TCRLA_Public/101112.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

           Friday, November 12, 2010, Vol. 11, No. 224

                            Headlines



A R G E N T I N A

* ARGENTINA: S&P Affirms Buenos Aires 'B' Currency Credit Ratings


B E R M U D A

C.T. PROGRESSIVE: Creditors' Proofs of Debt Due November 29
C.T. PROGRESSIVE: Members' Final Meeting Set for December 14
DORSAL FINANCE: Creditors' Proofs of Debt Due November 17
DORSAL FINANCE: Members' Final Meeting Set for December 8
KCP PARTNERS: Creditors' Proofs of Debt Due November 17

KCP PARTNERS: Members' Final Meeting Set for December 8
NAS (BERMUDA): Creditors' Proofs of Debt Due November 17
NAS (BERMUDA): Members' Final Meeting Set for December 3
ONSET BAY: Creditors' Proofs of Debt Due November 17
ONSET BAY: Members' Final Meeting Set for December 8

PAN ORIENT: Creditors' Proofs of Debt Due November 29
PAN ORIENT: Members' Final Meeting Set for December 14
VCFA INVESTMENT: Creditors' Proofs of Debt Due November 17
VCFA INVESTMENT: Members' Final Meeting Set for December 8
WTP LIMITED: Creditors' Proofs of Debt Due November 29

WTP LIMITED: Members' Final Meeting Set for December 14


B R A Z I L

BANCO PANAMERICANO: Rescue Needed to Avoid Liquidation
MARFRIG ALIMENTOS: Moody's Confirms 'B1' Rating on Senior Notes
* BRAZIL: President Says World Economy Headed For 'Bankruptcy'


C A Y M A N  I S L A N D S

ABSOLUTE INSIGHT: Shareholder to Receive Wind-Up Report on Nov. 30
ABSOLUTE INSIGHT: Shareholder to Receive Wind-Up Report on Nov. 30
ATHOS FUNDING: Shareholders' Final Meeting Set for November 30
BEAR STEARNS: Shareholders' Final Meeting Set for November 30
CASAM BORNEO: Shareholders' Final Meeting Set for November 27

CASAM GALAPAGOS: Shareholders' Final Meeting Set for November 27
CASPIAN KING: Shareholders' Final Meeting Set for November 26
CLARION CBO: Shareholders' Final Meeting Set for November 30
CLASIX FINANCE: Shareholders' Final Meeting Set for November 27
CREMER INTERNATIONAL: Member to Hear Wind-Up Report on Nov. 30

CROWN GLOBAL: Shareholders' Final Meeting Set for November 30
DAI-ICHI LIFE: Shareholders' Final Meeting Set for November 30
DAI-ICHI LIFE: Shareholders' Final Meeting Set for November 30
DRAWBRIDGE EQUITY: Shareholders' Final Meeting Set for November 30
ELLIOTT EBARA: Shareholders' Final Meeting Set for November 30

F&C TOURMALINE: Shareholders' Final Meeting Set for November 30
F&C TOURMALINE: Shareholders' Final Meeting Set for November 30
LOKE HOLDINGS: Shareholders' Final Meeting Set for November 30
SAISONCARD SPV: Shareholders' Final Meeting Set for November 30
WESSEX GLOBAL: Shareholders' Final Meeting Set for November 30


H O N D U R A S

* HONDURAS: IDB Approves US$40 Million in Financing


M E X I C O

METROFINANCIERA SAPI: Fitch Raises Issuer Default Rating to 'CCC'
MEXICANA AIRLINES: Banorte CEO 'Encouraged' by Rescue Offer


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

URBAN DEVELOPMENT CORP: Owes TT$8 Billion to Contractors


T U R K S  &  C A I C O S

OLINT CORP: Former Boss Planning Surrender to U.S. Authorities




                            - - - - -


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


* ARGENTINA: S&P Affirms Buenos Aires 'B' Currency Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
foreign and local currency credit ratings on the City of Buenos
Aires.  The outlook on the local and foreign currency long-term
issuer credit ratings is stable.

The 'B' global scale rating on the City of Buenos Aires reflects
the high risk inherent to Argentina.

