TCRLA_Public/101101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, November 1, 2010, Vol. 11, No. 215

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Declared Broke, Gets Yet Another Set of Lawyers


A R G E N T I N A

COMPANIA ALTO: Creditors' Proofs of Debt Due November 24
FOGATA FACTORY: Asks for Preventive Contest
ODITEC SA: Creditors' Proofs of Debt Due November 8
SIGNO GRUPO: Creditors' Proofs of Debt Due November 19
TAKE OFF: Creditors' Proofs of Debt Due November 29


B E R M U D A

MORGAN STANLEY: Creditors' Proofs of Debt Due November 15
MORGAN STANLEY: Members to Receive Wind-Up Report on December 1
SAFFRON SERVICES: Creditors' Proofs of Debt Due November 22
SAFFRON SERVICES: Members to Receive Wind-Up Report on November 29


C A Y M A N  I S L A N D S

COMVEST CAPITAL: Creditors' Proofs of Debt Due November 29
CONSTELLATION I: Creditors' Proofs of Debt Due November 25
DEL MAR: Creditors' Proofs of Debt Due November 29
DEL MAR: Creditors' Proofs of Debt Due November 29
FITX GROUP: Creditors' Proofs of Debt Due November 26

GRIFFIN INTERNATIONAL: Creditors' Proofs of Debt Due November 29
KENMAR FX: Creditors' Proofs of Debt Due November 29
KENMAR GLOBAL: Creditors' Proofs of Debt Due November 29
LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
MARKET ADVANTAGE: Creditors' Proofs of Debt Due November 29

MARKMAN CAPITAL: Placed Under Voluntary Liquidation
MICH FUND: Creditors' Proofs of Debt Due November 15
MICH STRATEGIC: Creditors' Proofs of Debt Due November 15
MMT ENERGY: Creditors' Proofs of Debt Due November 30
MMT ENERGY: Creditors' Proofs of Debt Due November 30

ORTUS MULTI-STRATEGY: Creditors' Proofs of Debt Due November 15
PASA FUNDING: Creditors' Proofs of Debt Due November 15
ROCKBAY CAPITAL: Creditors' Proofs of Debt Due November 29
SAPPORO MAISON: Creditors' Proofs of Debt Due November 29
TIBERIUS FUNDS: Creditors' Proofs of Debt Due December 1


J A M A I C A

AIR JAMAICA: More Job Cuts Possible


M E X I C O

GRUPO PETROTEMEX: Fitch Downgrades Issuer Default Rating to 'BB'
MEXICANA AIRLINES: Liabilities Reach US$725 Million


N E T H E R L A N D S  A N T I L L E S

EAST CARIBBEAN CELLULAR: License and Concession to be Revoked


X X X X X X X X

* BOND PRICING: For the Week October 25 to October 29, 2010




                            - - - - -

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


STANFORD INT'L: Declared Broke, Gets Yet Another Set of Lawyers
---------------------------------------------------------------
U.S. District Court Judge David Hittner has given Robert Allen
Stanford his sixth set of lawyers, only three months prior to the
scheduled January 24, 2010, start date for his criminal trial,
Caribbean News Now reports.

According to the report, Judge Hittner said that The Jamaica
Observer reported that Mr. Stanford filed an affidavit of
indigency, "so we now have to appoint counsel at government
expense."

Judge Hittner, the report notes, dismissed Mr. Stanford's criminal
defense lawyer, Robert Bennett, and appointed two new and far-
cheaper lawyers.

As reported in the Troubled Company Reporter-Latin America on
October 18, 2010, Caribbean360.com said that Mr. Stanford has
suffered a serious blow as a judge rules he cannot use US$100
million of Lloyd's of London directors and officers insurance
coverage to pay lawyers to defend him.

At the same time of that ruling, Caribbean News Now notes, Mr.
Bennett said that he had hoped the government would continue
paying at least as much of the legal fees as the insurance policy
would have covered.  The report notes that Mr. Bennett had been
charging as much as US$1,000 an hour to defend Mr. Stanford but
the government's going rate is only US$125 an hour.  The report
discloses that Mr. Bennett asked to withdraw from the case and was
replaced by two Houston lawyers, Ali Faze and Robert Scardino.

