TCRLA_Public/111021.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, October 21, 2011, Vol. 12, No. 209

                            Headlines



A R G E N T I N A

AGENCIA PRIMERA: Creditors' Proofs of Debt Due Dec. 2
BETANA SA: Creditors' Proofs of Debt Due Dec. 6
CK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 27
FIDEICOMISOS FINANCIEROS: Moody's Ups C Securities Rating to Ba1
FIDEICOMISOS FINANCIEROS: Moody's Raises VRDB Rating to 'Ba2'

FIDEICOMISOS FINANCIEROS: Moody's Ups Certificate Rating to 'Ba2'
MAULA SRL: Creditors' Proofs of Debt Due Dec. 14
MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due Feb. 17
OUTSOURCING SERVICE: Calls for Bankruptcy Proceedings
RED DE PROTECCION: Creditors' Proofs of Debt Due Nov. 9

TRANSPORTE SIERRA: Applies for Bankruptcy Protection
W CONSTRUCCIONES: Creditors' Proofs of Debt Due Nov. 25


B E R M U D A

DEXIA SA: RBC in Talks to Scoop Dexia SA Joint Venture
DIGICEL GROUP: Claims Overall Victory in Proceedings


C A Y M A N   I S L A N D S

ALPHA MARINE: Shareholder to Hear Wind-Up Report on Oct. 27
HESS EXPLORATION: Members' Final Meeting Set for Oct. 27
HESS EXPLORATION (LARSEN): Members' Final Meeting Set for Oct. 27
HESS EXPLORATION: Members' Final Meeting Set for Oct. 27
HESS GHANA: Members' Final Meeting Set for Oct. 27

JADE XI: Members' Final Meeting Set for Oct. 24
JAMES WHILLER: Shareholder to Hear Wind-Up Report on Oct. 27
JCAM CREDIT: Members' Final Meeting Set for Nov. 8
JCAM VINTAGE I: Members' Final Meeting Set for Nov. 8
JSPR BOND: Members' Final Meeting Set for Oct. 26

LEC CORPORATION: Shareholder to Hear Wind-Up Report on Oct. 27
LEPROSEVA INTERNATIONAL: Shareholders' Meeting Set for Oct. 31
MEZZANINE CAPITAL: Members' Final Meeting Set for Oct. 31
MSGI CHINA: Members' Final Meeting Set for Oct. 24
UTOPIA DV: Shareholders' Meeting Set for Oct. 27


T R I N I D A D  &  T O B A G O

CL FIN'L: Black Sand Extends Lascelles Takeover Deadline


                            - - - - -


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


AGENCIA PRIMERA: Creditors' Proofs of Debt Due Dec. 2
-----------------------------------------------------
Silvia Isabel Gomez Meana, the court-appointed trustee for
Agencia Primera de Prevencion SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until Dec. 2, 2011.

Ms. Meana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk No.
8, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Silvia Isabel Gomez Meana
         Condarco 1319
         Argentina


BETANA SA: Creditors' Proofs of Debt Due Dec. 6
-----------------------------------------------
Elisa Esther Tommattis, the court-appointed trustee for Betana
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 6, 2011.

Ms. Tommattis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Elisa Esther Tommattis
         Rodriguez Pena 110
         Argentina


CK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 27
-------------------------------------------------------
Carlos E. Moreno, the court-appointed trustee for CK
International Inc SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 27, 2011.

Mr. Moreno will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carlos E. Moreno
         Tucuman 1577
         Argentina


FIDEICOMISOS FINANCIEROS: Moody's Ups C Securities Rating to Ba1
----------------------------------------------------------------
Moody's Latin America has upgraded the national scale and global
local currency ratings of several debt securities and
certificates issued by Fideicomisos Financieros Banex Creditos.

