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

          Wednesday, November 10, 2010, Vol. 11, No. 222

                            Headlines



A R G E N T I N A

EMGASUD SA: Moody's Assigns 'B3/Baa1' Rating to US$160 Mil. Notes


B E R M U D A

AMERICAN STANDARD: Creditors' Proofs of Debt Due November 16
AMERICAN STANDARD: Members' Final Meeting Set for December 3
CLAREVILLE CAPITAL: Creditors' Proofs of Debt Due November 12
CLAREVILLE CAPITAL: Members' Final Meeting Set for December 3
LSF IV: Creditors' Proofs of Debt Due November 12

LSF IV: Members' Final Meeting Set for December 3
LSF LUX: Creditors' Proofs of Debt Due November 12
LSF LUX: Members' Final Meeting Set for December 3
MAINGEAR FINANCE: Creditors' Proofs of Debt Due November 12
MAINGEAR FINANCE: Members' Final Meeting Set for December 3

PALATINE RIDGE: Creditors' Proofs of Debt Due November 12
PALATINE RIDGE: Members' Final Meeting Set for December 3


B R A Z I L

BANCO ABC: Fitch Affirms 'BB+' Issuer Default Rating
BANCO DO NORDESTE: Fitch Assigns 'D' Individual Rating
J MALUCELLI: S&P Puts Rating on CreditWatch Positive
INDEPENDENCIA SA: Creditors Meeting Postponed for Lack of Quorum


C A Y M A N  I S L A N D S

AGAM SPV: Shareholders Receive Wind-Up Report
AWY LIMITED: Shareholders' Final Meeting Set for November 24
CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15
CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15
CREP INVESTMENT: Shareholders' Final Meeting Set for November 26

HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26
LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26

MINTAKA CAYMAN: Shareholders' Final Meeting Set for November 26
MISSION GLOBAL: Members' Final Meeting Set for December 1
MISSION GLOBAL: Members' Final Meeting Set for December 1
NEWLANDS LEASING: Members' Final Meeting Set for November 26
NS INFO: Shareholder Receives Wind-Up Report

PMC GLOBAL: Shareholders' Final Meeting Set for November 26
QUANTITATIVE FUND: Shareholders' Final Meeting Set for November 24
SALUS EQUITY: Shareholder to Receive Wind-Up Report on December 7
SAVONA PARTNERS: Shareholders' Final Meeting Set for November 17
TRAFALGAR MERCHANT: Shareholders' Final Meeting Set for Nov. 26


E C U A D O R

* Fitch Upgrades Ecuador's Issuer Default Rating to 'B-'


J A M A I C A

* JAMAICA: To Receive US$15 Million Loan From IDB


M E X I C O

MEXICANA AIRLINE: Wins Legal Shield to Aid Bankruptcy
US ANTIMONY: Reports Delay of Mexican Antimony Mill


P U E R T O  R I C O

PALMAS COUNTRY: Plan Confirmation Hearing Set for Dec. 14


V I R G I N  I S L A N D

K1 GROUP: Founder May be Charged This Week


X X X X X X X X

* Moody's: Global Default Rate Falls to 3.7% in October




                            - - - - -


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


EMGASUD SA: Moody's Assigns 'B3/Baa1' Rating to US$160 Mil. Notes
-----------------------------------------------------------------
Moody's Latin America assigned a B3/Baa1.ar rating to Emgasud's
US$160 million proposed notes.  The rating outlook for Emgasud is
stable.

The B3/Baa1.ar ratings take into consideration Emgasud's recent
poor performance due to delays in the full implementation of its
ED ("EnergĦa Distribuida") project, the challenges of a relatively
new and untested regulatory framework and the concentration of its
operations in only the Argentinean market that has been highly
unpredictable in recent years.

                        Ratings Rationale

The ratings also consider the outstanding prospects for wind
generation in Argentina.  Although challenging for a company that
has no previous experience with this technology, the successful
implementation of the Rawson wind project will provide Emgasud
with diversification in terms of fuel as well as an additional
degree of cash flow predictability.  To develop the wind farm,
Emgasud relies on a appropriate location to produce wind energy, a
long term contract to sell the energy, and a proven technology
from its equipment supplier, who will also be the project operator
for the life of the bonds.