Mr. Stanford, the report adds, has already gone through five sets
of lawyers -- including the public defender in Houston -- since he
was first accused in February 2009 of running a huge Ponzi scheme.

              About Stanford International Bank

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

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

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

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

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


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


COMPANIA ALTO: Creditors' Proofs of Debt Due November 24
--------------------------------------------------------
Marta Noemi Dieguez, the court-appointed trustee for Compania Alto
Uruguay SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 24, 2010.

Ms. Dieguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

         Marta Noemi Dieguez
         Lavalle 1290
         Argentina


FOGATA FACTORY: Asks for Preventive Contest
-------------------------------------------
Fogata Factory SA asked for preventive contest.  The company
stopped making payments last 2008.


ODITEC SA: Creditors' Proofs of Debt Due November 8
---------------------------------------------------
Bernardino Alberto Margulis, the court-appointed trustee for
Oditec SA's reorganization proceedings, will be verifying
creditors' proofs of claim until November 8, 2010.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Bernardino Alberto Margulis
         Parana 426
         Argentina


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

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 September 2, 2011.


TAKE OFF: Creditors' Proofs of Debt Due November 29
---------------------------------------------------
Norberto Vilarino, the court-appointed trustee for Take Off One
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 29, 2010.

Mr. Vilarino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

         Norberto Vilarino
         Fonrouge 1316
         Argentina


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


MORGAN STANLEY: Creditors' Proofs of Debt Due November 15
---------------------------------------------------------
The creditors of Morgan Stanley Reinsurance Alpha Ltd. (formerly
Morgan Stanley Reinsurance Ltd.) are required to file their proofs
of debt by November 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae's Court
         22 Victoria Street, Hamilton
         Bermuda


MORGAN STANLEY: Members to Receive Wind-Up Report on December 1
---------------------------------------------------------------
The members of Morgan Stanley Reinsurance Alpha Ltd. (Formerly
Morgan Stanley Reinsurance Ltd.) will receive on December 1, 2010,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae's Court
         22 Victoria Street, Hamilton
         Bermuda


SAFFRON SERVICES: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------
The creditors of Saffron Services Limited 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 October 21, 2010.

The company's liquidator is:

         Mark W.R. Smith
         Hamilton
         Bermuda


SAFFRON SERVICES: Members to Receive Wind-Up Report on November 29
------------------------------------------------------------------
The members of Saffron Services Limited will receive on
November 29, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Mark W.R. Smith
         Hamilton
         Bermuda


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


COMVEST CAPITAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Comvest Capital SPC 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 7, 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 KY1-9002/9005
         Cayman Islands


CONSTELLATION I: Creditors' Proofs of Debt Due November 25
----------------------------------------------------------
The creditors of Constellation I Ltd. are required to file their
proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2010.

The company's liquidator is:

         Ogier
         Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949 9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


DEL MAR: Creditors' Proofs of Debt Due November 29
--------------------------------------------------
The creditors of Del Mar Distressed Opportunities Offshore 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 8, 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 KY1-9002/9005
         Cayman Islands


DEL MAR: Creditors' Proofs of Debt Due November 29
--------------------------------------------------
The creditors of Del Mar Distressed Opportunities 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 8, 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 KY1-9002/9005
         Cayman Islands


FITX GROUP: Creditors' Proofs of Debt Due November 26
-----------------------------------------------------
The creditors of FITX Group Limited 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 8, 2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes Attorneys-at-Law
         NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


GRIFFIN INTERNATIONAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------------
The creditors of Griffin International Umbrella 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 8, 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 KY1-9002/9005
         Cayman Islands


KENMAR FX: Creditors' Proofs of Debt Due November 29
----------------------------------------------------
The creditors of Kenmar FX Master Fund 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:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002/9005
         Cayman Islands


KENMAR GLOBAL: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
The creditors of Kenmar Global FX Fund 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:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002/9005
         Cayman Islands


