TCRLA_Public/101027.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, October 27, 2010, Vol. 11, No. 212

                            Headlines



A R G E N T I N A

CANTUA SRL: Creditors' Proofs of Debt Due November 26
EDENOR SA: Pushes Back Bond Maturity to 2022
EVENTUAL SERVICE: Creditors' Proofs of Debt Due December 9
GYSI SA: Creditors' Proofs of Debt Due December 1
H & M MADERAS:  Creditors' Proofs of Debt Due December 1

SERSILIVAN SRL: Requests for Own Bankruptcy
TERRANED SRL: Creditors' Proofs of Debt Due December 2


B E R M U D A

SYNCORA HOLDINGS: Expects Decrease in Statutory Capital


B R A Z I L

COSAN OVERSEAS: Fitch Assigns 'BB' Rating to US$300 Mil. Notes
COSAN OVERSEAS: S&P Assigns 'BB' Rating to Senior Unsec. Bonds


C A Y M A N  I S L A N D S

A & B CREDIT: Members' Final Meeting Set for November 12
ALLMERICA CBO: Shareholders' Final Meeting Set for November 12
BLACKROCK CAYMAN: Shareholders' Final Meeting Set for November 12
BOWLIK 1998: Shareholders' Final Meeting Set for November 12
BRANT POINT: Shareholders' Final Meeting Set for November 12

CBO HOLDINGS: Shareholders' Final Meeting Set for November 12
CREDIT SUISSE: Shareholders' Final Meeting Set for November 12
CREDIT SUISSE: Shareholders' Final Meeting Set for November 12
EGFU DEAL: Shareholders' Final Meeting Set for November 12
MAESTROS LIMITED: Sole Member to Hear Wind-Up Report on Nov. 29

MANIFOLD LIMITED: Members' Final Meeting Set for November 3
NIGHTBIRD LIMITED: Members' Final Meeting Set for November 3
OYS SHIBAURA: Shareholders' Final Meeting Set for November 12
STONY HILL: Shareholders' Final Meeting Set for November 12
STONY HILL: Shareholders' Final Meeting Set for November 12

TANGARA JAPAN: Members' Final Meeting Set for November 12
TANGARA U.S.: Members' Final Meeting Set for November 12
TANGARA US: Members' Final Meeting Set for November 12
TANGARA US: Members' Final Meeting Set for November 12
U.H.R.: Shareholders' Final Meeting Set for November 12


J A M A I C A

CARIBBEAN CEMENT: Planned Job Cuts to Affect 120 Workers


P U E R T O  R I C O

BANCO POPULAR: Fitch Puts Ratings on Rating Watch Negative


V E N E Z U E L A

FERTINITRO FINANCE: Fitch Rates US$250 Million Bonds at 'CCC'
OWENS-ILLINOIS: Venezuela President Orders Takeover of Local Unit




                         - - - - -


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


CANTUA SRL: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------
Andres Angel Landro, the court-appointed trustee for Cantua SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until November 26, 2010.

Mr. Landro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

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

The Trustee can be reached at:

         Andres Angel Landro
         Espinosa 1474
         Argentina


EDENOR SA: Pushes Back Bond Maturity to 2022
--------------------------------------------
Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. on Monday said it has accepted and
exchanged US$90,251,000 of its outstanding 10.5% Senior Notes due
2017 that were tendered prior to the Exchange Offer Early
Participation Deadline in response to its previously announced
offer to exchange any and all of its outstanding Existing Notes
for its 9.75% Senior Notes due 2022 plus cash, and accepted and
purchased US$32,393,000 of the Existing Notes that were tendered
by the Early Participation Deadline in response to its previously
announced offer to purchase any and all of its outstanding
Existing Notes for cash.

The total aggregate principal amount of the Existing Notes
accepted, exchanged and purchased by Edenor on October 25, 2010,
is US$122,644,000, representing roughly 82.5% of the outstanding
Existing Notes, excluding the US$65,300,000 aggregate principal
amount of Existing Notes that the Company held as of the launch of
the Offers and cancelled on October 18, 2010.

Edenor issued US$90,251,000 aggregate principal amount of New
Notes and paid US$9,527,497.23, including payment for accrued and
unpaid interest, in exchange for the US$90,251,000 aggregate
principal amount of Existing Notes tendered in the Exchange Offer
and paid US$34,487,747.35, including payment for accrued and
unpaid interest, for the purchase of the US$32,393,000 aggregate
principal amount of Existing Notes tendered in the Offer to
Purchase.