"A polarized political and economic environment, lack of
predictability in government policies, and high inflation still
constrain the ratings on the sovereign," said Standard & Poor's
credit analyst Delfina Cavanagh.  The city's revenue flexibility,
which is higher than that of other local governments, low debt,
financial flexibility, and a relatively healthy economy partially
offset these weaknesses.

In line with the economic recovery in 2010, revenues are expected
to end 2010 with a 28% annual increase, which will derive in a
high operating balance of around 10% of total operating revenues.
However, as a consequence of a significant annual increase of
around 60% in capital expenditure for 2010, the city would end
with an ARP860 million deficit equivalent to a 4% deficit of total
revenues.  The funding for this deficit was already obtained with
the $475 million bond issuance in April 2010 and with the
suppliers bond, which is still consolidating past debts with
suppliers.

S&P predicts a GDP growth equivalent to 7% in 2010 for Argentina
and a similar expansion for the city.  Given still-high inflation,
the city's administration -- as well as most provinces in
Argentina -- may not be able to meet its employees' demands for
salary increases, especially in 2011 because it is an electoral
year both for the country and the city.  However, the 2011 budget
includes ambitious capital expenditures, which the city could
eventually cut if necessary.

The city issued a $50 million bond in December 2009, a $475
million bond in April 2010, and an additional bond to suppliers
for almost ARP690 million in 2009.  After these new issuances,
total debt reached ARP4 billion as of the end of September 2010,
equivalent to slightly more than 20% of 2010's estimated operating
revenues, a still-low indicator.  Given the city's ambitious plan
to continue with its infrastructure projects, S&P would expect
higher debt levels for the city, but still at low or moderate
levels.  Standard & Poor's does not see this additional debt as a
factor in the deterioration of the city's financial profile and
believes that its low debt will continue to support the rating.

The city's liquidity management and position has significantly
improved in 2010 given economic recovery and additional funding.
As of Sept. 30, 2010, the city's estimated savings were ARP1,350
million, of which ARP900 million were held in LEBAC (Letras del
Banco Central) and ARP450 million in term deposits.

Taking advantage of the city's good reputation in the local
capital market, which led to high liquidity in Argentina, the city
developed an ARP800 million commercial paper program authorized in
2009.  This program was increased for the 2010 fiscal year up to
ARP950 million.  As of Sept. 30, 2010, the city issued more than
20 series, of which ARP490 million was outstanding as of that
date.  This financing contributed to a better management of
liquidity covering cash shortfalls.  During 2010, the city
significantly diminished its supplier debt (including working
capital and short-term liabilities the city incurred with
employees or suppliers) because of its improved financial
position.  The city's estimated supplier debt amounted to ARP1,000
million as of Sept. 30, 2010, down from ARP2,200 million estimated
as of end-December 2009.

The recovery rating on the City of Buenos Aires' unsecured debt is
'2', indicating S&P's expectation of substantial (70% to 90%)
recovery for lenders in a payment default scenario.

The stable outlook incorporates S&P's expectation that
conservative management and low debt will continue to provide
fiscal flexibility over the next two to three years.  Therefore,
S&P expects the city will manage its increasing expenditures in a
manner consistent with the ratings.

Greater fiscal instability resulting from unsustainable increases
in the city's expenditures could prompt us to lower the ratings.
S&P could raise the ratings on the city if S&P raise its sovereign
rating on the Republic of Argentina.


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


C.T. PROGRESSIVE: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------------
The creditors of C.T. Progressive (Trading) 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 wind-up proceedings on November 8, 2010.

The company's liquidator is:

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


C.T. PROGRESSIVE: Members' Final Meeting Set for December 14
------------------------------------------------------------
The members of C.T. Progressive (Trading) Ltd. will hold their
final meeting on December 14, 2010, at 10:00 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 November 8, 2010.

