TCRLA_Public/111019.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


           Wednesday, October 19, 2011, Vol. 12, No. 207

                            Headlines



A R G E N T I N A

BBVA CONSOLIDAR: Moody's Affirms 'Ba3' Local-Currency Rating
CAJA DE SEGUROS: Moody's Cuts Insurance Strength Ratings to 'B1'
FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Certs. 'Caa1.ar'
TELECOM ARGENTINA: Fitch Upgrades Rating on Local IDR to 'BB-'


B E R M U D A

DIGICEL GROUP: Claro Deal Faces Obstacles in Central America


B R A Z I L

HSBC BANK: S&P Assesses Stand-Alone Credit Profile to 'bb+'
COSAN SA: Fitch Upgrades Rating on Local IDRs to 'BB+'


C A Y M A N   I S L A N D S

BLACKROCK US: Shareholders' Final Meeting Set for Oct. 28
CREDIPIA 2006: Shareholders' Final Meeting Set for Oct. 28
CREDIPIA 2006: Shareholders' Final Meeting Set for Oct. 28
DULOXETINE HOLDCO: Shareholders' Final Meeting Set for Oct. 28
EASTER SUNDAY: Creditors' Proofs of Debt Due Oct. 24

EASTER SUNDAY: Shareholders' Final Meeting Set for Oct. 24
MORGAN STANLEY: Creditors' Proofs of Debt Due Oct. 26
PCE FAST: Shareholders' Final Meeting Set for Oct. 26
PLEIADES CAYMAN: Shareholders' Final Meeting Set for Oct. 28
RAB OCTANE: Shareholders' Final Meeting Set for Oct. 24

SELECT INVESTMENT: Shareholders' Final Meeting Set for Oct. 27
US CORE: Shareholders' Final Meeting Set for Oct. 28
VALOR PRIVATE: Shareholders' Final Meeting Set for Nov. 7
XANTHUS EUROPEAN: Shareholders' Final Meeting Set for Oct. 26
XANTHUS GERMANY: Shareholders' Final Meeting Set for Oct. 26


C H I L E

LA POLAR: Shares Surge Ahead of Capital Increase


M E X I C O

VITRO SAB: Affiliates Attack US$99-Million Bondholder Demand


P U E R T O   R I C O

COSTA DORADA: Wants Until Oct. 30 to Propose Reorganization Plan


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Investment Bank Gets Judge's Okay to Wind Up


                            - - - - -


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A R G E N T I N A
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BBVA CONSOLIDAR: Moody's Affirms 'Ba3' Local-Currency Rating
------------------------------------------------------------
Moody's Latin America affirmed the Ba3 global local-currency and
the Aa2.ar Argentine national scale insurance financial strength
(IFS) ratings of BBVA Consolidar Seguros.  The rating outlook for
Consolidar Seguros is stable.

BBVA Seguros is a primary insurer, wholly owned by the large
Spanish bank Banco Bilbao Vizcaya Argentaria S.A. (BBVA), and
engaged in the general insurance and life insurance businesses in
Argentina.  It is well-integrated with Banco Frances--the major
Argentine bank belonging to the BBVA Group.

Rating Rationale

According to Moody's, the affirmation of the ratings of BBVA
Seguros reflects the maintenance of its overall business and
financial performance including the relatively low risk of its
insurance products, its sustained profitability, adequate capital
adequacy, and the implied support coming from its ultimate parent,
BBVA.

Moody's went on to say that BBVA Seguros's product risk and
business diversification is adequate given that it distributes
short term policies to a large number of groups, households and
small and medium size businesses and that mortality is its main
risk.  The company's premiums are concentrated in credit/bank-
related policies, traditional group life, and homeowners policies.
Moody's lead analyst Alejandro Pavlov commented, "While BBVA
Seguros' profitability is good with 5 year average return on
capital of 17%, we note that the company's earnings are heavily
supported by investment yields."  Finally, the rating agency added
that capital adequacy is credit strength of BBVA Seguros with
gross underwriting leverage standing below 2 times in the last
five fiscal years, and the company showing a 98% surplus over
local solvency requirements as of June 30, 2011.