The B3/Baa1.ar ratings considers the various payment mechanisms
and structural features that are available for debt repayment,
which Moody's collectively view as favorable to the assigned
ratings.  Most of Emgasud's outstanding and new debt is payable
from direct transfers to a trustee arising from collections under
the Res. 220 ED contracts.  In spite of initial delays in this
project, construction delays and costs overruns, ED is now almost
fully operational, providing Emgasud with a reasonable level of
future cash flow predictability under different generation and
dispatch scenarios.  In addition, assuming project completion of
the Rawson wind project, debt repayment will also be secured by
payments under the off-take contract with Cammesa, that will have
a fixed price per MWh for a 15 year period.  Also, Cammesa will
transfer an additional 5% of its monthly payment to EMGASUD to
fund a reserve account.  Further, the notes will be partially
guaranteed by a pledge of certain Emgasud's turbines and by a
guarantee from the national government.

Moody's observes that the "ED" contracts have an average maturity
of three years (which Moody's believe are likely to be renewed for
a similar period) and that the wind project contracts have a
fifteen term, which together should provide some cash flow
predictability.  However, Moody's also observe that in both cases,
the off-taker is Cammesa, an agency that administers the wholesale
electricity market in Argentina.  Cammesa's administration of the
wholesale electricity market includes the operation of the system
as well as being responsible for collections and payments.  As the
electric price paid by consumers is not sufficient to cover its
production costs and subsequent payments to producers, Cammesa
faces an ongoing operating deficit that is currently financed with
government resources.  As such, Moody's believe that rating on
EMGASUD should be closely aligned with the rating assigned to the
Argentine government (B3, Stable).

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
".ar" for Argentina.  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."

Proceeds from the notes will be used to prepay outstanding notes
and to complete the financing of a new wind farm project in
Rawson, in the Province of Chubut, Argentina.

The notes will be issued in two tranches: Class 2 up to US$81.9
million and Class 3 up to US$84.6 million which jointly will
aggregate up to a maximum amount of US$160 million.  Class 2 cash
proceeds will be applied to refinance Class 1 notes outstanding
(as of September 30th, US$80 million) while Class 3 cash proceeds
will be used to finance the Rawson wind project.  During the
construction period and to mitigate the risks of potential delays
in the construction or the commencement of the wind project's
commercial operations, EMGASUD's collections from its previous
"EnergĦa Distribuida" project will be available for debt
repayment.  After the project is completed and commercial
operation begin, collections from the wind project will also be
dedicated to repay the notes.  Collections will be assigned to a
guaranty trust, managed by Deutsche Bank S.A. (rated TQ1.ar)
acting as a trustee for the benefit of bondholders.  Deutsche will
apply the collections under the off-take contracts to make
payments under the notes.

The stable outlook incorporates Emgasud's predictable cash flows
after "ED" full completion under different generation scenarios as
well as its expected improved financial performance over its
recent historical results.

The ratings could be downgraded if payments under "ED" from
Cammesa experience a significant delay or if Emgasud incurs
unexpected delays or costs overruns in the construction of its new
wind project.  Also, if Emgasud's expansion program or financial
policy become more aggressive than expected such that Debt to
EBITDA exceeds 5.0x or retained cash flow to Debt is lower than
15%, the ratings could come under downward pressure.

Given the challenges and the inherent execution risks posed by
Emgasud's new wind development as well as the company's recent
poor performance, an upgrade is not likely in the near term.
However over the medium term, assuming that ED continues to
generate stable cash flow and when operational, should the wind
project produce energy in line with Moody's current expectations
the ratings could experience some upward pressure.

Emgasud S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991, in the gas distribution
business.  It also operates in gas transportation but since 2008
power generation is its main business, representing more than 80%
of total revenues.  As of June 2010, Emgasud reported total
revenues of ARS 221 million (approximately US$55 million).


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


AMERICAN STANDARD: Creditors' Proofs of Debt Due November 16
------------------------------------------------------------
The creditors of American Standard Foreign Trading Limited are
required to file their proofs of debt by November 16, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


AMERICAN STANDARD: Members' Final Meeting Set for December 3
------------------------------------------------------------
The members of American Standard Foreign Trading Limited will hold
their final general meeting on December 3, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CLAREVILLE CAPITAL: Creditors' Proofs of Debt Due November 12
-------------------------------------------------------------
The creditors of Clareville Capital Shackleton Master Fund Limited
are required to file their proofs of debt by November 12, 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:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CLAREVILLE CAPITAL: Members' Final Meeting Set for December 3
-------------------------------------------------------------
The members of Clareville Capital Shackleton Master Fund Limited
will hold their final general meeting on December 3, 2010, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF IV: Creditors' Proofs of Debt Due November 12
-------------------------------------------------
The creditors of LSF IV Golf Recovery, Ltd. are required to file
their proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF IV: Members' Final Meeting Set for December 3
-------------------------------------------------
The members of LSF IV Golf Recovery, Ltd. will hold their final
general meeting on December 3, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF LUX: Creditors' Proofs of Debt Due November 12
--------------------------------------------------
The creditors of LSF Lux Holdings X, Ltd. are required to file
their proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF LUX: Members' Final Meeting Set for December 3
--------------------------------------------------
The members of LSF Lux Holdings X, Ltd. will hold their final
general meeting on December 3, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