The company's liquidator is:

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


DORSAL FINANCE: Creditors' Proofs of Debt Due November 17
---------------------------------------------------------
The creditors of Dorsal Finance, Ltd. are required to file their
proofs of debt by November 17, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DORSAL FINANCE: Members' Final Meeting Set for December 8
---------------------------------------------------------
The members of Dorsal Finance, Ltd. will hold their final meeting
on December 8, 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 29, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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

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

The company's liquidator is:

         Jonathan C. Clipper
         48 Par-La-Ville Road
         Suite 1531
         Hamilton
         Bermuda


KCP PARTNERS: Members' Final Meeting Set for December 8
-------------------------------------------------------
The members of KCP Partners Ltd. will hold their final meeting on
December 8, 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:

         Jonathan C. Clipper
         48 Par-La-Ville Road
         Suite 1531
         Hamilton
         Bermuda


NAS (BERMUDA): Creditors' Proofs of Debt Due November 17
--------------------------------------------------------
The creditors of Nas (Bermuda) Ltd. are required to file their
proofs of debt by November 17, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


NAS (BERMUDA): Members' Final Meeting Set for December 3
--------------------------------------------------------
The members of NAS (Bermuda) Ltd. will hold their final 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 November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


ONSET BAY: Creditors' Proofs of Debt Due November 17
----------------------------------------------------
The creditors of Onset Bay Limited are required to file their
proofs of debt by November 17, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ONSET BAY: Members' Final Meeting Set for December 8
----------------------------------------------------
The members of Onset Bay Limited will hold their final meeting on
December 8, 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 29, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


PAN ORIENT: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of Pan Orient Energy (Indonesia) 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 wind-up proceedings on November 8, 2010.

The company's liquidator is:

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


PAN ORIENT: Members' Final Meeting Set for December 14
------------------------------------------------------
The members of Pan Orient Energy (Indonesia) Ltd. will hold their
final meeting on December 14, 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 November 8, 2010.

The company's liquidator is:

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


VCFA INVESTMENT: Creditors' Proofs of Debt Due November 17
----------------------------------------------------------
The creditors of VCFA Investment III, Ltd. are required to file
their proofs of debt by November 17, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


VCFA INVESTMENT: Members' Final Meeting Set for December 8
----------------------------------------------------------
The members of VCFA Investment III, Ltd. will hold their final
meeting on December 8, 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 29, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


WTP LIMITED: Creditors' Proofs of Debt Due November 29
------------------------------------------------------
The creditors of WTP 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 wind-up proceedings on November 8, 2010.

The company's liquidator is:

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


WTP LIMITED: Members' Final Meeting Set for December 14
-------------------------------------------------------
The members of WTP Limited will hold their final meeting on
December 14, 2010, at 9:00 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 November 8, 2010.

The company's liquidator is:

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


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


BANCO PANAMERICANO: Rescue Needed to Avoid Liquidation
------------------------------------------------------
Banco Panamericano SA could have been liquidated or subjected to a
central bank intervention to sell its assets if its controller had
not tapped BRL2.5 billion from Brazil's deposit insurance fund to
rescue the bank, Felipe Frisch at Bloomberg News reports, citing
Gabriel Jorge Ferreira, chairman of the deposit insurance fund.

According to the report, Mr. Ferreira said that talks to rescue
Panamericano started Oct. 11 and were conducted by Brazilian media
mogul Silvio Santos, who controls the bank.

                    About Banco Panamericano

Banco Panamericano SA attracts deposits and offers commercial
banking services.  The Bank offers loans, personal credit,
investments, credit cards, and lease financing.  Banco
Panamericano operates throughout Brazil.

                          *     *     *

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


MARFRIG ALIMENTOS: Moody's Confirms 'B1' Rating on Senior Notes
---------------------------------------------------------------
Moody's Investors Service confirmed the B1 ratings of Marfrig
Alimentos S.A.'s.  The rating outlook is stable.  This rating
action concludes the review process that was initiated on 16 June
2010 when Moody's placed Marfrig's ratings under review for
possible downgrade.

The rating confirmation is based on the conclusion of the
acquisition of Keystone Foods, LLC and the determination that the
mandatory convertible debentures that were issued to finance the
acquisition have been deemed to have full equity treatment.  The
confirmation also reflects Moody's view that the combined entity
will have an enhanced business profile through a diversified
product portfolio and improved international distribution
capabilities.  While the profit margin of the combined entity may
be lower the stability of the business should be enhanced with the
acquisition.