However, these credit strengths are significantly counterbalanced
by BBVA Seguros' relatively weak market-presence, high exposure to
below-investment grade investments instruments, and the weak
operating environment of Argentina.  The company's investment
portfolio -- which is highly influenced by local regulatory
limitations on foreign investments -- comprises Argentine
sovereign bonds, local bank deposits, and bonds issued by local
financial entities.  All of these asset types carry below-
investment grade ratings and represent 86% of the company's total
investments.

Finally, the rating agency explained that BBVA Seguros' ratings
receive one notch of uplift from the company's stand-alone credit
profile.  This is because of the brand sharing, ownership and
implied support from BBVA Group due to the strong commercial
integration of BBVA Seguros with the local bank in Argentina, as
well as the fact that BBVA Seguros' insurance products clearly fit
within the bancassurance model of the group.

Headquartered in Buenos Aires, BBVA Seguros reported a net profit
of AR$13.4 million during the last fiscal year ended June 30,
2011, which is significantly higher than the AR$3.7 million profit
for the prior fiscal year.  The company's shareholders' equity
rose by 13% to AR$112.4 million as of June 30, 2011 from the
AR$99.1 million reported as of June 30, 2010.


CAJA DE SEGUROS: Moody's Cuts Insurance Strength Ratings to 'B1'
----------------------------------------------------------------
Moody's Latin America downgraded the global local currency
insurance financial strength (IFS) rating and the IFS rating on
Argentina's national scale of Caja de Seguros S.A. to B1 from Ba3,
and to Aa3.ar from Aa2.ar, respectively.  The ratings outlook is
now stable.

Ratings Rationale

The rating downgrade of Caja primarily reflects the deteriorating
trends in its capital adequacy.  The company's gross underwriting
leverage has been increasing steadily over the last few years,
along with a declining trend in its regulatory capital position,
and weak and volatile profitability.  Moody's analyst Diego
Nemirovsky added, "Caja de Seguros' capital and profitability have
not kept pace with its business growth, thereby deteriorating its
overall capital position, and thus we believe that Caja's ratings
are now better aligned with B1/Aa3.ar IFS ratings."  As of June
30, 2011, Caja's GUL was 12.3x, and its regulatory solvency margin
surplus was only 5%. The rating agency went on to say that unlike
most other insurers in Argentina, Caja considers as admitted
capital part of its investments in affiliates; if affiliated
investments were excluded from admitted capital, Caja's regulatory
solvency margin would be even weaker. Moody's also mentioned that
-- similar to most insurers in Argentina -- Caja de Seguros'
credit profile is constrained by its poor quality investment
portfolio and by Argentina's weak operating environment.

Moody's noted, however, that the company's credit profile still
benefits from its position as the leading Argentine insurer, with
strong market share in the auto and group life segments.  In
addition, Caja's rating continues to be uplifted from its stand-
alone credit profile, given Caja's affiliation with Assicurazioni
Generali, rated Aa3 for IFS, as the company benefits from its
majority-owner's implicit support and oversight of the local
operation.  Furthermore, the rating agency mentioned that Caja's
credit profile benefits from being part of the "Caja Group" in
Argentina, which has well-positioned operations in general
insurance, annuities, and workers compensation, thus contributing
to broaden the company's product and earnings diversification.

Caja de Seguros is a major Argentine insurer that distributes
property and casualty and life insurance coverage to individuals
and to small and medium-size enterprises, mainly through its own
network of nationwide branches.  The company is majority-owned by
Assicurazioni Generali (about 90% ownership interest), with the
remaining 10% being held by the company's employees.