MAINGEAR FINANCE: Creditors' Proofs of Debt Due November 12
-----------------------------------------------------------
The creditors of Maingear Finance, Ltd. are required to file their
proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


MAINGEAR FINANCE: Members' Final Meeting Set for December 3
-----------------------------------------------------------
The members of Maingear Finance, Ltd. will hold their final
general meeting on December 3, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PALATINE RIDGE: Creditors' Proofs of Debt Due November 12
---------------------------------------------------------
The creditors of Palatine Ridge Insurance Company Limited are
required to file their proofs of debt by November 12, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PALATINE RIDGE: Members' Final Meeting Set for December 3
---------------------------------------------------------
The members of Palatine Ridge Insurance Company Limited will hold
their final general meeting on December 3, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


BANCO ABC: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings-Sao Paulo/New York-05 November 2010: Fitch Ratings
has affirmed the ratings of Banco ABC Brasil S.A.:

  -- Long-term foreign currency and local currency Issuer Default
     Rating at 'BB+'; Outlook Stable;

  -- Short-term FC and LC IDR at 'B';

  -- Individual rating at 'C/D';

  -- Support rating at '3';

  -- Long-term national rating at 'AA-(bra)'; Outlook Stable;

  -- Short-term national rating at 'F1+(bra)'; Outlook Stable.

The FC and LC IDRs, national ratings and the Individual rating of
ABCBr are based on the bank's good credit controls, strong asset
quality, experienced management, all in the context of its
strategy which is focused on the extension of credit and services
to large and medium-sized companies with strong credit profiles.
The ratings also consider ABCBr's modest size and limited revenue
diversification resulting from its relative concentration of
funding sources.  In addition, the Support rating reflects the
moderate probability of support from its major shareholding
parent, Arab Banking Corporation (ABC; rated with an IDR of 'BBB+'
with a Stable Outlook; Individual rating of 'D' by Fitch), as
recently demonstrated in fourth quarter 2008 (4Q'08) and first
half 2009 (1H'09) by the liquidity assistance provided by the
parent's lines of credit.

During the last 15 months the bank has used its strong liquidity
and additional sources of funding to continue growing its overall
loan portfolio and its presence in the middle market.  The
favorable economic environment and the bank's conservative credit
standards resulted in a high quality credit portfolio (impaired
loan ratio of only 2.4% at 3Q'10), which led to good
profitability.  Both of these trends are expected to continue,
subject to a satisfactory seasoning of its loan portfolio.

The bank's increased focus on the middle market is expected to
further diversify its loan portfolio and enable greater spreads
than those obtained from the larger corporates; however, this
could put pressure on asset quality.  The importance that the bank
puts on its credit culture along with its existing credit controls
mitigates these risks.

ABCBr improved its long-term funding with a US$300 million, 10-
year subordinated debt issue further strengthening its total
capital ratios and offsetting recent pressure from the expanded
risk-weighted assets.  However, the recent asset expansion without
an accompanying Tier I increase resulted in a decrease in the
quality of the bank's capital as the Tier I ratio declined to the
still acceptable 12.2% at end-September 2010 (14.6% at end-
December 2009 and 17.9% at end-2008).  In addition, the bank paid
dividends of 36% of its earnings by June 2010 (68% in 2009), which
put further pressure on its capitalization.  Fitch's eligible
capital ratio at Sept. 30, 2010 was 15.6%, with a Core capital
ratio of 12.1%.

While the parent has demonstrated its support through the
extension of credit lines during the crisis, Fitch believes that
the probability of future parent support, if needed, can only be
viewed as moderate, as the Brazilian operation is currently not
considered as a key part of its parent's long-term strategy which
continues to be focused on the Middle East and North Africa
region.

ABCBr's Individual rating remains constrained by the balance sheet
and the revenue concentrations inherent in its business model,
typical of banks in its niche.  A significant deterioration in the
bank's asset quality measures as the new loan portfolio seasons,
or significant pressure on capital ratios from significant credit
portfolio expansion that is not offset by a growth in capital,
could negatively impact the ratings.

ABCBr was established in 1989 and is currently 56.4% controlled by
ABC through Marsau Uruguay Holdings.  Of the remaining shares,
32.7% are owned by the market and 10.9% by the bank's management
and employees.