Ratings confirmed with a stable outlook:

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

  -- US$500 million 9.500% senior unsecured guaranteed notes due
     2020: B1 (foreign currency)

  -- US$375 million 9.625% senior unsecured guaranteed notes due
     2016: B1 (foreign currency)

  -- Corporate Family Rating: B1 (Global scale)

Moody's had placed Marfrig's ratings on review for possible
downgrade on 16 June 2010 following its agreement to acquire 100%
of Keystone Foods LLC's stock for a total of US$1.26 billion.
Moody's has reviewed the details of the transaction and considered
that the 5-year mandatory convertible BRL2.5 billion debenture
used to finance this acquisition should be treated as 100% equity,
in accordance with "Moody's Revised Update on Rating Debt
Obligations with Variable Promises".  BNDES Participa‡oes S.A.
"BNDESPar" was the sole subscriber to the issuance.  BNDESPar (A3
-- Long Term Issuer Rating -- Domestic Currency) is the equity
investment arm of the national development bank of Brazil and
owned 13.8% of Marfrig prior to this transaction.  BNDESPar's
ownership in Marfrig might increase to 35% when the debentures
convert to equity in 2015.  The Keystone transaction closed on
Oct. 1, 2010.

Moody's rating action considers the potential synergies that could
arise due to the larger scale and global distribution capabilities
of the combined company.  Keystone has a number of distribution
facilities in Asia and the Middle East which will give Marfrig an
excellent platform to increase its sales in these fast growing
emerging markets.  Keystone is a global supplier to McDonald's (A3
/ Prime-2 - Ratings Under Review for possible upgrade) and with
the acquisition of Keystone, Marfrig's relationship as a global
supplier to McDonald's will further strengthen.  "This high
percentage of sales to McDonald's does represent concentration
risk although mitigated by the length of this relationship and the
growth opportunities that this offers Marfrig in fast growing
emerging markets" said VP -- Senior Analyst Ricardo Kovacs.  The
operating margins of Keystone are lower and interest expenses will
increase due to the cost of financing of the acquisition.  As a
result, Moody's expect certain credit metrics such as EBITDA
margin and interest coverage to decrease in the short term before
synergy gains from the transaction take effect.  Although low,
operating margins at Keystone have been historically more stable
and cash from operations have been positive.

The rating action recognizes the challenges that Marfrig will face
in order to successfully integrate Keystone into its global
business.  The purchase of Keystone follows the purchase of Seara
Alimentos S.A's in January 2010.  Harmonizing the operations of
three large and diverse companies will entail operational risks
and integration challenges, including the management of much
broader global business.

Despite the latest suspension of purchase of industrialized
Brazilian meat by the US, the longer-term prospects for the
segment continue to be firm as Brazil is one of the lowest cost-
producer of beef in the world.  Now, higher domestic cattle prices
are squeezing operating margins in the beef sector.  Further
strategic consolidation should lead to improved economies of scale
where a large player as Marfrig would benefit.

The stable outlook reflects Moody's view that going forward
Marfrig will concentrate on consolidating the acquired businesses
and larger assets under management.  The outlook also reflects
Moody's expectation that the company will move towards positive
free cash flow towards the end of 2011.  Achieving synergies and
transforming them into enhanced operational metrics would be a
positive rating driver.  Moody's expect the EBITDA margin and
interest coverage ratios to decrease in the near term before
increasing in the latter parts of 2011 and beyond.  Since Moody's
are considering the mandatory convertible debentures of BRL2.5
billion as equity and not debt, leverage is likely to decline
moderately (Marfrig will assume approximately US$450 million in
outstanding debt).

Evidence of continued improving operating performance and positive
cash generation essentially at its Brazilian operations and an
improvement of its liquidity situation, would be positive for
Marfrig's ratings.  Quantitatively, upward pressure on the ratings
could come from a Debt / EBITDA ratio of below 4.0 times, EBITDA
margin above 12% and CFO / Net Debt of 20%, as well as ability to
generate free cash flow / Net Debt of 2%, on a sustainable basis.

