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

           Friday, October 29, 2010, Vol. 11, No. 214

                            Headlines



A R G E N T I N A

BAIWO SA: Creditors' Proofs of Debt Due November 29
CENTRO COMERCIAL: Creditors' Proofs of Debt Due November 26
CONTACTO SUR: Creditors' Proofs of Debt Due December 28
EDENOR SA: Pushes Back Bond Maturity to 2022
ESTABLECIMIENTO DE HARINA: Creditors' Proofs of Debt Due Dec. 10

FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
FLOP SA: Creditors' Proofs of Debt Due November 26
INDUSTRIA PLANEAMIENTO: Creditors' Proofs of Debt Due November 26
MOTORCISA ARGENTINA: Creditors' Proofs of Debt Due December 15
SANTA SILVANA: Creditors' Proofs of Debt Due November 12

SAINTER SOCIEDAD: Creditors' Proofs of Debt Due November 26
WORLDSALES SA: Creditors' Proofs of Debt Due December 14


B E R M U D A

SYNCORA HOLDINGS: Expects Decrease in Statutory Capital
TOMOKA REINSURANCE: Creditors' Proofs of Debt Due November 17


B R A Z I L

COSAN SA: Moody's Raises Corporate Family Rating to 'Ba2'


C A Y M A N  I S L A N D S

ACP GLOBAL: Creditors' Proofs of Debt Due November 30
ATLAS FINANCIAL: Creditors' Proofs of Debt Due November 29
BIO ET: Creditors' Proofs of Debt Due November 29
DUNE INVESTMENTS: Creditors' Proofs of Debt Due November 30
GOLDMAN SACHS: Creditors' Proofs of Debt Due November 30

HAGEMEYER TCI: Creditors' Proofs of Debt Due December 3
LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22

MAX NETWORK: Creditors' Proofs of Debt Due November 29
MINDEN AVENUE: Creditors' Proofs of Debt Due November 25
NB ALTERNATIVE: Creditors' Proofs of Debt Due November 22
NB ALTERNATIVE: Creditors' Proofs of Debt Due November 22
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due November 23

PROFESSIONAL UNDERWRITERS: Creditors' Proofs of Debt Due Nov. 26
RMF ALPHA: Creditors' Proofs of Debt Due November 29
SAIL ASIA: Creditors' Proofs of Debt Due November 30
STAMFORD GLOBAL: Creditors' Proofs of Debt Due November 29
YORK REFRIGERATION: Creditors' Proofs of Debt Due November 30


M E X I C O

* MEXICO: Moody's Lowers Issuer Rating on State of Zacatecas to B1


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Credit Unions Welcome TT$262 Million Lifeline
CL FIN'L: Central Bank Breaks Silence on CLICO Matter


V E N E Z U E L A

* VENEZUELA: Receives US$700 Million Loan From IDB




                         - - - - -


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A R G E N T I N A
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BAIWO SA: Creditors' Proofs of Debt Due November 29
---------------------------------------------------
The court-appointed trustee for Baiwo S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 29, 2010.


CENTRO COMERCIAL: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------------
The creditors of Centro Comercial Leon Gallardo S.R.L. are
required to file their proofs of debt by November 26, 2010, to be
included in the company's dividend distribution.


CONTACTO SUR: Creditors' Proofs of Debt Due December 28
-------------------------------------------------------
The court-appointed trustee for Contacto Sur S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 28, 2010.


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).


ESTABLECIMIENTO DE HARINA: Creditors' Proofs of Debt Due Dec. 10
----------------------------------------------------------------
The court-appointed trustee for Establecimiento de Harina de
Madera S.R.L.'s reorganization proceedings will be verifying
creditors' proofs of claim until December 10, 2010.

The trustee will present the validated claims in court as
individual reports on February 23, 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 6, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 22, 2011.


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
XLI issued by Equity Trust Company (Argentina) S.A. -- acting
solely in its capacity as Issuer and Trustee.

  -- ARS24,800,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XLI",
     rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
     (Global Scale, Local Currency)

  -- ARS43,200,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Cr‚ditos Banex XLI",
     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 XLI",
     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 XLI", 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 18,022 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS80,000,183.

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 396 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: 69% 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, 2.03%
expected loss for Class C Fixed Rate Debt Securities and 27.35%
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.


FLOP SA: Creditors' Proofs of Debt Due November 26
--------------------------------------------------
The court-appointed trustee for Flop S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
November 26, 2010.