The Offers expire at 5:00 PM, New York City time, on November 1,
2010.

The Offers are being made only to holders who have properly
completed, executed and delivered to the information agent an
eligibility letter, whereby such holder has represented to the
Company that it is, or in the event that it is acting on behalf of
a beneficial owner of Existing Notes, it has received a written
certification from such beneficial owner to the effect that such
beneficial owner is (i) a "qualified institutional buyer," or
"QIB," as defined in Rule 144A under the Securities Act of 1933,
as amended, or (ii) a "non-U.S. Person" (as defined in Regulation
S under the Securities Act).

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services affirmed Empresa
Distribuidora Y Comercializadora Norte S.A.'s "B-/Stable/--"
Foreign Currency rating and revised outlook on the company's Local
Currency rating to "B-/Stable/--" from "B/Watch Neg/--".


EVENTUAL SERVICE: Creditors' Proofs of Debt Due December 9
----------------------------------------------------------
Viviana Monica Palopoli, the court-appointed trustee for Eventual
Service SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 9, 2010.

Ms. Palopoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Viviana Monica Palopoli
         avenida Cordoba 859
         Agentina


GYSI SA: Creditors' Proofs of Debt Due December 1
-------------------------------------------------
Raul Horacio Trejo, the court-appointed trustee for Eventual
Service SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 1, 2010.

Mr. Trejo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 7, 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:

         Raul Horacio Trejo
         Avenida Corrientes 818
         Argentina


H & M MADERAS:  Creditors' Proofs of Debt Due December 1
--------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for H & M Maderas
Logistica SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 1, 2010.

Mr. Troisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Miguel Angel Troisi
         Cerrito 146
         Argentina


SERSILIVAN SRL: Requests for Own Bankruptcy
-------------------------------------------
Sersilivan SRL requested for own bankruptcy.

The company stopped making payments last October 9, 2009.


TERRANED SRL: Creditors' Proofs of Debt Due December 2
------------------------------------------------------
Maria Cristina Lucena, the court-appointed trustee for Terraned
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 2, 2010.

Ms. Lucena will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Cristina Lucena
         Lavalle 1718
         Argentina


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


SYNCORA HOLDINGS: Expects Decrease in Statutory Capital
-------------------------------------------------------
Syncora Holdings Ltd. said on Monday its wholly owned, New York
domiciled financial guarantee subsidiary, Syncora Guarantee Inc.,
estimates that, based on information available to date, it will
record a decrease in its statutory policyholders' surplus of
roughly $25 million to $40 million for the third quarter of 2010,
principally as a result of adverse development with respect to
residential mortgage backed securities and other guaranteed
transactions.

The Company previously reported statutory policyholders' surplus
of $143.8 million as of June 30, 2010.

In connection with the adverse development of its reserves,
Syncora Guarantee has identified a potential mismatch of future
long-term claim payments and reimbursement of such claim payments
which may impact liquidity at that time.  If not mitigated, these
issues could materially impair the Company's ability to satisfy
its future obligations.  Syncora is actively exploring means of
addressing the liquidity, surplus and other challenges that it
faces.

In addition, Syncora Guarantee expects the discount rate used in
the calculation of its reserves and loss adjustment expenses at
December 31, 2010, to be lower, as compared to that used in prior
periods during 2010 and as of December 31, 2009.  While this
discount rate is only one factor in the calculation of such
reserves, a decrease in this rate will cause the Company's
reserves and loss adjustment expenses to increase and such
increase may have a material adverse effect on the Company's
policyholders' surplus.

As reported by the Troubled Company Reporter-Latin America,
Syncora said on July 20, 2010, Syncora Guarantee completed its
remediation plan sufficient to meet its minimum statutory
policyholder surplus requirements and address short and medium
term liquidity issues.  The remediation plan included purchases of
certain of SGI's guaranteed exposures, monetization of certain of
its illiquid assets, receipt of a partial pre-payment of a surplus
note from its wholly owned subsidiary Syncora Capital Assurance
Inc. and various other loss remediation and restructuring actions.

                    About Syncora Holdings Ltd.

Based in Bermuda, Syncora Holdings Ltd. (OTC: SYCRF) --
http://www.syncora.com/-- through its subsidiary, Syncora
Guarantee Inc., a monoline financial guarantee insurance provider,
provides credit enhancement for the obligations of debt issuers
worldwide.

As of July 21, 2010, the company continues to carry Moody's 'C'
long term and preferred stock rating.