On the other hand, Debt / EBITDA of above 6.0x, EBITA / Interest
expense of 1.0x or less and RCF / Net Debt below 10% on a
sustained basis could trigger a downgrade.  Furthermore, failure
to achieve positive free cash flow by the end of 2011 could also
put downward pressure on the current rating.

Moody's last rating action on Marfrig was on June 16, 2010, when
Moody's placed Marfrig's B1 foreign currency rating under review
for possible downgrade.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the leading
food groups globally with beef, poultry, pork and lamb processing
plants in 22 countries, including Brazil, Argentina, Uruguay,
Chile, England, Northern Ireland, France, The Netherlands and USA.
Marfrig processes, packages and delivers fresh, chilled and
processed beef, chicken, pork and lamb products to customers in
Brazil and abroad, with approximately 45% of its global sales
derived from exports.  Along with its beef products, the company
also operates a wholesale food distribution business which
delivers additional food products that it imports or acquires in
the local market.  Marfrig reported net consolidated revenues of
BRL11.7 billion over the last twelve months ended 30 June 2010
(US$ 6.6 billion converted by the average exchange rate).

Keystone Foods, LLC, founded in 1973, is headquartered in West
Conshohocken, Pennsylvania, United States and is a worldwide
supplier and distributor of protein products including beef,
chicken and fish.  It is a premier supplier for quick service
restaurants such as McDonald's, Subway and Chipotle.  Globally,
the company serves more than 28,000 restaurants and has 27
distribution centers in 11 countries across the USA, Europe, Asia
and the Middle East.  The company also operates 13 protein plants
in seven countries globally.  Approximately 60% and 40% of
revenues come from distribution and protein respectively while
Europe and USA account for 40% of the company's total sales each.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


* BRAZIL: President Says World Economy Headed For 'Bankruptcy'
--------------------------------------------------------------
Agence France-Presse reports that Brazilian President Luiz Inacio
Lula da Silva said that the world economy was headed for
"bankruptcy" unless rich nations raise consumer demand rather than
relying on exports to power recovery.

"If they don't consume, and they just bet on exports, the world
will go into bankruptcy," the report quoted Mr. da Silva reports.


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


ABSOLUTE INSIGHT: Shareholder to Receive Wind-Up Report on Nov. 30
------------------------------------------------------------------
The sole shareholder of Absolute Insight Plus Currency Limited
will receive on November 30, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Tammy Fu Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Dr. Roy's Drive, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 946-0081
         Facsimile: (345) 946-0082


ABSOLUTE INSIGHT: Shareholder to Receive Wind-Up Report on Nov. 30
------------------------------------------------------------------
The sole shareholder of Absolute Insight Plus Emerging Market Debt
Limited will receive on November 30, 2010, at 10:15 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Tammy Fu Zolfo Cooper
         P.O. Box 1102, 4th Floor, Building 3
         Cayman Financial Centre
         Dr. Roy's Drive, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 946-0081
         Facsimile: (345) 946-0082


ATHOS FUNDING: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of Athos Funding, Ltd. will hold their final
meeting on November 30, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


BEAR STEARNS: Shareholders' Final Meeting Set for November 30
-------------------------------------------------------------
The shareholders of Bear Stearns Global Asset Holdings, Ltd. will
hold their final meeting on November 30, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CASAM BORNEO: Shareholders' Final Meeting Set for November 27
-------------------------------------------------------------
The shareholders of Casam Borneo Fund Limited will hold their
final meeting on November 27, 2010, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CASAM GALAPAGOS: Shareholders' Final Meeting Set for November 27
----------------------------------------------------------------
The shareholders of Casam Galapagos Fund Limited will hold their
final meeting on November 27, 2010, at 3:10 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CASPIAN KING: Shareholders' Final Meeting Set for November 26
-------------------------------------------------------------
The shareholders of Caspian King Limited will hold their final
meeting on November 26, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CLARION CBO: Shareholders' Final Meeting Set for November 30
------------------------------------------------------------
The shareholders of Clarion CBO, Limited will hold their final
meeting on November 30, 2010, at 10:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CLASIX FINANCE: Shareholders' Final Meeting Set for November 27
---------------------------------------------------------------
The shareholders of Clasix Finance Limited will hold their final
meeting on November 27, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CREMER INTERNATIONAL: Member to Hear Wind-Up Report on Nov. 30
--------------------------------------------------------------
The sole shareholder of Cremer International Ltd. will receive on
November 30, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


