TCRLA_Public/110905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 5, 2011, Vol. 12, No. 175

                            Headlines



A R G E N T I N A

BANCO BILBAO: S&P Raises Counterparty Credit Rating to 'BB-'


C A Y M A N   I S L A N D S

AMBER FUND: Creditors' Proofs of Debt Due September 15
BLACKSHIP CORE: Creditors' Proofs of Debt Due September 14
BUCKINGHAM PARTNERS: Creditors' Proofs of Debt Due September 14
CREDIOP OVERSEAS: Creditors' Proofs of Debt Due September 15
CUPID I CAPITAL: Creditors' Proofs of Debt Due September 14

ELIXIR PIONEER: Creditors' Proofs of Debt Due September 5
ELIXIR MASTER: Creditors' Proofs of Debt Due September 5
ONESEVEN OFFSHORE: Creditors' Proofs of Debt Due September 5
PICO INVESTMENT: Creditors' Proofs of Debt Due September 14
POINT REYES: Placed Under Voluntary Wind-Up

PREMIUM CFO: Creditors' Proofs of Debt Due September 14
PYRENEES GLOBAL: Creditors' Proofs of Debt Due September 5
UNITED LATIN: Creditors' Proofs of Debt Due September 14
WOODSIDE HOLDINGS: Creditors' Proofs of Debt Due September 14
YH FUNDING: Creditors' Proofs of Debt Due September 14


C H I L E

CAMPANARIO GENERACION: Files for Bankruptcy in Chile Court


J A M A I C A

WALLENFORD COFFEE: Needs JM$40 Million Loan to Pay Farmers


P A N A M A

* PANAMA: To Get US$50MM IDB Loan for Primary Health Care System


P A R A G U A Y

VISION BANCO: S&P Affirms 'B+' Rating on Paraguay FCSCR Upgrade


P U E R T O   R I C O

EUROCLASS MOTORS: Case Reassigned to Hon. Mildred Caban Flores
FEDERACION DE MAESTROS: Voluntary Chapter 11 Case Summary


X X X X X X X X

* BOND PRICING: For the Week August 29, to September 2, 2011


                            - - - - -


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


BANCO BILBAO: S&P Raises Counterparty Credit Rating to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Banco Bilbao Vizcaya Argentaria
Paraguay (BBVA Paraguay) to 'BB-' from 'B+'.  "At the same time,
we affirmed the 'B' short-term rating on the bank. The rating
actions reflect the Republic of Paraguay's upgrade.  The outlook
is stable," S&P said.

"On Aug. 30, 2011, we raised the foreign currency sovereign credit
rating on Paraguay based on the improvements to external and
fiscal flexibility following the recently enacted agreement with
the Brazilian government to raise Paraguay's share of revenues
from the Itaopu Dam, a hydroelectric power plant on the Parano
River that borders the two countries.  We will continue monitoring
the impact of the macroeconomic improvement on BBVA Paraguay's
business and financial profiles," S&P said.

"The uncertainty intrinsic to Paraguay's financial system and the
country's high sovereign risk constrain our ratings on BBVA
Paraguay.  Also, the bank's portfolio concentration and relatively
weak operating risk management, together with a highly competitive
environment, limit the rating.  However, the bank's good market
position and its healthy financial metrics support the ratings.
Also, according to our group methodology, we consider BBVA
Paraguay a strategically important subsidiary of Banco Bilbao
Vizcaya Argentaria S.A. (AA/Negative/A-1+) with one notch of
support," S&P said.


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


AMBER FUND: Creditors' Proofs of Debt Due September 15
------------------------------------------------------
The creditors of Amber Fund (Cayman) Ltd are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 2, 2011.

The company's liquidator is:

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


BLACKSHIP CORE: Creditors' Proofs of Debt Due September 14
----------------------------------------------------------
The creditors of Blackship Core Offshore Fund Ltd. are required to
file their proofs of debt by September 14, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 14, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


BUCKINGHAM PARTNERS: Creditors' Proofs of Debt Due September 14
---------------------------------------------------------------
The creditors of Buckingham Partners LDC are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


CREDIOP OVERSEAS: Creditors' Proofs of Debt Due September 15
------------------------------------------------------------
The creditors of Crediop Overseas Bank Limited are required to
file their proofs of debt by September 15, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 5, 2011.