Based in Buenos Aires, Argentina, Caja de Seguros reported a net
profit of AR$ 98 million during the fiscal year ended June 30,
2011, total assets of AR$ 2.6 billion, and underwriting losses of
AR$ 51 million.  As of that date, the company reported gross
premiums of AR$ 2.9 billion and shareholders' equity of AR$ 460
million.


FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Certs. 'Caa1.ar'
---------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos Banex
53 to be issue by Equity Trust (Argentina) S.A., acting solely in
its capacity as Issuer and Trustee.

  -- ARS14,400,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS91,200,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS9,600,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53", rated
     A1.ar (sf) (Argentine National Scale) and B2 (sf) (Global
     Scale, Local Currency)

  -- ARS4,800,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex 53", rated Caa1.ar (sf) (Argentine
     National Scale) and Caa3 (sf) (Global Scale, Local Currency)

Moody's Latin America notes that the securities contemplated by
the transaction have not yet settled.

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,277 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,008,022.99.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security -- Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 15%. The Floating Rate Debt Securities will bear a BADLAR
interest rate plus a spread to be determine.  The Floating Rate
Debt Securities' interest rate will never be higher than 24% or
lower than 13%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination: 88% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 6.83%
expected loss for Class C Fixed Rate Debt Securities and 37.75%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A and Floating Rate securities would be unchanged.  The
ratings for Class C Fixed Rate debt securities and Certificates
would be downgraded to Ca (sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Equity Trust (Argentina) S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


TELECOM ARGENTINA: Fitch Upgrades Rating on Local IDR to 'BB-'
--------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Telecom
Argentina S.A. (TEO):

  -- Local currency Issuer Default Rating (IDR) upgraded to 'BB-'
     from 'B+';

  -- Foreign currency (FC) IDR affirmed at 'B';

  -- National scale ratings upgraded to 'AA+(arg)' from 'AA(arg)';

  -- National equity rating affirmed at '1'.

The Rating Outlook is Stable.

TEO's rating upgrades and Stable Outlook reflects the company's
continued strong operating performance driven by the mobile
segment, expectation of low leverage and the end of judicial
actions between shareholders, which eliminate any uncertainty
related to this.  The FC IDR is constrained by Argentina's country
ceiling of 'B'.  TEO maintains a solid market position as a
consequence of its diversified services portfolio with multiple
platforms resulting in strong cash flow generation and a
conservative financial profile.  The ratings are tempered by
strong competition, regulatory risk in the fixed-line business,
and inflation pressures over its cost structure.

The ratings take into account the relationship between controlling
shareholders Telecom Italia and the Werthein Group, and the
agreement they reached last year to end all judicial actions
between the parties.  As of June 30, 2011, Telecom Italia owns 68%
of Sofora (ultimate controlling entity of TEO), while the Werthein
Group owns 32%.  The ratings also incorporate ANSES (nationalized
pension funds) ownership in TEO, which owns approximately 24.98%,
should not change TEO's main strategy.

Fitch believes fixed-mobile convergence can help integrated
operators such as TEO, to improve customer loyalty, reduce
operating costs and avoid cannibalization between business
segments.  In addition, as fixed and mobile data demand grows in
the future, the company's integrated platforms should enable it to
optimize costs and network investments. TEO benefits from a
diversified business mix with operations consisting of fixed and
mobile services.  The mobile business unit is the main driver of
the company's operating performance, accounting for 70% of
revenues and 79.7% of EBITDA during the six months ended June 30,
2011.  TEO's incumbent position in northern Argentina in fixed-
line services and mobile services mitigates potential fixed-line
traffic loss due to mobile substitution.

TEO's financial profile is expected to remain strong.  The company
has paid down most of its debt, primarily with improved operating
results and the use of free cash flow for debt reduction.  In
2010, TEO achieved a solid performance, strong operating results
and low leverage. Consolidated revenues grew 20% when compared
with the previous year, driven by the mobile segment.  TEO's
consolidated revenues during the six month period ending June 30,
2011 ascended to ARS 8,616 million representing an increase of 28%
growth when compared with the same period of the previous year.
EBITDA totalled ARS 2,702 million maintaining a stable margin of
31%. Fitch expects that TEO growth will slow as the market
matures.