CROWN GLOBAL: Shareholders' Final Meeting Set for November 30
-------------------------------------------------------------
The shareholders of Crown Global Investments Limited will hold
their final meeting on November 30, 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:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


DAI-ICHI LIFE: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of The Dai-Ichi Life Funding SPV Holdings IV will
hold their final meeting on November 30, 2010, at 10:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


DAI-ICHI LIFE: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of The Dai-Ichi Life Funding SPV Holdings III
will hold their final meeting on November 30, 2010, at 10:10 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


DRAWBRIDGE EQUITY: Shareholders' Final Meeting Set for November 30
------------------------------------------------------------------
The shareholders of Drawbridge Equity Index Products I Ltd. will
hold their final meeting on November 30, 2010, at 3:15 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


ELLIOTT EBARA: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of Elliott Ebara Company Limited will hold their
final meeting on November 30, 2010, at 3:20 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


F&C TOURMALINE: Shareholders' Final Meeting Set for November 30
---------------------------------------------------------------
The shareholders of F&C Tourmaline Master Fund Limited will hold
their final meeting on November 30, 2010, at 9:50 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


F&C TOURMALINE: Shareholders' Final Meeting Set for November 30
---------------------------------------------------------------
The shareholders of F&C Tourmaline Fund Limited will hold their
final meeting on November 30, 2010, at 9:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


LOKE HOLDINGS: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of Loke Holdings Limited will hold their final
meeting on November 30, 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SAISONCARD SPV: Shareholders' Final Meeting Set for November 30
---------------------------------------------------------------
The shareholders of Saisoncard SPV Holdings will hold their final
meeting on November 30, 2010, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


WESSEX GLOBAL: Shareholders' Final Meeting Set for November 30
--------------------------------------------------------------
The shareholders of Wessex Global Water Fund Limited will hold
their final meeting on November 30, 2010, at 3:05 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


===============
H O N D U R A S
===============


* HONDURAS: IDB Approves US$40 Million in Financing
---------------------------------------------------
The Inter-American Development Bank (IDB) approved US$40 million
in financing for Honduras to promote the strengthening and
stability of the financial system and expand access to financial
services.

The project will contribute to maintaining the stability of
financial intermediaries, improving the transparency of pricing
information, contracts and services, and promoting financial
inclusion of small and medium enterprises and vulnerable segments
of the Honduran population.

Among the project's components are macroeconomic sustainability,
strengthening the Financial Safety Net and improving access to
financing.

A strengthened RSF will lead to a regulatory framework in
accordance with international best practices to ensure the
financial system's stability and sustainability.  In addition, it
will help improve risk monitoring of financial institutions by
upgrading processes, manuals, information technology tools and
assisted supervision of lenders.  The National Banking and
Insurance Commission's professional career plan will be
strengthened and improvements will be made to the operational
capacity of the Early Warning Committee, the Deposit Insurance
Fund, the viability of the capitalization fund and mechanisms for
financial institution resolution.

Regarding access to credit, the key goals are improving customer
service processes for financial institutions and the lender-of-
last-resource window of the National Banking and Insurance
Commission; financial literacy campaigns and the enactment of a
law on secured transactions.

The financing consists of a 30-year, US$28 million loan from the
IDB's Ordinary Capital with a 5.5-year grace period and a fixed
interest rate, and a 40-year, US$12 million loan from the IDB's
Fund for Special Operations fund lend US$12 million with a 40-year
grace period and an annual interest rate of 0.25 percent.

                           *     *     *

As of November 11, 2010, the country continues to carry Moody's
"B3" country ceiling long-term foreign bank deposit and "Ba3"
country ceiling long-term foreign currency deposit rating.  The
company also continues to carry Standard and Poor's "B" long-term
debt ratings.