INDUSTRIA PLANEAMIENTO: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------------------
The court-appointed trustee for Industria Planeamiento
Construcciones S.R.L.'s reorganization proceedings will be
verifying creditors' proofs of claim until November 26, 2010.


MOTORCISA ARGENTINA: Creditors' Proofs of Debt Due December 15
--------------------------------------------------------------
The court-appointed trustee for Motorcisa Argentina S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until December 15, 2010.


SANTA SILVANA: Creditors' Proofs of Debt Due November 12
--------------------------------------------------------
The court-appointed trustee for Santa Silvana S.A.A.I.C.I.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 12, 2010.


SAINTER SOCIEDAD: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------------
The court-appointed trustee for Sainter Sociedad Argentina de
Intercambio S.A.'s reorganization proceedings will be verifying
creditors' proofs of claim until November 26, 2010.


WORLDSALES SA: Creditors' Proofs of Debt Due December 14
--------------------------------------------------------
The court-appointed trustee for Worldsales S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 14, 2010.


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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.


TOMOKA REINSURANCE: Creditors' Proofs of Debt Due November 17
-------------------------------------------------------------
The creditors of Tomoka Reinsurance Company, Ltd. are required to
file their proofs of debt by November 17, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton
         Bermuda



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B R A Z I L
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COSAN SA: Moody's Raises Corporate Family Rating to 'Ba2'
---------------------------------------------------------
Moody's upgraded Cosan S.A. Industria e Comercio S.A.'s corporate
family ratings to Ba2 from Ba3 on its global scale and to A1.br
from A3.br on its national scale.  Also impacted by Moody's rating
action are Cosan Finance Limited's $400 million 7% senior
unsecured notes due 2017 and Cosan S.A.'s $450 million senior
unsecured perpetual notes which were both similarly upgraded to
Ba2 from Ba3.  This action completes the review process for a
potential upgrade which Moody's commenced on March 1, 2010 after
Cosan and Shell International Petroleum Company Limited ("Shell")
announced their intention to create a $12 billion joint venture
(the "Joint Venture") to produce and commercialize ethanol and
power from sugar cane and distribute a variety of industrial and
transportation fuels through a combined distribution and retail
network in Brazil.

At the same time Moody's assigned a Ba2 rating to Cosan Overseas
Limited's proposed $300 million senior unsecured perpetual notes
issuance, which initially will be unconditionally guaranteed by
Cosan and by CCL upon the completion of the proposed joint venture
with Shell.  The outlook for the CFRs and the proposed note
offering is stable.

However, Moody's are assigning a positive outlook on the company's
existing 2017 senior unsecured and existing perpetual notes (both
securities will be contributed to the Joint Venture).

                        Ratings Rationale

The upgrade, which is predicated on Moody's view that the Joint
Venture will be consummated on basically the terms and within the
time frame that has been communicated by the company, reflects the
anticipated improvement in the credit and business profile of
Cosan upon closing of the transaction.  In Moody's analysis
Moody's have considered the anticipated strong credit profile of
the Joint Venture albeit offset in part by the lack of full
ownership and control of the Joint Venture by Cosan.
Specifically, the Joint Venture is expected to enhance Cosan's
credit profile in three ways.  First, based on the expected
dividend stream from the Joint Venture, Moody's believe that
Cosan's cash flow will demonstrate less volatility given the more
stable characteristics of the fuel distribution business to be
contributed by Shell.  Second, Cosan will gain access to what will
now be Brazil's third largest fuel distributor for its ethanol and
the JV will provide Cosan with a better capitalized vehicle to
take advantage of the attractive yet capital intense sugar ethanol
prospects in the Brazilian market.  Third, Cosan will transfer
significant amount of its debt to the JV and likely enjoy lower
leverage post restructuring.

In Moody's analysis Moody's have also taken into consideration the
challenges in running a business where both parties have equal
decision making power, the current lack of clarity with regard to
the Joint Venture's expected synergies, financial performance
objectives, policies and strategic initiatives, the rebranding of
Cosan's existing fuel distribution network, and execution risk.

As part of the joint venture agreement, Cosan and Shell will
create three new legal entities and both parties will contribute
certain assets and liabilities.