The company is focusing its efforts in offering of a full range of
integrated fixed and wireless services.  The company's mobile
strategy is oriented towards improving the mix of postpaid users
by promoting 3G services, better customer service and high-end
handsets.  Mobile data services have room for growth despite VAS
accounting for 46% of service revenue, as most of the revenue from
VAS relates to text messaging.  The strategy on the fixed business
continues to center on bundle offering that includes voice and
broadband services and to a lesser extent pay-television services,
including newly offered video streaming services. The company has
a commercial agreement with DirectTV to offer pay television
services through a bundle offering.

Fitch views the upcoming spectrum auction to be manageable for
TEO, given its cash balances and strong pre-dividend free cash
flow generation.  Capex to revenues ratio can increase to up to
25% in 2011 from traditional levels of close to 15% if the auction
is concluded before year end.  TEO's financial risk profile is not
expected to materially change as a result of the above events.

TEO's liquidity position is strong.  As of June 30, 2011 cash
balances amounted to approximately ARS 1.4 billion, more than 7
times (x) total indebtedness and free cash flow for the 12 months
ended in the same period was ARS 1.8 billion. Total debt was ARS
189 million, composed of ARS3 million allocated in Personal and
ARS186 million in Nucleo.  Credit metrics are expected to continue
to be robust.  As of June 30, 2011, the company's total debt-to-
EBITDA ratio was 0x and its EBITDA-to-interest ratio was 74.9x.


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B E R M U D A
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DIGICEL GROUP: Claro Deal Faces Obstacles in Central America
------------------------------------------------------------
RJR News reports that the owner of Claro's operations in Jamaica,
America Movil, could face a delay in its move to acquire Digicel
Group's operations in El Salvador.

America Movil has been given a new condition that it must meet
before it can proceed with the acquisition, according to RJR News.

RJR News notes that El Salvador's competition watchdog has
instructed that the company must give up 20 megahertz of spectrum
if its purchase of Digicel Group's operations in the Central
American country is to be approved.

Digicel Group agreed in March to sell its El Salvador and Honduras
operations to America Movil, the report notes.  RJR News relates
that America Movil, owned by Mexican billionaire Carlos Slim, also
agreed to sell its business in Jamaica to Digicel Group.

Meanwhile, RJR News notes that Claro dealers in Jamaica say the
development in El Salvador is bad news for them.  The report
relates that the dealers, who have been in limbo since the
Claro/Digicel merger was announced six months ago, say it will
lead to further delays in getting answers on how the deal will
affect them.

RJR News notes that the dealers have been contemplating legal
action after complaining about being left in the dark on the
details of the merger.  The report relays that they also recently
claimed that they were racking up debts as they had received
little or no goods from Claro to sell.

As reported in the Troubled Company Reporter-Latin America on
Sept. 2, 2011, The Gleaner related that the Jamaican government
has approved Digicel Group's acquisition of Claro Jamaica.  Prime
Minister Bruce Golding, however, said that the approval is on the
proviso that Digicel Group continues to operate two separate
networks, in what is meant to be a check on the market leader's
dominance, according to The Gleaner.  The Gleaner noted that
Digicel Group wanted to integrate the operations into a single
network, but Prime Minister Golding rejected that plan.

                        About Digicel Group

Digicel Group Limited -- 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 Group 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. Barts.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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B R A Z I L
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HSBC BANK: S&P Assesses Stand-Alone Credit Profile to 'bb+'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-/A-3' global-
scale counterparty credit ratings on HSBC Bank Brasil S.A. The
outlook is positive.  The rating action is part of S&P'S regular
review.

