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

          Wednesday, November 24, 2010, Vol. 11, No. 232

                            Headlines


A N T I G U A  &  B A R B U D A

DIGICEL GROUP: Denies Multi-Million Dollar Bill


A R G E N T I N A

FAVIKAL SA: Creditors' Proofs of Debt Due December 27
LA AGROPECUARIA: Creditors' Proofs of Debt Due February 7
RIVADAVIA 6766: Creditors' Proofs of Debt Due December 16
TECNOPROM SA: Creditors' Proofs of Debt Due February 11
UNIMEK SRL: Creditors' Proofs of Debt Due February 16

XUR PRODUCCIONES: Creditors' Proofs of Debt Due February 22


B E R M U D A

GEORGIA-PACIFIC: Creditors' Proofs of Debt Due December 8
GEORGIA-PACIFIC: Members' Final Meeting Set for December 29
GRUNDY WORLDWIDE: Creditors' Proofs of Debt Due December 8
GRUNDY WORLDWIDE: Members' Final Meeting Set for December 29
INTERNATIONAL STRUCTURED: Creditors' Proofs of Debt Due December 8

INTERNATIONAL STRUCTURED: Members' Final Meeting Set for Dec. 29


B R A Z I L

ENERGISA SA: Moody's Upgrades Corporate Family Rating to 'Ba2'
INDEPENDENCIA SA: Seeks Debt Freeze to Avert Bankruptcy
REDE ENERGIA: Fitch Affirms 'B-' Issuer Default Ratings


C A Y M A N  I S L A N D S

ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8
ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8
ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on December 8
CIC MICROCAP: Shareholders' Final Meeting Set for December 29
CIC TECHNOLOGY: Shareholders' Final Meeting Set for December 29

DELTA US: Shareholder to Hear Wind-Up Report on December 16
HAGEMEYER TCI: Shareholders' Final Meeting Set for December 17
HFH RANGER: Shareholders' Final Meeting Set for December 10
HFH RANGER: Shareholders' Final Meeting Set for December 10
MINERVA CAPITAL: Shareholders' Final Meeting Set for December 13

MINERVA MACRO: Shareholders' Final Meeting Set for December 9
MINERVA MACRO: Shareholders' Final Meeting Set for December 10
OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17
OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17
OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17

SOLENT GENERAL: Shareholders' Final Meeting Set for December 1
SOTRADA (CAYMAN): Shareholders' Final Meeting Set for December 10
TRAFELET CAYMAN: Shareholder to Hear Wind-Up Report on December 16
WCIP CAYMAN: Shareholders' Final Meeting Set for December 10
WIJO CAYMAN: Shareholders' Final Meeting Set for December 10


C O L O M B I A

BANCOLOMBIA SA: Moody's Holds 'D+' Bank Financial Strength Rating
EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings
TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: To Sell US$700 Million in Bonds Next Year


M E X I C O

MEXICANA AIRLINES: Employees Accept Restructuring Plan
VITRO SAB: Ad Hoc Noteholders Express Concerns on Exchange Offer
* MEXICO: Moody's Withdraws 'B1' Rating on Tezoyuca Municipality
* MEXICO: Moody's Withdraws 'Ba2' Rating on Tampico Municipality


V I R G I N  I S L A N D S

TRANSFIELD ER: Seeks Protection From Suits in the U.S.




                            - - - - -


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


DIGICEL GROUP: Denies Multi-Million Dollar Bill
-----------------------------------------------
Caribbean360.com reports that Digicel Group has denied claims by
Antigua and Barbuda's state-owned public utilities company that it
owes millions of dollars in unpaid bills and has told its
customers not to worry because "it's business as usual".

As reported in the Troubled Company Reporter-Latin America on
November 22, 2010, Caribbean360.com said that the Antigua Public
Utilities Authority is threatening to cut off Digicel Group,
unless it settles millions of dollars in arrears by the beginning
of next month.  According to Caribbean360.com, in letters sent to
Digicel Group's OECS General Manager John Delves, the APUA, which
provides interconnect capacity for the mobile phone provider,
demanded payment of the EC$5,329,514 (US$1,984,921) that has been
racked up in services provided over the past seven years.

Caribbean360.com notes that APUA has given Digicel until Dec. 1 to
resolve the issue or face partial or full disconnection.

However, Caribbean360.com relates, the company responded in a
statement that it "does not believe that APUA is correct in its
claim that Digicel has an outstanding bill of EC$5 million owing
to them."

The souring relations between the two were highlighted last week
when Digicel blamed APUA for congestion problems on its network,
Caribbean360.com discloses.  APUA, Caribbean360.com relates, then
responded with the threat to disconnect unless the outstanding
payments were made.

But in a release issued, the Ministry of Information,
Broadcasting, Telecommunications, Science and Technology said it
has been concerned since last year, about the issue of congestion
across networks, particularly the networks that connect Digicel
with APUA and, by extension, LIME and PCS, Caribbean360.com notes.

Caribbean360.com adds that the Minister of State in the Office of
the Prime Minister, Dr. Edmond Mansoor noted that with the
introduction of liberal 'talk away' plans by both Digicel and
LIME, the degree of congestion across all the networks has
increased four-fold.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com/-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


FAVIKAL SA: Creditors' Proofs of Debt Due December 27
-----------------------------------------------------
Carlos Felix Juncal, the court-appointed trustee for Favikal SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 27, 2010.

