TCRLA_Public/110923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, September 23, 2011, Vol. 12, No. 189

                            Headlines



A R G E N T I N A

METROPOLIS COMPANIA: Moody's Affirms FC Deposit Ratings to 'Caa1'


B R A Z I L

ANHANGUERA EDUCACIONAL: S&P Reviews 'BB' Corporate Credit Rating
ELETROPAULO: Fitch Ups Issuer Default Ratings From BB+ to BBB-


C A Y M A N   I S L A N D S

BP OFFSHORE X1: Shareholders' Final Meeting Set for Sept. 30
BP OFFSHORE X2: Shareholders' Final Meeting Set for Sept. 30
BURLINGTON PARTNERS: Shareholders' Final Meeting Set for Sept. 30
DUNCAN HOLDINGS: Members' Final Meeting Set for Sept. 29
INSIGNIA MANAGEMENT: Shareholders' Final Meeting Set for Sept. 26

INTERAMERICA OVERSEAS: Members' Final Meeting Set for Oct. 10
MOTOR FINANCE: Shareholders' Final Meeting Set for Sept. 30
PALLON HOLDINGS: Members' Final Meeting Set for Sept. 23
PEQUOT HEALTHCARE: Shareholders' Final Meeting Set for Sept. 30
SANDELMAN PARTNERS: Shareholders Receive Wind-Up Report

SANDELMAN PARTNERS, ERISA: Shareholders Receive Wind-Up Report
SANDELMAN FUNDS, GP: Shareholders Receive Wind-Up Report
SANDELMAN PARTNERS, MASTER: Shareholders Receive Wind-Up Report
SANDELMAN PARTNERS, OPPURTUNITY: Shareholders Get Wind-Up Report
SVANG INVESTMENTS: Members Receive Wind-Up Report

TESSERA CHINA: Shareholders' Final Meeting Set for Sept. 30
TOEN INVESTMENT: Members Receive Wind-Up Report
TREESDALE ENHANCE: Shareholder to Hear Wind-Up Report on Sept. 30
UNIVERSA BLACK: Shareholders' Final Meeting Set for Sept. 30
WESTERN HOLDINGS: Members' Final Meeting Set for Sept. 23


J A M A I C A

CRANE RIDGE: Michael Drakulich Buys Business, To Reopen Soon
JAMALCO: Government Still Undecided on Sale of Stake in Firm


                            - - - - -


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A R G E N T I N A
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METROPOLIS COMPANIA: Moody's Affirms FC Deposit Ratings to 'Caa1'
-----------------------------------------------------------------
Moody's Latin America upgraded the local currency National Scale
Rating of Metropolis Compania Financiera S.A. to A3.ar from
Baa1.ar. All the other ratings were affirmed.

The outlook on all the ratings is stable.

This rating of Metropolis Compania Financiera S.A. was upgraded:

  -- Long-Term National Scale Local-Currency Deposit Rating:
     A3.ar from Baa1.ar, stable outlook.

The following ratings of Metropolis Compania Financiera S.A. were
affirmed:

  -- Bank Financial Strength Rating: E+, stable outlook.

  -- Long- and short-term global local-currency deposit ratings:
     B3 and Not Prime, stable outlook.

  -- Long- and short-term foreign-currency deposit ratings:
     Caa1 and Not Prime, stable outlook.

  -- Long-Term National Scale Foreign Currency Deposit Rating:
     Ba1.ar, stable outlook.

Ratings Rationale

The rating agency said the rating action reflects Metropolis'
improving franchise positioning and outlook in the context of a
very modest market share and small, niche business franchise.
However the transition risk evaluated in the first time rating
due to the acquisition of Tutelar operation has been reduced.
The Tutelar franchise had liquidity problems as well as poor
granularity in terms of loans and deposits.  Since Metropolis
took control of the company they have increased its asset levels
and diversified its loan book and deposit base, increasing its
granularity and diversifying the types of loans granted by the
company.

Currently the company has diversified its sources of earnings by
expanding into factoring and retail lending in addition to its
established foreign exchange business.  Its short term loan book
is expected to be of higher quality, given the secured nature of
the operations.  The company also improved significantly its
asset quality ratios which was a legacy of the acquisition,
reaching a 4.5% non-performing loan ratio as of June 2011 from
23.2% in 2010. When Metropolis acquired Tutelar most of the non-
performing loans were guaranteed by a trust and Metropolis was
appointed as collection agent.  The appointment of an independent
director to the Board of Directors was also cited as a positive
development by Moody's.