"The ratings on HSBC Brasil reflect our view of its stand-alone
credit profile (SACP), which we assess as equivalent to 'bb+'.
The ratings also mirror the benefits of its full ownership by HSBC
Holdings PLC (AA-/Stable/A-1+).  HSBC Brasil satisfies our group
methodology criteria as a strategically important subsidiary of
the HSBC group.  As a result, the long-term rating on the bank
incorporates a three-notch uplift in its SACP to reflect our view
of a high probability of extraordinary support from its parent.
The credit rating, however, is capped by the foreign currency
sovereign rating on Brazil (BBB-/Positive/A-3).  HSBC Brasil's
contributions to HSBC group are the fourth largest in terms of
profits before taxes after Hong Kong, China, and the U.K.
operations during the first half of 2011.  HSBC group considers
Brazil as a strategic market," S&P related.


COSAN SA: Fitch Upgrades Rating on Local IDRs to 'BB+'
------------------------------------------------------
Fitch Ratings has upgraded the following Issuer Default Ratings
(IDRs) of Cosan S.A. Industria e Comercio S.A. and its
subsidiaries:

Cosan

  -- Local and foreign currency IDRs upgraded to 'BB+' from 'BB';
  -- National scale rating upgraded to 'AA-(bra)' from 'A+(bra)'.

Cosan Overseas Limited (Cosan Overseas)

  -- Local and foreign currency IDRs upgraded to 'BB+' from 'BB';
  -- Perpetual notes upgraded to 'BB+' from 'BB'.

Cosan Lubrificantes e Especialidades (CLE; former Cosan
Combustiveis e Lubrificantes S.A. - CCL)

  -- Local and foreign currency IDRs upgraded to 'BB+' from 'BB';
  -- National scale rating upgraded to 'AA-(bra)' from 'A+(bra)'.

The Rating Outlooks for Cosan, Cosan Overseas and CLE are Stable.

Fitch has also assigned local and foreign currency IDRs of 'BB+'
to CCL Finance Limited (CCL Finance) and Cosan Finance Ltd, both
on Rating Watch Positive.

CCL Finance

  -- Local and foreign currency IDRs assigned at 'BB+';
  -- Senior unsecured notes due 2014 upgraded to 'BB+' from 'BB'.

Cosan Finance Ltd.

  -- Local and foreign currency IDRs assigned at 'BB+';
  -- Senior unsecured notes due 2017 assigned at 'BB+'.

The upgrades reflect Cosan's strong business profile, underpinned
by a broader business diversification on a consolidated basis,
which should lower cash flow volatility associated with the sugar
and ethanol industry, combined with the expectation that the
company will operate with a more conservative capital structure
both on a stand-alone and on a consolidated basis, following the
completed joint venture with Shell and the consolidation into
Raizen.  Although Cosan is in a somewhat weaker credit position
compared to Raizen, the company's ratings are strongly linked to
Raizen's credit quality, given the size of this joint venture (JV)
in relation to its consolidated financial statements.  Debt
maintained at Cosan's level are indirectly subordinated to those
registered at Raizen since Cosan will only have access to Raizen's
cash through the flow of dividends received.

The Rating Watch Positive assigned to CCL Finance and Cosan
Finance reflects the transfer of unconditional payment guarantees
of these notes to Raizen Combustiveis for the former and Raizen
Energia, Raizen Combustiveis and Raizen Energia Participacoes for
the latter.  The guarantees were previously granted by the former
CCL (currently called CLE) and Cosan Industria e Comercio S.A,
respectively.  In Fitch's opinion, CCL Finance and Cosan Finance's
bondholders should benefit from a likely lower underlying credit
risk linked to the new guarantor, which is closer to the operating
assets and to Raizen's cash flow and the pari passu position with
its unsecured debt.  Raizen's creation strengthens Cosan's
strategic position and consolidated cash flow generation which is
incorporated into Cosan's ratings.

Fitch will continue to monitor the development of Raizen's
business and financial strategies, specially the ambitious growth
plan of Raizen and on its financing strategy as well as its
strategy towards the integration of the downstream activities,
which are important aspects of the ratings and the details have
not been fully disclosed.  Fitch intends to resolve the Rating
Watch Positive assigned to CCL and Cosan Finance after additional
information becomes available, which is expected to occur shortly.