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


METROFINANCIERA SAPI: Fitch Raises Issuer Default Rating to 'CCC'
-----------------------------------------------------------------
Fitch Ratings has upgraded Metrofinanciera, S.A.P.I. de C.V.'s
foreign and local currency Issuer Default Ratings to 'CCC' from
'RD' (long-term) and to 'C' from 'RD' (short-term), while its
Individual rating was upgraded to 'E' from 'F'.  The long-term and
short-term national scale ratings were also upgraded to 'CCC(mex)'
and 'C(mex)', respectively, from 'D(mex)'.  A detailed list of
rating actions is at the end of this release.

Metro's upgraded ratings reflect the successful completion of a
previously agreed distressed debt exchange through a bankruptcy
process, which it had been negotiating since April 2009.  This
exchange largely mitigated refinancing and liquidity risk.  The
amount of liabilities was significantly reduced and debt
maturities over the short- and medium-term are minor, which
provides Metro with flexibility and a relatively ample timeframe
to rebuild its financial and business profile.  However, the
revised ratings also reflect its yet negative core capital (a
concept that excludes the hefty amount of loss absorbing hybrids
that arose from the debt exchange program), the sizable challenges
relating to gradually restoring its commercial and competitive
position, and the ample vulnerabilities of a heavily encumbered
balance sheet.

Core capital is estimated at negative MXN1.49 billion as of
September 2010 (reported equity minus subordinated debt accounted
for by Metro as equity and the book value of the first loss pieces
arising from mortgage securitizations).  Even considering the
total amount of highly loss-absorbing hybrids, eligible capital
would stand at 15.3% of total assets, a level that is considered
low by Fitch in view of the high amount of non-earning assets.
Major among these are the land properties that Metro and its land
bank vehicle acquired in the past (43% of total assets at third
quarter 2010 [3Q'10]) and the sizable impaired loans (12% of total
assets on a net-of-reserves basis).

In Fitch's opinion, the major challenge for Metro is rebuilding
its business profile to reverse the trend of a rapidly shrinking
and worsening loan portfolio, which in turn is critical to restore
Metro's ability to generate positive recurring earnings.  Metro
will have at its disposal MXN12 billion of committed credit lines
granted by the housing development bank Sociedad Hipotecaria
Federal, of which MXN4.5 billion will be directed toward resuming
disbursements for construction loans, where most of the company's
asset quality concerns concentrate.  While some of these projects
could improve relatively fast as Metro resumes cash disbursements,
overall impairment levels will remain high in view of the still
tough operating environment within the residential construction
sector.  Impairments within the mortgage portfolio are also high
and have worsened recently, which is another important challenge
for Metro.  Most mortgage loans are funded with collateralized
credit facilities granted previously by SHF, which were not
subject to the debt exchange program.  Fitch considers that these
facilities are another element that demonstrates SHF's willingness
to sustain funding for Metro to fulfill the financing needs of the
socially important sector of low income housing.

In Fitch's view, any potential rating upgrade in the future is
contingent upon Metro's ability to restore positive recurring
earnings and achieving a positive amount of core capital.  In this
regard, its capacity to rapidly improve balance sheet integrity by
reducing the proportion of impaired loans and non-earning fixed
assets, while enhancing its competitive position, will be critical
over the foreseeable future.

Fitch has upgraded these ratings:

  -- Foreign and local currency long-term IDR to 'CCC' from 'RD';

  -- Foreign and local currency short-term IDR to 'C' from 'RD';

  -- Individual rating to 'E' from 'F';

  -- Long-term national scale issuer rating to 'CCC(mex)' from
     'D(mex)';

  -- Short-term national scale issuer rating to 'C(mex)' from
     'D(mex)'.

Fitch has affirmed these ratings:

  -- Support Rating at '5';
  -- Support Rating Floor at 'NF'.