LEHMAN BROTHERS: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
The creditors of Lehman Brothers Asia Long/Short 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


MARKET ADVANTAGE: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------------
The creditors of Market Advantage (USD), 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 11, 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 KY1-9002/9005
         Cayman Islands


MARKMAN CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary meeting held on October 8, 2010, the members
of Markman Capital Investments resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

         Baldwin L. Rigby
         The Bank of Nova Scotia Trust Company (Bahamas) Limited,
         P.O. Box N-3016, Scotia House
         404 East Bay Street
         Nassau, Bahamas
         Telephone: 242-502-5700
         Facsimile: 242-326-0991
         e-mail: baldwin.rigby@scotiabank.com


MICH FUND: Creditors' Proofs of Debt Due November 15
----------------------------------------------------
The creditors of Mich Fund, Ltd. are required to file their proofs
of debt by November 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 4, 2010.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


MICH STRATEGIC: Creditors' Proofs of Debt Due November 15
---------------------------------------------------------
The creditors of Mich Strategic Investors Offshore Fund, Ltd. are
required to file their proofs of debt by November 15, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 4, 2010.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


MMT ENERGY: Creditors' Proofs of Debt Due November 30
-----------------------------------------------------
The creditors of MMT Energy Fund 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 7, 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


MMT ENERGY: Creditors' Proofs of Debt Due November 30
-----------------------------------------------------
The creditors of MMT Energy Feeder Fund SPC 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 5, 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


ORTUS MULTI-STRATEGY: Creditors' Proofs of Debt Due November 15
---------------------------------------------------------------
The creditors of Ortus Multi-Strategy Fund (Cayman) Limited are
required to file their proofs of debt by November 15, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 23, 2010.

The company's liquidator is:

         Ogier
         Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


PASA FUNDING: Creditors' Proofs of Debt Due November 15
-------------------------------------------------------
The creditors of Pasa Funding 2007, Ltd. are required to file
their proofs of debt by November 15, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


ROCKBAY CAPITAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Rockbay Capital Commitment 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 7, 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 KY1-9002/9005
         Cayman Islands


SAPPORO MAISON: Creditors' Proofs of Debt Due November 29
---------------------------------------------------------
The creditors of Sapporo Maison Holdings Inc 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 11, 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


TIBERIUS FUNDS: Creditors' Proofs of Debt Due December 1
--------------------------------------------------------
The creditors of Tiberius Funds SPC Limited are required to file
their proofs of debt by December 1, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Alric Lindsay
         Telephone: (345)-526-1688
         Mirco Centre, Unit 215
         PO Box 11371, North Sound Road
         Grand Cayman KY1-1008
         Cayman Islands


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


AIR JAMAICA: More Job Cuts Possible
-----------------------------------
About 80 Air Jamaica Limited workers could lose their jobs if the
company goes ahead with plans to centralize reservations,
RadioJamaica reports.

According to the report, an unnamed source close to Air Jamaica
said that the airline is mulling over a plan to centralize its
reservation business with Trinidad's national carrier Caribbean
Airlines.  The report relates that the source said the
centralization of reservations would mean that the service will be
transferred to Trinidad, at the expense of Jamaican jobs.

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

                           *     *     *

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


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M E X I C O
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GRUPO PETROTEMEX: Fitch Downgrades Issuer Default Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Petrotemex, S.A. de C.V.'s
ratings:

  -- Long Term Issuer Default Rating to 'BB' from 'BB+';
  -- Local currency IDR to 'BB' from 'BB+'.

Petrotemex's Rating Outlook is Stable.

Fitch has also downgraded these ratings for Petrotemex and DAK
Americas, LLC:

  -- Petrotemex US$75 million privately placed senior notes due
     2012 to 'BB' from 'BB+';

  -- Petrotemex US$275 million senior notes due 2014 to 'BB' from
     'BB+';

  -- DAK Americas US$115 million privately placed senior notes due
     2014 to 'BB' from 'BB+'.