However, even though Metropolis has defined its strategy and
solved its main asset quality problems, it continues to face the
challenge of strong competition in its main business segments
(i.e., factoring, consumer loans, etc) with a very small
franchise in term of market shares.  Currently, the entity has
weak capacity to generate recurring earnings and a limited
franchise presence. It presents a high growth profile and a
limited track record in new lines of business, considering that
Tutelar was acquired in 2008.  In addition, while its earnings
sources have diversified, they still show high dependence on
traditional foreign exchange earnings, which have historically
been somewhat volatile and are market-driven.  The company's
funding diversification is also low and the company will need to
attract more stable sources of funding to fund loan growth, as
the top ten depositors represent 65% of total deposits.

Metropolis Compania Financiera S.A. is headquartered in Buenos
Aires, Argentina, and it had assets of AR$149.3 million and
equity of AR$31.5 million as of June 2011.


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B R A Z I L
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ANHANGUERA EDUCACIONAL: S&P Reviews 'BB' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Brazil-based for-profit higher education company
Anhanguera Educacional Participacoes S.A. on CreditWatch with
negative implications.  "We could either affirm the rating or
lower it by one notch upon the completion of our review," S&P
related.

"The CreditWatch placement follows the announcement of
Anhanguera's planned acquisition of Grupo Uniban (not rated),
Anhanguera's competitor in the business of private graduate and
undergraduate courses.  The acquisition is larger than we
projected for Anhanguera's M&A in 2011, and could represent a
deviation from a more conservative growth strategy than we
expected in our recent upgrade (see 'Anhanguera Educacional
Participacoes S.A. Upgraded To 'BB' With Stable Outlook, Based On
Successful Expansion Strategy,' published Aug. 26, 2011)," S&P
related.

"The company announced that it will pay R$510.6 million for
Uniban, out of which R$235 million will come from available cash
and R$285.0 million in 24 months, which we will analyze as debt.
Anhanguera did not disclose information on Uniban, so we are
assuming that the company does not hold debt, and its margins and
cash flow generation are weak.  Therefore, we expect to see a
deterioration in Anhanguera's credit metrics. In addition, the
company will require more financing for maintenance and the
integration of Uniban, potentially eroding its currently adequate
liquidity position," S&P stated.

"However, the acquisition will increase Anhanguera's market share
in in-presence courses in the country's southeastern region
through nine new campuses and will help penetrate the southern
region through two campuses.  Grupo Uniban will add 55,100
students to Anhanguera's portfolio, consolidating its leading
position in the Brazilian private graduate and undergraduate
sector.  We believe the companies have complementary businesses
and Uniban will likely add commercial synergies, which Anhanguera
should capture through its ability to reap benefits quickly from
standardized education methods," S&P related.


ELETROPAULO: Fitch Ups Issuer Default Ratings From BB+ to BBB-
--------------------------------------------------------------
Fitch Ratings has upgraded Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s ratings.  The Outlook remains
Stable.

The upgrade in Eletropaulo's ratings reflects Fitch's view that
the company will be able to maintain a conservative financial
profile consistent with the new ratings, despite a probable
tariff reduction in its upcoming regulatory review process.  The
company currently has strong credit metrics for the ratings
assigned, based on its robust operational cash generation,
reduced financial leverage and strong liquidity position.

Eletropaulo benefits from the low level of volatility of its cash
flow in diverse economic scenarios. Fitch views the regulatory
risk as low to moderate.  Eletropaulo's ratings could be
negatively affected by relevant changes in hydrological risk,
which significantly affects industry fundamentals.  The rating of
the 12th debenture issue is one level below the company's
national scale corporate rating because it is subordinated to the
company's debt.

