TCRLA_Public/101018.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

            Monday, October 18, 2010, Vol. 11, No. 205

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Denied Insurance Funds


A R G E N T I N A

CANTUA SRL: Creditors' Proofs of Debt Due November 26
PANTIN SA: Creditors' Proofs of Debt Due December 16
PHOTO DEPOT: Creditors' Proofs of Debt Due December 1
PUBLICIDAD Y PROMOCIONES: Creditors' Proofs of Debt Due Nov. 25
SIAFRE SA: Creditors' Proofs of Debt Due December 20


B R A Z I L

BANCO CRUZEIRO; S&P Assigns 'BB-/B' Counterparty Credit Rating


C A Y M A N  I S L A N D S

1ST INVESTMENT: Creditors' Proofs of Debt Due November 11
AMBER MASTER: Creditors' Proofs of Debt Due November 16
ATQ FUND: Creditors' Proofs of Debt Due November 9
BOWEN INDEMNITY: Creditors' Proofs of Debt Due November 11
CAPE INDEMNITY: Creditors' Proofs of Debt Due November 11

CHESTER ASSETS: Creditors' Proofs of Debt Due November 9
CHESTER ASSETS: Creditors' Proofs of Debt Due November 9
E*TRADE ABS: Creditors' Proofs of Debt Due November 11
EPOCH 2001-2: Creditors' Proofs of Debt Due November 11
FLATIRON OFFSHORE: Creditors' Proofs of Debt Due November 15

GPA INVESTMENTS: Creditors' Proofs of Debt Due November 11
K SQUARED: Creditors' Proofs of Debt Due November 11
PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11
PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11
PHELPS INDEMNITY: Creditors' Proofs of Debt Due November 11

RAB-PI ASIA: Creditors' Proofs of Debt Due November 11
SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12
SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12
SIGMA SIV: Assets to Be Distributed to Creditors Starting Nov. 7
TRADITION INVESTMENT: Creditors' Proofs of Debt Due October 25

TOWER HOLDINGS: Placed Under Voluntary Wind-Up


J A M A I C A

AIR JAMAICA: Pension Fund Beneficiaries to Receive Another Pay Out


M E X I C O

HIPOTECARIA SU: Defaults on Debt Payments
TUBO DE PASTEJE: Seeks Jan. 5 U.S. Plan Extension


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Proofs of Claim Due by Nov. 17


T R I N I D A D  &  T O B A G O

CL FIN'L: Ex-British Judge to Head CLICO/HCU Investigation
HINDU CREDIT UNION: Ex-British Judge to Head CLICO/HCU Probe


X X X X X X X X

* BOND PRICING: For the Week October 11 to October 15, 2010




                         - - - - -


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


STANFORD INT'L: Owner Denied Insurance Funds
--------------------------------------------
Robert Allen Stanford has suffered a serious blow as a judge rules
he cannot use US$100 million of Lloyd's of London directors and
officers insurance coverage to pay lawyers to defend him,
Caribbean360.com reports.

As reported in the Troubled Company Reporter-Latin America on
August 27, 2010, Bloomberg News said that Lloyd's of London
underwriters are attempting to convince Judge Atlas that Mr.
Stanford conspired to steal money so they can avoid paying
attorneys to defend him on criminal fraud charges, Ellen Rosen at
Bloomberg News reports.  According to a separate Bloomberg report,
Lloyd's of London witness forensic accountant Alan Westheimer
testified that the US$1.6 billion that Mr. Stanford allegedly
skimmed from investors was borrowed from Stanford International
Bank Limited as loans to startup entities and other businesses Mr.
Stanford controlled.  The report noted Mr. Westheimer said that
Mr. Lopez and comptroller Mark Kuhrt, who hired him after they
were indicted in June 2009, told him this year they thought the
borrowing should have been publicly disclosed.

According to the report, U.S. District Judge Nancy Atlas handed
down her judgment on October 14, 2010, following a four-day trial
in August.  The report relates that the ruling also affects former
Stanford accounting executives Gilbert Lopez and Mark Kuhrt.