As reported by the TCR on July 30, 2010, Standard & Poor's Ratings
Services withdrew its 'D' counterparty credit rating and its 'R'
financial strength and financial enhancement ratings on Syncora
Guarantee Inc.  Standard & Poor's also said that it affirmed its
'C' issuer credit rating on Twin Reefs Pass-Through Trust and its
'CC' financial strength and financial enhancement ratings on
Syncora Guarantee U.K. Ltd. In addition, the 'C' preferred stock
rating on Syncora Holdings Ltd. remains on CreditWatch negative.
Standard & Poor's subsequently withdrew all of these ratings as
well.


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


COSAN OVERSEAS: Fitch Assigns 'BB' Rating to US$300 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Cosan Overseas
Limited's proposed issuance of US$300 million perpetual notes.
The notes are unconditionally guaranteed by Cosan S/A Industria e
Comercio.  Upon consummation of the proposed joint venture between
Cosan and Shell International Petroleum Company Limited, Cosan
Combustiveis e Lubrificantes S.A. fuels distribution assets and
debt will be transferred to the joint venture.  CCL's remaining
assets will be the small lubes business and CCL will also
unconditionally guarantee the notes.  Issuance's net proceeds will
be used to refinance debt and for general corporate purposes.

Fitch currently rates Cosan and CCL:

Cosan

  -- Foreign Currency IDR 'BB'
  -- Local Currency IDR 'BB'
  -- National Scale Rating 'A+(bra)'

CCL

  -- Foreign Currency IDR 'BB'
  -- Local Currency IDR 'BB';
  -- National Scale Rating 'A+(bra)'.

The Rating Outlooks for Cosan and CCL are Stable.

Cosan's and CCL's ratings were upgraded on Oct. 20, 2010 following
the creation and closure of the joint venture partnerships with
Shell, which is expected to effectively close on March 31, 2011.

The rating upgrades reflect Cosan and CCL's stronger
business and financial profiles after the association.  As part of
the joint venture agreement Shell and Cosan will create two JVs
involving certain of their respective assets.  This transaction is
still subject to regulatory approval; however, Fitch believes that
the likelihood of completion is high.  If the transaction does not
close, the ratings would likely return to prior levels.

The two operating JVs will have one focused on the sugar and
ethanol and co-generation businesses (S&E JV) and one on the fuel
distribution business (Downstream JV).  Cosan will hold 51% of the
voting shares of the S&E JV while Shell will hold 51% of the
voting shares of the Downstream JV.  However, the economic
interest is 50%/50%.  The management of both JVs will be shared.
Fitch analyzes the JVs as a combined entity as all debt under the
JVs will count on cross-guarantees and their cash will be also
managed on a consolidated basis.  The underlying credit quality of
the JVs is likely stronger than Cosan and holds the potential to
be rated higher.

                   Stronger Operational Profile

The association with Shell will result in a stronger business
profile in the fuel distribution segment, associated with the
larger combined size and market share, as the third largest fuel
distributor in Brazil.  Moreover, the fuel distribution business
generates more predictable cash flows and will represent a more
relevant portion of Cosan's consolidated EBITDA, around 30%.
Fitch expects that Shell and Cosan will operate this JV with low
leverage given the narrow margins characteristic of the fuel
distribution business.  Fitch also believes that Shell and Cosan
will be able to capture some synergies with the sugar and ethanol
businesses.

     Cash and Assets Contributions Enhance Financial Profile

On a consolidated basis, Cosan will benefit from Shell's US$1.6
billion cash contribution into the JVs (to be effective in three
phases, within two years) and additional EBITDA, which Fitch
calculates to be around US$300 million.  Cosan is expected to
allocate US$2.5 billion of net debt plus additional BRL500 million
debt from BNDES into the two JVs.  Fitch estimates that pro forma
leverage incorporating its equity participations in both JVs, and
its other businesses that will not be part of the JVs, such as the
logistics and lubrificants businesses, would result in a total
debt/EBITDA ratio of 2.4 times for the last 12 months period ended
March 2011, which positively compares to an actual consolidated
total debt/EBITDA ratio of 3.5x reached on June 2010.  On a net
basis, the pro forma and actual ratios would be 1.1x and 2.9x,
respectively.

        Solid Credit Metrics at the Holding Company Level

Following closing, debt at the Cosan level will be subject to
structural subordination to the obligations of the operational
subsidiaries.  The expected new bond issuance should not rank pari
passu with the current outstanding bond issuances which should be
contributed into the JVs.