Leverage Expected to Remain Conservative

Eletropaulo has a solid financial profile and its credit measures
are strong. For the last twelve months (LTM) ended on June 30,
2011, the company reported total debt/EBITDA of 1.8 times (x),
net debt/EBITDA of 1.4x and Funds From Operations (FFO) adjusted
leverage of 1.8x.  Fitch expects that a tariff reduction will
pressure the company's leverage, taking the net debt/EBITDA ratio
temporarily to approximately 2.0 - 2.5x, in line with the new
ratings.  Fitch positively views the company's decision to reduce
dividend distributions to 50% of net income for the first half of
2011; this compares with the normal practice of distributing 100%
of net income.  The ability to reduce dividends can be a tool to
be used by Eletropaulo in stress scenarios to preserve liquidity
and not exceed its financial covenant of total debt/EBITDA at
less or equal to 3.5x.

Strong Liquidity Position

Eletropaulo's liquidity position is strong and has remained above
1.5x short-term debt over the last several years.  Refinancing
risk is low, based on the strength of its FFO and cash flow from
operations (CFO) and expectations that Eletropaulo will maintain,
at least, the minimum short-term debt coverage it has
historically presented.  On June 30, 2011, the company reported
BRL1.0 billion in cash and marketable securities, which
represented 3.2x the short-term debt of BRL328 million. In this
period, the cash + FFO/short-term debt ratio was 9.1x and the
cash + CFO/short-term debt ratio, 9.2x.  The company has a
manageable debt maturity profile, with a total debt of BRL1.0
billion to mature by the end of 2013, with the average tenor
being 6.8 years.

Near-term Revenue Pressure Possible With Tariff Review

The rules for the third cycle of tariff revision for Brazilian
distributors, still to be defined in 2011, are expected to
moderately impact Eletropaulo's net revenue and EBITDA.  Based on
the LTM ended on June 30, 2011, net revenue benefited from the
1.62% tariff adjustment that occurred in July 2010 and the 5% and
5.2% increases in energy distributed in 2010 and first half of
2011, respectively.  Operational cash generation, as measured by
EBITDA, was BRL2.2 billion for the same period, with an EBITDA
margin of 22.4%, in line with the previous years.  Were the
amount of BRL136 million (relative to expenses with the Fundacao
Cesp) adjusted, EBITDA would become BRL2.4 billion; the margin,
23.7%, and the adjusted net debt/EBITDA ratio, 1.3x.

The CFO of BRL2.0 billion for the LTM ended on June 30, 2011,
despite being robust, was insufficient to cover investments of
BRL773 million and a dividend and interest on own capital payment
of BRL1.8 billion.  As a result, free cash flow (FCF) was a
negative BRL586 million.  Fitch expects that FCF could be
negative during the next two years.

Low Business Risk

Eletropaulo's ratings incorporate the company's low business risk
profile, attributable to its exclusive concession to operate
within its service area, the monopolistic nature of distribution
companies and its favorable concession area.  Eletropaulo has an
exclusive concession to distribute electricity in the
metropolitan region of Greater Sao Paulo.  This benefits its
credit profile, since the area reports one of Brazil's highest
per capita incomes.

Change of Control, Hydrological Risks Inherent to the Sector

Eletropaulo's ratings are based on its current shareholder
structure and do not consider the possibility of a change in
control.  BNDESPar has announced in 2007 its intention to sell
its participation in Companhia Brasiliana de Energia
(Brasiliana), which, in turn, indirectly controls Eletropaulo.
Currently, BNDESPar and AES Corporation (IDR 'B+'by Fitch)
indirectly hold 35.3% of the company's total capital.  A clause
in the Shareholder Agreement guarantees AES Corporation the right
of first refusal to BNDESPar's participation in Brasiliana.
Should AES Corporation opt not to exercise this right, it would
be forced to sell its participation together with BNDESPar.  The
risk to creditors of a control change is mitigated by covenants
that will force the buyer or the company to either obtain a
waiver from the creditors themselves or refinance the debt,
should control of the company be assumed by an agent other than
BNDESPar and AES Corporation.

Eletropaulo's ratings also incorporate the Brazilian electric
sector's exposure to hydrological risk, since Brazil's energy
matrix is highly dependent on hydroelectric plants.  Since more
than 70% of Brazil's installed electric generation capacity comes
from hydroelectric plants, severe droughts could expose the
distribution companies to rationing, which diminishes energy
consumption and, consequently, generates negative impacts on
their revenue.  The current level of reservoirs is favorable for
this time of year.

