TCRLA_Public/101022.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 22, 2010, Vol. 11, No. 209

                            Headlines



A R G E N T I N A

BUENOS AIRES: Creditors' Proofs of Debt Due March 31
CERVECERIA PATAGONIA: Creditors' Proofs of Debt Due November 30
DISTRIBUCIONES RIZZI: Creditors' Proofs of Debt Due November 22
METAL PAZ: Creditors' Proofs of Debt December 14
SIGNO GRUPO: Creditors' Proofs of Debt Due November 19

WPE INTERNATIONAL: Fitch Retains 'B+/RR4' Rating on Notes
* ARGENTINA: Moody's Assigns 'B3' Rating to Buenos Aires' Notes
* ARGENTINA: Wine Producers to Receive US$2.9MM IDB Financing


B E R M U D A

C D CARPENTRY: Court to Hear Wind-Up Petition on October 29
INTERNATIONAL RUN-OFF: Creditors' Proofs of Debt Due October 29
INTERNATIONAL RUN-OFF: Members' Final Meeting Set for November 19
SUN OIL: Creditors' Proofs of Debt Due October 29
SUN OIL: Members' Final Meeting Set for November 19


B R A Z I L

INDEPENDENCIA SA: Calls Creditors Meeting; Bonds Decline


C A Y M A N  I S L A N D S

ATQ FUND: Shareholders' Final Meeting Set for November 10
BLUEMOUNTAIN CORPORATE: Creditors' Proofs of Debt Due November 11
BRAINPOOL FINANCE: Creditors' Proofs of Debt Due November 11
CLASSIC II: Creditors' Proofs of Debt Due November 11
DEPWADE LIMITED: Creditors' Proofs of Debt Due November 11

EPOCH 2001-2: Shareholders' Final Meeting Set for October 15
FIDELIO INC: Creditors' Proofs of Debt Due November 11
GALTERE AGRICULTURE: Creditors' Proofs of Debt Due November 11
GALTERE AGRICULTURE: Creditors' Proofs of Debt Due November 11
K SQUARED: Shareholders' Final Meeting Set for November 12

NEWSMITH GLOBAL: Creditors' Proofs of Debt Due November 11
PEQUOT GLOBAL: Creditors' Proofs of Debt Due November 11
PEQUOT GLOBAL: Creditors' Proofs of Debt Due November 11
PEQUOT MARKET: Creditors' Proofs of Debt Due November 11
PEQUOT NEW: Creditors' Proofs of Debt Due November 11

RAB-PI ASIA: Shareholders' Final Meeting Set for November 16
REMO FINANCE: Creditors' Proofs of Debt Due November 11
ST DRIVE: Creditors' Proofs of Debt Due November 11
TOWER HOLDINGS: Shareholders' Final Meeting Set for November 10
TRADITION INVESTMENT: Shareholders' Final Meeting Set for Oct. 25


J A M A I C A

CARIBBEAN CEMENT: In Talks With Union Reps on Possible Job Cuts


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'C'




                         - - - - -


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


BUENOS AIRES: Creditors' Proofs of Debt Due March 31
----------------------------------------------------
The court-appointed trustee for Buenos Aires Metropolis S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 31, 2011.

The trustee will present the validated claims in court as
individual reports on May 16, 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
June 29, 2011.


CERVECERIA PATAGONIA: Creditors' Proofs of Debt Due November 30
---------------------------------------------------------------
The court-appointed trustee for Cerveceria Patagonia Primitiva
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until November 30, 2010.

The trustee will present the validated claims in court as
individual reports on February 14, 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 12, 2011.


DISTRIBUCIONES RIZZI: Creditors' Proofs of Debt Due November 22
---------------------------------------------------------------
The court-appointed trustee for Distribuciones Rizzi S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 22, 2010.

The trustee will present the validated claims in court as
individual reports on February 17, 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.


METAL PAZ: Creditors' Proofs of Debt December 14
------------------------------------------------
The court-appointed trustee for Metal Paz S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 14, 2010.


SIGNO GRUPO: Creditors' Proofs of Debt Due November 19
------------------------------------------------------
The court-appointed trustee for Signo Grupo Creativo S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 19, 2010.

The trustee will present the validated claims in court as
individual reports on February 3, 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 17, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 2, 2011.


WPE INTERNATIONAL: Fitch Retains 'B+/RR4' Rating on Notes
---------------------------------------------------------
WPE International Cooperatief has disclosed the reopening of its
10.375% notes due 2020.  The reopening will carry the same rating
as the original deal at 'B+/RR4'.  This add-on issuance for US$50
million (up to US$325 million) is expected to be primarily used to
refinance shorter maturity indebtedness.