BANCO DO NORDESTE: Fitch Assigns 'D' Individual Rating
------------------------------------------------------
Fitch Ratings has assigned these ratings to Banco do Nordeste do
Brasil S.A.:

  -- Foreign Currency and Local Currency Long-term Issuer Default
     Ratings 'BBB-'; Outlook Positive;

  -- Foreign and Local Currency short-term IDRs 'F3';

  -- Individual rating 'D';

  -- Support rating '2';

  -- Support rating floor 'BBB-';

  -- National long-term rating 'AA+(bra)'; Outlook Stable;

  -- National short-term rating 'F1+(bra)'.

BNB's FC long-term IDR, equal to the sovereign rating, is derived
from the support of its main shareholder, the National Treasury,
an organ controlled by the Federal Republic of Brazil (rated with
a FC long-term IDR of 'BBB-', with a Positive Outlook by Fitch).
This support also reflects the importance of BNB for the
development of Brazil's Northeast Region.  The Individual Rating
considers its great dependency on the Constitutional Fund for
Financing the Northeast in the origination of revenue, funding,
and capacity to generate loans, as well as its healthy liquidity,
good business diversification and an asset quality superior to
that of its peers.  The rating also considers the fact that
management experiences political influence, as do the other
government-owned banks.

BNB supports its operations through the FNE, which, as established
by its creation, provided in the Federal Constitution of 1988,
receives part of the Industrialized Products and Federal Income
Taxes collected, transferring these resources to the bank to
finance the northeast region productive sectors and sharing 50% of
the risk of such loans with the bank.  With assets of BRL29
billion at fiscal year end 2009, the FNE is administered by the
bank, which receives management and 'del-credere' fees from the
fund, with alterations to the Federal Constitution required for
the bank to lose control of the fund.

BNB's loan portfolio of BRL9.9 billion at FYE09, which does not
include over BRL7.9 billion in loans entirely allocated to the FNE
but for which the bank is responsible, has presented a growing
delinquency rate since 2008, but one still below that of its peer
average.  Impaired loans allocated only to the bank grew from 7.6%
of the total in 2008 to 8.7% in first-half 2010.

BNB presents adequate leveraging, but it could limit its strategic
planning in the long term.  Although the bank relies on the FNE to
acquire its subordinate issuances (BRL1 billion issued in 2009 and
2010), restoring its capitalization, Fitch notes that such
issuances have been diminishing the bank's capital quality by
increasing the portion of Level 2 capital.

The long-term ratings would be altered in the event of changes in
the sovereign IDRs.  Thus, given that Brazil's sovereign IDRs'
Outlook was revised to Positive from Stable on June 28, 2010,
BNB's FC and LC IDRs were assigned a Positive Outlook as well.
The Individual rating could benefit from lesser dependency on the
FNE in terms of revenue, funding and the capacity to originate
loans.  On the other hand, it would be negatively affected in case
of a deterioration in its loan portfolio quality (individual or
shared), or by potential legal and political situations adverse to
the bank's interests.

BNB's activities are focused on rural producers (family and
industrial), mini, small, medium and large companies, and
individuals in Brazil's Northeast Region.  Its reach covers all
states of the Northeast, as well as part of Minas Gerais and
Espirito Santo.


J MALUCELLI: S&P Puts Rating on CreditWatch Positive
----------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'brA-'
Brazilian national scale rating on J. Malucelli Seguradora S.A. on
CreditWatch with positive implications and affirmed its ratings on
Parana Banco S.A. (global scale: BB-/Stable/B; national scale:
brA-/Stable/--).

The action followed the announcement by Parana Banco that it had
agreed to sell a portion of its common stock ownership of J.
Malucelli Participacoes em Seguros e Resseguros S.A. (holding
company of J. Malucelli Seguradora; not rated) to The Travelers
Companies Inc. (A-/Positive/A-2).

"S&P believes the partnership with the Traveler's Group will
improve J. Malucelli Seguradora's financial flexibility and its
business profile, with higher premium retention capacity because
of the capital increase and the potential to expand its
participation in the surety insurance business in Brazil," said
Standard & Poor's credit analyst Ricardo Brito.

The Brazilian insurance group will also benefit from the joint use
of Traveler's globally recognized brand name and access to
Traveler's expertise in the surety bonds, reinsurance, and
property and casualty insurance businesses.

Although Parana Banco will reduce its participation in the
insurance arm of the group, it will continue profiting from this
business and benefit from its growth after the partnership forms.
Paran? Banco will maintain its core business in payroll discount
lending.

Once S&P fully understands all the implications of the joint
venture, and upon the local regulatory authorities' approval of
the transaction, S&P will likely raise its rating on J. Malucelli
Seguradora.