Mr. Juncal will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carlos Felix Juncal
         Lavalle 1710
         Argentina


LA AGROPECUARIA: Creditors' Proofs of Debt Due February 7
---------------------------------------------------------
Maria del Pilar Enrique, the court-appointed trustee for La
Agropecuaria SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 7, 2010.

Ms. Enrique will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria del Pilar Enrique
         Alsina 1495
         Argentina


RIVADAVIA 6766: Creditors' Proofs of Debt Due December 16
---------------------------------------------------------
Horacio Jorge Czban, the court-appointed trustee for Rivadavia
6766 SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 16, 2010.

Mr. Czban will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Horacio Jorge Czban
         Uruguay 660


TECNOPROM SA: Creditors' Proofs of Debt Due February 11
-------------------------------------------------------
Gerardo Miguel Seghezzo, the court-appointed trustee for Tecnoprom
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 11, 2010.

Mr. Seghezzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gerardo Miguel Seghezzo
         Combate de los Pozos 129
         Argentina


UNIMEK SRL: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
Mario Adrian Narisma, the court-appointed trustee for Unimek SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 16, 2010.

Mr. Narisma will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk No.
14, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mario Adrian Narisma
         Avenida Corrientes 1628
         Argentina


XUR PRODUCCIONES: Creditors' Proofs of Debt Due February 22
-----------------------------------------------------------
Gustavo Aran, the court-appointed trustee for Xur Producciones
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 22, 2010.

Mr. Aran will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Gustavo Aran
         Viamonte 1464
         Argentina


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


GEORGIA-PACIFIC: Creditors' Proofs of Debt Due December 8
---------------------------------------------------------
The creditors of Georgia-Pacific Britain Limited are required to
file their proofs of debt by December 8, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


GEORGIA-PACIFIC: Members' Final Meeting Set for December 29
-----------------------------------------------------------
The members of Georgia-Pacific Britain Limited will hold their
final meeting on December 29, 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 18, 2010.

The company's liquidator is:

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


GRUNDY WORLDWIDE: Creditors' Proofs of Debt Due December 8
----------------------------------------------------------
The creditors of Grundy Worldwide Limited are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


GRUNDY WORLDWIDE: Members' Final Meeting Set for December 29
------------------------------------------------------------
The members of Grundy Worldwide Limited will hold their final
meeting on December 29, 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 18, 2010.

The company's liquidator is:

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


INTERNATIONAL STRUCTURED: Creditors' Proofs of Debt Due December 8
------------------------------------------------------------------
The creditors of International Structured Investments Limited are
required to file their proofs of debt by December 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidator is:

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


INTERNATIONAL STRUCTURED: Members' Final Meeting Set for Dec. 29
----------------------------------------------------------------
The members of International Structured Investments Limited will
hold their final meeting on December 29, 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 18, 2010.

The company's liquidator is:

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


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


ENERGISA SA: Moody's Upgrades Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service upgraded Energisa S.A.'s corporate
family rating to Ba2 from Ba3 on the global scale and to A1.br
from A2.br on the National Scale.  At the same time, Moody's
upgraded to Ba2 from Ba3 the rating of the US$250 million
unsecured note units jointly but not severally issued by Energisa
Sergipe - Distribuidora de Energia S.A. and Energisa Paraiba --
Distribuidora de Energia S.A. due 2013 which are guaranteed by
Energisa.  The outlook is stable for all ratings.

                        Ratings Rationale

The Ba2 corporate family rating reflects Energisa's solid credit
metrics for the rating category, sound liquidity position,
experienced management, and the inherently stable and predictable
cash flow nature of the electricity distribution business.  A
relatively fairly sizeable capital expenditures program that will
increase Energisa's participation in the unregulated electricity
generation business constrains the ratings.  Additional
constraints on the ratings are the evolving Brazilian regulatory
framework and Energisa's recent profit volatility that is a result
of a previous somewhat aggressive hedging policy.

The rating upgrade reflects Moody's expectation that Energisa will
continue to post solid credit metrics with lower profit and cash
flow volatility going forward with the implementation of a more
conservative hedging policy, which the company's board of
directors approved last year.

Despite relatively stable and predictable operating margins, cash
from operations is expected to reduce somewhat as a percentage of
total debt from 2011 through 2013 as the company contends with
last year's tariff reduction and the sizeable capital expenditures
associated with constructing new power generation facilities.
This decline is expected to be partly tempered by a growing volume
of sales mainly in the northeast region of the country, where
electricity consumption has consistently outpaced the country's
electricity consumption average, and by additional revenues from
the generation business.

Moody's expects the third periodic tariff review, to start in
2011, to further reduce electricity tariffs for Energisa's
distribution companies, its main subsidiaries, which will have a
major impact on operating margins and cash flow in 2012 and 2013.
However, the expected higher cash flow from the generation
business will partly offset the lower cash flow from distribution
companies that will occur mainly after 2013.  In addition to the
three small hydro plants that are scheduled to start operating in
the first half of 2011, Energisa forecasts new electricity
production in 2013 as a result of the completion of two major wind
power projects.

