
33% and 38% over the last 12-month period and 24-month period,
respectively.

High Occupancy Levels, Diversified Strategy:

The company's recent operational performance reflects its high
portfolio quality, evidenced by the high level of occupancy,
positive trending revenues per m2, and increasing lease spreads.
BRMALLS achieved its highest occupancy level ever during the
second quarter of 2010 (98.3%), with several malls reaching 100%
occupancy, while BRMALLS' lease spreads increased 26.4% for new
contracts and 22.3% for renewals.  In addition, leasing spreads
for existing and new contracts reached 26.4% during the 2Q'10, and
the company managed to keep occupancy costs low (9.3% of sales
versus 9.8% in the second quarter of 2009) with decreased default
rates at 2.9% versus 3.7% in the second quarter of 2009.

The ratings positively factor BRMALLS' diversification strategy.
The company's geographic, income, and tenant diversification makes
it less prone to fluctuations in the domestic economy.  BRMALLS
has operations in all five regions of Brazil; the largest mall
represents only 14% of total revenue.  The company's
diversification spreads over to its customer base as it looks to
serve all income segments.  In addition, approximately 10% of the
company's total annual revenue from rent and services is derived
from anchor stores, and none of those stores, individually, are
responsible for more than 2% of the company's annual total revenue
from rent and services.  In addition, the company's tenant
composition offer a good degree of diversification in terms of
tenant concentration as the 20 most important tenants represent
approximately 21% of the company's total annual rent revenue.

Improvement in Cash Flow Generation:

The company's capacity to consistently improve its cash flow
generation, as measured by EBITDA, during the past three years is
solid.  BRMALLS' EBITDA for LTM period ended June 2010 was BRL358
million, which positively compares with its EBITDA levels of
BRL320 million, BRL240 million, and BRL127.1 million in 2009, 2008
and 2007, respectively.  In addition, the company's EBITDA margins
have maintained positive trend, reaching levels of 61.8%, 75.5%,
81.4%, and 79% during years 2007, 2008, 2009 and LTM June 2010,
respectively.  The ratings incorporate the expectation the company
will continue improving its cash flow generation, reaching EBITDA
levels of BRL420 million and BRL486 million during fiscal 2010 and
fiscal 2011, respectively.

Aggressive Capex, Negative Free Cash Flow:

The ratings are constrained by the aggressive capex plan the
company is currently implementing through acquisition as well as
greenfield and expansion projects.  The company is expected to
reach capex levels of around BRL850 million and BRL550 million
during 2010 and 2011, respectively, which will affect its
liquidity and free cash flow generation.  The company's cash
position is expected to be around BRL500 million and BRL300
million by the end of December 2010 and December 2011,
respectively, while the company's free cash flow is expected to be
negative by approximately BRL535 million and BRL235 million during
fiscal 2010 and fiscal 2011, respectively.

BRMALLS' aggressive capex plan is counterbalanced by its positive
track record of delivering good results and maintaining an
adequate capital structure.  During the last four years the
company's growth by acquisitions, being 2007 the year with the
highest level of acquisitions, was supported by a consistent
financial strategy of balancing debt and equity, which allowed the
company to maintain adequate levels of liquidity and leverage
while improving its cash flow generation.

Adequate Debt Payment Schedule:

BRMALLS maintains an adequate debt maturity schedule.  By the end
of June 2010, only 4.8% of the company's debt was concentrated in
the short term, while its debt profile presented an average
duration of 12 years, more consistent with the long-term nature of
its asset base.  BRMALLS faces debt amortizations of BRL74.1
million, BRL101.5 million, and BRL108.5 million during 2010, 2011,
and 2012, respectively, comfortably covered by its current cash
and marketable securities balance of BRL846 million.  Further, the
company maintains good levels of unencumbered assets,
approximately 41% of the company's owned GLA (200,000 m2) supports
its secured debt of BRL870 million by the end of June 2010.
Approximately 290,000 m2 available and free of any lien that the
company could use in the future to access liquidity, this level of
unencumbered assets also presents a good recovery prospect for the
unsecured debt in a default scenario.