Considering the estimated dividend cash flow, Cosan should present
adequate debt service coverage.  As per Fitch estimates, coverage
would be around 140% for the coming year.  The robust liquidity
position also supports the ratings.

  Exposure to Commodities Prices, Aggressive Investment Strategy

Cosan's capital structure as of June 2010 reflects a combination
of its cyclical financial performance and investment strategy.
Positively, the company's access to the capital' markets has
supported its expansion with adequate funding and has resulted in
a balanced liquidity position.  As of June 30, 2010, Cosan's cash
position amounted to BRL1.1 billion and covered its short-term
debt of BRL878.9 million by 1.2x.  Consolidated adjusted total
debt, including off-balance sheet obligations, was BRL7.4 billion,
composed of capital markets instruments (36%), loans from the
BNDES and Finame (27%), and export financing/other lines (37%).
The increase in EBITDA in the LTM ended June 2010 benefited from,
among other things, higher sugar prices, and reduced the company's
leverage levels.  The adjusted net debt/adjusted EBITDAR ratio was
3.2x in June 2010 compared with 3.4x in June 2009.

Robustness of Cosan's businesses should lead to a more disciplined
growth strategy.  Fitch sees the recent partnerships with
strategic investors to develop investment opportunities as
positive, as they have lowered the impact on leverage.
Additionally, the association with Shell also strengthens its
overall business profile as an integrated player, probably leading
to a slower pace for investments not contemplated in the current
business plan for the coming periods.

Potential Rating or Outlook Drivers:

Positive rating actions could be driven by lower than expected
consolidated leverage and more stable and predictable cash flows.
Factors that could lead to a Negative Outlook or downgrade include
the failure by the European Commission to approve the JV
agreement, further acquisitions or investments not contemplated in
the current business plan that could result in leverage levels
beyond expectations, and/or material refinancing needs.


COSAN OVERSEAS: S&P Assigns 'BB' Rating to Senior Unsec. Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
rating to Cosan Overseas Limited's forthcoming issuance of senior
unsecured perpetual bonds.

Cosan Overseas Limited is a direct subsidiary of Cosan S.A.
Industria e Comercio (BB/Stable/--).  Cosan will unconditionally,
irrevocably, jointly, and severally guarantee the bonds, as will
its Cosan Combustiveis and Lubrificantes S.A. subsidiary upon the
closing of the proposed joint venture with Cosan and Shell
International Petroleum Company Limited ( AA/Stable/A-1+).
Therefore, CCL's lubricants business will also guarantee the
bonds, since its fuel distribution assets will be dropped down
into the JV.  The proposed perpetual bonds will remain at Cosan
S.A. level, differently from the existing Cosan's issuances that
S&P rates, which will be transferred to the JV upon deal
conclusion.

                           Ratings List

                           New Rating

                     Cosan Overseas Limited

          Senior Unsecd Perpetual Bonds               BB


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


A & B CREDIT: Members' Final Meeting Set for November 12
--------------------------------------------------------
The members of A & B Credit Limited 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:

         Phil Mackey
         Babcock and Brown Australia Pty Ltd
         MLC Centre, Level 20
         19 Martin Place
         Sydney NSW 2000
         Australia


ALLMERICA CBO: Shareholders' Final Meeting Set for November 12
--------------------------------------------------------------
The shareholders of Allmerica CBO I, Limited will hold their final
meeting on November 12, 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


BLACKROCK CAYMAN: Shareholders' Final Meeting Set for November 12
-----------------------------------------------------------------
The shareholders of Blackrock Cayman Cash Advantage Fund Ltd. will
hold their final meeting on November 12, 2010, at 12:45 p.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


BOWLIK 1998: Shareholders' Final Meeting Set for November 12
------------------------------------------------------------
The shareholders of Bowlik 1998 Limited will hold their final
meeting on November 12, 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


BRANT POINT: Shareholders' Final Meeting Set for November 12
------------------------------------------------------------
The shareholders of Brant Point II CBO 2000-1, Ltd. will hold
their final meeting on November 12, 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


CBO HOLDINGS: Shareholders' Final Meeting Set for November 12
-------------------------------------------------------------
The shareholders of CBO Holdings X Ltd will hold their final
meeting on November 12, 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


CREDIT SUISSE: Shareholders' Final Meeting Set for November 12
--------------------------------------------------------------
The shareholders of Credit Suisse First Boston QESA Ema Ltd. will
hold their final meeting on November 12, 2010, at 1:00 p.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


