TCRLA_Public/101025.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 25, 2010, Vol. 11, No. 210

                            Headlines



A R G E N T I N A

BANTAN SA: Creditors' Proofs of Debt Due November 30
BLUEBERRY FIELDS: Creditors' Proofs of Debt Due November 22
CORPORACION REGOL: Creditors' Proofs of Debt Due November 5
ENVASES FLEXIBLES: Asks for Preventive Contest
FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities

GYSI SA: Creditors' Proofs of Debt Due December 1
VANDER CATERING: Creditors' Proofs of Debt Due November 22


B R A Z I L

CHEMICAL VI: Moody's Assigns Low-B Ratings to Mezzanine Shares
COSAN LTD: S&P Upgrades Corporate Credit Ratings to 'BB'


C A Y M A N  I S L A N D S

1ST INVESTMENT: Shareholders' Final Meeting Set for November 12
AMBER MASTER: Shareholders' Final Meeting Set for November 16
ANDROMEDA COMPANY: Members' Final Meeting Set for November 17
E*TRADE ABS: Shareholders' Final Meeting Set for November 12
FLATIRON OFFSHORE: Shareholders' Final Meeting Set for November 15

FRONT RANGE: Shareholders' Final Meeting Set for November 12
GOLDMAN SACHS: Shareholders' Final Meeting Set for November 12
GPA INVESTMENTS: Shareholders' Final Meeting Set for November 12
JP MORGAN: Shareholders' Final Meeting Set for November 12
LSV BEAR: Shareholders' Final Meeting Set for November 12

LSV BEAR: Shareholders' Final Meeting Set for November 12
PEQUOT STRATEGIC: Shareholders' Final Meeting Set for Nov. 12
PEQUOT STRATEGIC: Shareholders' Final Meeting Set for Nov. 12
SCOGGIN CREDIT: Shareholders' Final Meeting Set for November 12
SCOGGIN CREDIT: Shareholders' Final Meeting Set for November 12

SPM DIRECTIONAL: Shareholders' Final Meeting Set for November 12
TANZANITE FINANCE: Shareholders' Final Meeting Set for November 1
TREETOP ASSET: Shareholders' Final Meeting Set for November 12
WITCHES ROCK: Members' Final Meeting Set for November 11
WITCHES ROCK: Members' Final Meeting Set for November 11


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Foreign Debt "Completely Manageable"


J A M A I C A

* JAMAICA: National Debt Increase by JM$5 Billion


M E X I C O

BANCO INTERACCIONES: Moody's Assigns 'Ba1' Senior Debt Rating


T R I N I D A D  &  T O B A G O

PETROTRIN: Minister Initiates Meeting Between Management & Union
PETROTRIN: Energy Minister Warns of Shake-Up at All Levels


X X X X X X X X

* BOND PRICING: For the Week October 18 to October 22, 2010




                         - - - - -


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


BANTAN SA: Creditors' Proofs of Debt Due November 30
----------------------------------------------------
The court-appointed trustee for Bantan 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 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 18, 2011.


BLUEBERRY FIELDS: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------
The court-appointed trustee for Blueberry Fields S.A.'s
reorganization 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 4, 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 18, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 29, 2011.


CORPORACION REGOL: Creditors' Proofs of Debt Due November 5
-----------------------------------------------------------
The court-appointed trustee for Corporacion Regol Seguridad
S.R.L.'s reorganization proceedings will be verifying creditors'
proofs of claim until November 5, 2010.

The trustee will present the validated claims in court as
individual reports on December 17, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


ENVASES FLEXIBLES: Asks for Preventive Contest
----------------------------------------------
Envases Flexibles Bobbio SRL asked for preventive contest.

The company stopped making payments June 14.


FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Cr‚ditos Banex
XL issued by Equity Trust Company (Argentina) S.A. - acting solely
in its capacity as Issuer and Trustee.