A management company, in which both parties will have an equal 50%
economic and voting interest, will be the principal vehicle
through which the partners will run the contemplated venture.
Day-to-day operations will be conducted out of two newly to be
formed operational joint ventures.  A Sugar and Ethanol Company
(as the "S&E JV"), in which both parties have an equal economic
interest but which will de facto be controlled by Cosan (who will
have 51% of the voting shares), will run the production of sugar
and ethanol as well as the co-generation activities.  A Downstream
Company (as the "Downstream JV"), in which both parties also hold
equal economic interests but which will be controlled by Shell
(having 51% of the voting shares), will conduct the supply,
distribution and sale of the Joint Venture's fuel business.

Cosan will contribute to the Joint Venture principally all of its
sugar and ethanol mills and ethanol logistics assets, all of its
energy co-generation business and fuel distribution and retail
businesses.  Additionally, Cosan will contribute an estimated USD
2.5 billion plus BRL 500 million of existing debt and general
working capital liabilities.  Shell will contribute its Brazilian
fuel distribution and retail as well as its jet fuel businesses,
its equity stake in two next generation biomass fuel research
ventures as well make an estimated $1.6 billion in cash payments
over a two year time period.

It is contemplated that the cash management for the two operating
joint ventures will be run on a consolidated basis and all
contributed debt plus that the debt to be issued will benefit from
cross guarantees between the two joint ventures.  While Moody's
does not rate the Joint Venture, Moody's believe that based on the
available information the credit quality is likely to be higher
than that of Cosan on a standalone basis following completion of
the Joint Venture.

Under the terms of the joint venture, Shell will have the option
at the 10th anniversary to buy 50% or all of Cosan's stake in the
proposed Joint Venture.  In addition, at the 15th anniversary,
Shell will have another option to acquire all or the remaining
interest of Cosan in the Joint Venture.  If Shell does not
exercise the option, Cosan will have the option to acquire Shell's
stake in the Joint Venture.

While the change of control provision in the proposed note
indenture provides reasonable protection to bondholders if Shell
were to exercise in full its call option to acquire Cosan's
interest in the Joint Venture at its 10th or 15th anniversary,
this is not the case if Shell were to acquire only half of Cosan's
50% stake in the venture at the 10th anniversary.  Under the terms
of the indenture, a change of control which results in a ratings
decline will give bondholders the right to put the bonds back to
the issuer or guarantors at 101% plus accrued interest.  The
change of control provision is triggered only if Cosan sells all
or substantially all of its assets (which would include its
interest in the Joint Venture) and if Cosan does not use the
proceeds from such a sale to make permitted reinvestments within
360 days of receipt.  Permitted reinvestments are defined to
include the permanent repayment of debt (except for subordinated
debt) or certain investments in permitted businesses and
productive assets (as defined in the indenture).

The Joint Venture, which is still subject to regulatory approvals
in Europe and Brazil is scheduled to close on March 31, 2011,
which will coincide with the end of the fiscal year of Cosan.

Upon completion of the joint venture, earnings of the Cosan will
be derived principally from the dividends it will receive from its
equity stake in the S&E and Downstream JVs.  Additional
contributions will come from dividends from its 69.7% stake in
Rumo Logistica, its 18.9% stake in Radar as well as all of the
earnings from its remaining lubes business ("CCL Lubricants").

Cosan's guarantee will also benefit from certain land holdings
which will stay with the Company following the completion of the
Joint Venture.

The stable outlook on the company's CFR and the proposed note
offering reflects Moody's expectation that the ratings will not
likely experience upwards pressure over the near term as it will
receive the benefits from the Joint Venture only in an indirect
manner through the payment of future dividends.  Additionally,
Cosan will have to share all decision making on an equal basis
with Shell limiting its control over the Joint Venture's strategy
and financial policies.

The positive outlook on Cosan's existing debt securities which are
expected to be contributed to and assumed by the Joint Venture
reflects Moody's view that the Joint Venture is likely to have
better credit fundamentals.  As such these existing securities are
likely to experience upwards ratings pressure over time.

Cosan's Ba2 local currency corporate family rating reflects its
global default and loss expectation, while the A1.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers.  Moody's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated A1.br
demonstrate above-average creditworthiness relative to other
domestic issuers.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.

Ratings on the existing notes could experience upwards pressure if
the Joint Venture adopts financial policies which would be
commensurate with an investment grade profile while simultaneously
providing consistent dividend payments meaningfully above the
minimum 25% pay-out ratio as currently contemplated, the
expectation of a sustainable improvement in financial leverage and
more stable cash flows.