INDEPENDENCIA SA: Creditors Meeting Postponed for Lack of Quorum
----------------------------------------------------------------
Joao Oliveira at Bloomberg News reports that creditors of
Independencia SA canceled a meeting in Sao Paulo on November 8,
2010, because of lack of participation.

According to Bloomberg, the meeting was rescheduled for
November 22, Theo Boscoli, the lawyer of a cattle producer that is
a creditor of Independencia, said after the meeting was postponed.

Bloomberg notes that Independencia SA, whose creditors include
Citibank Inc. and JPMorgan Chase & Co., said Oct. 13 it halted
production and cut senior management jobs after failing to
generate enough cash to cover costs.  The company filed for
bankruptcy protection in February 2009.

In September, the report notes, the company missed a US$12 million
interest payment on US$165 million of its 15 percent bonds due in
2015.

                      About Independencia SA

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

                           *     *     *

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


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


AGAM SPV: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Agam SPV Four Limited (Cayman) received on
October 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Christopher P. Meyering
         Sciens Investment Management LLC
         667 Madison Avenue New York
         NY 10065 USA


AWY LIMITED: Shareholders' Final Meeting Set for November 24
------------------------------------------------------------
The shareholders of AWY Limited will hold their final meeting on
November 24, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 814-2238
         Facsimile: (345) 949-8258


CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15
------------------------------------------------------------
The members of Contiga Absolute Return Fund Limited will hold
their final meeting on November 15, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15
------------------------------------------------------------
The members of Contiga Absolute Return Master Fund Limited will
hold their final meeting on November 15, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CREP INVESTMENT: Shareholders' Final Meeting Set for November 26
----------------------------------------------------------------
The shareholders of Crep Investment L Cayman will hold their final
meeting on November 26, 2010, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
----------------------------------------------------------------
The shareholder of HSBC Alpha Funding (UK) Limited will receive on
November 29, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
----------------------------------------------------------------
The shareholder of HSBC Alpha Plus (UK) Limited will receive on
November 29, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
----------------------------------------------------------------
The shareholder of HSBC Alpha Investments (UK) Limited will
receive on November 29, 2010, at 10:30 a.m., the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26
--------------------------------------------------------------
The shareholders of Loomis Sayles Consumer Discretionary Hedge
Fund I, Ltd. will hold their final meeting on November 26, 2010,
at 12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26
--------------------------------------------------------------
The shareholders of Loomis Sayles Consumer Discretionary Hedge
Fund II, Ltd. will hold their final meeting on November 26, 2010,
at 12:15 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MINTAKA CAYMAN: Shareholders' Final Meeting Set for November 26
---------------------------------------------------------------
The shareholders of Mintaka Cayman Limited will hold their final
meeting on November 26, 2010, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MISSION GLOBAL: Members' Final Meeting Set for December 1
---------------------------------------------------------
The members of Mission Global Asset Fund, Ltd will hold their
final meeting on December 1, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


MISSION GLOBAL: Members' Final Meeting Set for December 1
---------------------------------------------------------
The members of Mission Global Asset Master Fund, Ltd will hold
their final meeting on December 1, 2010, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


NEWLANDS LEASING: Members' Final Meeting Set for November 26
------------------------------------------------------------
The members of Newlands Leasing Limited will hold their final
meeting on November 26, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive, PO Box 1043
         George Town Grand Cayman KY1-1102
         Cayman Islands


NS INFO: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of NS Info Ltd. received on September 21, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman


PMC GLOBAL: Shareholders' Final Meeting Set for November 26
-----------------------------------------------------------
The shareholders of PMC Global Equity Hedge Fund Inc will hold
their final meeting on November 26, 2010, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


QUANTITATIVE FUND: Shareholders' Final Meeting Set for November 24
------------------------------------------------------------------
The shareholders of Quantitative Fund, Ltd. will hold their final
meeting on November 24, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SALUS EQUITY: Shareholder to Receive Wind-Up Report on December 7
-----------------------------------------------------------------
The shareholder of Salus Equity Market Neutral Offshore Fund Ltd.
will receive on December 7, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman


SAVONA PARTNERS: Shareholders' Final Meeting Set for November 17
----------------------------------------------------------------
The shareholders of Savona Partners Limited will hold their final
meeting on November 17, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRAFALGAR MERCHANT: Shareholders' Final Meeting Set for Nov. 26
---------------------------------------------------------------
The shareholders of Trafalgar Merchant Fund will hold their final
meeting on November 26, 2010, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=============
E C U A D O R
=============

* Fitch Upgrades Ecuador's Issuer Default Rating to 'B-'
--------------------------------------------------------
Fitch Ratings has upgraded Ecuador's ratings:

  -- Foreign Currency Issuer Default Rating to 'B-' from 'CCC';
     Outlook Stable;

  -- Short-term foreign currency IDR to 'B' from 'C';

  -- Global 2015 uncollateralized foreign currency bonds to 'B-'
     from 'CCC';

Fitch also affirmed the country ceiling at 'B-' and the
collateralized foreign currency Par and Discount Brady bonds at
'B-'.