The company's liquidator is:

         Rosalie Jamieson
         Butterfield Bank (Cayman) Limited
         68 Fort Street
         P.O. Box 705 Grand Cayman KY1-1107
         Cayman Islands


CUPID I CAPITAL: Creditors' Proofs of Debt Due September 14
-----------------------------------------------------------
The creditors of Cupid I Capital, Ltd. are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ELIXIR PIONEER: Creditors' Proofs of Debt Due September 5
---------------------------------------------------------
The creditors of Elixir Pioneer Fund are required to file their
proofs of debt by September 5, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 4, 2011.

The company's liquidator is:

         Rex Chan
         Telephone: +65 6557 4053
         Facsimile: +65 6438 2060
         1 Raffles Place, #17-01, One Raffles Place
         Singapore 048616


ELIXIR MASTER: Creditors' Proofs of Debt Due September 5
--------------------------------------------------------
The creditors of Elixir Pioneer Master Fund are required to file
their proofs of debt by September 5, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 4, 2011.

The company's liquidator is:

         Rex Chan
         Telephone: +65 6557 4053
         Facsimile: +65 6438 2060
         1 Raffles Place, #17-01, One Raffles Place
         Singapore 048616


ONESEVEN OFFSHORE: Creditors' Proofs of Debt Due September 5
------------------------------------------------------------
The creditors of Oneseven Offshore Fund, Ltd. are required to file
their proofs of debt by September 5, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 4, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


PICO INVESTMENT: Creditors' Proofs of Debt Due September 14
-----------------------------------------------------------
The creditors of Pico Investment Ltd. are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         M. Erik Monsen
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166
         Grand Cayman, KY1-1102
         Cayman Islands


POINT REYES: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on August 1, 2011, the
shareholder of Point Reyes Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


PREMIUM CFO: Creditors' Proofs of Debt Due September 14
-------------------------------------------------------
The creditors of Premium CFO (2007) Limited are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


PYRENEES GLOBAL: Creditors' Proofs of Debt Due September 5
----------------------------------------------------------
The creditors of Pyrenees Global Value Offshore Fund, Ltd. are
required to file their proofs of debt by September 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

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


UNITED LATIN: Creditors' Proofs of Debt Due September 14
--------------------------------------------------------
The creditors of United Latin America Ventures Inc. are required
to file their proofs of debt by September 14, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


WOODSIDE HOLDINGS: Creditors' Proofs of Debt Due September 14
-------------------------------------------------------------
The creditors of Woodside Holdings Ltd. are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         M. Erik Monsen
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166
         Grand Cayman, KY1-1102
         Cayman Islands


YH FUNDING: Creditors' Proofs of Debt Due September 14
------------------------------------------------------
The creditors of YH Funding Corporation are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


=========
C H I L E
=========


CAMPANARIO GENERACION: Files for Bankruptcy in Chile Court
----------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Campanario
Generacion SA filed for bankruptcy in a Santiago court, Gasco SA,
one of the company's owners, said in a statement posted on the
website of Chile's securities regulator.

Campanario Generacion SA is a Chilean electricity generator.


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


WALLENFORD COFFEE: Needs JM$40 Million Loan to Pay Farmers
----------------------------------------------------------
Christopher Serju at Jamaica Gleaner reports that the Wallenford
Coffee Company needs an interim loan of at least JM$40 million to
meet the Sept. 1 deadline for the payment of all outstanding sums
to coffee farmers.

Acting Wallenford Coffee Chief Executive Officer George McPherson
told Jamaica Gleaner in an interview that the company had in fact
been making payments since Aug. 29.  The report relates that with
30-35% of the company's crop yet to be sold; it was projected that
the process would not be completed before October.

However, The Gleaner discloses, Agriculture Minister Robert
Montague instructed the Coffee Industry Board (CIB), through
Chairman Howard Mitchell, to ensure that farmers are paid over the
next 48 hours as a matter of urgency.

"It is totally unacceptable that farmers should not have been
paid, or do not have a clear idea at this date when they will be
paid or how much they will be paid," Minister Montagu said in a
press release obtained by the news agency.