Ratings

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXI

  Certificates, Upgraded to Aaa.ar (sf); previously on Jan 29,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Jan 29, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Jan 29, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Jan 29, 2010 Assigned Caa1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXII

  Certificates, Upgraded to Aaa.ar (sf); previously on Mar 15,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Mar 15, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Mar 15, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Mar 15, 2010 Assigned Caa1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXIII

  Certificates, Upgraded to Aaa.ar (sf); previously on Mar 26,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Mar 26, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Mar 26, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Mar 26, 2010 Assigned Caa1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXIV

  Certificates, Upgraded to Aaa.ar (sf); previously on Apr 23,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Apr 23, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Apr 23, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Apr 23, 2010 Assigned Caa1 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Apr 23, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Apr 23, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXV

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on May 29, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on May 29, 2010 Assigned Caa1 (sf)

  Certificates, Upgraded to Aaa.ar (sf); previously on May 29,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on May 29, 2010
  Assigned Caa3 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on May 29, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on May 29, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVI

  Certificates, Upgraded to Aaa.ar (sf); previously on Jun 17,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Jun 17, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Jun 17, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Jun 17, 2010 Assigned Caa1 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Jun 17, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Jun 17, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVII

  Certificates, Upgraded to Aaa.ar (sf); previously on Jul 20,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Jul 20, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Jul 20, 2010 Assigned Ba1.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Jul 20, 2010 Assigned Caa1 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Jul 20, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Jul 20, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVIII

  Certificates, Upgraded to Aaa.ar (sf); previously on Sep 22,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Sep 22, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Sep 22, 2010 Assigned Baa3.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Sep 22, 2010 Assigned B3 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Sep 22, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Sep 22, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXIX

  Certificates, Upgraded to Aaa.ar (sf); previously on Sep 23,
  2010 Assigned Caa2.ar (sf)

  Certificates, Upgraded to Ba1 (sf); previously on Sep 23, 2010
  Assigned Caa3 (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Sep 23, 2010 Assigned Baa3.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba1 (sf);
  previously on Sep 23, 2010 Assigned B3 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Sep 23, 2010 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Sep 23, 2010 Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XL

  VDF TFC, Upgraded to Aaa.ar (sf); previously on Oct 21, 2010
  Assigned Baa3.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on Oct 21, 2010
  Assigned B3 (sf)

  CP, Upgraded to Aaa.ar (sf); previously on Oct 21, 2010
  Assigned Caa2.ar (sf)

  CP, Upgraded to Ba1 (sf); previously on Oct 21, 2010 Assigned
  Caa3 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on Oct 21, 2010
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on Oct 21, 2010
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLI

  VFD TFC, Upgraded to Aaa.ar (sf); previously on Oct 26, 2010
  Assigned Baa3.ar (sf)

  VFD TFC, Upgraded to Ba1 (sf); previously on Oct 26, 2010
  Assigned B3 (sf)

  CP, Upgraded to Aaa.ar (sf); previously on Oct 26, 2010
  Assigned Caa2.ar (sf)

  CP, Upgraded to Ba1 (sf); previously on Oct 26, 2010 Assigned
  Caa3 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on Oct 26, 2010
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on Oct 26, 2010
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLII

  VDF TFC, Upgraded to Aaa.ar (sf); previously on Nov 16, 2010
  Assigned Baa3.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on Nov 16, 2010
  Assigned B3 (sf)

  CP, Upgraded to Aaa.ar (sf); previously on Nov 16, 2010
  Assigned B1.ar (sf)

  CP, Upgraded to Ba1 (sf); previously on Nov 16, 2010 Assigned
  Caa2 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on Nov 16, 2010
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on Nov 16, 2010
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLIII

  VDF TFC, Upgraded to Aaa.ar (sf); previously on Mar 1, 2011
  Assigned Baa3.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on Mar 1, 2011
  Assigned B3 (sf)

  CP, Upgraded to Aaa.ar (sf); previously on Mar 1, 2011 Assigned
  B1.ar (sf)