Net Leverage to Increase to Modest Levels:

The company's net debt/EBITDA ratio was 2.0x at the end of June
2010.  The company's net leverage was 1.0x and 2.9x at the end of
December 2009 and December 2008, respectively.  The ratings
incorporate the view that BRMALLS' net leverage would be in the
2.5x to 2.75x range during the 18 months ending December 2011.

By the end of June 2010, the company's total debt was BRL1.5
billion, and it was composed mostly of public debt.  The main
components of the company's total debt were the perpetual bonds
denominated in U.S. dollars (equivalent to BRL321 million) that
account for 21% of the company's debt composition; Real Estate
Credit Certificateswith maturities up to 2021 of BRL613 million
that account for 40%; and debentures maturing in 2014 and 2016,
totaling BRL359 million and accounting for 23%.  The company's
debt structure also includes bank loans totaling BRL255 million
that account for 16% of the total debt.  The company has secured
debt of approximately BRL869 million, which represents
approximately 56% of the company's total debt composition and is
mainly comprised by the CRIs.

BRMALLS is expected to maintain leverage and liquidity levels
consistent with the rating category.  Fitch would consider a
negative rating action if deterioration in the company's financial
profile occurs, leading to weaker credit metrics coupled with
significant distributed dividends and increasing vacancy rates
financed by debt that would move the company's capital structure
away from the levels Fitch understands to be compatible with the
rating category assigned.


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


ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
---------------------------------------------------------------
The shareholder of Aladdin Relative Value Credit Master Fund
Limited will receive, on October 27, 2010, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877


ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
---------------------------------------------------------------
The shareholder of Aladdin Relative Value Credit Fund Limited will
receive, on October 27, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877


ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27
---------------------------------------------------------------
The shareholder of Aladdin Relative Value Credit Fund II Limited
will receive, on October 27, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877


DRAKE LONG: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------
The shareholders of The Drake Long Volatility Fund, Ltd will hold
their final meeting, on October 29, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of European Pearl Fund Limited will hold their
final meeting, on October 29, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of European Pearl Investment Limited will hold
their final meeting, on October 29, 2010, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GLOBAL COMMODITIES: Shareholders' Final Meeting Set for Oct. 29
---------------------------------------------------------------
The shareholders of Global Commodities Beta + Fund will hold their
final meeting, on October 29, 2010, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1 9002
         Cayman Islands


HEKLA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 27
------------------------------------------------------------
The shareholder of Hekla Limited will receive, on October 27,
2010, at 10:45 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


LIPIZZANER LEASING: Shareholder to Hear Wind-Up Report on Oct. 22
-----------------------------------------------------------------
The shareholder of Lipizzaner Leasing Limited will receive, on
October 22, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


LUSITANO LEASING: Shareholder to Hear Wind-Up Report on Oct. 22
---------------------------------------------------------------
The shareholder of Lusitano Leasing Limited will receive, on
October 22, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


MELLON OFFSHORE: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Mellon Offshore Enhanced Global Opportunity
Fund, Ltd. will hold their final meeting, on October 29, 2010, at
9:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


NOUVO CAYMAN: Shareholder to Receive Wind-Up Report on October 22
-----------------------------------------------------------------
The shareholder of Nouvo Cayman Limited will receive, on
October 22, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


PATROPA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 27
------------------------------------------------------------------
The shareholders of Patropa International Ltd. will hold their
final meeting, on October 27, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PICTOR EQUITY: Shareholders' Final Meeting Set for October 27
-------------------------------------------------------------
The shareholders of Pictor Equity Fund Limited will hold their
final meeting, on October 27, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PICTOR MANAGEMENT: Shareholders' Final Meeting Set for October 27
-----------------------------------------------------------------
The shareholders of Pictor Management Company Limited will hold
their final meeting, on October 27, 2010, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28
-----------------------------------------------------------------
The shareholders of Plainfield Liquid Strategies Offshore Feeder
Fund Limited will hold their final meeting, on October 28, 2010,
at 4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28
-----------------------------------------------------------------
The shareholders of Plainfield Liquid Strategies Master Fund
Limited will hold their final meeting, on October 28, 2010, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