  -- ARS33,600,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XL", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS34,400,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XL", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS8,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XL", rated
     Baa3.ar (sf) (Argentine National Scale) and B3 (sf) (Global
     Scale, Local Currency)

  -- ARS4,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Cr‚ditos Banex XL", rated Caa2.ar (sf) (Argentine
     National Scale) and Caa3 (sf) (Global Scale, Local Currency)

                        Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 21,815 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,001,138.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 12.25%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus 374 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 21% or
lower than 12%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 20%.

Overall credit enhancement is comprised of subordination: 58% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 5.55%
expected loss for Class C Fixed Rate Debt Securities and 17.72%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 10%
from the base case scenario for the pool (i.e., most likely
scenario of 20%, a minimum of 15% and a maximum of 30%), the
ratings of the Classes A and Floating Rate would be unchanged.
The ratings for Class C Fixed Rate debt securities would be likely
downgraded to Ca (sf) and to C (sf) for the Certificates.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Equity Trust Company (Argentina) S.A. will be appointed as the
back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings and 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.

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.


GYSI SA: Creditors' Proofs of Debt Due December 1
-------------------------------------------------
The court-appointed trustee for Gysi S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until December 1,
2010.


VANDER CATERING: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
Ruben Eduardo Suez, the court-appointed trustee for Vander
Catering SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until November 22, 2010.

Mr. Suez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, 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:

         Ruben Eduardo Suez
         Cesar Diaz 2324
         Argentina


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


CHEMICAL VI: Moody's Assigns Low-B Ratings to Mezzanine Shares
--------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aaa.br (sf) (Brazilian National Scale) and (P)Baa3 (sf) (Global
Scale, Local Currency) to the Senior Shares, and (P)Ba1.br (sf)
(Brazilian National Scale) and (P)B2 (sf) (Global Scale, Local
Currency) to the Mezzanine Shares to be issued by Chemical VI -
FIDC Ind£stria Petroquimica, a securitized transaction backed by a
pool of trade receivables originated by Braskem Group.

Issuer: Chemical VI - FIDC Ind£stria Petroquimica

* Senior Shares - (P)Aaa.br (sf) (National Scale) & (P)Baa3 (sf)
  (Global Scale, Local Currency)

* Mezzanine Shares -- (P)Ba1.br (sf) (National Scale) & (P)B2 (sf)
  (Global Scale, Local Currency)

                        Ratings Rationale

The ratings are based on these factors, among others:

  -- Overcollateralization ratio ranging from a minimum of 110% to
     a maximum of 115% for the benefit of the Senior Shares
     outstanding, and 102.041% for the Mezzanine Shares, to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The eligibility parameters of the trade receivables to be
     acquired by the issuer, which include concentration limits by
     client, delinquency by client, and maximum term of the trade
     receivables;

  -- Maximum individual concentration limit of 3% for all
     obligors;

  -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
     Rating in the Global Local Currency Scale & Aaa.br in the
     Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The originators of the securitized receivables are Braskem S.A.,
Quattor Participacoes S.A., Quattor Petroquimica S.A. and Rio
Polimeros S.A. (Braskem Group).  Braskem S.A. is a large Brazilian
manufacturer of petrochemical products rated Aa2.br (Brazilian
National Scale) and Ba1 (Global Local, Currency Scale).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Chemical VI - FIDC will have a tenor of 48 months.  The Senior and
Mezzanine Shares will be amortized in 6 equal monthly installments
following the revolving period of 42 months.

During the 42 month revolving period, the Senior and Mezzanine
Shares will receive seven semi-annual payments of interest, and
following the revolving period, will receive monthly interest
payments together with the scheduled principal amortizations of
Senior and Mezzanine Shares.

In order to rate the transaction, Moody's has received pool
performance data audited by KPMG covering the time period July
2007 through June 2010 from Braskem.  Key data reviewed by Moody's
included dilutions, delinquencies, losses, receivable turnover and
volume of eligible receivables.  For Moody's modeling assumptions,
Moody's has assumed 0.22% monthly dilutions, 0.25% monthly losses
on outstanding balance and an average turnover of 35 days.