  CP, Upgraded to Ba3 (sf); previously on Mar 1, 2011 Assigned
  Caa2 (sf)

  VDF TFA, Affirmed at Aaa.ar (sf); previously on Mar 1, 2011
  Assigned Aaa.ar (sf)

  VDF TFA, Affirmed at Ba1 (sf); previously on Mar 1, 2011
  Assigned Ba1 (sf)

  VFD TV, Affirmed at Aaa.ar (sf); previously on Mar 1, 2011
  Assigned Aaa.ar (sf)

  VFD TV, Affirmed at Ba1 (sf); previously on Mar 1, 2011
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 44

  CP, Upgraded to A2.ar (sf); previously on Mar 23, 2011 Assigned
  Ba1.ar (sf)

  CP, Upgraded to B3 (sf); previously on Mar 23, 2011 Assigned
  Caa1 (sf)

  VDF TFC, Upgraded to Aaa.ar (sf); previously on Mar 23, 2011
  Assigned A2.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on Mar 23, 2011
  Assigned B3 (sf)

  VDF TFA, Affirmed at Aaa.ar (sf); previously on Mar 23, 2011
  Assigned Aaa.ar (sf)

  VDF TFA, Affirmed at Ba1 (sf); previously on Mar 23, 2011
  Assigned Ba1 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on Mar 23, 2011
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on Mar 23, 2011
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 45

  VDF TFC, Upgraded to Aaa.ar (sf); previously on May 5, 2011
  Assigned A2.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on May 5, 2011
  Assigned B3 (sf)

  CP, Upgraded to A2.ar (sf); previously on May 5, 2011 Assigned
  Caa1.ar (sf)

  CP, Upgraded to B3 (sf); previously on May 5, 2011 Assigned
  Caa3 (sf)

  VDF TFA, Affirmed at Aaa.ar (sf); previously on May 5, 2011
  Assigned Aaa.ar (sf)

  VDF TFA, Affirmed at Ba1 (sf); previously on May 5, 2011
  Assigned Ba1 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on May 5, 2011
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on May 5, 2011
  Assigned Ba1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 46

  VDF TFC, Upgraded to Aaa.ar (sf); previously on May 23, 2011
  Assigned A2.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on May 23, 2011
  Assigned B3 (sf)

  VDF TFA, Affirmed at Aaa.ar (sf); previously on May 23, 2011
  Assigned Aaa.ar (sf)

  VDF TFA, Affirmed at Ba1 (sf); previously on May 23, 2011
  Assigned Ba1 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on May 23, 2011
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on May 23, 2011
  Assigned Ba1 (sf)

  CP, Affirmed at Ba1.ar (sf); previously on May 23, 2011
  Assigned Ba1.ar (sf)

  CP, Affirmed at Caa1 (sf); previously on May 23, 2011 Assigned
  Caa1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 47

  VDF TFC, Upgraded to Aaa.ar (sf); previously on Jun 6, 2011
  Assigned A2.ar (sf)

  VDF TFC, Upgraded to Ba1 (sf); previously on Jun 6, 2011
  Assigned B3 (sf)

  VDF TFA, Affirmed at Aaa.ar (sf); previously on Jun 6, 2011
  Assigned Aaa.ar (sf)

  VDF TFA, Affirmed at Ba1 (sf); previously on Jun 6, 2011
  Assigned Ba1 (sf)

  VDF TV, Affirmed at Aaa.ar (sf); previously on Jun 6, 2011
  Assigned Aaa.ar (sf)

  VDF TV, Affirmed at Ba1 (sf); previously on Jun 6, 2011
  Assigned Ba1 (sf)

  CP, Affirmed at Ba1.ar (sf); previously on Jun 6, 2011 Assigned
  Ba1.ar (sf)

  CP, Affirmed at Caa1 (sf); previously on Jun 6, 2011 Assigned
  Caa1 (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 48

  Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
  previously on Jul 11, 2011 Assigned A2.ar (sf)

  Class C Fixed Rate Debt Securities, Upgraded to Ba3 (sf);
  previously on Jul 7, 2011 Assigned B3 (sf)

  Class A Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Jul 11, 2011 Assigned Aaa.ar (sf)

  Class A Fixed Rate Debt Securities, Affirmed at Ba1 (sf);
  previously on Jul 7, 2011 Assigned Ba1 (sf)

  Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
  previously on Jul 11, 2011 Assigned Aaa.ar (sf)

  Floating Rate Debt Securities, Affirmed at Ba1 (sf); previously
  on Jul 7, 2011 Assigned Ba1 (sf)

  Certificates, Affirmed at Ba1.ar (sf); previously on Jul 11,
  2011 Assigned Ba1.ar (sf)

  Certificates, Affirmed at Caa1 (sf); previously on Jul 7, 2011
  Assigned Caa1 (sf)

Ratings Rationale

The transactions are backed by pools of personal loans originated
by Banco Supervielle S.A.  These personal loans are granted, for
the most part, to pensioners that receive their monthly pensions
through ANSES (Argentine National Government Agency of Social
Security).  A smaller portion of certain pools is comprised of
loans granted to public employees of the San Luis provincial
government.  In both cases, Banco Supervielle is the payment
agent for these government agencies and deducts the monthly
installment directly from the borrower's paycheck. Banco
Supervielle is the servicer in all affected transactions.

The upgrade reflects the sound performance of the securitized
pools and the robust current levels of credit enhancement due to
the turbo sequential structures that capture the totality of the
available excess spread in the transaction to pay down the notes.

In order to establish the new rating levels, Moody's ran rating
models using the original default and prepayment assumptions. The
updated models use the current pool balance and current balance
of the debt securities and of the certificates.  Moody's also
applied a haircut to any loans that are more than 30 days
delinquent.

Moody's notes that the rating of the Certificates addresses only
the repayment of principal before legal final.

Below are key performance metrics and credit assumptions for each
affected transaction.  Credit assumptions include default and
cumulative prepayment rate.  Performance metrics include pool
factor which is the ratio of the current collateral balance to
the original collateral balance at closing; and credit
enhancement (expressed as a percentage of the outstanding
collateral pool balance, without considering loans with
delinquency levels above 30 days) which consists primarily of
subordination.

Issuer: Supervielle Creditos Banex XXXI

  Pool Factor: 28,24%

  Default Assumption: Triangular Distribution (5%;10%;20%)

  Prepayment Assumption: Triangular Distribution (15%;20%;35%)

  Credit Enhancement Class VDF TFC: 70,0%

  Credit Enhancement Class CP: 53,48%

Issuer: Supervielle Creditos Banex XXXII

  Pool Factor: 33,43%

  Default Assumption: Triangular Distribution (5%;10%;20%)

  Prepayment Assumption: Triangular Distribution (15%;20%;35%)

  Credit Enhancement Class VDF TF C: 62,71%

  Credit Enhancement Class CP: 48,72%

Issuer: Supervielle Creditos Banex XXXIII

  Pool Factor: 23,87%

  Default Assumption: Triangular Distribution (5%;10%;20%)

  Prepayment Assumption: Triangular Distribution (15%;20%;35%)

  Credit Enhancement Class VDF TFC: 65,65%

  Credit Enhancement Class CP: 46,19%

Issuer: Supervielle Creditos Banex XXXIV

  Pool Factor: 45,76%

  Default Assumption: Triangular Distribution (5%;10%;20%)

  Prepayment Assumption: Triangular Distribution (15%;20%;35%)