However, the report notes, Judge Atlas made it clear that she was
not making any pronouncements on Mr. Stanford's guilt and her
findings in this case "are neither final findings of fact nor
conclusions of law" for use in the criminal case or the civil case
built against Stanford and the other executives.

Mr. Stanford's attorney, Robert Bennett, told Bloomberg that Judge
Atlas' decision was "disappointing, but not unexpected".  He also
told the publication that he would probably not appeal the ruling
and would instead apply to be assigned Stanford's court-appointed
counsel.

                 About Stanford International Bank

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


CANTUA SRL: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------
The court-appointed trustee for Cantua S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
November 26, 2010.

The trustee will present the validated claims in court as
individual reports on February 8, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 22, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 5, 2011.


PANTIN SA: Creditors' Proofs of Debt Due December 16
----------------------------------------------------
The court-appointed trustee for Pantin S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 16, 2010.

The trustee will present the validated claims in court as
individual reports on February 25, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 11, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 7, 2011.


PHOTO DEPOT: Creditors' Proofs of Debt Due December 1
-----------------------------------------------------
The court-appointed trustee for Photo Depot Argentina S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until December 1, 2010.

The trustee will present the validated claims in court as
individual reports on February 11, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 28, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 7, 2011.


PUBLICIDAD Y PROMOCIONES: Creditors' Proofs of Debt Due Nov. 25
---------------------------------------------------------------
The court-appointed trustee for Publicidad y Promociones Signum
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until November 25, 2010.

The trustee will present the validated claims in court as
individual reports on February 7, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 21, 2011.


SIAFRE SA: Creditors' Proofs of Debt Due December 20
----------------------------------------------------
The court-appointed trustee for Siafre S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 20, 2010.

The trustee will present the validated claims in court as
individual reports on March 2, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 8, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 30, 2011.


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


BANCO CRUZEIRO; S&P Assigns 'BB-/B' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-/B' counterparty credit rating to Banco Cruzeiro do Sul S.A.
The outlook is stable.  S&P also assigned a 'brA-/brA-2' national
scale rating with a stable outlook.

"The rating on Cruzeiro do Sul reflects the bank's concentration
in one type of product and its volatile profitability," said
Standard & Poor's credit analyst Delfina Cavanagh.  The bank has
business sensitivity to high competition and market conditions.
The ratings also take into account the bank's challenge to
increase and diversify its funding and capital base to sustain its
credit expansion.  Cruzeiro do Sul's relevant market position in
its niche market, its good asset-quality indicators, and its good
technology and distribution capabilities partially offset the
weaknesses.

With total assets of $4.7 billion as of June 2010, Cruzeiro do Sul
is a niche bank focused on payroll-discount loans.  It is one of
the first banks in Brazil to offer this type of product.  Although
only the 31st largest bank in the Brazilian financial system in
terms of assets, the bank is one of the top six players in its
core business segment.

Its established payroll operations drive the bank's business.
Nevertheless, the bank's high concentration in one type of
product--payroll discount lending represents more than 90% of the
total credit portfolio--and the fierce competition in this segment
constrain the ratings.

S&P considers credit risk for Cruzeiro do Sul to be adequately
managed.  The bank benefits from the low-risk profile of payroll-
discount loans, which have less risk than other traditional
consumer loans.  Banco Cruzeiro's asset-quality indicators are
good and have remained healthy despite a significant growth in the
past four years.

The stable outlook reflects the bank's challenge to continue
expanding its loan portfolio in a competitive environment that
pressures profitability given margin reduction.

S&P could lower the rating if the bank fails to maintain adequate
capital levels, or if its origination capacity weakens.  S&P could
raise the rating if the entity improves its capitalization level,
stabilizes its profitability, and maintains a stable and
diversified funding profile.


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


1ST INVESTMENT: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------
The creditors of 1st Investment Capital Limited are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 23,
2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


AMBER MASTER: Creditors' Proofs of Debt Due November 16
-------------------------------------------------------
The creditors of Amber Master Fund (Cayman) SPC are required to
file their proofs of debt by November 16, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 22,
2010.

The company's liquidator is:

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


ATQ FUND: Creditors' Proofs of Debt Due November 9
--------------------------------------------------
The creditors of ATQ Fund Limited are required to file their
proofs of debt by November 9, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 15,
2010.