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C A Y M A N   I S L A N D S
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BLACKROCK US: Shareholders' Final Meeting Set for Oct. 28
---------------------------------------------------------
The shareholders of Blackrock US Dollar Enhanced Libor Bond Fund
Ltd. will hold their final meeting on Oct. 28, 2011, at 9:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         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


CREDIPIA 2006: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------------
The shareholders of Credipia 2006 Plus One A International Limited
will hold their final meeting on Oct. 28, 2011, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CREDIPIA 2006: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------------
The shareholders of Credipia 2006 Plus One B International Limited
will hold their final meeting on Oct. 28, 2011, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


DULOXETINE HOLDCO: Shareholders' Final Meeting Set for Oct. 28
--------------------------------------------------------------
The shareholders of Duloxetine Holdco Royalty Sub will hold their
final meeting on Oct. 28, 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:

         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


EASTER SUNDAY: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------
The creditors of Easter Sunday Ltd. are required to file their
proofs of debt by Oct. 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 6, 2011.

The company's liquidators are:

         Barbara Carroll
         Betty Roberts
         Templeton Building
         Lyford Cay
         P.O. Box N-7776 Nassau
         Bahamas


EASTER SUNDAY: Shareholders' Final Meeting Set for Oct. 24
----------------------------------------------------------
The shareholders of Easter Sunday Ltd. will hold their final
meeting on Oct. 24, 2011, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Barbara Carroll
         Betty Roberts
         Templeton Building
         Lyford Cay
         P.O. Box N-7776
         Nassau, Bahamas


MORGAN STANLEY: Creditors' Proofs of Debt Due Oct. 26
-----------------------------------------------------
The creditors of Morgan Stanley Shanklin Limited are required to
file their proofs of debt by Oct. 26, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2011.

The company's liquidator is:

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


PCE FAST: Shareholders' Final Meeting Set for Oct. 26
-----------------------------------------------------
The shareholders of PCE Fast Fund Limited will hold their final
meeting on Oct. 26, 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


PLEIADES CAYMAN: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------------
The shareholders of Pleiades Cayman Limited will hold their final
meeting on Oct. 28, 2011, 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:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RAB OCTANE: Shareholders' Final Meeting Set for Oct. 24
-------------------------------------------------------
The shareholders of RAB Octane SPC Limited will hold their final
meeting on Oct. 24, 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:

         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


SELECT INVESTMENT: Shareholders' Final Meeting Set for Oct. 27
--------------------------------------------------------------
The shareholders of Select Investment Strategies Limited will hold
their final meeting on Oct. 27, 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:

         URS Beat Brugger
         38 Hertford Street
         W1J 7SG, London
         Telephone:  +44 (0) 2074938366
         Facsimile: +44 (0) 2074938377
         38 Hertford Street
         W1J 7SG, London
         United Kingdom


US CORE: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------
The shareholders of US Core Globalalpha Bond Fund Ltd. will hold
their final meeting on Oct. 28, 2011, at 9:15 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


VALOR PRIVATE: Shareholders' Final Meeting Set for Nov. 7
---------------------------------------------------------
The shareholders of Valor Private Fund Ltd. will hold their final
meeting on Nov. 7, 2011, at 3:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

David Blair is the company's liquidator.