Energisa plans to invest around BRL 1.3 billion over the next
three years mainly to expand the generation business, meet
performance targets set by the regulator and reduce energy losses.
Out of this amount, around BRL 900 million will go to construct
two wind power farms with an installed capacity of 236 MW that are
scheduled to come on stream in 2013.  Energisa is negotiating the
borrowing of long-term funding for the construction of these
generation projects with two major federal-owned investment banks,
BNDES and Banco do Nordeste do Brasil BNB.  Once the generation
projects are completed, Moody's believes that the distribution
business will still represent more than 75% of the consolidated
cash flow.

Energisa's stable rating outlook reflects Moody's expectation that
the company will continue to produce solid credit metrics for the
rating category, that the mix of business will continue to remain
largely focused around distribution activities, that the new
hedging strategy will reduce cash flow and earnings volatility and
that the company will secure financing to fund its generation
projects.

In light of the upgrade and the large capital investment program
anticipated over the three years, near-term prospects of rating
upgrade appear limited.

The rating could be downgraded if the company is not able to
secure financing at reasonable terms for its generation projects,
if the construction activity results in material delays negatively
impacting cash flow and costs, or if the company's chooses to
finance its growth strategy with higher than anticipated leverage.

The last rating action for Energisa was on March 24, 2010, when
Moody's upgraded Energisa's corporate family rating to A2.br from
A3.br on the national scale and affirmed the Ba3 corporate family
rating on the global basis.  At the same time, Moody's changed the
outlook of all ratings to positive from stable.

Energisa, based in Cataguases, Minas Gerais, is a holding company
that controls five electricity distribution utilities in four
Brazilian states (Para¡ba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.3 million consumers.  In the
first nine months of 2010, Energisa distributed 5,704 GWh, which
is equivalent to around 2% of the country's electricity
consumption.  In the twelve month period ended September 30, 2010.
Energisa posted net sales of BRL1.9 billion and net profit of BRL
174 million.  Energisa is listed on the Brazilian stock market and
is controlled by the Botelho family.


INDEPENDENCIA SA: Seeks Debt Freeze to Avert Bankruptcy
-------------------------------------------------------
Lucia Kassai at Bloomberg reports that Independencia SA is seeking
to suspend debt payments for 60 days and convert US$800 million of
liabilities into stock of a new company to avert bankruptcy.

According to Bloomberg, representative Alfredo Chang said that
investors seeking to restructure the company are asking for a so-
called standstill agreement with bondholders, suppliers and other
creditors while they conduct due diligence.

Creditors, Bloomberg relates, agreed to start talks with the
investors to discuss the plan and hold another meeting on Jan. 31.

As reported in the Troubled Company Reporter-Latin America on
November 10, 2010, Bloomberg said 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,
Bloomberg noted, the company missed a US$12 million interest
payment on US$165 million of its 15 percent bonds due in 2015.

Independencia SA lawyer Luiz Fernando Paiva said "Independencia's
bankruptcy will be almost inevitable if creditors don't approve
the recovery plan we are presenting," Bloomberg adds.

                      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)'.


REDE ENERGIA: Fitch Affirms 'B-' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Rede Energia S.A.
foreign and local currency Issuer Default Ratings at 'B-' and its
subsidiaries Centrais Eletricas do Para and Centrais Eletricas
Matogrossenses S.A.'s foreign and local currency IDRs at 'B'.  The
Rating Outlook is Stable.

Fitch has affirmed these ratings:

Rede Energia

  -- Local and Foreign Currency Issuer Default Rating at 'B-
     ';

  -- Long-Term National Scale Rating at 'B(bra)';

  -- US$575 million perpetual notes Long-Term International
     Rating at 'B-/RR4';

  -- BRL370 million debenture issuance due in 2015 at 'B(bra)'.

Celpa and Cemat

  -- Local and Foreign Currency IDRs at 'B';
  -- Long-Term National Scale Rating at 'BBB (bra)';
  -- US$100 million notes units due in 2012 long-term
  -- International Rating at 'B/RR4'.

The ratings assigned to Rede Energia and its subsidiaries reflect
the group's high refinancing risk, especially of the holding
company (Rede Energia), due to high leverage, large short-term
debt and limited liquidity.  The ratings also reflect the group's
poor operating performance and its need for operational
performance improvement, especially the reduction of Celpa's
energy losses.  Fitch has incorporated to the ratings the improved
business environment for Brazilian electric power companies as the
sector has shown resilience during economic downturns and the
perception of lower exposure to regulatory risk.  However, the
ratings of Group Rede's companies have not been significantly
benefited and the effect on its ratings was neutral due to the
limited credit profile of the group.

The difference between the ratings of Rede and its operational
subsidiaries reflects the significantly weaker credit profile of
the holding company compared to the operational companies and the
strong challenge of the holding company to obtain a capital
structure sustainable in the long term.  Rede Energia depends on
dividends distribution from its subsidiaries, which, in practice,
have not been sufficient to meet its debt service.  In Fitch's
opinion existing total debt at the holding company level is not
compatible with the future dividends flow estimates, even if in
the coming years Rede manages to successfully reduce losses and
maximize dividends flow.  Fitch believes that only restructuring
measures such as a capital injection or sale of assets with
relevant amounts would position the holding company in a
sustainable credit position.