The upgrade to 'B-' reflects the easing of near-term liquidity and
financing constraints for Ecuador due to the recovery in
international oil prices and increased bilateral lending.  Loan
agreements with China worth US$2.6 billion (4.4% of GDP) and
continued financing from the public social security agency have
provided Ecuador with resources for budgetary support and
infrastructure spending.

Ecuador's creditworthiness balances moderate levels of public and
external debt and the country's relatively high income and human
development levels against demonstrated weak willingness to
service debt as well as the sovereign's fragile payment capacity.
Ecuador's ratings are also constrained by limited transparency and
disclosure of public finances information.

Ecuador's external financing needs (current account balance plus
external debt amortizations) have come down in tandem with the
decline of the current account deficit.  The CAD finished 2009 at
0.6% of GDP and is likely to remain modest at 0.8% of GDP in 2010.
Hence, in the absence of a terms-of-trade shock, external
financing needs could remain relatively manageable at 49% and 65%
of international reserves in 2010 and 2011, respectively.

While external liquidity has recovered (126% in 2010) due to the
improved fiscal performance and bilateral financing, it remains
low in comparison to the 'B' median of 197%.  Given Ecuador's
limited external financing sources as well as high commodity
dependence, Fitch considers that higher liquidity is necessary to
assuage concerns about the sustainability of dollarization.

'Ecuador's limited sources of recurrent and reliable financing as
well as the high dependence of external and fiscal accounts on oil
prices will continue to weigh on the sovereign's capacity to
service its outstanding debt commitments,' said Erich Arispe,
Director in Fitch's Sovereign Group.  Moreover, the sovereign's
demonstrated weak willingness constitutes a key weakness in
Ecuador's credit profile.

Fitch considers that growth prospects remain low for regional
standards and in comparison to rating peers due to structural
weaknesses related to low private investment, weak institutional
framework and declining oil production.  The Ecuadorean economy
could expand by 2.7% and 2.9% in 2010 and 2011, respectively, in
comparison to the 5.5% and 5% 'B' median performance.

Evidence of enhanced willingness or strengthened capacity to
service outstanding debt according to original terms could benefit
Ecuador's creditworthiness.  On the other hand, downward pressure
on Ecuador's ratings could arise from greater-than-expected
deterioration in fiscal and external accounts and from signs of
further erosion in willingness to service its outstanding debt.


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


* JAMAICA: To Receive US$15 Million Loan From IDB
-------------------------------------------------
Jamaica will improve the competitiveness of its agricultural
sector with measures to improve the quality of food production,
foster the development of agricultural and agro-processing value
chains, and increase farmer's access to national and international
markets with a US$15 million loan from the Inter-American
Development Bank.

The project seeks to boost income of beneficiaries by as much as
17 percent; cut by half the number of outbreaks and food borne
illnesses; and reduce the percentage of fresh and processed food
exports that is rejected because of failure to meet quality
standards.

The loan will back training for farmers related to market
requirements demanded by local and international markets; help
farmers tailor their production to meet the needs from the local
hotel industry; support marketing of their products in the US, UK,
and Canadian markets; as well as support capacity building on
certification, traceability, grades, and standards.

The loan is for a 25-year period, with 5-year grace and maturity
periods and an interest rate based on the Libor.

                           *     *     *

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


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


MEXICANA AIRLINE: Wins Legal Shield to Aid Bankruptcy
-----------------------------------------------------
Compania Mexicana de Aviacion SA won its request for bankruptcy
protection from U.S. creditors, after disputes were resolved with
a bank and a group of airports, Bloomberg News reports.

According to Bloomberg, U.S. Bankruptcy Judge Martin Glenn in
Manhattan court approved Mexicana's request for protection under
Chapter 15 of the U.S. bankruptcy code.  The report relates that
the ruling will help the 87-year-old company reorganize in its
main bankruptcy in Mexico by giving it a legal shield from U.S.
creditors.

"All objections have been resolved," allowing the company to use
cash collateral of its bank lender, and resolving amounts the
airline owes to U.S. airports, Mexicana lawyer William Heuer told
Judge Glenn, Bloomberg notes.

                          Airport Action

Bloomberg discloses that international airports in Denver, Dallas,
Miami and Sacramento, California, sought court permission in
August to take legal action against Mexicana if they didn't get
"timely" payment of passenger facility charges.  The report notes
that Judge Glenn had refused their request and ordered a
resolution of the dispute.