WPE International is a direct subsidiary of WPE, which in turn is
wholly owned by Industrias Metalurgicas Pescarmona.  The notes are
irrevocably and unconditionally guaranteed by IMPSA and WPE on a
senior unsecured basis.  The rating of notes reflects the
creditworthiness of the guarantors.  Fitch rates IMPSA 'B+', while
WPE is a fully owned subsidiary of IMPSA with strong operating,
strategic and financial ties to its parent company.  The Rating
Outlook is Stable.


* ARGENTINA: Moody's Assigns 'B3' Rating to Buenos Aires' Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 (Global
Scale, foreign currency) to US$250 million senior unsecured global
bonds to be issued by the Province of Buenos Aires.  Moody's Latin
America has also assigned a rating of A3.ar (Argentina National
Scale) to these bonds.  The bonds are to be offered as a reopening
of a US$550 million senior unsecured global issue that was sold in
September (also rated B3/A3.ar), forming together a single series
of US$800 million bonds.

                        Ratings Rationale

"The additional bond issuance has been authorized by the
provincial executive branch of the province and approved by the
Argentine Ministry of Economy", said Moody's Associate Analyst
Patricio Esnaola.

"The bullet-maturity bonds, which constitute direct,
unconditional, unsecured and unsubordinated obligations of the
province, are to be nominated in US dollars and will pay a fixed
annual interest rate of 11.75% on a semi-annual basis, beginning
in April 2011", said Esnaola.

The ratings assigned to the bonds are in line with the province's
issuer ratings (B3/A3.ar), which reflect the considerable economic
uncertainty, cost pressures and weakened financial performance
since 2005.  The ratings also take into account the financial
dependence on the federal government.

Buenos Aires' debt levels, albeit declining when related to
revenues, remain high, but in line with the B3 rated peers.  "This
additional bond issuance increases stock of debt to almost Ar$45.2
billion, equivalent to 75% of total revenues estimated for 2010",
said Mr. Esnaola.

He said the ratings are also constrained by the operating
environment for regional and local governments in Argentina, which
is characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

"This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services while nearly all rely heavily on federal
automatic transfers of the tax share regime, suggesting a low
level of fiscal flexibility in relation to revenue," said Esnaola.

Moody's Argentina National Scale ratings are opinions of the
relative creditworthiness of issuers and issues within Argentina
and are not globally comparable.  The Moody's Global Scale rating
allows investors to compare the province's creditworthiness to all
other issuers in the world.  It incorporates all Argentina-related
risks, including the potential volatility of the Argentine
economy.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.


* ARGENTINA: Wine Producers to Receive US$2.9MM IDB Financing
-------------------------------------------------------------
The Inter-American Development Bank approved a US$2.9 million loan
to La Riojana wine cooperative in Argentina in order to help the
cooperative modernize its vineyards and wine production processes.
The loan is part of the IDB's Opportunities for the Majority
Initiative and will help finance about half of La Riojana's US$5.8
million investment plan.  The Bank's financing will support the
creation of a microloan fund to restructure and modernize
vineyards of micro and small-scale producers as well as the
creation of an operating fund to meet La Riojana's working capital
needs, reducing its reliance on high-interest credit lines.

Moreover, the loan will also support the modernization of the
cooperative's industrialization processes, improving the quantity
and quality of the wine produced.

The project will strengthen the competitiveness of small-scale
producers who are members of the cooperative by increasing their
production capacities and improving their access to financing,
which is currently very limited.  Specifically, the project will
increase the value-added sales of these producers, enabling them
to enter regional and global wine markets in which they currently
cannot compete on their own.

The project will also have a positive effect on the local
community in general, as the activities of the cooperative, based
in Chilecito in the province of La Rioja, have a major impact on
the regional economy.  La Riojana employs 305 workers full-time
and up to 1,300 during the harvest period, involving roughly 2,000
families in its activity.  The cooperative, comprised of
approximately 500 members, has operations in La Rioja, Catamarca,
and Mendoza; and owns 4,120 ha of vineyards.  The project will
help increase the income of rural families dependant on
agriculture as their main source of income.

"Through this project, the cooperative will be able to continue
producing high quality wines, while having an enourmous economic
impact  for thousands of families in their area of influence,"
said Agustin Zamora,.the IDB project leader.  "As the wine
industry becomes increasingly important to the the Argentinian
economy, La Riojana is working to ensure that small farmers will
play a role in what are now international supply chains."

The IDB's Opportunities for the Majority Initiative promotes
private engagement with the base of the socioeconomic pyramid
through innovative, sustainable business models.  The loan is for
up to a 10 year term, with a two-year grace period and an eight-
year amortization period.