CREDIT SUISSE: Shareholders' Final Meeting Set for November 12
--------------------------------------------------------------
The shareholders of Credit Suisse First Boston QESA Ped Ltd. will
hold their final meeting on November 12, 2010, at 1:15 p.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


EGFU DEAL: Shareholders' Final Meeting Set for November 12
----------------------------------------------------------
The shareholders of Egfu Deal Limited will hold their final
meeting on November 12, 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


MAESTROS LIMITED: Sole Member to Hear Wind-Up Report on Nov. 29
---------------------------------------------------------------
The sole member of Maestros Limited will receive on November 29,
2010, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Bernard McGrath
         Annie Chapman
         c/o 69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 949-8062


MANIFOLD LIMITED: Members' Final Meeting Set for November 3
-----------------------------------------------------------
The members of Manifold Limited will hold their final meeting on
November 3, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


NIGHTBIRD LIMITED: Members' Final Meeting Set for November 3
------------------------------------------------------------
The members of Nightbird Limited will hold their final meeting on
November 3, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


OYS SHIBAURA: Shareholders' Final Meeting Set for November 12
-------------------------------------------------------------
The shareholders of Oys Shibaura Holdings, Inc. will hold their
final meeting on November 12, 2010, at 12:30 p.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


STONY HILL: Shareholders' Final Meeting Set for November 12
-----------------------------------------------------------
The shareholders of Stony Hill CDO IV (Cayman) Ltd will hold their
final meeting on November 12, 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


STONY HILL: Shareholders' Final Meeting Set for November 12
-----------------------------------------------------------
The shareholders of Stony Hill CDO V (Cayman) Ltd will hold their
final meeting on November 12, 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


TANGARA JAPAN: Members' Final Meeting Set for November 12
---------------------------------------------------------
The members of Tangara Japan Leasing Limited 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:

         Phil Mackey
         Babcock and Brown Australia Pty Ltd
         MLC Centre, Level 20
         19 Martin Place
         Sydney NSW 2000
         Australia


TANGARA U.S.: Members' Final Meeting Set for November 12
--------------------------------------------------------
The members of Tangara U.S. Leasing Limited 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:

         Phil Mackey
         Babcock and Brown Australia Pty Ltd
         MLC Centre, Level 20
         19 Martin Place
         Sydney NSW 2000
         Australia


TANGARA US: Members' Final Meeting Set for November 12
------------------------------------------------------
The members of Tangara US 2 Leasing Limited 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:

         Phil Mackey
         Babcock and Brown Australia Pty Ltd
         MLC Centre, Level 20
         19 Martin Place
         Sydney NSW 2000
         Australia


TANGARA US: Members' Final Meeting Set for November 12
------------------------------------------------------
The members of Tangara US 6 Leasing Limited 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:

         Phil Mackey
         Babcock and Brown Australia Pty Ltd
         MLC Centre, Level 20
         19 Martin Place
         Sydney NSW 2000
         Australia


U.H.R.: Shareholders' Final Meeting Set for November 12
-------------------------------------------------------
The shareholders of U.H.R. will hold their final meeting on
November 12, 2010, at 12:15 p.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


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


CARIBBEAN CEMENT: Planned Job Cuts to Affect 120 Workers
--------------------------------------------------------
As many as 120 workers at Caribbean Cement Company Limited could
lose their jobs when the company carries out a planned redundancy
exercise, RadioJamaica reports.

According to the report, sources said that Caribbean Cement has
been prepping some 80 workers from all categories of permanent
staff for cuts.  The report relates that a further 40 casual
workers are likely to be let go.

The report notes that the company reiterated that the redundancy
exercise will form part of an effort to cut its fixed costs by
20%.  The expectation is that the job cuts will start taking place
as early as Friday, but at least one union official said his
organization has yet to receive all the documentation that usually
accompany redundancy exercises, the report adds.

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.

Caribbean Cement Company Limited manufactures and sells Portland
cement.


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


BANCO POPULAR: Fitch Puts Ratings on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has placed the Support and Support Floor ratings of
Banco Popular de Puerto Rico on Rating Watch Negative following
initial interpretation of the Dodd-Frank Wall Street Reform and
Consumer Protection Act and its implications for systemically
important financial institutions.  BPPR's Issuer Default Rating
and issue-level ratings are currently above their Support Floor
Ratings as the IDR and issue-level ratings reflect the company's
stand-alone strength, and do not rely on any implied government
support.