Ratings could experience downward pressure if the Joint Venture
adopts financial policies which are not commensurate with an
investment grade credit profile, earnings and cash flows do not
demonstrate the expected reduction in volatility, and Cosan adopts
more aggressive financial and or strategic policies then currently
contemplated.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio) is a low-cost Brazilian sugar / ethanol producer.  It is
the largest sugar producer in Brazil and the third largest sugar
producer in the world, having sold 4.1 million tons of sugar in
fiscal year 2010.  It is also the largest exporter of sugar in the
world.

Regarding its ethanol business, Cosan is the largest ethanol
producer in Brazil and the second largest in the world, having
sold 2.1 billion liters in fiscal year 2010, and the largest
exporter of ethanol in the world.  Notably, the group is the
largest grower and processor of sugarcane in the world (twice the
size of the second player), with a crushing capacity expanded of
approximately 62 million tons as of June 30, 2010.


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


ACP GLOBAL: Creditors' Proofs of Debt Due November 30
-----------------------------------------------------
The creditors of ACP Global Opportunities Fund Inc. are required
to file their proofs of debt by November 30, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


ATLAS FINANCIAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Atlas Financial Master Fund Ltd. are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 6, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


BIO ET: Creditors' Proofs of Debt Due November 29
-------------------------------------------------
The creditors of Bio Et Bio Finance Ltd. are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidators are:

         Robert N. Forster
         John L. Herod
         Telephone: (345) 949-7055
         Facsimile: (345) 949-7004
         Butterfield House, Fort Street
         George Town Grand Cayman KY1 1107
         Cayman Islands


DUNE INVESTMENTS: Creditors' Proofs of Debt Due November 30
-----------------------------------------------------------
The creditors of Dune Investments Ltd. are required to file their
proofs of debt by November 30, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd
         P.O. Box 1981, Grand Cayman, KY1-1104
         Cayman Islands


GOLDMAN SACHS: Creditors' Proofs of Debt Due November 30
--------------------------------------------------------
The creditors of Goldman Sachs Strategic U.S. Long/Short Partners,
Ltd. are required to file their proofs of debt by November 30,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 28,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


HAGEMEYER TCI: Creditors' Proofs of Debt Due December 3
-------------------------------------------------------
The creditors of Hagemeyer TCI Limited. are required to file their
proofs of debt by December 3, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
The creditors of Lehman Brothers Asia Multi-Strategy Master Fund,
Ltd. are required to file their proofs of debt by November 22,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 27, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
The creditors of Lehman Brothers Asia Long/Short Master Fund, Ltd.
are required to file their proofs of debt by November 22, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 27, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
The creditors of Lehman Brothers Offshore Directional
Opportunities Master Fund, Ltd. are required to file their proofs
of debt by November 22, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 27, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
The creditors of Lehman Brothers Offshore Directional
Opportunities Fund, Ltd. are required to file their proofs of debt
by November 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 27, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MAX NETWORK: Creditors' Proofs of Debt Due November 29
------------------------------------------------------
The creditors of Max Network Holdings Limited are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 7, 2010.

The company's liquidator is:

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


MINDEN AVENUE: Creditors' Proofs of Debt Due November 25
--------------------------------------------------------
The creditors of Minden Avenue Management Limited are required to
file their proofs of debt by November 25, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 1, 2010.

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


NB ALTERNATIVE: Creditors' Proofs of Debt Due November 22
---------------------------------------------------------
The creditors of NB Alternative Asset Allocation Offshore Fund,
Ltd. are required to file their proofs of debt by November 22,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NB ALTERNATIVE: Creditors' Proofs of Debt Due November 22
---------------------------------------------------------
The creditors of NB Alternative Asset Allocation Offshore Master
Fund, Ltd. are required to file their proofs of debt by
November 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 28, 2010.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


OOJOO ABSOLUTE: Creditors' Proofs of Debt Due November 23
---------------------------------------------------------
The creditors of Oojoo Absolute Return Fund are required to file
their proofs of debt by November 23, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2010.