The company's liquidator is:

         Philip Mosely
         PO Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         e-mail: general@caymanmanagement.ky


BOWEN INDEMNITY: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------
The creditors of Bowen Indemnity Insurance Company, Ltd., are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2010.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


CAPE INDEMNITY: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------
The creditors of Cape Indemnity Insurance Company, Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2010.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


CHESTER ASSETS: Creditors' Proofs of Debt Due November 9
--------------------------------------------------------
The creditors of Chester Assets Receivables Dealings No. 10
Limited are required to file their proofs of debt by November 9,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 17,
2010.

The company's liquidator is:

         Hugh Dickson
         c/o Andrea Richards
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8249
         Facsimile: (345) 949 7120


CHESTER ASSETS: Creditors' Proofs of Debt Due November 9
--------------------------------------------------------
The creditors of Chester Assets Receivables Dealings No. 5 Limited
are required to file their proofs of debt by November 9, 2010, to
be included in the company's dividend distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Andrea Richards
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8249
         Facsimile: (345) 949 7120


E*TRADE ABS: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of E*Trade ABS CDO VI, Ltd. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 23,
2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


EPOCH 2001-2: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Epoch 2001-2 Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 2,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


FLATIRON OFFSHORE: Creditors' Proofs of Debt Due November 15
------------------------------------------------------------
The creditors of Flatiron Offshore Equity Inc are required to file
their proofs of debt by November 15, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 21,
2010.

The company's liquidator is:

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


GPA INVESTMENTS: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------
The creditors of GPA Investments Ltd. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 9,
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


K SQUARED: Creditors' Proofs of Debt Due November 11
----------------------------------------------------
The creditors of K Squared Capital Advisors (Cayman) Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 21,
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


PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Pequot Strategic Equity Offshore Fund, Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 23,
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


PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Pequot Strategic Equity Master Fund, Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 23,
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


PHELPS INDEMNITY: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Phelps Indemnity Insurance Company, Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2010.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


RAB-PI ASIA: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Rab-Pi Asia U.S. Feeder Fund Limited are required
to file their proofs of debt by November 11, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 14, 2010.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town Grand Cayman KY1-1107
         Cayman Islands


SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12
---------------------------------------------------------
The creditors of Scoggin Credit Opportunities Fund, Ltd are
required to file their proofs of debt by November 12, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 23,
2010.

The company's liquidator is:

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


SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12
---------------------------------------------------------
The creditors of Scoggin Credit Opportunities Master Fund are
required to file their proofs of debt by November 12, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 23,
2010.

The company's liquidator is:

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


SIGMA SIV: Assets to Be Distributed to Creditors Starting Nov. 7
---------------------------------------------------------
John Glover at Bloomberg News reports that assets from defaulted
structured investment vehicle Sigma Finance Corp. will distributed
starting November 17, according to a statement from the receivers.

Sigma Finance Corp is a structured investment vehicle.


TRADITION INVESTMENT: Creditors' Proofs of Debt Due October 25
--------------------------------------------------------------
The creditors of Tradition Investment Fund are required to file
their proofs of debt by October 25, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 21, 2010.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


TOWER HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on September 9, 2010, the
shareholders of Tower Holdings Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         c/o FCM LTD.
         Governor's Square
         Ground Floor West Bay Road
         PO Box 1982 Grand Cayman KY-1104
         Cayman Islands


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


AIR JAMAICA: Pension Fund Beneficiaries to Receive Another Pay Out
------------------------------------------------------------------
Beneficiaries of Air Jamaica Limited's defunct Air Jamaica Pension
Fund are set to receive another pay out, RadioJamaica reports.

According to the report, the Trustees have advised that there will
be a final distribution from sums accrued after the government
granted a waiver of withholding tax on the Pension Fund.  The
report relates that a statement from the Trustees said that once
they have been advised by their accountants,
PricewaterhouseCoopers and actuaries, Watson Wyatt and Duggan of
the net sum available, instructions will be given for the last
disbursement to beneficiaries.

The report notes that the Trustee will then present the final
audited accounts to the beneficiaries and apply to the Supreme
Court for directions regarding the termination of their services
as well as the custody of any unclaimed funds.