Capital injection from FI-FGTS is positive, however, does not
solve High Refinancing issues in the long term:

Rede Group presents a tight liquidity position compared to its
short-term financial obligations and the expected continuity of
reduced future operational cash flow.  The group has been
efficient in obtaining and renewing credit lines, which has
allowed it a reasonable financial flexibility.  As of Sept. 30,
2010 Rede Group reported BRL1.2 billion in cash, compared to
BRL2.2 billion in adjusted short term debt and BRL7.6 billion in
total adjusted debt.  Debt is adjusted by rescheduled taxes,
intercompany loans, labor settlements and derivatives, among
others.  At the holding company level, Rede had BRL119 million in
cash and equivalents, compared to BRL267 million in adjusted
short-term debt and BRL1.8 billion in total adjusted debt.  The
group depends on constant roll-overs of debt maturities which
makes it more vulnerable to scenarios of more restrictive market
liquidity.

The group has benefited from its new shareholder, FI-FGTS which is
a fund managed by Caixa Economica Federal, a government owned
entity.  During the third quarter of 2010, FI-FGTS injected BRL600
million of new capital into the holding company.  Minority
shareholders matched FI-FGTS injection with an additional BRL30
million.  These proceeds will be used for capital expenditures of
two operational subsidiaries, Celpa (BRL 530 million) and Enersul
(BRL 70 million), within a three-year period.  Some proceeds
should be temporarily hold as cash, however, the amount is
relatively low in comparison with the group's estimated
refinancing needs.

A More Effective Solution for Leverage and Refinancing Risks Is
Still Required:

Due to the characteristics of the Brazilian energy distribution
segment, operating cash flow has very limited growth potential and
might not be sufficient to support debt service.  Alternative
liquidity sources could be a comprehensive debt lengthening or
another equity injection.  Fitch believes that the first
alternative is not likely to happen at the necessary volume, even
though Rede Group has demonstrated ability to maintain access to
long-term financing.  A capital injection would be a more positive
for the company's credit quality.  However, this could prove
challenging.

High Leverage to Continue; F/X Risk Is a Concern:

Rede Group's capital structure is characterized by high
consolidated leverage.  In the last 12 months ended Sept. 30,
2010, total adjusted debt/EBITDA was 6.2x and net adjusted
debt/EBITDA was 5.2x.  The latter was benefited by a higher cash
position due to the capital injection made by FI-FGTS in the third
quarter of 2010.  Interest coverage measured by FFO were low at
1.3x.  Fitch does not expect significant changes in Rede Energia's
consolidated credit metrics over the coming years.  FFO would
likely continue to be impacted by high interest and capital
expenditures.  This would likely result in negative Free Cash Flow
(FCF) over the next few years.  For the last 12 months ended Sept.
30, 2010 EBITDA was BRL1.2 billion, FFO was BRL215 million and FCF
was BRL974 million negative.

As of Sept. 30, 2010 approximately 19% of total adjusted debt on a
consolidated basis was exposed to foreign currency movements.
Currency protection is deemed partial due to the usage of currency
swaps to protect only principal payments on some dollar
denominated obligations.  Interest payments on the perpetual
notes, at the holding company level, are not protected.

Consumption Growth to Benefit Revenues; Third Tariff Review Cycle
Could Impact Cash Flow:

Rede Group's concession areas show growth potential in comparison
with the national average, yet, they are also subject to high
energy losses, especially Celpa.  Rede's energy loss reduction
program will be a key driver for profitability evolution in the
coming years.  Fitch believes that EBITDA and FFO should benefit
from energy consumption growth in the captive concession areas,
which was 8.5% in the first half of 2010, and by the group's cost
control measures.  However, the tariff review cycle that starts in
2011 with Celpa could offset these improvements.

Consolidated net revenues increased by 7% in the last 12 months
ended Sept. 30, 2010 in comparison with December 2009.  This was
primarily driven by the increase in the energy sales due to the
expansion of the customer base and annual tariff adjustments.


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


ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8
-------------------------------------------------------------
The sole shareholder of Altima Asia Fund Limited will receive on
December 8, 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:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8
-------------------------------------------------------------
The sole shareholder of Altima Asia Master Fund Limited will
receive on December 8, 2010, at 10:10 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on December 8
---------------------------------------------------------------
The sole shareholder of Altima Global Emerging Markets Fund
Limited will receive on December 8, 2010, at 10:20 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


CIC MICROCAP: Shareholders' Final Meeting Set for December 29
-------------------------------------------------------------
The shareholders of CIC Microcap Securities Fund will hold their
final meeting on December 29, 2010, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square
         1st Floor 64 Earth Close
         West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


CIC TECHNOLOGY: Shareholders' Final Meeting Set for December 29
---------------------------------------------------------------
The shareholders of CIC Technology Fund will hold their final
meeting on December 29, 2010, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square
         1st Floor 64 Earth Close
         West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


DELTA US: Shareholder to Hear Wind-Up Report on December 16
-----------------------------------------------------------
The sole shareholder of Delta U.S. Partners, Ltd. will receive on
December 16, 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:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


HAGEMEYER TCI: Shareholders' Final Meeting Set for December 17
--------------------------------------------------------------
The shareholders of Hagemeyer TCI Limited will hold their final
meeting on December 17, 2010, at 10:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


HFH RANGER: Shareholders' Final Meeting Set for December 10
-----------------------------------------------------------
The shareholders of HFH Ranger Master Fund Ltd. will hold their
final meeting on December 10, 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:

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


HFH RANGER: Shareholders' Final Meeting Set for December 10
-----------------------------------------------------------
The shareholders of HFH Ranger Fund, Ltd. will hold their final
meeting on December 10, 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:

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


MINERVA CAPITAL: Shareholders' Final Meeting Set for December 13
----------------------------------------------------------------
The shareholders of Minerva Capital Management (Cayman) Limited
will hold their final meeting on December 13, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


MINERVA MACRO: Shareholders' Final Meeting Set for December 9
-------------------------------------------------------------
The shareholders of Minerva Macro Master Fund Limited will hold
their final meeting on December 9, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


MINERVA MACRO: Shareholders' Final Meeting Set for December 10
--------------------------------------------------------------
The shareholders of Minerva Macro Fund Limited will hold their
final meeting on December 10, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17
-----------------------------------------------------------------
The shareholders of Ospraie (Cayman) GP Ltd will hold their final
meeting on December 17, 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:

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


OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17
-----------------------------------------------------------------
The shareholders of Ospraie (Cayman) GP II Ltd will hold their
final meeting on December 17, 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:

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


OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17
-----------------------------------------------------------------
The shareholders of Ospraie (Cayman) GP III Ltd will hold their
final meeting on December 17, 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:

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


SOLENT GENERAL: Shareholders' Final Meeting Set for December 1
--------------------------------------------------------------
The shareholders of Solent General Partner Limited will hold their
final meeting on December 1, 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:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


SOTRADA (CAYMAN): Shareholders' Final Meeting Set for December 10
-----------------------------------------------------------------
The shareholders of Sotrada (Cayman) Limited will hold their final
meeting on December 10, 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:

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


TRAFELET CAYMAN: Shareholder to Hear Wind-Up Report on December 16
------------------------------------------------------------------
The sole shareholder of Trafelet Cayman Ltd. will receive on
December 16, 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:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


WCIP CAYMAN: Shareholders' Final Meeting Set for December 10
------------------------------------------------------------
The shareholders of WCIP Cayman, Ltd. will hold their final
meeting on December 10, 2010, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WIJO CAYMAN: Shareholders' Final Meeting Set for December 10
------------------------------------------------------------
The shareholders of Wijo Cayman Inc. will hold their final meeting
on December 10, 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:

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


===============
C O L O M B I A
===============


BANCOLOMBIA SA: Moody's Holds 'D+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Bancolombia S.A.'s bank
financial strength rating at D+, local currency deposit ratings at
Baa2/Prime-3, and foreign currency subordinated debt ratings at
Baa3.  The outlook on all these ratings remains stable.

In affirming Bancolombia's BFSR at D+, Moody's took into
consideration the bank's ability to generate adequate core
earnings despite the Colombian economic deceleration, supported by
ample net interest margins and manageable credit costs, which
reflect its well established business franchise.  As a result,
Bancolombia's capitalization has improved.

The bank's good risk management ensured that asset quality
indicators reported only slight deterioration, supported by
sizable loan loss reserves.  Credit costs as such have decreased
to represent 25% of core earnings, a sharp reduction from the 42%
reported a year ago, thus boosting net income.  Moody's note that
Bancolombia's core earnings have declined over the first nine
months of 2010 because of weaker securities gains and interest
income as a result of lower interest rates.  Nevertheless,
improving macroeconomic conditions in Colombia should provide
opportunities for healthy loan growth, which together with the
bank's efforts to shift towards more inexpensive, domestically-
sourced funding, are likely to contribute to rising net interest
margins and increased profitability.  In that respect, Moody's
view Bancolombia as well placed to benefit from a rebound in
lending activity, with particular growth expected in the mortgage
and corporate lending segments.

Moody's has assessed Bancolombia's core capitalization and its
ability to absorb losses both in anticipated and stress scenarios.
The bank's Tier 1 capital ratio, after adjusting for goodwill
deductions as per international standards, appears resilient to
potential stress, also owing to its robust reserves.  Management's
appetite for further inorganic expansion, however, could add
pressure to the bank's capital ratios.

Along with the affirmation of its BFSR at D+, Moody's now places
Bancolombia's unsupported baseline credit assessment at Baa3.
Moody's also notes that Bancolombia's Baa2 local currency deposit
rating benefits from one notch of uplift owing to Moody's
assessment of the high probability of systemic support that could
be available to the bank in situation of stress.

The last rating action on Bancolombia occurred on 14 July 2010,
when Moody's assigned a Baa3 foreign currency debt rating to the
bank's ten-year subordinated debt issuance of US$620 million.  On
10 September 2010, Moody's changed the outlook on Bancolombia's
long term foreign currency deposit ratings of Ba2 to positive,
from stable.

Headquartered in Medell¡n, Antioquia, Colombia, Bancolombia had
COP 64.7 trillion (US$35 billion) in assets, COP 45.4 trillion in
loans, COP 42.3 trillion in deposits, COP 7.5 trillion in
shareholders' equity, and accumulated net income of COP 1
trillion, as of 30 September 2010.


EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Empresa de Energia de Bogota S.A. ESP's
foreign and local currency Issuer Default Ratings at 'BB'.  The
rating action applies to US$610 million of outstanding senior
unsecured notes due 2014.  Concurrently, Fitch has affirmed EPM's
national scale rating at 'AA(col)' The Rating Outlook has been
revised to Stable from Negative.

EEB's ratings reflect the company's diversified portfolio of
assets with low business risk and stable and predictable cash flow
generation.  The ratings also reflect the company's moderate
leverage and strong liquidity as well as the potential need for
third-party financing to fund capital expenditures.  The Stable
Outlook reflects the expectation of a stable capital structure
going forward, as cash flow from new projects could offsets
possible increases in debt needed to fund capital investments.