                          *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.
The company also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.


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B E R M U D A
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C D CARPENTRY: Court to Hear Wind-Up Petition on October 29
-----------------------------------------------------------
A petition to wind up the operations of C D Carpentry Ltd. will be
heard before the Supreme Court of Bermuda on October 29, 2010, at
9:30 a.m.


INTERNATIONAL RUN-OFF: Creditors' Proofs of Debt Due October 29
---------------------------------------------------------------
The creditors of International Run-Off Services Limited are
required to file their proofs of debt by October 29, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


INTERNATIONAL RUN-OFF: Members' Final Meeting Set for November 19
-----------------------------------------------------------------
The members of International Run-Off Services Limited will hold
their final general meeting on November 19, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on October 12, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


SUN OIL: Creditors' Proofs of Debt Due October 29
-------------------------------------------------
The creditors of Sun Oil Argentina Limited are required to file
their proofs of debt by October 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 13, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


SUN OIL: Members' Final Meeting Set for November 19
---------------------------------------------------
The members of Sun Oil Argentina Limited will hold their final
general meeting on November 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 13, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


INDEPENDENCIA SA: Calls Creditors Meeting; Bonds Decline
--------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Independencia SA
called a meeting with creditors as it seeks to change its plan to
restructure debt.  The report relates that the company's 2015
bonds fell the most in almost three weeks.

According to the report, Independencia SA called the meeting for
November 8 at 10:00 a.m., in Sao Paulo, Brazil.  The report notes
that the meatpacker will have a second meeting on November 22 if
creditors holding more than 50% of total debt aren't present at
the first gathering.

The company, the report notes, said Oct. 13 it halted production
and cut senior management jobs after failing to generate enough
cash to cover costs.

As reported in the Troubled on October 6, 2010, Bloomberg News
said that Independencia SA will miss an interest payment on its
2015 senior notes as it struggles to generate cash.  The company's
creditors include JPMorgan Chase & Co. and Citigroup Inc.
According to the report, Independencia owes Citigroup BRL24.9
million while JPMorgan is owed about BRL138 million.  The company
was due to pay interest on September 30, 2010, of about US$12
million on US$165 million of the 15 percent bonds, according to
data compiled by Bloomberg.

"Creditors may be willing to give a second chance to
Independencia," Barclays Plc analyst Juan Cruz told the news
agency in a telephone interview from New York. "It really depends
on the kind of deal they are offering," he added.

                      About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection earlier this year after the global economic crisis
caused exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.


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


ATQ FUND: Shareholders' Final Meeting Set for November 10
---------------------------------------------------------
The shareholders of ATQ Fund Limited will hold their final meeting
on November 10, 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:

         Philip Mosely
         Paul Travers
         P.O. Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


BLUEMOUNTAIN CORPORATE: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------------
The creditors of Bluemountain Corporate Loan 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 30,
2010.

The company's liquidator is:

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


BRAINPOOL FINANCE: Creditors' Proofs of Debt Due November 11
------------------------------------------------------------
The creditors of Brainpool Finance Inc. 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 29,
2010.

The company's liquidator is:

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


CLASSIC II: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Classic II (Cayman) 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 28,
2010.

The company's liquidator is:

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


DEPWADE LIMITED: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------
The creditors of Depwade 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 17,
2010.

The company's liquidator is:

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


EPOCH 2001-2: Shareholders' Final Meeting Set for October 15
------------------------------------------------------------
The shareholders of Epoch 2001-2 Limited will hold their final
meeting on October 15, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FIDELIO INC: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Fidelio Inc. 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 29,
2010.

The company's liquidator is:

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


GALTERE AGRICULTURE: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------------
The creditors of Galtere Agriculture and Soft Commodities 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 21,
2010.

The company's liquidator is:

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


GALTERE AGRICULTURE: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------------
The creditors of Galtere Agriculture and Soft Commodities 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 21,
2010.

The company's liquidator is:

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


K SQUARED: Shareholders' Final Meeting Set for November 12
----------------------------------------------------------
The shareholders of K Squared Capital Advisors (Cayman) Ltd. will
hold their final meeting on November 12, 2010, at 8:30 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


NEWSMITH GLOBAL: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------
The creditors of Newsmith Global Opportunities Hedge 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 liquidation proceedings on September 17,
2010.