The Gleaner notes that Mr. McPherson said he had not received the
document and had only learnt of Mr. Montague's directive from
Christopher Gentles, director general of the CIB.  "If the
minister has instructed the CIB and it makes the funds available
to us, then we can more than make the final payment to everybody,"
The Gleaner quoted Mr. McPherson as saying.

The Gleaner discloses that during an Aug. 27, 2011 meeting of the
All-Island Jamaica Coffee Growers Association, Littleton Phillips
of Wallenford had advised that the company would begin to make
payments.  Mr. Phillips explained that farmers who supplied fewer
than 50 boxes of coffee would receive their final payment of
JM$800 per box in full, and those who had supplied more than 50
boxes would be paid an interim sum of JM$500 per box, with the
rest to be paid before end of the year, the report relates.


===========
P A N A M A
===========


* PANAMA: To Get US$50MM IDB Loan for Primary Health Care System
----------------------------------------------------------------
Panama will revamp its primary health care system and improve
maternal, neonatal and chronic disease care with a loan of up to
US$50 million from the Inter-American Development Bank (IDB).

The project is expected to increase the number of people served by
the country's primary care network to 184,000 annually by 2016
from the current 78,000, and to improve quality of health
services.  This will contribute for a reduction in maternal and
infant mortality rates as well as the prevalence of chronic
malnutrition among children under the age of five in indigenous
and rural communities.

The IDB loan will finance the redesign and establishment of health
care networks, a payment and a performance-based system for health
care providers as well as the introduction of new services aimed
at child nutrition, reproductive health, and dental health.  The
project will help Panama to address the double burden of chronic
and infectious diseases by supporting the acquisition of supplies
for screenings to detect chronic disease risk factors and spot-
test equipment; training to improve the management of chronic
diseases and medications.

The IDB will also support measures to better connect the country's
primary and secondary levels of care, implementing integrated
operations management systems that improve the resolution capacity
of the health services and guarantee continuity and quality of
care for the target populations.  The Bank will finance the
purchase of basic equipment, supplies, and materials for secondary
care and computer services and equipment to build a system of
patient registry.

The loan is for 25 years with a grace and disbursement period of
five years and a LIBOR-based interest rate.  Local counterpart
funds total US$20 million.


===============
P A R A G U A Y
===============


VISION BANCO: S&P Affirms 'B+' Rating on Paraguay FCSCR Upgrade
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Paraguay-based Vision Banco S.A.E.C.A.  The affirmation followed
the upgrade of the Republic of Paraguay.  The outlook remains
positive.

"On Aug. 30, 2011, we raised the foreign currency sovereign credit
ratings on Paraguay based on the improvements to external and
fiscal flexibility following the recently enacted agreement with
the Brazilian government to raise Paraguay's share of revenues
from the Itaopu Dam, a hydroelectric power plant on the Parano
River that borders the two countries," S&P said.

The ratings on Vision are constrained by Paraguay's uncertain
financial system, the bank's lower market position compared with
some local peers, and its more concentrated loan portfolio in the
microfinance segment, which accounts for almost 60% of the bank's
portfolio. Vision's adequate asset quality, conservative
provisioning policy, and good profitability somewhat offset these
weaknesses.  In addition, the strong expansion in Paraguay's
financial system amid deficiencies in the country's institutional
and legal framework is putting some pressure on operating
performance of Vision and other entities operating in Paraguay.


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


EUROCLASS MOTORS: Case Reassigned to Hon. Mildred Caban Flores
--------------------------------------------------------------
The Chapter 11 case of Euroclass Motors, Inc., has been reassigned
to the Honorable Mildred Caban Flores of the U.S. Bankruptcy Court
for the District of Puerto Rico.

San Juan, Puerto Rico-based Euroclass Motors, Inc. filed for
Chapter 11 protection (Bankr. D. P.R. Case No. 11-05772) on
July 6, 2011.  Ramon Vega Diaz, president of the Debtor, filed the
petition.

The Debtor estimated assets between US$1 million and US$10 million
and estimated debts between US$10 million and US$50 million.

Antonio A. Arias-Larcada, Esq., at McConnel Valdes represents the
Debtor in this case.


FEDERACION DE MAESTROS: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: Federacion De Maestros De Puerto Rico, Inc.
        Urb. Caribe
        1252 Ave Ponce De Leon
        San Juan, PR 00926

Bankruptcy Case No.: 11-07143

Chapter 11 Petition Date: August 26, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$10,000,001 to US$50,000,000

The Debtor did not file a list of its largest unsecured creditors
together with its petition.