The company's liquidator is:

         S. Hahn Sull
         Posco Center EAST, 7th Floor
         892 Daechi-4 Dong
         Gangnam-Gu 135-777
         Seoul, Korea
         Telephone: +82-2-570-1600
         Direct: +82-2-570-1601
         Facsimile: +82-2-570-1690


PROFESSIONAL UNDERWRITERS: Creditors' Proofs of Debt Due Nov. 26
----------------------------------------------------------------
The creditors of Professional Underwriters Corporation are
required to file their proofs of debt by November 26, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 5, 2010.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


RMF ALPHA: Creditors' Proofs of Debt Due November 29
----------------------------------------------------
The creditors of RMF Alpha Strategies Reference Fund (2) Limited
are required to file their proofs of debt by November 29, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 8, 2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


SAIL ASIA: Creditors' Proofs of Debt Due November 30
----------------------------------------------------
The creditors of Sail Asia Strategic Opportunities Portfolio are
required to file their proofs of debt by November 30, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd
         P.O. Box 1981, Grand Cayman, KY1-1104
         Cayman Islands


STAMFORD GLOBAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Stamford Global Event Driven Fund are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

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


YORK REFRIGERATION: Creditors' Proofs of Debt Due November 30
-------------------------------------------------------------
The creditors of York Refrigeration Latin America S.A. are
required to file their proofs of debt by November 30, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


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


* MEXICO: Moody's Lowers Issuer Rating on State of Zacatecas to B1
------------------------------------------------------------------
Moody's Investors Service downgraded the State of Zacatecas'issuer
rating to B1 (Global Scale, local currency) from Ba1.  Moody's de
Mexico downgraded the State of Zacatecas' issuer rating to Baa3.mx
(Mexico National Scale) from A1.mx.  At the same time the issuer
ratings have been placed under review for possible downgrade.

                        Ratings Rationale

The rating action reflects a weakening in credit culture and poor
governance practices.  Despite the maintenance of low debt levels,
with net direct and indirect debt equal to roughly 5.1% of total
estimated 2010 revenues, the state recently entered into a default
on a short-term loan (MXN248 million outstanding) with a major
Mexican bank during the transition of state administrations
(elections held early in the year led to a change in governing
parties).  Given the state's low debt burden, the default
highlights flaws in governance policies and vulnerability of
treasury management to unpredictable political decision making.

Full and timely payments are reportedly still being made on all
other state debt obligations and Moody's is monitoring
developments surrounding the state's review of management
practices of the outgoing administration and discussions with
lenders.  Expected loss rates on the defaulted loan, in
conjunction the maintenance of full and timely debt service
payments on all other debt obligations, will be the key drivers
for future rating actions.

The placing of the issuer ratings under review for possible
downgrade reflects downside risks regarding current discussions
with lenders, which are expected to be finalized over the next
three months.

Under a scenario where Zacatecas a) repays in full, including all
corresponding penalties and accrued amounts, the short-term line
of credit currently in default, b) continues to make full and
timely debt service payments on all other debt obligations and c)
successfully strengthens internal governance policies, Moody's may
maintain the current ratings.

Under a scenario where either Zacatecas a) does not repay in full,
including all corresponding penalties and accrued amounts, the
short-term line of credit currently in default or b) fails to make
full and timely debt service payments on all other debt
obligations, Moody's would likely downgrade the state to between
B2 and C (Global Scale), equivalent to B1.mx to C.mx, depending on
expected recovery rates.

The ratings also take into account widening cash financing
requirements, driven by increases in capital spending pressures,
and a narrow liquidity position.

Despite the moderate size of the cash financing requirement
reported in 2009, which was equivalent to 1.6% of total revenues,
Moody's anticipate that the state will face widening imbalances
over the near-term, reflecting the impact of spending pressures
that likely occurred prior to the change in state administrations
in the fall of 2010 and potentially weak revenue performance.

Given market access issues that Zacatecas is likely to face
following the recent default, these fiscal imbalances will likely
trigger a further deterioration in Zacatecas' already narrow
liquidity position, as the state increases accounts payable and
draws down remaining cash balances.  Net working capital (current
assets minus current liabilities) amounted to -2.6% of total
expenditures at the end of 2009, a relatively low level, limiting
the state's internal capacity to absorb unforeseen shocks.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings".

Last rating action was taken in June 2007, when Moody's upgraded
the issuer ratings of the State of Zacatecas to A1.mx (Mexico
National Scale) and Ba1 (Global Scale, Local Currency) from A2.mx
and Ba2, respectively.


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


CL FIN'L: CLICO Credit Unions Welcome TT$262 Million Lifeline
-------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that the government's
decision to throw a TT$262 million credit lifeline to credit
unions experiencing liquidity problems because of their investment
in Colonial Life Insurance Company (Trinidad) Limited
(CLICO) is being praised.  CLICO is a unit of CL Financial
Limited.