Stable Cash Flow Generation and Solid Business Position:

EEB's ratings reflect the company's diversified portfolio of
assets, which have a low business-risk profile, and stable and
predictable cash flow generation.  EEB's low business-risk profile
stems from its diversified portfolio of energy assets, which for
the most part operate as regulated natural monopolies.  EEB owns
non-controlling majority participations in Colombia's largest
electric generation company, Emgesa (Fitch IDR of 'AAA(col')), as
well as in the country's largest electric distribution company,
Codensa (IDR of 'AAA(col')), which operates in the city of Bogota.
The company also owns a majority participation in Transportadora
de Gas Internacional S.A. ESP (IDR of 'BB'), Colombia's largest
natural gas pipeline transportation company, which provides
natural gas to the country's major cities.  Also, during 2010, the
company acquired a majority participation in Empresa de Energia de
Cundinamarca, a distribution company that operates in Bogota
adjacent to Codensa.

All of EEB's assets are in a strong competitive position, which
bodes well for the company's credit profile.  The electricity and
gas distribution and transmission/transportation businesses are
regulated natural monopolies with stable cash flow generation and
low leverage.  The electricity generation business in Colombia is
competitive, given the country's significant low-cost
hydroelectric generation and overcapacity.  EEB's energy
generation business is also competitively well-positioned, given
its low-cost profile and capacity generation mix of 85% hydro and
15% thermo.

Growth Strategy Demand for Funds:

EEB's growth strategy is considered aggressive and will require
approximately US$750 million of capital investment over the next
five years to carry it out.  EEB has been funding a portion of its
capital expenditures with cash on hand, which as of Sept. 30, 2010
amounted to approximately US$490 million.  Yet, EEB is expected to
either issue new debt, possibly at project level, or raise equity
through an initial public offering at TGI to fund the remaining
capital expenditures.  EEB's capital structure is now forecast to
remain relatively stable given that the company has financed the
initial phase of its capital investment program with cash on hand.
This, together with the rapid entrance of new projects, will
increase cash flow generation, which will support the company's
ratings while it raises debt to finance other projects.

Moderate Leverage and Liquidity Position:

EEB's leverage is moderate and its liquidity is manageable.  As of
Sept. 30, 2010, the company reported approximately US$490 million
of cash on hand and a manageable debt profile, as most of its debt
matures in 2014.  As of the last 12 months ended Sept. 30, 2010,
EEB's consolidated leverage as measured by total consolidated debt
to EBITDA plus dividends received was 3.3 times.  During this
period, LTM consolidated EBITDA (US$195 million) plus dividends
(US$310 million) equaled approximately US$505 million, and debt
totaled US$1,649 million.  EEB's debt primarily consists of US$780
million at the holding company and US$869 million at TGI as
Codensa and Emgesa are not consolidated.  Going forward, the
company might require third-party financing to fund its expansion
projects, i.e.  its incursion into Peruvian gas transportation and
Guatemala's electric transmission infrastructure.

Holding company debt at Sept. 30, 2010 totaled US$863 million,
consisting mainly of US$610 million notes due 2014 and a US$100
million loan from Corporacion Andina de Fomento.  The vast
majority of the holding company's cash flow is generated from
dividends received from investments in Emgesa and Codensa.  Annual
dividends to the holding company approximate US$210 million; TGI
does not, and is not expected to, pay dividends to EEB for the
foreseeable future, yet it transfers funds to EEB through
intercompany loan interest payments.  Capital expenditures are
expected to increase, which will pressure credit metrics.


TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas Internacional
S.A. E.S.P.'s foreign and local currency Issuer Default Ratings at
'BB'.  The rating action applies to US$750 million of outstanding
senior unsecured notes due 2017.  The Rating Outlook has been
revised to Stable from Negative.

TGI's ratings reflect the company's stable and predictable cash
flow supported by regulated and contracted revenues.  The
company's ratings also reflect TGI's strong competitive position
as well as parent support and strong consolidated liquidity at its
parent company Empresa de Energia de Bogota S.A. (IDR 'BB').
TGI's ratings are tempered by the company's high leverage and
moderate exposure to regulatory risk.

Solid Contracted Position Adds to Cash Flow Predictability:

TGI's ratings reflect the company's low business risk profile,
which stems from its stable and predictable cash flow generation,
as well as its strong competitive position.  TGI has favorable
long-term take-or-pay contracts with approximately 70% of revenues
coming from regulated, fixed capacity payments from a diversified
portfolio of offtakers, which add to cash flow stability.  The
company has low exposure to volume risk as only 20% of revenue is
linked to volume throughput.  TGI's pipeline location and the
importance of its service area, where 70% of the Colombian
population resides, represent great growth potential and help
support the company's credit profile and credit rating.

Higher Leverage and Parent Support:

TGI's leverage level is moderately high with debt to EBITDA of
approximately 4.0x in dollar terms as of Sept. 30, 2010.
Including a US$370 million deeply subordinated intercompany loan
from the parent company EEB, leverage would be approximately 5.8x
in dollar terms.  Going forward, TGI's leverage might decline as a
result of the incremental cash flow coming from new assets, some
of which recently entered commercial operations.  As of the LTM
ended Sept. 30, 2010, the company reported an EBITDA of
approximately US$215 million and total senior debt of
approximately US$869 million.