TUSCAN INVESTMENTS: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------------
The shareholders of Tuscan Investments Offshore Fund, Ltd. will
hold their final meeting, on October 29, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


UNION NATIONAL: Shareholders' Final Meeting Set for December 3
--------------------------------------------------------------
The shareholders of Union National Brazil Opportunity Fund will
hold their final meeting, on December 3, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders' Final Meeting Set for December 3
--------------------------------------------------------------
The shareholders of Union National Brazil Opportunity Master Fund
will hold their final meeting, on December 3, 2010, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


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C H I L E
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COMPANHIA MINERA: Miners' Families Sue Bosses for GBP6.3 Million
----------------------------------------------------------------
Relatives of 27 of the 33 miners trapped in Compania Minera San
Esteban Primera's Chilean gold and copper mine are suing their
bosses for GBP6.3 million, The Press Association reports.  The
report relates that their lawyer Edgardo Reinoso said that the
families of the miners, trapped since August 5, will demand a
similar amount from Chile's government in the next few days.

According to The Press Association, relatives accuse Compania
Minera owners Alejandro Bohn and Marcel Kemeny of negligence and
breaches of several workplace and mine safety regulations.  The
report notes that the second suit will claim the government failed
to enforce the regulations.

"We families want them to pay all the damages, and we want
justice," The Press Association quoted Elvira Valdivia, wife of
heavy equipment operator Mario Sepulveda.

The report says that most of the miners' families agreed to sue
last month during a meeting at Camp Hope, where they have been
maintaining a vigil.  Relatives of the remaining six miners will
have to decide whether to pursue their own lawsuit, join this one
or leave it alone, Mr. Reinoso said, The Press Association adds.

                    About Compania Minera

Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.


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H A I T I
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* HAITI: IDB Provides US$20MM Grant for Credit Guarantee Program
----------------------------------------------------------------
A US$20 million grant from the Inter-American Development Bank
will help Haiti establish a partial credit guarantee fund to
facilitate the restructuring of loans to businesses affected by
the Jan. 12 earthquake.

The program, which will be run by the Banque de la Republique
d'Haiti's Industrial Development Fund, will enable banks and
credit unions to restructure loans and provide additional
financing to viable companies that suffered damages or losses due
to the earthquake and face difficulties in servicing their current
loans.

Estimates of loans impaired by the earthquake range in the
hundreds of millions of dollars.  By aiding in the restructuring
of such loans, the Haitian central bank would prevent more
borrowers from going into liquidation, reduce capital losses for
lenders and assist the country's economic recovery.

Under the program, commercial lenders will request partial credit
guarantees from the Industrial Development Fund for eligible
restructured loans.  The program will initially focus on loans
under US$1 million, in order to facilitate the restructuring of
financing for small and medium-size companies.

This program reflects the IDB's strategy of promoting private
sector investment and job-creation in Haiti by expanding access to
credit.  Through a program launched by its Multilateral Investment
Fund (MIF), the IDB is relieving Haitian microfinance institutions
of earthquake-impaired microcredit portfolios.  The IDB's Inter-
American Investment Corporation (IIC) is working on a new social
financing fund aimed at SMEs.

The IDB is also providing Haiti tens of millions of dollars in
grants to repair key infrastructure, such as its roads network and
its electricity system, and to rebuild or expand industrial parks.
In addition, the IDB is advising the Haitian government on
improving business conditions and assisting its efforts to attract
foreign investment in manufacturing, agriculture and tourism.

In preparing the partial credit guarantee program, the IDB worked
closely with Haitian authorities and with officials from the World
Bank and the U.S. Department of Treasury. The Haiti Reconstruction
Fund is contributing US$12.5 million to the program and World Bank
is providing US$2.5 million.