Judge Glenn, the report relates, also overruled objections raised
in court by lawyers who said they represented union members who
work for the airline.  They sought to object to Mexicana's motion
to designate the Mexican bankruptcy a main bankruptcy proceeding,
saying that filings in the U.S. contradicted or omitted
information filed in the Mexican proceeding, Bloomberg notes.

"All creditors are not served in the petition for recognition,"
Bloomberg quoted Judge Glenn as saying, noting that his court only
has jurisdiction over assets in the U.S.  The lawyers had failed
to file objections in a timely manner, he added, the report notes.

                     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).


US ANTIMONY: Reports Delay of Mexican Antimony Mill
---------------------------------------------------
United States Antimony Corporation announced a delay in the start-
up of its newly constructed antimony mill in Queretaro, Mexico,
due to the selection of the area as a UNESCO "World Heritage
Site".  The Governor of Queretaro has offered his full support in
relocating the mill to a site closer to both the Soyatal and Los
Juarez antimony properties.

John Lawrence, CEO of USAC, commented, "Despite the delay, the new
site's lower transportation costs will expand USAC's gross margins
significantly."  He also said, "USAC's unaudited Q3 revenue for
both the Antimony and BRZ Zeolite Divisions set all-time record
highs. BRZ sold 2,138 tons of zeolite to the West Valley
Demonstration Project near Buffalo, New York under the direction
of the Department of Energy for the remediation of radioactive
strontium 90 in the groundwater.  Antimony prices continue to set
all-time record highs as the market contends with potential
restrictions on Chinese supplies.

Thompson Falls, Mont.-based United States Antimony Corporation
produces and sells antimony and zeolite products.

The Company's balance sheet at June 30, 2010, showed US$4.72
million in total assets, US$1.32 million in total liabilities, and
a US$3.92 million stockholders' equity.

DeCoria, Maichel & Teague, P.S., in Spokane, Wash., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that of the Company's negative working
capital and accumulated deficit.


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


PALMAS COUNTRY: Plan Confirmation Hearing Set for Dec. 14
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico approved
on October 28, 2010, the disclosure statement referring to Palmas
Country Club, Inc.'s Chapter 11 plan of reorganization.  As a
result, the Debtor and parties in interest may now solicit
acceptances or rejections of the Debtor's Plan of Reorganization
pursuant to 11 U.S.C. Sec. 1125.

Objections to confirmation of the Plan are due 21 days prior to
the date of the hearing on confirmation of the Plan, which the
Court has set for December 14, 2010, at 2:00 p.m. at the U.S. Post
Office and Courthouse Building, Courtroom 2, 300 Recinto Sur
Street, Old San Juan, Puerto Rico.

As reported in the Troubled Company Reporter on October 11, 2010,
under Palmas Country Club's plan, certain assets identified as the
"Club Facilities" will be sold to Tourism Development Fund ("TDF")
in payment of substantially all amounts outstanding under the
parties' Financing Agreements.  Upon closing of the Sale, TDF
intends to sell the Club Facilities to Palmas Athletic Club, Inc.
("PAC"), a non-profit entity created by certain Palmas del Mar
residents specifically to operate and preserve the Club
Facilities.  If the Sale is finally approved, the Debtor's secured
creditors will be deemed to have been paid in full, except for
amounts owed pursuant to the TDF Loan Agreement that will be paid
only to the extent there is cash available after paying post-
petition maintenance expenses.  Additionally, the real property
taxes owed to secured creditor Municipal Revenue Collection Center
in the amount of US$133,800, will be paid in full by TDF as a
condition of the Sale.

Any resulting deficiency claim of TDF will be deemed an unsecured
claim in Class 6.  TDF has voluntarily elected to forgo any
dividend for the TDF Deficiency Claim.

The Plan also provides for the payment of approximately 6% of
allowed unsecured claims, except for the TDF Deficiency Claim, in
one lump sum payment to be made on or before 30 days after the
Effective Date if the Plan is funded with the Parent Company
Contribution.  If the Plan is funded with TDF Contingent
Contribution, then this class will receive approximately __% of
their claims.

All equity interests in Debtor will be canceled and equity holders
will receive no distribution.

The Plan will be funded by US$198,000 from Palmas del Mar
Properties, Inc., the Debtor's parent company if the releases
herein requested are granted.  Of this amount, US$98,000 will be
used to pay CRIM for personal property taxes and US$100,000 for
distribution to general unsecured creditors and holders of
unliquidated and contingent claims.  If the releases are not
granted, then the Plan will be funded by a US$150,000 contribution
from TDF.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/PALMASCOUNTRY_DS.pdf

                 About Palmas Country Club, Inc.