The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool.  Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the economic
activity in the petrochemical industry.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  Qualitative factors
are also taken into consideration in the ratings process, so the
actual ratings that would be assigned in each case could vary from
the information presented in the parameter sensitivity analysis.
The results generated by rating models are one of many inputs to
the rating process.  Ratings are determined collectively through
the exercise of judgment by rating committees, which evaluate many
quantitative and qualitative factors.

Moody's key ratings-model assumptions for this transaction are
Braskem's rating, loss rate and dilution rate.  If Braskem's
rating is downgraded to Ba3 from Ba1 and the loss rate and
dilution rate are doubled, the transaction ratings would remain
unchanged.

Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying
assets or financial instruments in this transaction and the due
diligence report had a positive impact on the rating.

                     Regulatory Disclosures

Information source(s) used to prepare the credit rating are these:
parties involved in the ratings and public information.

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

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.

The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.

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.


COSAN LTD: S&P Upgrades Corporate Credit Ratings to 'BB'
--------------------------------------------------------
Standard & Poor's Rating Services said that it upgraded the
corporate credit ratings on Cosan Ltd and its Brazilian operating
subsidiary Cosan S.A. Industria e Comercio (jointly referred to as
Cosan) to 'BB' from 'BB-', and removed them from CreditWatch.
The outlook on the corporate credit ratings is stable.  The issue
ratings were also upgraded to 'BB' but remain on CreditWatch with
positive implications, as they should be dropped down to the joint
venture upon the deal conclusion.

S&P placed the ratings on Cosan on CreditWatch on Feb. 1, 2010,
following the announcement that Cosan and Shell International
Petroleum Company Ltd, a subsidiary of Royal Dutch Shell PLC
(AA/Stable/A-1+), have signed a memorandum of understanding for
the creation of a JV combining their Brazilian ethanol and sugar,
and fuel distribution assets.

"The upgrade reflects the improved financial profile of Cosan as
the group took advantage of positive fundamentals--especially in
the sugar market--to reduce consolidated leverage," said Standard
& Poor's credit analyst Marcelo Schwarz.  S&P believes that the
proposed JV with Shell would also be positive for the rating, but
it is still not fully incorporated in its scenarios because S&P
still do not have enough information on the JV to reach a
conclusion on its credit profile.  Because S&P believes that the
JV could potentially have a higher rating than Cosan, and the debt
S&P currently rate will be transferred to the JV, S&P will
maintain these in Credit Watch with positive implications.

Cosan will retain its assets in lubricants, logistics, and land,
providing it with some cash flows of its own.  Cosan will not
fully control the cash flows from its lucrative sugar-and-ethanol
and fuel-distribution businesses as it does, but it will
ultimately benefit from the JV's stronger business profile and
positive growth fundamentals.  S&P believes Cosan's association
with a partner that can support growth in these businesses is
positive for its overall credit quality.

Cosan's business profile is fair.  Although the company is still
exposed to the highly volatile sugar and ethanol prices and
margins, the increased proportion of cash flows from relatively
stable sources (logistics, energy cogeneration, lubricants, and
fuel distribution) is favorable, as it helps to weather downturns
in the commodity cycles.  S&P will reassess Cosan's business
profile when the deal closes.

The financial profile is significant.  Cosan's credit metrics
improved in recent quarters, benefiting from the positive
fundamentals in the sugar market.  This allowed the group to
report total debt-to-EBITDA of 4.2x in the last 12 months ended in
June 2010.  S&P believes that the good prospects for sugar,
combined with investments that are maturing, will allow Cosan to
report stronger metrics in fiscal year 2011, with adjusted total
debt-to-EBITDA in the 3.5x area.

S&P currently analyze Cosan on a consolidated basis.  However,
upon the conclusion of the JV, which is expected to happen by the
end of fiscal year 2011 (April 2011), S&P expects to view Cosan as
a holding company that receives the bulk of its cash flows in the
form of dividends remitted by its equity investments in Rumo (its
logistics company) and the JV.  Although Cosan will not fully
control a significant portion of its cash flows, it should also
transfer a significant portion of its current debt to the JV,
reducing its own leverage.  Based on this preliminary information,
S&P believes that the corporate rating of the holding company
Cosan S.A. should be at least equal to 'BB'.