These downgrades follow Petrotemex's announcement that it had
reached an agreement to acquire Eastman Chemical Company's
integrated PET business in the U.S. for approximately U$600
million.  They reflect the leveraging effect this transaction will
have on Petrotemex's credit protection measures, if completed as
announced.  On a pro forma basis, Fitch estimates that
Petrotemex's total debt-to-EBITDA, considering 12 months of
Eastman assets operations, could reach 3.3 times in 2010 and
gradually decrease in the future.  This leverage ratio compares
negatively with the company's total debt-to-EBITDA ratio of 2.2x
for the latest 12 months as of June 30, 2010, and fall outside of
Fitch's prior leverage estimation of 2.0x to 2.5x.

The investment is strategic and positive for Petrotemex in Fitch's
view, and should strengthen the company's business position, as it
gains market share in PET in North America.  It should also bring
potential synergies to Petrotemex's operations, provide the
company with access to new technologies and improve its vertical
integration.  The company has historically been successful in
integrating new businesses; however, Fitch perceives integration
risk in the near term.  In addition, the company will need to
refinance its debt maturities before 2013 in order to maintain its
liquidity profile.

Petrotemex's 'BB' ratings and Stable Outlook are supported by the
company's strong domestic and global competitive position, its
long-term supply and customer arrangements, and geographically
diversified operating base.  The resilience of the company's
client base, which consists of many food, beverage and personal
care products, to economic downturns is also factored into the
company's ratings.  The ratings are constrained by the volatility
of the industry.  Petrotemex's cost structure exposure to rising
input costs, particularly energy and other raw material costs, is
also a constraint upon the rating.


MEXICANA AIRLINES: Liabilities Reach US$725 Million
---------------------------------------------------
The Latin American Herald Tribune reports Communications and
Transportation Secretary Juan Molinar said that Compania Mexicana
de Aviacion or Mexicana Airlines' liabilities total about
MXN9 billion (some US$725 million).  The report relates Mr.
Molinar said that some investors have expressed an interest in the
bankrupt carrier, but they would have to assume these liabilities
to get the airline flying again.

According to the report, Mexicana Airline stopped operating
"indefinitely" on August 28, 2010, along with sister budget
carriers Click and Link due to serious financial problems.  The
report relates Mr. Molinar said he agreed with Labor Secretary
Javier Lozano that the airline's situation "is very difficult,"
but he refused to confirm that liquidation was "imminent".

The report notes Mr. Molinar said that previous administrations
bailed out Mexicana de Aviacion when it stumbled in the past, and
the current government "will do everything necessary" to prevent
liquidation.  However, government funds would not be injected into
the carrier to prevent it from disappearing, he added.

The receiver, the report discloses, is examining the bankrupt
carrier's viability and possible debt-restructuring agreements.

The lower house of Mexico's Congress named a commission to
investigate allegations of "fraudulent management" during the
tenure of Mexicana's former chairman, Gaston Azcarraga, the report
adds.

                    About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


======================================
N E T H E R L A N D S  A N T I L L E S
======================================


EAST CARIBBEAN CELLULAR: License and Concession to be Revoked
-------------------------------------------------------------
The Daily Herald reports Minister of Telecommunication Franklin
Meyers confirmed that government has decided to revoke the
concession and the business license of East Caribbean Cellular.

The report relates Mr. Meyers explained that as the company had
been declared bankrupt on October 4, it automatically was in
default of its concession to provide telecommunication services in
St. Maarten.

According to the report, a letter has been sent to the trustee and
to the Chamber of Commerce informing them of government's
decision.  The report relates that Mr. Meyers said that the only
possible "tangible solution" the trustees could table would be to
sell ECC's concession.

Mr. Meyers, the report notes, explained that ECC had run up a debt
of approximately NAf. 9 million in back taxes and fees owed to the
Island Receiver.  A settlement agreement was reached at NAf. 3.6
million with the understanding that should ECC fail to make
payment, the debt would revert back to the original sum of
approximately NAf. 9 million, the report states.