TGI benefits from its parent company's explicit and implicit
support.  EEB owns 97.91% of TGI, and, in turn, the District
Capital of Bogota (rated 'BB+' by Fitch) owns 81.5% of EEB.  TGI's
covenant package includes a maintenance covenant stipulating that
net senior debt to EBITDA cannot exceed 4.8x after 2012.  The
company is well below this level given the method by which the
ratio is calculated, which excludes deeply subordinated
intercompany debt.  TGI's ratings also incorporate its exposure to
regulatory risk, as the bulk of its revenue comes from contract
tariffs, which are set by the regulator.  TGI's revenue is
determined by the maximum allowable income set by the regulator
every five years and adjusted by inflation every year.

Strong Liquidity and Low Refinancing Risk:

Liquidity is strong with no debt coming due before 2017.  On Sept.
30, 2010, TGI's cash and marketable securities were US$85 million,
and consolidated cash at EEB was US$490 million.  Capital
expenditures are expected to be high over the next few years,
limiting debt reductions over the medium term.  TGI is not
expected to pay dividends over the medium term.  TGI's regulated
revenues are partially indexed to the U.S. dollar (approximately
60% of revenue are indexed to US$), which mitigates the risk from
currency fluctuations as US$ denominated revenues satisfactorily
cover interest expenses.  Furthermore, the company has swapped
US$300 million of debt principle into peso debt.


==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: To Sell US$700 Million in Bonds Next Year
---------------------------------------------------------------
Blake Schmidt and Eric Sabo at Bloomberg News reports that
Dominican Republic President Leonel Fernandez plans to sell US$700
million in bonds overseas next year to help finance energy
purchases and ease an electricity crisis that threatens to curb
growth in the economy.  Bloomberg relates that President Fernandez
said the sale may occur in January or February after officials
meet with investors to determine interest.

According to Bloomberg, the Caribbean nation last sold debt in
international markets in April, when it issued US$750 million of
bonds due in 2021 to yield 7.5%.

                        Financing Agreement

The Dominican Republic owes Venezuela US$1.75 billion for oil
received through a financing agreement between President Hugo
Chavez and Caribbean nations to help cover an electricity deficit
that reached US$700 million this year and threatens to slow
economic growth, Rafael Espinal, a finance ministry official, told
the news agency in an interview.

Espinal, the local manager for the Venezuelan program known as
Petrocaribe, said the debt will increase to US$2 billion next year
as this nation of 9.8 million struggles with power shortages and
electricity theft, Bloomberg adds.

                          *     *     *

As of October 20, 2010, the country continues to carry Moody's B2
country ceiling long-term foreign bank deposit rating and Ba2
country ceiling long-term foreign currency debt rating.  The
country also continues to carry Fitch's B long-term issuer default
rating.


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


MEXICANA AIRLINES: Employees Accept Restructuring Plan
------------------------------------------------------
Pilots and flight attendants of Compania Mexicana de Aviacion or
Mexicana Airlines agreed to the reorganization proposed by PC
Capital, even though the plan implies the elimination of 75% of
the airline's workforce, Latin American Herald Tribune reports.

According to the Latin American Herald Tribune, three investor
groups expressed an interest in acquiring Mexicana, but PC Capital
emerged earlier this month as the only applicant deemed suitable
by the court-appointed conciliator and administrator, the Mexican
government and the carrier's main creditors.

"The advantages and disadvantages of the business plan proposed by
PC Capital, which aims to initiate operations by mid-December,
were debated," the head of the ASSA flight attendants union,
Lizette Clavel, told Efe, the Latin American Herald Tribune notes.

Ms. Clavel, the report says, acknowledged her union's reluctance
to accept that only 375 of Mexicana's 995 flight attendants would
be rehired by the revived airline and that those laid off would
have to wait to receive their severance.

In a separate vote, the Latin American Herald Tribune relates, the
ASPA pilots union agreed to a plan that will see more than half of
Mexicana's 1,010 pilots lose their jobs.

But the union representing the airline's ground employees said it
would wait for a formal decision by the conciliator before signing
on to PC Capital's plan, the Latin American Herald Tribune notes.

                     About Mexicana Airline

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).


VITRO SAB: Ad Hoc Noteholders Express Concerns on Exchange Offer
----------------------------------------------------------------
The Ad Hoc Group of Vitro Noteholders -- comprised of holders, or
investment advisors to holders, which represent approximately
$650 million of the Senior Notes due 2012, 2013 and 2017 issued by
Vitro S.A.B. de C.V. -- believes that the exchange offer exposes
Noteholders who consent to potential adverse consequences that
have not been disclosed by Vitro.  The Ad Hoc Noteholder Group has
been engaged in discussions with other Noteholders who hold in
excess of $100 million of Senior Notes, who have confirmed that
they oppose and are not participating in the Consent Solicitation
and Exchange Offer dated November 1, 2010.

As previously disclosed, the Ad Hoc Noteholder Group opposes
Vitro's proposed Concurso restructuring and has determined not to
tender their notes because, among other things, it does not
provide an appropriate economic recovery for holders of Senior
Notes.