Air Jamaica Pension Fund was created following the privatization
of Air Jamaica in 1994.  The report recalls that approximately
2,600 workers' posts were made redundant.  The pension fund was
terminated and the government claimed the balance of the scheme,
the report relates.

RadioJamaica says that a legal battle ensued, finally reaching the
Privy Council in 1998.  The report relates that the Privy
Council's decision in 1999 ordered that the employees'
contribution to the fund be returned to them with interest.
This was done by the government starting on May 15, 2001.

To date, about JM$850 million has been distributed to the former
Air Jamaica workers, the report adds.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.

                           *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


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


HIPOTECARIA SU: Defaults on Debt Payments
-----------------------------------------
Andres R. Martinez and Jonathan J. Levin at Bloomberg News report
that Hipotecaria Su Casita SA defaulted on MXN730 million (US$58.8
million) of bonds after missing payments on its debt.  The report
relates that the company missed making a payment of about MXN306
million on long-term debt, and about MXN424 million on two short-
term bonds.

"The problem is bad portfolio management," the report quoted
Ernesto Arnoux, a debt analyst with Grupo Bursatil Mexicano SA in
Mexico City, as saying.  "It's a general problem that we're seeing
in other businesses of this type," he added.

The report notes Su Casita bondholders were unable to fulfill a
quorum last week at a meeting to discuss restructuring options for
the company's short- and long-term debt.  The report relates that
the company had offered bondholders equity, new debt and some
cash.

Su Casita said Sept. 10 that it was evaluating "other
alternatives" after a deal to sell part of its assets to the
Mexican unit of Banco Bilbao Vizcaya Argentaria SA fell through,
the report adds.

                   About Hipotecaria Su Casita

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and MXN3.080 billion in equity.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 13, 2010 Moody's Investors Service downgraded Hipotecaria
Su Casita, S.A. de C.V.'s senior unsecured debt rating to Ca from
Caa2, global scale local currency issuer rating to Ca from Caa2
(national scale issuer rating to Ca.mx from Caa2.mx) and long-term
corporate family rating to Ca from Caa2.  The ratings remain on
review for possible further downgrade.


TUBO DE PASTEJE: Seeks Jan. 5 U.S. Plan Extension
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tubo de Pasteje SA and subsidiary Cambridge-Lee
Holdings Inc. for a second time are seeking a January 5 extension
of the exclusive right to propose a Chapter 11 plan.  The Company
reports "significant progress" in discussions with noteholders on
a Chapter 11 plan.  The Company hopes that it will "soon" have
agreement allowing the filing of a consensual reorganization plan.
A hearing on the request is scheduled for November 2.

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions December 7, 2009 (Bankr. D. Del. Case
No. 09-14353) following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
filed for Chapter 11 protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
the stock of Cambridge-Lee.


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


CARIBBEAN PETROLEUM: Proofs of Claim Due by Nov. 17
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware directs
holders of claims against Caribbean Petroleum Corporation and its
debtor-affiliates arising prior to August 12, 2010, to file their
proofs of claim by 5:00 p.m., prevailing Eastern Time, on Nov. 17,
2010.  Government units have until February 8, 2011, to file their
claims.  Claim forms and additional information about the Bar
Dates are available at http://www.kccllc.net/caribbean

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Cribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the
company's operations.  The Debtor estimated assets of
$100 million to $500 million and debts of $500 million to
$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.


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


CL FIN'L: Ex-British Judge to Head CLICO/HCU Investigation
----------------------------------------------------------
HINDU CREDIT UNION: Ex-British Judge to Head CLICO/HCU Probe
------------------------------------------------------------
Ria Taitt at Trinidad Express reports Attorney General Anand
Ramlogan said that a one-man Commission of Enquiry into CL
Financial Ltd, Colonial Life Insurance Company (Trinidad) Limited
(CLICO) and other subsidiaries and the Hindu Credit Union Co-
operative Society Ltd will be conducted by Sir Gavin Lightman, a
retired British High Court judge, a leading Queen's Counsel in
insolvency, administration law and other related matters.

