TCRLA_Public/110825.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

            Thursday, August 25, 2011, Vol. 12, No. 168

                            Headlines



B R A Z I L

BANCO PINE: S&P Affirms Global Scale Rating at 'BB-/B'
INDEPENDENCIA SA: Voting on Bids Delayed to Oct. 3


C A Y M A N   I S L A N D S

BARTELLE HOLDINGS: Shareholders' Final Meeting Set for August 29
CHINA SHIJIAZHUANG: Shareholders' Final Meeting Set for August 30
GOLDMAN SACHS: Shareholders' Final Meeting Set for September 2
HALBERDIER FUND: Shareholders' Final Meeting Set for September 2
HALBERDIER PORTFOLIO: Shareholders' Final Meeting Set for Sept. 2

INDOSUEZ CAPITAL: Shareholders' Final Meeting Set for September 7
INTEGRAL CAPITAL: Shareholders' Final Meeting Set for September 8
MSGI CHINA XI: Shareholders' Final Meeting Set for August 29
MSGI CHINA XII: Shareholders' Final Meeting Set for August 29
MSGI CHINA XXI: Shareholders' Final Meeting Set for August 30

MSGI CHINA XXIII: Shareholders' Final Meeting Set for August 30
RASMALA EGYPT: Shareholders' Final Meeting Set for September 7
SUPER VIVA: Shareholders' Final Meeting Set for September 7
URRACA LTD: Shareholders' Final Meeting Set for August 29


J A M A I C A

* JAMAICA: Total Public Debt Totals JM$1.57 Trillion


M E X I C O

BANCO INTERNACIONAL: S&P Affirms 'BB' Counterparty Credit Rating
FORD CREDIT: Moody's Assigns Ba2 Currency Senior Debt Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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B R A Z I L
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BANCO PINE: S&P Affirms Global Scale Rating at 'BB-/B'
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Brazilian-based Banco Pine S.A. to positive from stable.  "At the
same time, we raised our national scale counterparty credit rating
on Banco Pine to 'brA' from 'brA-' and affirmed our 'BB-/B' global
scale counterparty credit rating.  The rating actions reflect the
bank's diversified revenues and conservative liquidity and funding
management," S&P related.

As a niche bank focused on lending to midsize companies, its loan
portfolio tends to be more concentrated than those of other niche
banks because of the larger loans its clients demand.  Banco Pine
also has a funding profile that's dependent on institutional
investors whose funding is more expensive and volatile than that
of retail and savings deposits.  Also, the bank's small size
restricts it from bigger deals given the regulatory restrictions
on maximum concentration by obligor.

However, Banco Pine's adequate management and conservative
policies helped it weather stressful market conditions, such as
during significant deposit withdrawals in late 2008.  Banco Pine
has also been working to diversify its funding base through
foreign issuances, securitization, and the recent deal to sell 3%
of its stake to Deutsche Investitions- und
Entwicklungsgesellschaft mbH.

Due to Banco Pine's conservative credit risk management, its asset
quality is one of its main strengths and compares positively with
other Brazilian banks.  However, the above-average asset quality
partially reflects the bank's lower profitability than other of
Brazilian small banks.


INDEPENDENCIA SA: Voting on Bids Delayed to Oct. 3
--------------------------------------------------
Lucia Kassai at Bloomberg News reports that Independencia SA
creditors postponed a meeting to assess bids for the company's
assets.  The report relates that Bankruptcy Trustee Fernando Chad
said the vote on whether to accept the bids for the assets was
delayed until Oct. 3.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2011, Bloomberg said Independencia will auction assets for
at least BRL706.9 million (US$440 million) to help pay debt.
Independencia accepted bids through July 12.  The sale includes
three slaughterhouses, three plots of land and two warehouses,
according to Bloomberg.  Bloomberg said that under the plan, which
was approved by creditors in a meeting on March 3, bidders will be
required to inject at least BRL150 million into the company.

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, 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
Feb. 17, 2011, Bloomberg News said that Independencia SA may
liquidate after the majority of its creditors rejected a rescue
plan.  The plan "didn't obtain minimum adhesion from creditors,"
the company's lawyer Luiz Fernando Paiva said at a meeting with
about 130 representatives of creditors in Sao Paulo, according to
Bloomberg.  The company will seek to sell all its meatpacking
plants and assets in an "organized liquidation," he revealed.
Bloomberg recalled that Independencia SA, which filed for
bankruptcy protection in February 2009 then halted production in
October 2010, backed the rescue plan as a way to avoid forced
liquidation.  Bloomberg related that on Sept. 30, the company
missed an interest payment on its 2015 senior notes.  It was due
to pay about US$12 million on US$165 million of its 15% bonds,
according to data compiled by Bloomberg.

Fitch Ratings downgraded Independencia S.A's local and foreign
currency issuer default rating to 'D' from 'C'; and National scale
rating to 'D(bra)' from 'C(bra)'.