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


RBBT BANK: Yet to Agree With BITU on Restructuring Exercise
-----------------------------------------------------------
An agreement has still not been reached between the management of
RBTT Bank Jamaica and the Bustamante Industrial Trade Union
concerning a restructuring exercise at the entity, RadioJamaica
reports.

According to the report, following another round of discussions,
RBTT reportedly presented the union with information on its plans.
RadioJamaica relates that BITU President-General Kavan Gayle said
the information is being reviewed and consultations are taking
place with RBTT employees.

"And while we are having dialogue with our membership right across
the different branches, we will continue to have discussions with
the bank in relation to this matter," the report quoted Mr. Gayle
as saying.  "However the objective we want to arrive at is that
once these discussions have been concluded, we want to ensure that
our members are protected in their jobs.  We are seeking job
protection for the employees through any restructuring that is
taking place," Mr. Gayle added.

Plans by the management of RBTT to implement aspects of its
restructuring without completing consultations had not gone down
well with the union and workers, who were worried about their
jobs, RadioJamaica relates.

As reported in the Troubled Company Reporter-Latin America on
September 28, 2010, RadioJamaica said that RBTT Bank's move to
implement aspects of its planned restructuring without completing
consultations with the union representing employees has not gone
down well.  According to the report, Kavan Gayle, president
general of Bustamante Industrial Trade Union said that the bank's
management presented its plan during a meeting a month ago.
However, the report related, he said that the union requested more
information which has not yet been provided.  Mr. Gayle, the
report noted, wrote to the management of RBTT demanding that the
bank withdraw its planned intention to roll out the new structure.

As reported in the Troubled Company Reporter-Latin America on
August 2, 2010, RadioJamiaca said that more than 30 employees of
RBTT bank could lose their jobs following the closure of three of
the bank's branches.  The report related that RBTT bank disclosed
that following a strategic review of its operations it has decided
to close it branches at Fairview in Montego Bay, St. James, Port
Antonio in Portland and Southfield in St. Elizabeth


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


CABLEMAS SA: Fitch Upgrades Issuer Default Rating to 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded these ratings of Cablemas, S.A. de
C.V.:

  -- Local currency Issuer Default Rating to 'BB' from 'BB-';
  -- Foreign currency IDR to 'BB' from 'BB-';
  -- National scale long-term rating to 'A+(mex)' from 'A(mex)'.

The Rating Outlook for these ratings is Stable.

In addition, Fitch upgrades Cablemas' US$175 million 9.375% coupon
senior notes due in 2015 to 'BB' from 'BB-'.

The ratings upgrade reflects Cablemas' improved financial profile
as a result of an increase in homes passed and subscriber base
which in turn is reflected in continued growth in revenues and
EBITDA.  Debt levels have remained stable due to capex financed
through internally generated cash flow and equity injections from
Grupo Televisa, S.A.B. (rated 'BBB+/AAA(mex)' by Fitch).  Fitch
expects leverage measured as Total Debt to EBITDA will remain
between 1.5 times and 2.0x in the medium term.  In addition, the
company's debt maturity schedule is manageable.

Balanced against these factors is the company's historically
negative free cash flow generation which is expected to become
neutral or slightly positive in the future, as well as the
competitive business environment where it operates.

Cablemas' ratings are based on its solid operating network,
geographically diverse subscriber base, stable financial position,
increasing competition and continued negative cash flow
generation.  Cablemas continues to invest in its network
development and increasing its subscriber base and service
penetration, which has resulted in negative cash generation in
recent years.

The ratings incorporate the increased participation of Televisa in
Cablemas' equity and its active role in the company's strategy,
decision-making and execution processes.  In February 2009
Televisa injected MXP557 million to increase its equity
participation in Cablemas to 58% from 54%.  Fitch believes that
Televisa's participation brings long-term strategic synergies, as
well as a robust partner with ample financial flexibility and
growth support.  Televisa consolidates Cablemas' results since
June 2008; however, there is no explicit guarantee or support from
Televisa to the company's debt, nor cross-defaults according to
Televisa's bond indentures, as Cablemas is still not considered a
material subsidiary of Televisa.