According to the report, Mr. Ramlogan said that counsel to the
Commission is another British QC, Peter Carter, "who has
unparalleled experience in financial crime and fraud."  The report
relates that local attorneys Kelvin Ramkissoon and Celeste Jules
will work alongside Carter.

As what was the deadline for the Commission of Enquiry to report,
Mr. Ramlogan said it was his intention that it will have an "outer
limit of four months but an inner limit of six months," Trinidad
Express notes.

"We consider this to be urgent and pressing matter," he added,
stating that he was hoping that it would be more on the side of
four months than six, Trinidad Express discloses.

The report relates Mr. Ramlogan noted, however, that the time the
Commission takes to report would depend on the number of
submissions and the work already done by the Central Bank
auditors.

Mr. Ramlogan stated that the enquiry would be geared towards an
analysis of the situation and would also determine whether there
are any grounds for civil or criminal liability, 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.

                        About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


* BOND PRICING: For the Week October 11 to October 15, 2010
-----------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA

ARGENT- DIS            5.83  12/31/2033   ARS               162
ARGENT-PAR             1.18  12/31/2038   ARS              67.5
ARGENT-ĚDIS            4.33  12/31/2033   JPY                45
ARGENT-ĚPAR&GDP        0.45  12/31/2038   JPY                 8
BANCO MACRO SA        10.75  6/7/2012     USD          73.86307
BODEN 2014                2  9/30/2014    ARS              39.5
BOGAR 2018                2  2/4/2018     ARS             151.1


CAYMAN ISLAND


BANCO BPI (CI)         4.15  11/14/2035   EUR            63.509
BANIF FIN LTD             3  12/31/2019   EUR            61.625
BCP FINANCE CO        4.239               EUR           70.3875
BCP FINANCE CO        5.543               EUR          73.71875
BES FINANCE LTD       6.984  2/7/2035     EUR          64.21317
BES FINANCE LTD        5.58               EUR          70.81695
DUBAI HLDNG COMM          6  2/1/2017     GBP             73.62
EFG ORA FUNDING         1.7  10/29/2014   EUR             67.54
ESFG INTERNATION      5.753               EUR           73.1125
PUBMASTER FIN         6.962  6/30/2028    GBP             72.49
SHINSEI FIN CAYM      6.418               USD              68.8
SHINSEI FIN CAYM      6.418               USD          68.78991


  COLOMBIA

SHINSEI FINANCE        7.16               USD             66.05
AGUAS NUEVAS            3.4  5/15/2012    CLP             1.539
ESVAL S.A.              3.8  7/15/2012    CLP          49.62472
MASISA                 4.25  10/15/2012   CLP          38.01853


   PUERTO RICO

PUERTO RICO CONS        6.5  4/1/2016     USD                51


VENEZUELA

PETROLEOS DE VEN        5.5  4/12/2037    USD          48.73313
PETROLEOS DE VEN      5.375  4/12/2027    USD           51.0099
PETROLEOS DE VEN      5.125  10/28/2016   USD          57.44791
PETROLEOS DE VEN          5  10/28/2015   USD          59.79363
PETROLEOS DE VEN       5.25  4/12/2017    USD          60.91738
PETROLEOS DE VEN        4.9  10/28/2014   USD          63.36758
PETROLEOS DE VEN        4.9  10/28/2014   USD          63.44411
VENEZUELA                 7  3/31/2038    USD                56
VENEZUELA                 7  3/31/2038    USD            57.707
VENEZUELA                 6  12/9/2020    USD              62.5
VENEZUELA              7.65  4/21/2025    USD              63.5
VENEZUELA              8.25  10/13/2024   USD             66.25
VENEZUELA                 7  12/1/2018    USD             69.75
VENEZUELA              9.25  5/7/2028     USD              69.5
VENEZUELA              7.75  10/13/2019   USD              69.5
VENEZUELA                 9  5/7/2023     USD                70
VENEZUELA              5.75  2/26/2016    USD              71.5
VENEZUELA              9.25  9/15/2027    USD             75.12
VENEZUELA              9.25  9/15/2027    USD            74.725
VENZOD - 189000       9.375  1/13/2034    USD                70


                            ***********

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 * * *