Liquidity on a consolidated basis is adequate.  The current R$1
billion cash position combined with internal cash generation and
available credit facilities is enough to cover short-term
maturities of R$860 million and the sizable programmed investments
of R$2.4 billion in this fiscal year.  The company counts on good
access to bank lines, and Banco Nacional de Desenvolvimento
Economico e Social already approved R$1.4 billion in loans to
finance its capital expenditure for this year.  Moreover, the
R$400 million equity injection that Rumo received should also help
in this regard.  S&P will reassess liquidity upon the conclusion
of the JV to verify the exact amount of debt allocated at holding
level, as well as its amortization schedule, and how it compares
with the cash generated at its consolidated subsidiaries and
equity investments.

The stable outlook reflects S&P's expectations that strong
operating performance in the coming quarters would allow Cosan to
deleverage to a Total Adjusted Debt to EBITDA in the 3.5x area in
fiscal year 2011 and about 3.0x in the following years.  S&P could
raise the ratings if the consummation of the JV proves to have a
more favorable effect than S&P anticipated, specifically if Total
Debt to adjusted EBITDA is less than 2.5x at the holding level in
the coming years.  On the other hand, S&P could downgrade the
ratings if conditions in the sugar and ethanol markets
unexpectedly deteriorate, leading to leverage ratios above 4.0x.
Although S&P don't expect it, a material change in the proposed JV
that especially increases debt at Cosan S.A. Industria e Comercio
level above S&P's expectations could also lead us to downgrade the
ratings.


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



1ST INVESTMENT: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------------
The shareholders of 1st Investment Capital Limited will hold their
final meeting on November 12, 2010, at 8:45 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AMBER MASTER: Shareholders' Final Meeting Set for November 16
-------------------------------------------------------------
The shareholders of Amber Master Fund (Cayman) SPC will hold their
final meeting on November 16, 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


ANDROMEDA COMPANY: Members' Final Meeting Set for November 17
-------------------------------------------------------------
The members of Andromeda Company Limited will hold their final
meeting on November 17, 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:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         Cayman Islands


E*TRADE ABS: Shareholders' Final Meeting Set for November 12
------------------------------------------------------------
The shareholders of E*Trade ABS CDO VI, Ltd. will hold their final
meeting on November 12, 2010, at 9:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FLATIRON OFFSHORE: Shareholders' Final Meeting Set for November 15
------------------------------------------------------------------
The shareholders of Flatiron Offshore Equity Inc will hold their
final meeting on November 15, 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


FRONT RANGE: Shareholders' Final Meeting Set for November 12
------------------------------------------------------------
The shareholders of Front Range Master Ltd. will hold their final
meeting on November 12, 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:

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


GOLDMAN SACHS: Shareholders' Final Meeting Set for November 12
--------------------------------------------------------------
The shareholders of Goldman Sachs Private Equity Commodity Real
Assets Offshore Advisors, Inc. will hold their final meeting on
November 12, 2010, at 10:15 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


GPA INVESTMENTS: Shareholders' Final Meeting Set for November 12
----------------------------------------------------------------
The shareholders of GPA Investments Ltd. will hold their final
meeting on November 12, 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


JP MORGAN: Shareholders' Final Meeting Set for November 12
----------------------------------------------------------
The shareholders of JP Morgan Incubator Program (Cayman) SPC, Ltd.
will hold their final meeting on November 12, 2010, at 10:45 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


LSV BEAR: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------
The shareholders of LSV Bear Fund, Ltd. will hold their final
meeting on November 12, 2010, at 11:00 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


LSV BEAR: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------
The shareholders of LSV Bear Credit Fund, Ltd. will hold their
final meeting on November 12, 2010, at 11:15 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