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


BARTELLE HOLDINGS: Shareholders' Final Meeting Set for August 29
----------------------------------------------------------------
The shareholders of Bartelle Holdings Ltd. will hold their final
meeting on August 29, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


CHINA SHIJIAZHUANG: Shareholders' Final Meeting Set for August 30
-----------------------------------------------------------------
The shareholders of China Shijiazhuang Holdings will hold their
final meeting on August 30, 2011, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands


GOLDMAN SACHS: Shareholders' Final Meeting Set for September 2
--------------------------------------------------------------
The shareholders of Goldman Sachs HFS Strategic Emerging Markets
Fund, Ltd. will hold their final meeting on September 2, 2011, at
12:45 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HALBERDIER FUND: Shareholders' Final Meeting Set for September 2
----------------------------------------------------------------
The shareholders of Halberdier Fund will hold their final meeting
on September 2, 2011, at 10:15 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


HALBERDIER PORTFOLIO: Shareholders' Final Meeting Set for Sept. 2
-----------------------------------------------------------------
The shareholders of Halberdier Portfolio will hold their final
meeting on September 2, 2011, 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


INDOSUEZ CAPITAL: Shareholders' Final Meeting Set for September 7
-----------------------------------------------------------------
The shareholders of Indosuez Capital Funding III Limited will hold
their final meeting on September 7, 2011, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


INTEGRAL CAPITAL: Shareholders' Final Meeting Set for September 8
-----------------------------------------------------------------
The shareholders of Integral Capital Offshore Partners V, Ltd will
hold their final meeting on September 8, 2011, 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:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


MSGI CHINA XI: Shareholders' Final Meeting Set for August 29
------------------------------------------------------------
The shareholders of MSGI China XI Limited will hold their final
meeting on August 29, 2011, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA XII: Shareholders' Final Meeting Set for August 29
------------------------------------------------------------
The shareholders of MSGI China XII Limited will hold their final
meeting on August 29, 2011, at 5:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA XXI: Shareholders' Final Meeting Set for August 30
-------------------------------------------------------------
The shareholders of MSGI China XXI Limited will hold their final
meeting on August 30, 2011, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA XXIII: Shareholders' Final Meeting Set for August 30
---------------------------------------------------------------
The shareholders of MSGI China XXIII Limited will hold their final
meeting on August 30, 2011, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands


RASMALA EGYPT: Shareholders' Final Meeting Set for September 7
--------------------------------------------------------------
The shareholders of Rasmala Egypt Equity Fund Ltd. will hold their
final meeting on September 7, 2011, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SUPER VIVA: Shareholders' Final Meeting Set for September 7
-----------------------------------------------------------
The shareholders of Super Viva Asset Inc. will hold their final
meeting on September 7, 2011, 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


URRACA LTD: Shareholders' Final Meeting Set for August 29
---------------------------------------------------------
The shareholders of Urraca Ltd. will hold their final meeting on
August 29, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


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


* JAMAICA: Total Public Debt Totals JM$1.57 Trillion
----------------------------------------------------
RJR News reports that the Ministry of Finance said Jamaica's
public debt reached JM$1.57 trillion, the highest level ever, in
June.  The report relates that the debt was about JM$9 billion
higher than it was in May.

At the end of June level, each man, woman and child in Jamaica
owed more than half a million dollars, on average, according to
RJR News.  The report relays that 53% of that debt was owed to
domestic lenders, while the rest was owed on the external market.

RJR News notes that the government is seeking to borrow any amount
the public will lend, in a new variable rate bond offering.   The
offer opens Aug. 24, and will pay interest rate of 7 point 7%
through November 8, the report says.

RJR News adds that analysts said they are expecting the offer to
be successful, given that JM$30 billion in liquidity is currently
in the market.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, in its annual report on Jamaica's sovereign
ratings, Moody's Investors Service said its Jamaica's B3 foreign-
and local-currency government bond ratings and stable outlook
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.


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M E X I C O
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BANCO INTERNACIONAL: S&P Affirms 'BB' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A. (BICSA).  The outlook is stable. The affirmation reflects the
bank's improving financial performance.

The ratings on BICSA are constrained by its asset concentration in
Central American nations within the 'BB' category long-term
sovereign ratings.  However, the ratings are supported by the
bank's improving financial performance, which has remained
resilient to the global economic slowdown and an experienced
management team in the trade finance business.


FORD CREDIT: Moody's Assigns Ba2 Currency Senior Debt Rating
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency senior debt rating to Ford Credit de Mexico S.A. de C.V.,
SOFOM E.N.R.'s (Ford Credit de Mexico) proposed debt program of up
to Mx$8 billion in long term Certificados Bursatiles.  Moody's de
Mexico also assigned a long term Mexican National Scale senior
debt rating of A2.mx to the program.

At the same time, Moody's Investors Service assigned a Ba2 long
term global local currency senior debt rating to Ford Credit de
Mexico's proposed first issuance of MMXN$1 billion under the
program. Also, Moody's de Mexico assigned a long term Mexican
National Scale senior debt rating of A2.mx to the proposed first
issuance. All ratings have a positive outlook.

The following long term senior debt ratings were assigned to Ford
Credit de Mexico's proposed debt program:

* Global local currency senior debt: Ba2

* Long-term Mexican National Scale senior debt: A2.mx

These long term senior debt ratings were assigned to Ford Credit
de Mexico's proposed first issuance:

* Global local currency senior debt: Ba2

* Long-term Mexican National Scale senior debt: A2.mx

Rating Rationale

Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC, which is rated Ba2, with a positive outlook, by Moody's
Investors Service.

The last rating action taken on Ford Credit de Mexico was on 28
January 2011, when Moody's de Mexico changed the outlook on the
long-term Mexican National Scale debt rating to positive, from
stable.


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


PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and senior unsecured ratings on Venezuelan state-
owned oil company Petroleos de Venezuela S.A. (PDVSA).  The
outlook is stable.  The affirmation follows the downgrade of the
Bolivarian Republic of Venezuela to 'B+' from 'BB-'.

PDVSA's stand-alone credit profile reflects its less-than-adequate
liquidity, aggressive financial policy, and continued delays in
releasing its financial information. "It also reflects our view
that the company could prioritize transfers to the government
before debt payments in a distressed scenario," S&P related.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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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