The Daily Herald notes that ECC managed to pay NAf. 1.5 million
and no more, defaulting on the agreement.  In addition, the report
discloses, ECC still owes the TelEm Group of Companies
approximately NAf. 1 million and United Telecommunication Services
NAf. 600,000.

According to The Daily Herald, with regard to the employees, Mr.
Meyers said: "Ultimately government has a responsibility to take
care of all its inhabitants and the 20 employees are indirectly
the responsibility of any sitting government."

The Daily Herald discloses that ECC's creditors can file a
"reasoned" claim in writing before Tuesday, November 23, at the
office of the trustee, Lexwell Attorneys at Law for the attention
of L.G.J. Berman.  The judge has also decided the first creditors
meeting will be held in the Court of First Instance on Monday,
December 13, at 10:00 a.m, the report adds.

East Caribbean Cellular is headquartered in Philipsburg,
Netherlands Antilles.


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


* BOND PRICING: For the Week October 25 to October 29, 2010
-----------------------------------------------------------

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


ARGENTINA
---------
ARGENT- DIS           5.83   12/31/2033  ARS            44.75
ARGENT-PAR            1.18   12/31/2038  ARS             92.5
ARGENT-?DIS           4.33   12/31/2033  JPY               42
ARGENT-?PAR&GDP       0.45   12/31/2038  JPY                8
BOGAR 2018               2     2/4/2018  ARS             38.5
PRO12                    2     1/3/2016  ARS              128

CAYMAN ISLAND
-------------
BANCO BPI (CI)        4.15   11/14/2035  EUR           64.438
BANIF FIN LTD            3   12/31/2019  EUR           62.625
BCP FINANCE CO       4.239               EUR         70.03409
BCP FINANCE CO       5.543               EUR             73.9
BES FINANCE LTD       5.58               EUR         70.97254
BES FINANCE LTD      6.984     2/7/2035  EUR         63.42565
DUBAI HLDNG COMM         6     2/1/2017  GBP         72.76823
EFG ORA FUNDING        1.7   10/29/2014  EUR         69.19499
ESFG INTERNATION     5.753               EUR         72.95357
PUBMASTER FIN        6.962    6/30/2028  GBP          66.3868
SHINSEI FIN CAYM     6.418               USD         70.96576
SHINSEI FINANCE       7.16               USD               69


CHILE
-----
AGUAS NUEVAS           3.4    5/15/2012  CLP           1.6304
ESVAL S.A.             3.8    7/15/2012  CLP         49.87821
MASISA                4.25   10/15/2012  CLP         38.11955


PUERTO RICO
-----------
PUERTO RICO CONS       6.5     4/1/2016  USD           42.625


VENEZUELA
---------
PETROLEOS DE VEN       4.9   10/28/2014  USD         64.07045
PETROLEOS DE VEN         5   10/28/2015  USD         59.16499
PETROLEOS DE VEN     5.125   10/28/2016  USD         56.62819
PETROLEOS DE VEN      5.25    4/12/2017  USD         58.64957
PETROLEOS DE VEN     5.375    4/12/2027  USD         48.34653
PETROLEOS DE VEN       5.5    4/12/2037  USD         46.57195
PETROLEOS DE VEN       8.5    11/2/2017  USD         70.08081
VENEZUELA             5.75    2/26/2016  USD            70.25
VENEZUELA                6    12/9/2020  USD             59.5
VENEZUELA                7    12/1/2018  USD               67
VENEZUELA                7    3/31/2038  USD             56.5
VENEZUELA                7    3/31/2038  USD            55.85
VENEZUELA             7.65    4/21/2025  USD            60.25
VENEZUELA             7.75   10/13/2019  USD               67
VENEZUELA             8.25   10/13/2024  USD             64.5
VENEZUELA                9     5/7/2023  USD            68.25
VENEZUELA             9.25    9/15/2027  USD           72.875
VENEZUELA             9.25     5/7/2028  USD            67.25
VENEZUELA             9.25    9/15/2027  USD            72.85
VENZOD - 189000      9.375    1/13/2034  USD            67.25



                           ***********

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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