The petition was signed by Rafael Feliciano Hernandez, president.


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


* BOND PRICING: For the Week August 29, to September 2, 2011
------------------------------------------------------------

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


ARGENTINA
---------

ARGENT-$DIS           8.28     12/31/2033    USD          73.73
ARGENT-PAR            1.18     12/31/2038    ARS          53.67
ARGENT- DIS           7.82     12/31/2033    EUR          66
ARGENT- DIS           7.82     12/31/2033    EUR          67.75
ARGENT- DIS           4.33     12/31/2033    JPY          42
ARGENT- PAR&GDP       0.45     12/31/2038    JPY           8
BODEN 2014            2         9/30/2014    ARS          33
BOGAR 2018            2          2/4/2018    ARS          30.8


CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035       EUR        31.4
BCP FINANCE BANK       5.01    3/31/2024       EUR        74.5
BCP FINANCE CO         5.54                    EUR        36.18
BCP FINANCE CO         4.23                    EUR        36.41
BES FINANCE LTD        5.58                    EUR        36.43
BES FINANCE LTD        4.5                     EUR        40.08
BES FINANCE LTD        5.77     2/7/2035       EUR        46.13
CHAODA MOD AGRI        3.7      9/1/2015       USD        76
CHINA FORESTRY         10.25   11/17/2015      USD        80
CHINA FORESTRY         10.25   11/17/2015      USD        74
CHINA MED TECH          6.25   12/15/2016      USD        64.45
CHINA MED TECH          4       8/15/2013      USD        69.5
CHINA SUNERGY           4.75    6/15/2013      USD        53
EFG ORA FUNDING         1.7    10/29/2014      EUR        50.43
ESFG INTERNATION        5.75                   EUR        38
IMCOPA INTL CAYM        5      12/19/2014      USD        33
JINKOSOLAR HOLD         4       5/15/2016      USD        69.34
SOLARFUN POWER H        3.5     1/15/2018      USD        69.75
SOLARFUN POWER H        3.5     1/15/2018      USD        69.67
SUNTECH POWER           3       3/15/2013      USD        66.66
SUNTECH POWER           3       3/15/2013      USD        68


CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP         1.154
CGE DISTRIBUCION        3.25   12/1/2012       CLP        29.73
ESVAL S.A.              3.8     7/15/2012      CLP        24.87
LA POLAR SA             3.8    10/10/2017      CLP        51.34
MASISA                  4.25   10/15/2012      CLP        29.77
QUINENCO SA             3.5     7/21/2013      CLP        24.73


PUERTO RICO
-----------

PUERTO RICO CONS         6.2     5/1/2017      USD        59.56
PUERTO RICO CONS         6.5     4/1/2016      USD        60.73


VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD        45.17
PETROLEOS DE VEN         5.37   4/12/2027      USD        48.36
PETROLEOS DE VEN         5.25   4/12/2017      USD        59.79
PETROLEOS DE VEN         5.12  10/28/2016      USD        60.74
PETROLEOS DE VEN         5     10/28/2015      USD        65.18
PETROLEOS DE VEN         8.5    11/2/2017      USD        71.11
PETROLEOS DE VEN         8.5    11/2/2017      USD        71.41
PETROLEOS DE VEN         4.9   10/28/2014      USD        73.49
VENEZUELA                7      3/31/2038      USD        55.88
VENEZUELA                7       3/31/2038     USD        55.75
VENEZUELA                6       12/9/2020     USD        59
VENEZUELA                7.65    4/21/2025     USD        60.25
VENEZUELA                8.25   10/13/2024     USD        64.25
VENEZUELA                9.25     5/7/2028     USD        67
VENEZUELA                7.75   10/13/2019     USD        68
VENEZUELA                9        5/7/2023     USD        68
VENEZUELA                7       12/1/2018     USD        70
VENEZUELA                9.25    9/15/2027     USD        69.35
VENEZUELA                9.25    9/15/2027     USD        67.50
VENZOD - 189000          9.37    1/13/2034     USD


                            ***********


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.


                   * * * End of Transmission * * *