Cablemas' financial position remains stable, despite current
economic conditions.  For the latest 12 months ended in June 30,
2010, EBITDA interest coverage was 4.6x compared to 4.1x and 2.8x
at the end of 2009 and 2008, respectively.  Total debt-to-EBITDA
for the same period was 2.1x, down from 2.3x and 2.8x in 2009 and
2008, respectively.  Taking into account Cablemas' derivative
transactions to hedge the principal of the debt, total debt-to-
EBITDA for year-end 2009 and LTM at June 2010 was 1.9x and 1.7x,
respectively.

Cablemas' liquidity is manageable and total debt remains stable.
The company's cash balance at June 2010 was approximately US$8
million, with total debt of approximately US$232 million and
short-term debt of US$2 million, mainly represented by interest
payable.  Total debt is comprised of a US$50 million bank loan
maturing in 2012, capital leases for US$5.6 million, and US$175
million senior notes due 2015.


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


CL FIN'L: Credit Unions Slam Senator Watson Over Clico EFPA Claims
------------------------------------------------------------------
Asha Javeed at Trinidad and Tobago Guardian reports that Credit
Union League is disgusted by the statements made by government
Senator Prof. Patrick Watson about credit unions manipulating the
rules to take part in Colonial Life Insurance Company (Trinidad)
Limited's executive flexible premium annuity (EFPA).  CLICO is a
subsidiary of CL Financial Limited.

According to Trinidad and Tobago Guardian, Mr. Watson said that
credit unions manipulated the rules to take advantage of interest
payments as the EFPA was only available to individuals and he
questioned the legality of such an action.

The report notes CUL President Brian Moore chastised Mr. Watson as
making statements without knowing the full story.  Trinidad and
Tobago Guardian relates Mr. Moore, who's on the board of several
credit unions, said Clico offered the EFPA product to credit
unions and trade unions.  Mr. Moore, Trinidad and Tobago Guardian
discloses, said that credit unions were advised to name an
official of the organization whose name would go on the product.
That person, Mr. Moore said, would act as an agent to the credit
union, the report says.

Mr. Moore, Trinidad and Tobago Guardian relates, said that when
the offer was made, the CUL sought legal advice as well as
approval from the Central Bank and the Commissioner of Co-
operatives. "No one raised any objections. Nobody was saying that
Clico was not operating within the legal framework, that what
Clico was doing was illegal.  So how can they say what we did was
illegal?" the report quoted Mr. Moore as saying.

The CUL has more than $600 million invested in Clico.

The CUL, Trinidad and Tobago Guardian states, was the first group
to voice its disapproval about Clico payout as more than 40 credit
unions stand to lose huge investments.  Discussions are ongoing
between the Ministry of Finance and the CUL, the report adds.

                         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.


PETROLEUM COMPANY: ECT&T Companies Seek TT$60 Million Payment
-------------------------------------------------------------
Nadaleen Singh at Trinidad and Tobago Guardian reports that member
companies of the Energy Chamber of T&T are owed TT$60 million for
work on the world gas to liquid (GTL) project, under the purview
of Petroleum Company of Trinidad and Tobago, and are calling on
the Government to intervene so they can get paid.

According to the report, President of ECTT Charles Percy said
taking too long to appoint State boards can be a problem.  The
report relates that Mr. Percy said: "The absence of State boards
means a lot of economic activity has been suspended.  Many of our
members are suffering from this situation as they are owed
millions of dollars for work completed on various projects.
Member companies alone are owed over TT$60 million for work
completed on the World GTL project."

On addressing the issues, Trinidad and Tobago Guardian notes,
Prime Minister Kamla Persad-Bissessar said: "It is something I
would prefer to discuss at another time.  I can't give you a
straight answer so I do not want to mislead you."  Ms. Persad-
Bissessar, the report relates, said that the government would make
the effort to secure their payment."