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D. P.R. Case No. 10-07072).  Alexis Fuentes-
Hernandez, Esq., at Fuentes Law Offices, assists the Debtor in its
restructuring effort.  The Debtor disclosed US$23,973,011 in
assets and US$58,546,398 in liabilities as of the Petition Date.


========================
V I R G I N  I S L A N D
========================


K1 GROUP: Founder May be Charged This Week
------------------------------------------
K1 Group hedge fund founder Helmut Kiener may be charged this week
over what prosecutors say was a scheme that led to hundreds of
millions in losses at Barclays Plc, JPMorgan Chase & Co. and BNP
Paribas SA, Bloomberg News reports.

According to Bloomberg, charges may be filed this week or next
after the formal investigation is completed, said Dietrich Geuder,
a spokesman for prosecutors in Wuerzburg, Germany.  Bloomberg
relates that Mr. Kiener and other suspects have been investigated
for fraud and breach of trust.  Mr. Kiener, the report notes, has
denied the allegations.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2010, Bloomberg News said that Dieter Frerichs, a suspect
in an investigation K1 Group, committed suicide to escape
apprehension from authorities.  Mr. Frerichs was a managing
director of two British Virgin Island-based K1 investment funds.
According to the report, K1 Group is at the center of an
international criminal probe after saddling banks including
Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA with losses.
The report relates that the Wuerzburg prosecutors said they expect
the total damage incurred by an alleged deception scheme to be
more than EUR300 million (US$376 million).

Meanwhile, Bloomberg notes, prosecutors have also been probing
David Zuendorf, who worked with the K1 funds' Swiss administrator
Treukapital Treuhandverwaltung AG and was arrested in April.

K1 Global and K1 Invest have both filed for liquidation.

K1 Group is a German hedge fund firm.


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


* Moody's: Global Default Rate Falls to 3.7% in October
-------------------------------------------------------
The trailing 12-month global speculative-grade default rate
dropped to 3.7% in October 2010, down from a level of 4.0% in
September, said Moody's Investors Service in a new report.  A year
ago, the global default rate was much higher at 13.4%.  The
ratings agency's default rate forecasting model now predicts that
the global speculative-grade default rate will fall to 2.8% by the
end of this year before declining to 1.9% by October 2011.

"Defaults continue to come in near, but generally below, our
expectations," said Albert Metz, Moody's Director of Credit Policy
Research.  "Issuers are able to find the liquidity they need when
they need it."

In the U.S., the speculative-grade default rate fell to 3.6% in
October from 4.0% in September, while in Europe, the default rate
declined to 2.8% in October from 3.5% in October.  The U.S. and
European default rate stood at 14.6% and 10.6% respectively, at
this time last year.  Among U.S. speculative-grade issuers,
Moody's forecasting model foresees the default falling to 2.9% by
December 2010 and then declining to 2.2% a year from now. In
Europe, the forecasting model projects the speculative-grade
default rate will end the year at 2.1% before dropping to 1.2% by
October 2011.

A total of five Moody's-rated corporate debt issuers defaulted in
October, which sends the year-to-date default count to 45.  This
is below Moody's January projection that 63 defaults would have
been recorded through the first ten months of the year.  In
comparison, a total of 247 defaults were recorded in the
comparable time period last year.  Across regions, all of
October's defaults were by North American issuers except for
Hipotecaria Su Casita, S.A. de C.V., which is based in Latin
America.

Across industries over the coming year, default rates are expected
to be highest in the Hotel, Gaming, & Leisure sector in the U.S.
and the Durable Consumer Goods sector in Europe.

Measured on a dollar volume basis, the global speculative-grade
bond default rate edged lower to 1.4% in October, down from 2.0%
in September.

Last year, the global dollar-weighted default rate was noticeably
higher at 19.3%.

In the U.S., the dollar-weighted speculative-grade bond default
rate ended at 1.1% in October, down from the level of 1.8% in
September.  The comparable rate was 20.1% in October 2009. In
Europe, the dollar-weighted speculative-grade bond default rate
edged lower to 2.4% in October from 2.6% in September.  At this
time last year, the European speculative-grade bond default rate
was 12.0%.

Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 14.1% in October, down from the
level of 15.0% in September.  A year ago, the index was much
higher at 27.2%.  In the leveraged loan market, no Moody's-rated
loan defaulters defaulted in October.  Therefore the year-to-date
loan default count remained unchanged at 19. The trailing 12-month
U.S. leveraged loan default rate fell from 4.1% in September to
3.6% in October. A year ago, the loan default rate was 11.5%.



                            ***********

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 * * *