Brian Moore, president of the Co-operative Credit Union League
Ltd, told the news agency a telephone interview that the
assistance being offered by Finance Minister Winston Dookeran is
welcomed.

According to the report, Mr. Dookeran disclosed the measure in the
Senate, in response to a motion moved by Opposition Senator,
Pennelope Beckles-Robinson on "the adverse consequences of
Government's proposed bailout plan on the credit union movement".
The report relates Mr. Dookeran also promised to introduce a new
credit union act to Parliament.

Mr. Moore told Trinidad Express this legislation "has been in the
works for a long time and I think it is only because the last
Government demitted office that there was some delay. This is
nothing new at all and credit unions welcome a new legislative
regime for the supervision of credit unions.  There are only one
or two things that we have difficulty with."

The proposed legislation will give the Central Bank the authority
to regulate the financial operations of credit unions, a role that
is now fulfilled by the Commissioner for Co-operative Development,
Trinidad Express notes.

Mr. Moore, the report adds, said that he wants the government to
consult with stakeholders before they present the new legislation
in Parliament.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


CL FIN'L: Central Bank Breaks Silence on CLICO Matter
-----------------------------------------------------
Trinidad Express reports that the Central Bank has broken its
silence on its role in relation to Colonial Life Insurance Company
(Trinidad) Limited (CLICO) policyholders and the collapse parent
company, CL Financial Limited.

According to the report, in a published statement, the Bank
responded to a September 23 letter from attorneys RLM and Company,
who were acting on behalf of the CLICO Policyholders Protection
Association.  The report relates that the Bank said it never had
statutory power to provide financial assistance to insurance
companies, including CLICO, and was not empowered under any of its
governing statutes to provide financial assistance to insurance
companies.

"Hence, any financial assistance which may be provided to
insurance companies cannot come from the Bank," it stated,
Trinidad Express notes.

Trinidad Express discloses that following the strategy formulated
for CLICO in 2009, the Bank said its role was to take policy and
management actions to support the financial assistance provided by
the (then PNM) government with a view to protecting the interest
of CLICO policyholders.  The report relates the Bank said it was
not reasonable for policyholders to have interpreted its
statements as a clear representation that all CLICO policy
contracts would be honored in full.

"Rather, the Bank, working together with (the government), was
seeking to assure that in the developing situation, that CLICO
policyholders would have been offered the best possible protection
subject to reasonable public policy constraints," the Bank said,
the report notes.

The Bank, Trinidad Express adds, said it considered the latest
CLICO proposal announced in the national budget (by the People's
Partnership Government) to be an offer of an option of financial
assistance to policyholders "which is not inconsistent with the
Bank's efforts to find an acceptable solution in the changed
circumstances".

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* VENEZUELA: Receives US$700 Million Loan From IDB
--------------------------------------------------
Venezuela will increase power output from its largest
hydroelectric complex by 795 megawatts-enough to supply almost one
million venezuelans-through a modernization program financed with
a US$700 million loan approved by the Inter-American Development
Bank.

The project will replace six of the 20 turbogenerator units at the
Simon Bolivar Hydroelectric Plant, also known as Guri.  Guri
supplies nearly 45 percent of Venezuela's total electricity
demand.

The six turbo generators units were installed in the 1960s and
1970s.  This puts them at increased risk of failure, and they were
also not originally designed to handle the water pressure that is
available from Guri's reservoir.  As a result, Guri generates 7%
less power than will be possible after the units are overhauled.

The project, part of Venezuelan Government's broader Guri
Modernization Program, will consist of replacing rotors,
regulators, generators and related equipment, along with upgrading
high voltage switchyards and controls systems.

When concluded in 2016, the project will enable Guri to offer 795
MW of additional power, equivalent to more than 3% of Venezuela's
total electricity generation capacity. It will also extend the
plant's service life by around 25 years.

Venezuela will contribute a total of US$609 million in counterpart
funds to the project, whose total cost will be around US$1.3
billion.  The IDB loan is for 20 years, with a 6 year grace period
and an interest rate based on LIBOR.

                           *     *     *

As of October 28, 2010, the country continues to carry Moody's
"B3" country ceiling bank deposit rating and "B1" country ceiling
long-term foreign currency debt rating.

                            ***********

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.


                   * * * End of Transmission * * *