In the event that Vitro waives the conditions of its Solicitation,
which Vitro is entitled to do, the Ad Hoc Noteholder Group
believes that any consenting Noteholder could be forced to take
the new notes offered in the Consent Solicitation, regardless of
whether Vitro files or completes its proposed Concurso plan in
Mexico.  If Vitro were to pursue this option, Noteholders that do
not give their consent in the Solicitation would keep their
original Senior Notes with their original terms, while consenting
Noteholders could receive the consideration offered in the
Solicitation, which includes substantially inferior terms to the
Senior Notes.

Even if Vitro did not exercise its option to waive all conditions
to the Solicitation, Noteholders may be tied up indefinitely if
they act to accept the Solicitation.  The Solicitation generally
does not provide Noteholders with withdrawal rights unless Vitro
fails to file its Concurso plan in Mexico prior to December 31,
2010.  The Ad Hoc Noteholder Group believes that Noteholders who
give their consent in the Solicitation may not be able to sell or
trade Senior Notes prior to the completion of the Concurso plan in
Mexico, if and when this occurs.  The foregoing won't be construed
as tax, legal, business, financial, accounting or other advice,
and Noteholders are encouraged to consult their own advisors.

The Ad Hoc Noteholder Group can be reached through:

         John Cunningham
         WHITE & CASE LLP
         Phone: (305) 995-5252
         E-mail: jcunningham@whitecase.com

         Richard Kebrdle
         WHITE & CASE LLP
         Phone: (305) 995-5276
         E-mail: rkebrdle@whitecase.com

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund,
Inc., Davidson Kempner Distressed Opportunities Fund LP, and
Brookville Horizons Fund, L.P., commenced involuntary bankruptcy
cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro
Asset Corp. -- aka American Asset Holding Corp., Imperial Arts
Corp., VK Corp., and Oriental Glass, Inc. -- on November 17, 2010
(Bankr. N.D. Tex. Case No. 10-47470).

Affiliates Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex.
Case No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto
Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings,
LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485) are also subject to
involuntary petitions by the petitioning creditors.


* MEXICO: Moody's Withdraws 'B1' Rating on Tezoyuca Municipality
----------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer rating of Baa1.mx
(Mexican National Scale) assigned to the Municipality of Tezoyuca.
Moody's Investors Service has withdrawn the issuer rating of B1
(Global Scale, local currency) assigned to the Municipality of
Tezoyuca.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.


* MEXICO: Moody's Withdraws 'Ba2' Rating on Tampico Municipality
----------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer rating of A2.mx
(Mexican National Scale) assigned to the Municipality of Tampico.
Moody's Investors Service has withdrawn the issuer rating of Ba2
(Global Scale, local currency) assigned to the Municipality of
Tampico.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit ratings for its
own business reasons.


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


TRANSFIELD ER: Seeks Protection From Suits in the U.S.
------------------------------------------------------
Transfield ER Cape Ltd., an operator of bulk cargo ships
liquidating in British Virgin Islands courts, sought protection
from claims and lawsuits in the United States by filing a Chapter
15 petition in Manhattan (Bankr. S.D.N.Y. Case No. 10-16270).

Casey McDonald, Bob Yap Cheng Ghee and Patrick Cowley, as foreign
representatives, filed the Chapter 15 petition.  James H. Power,
Esq., at Holland & Knight, LLP, in New York, serves as counsel to
the foreign representatives.

The Debtor has assets of $273.1 million and liabilities of
$432 million, according to its financial statements.

TERC has pending liquidation proceedings in a British Virgin
Islands court.  In September, TMT Bulk Corporation, trading as TMT
Bulk Co. Ltd., applied to the BVI Court for a winding-up order
against TERC and the appointment of a liquidator.  Later in the
month, the BVI Court issued an order directing that (i) TERC be
wound up by the BVI Court in accordance with the provisions of the
2003 Act and (ii) appointing Casey McDonald, Bob Yap Cheng Ghee
and Patrick Cowley, as Joint Liquidators of TERC.

The Joint Liquidators requested recognition of the BVI Liquidation
as a foreign main proceeding primarily to obtain the U.S.
Bankruptcy Court's assistance in enforcing the automatic stay of
proceedings that came into effect, under BVI law (the 2003 Act),
when the BVI Liquidation was ordered by the BVI Court.  Despite
the BVI stay, five of TERC's creditors have continued with pending
suits against TERC in the United States in the Supreme Court, New
York County, and in the District Court for the Southern District
of New York.

"Recognition of the BVI Liquidation as a foreign main proceeding
would confer" upon TERC the protection of sections 362 and 1520 of
the Bankruptcy Code, thereby preventing one creditor from gaining
an advantage over similarly situated creditors and preventing one
creditor from otherwise interfering with the BVI Liquidation of
the TERC estate," Mr. McDonald said in a court filing.

TERC's main bankruptcy in the British Virgin Islands is already
recognized by the English High Court of Justice, Chancery
Division.  In addition, TERC has received a winding up order from
a Singapore court, which also appointed Messrs. McDonald, Cowley,
and Yap as liquidators.

TERC blamed its woes on the dramatic collapse for transportation
of bulk cargo in 2008 as a result of the global economic downturn.
At that time, the Baltic Dry Index, which measures average global
freight prices for the transportation of bulk goods, collapsed,
and the price of carrying bulk goods and the demand for carriage
of bulk goods dropped significantly.  As a result, TERC's
profitability deteriorated from late-2008 onwards.


                            ***********

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.

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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,
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