Fitch has withdrawn these debt ratings, as these were replaced
under the debt exchange program by new unrated securities:

  -- Long-term national scale ratings for unsecured debt issues of
     'D(mex)';

  -- Short-term national scale ratings for unsecured debt issues
     of 'D(mex)';

  -- US$100 million 11.25% perpetual non-cumulative subordinated
     step-up notes of 'C/RR6'.


MEXICANA AIRLINES: Banorte CEO 'Encouraged' by Rescue Offer
-----------------------------------------------------------
Grupo Financiero Banorte SAB, the biggest holder of Compania
Mexicana de Aviacion or Mexicana Airlines' debt, is "encouraged"
by PC Capital SAPI's offer to rescue the airline, Crayton Harrison
and Carlos Manuel Rodriguez at Bloomberg News report, citing
Airline Chief Executive Officer Alejandro Valenzuela.

According to the report, Banorte has provisioned MXN800 million
(US$65.4 million) of Mexicana's debt and would consider converting
that to capital in the airline.

As reported in the Troubled Company Reporter-Latin America on
November 11, 2010, Bloomberg News said that Mexicana Airlines may
return to the skies in December if unions and other creditors
accept a MXN1.9 billion (US$154 million) proposal to rescue the
bankrupt airline.  According to Bloomberg, Humberto Trevino,
deputy minister of transportation, said that PC Capital SAPI, a
Mexican private equity firm, is offering the unions MXN975 million
in cash and would arrange a 7-year, MXN926 million loan paying
monthly interest to the workers.  The unions would get an equity
stake in exchange for the remaining MXN2.85 billion Mexicana owes
them, he added, Bloomberg noted.

                     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).


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


URBAN DEVELOPMENT CORP: Owes TT$8 Billion to Contractors
--------------------------------------------------------
Joel Julien at Trinidad Express reports that Food Production
Minister Vasant Bharath said that the Urban Development
Corporation of Trinidad and Tobago (UDeCOTT) owes billions of
dollars to contractors.  The report relates UDeCOTT has an
outstanding debt of TT$8 billion, a survey of public indebtedness
falling to Government has shown.

"We are told that UDeCOTT has made certain commitments that are
now just coming to light, billions of dollars that are owed again
to other contractors so there are other calls on the Government,"
Trinidad Express quoted Mr. Bharath as saying.  "We've been told
by Senator Mary King that commitments were entered into for works
done by UDeCOTT that apparently have not been paid at this point
in time and have just come to light recently to add to the
commitments already that the government has to fulfill," he added,
Trinidad Express relates.

The Urban Development Corporation of Trinidad and Tobago Limited
(UDeCOTT) is a limited liability private company registered under
the Companies Ordinance (Ch. 13. No. 1).  The Company came into
being on December 28, 1994.  The Corporation is a wholly owned
State Company.   The rationale for the establishment of the
Corporation was based on the decision to give greater focus to the
city of Port-of-Spain as a business and financial center; to the
regeneration of the city of San Fernando; and to the development
of the 13 major urban centers identified in the National Physical
Development Plan.


=========================
T U R K S  &  C A I C O S
=========================


OLINT CORP: Former Boss Planning Surrender to U.S. Authorities
--------------------------------------------------------------
Imprisoned Olint Corporation Limited boss David Smith is close to
an "arrangement" to surrender to United States authorities in the
state of Florida, where he has been indicted on fraud-related
charges arising from the failed foreign exchange trading scheme,
Jamaica Gleaner reports.

According to the report, this comes amid a move by the Association
of Concerned Olint Members (ACOM), a local group of Olint
depositors, to begin registering its members with the victim
support division of the U.S. District Attorney's Office in Florida
to ensure they are eligible to share in any Olint funds recovered
by U.S. authorities.

Mr. Smith's attorney, Oliver Smith, told The Gleaner that he would
have a clearer picture "between now and next week" of when his
client will be handed over.  He, however, pointed out that the
Olint boss was not being extradited and had not negotiated a plea
deal, the report relates.

The Gleaner notes that pointing out that the US District
Attorney's Office has granted ACOM representational status, the
group's chairman, Godfrey McAllister, said this marks the start of
"the final leg of the financial-recovery process".

                        About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2010, RadioJamaica said United States authorities seek
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.


                            ***********

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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