PEQUOT STRATEGIC: Shareholders' Final Meeting Set for Nov. 12
-------------------------------------------------------------
The shareholders of Pequot Strategic Equity Offshore Fund, Ltd.
will hold their final meeting on November 12, 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


PEQUOT STRATEGIC: Shareholders' Final Meeting Set for Nov. 12
-------------------------------------------------------------
The shareholders of Pequot Strategic Equity Master Fund, Ltd. will
hold their final meeting on November 12, 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


SCOGGIN CREDIT: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------------
The shareholders of Scoggin Credit Opportunities Fund, Ltd will
hold their final meeting on November 12, 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


SCOGGIN CREDIT: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------------
The shareholders of Scoggin Credit Opportunities Master Fund will
hold their final meeting on November 12, 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


SPM DIRECTIONAL: Shareholders' Final Meeting Set for November 12
----------------------------------------------------------------
The shareholders of SPM Directional Mortgage Credit Offshore Fund,
Ltd. will hold their final meeting on November 12, 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


TANZANITE FINANCE: Shareholders' Final Meeting Set for November 1
-----------------------------------------------------------------
The shareholders of Tanzanite Finance VI Limited will hold their
final meeting on November 1, 2010, at 9:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


TREETOP ASSET: Shareholders' Final Meeting Set for November 12
--------------------------------------------------------------
The shareholders of Treetop Asset Management General Partner Inc.
will hold their final meeting on November 12, 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:

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


WITCHES ROCK: Members' Final Meeting Set for November 11
--------------------------------------------------------
The members of Witches Rock Fund Ltd. will hold their final
meeting on November 11, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


WITCHES ROCK: Members' Final Meeting Set for November 11
--------------------------------------------------------
The members of Witches Rock Portfolio Ltd. will hold their final
meeting on November 11, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: Foreign Debt "Completely Manageable"
----------------------------------------------------------
Customs Director Rafael Camilo affirmed that the Dominican
Republic's foreign debt is "completely manageable" and in better
conditions than during Hipolito Mejia's Presidency (2000-2004),
Dominican Today reports.  The report relates Mr. Camilo also urged
the opposition PRD party and other sectors not to "Satanize" the
Government's economic policy for "purely politicking interests,"
and noted that the country is way above partisan positions.

According to Dominican Today, Mr. Camilo said the foreign debt
problem isn't that it has increased, and instead how the GDP
growth has boosted the country's capacity to pay and the way the
Government fiscally handles it.  The report relates Mr. Camilo
said that during Mr. Mejia's term in office the payment of
interests on that debt was 4.5%, compared to 2.4% in the average
interests now, which in his view is more manageable.

Mr. Camilo, Dominican Today notes, added that in that same period
the debt jumped to19 percent of the GDP in just one year,  "In all
this time were barely raised it to 3.7%.  I can owe more, but at
the same time have higher income and have a more sustainable debt,
contrary to what occurred in 2003 in the government of the PRD,"
the report quoted Mr. Camilo as saying.

                          *     *     *

As of October 20, 2010, the country continues to carry Moody's B2
country ceiling long-term foreign bank deposit rating and Ba2
country ceiling long-term foreign currency debt rating.  The
country also continues to carry Fitch's B long-term issuer default
rating.


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


* JAMAICA: National Debt Increase by JM$5 Billion
-------------------------------------------------
Data from the Ministry of Finance shows that the national debt
rose to its second highest levels on record in August,
RadioJamaica reports.  The report relates that the total public
debt in August stood at JM$1 trillion.

According to the report, at that level, the debt was JM$5 billion
higher than it was at the end of July.

                          *     *     *

According to the Troubled Company Reporter-Latin America on
January 18, 2010, Fitch Ratings downgraded Jamaica's long-term
local currency rating to 'C' from 'CCC'.  In addition, Fitch has
affirmed Jamaica's long-term and short-term foreign currency
ratings at 'CCC' and 'C' respectively, and affirmed the Country
Ceiling at 'B-'.  Jamaica's sovereign ratings Outlook remains
Negative.