XANTHUS EUROPEAN: Shareholders' Final Meeting Set for Oct. 26
-------------------------------------------------------------
The shareholders of Xanthus European Fund Limited will hold their
final meeting on Oct. 26, 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:

         Julian Lloyd Vine
         Lainston International Management (Cayman), Ltd.
         Telephone: (345) 943 1206


XANTHUS GERMANY: Shareholders' Final Meeting Set for Oct. 26
------------------------------------------------------------
The shareholders of Xanthus Germany Fund Limited will hold their
final meeting on Oct. 26, 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:

         Julian Lloyd Vine
         Lainston International Management (Cayman), Ltd.
         Telephone: (345) 943 1206


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


LA POLAR: Shares Surge Ahead of Capital Increase
------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that shares of troubled
Chilean department store Empresas La Polar SA have surged as a key
vote on its planned US$200 million capital increase approaches and
as private pension fund managers, the nation's largest
institutional investors, are expected to exercise their
preferential rights and subscribe to the increase.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Bloomberg News said that LAPOLAR, the Chilean
retailer that set aside US$900 million for consumer-lending
losses, will seek a court agreement with creditors to renegotiate
repayments and avoid bankruptcy.  The board agreed to file a so-
called preventative judicial agreement that requires support from
creditors representing more than half the outstanding debt to be
processed, La Polar said in an e-mailed statement obtained by the
news agency.

Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.


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


VITRO SAB: Affiliates Attack US$99-Million Bondholder Demand
------------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that affiliates of
Vitro SAB de CV told a New York judge Friday that bondholders were
trying to jump in front of other creditors and undermine
restructuring efforts by demanding about US$99 million in interest
payments.

                         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.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are 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).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.  Blackstone Advisory Partners L.P. serves as financial
advisor to the Committee.


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


COSTA DORADA: Wants Until Oct. 30 to Propose Reorganization Plan
----------------------------------------------------------------
Costa Dorada Apartments Corp. asks the U.S. Bankruptcy Court for
the District of Puerto Rico to extend until Oct. 30, 2011, its
exclusive period to file a proposed chapter 11 plan of
reorganization.

In its second request for extension, the Debtor explains that it
needs additional time to compile relevant financial information,
specifically, new projections of the operations of the business
and the terms of a debt restructuring of the principal secured
debt; and negotiate with secured creditors to present a consented
plan and file a stipulation between parties.

                About Costa Dorada Apartments Corp.

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  The Debtor disclosed
US$10.7 million in assets and US$8.6 million in liabilities as of
the Chapter 11 filing.  The petition was signed by Carlos R.
Fernandez Rodriguez, its president.

Wigberto Lugo Mender, Esq., at Lugo Mender & Co., in Guaynabo,
Puerto Rico, represents the Debtor as counsel.


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


CL FIN'L: CLICO Investment Bank Gets Judge's Okay to Wind Up
------------------------------------------------------------
Denyse Renne at Trinidad Express reports that High Court Judge
Ronnie Boodoosingh has given CLICO Investment Bank the green light
to proceed with its winding-up after being told that the National
Insurance Board had withdrawn from the proceedings earlier this
year.  CIB is a subsidiary of CL Financial Limited.

As reported in the Troubled Company Reporter-Latin America on
Oct. 7, 2010, Trinidad and Tobago Guardian said that lawyers
representing the Clico Investment Bank (CIB) are moving full speed
ahead with an application to wind up the company.  However, the
report related, before they can do so, state bodies National Gas
Company and National Insurance Board have objected to the winding-
up, which is likely to cost them a combined total of TT$1.8
million in investment losses.  The report noted that lawyers for
NGC -- Dr. Claude Denbow, SC, Dharmendra Punwassee and Donna
Denbow -- had submitted that, among other things, CIB did not have
the authority to make an application for the company to be wound
up.  Rather, Trinidad and Tobago Guardian noted, Mr. Denbow
contended, it was a matter for the Central Bank, which had since
assumed control of the cash-strapped financial institution over
one year ago.

Meanwhile, Trinidad Express relates that Judge Boodoosingh
appointed the Deposit Insurance Corporation as liquidator in the
matter.  The report relates that DIC said the process which
follows the liquidator's appointment is that the payments (called
dividends) will depend on the rate of recovery from the
liquidation of the assets of the institution, and the extent and
priority of claims from other creditors of the institution.  Final
disbursements may take several years, depending on the types of
assets to be realized, Trinidad Express says.

                         About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********


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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