The company's liquidator is:

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


PEQUOT GLOBAL: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Pequot Global Extension 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 28,
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 GLOBAL: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Pequot Global Focus 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 28,
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 MARKET: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Pequot Market Neutral Financial Services 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 17,
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 NEW: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Pequot New Prospect 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 28,
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


RAB-PI ASIA: Shareholders' Final Meeting Set for November 16
------------------------------------------------------------
The shareholders of Rab-Pi Asia U.S. Feeder Fund Limited will hold
their final meeting on November 16, 2010, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


REMO FINANCE: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Remo Finance Inc. 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 29,
2010.

The company's liquidator is:

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


ST DRIVE: Creditors' Proofs of Debt Due November 11
---------------------------------------------------
The creditors of ST Drive Inc. 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 29,
2010.

The company's liquidator is:

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


TOWER HOLDINGS: Shareholders' Final Meeting Set for November 10
---------------------------------------------------------------
The shareholders of Tower Holdings Limited will hold their final
meeting on November 10, 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:

         Raymond E. Whittaker
         c/o FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


TRADITION INVESTMENT: Shareholders' Final Meeting Set for Oct. 25
-----------------------------------------------------------------
The shareholders of Tradition Investment Fund will hold their
final meeting on October 25, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


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J A M A I C A
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CARIBBEAN CEMENT: In Talks With Union Reps on Possible Job Cuts
---------------------------------------------------------------
Caribbean Cement Company Limited appears to be moving closer to
making a decision on carrying out a job cutting exercise,
RadioJamaica reports.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2010, RadioJamaica said that Caribbean Cement
Company said it is considering job cuts to help keep the business
operational.  The report related faced with problems of a slowdown
in the construction sector, and dumped cement putting a strain on
its market share; Caribbean Cement says it may have to cut staff
to just to remain a viable entity.

According to the RadioJamaica, General Manager of Caribbean
Cement, Anthony Haynes, said that the company is now in discussion
with trade union representatives.  However, the report relates,
Mr. Haynes said that while the need to cut expenses has become
more urgent a final decision has not yet been made on a redundancy
exercise.  "Well, the issue of the costs and revenues is very real
and we are looking at all alternatives while we try to generate
additional revenues.  We are also looking at cutting costs in all
areas of the plant, we have been in discussions with all of the
relevant unions about a reduction in staff," the report quoted Mr.
Haynes as saying.

Caribbean Cement Company Limited manufactures and sells Portland
cement.


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M E X I C O
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HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'C'
------------------------------------------------------------
Moody's Investors Service downgraded Hipotecaria Su Casita, S.A.
de C.V.'s (Su Casita) senior unsecured debt rating to C from Ca,
global scale local currency issuer rating to C from Ca and long-
term corporate family rating to C from Ca.

Moody's de Mexico downgraded Su Casita's national scale issuer
rating to C.mx from Ca.mx.

These ratings were downgraded:

Hipotecaria Su Casita, S.A. De C.V.

  -- national scale issuer rating to C.mx from Ca.mx issued by
     Moody's de Mexico;

  -- global scale local currency issuer rating to C from Ca issued
     by Moody's Investors Service;

  -- corporate family rating to C from Ca issued by Moody's
     Investors Service and;

  -- senior notes to C from Ca issued by Moody's Investors
     Service.

                        Ratings Rationale

These rating actions follow the announcement on October 14th, that
Su Casita missed principal and interest payments on local notes
for a total of 730.7 million pesos ($58.7 million), but added that
negotiations continue with creditors on a restructuring.  Su
Casita said it missed payments of MXN300 million in principal and
MXN6 million in interest on its Casita 06 notes, as well as
principal and interest on its Casita 01810 and Casita 01910 notes
for MXN384.5 million and MXN40.2 million, respectively.

Su Casita's current liquidity position is very weak, and the C
ratings reflect the potential for above-average loss severity on
Su Casita's senior unsecured debt as the company continues to
negations with all its creditors on a restructuring.  No
resolution to the company's current debt payment default and no
acceptable refinancing plan in place with its creditors could most
likely lead to an imminent acceleration of the much of the
company's debt causing much more strain on Su Casita's current
very weak liquidity.

The last rating action with respect to Su Casita was on October 8,
2010, when Moody's Investors Service downgraded Su Casita's senior
unsecured debt rating to Ca from Caa2, global scale local currency
issuer rating to Ca from Caa2 and long-term corporate family
rating to Ca from Caa2.  On the same date, Moody's de Mexico
downgraded the national scale issuer rating to Ca.mx from Caa2.mx
The ratings remained on review for possible further downgrade.

Su Casita's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Su Casita's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Su Casita, 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 June 30, 2010, the company
reported total assets of approximately $37.9 billion Mexican
pesos, and $2.6 billion Mexican pesos in equity.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


                            ***********

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

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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,
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