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


BANCO INTERACCIONES: Moody's Assigns 'Ba1' Senior Debt Rating
-------------------------------------------------------------
Moody's Investors Service assigned a long term local currency
senior debt rating of Ba1 to Banco Interacciones, S.A.'s proposed
second issuance of certificados burs tiles bancarios for up to
Mx$1.5 billion, with a maturity of three years.  On its Mexican
National Scale, Moody's de M‚xico assigned a long term senior debt
rating of A1.mx to these notes.

The notes are to rank pari passu with Binter's other senior
obligations.  The notes are to be issued under a Senior Debt
Program of up to Mx$10 billion that was originally rated by
Moody's on 25 June 2010.  Under this program, Binter may issue
certificados burs tiles bancarios, certificados de deposito
bancario de dinero, and pagar‚s con rendimiento liquidable al
vencimiento.

These long term senior debt ratings were assigned to Binter's
proposed second issuance of Mx$1 billion of certificados
burs tiles bancarios, issued under the program:

  -- Global local currency senior debt rating: Ba1
  -- Mexican National Scale senior debt rating: A1.mx
  -- The outlook is positive

                        Ratings Rationale

The Ba1 senior debt rating is based on the bank's Ba1 local
currency deposit rating as well as the seniority of the notes.
The notes to be issued under Binter's Senior Debt Program are to
rank pari passu with other senior obligations of the bank.

The long term Mexican National Scale rating of A1.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.

The last rating action on Binter was on 25 June 2010, when Moody's
assigned senior debt ratings to Binter's Senior Debt Program and
to the program's first issuance.  On 27 August 2010, Moody's
changed to positive the outlook on Binter's ratings.

Binter is headquartered in Mexico City, Mexico, and had Mx$77
billion in assets, as of 30 June 2010.

                     Regulatory Disclosures

Information sources used to prepare the credit rating is/are
these: parties involved in the ratings, parties not 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 assigning 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.


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


PETROTRIN: Minister Initiates Meeting Between Management & Union
----------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that a move was made
to get Petroleum Company of Trinidad and Tobago's management and
union to work together to resolve differences at the company.  The
report relates that Energy Minister Carolyn Seepersad-Bachan
facilitated the meeting between the president general of the
Oilfields Workers' Trade Union (OWTU) Ancel Roget and newly-
appointed Petrotrin chairman, Lindsay Gillette.

According to the report, Ms. Seepersad-Bachan said it was crucial
that the OWTU, the board and management at Petrotrin begin working
together.

As reported in the Troubled Company Reporter-Latin America on
October 15, 2010, Camille Bethel at Trinidad Express said that the
Oilfields Workers' Trade Union is unhappy with government's
decision to appoint Lindsay Gillette as chairman of Petrotrin.
According to the report, OWTU President General Ancel Roget said
that Ms. Gillette, a former energy minister in the United National
Congress government, "came out cut from the old UNC cloth where we
had a problem with him as the Minister of Energy, supporting
Petrotrin sale-in, lease-out and farmout and joint-venture
approach of the State's oil and gas facilities.

Trinidad Express notes that a decision was made at the meeting to
set up a committee that will examine the union's proposed
alternatives to the farm-out option.  The report notes that the
committee will comprise three members from the union, two members
from management, a member from the board of directors and a member
from the line ministry.

                            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 it
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.


PETROTRIN: Energy Minister Warns of Shake-Up at All Levels
----------------------------------------------------------
Camille Bethel at Trinidad Express reports that Energy Minister
Carolyn Seepersad-Bachan has warned of a shake-up at all levels at
Petroleum Company of Trinidad and Tobago.

According to the report, Ms. Seepersad-Bachan said that Petrotrin
has been plagued by severe challenges and it now needs to be
"cleaned up and set afloat to become a viable and stable and
profitable entity".  The company will be given six months to begin
its transformation, she added.

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 it
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.


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


* BOND PRICING: For the Week October 18 to October 22, 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- DIS            4.33  12/31/2033   JPY                45
ARGENT- PAR&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

The 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
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 * * *