As such, BPPR's IDR and issue-level ratings are unaffected by the
action.  The ratings of BPPR's parent company, Popular, Inc., and
its other affiliates are also unaffected.  Similar actions have
been taken for other large U.S. banks.

Fitch places these ratings on Rating Watch Negative:

Banco Popular de Puerto Rico

  -- Support '4';
  -- Support Floor 'B'.


=================
V E N E Z U E L A
=================


FERTINITRO FINANCE: Fitch Rates US$250 Million Bonds at 'CCC'
-------------------------------------------------------------
On Oct. 10, 2010, the Venezuelan government announced that it had
nationalized FertiNitro Finance Inc., owned 35% by Koch Jose
Cayman subsidiary of Koch Industries, Inc., 35% by Petroquimica de
Venezuela, S.A., 20% by a Snamprogetti S.p.A. subsidiary, and 10%
by a Cerveceria Polar, C.A.  Fitch currently rates FertiNitro's
US$250 million 8.29% secured bonds due 2020 at 'CCC', Rating Watch
Negative.

As a result of nationalization, Fitch understands that FertiNitro
is now a subsidiary of Pequiven, an entity not rated by Fitch.
Fitch has spoken to FertiNitro about its strategy regarding
operations, product sales, and continued debt payments.
FertiNitro conveyed to Fitch that Pequiven intends to support
FertiNitro's debt obligations.  Fitch believes that it is
premature to determine whether FertiNitro's rating will be linked
to Pequiven, as details of its support remain unclear.  FertiNitro
indicated that there will be a commission to determine how the
nationalization process will unfold to support FertiNitro's
obligations.  The commission is expected to include
representatives from Petroleos de Venezuela (rated 'B+' with a
Stable Outlook).  Based upon Fitch's experience, the government of
Venezuela has not prevented payment of debt obligations of
strategically important nationalized companies.  In these
instances, the nationalized companies were initially under the
management of PDVSA and some were divested post-nationalization
into other government-owned companies that were not part of
PDVSA's core business.

Fitch notes that FertiNitro has consistently honored its debt
obligations to date including its most recent payment that was due
Oct. 1, 2010 just prior to nationalization.  FertiNitro's next
loan payment is due April 1, 2011.  Fitch will closely monitor the
process of nationalization to ascertain how the change in control
will impact the company's operations and its ability to continue
timely payment of its debt obligations.  Fitch has reviewed the
Senior Loan Agreement, Common Security Agreement, and Transfer
Restrictions Agreement and believes that the nationalization has
not triggered an immediate acceleration of the debt.  Based upon
Fitch's review of these documents, no breach of obligations is
considered to have occurred for 150 days so long as funds are
being deposited in the Offshore Accounts in accordance with the
Common Security Agreement and the borrower is meeting senior debt
obligations when due.  Fitch seeks to confirm these conclusions
with FertiNitro.  However, after this period, the status of debt
obligations is unclear.

FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 metric tons (MT) of ammonia and 4,400 MT of urea.


OWENS-ILLINOIS: Venezuela President Orders Takeover of Local Unit
-----------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Venezuelan
President Hugo Chavez said that he ordered a government takeover
of the local unit of U.S.-owned glass manufacturer Owens-Illinois
Inc.  The report relates President Chavez commented on state
television late Monday that Owens-Illinois was exploiting workers
and damaging the environment.

"The expropriation is already ready of this glass company. What's
it called?   Owens-Illinois.  Expropriate it," Bloomberg quoted
President Chavez as saying.  "Owens-Illinois is a company with
North American capital that has been exploiting workers," he
added.

According to Bloomberg, the nationalization is one of several
since President Chavez's party suffered a setback in legislative
elections on September 26 and President Chavez promised to deepen
his socialist revolution.  Perrysburg, Ohio-based Owens-Illinois
is on a list of companies the government plans to take over,
President Chavez said, the report adds.

Owens-Illinois Inc. specializes in container glass products. It is
one of the world's leading manufacturers of packaging products,
holding the position of largest manufacturer of glass containers
in North America, South America, Asia-Pacific and Europe.
Approximately one of every two glass containers made worldwide is
made by O-I, its affiliates, or its licensees.

                           *    *     *

As reported in the Troubled Company Reporter on September 13,
2010, Moody's Investors Service affirmed the Ba2 Corporate Family
Rating and the stable ratings outlook for Owens-Illinois, Inc.,
and assigned a Ba2 rating to the new EUR500 million of senior
notes due 2020 issued by OI European Group B.V., an indirect
wholly-owned subsidiary of O-I.


                            ***********

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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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