Meanwhile, Trinidad and Tobago Guardian relates, regarding the
appointment of State boards, Ms. Persad-Bissessar said the
government believed in transparency and accountability and would
ensure that would be the practice by the State boards.  Ms.
Persad-Bissessar said State-owned Petrotrin, as well as other
State entities, would have board members assigned to them by
October 7, 2010, the report adds.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, given its
higher labor costs.  The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade.   The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


==========================
V I R G I N  I S L A N D S
==========================


INNOVATIVE COMMUNICATION: Caribbean Asset Takes Control of Assets
-----------------------------------------------------------------
The transfer of control of the U.S. Virgin Islands-based operating
businesses of Innovative Communication Corporation to Caribbean
Asset Holdings, a subsidiary of National Rural Utilities
Cooperative Finance Corporation (CFC), was completed on October 6,
2010.

The official transfer follows completion of required regulatory
approvals and final U.S. federal bankruptcy court approval granted
in an opinion and order issued by Judge Judith K. Fitzgerald on
August 17, 2010.  The closing also comes after satisfactory
resolution of other proceedings in U.S. Virgin Islands courts.

CAH now owns the telecommunications operating divisions and
subsidiaries that include the local telephone company, Virgin
Islands Telephone Corporation (Vitelco), St. Thomas Cable, St.
Croix Cable and Vitelcom Cellular.  Although regulatory and court
approvals have been received, in order to ensure an orderly
transition, the transfer of control of the Innovative companies
located in the British Virgin Islands and St. Maarten will take
place in the coming months.

"This is a milestone day," CFC Chief Financial Officer Steven
Lilly said. "CFC recognizes that this has been a long process for
us, Innovative's employees and customers, the people of the Virgin
Islands and other critical stakeholders."

"CFC thanks Governor John de Jongh, the commissioners, staff and
consultants of the Virgin Islands Public Services Commission and
other public officials who were supportive throughout this
process," Mr. Lilly continued.  "We also commend Innovative
Trustee Stan Springel and his team for their efforts that brought
us to this day."

CFC has installed a new executive management team at CAH. This
team is based in the U.S. Virgin Islands and led by Seth R. Davis,
who will serve as the chief executive officer.  He is joined by J.
Robert Gary, chief financial officer; Terry Falls, senior vice
president of network operations; Michael D. Soileau, senior vice
president of sales, marketing and customer experience; and Anna
Marie Lanham-Brown, senior vice president of information
technology.  This executive team has been secured under an
agreement with FTI Consulting, Inc. (FTI), a global business
management firm that advised CFC during the credit bid process.

"The CAH team recognizes the challenges that lay ahead for us, and
we are ready to get to work alongside our valued Innovative
employees to rebuild all the core components of this enterprise
and better serve our customers," Mr. Davis said.  "To our
employees, thank you for your continued hard work and support.
CAH's overall goal is to improve the infrastructure of the
Innovative businesses in order to bring VI customers and
businesses an upgraded network and enhanced services."

In September 2007, Judge Fitzgerald placed Innovative, a holding
company for a number of media and telecommunications ventures,
into Chapter 11 bankruptcy and appointed Stan Springel to be the
trustee of the bankrupt estate.  The judge's actions followed
Innovative's inability to satisfy its obligations to its
creditors, including CFC's affiliate Rural Telephone Finance
Cooperative.

                             About CFC

National Rural Utilities Cooperative Finance Corporation --
http://nrucfc.coop/-- is a non-governmental cooperative that
provides capital and industry-leading financial products to the
nation's rural utility systems.  With more than US$20 billion in
assets, CFC is committed to providing unparalleled industry
expertise, flexibility and responsiveness to serve the needs of
its member-owners.

                             About CAH

Caribbean Asset Holdings is a subsidiary of CFC created to manage
and operate the Virgin Islands telecommunications assets CFC
acquired through bankruptcy proceedings with Innovative
Communications Corporation.  CAH staff will oversee the daily
management and operations of the Innovative companies.


                            ***********

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.


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