Key Rating Drivers

The ratings could be negatively affected should there be a
significant deterioration in Eletropaulo's financial profile
beyond Fitch's expectations after the tariff review.  The agency
will also continue monitoring the outcome of the legal dispute
involving the company and Centrais Eletricas Brasileiras S.A.
(Eletrobras) regarding a potential debt, which could lead to
increased indebtedness.  Improvements in the ratings depend on
the resumption of strong operational cash flow generation and
conservative credit measures.

Fitch has upgraded the following ratings:

  -- Foreign Currency Long-Term IDR (Issuer Default Rating)
     to 'BBB-' from 'BB+';

  -- Local Currency Long-Term IDR to 'BBB-' from 'BB+';

  -- National Long-Term Rating to 'AA(bra)'from 'AA-(bra)';

  -- National Long-Term Rating of the 9th debenture issue, in the
     amount of BRL250 million, with maturity in 2018, to
     'AA(bra)' from 'AA-(bra)';

  -- National Long-Term Rating of the 10th debenture issue, in
     the amount of BRL600 million, with maturity in 2013, to
     'AA(bra)' from 'AA-(bra)';


  -- National Long-Term Rating of the 11th debenture issue, in
     the amount of BRL200 million, with maturity in 2018, to
     'AA(bra)' from 'AA-(bra)';

  -- National Long-Term Rating of the Bank Credit Certificate
     (CCB) issue, in the amount of BRL300 million, with maturity
     in 2015, to 'AA(bra)'from 'AA-(bra)'; and

  -- National Long-Term Rating of the 12th subordinate debenture
     issue, in the amount of BRL400 million, with maturity in
     2014, to 'AA-(bra)'from 'A+(bra)'.

  -- The Outlook for the Corporate Ratings is Stable.


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


BP OFFSHORE X1: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of BP Offshore X1 Ltd will hold their final
meeting on September 30, 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:

         DMS Corporate Services Ltd
         c/o 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


BP OFFSHORE X2: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of BP Offshore X2 Ltd will hold their final
meeting on September 30, 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:

         DMS Corporate Services Ltd
         c/o 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


BURLINGTON PARTNERS: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------------
The shareholders of Burlington Partners Offshore Fund Ltd will
hold their final meeting on September 30, 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:

         DMS Corporate Services Ltd
         c/o 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


DUNCAN HOLDINGS: Members' Final Meeting Set for Sept. 29
--------------------------------------------------------
The members of Duncan Holdings Limited will hold their final
meeting on September 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


INSIGNIA MANAGEMENT: Shareholders' Final Meeting Set for Sept. 26
-----------------------------------------------------------------
The shareholders of Insignia Management & Finance (Reinsurance)
Limited will hold their final meeting on September 26, 2011, 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:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         48 Market Street
         Canella Court, 2nd Floor, Unit 1290
         Camana Bay, Grand Cayman
         Cayman Islands


INTERAMERICA OVERSEAS: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------------
The members of Interamerica Overseas Limited will hold their
final meeting on Oct. 10, 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 liquidators are:

         Maria T. Silva
         Eddie Lopez Paz
         Condominio El Centro-I, PH 1501
         500 Munoz Rivera Ave.
         San Juan, Puerto Rico 00918


MOTOR FINANCE: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------
The shareholders of Motor Finance Corp. will hold their final
meeting on September 30, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Helmut Kohler
         Av. Luis Pasteur 5842, Ofic. 301
         Vitacura
         Santiago, Chile


PALLON HOLDINGS: Members' Final Meeting Set for Sept. 23
--------------------------------------------------------
The members of Pallon Holdings Ltd. will hold their final meeting
on September 23, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PEQUOT HEALTHCARE: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of Pequot Healthcare Emerging Markets Fund, Ltd.
will hold their final meeting on September 30, 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SANDELMAN PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sandelman Partners Multi Strategy Fund
Limited received on Sept. 19, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin Lee McMahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS, ERISA: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Sandelman Partners Multi Strategy Erisa Fund
Limited received on Sept. 19, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin Lee McMahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN FUNDS, GP: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Sandelman Funds GP Limited received on
Sept. 19, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin Lee McMahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS, MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Sandelman Partners Multi Strategy Master Fund
Limited received on September 19, 2011, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin Lee McMahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SANDELMAN PARTNERS, OPPURTUNITY: Shareholders Get Wind-Up Report
----------------------------------------------------------------
The shareholders of Sandelman Partners Opportunity Fund Limited
received on September 19, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin Lee McMahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SVANG INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Svang Investments Ltd. received on Sept. 19, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TESSERA CHINA: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------
The shareholders of Tessera China Holdings will hold their final
meeting on September 30, 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:

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


TOEN INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Toen Investment Company received on Sept. 19,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TREESDALE ENHANCE: Shareholder to Hear Wind-Up Report on Sept. 30
-----------------------------------------------------------------
The sole shareholder of Treesdale Enhanced Fixed Income, Ltd.
will receive on Sept. 30, 2011, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


UNIVERSA BLACK: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of Universa Black Swan Protection Protocol
Offshore II Ltd will hold their final meeting on September 30,
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:

         DMS Corporate Services Ltd
         c/o 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


WESTERN HOLDINGS: Members' Final Meeting Set for Sept. 23
---------------------------------------------------------
The members of Western Holdings Ltd. will hold their final
meeting on September 23, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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J A M A I C A
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CRANE RIDGE: Michael Drakulich Buys Business, To Reopen Soon
------------------------------------------------------------
Janet Silvera at Jamaica Gleaner reports that the Crane Ridge
hotel in Ocho Rios, St Ann, which was closed earlier this year
because of high maintenance and utility costs, has been acquired
by businessman Michael Drakulich, who will reopen it under his
Mystic Mountain brand.

Mr. Drakulich said he and three international partners will take
over a third of the resort, and plan to spend US$1.8 million to
refurbish the property and rebrand it as Mystic Ridge Resort,
according to Jamaica Gleaner.  Overall, the Mystic Ridge Jamaica
Limited group has invested some US$3.5 million on this project,
said Mr. Drakulich, the report relates.

Mr. Drakulich, Jamaica Gleaner notes, said that come Monday,
September 26, refurbishing and general upgrade of the facilities,
including expansion of meeting places and renovation of rooms,
will commenced.  Jamaica Gleaner says reopening will start by the
beginning of the winter tourist season in December.

Jamaica Gleaner recalls that Crane Ridge, originally a comfort
suite, was closed in March this year, reportedly as a result of
high maintenance and utility costs and the inability to pay their
bills.  In recent years, the standard of the resort had declined
considerably, causing several tour operators and Internet booking
engines to drop it from their roster, the report notes.


JAMALCO: Government Still Undecided on Sale of Stake in Firm
------------------------------------------------------------
RJR News reports that the Jamaican government has yet to make a
decision on the sale of its 45% stake in JAMALCO (Alcoa Minerals
of Jamaica), which is owned through the Clarendon Alumina
Partners (CAP).

Information Minister Daryl Vaz acknowledged that an emergency
Cabinet meeting was held on September 21 to discuss the issue.

"Cabinet on the CAP matter gave some instructions to the
negotiating team (but) based on where the negation is now, it
would not be wise of me to announce that but  an announcement in
relation to that will be made in due course. . . ." RJR News
quoted Minister Vaz as saying.

The report notes that Mining Minister Clive Mullings said that
the Cabinet would have considered two bids from Glencore and UC
Rusal.

The government is trying to sell CAP as part of its strategy to
off-load loss-making entities from the public's purse, RJR News
notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 9, 2011, RJR News said that unnamed sources said the
Jamaican government has received at least two offers for its
stake in JAMALCO's alumina refinery.  Switzerland-based
commodities trader, Glencore and Chinese metals trader, Zhuhai
Hongfan, are rumored to be the potential bidders for the
government's stake, according to RJR News.  The report noted that
the government owns 45% of JAMALCO through the Clarendon Alumina
Partners, and has been trying, since last year, to offload that
stake, because of its hefty cost associated with a forward sale
agreement.  RJR News related that Jamaica Prime Minister Bruce
Golding said that the forward sale agreement had cost taxpayers
more than JM$12 billion since 2002.  The report relayed that
Prime Minister Golding said that if the government's stake was
not divested, taxpayers would be asked to pay a further
JM$15 billion before the contract ends in 2013.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


                            ***********


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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