  Credit Enhancement Class VDF TV: 58,41%

  Credit Enhancement Class VDF TF C: 37,59%

  Credit Enhancement Class CP: 27,18%

Issuer: Supervielle Creditos Banex XXXV

Pool Factor: 40,84%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 63,73%

Credit Enhancement Class VDF TF C: 40,31%

Credit Enhancement Class CP: 28,60%

Issuer: Supervielle Creditos Banex XXXVI

Pool Factor: 48,7%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 53,57%

Credit Enhancement Class VDF TF C: 33,84%

Credit Enhancement Class CP: 23,97%

Issuer: Supervielle Creditos Banex XXXVII

Pool Factor: 50,02%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 50,52%

Credit Enhancement Class VDF TF C: 31,32%

Credit Enhancement Class CP: 21,72%

Issuer: Supervielle Creditos Banex XXXVIII

Pool Factor: 52,88%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 45,44%

Credit Enhancement Class VDF TF C: 26,98%

Credit Enhancement Class CP: 17,75%

Issuer: Supervielle Creditos Banex XXXIX

Pool Factor: 54,69%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 44,89%

Credit Enhancement Class VDF TF C: 27,27%

Credit Enhancement Class CP: 18,46%

Issuer: Supervielle Creditos Banex XL

Pool Factor: 51,2%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 48,69%

Credit Enhancement Class VDF TF C: 30,12%

Credit Enhancement Class CP: 20,83%

Issuer: Supervielle Creditos Banex XLI

Pool Factor: 68,71%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 31,83%

Credit Enhancement Class VDF TF C: 17,75%

Credit Enhancement Class CP: 10,71%

Issuer: Supervielle Creditos Banex XLII

Pool Factor: 73,68%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 28,75%

Credit Enhancement Class VDF TF C: 15,56%

Credit Enhancement Class CP: 8,97%

Issuer: Supervielle Creditos Banex XLIII

Pool Factor: 81,98%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 25,35%

Credit Enhancement Class VDF TF C: 13,42%

Credit Enhancement Class CP: 7,46%

Issuer: Supervielle Creditos Banex 44

Pool Factor: 83,53%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 23,46%

Credit Enhancement Class VDF TF C: 11,77%

Credit Enhancement Class CP: 5,93%

Issuer: Supervielle Creditos Banex 45

Pool Factor: 85,1%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 21,99%

Credit Enhancement Class VDF TF C: 10,51%

Credit Enhancement Class CP: 4,76%

Issuer: Supervielle Creditos Banex 46

Pool Factor: 83,35%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 22,83%

Credit Enhancement Class VDF TF C: 11,20%

Credit Enhancement Class CP: 5,39%

Issuer: Supervielle Creditos Banex 47

Pool Factor: 88,72%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 19,58%

Credit Enhancement Class VDF TF C: 8,52%

Credit Enhancement Class CP: 2,98%

Issuer: Supervielle Creditos Banex 48

Pool Factor: 89,99%

Default Assumption: Triangular Distribution (5%;10%;20%)

Prepayment Assumption: Triangular Distribution (15%;20%;35%)

Credit Enhancement Class VDF TV: 15,95%

Credit Enhancement Class VDF TF C: 7,20%

Credit Enhancement Class CP: 2,83%

Moody's also performed a sensitivity analysis of the affected
transactions.  If the default assumptions are increased by 5%
(minimum 10%, most likely 15%, maximum 25%), the ratings of all
the tranches of Series XXXI to XL will be unchanged.  The rating
of the CP of Series XLI, XLII, XLIII, 44, 46, 47 and 48 will be
likely downgraded to B3, Caa2, Caa3, Ca, Ca, C and C
respectively. Also, the ratings of the VDF TFC of Series 44, 45,
46, 47 and 48 will be likely downgraded to B2, B3, B2, Caa1 and
Caa3.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.  Also, Moody's evaluated the back-up servicing
arrangements in the transaction.  If Banco Supervielle is removed
as servicer, the trustee will be appointed as the successor back-
up servicer.


FIDEICOMISOS FINANCIEROS: Moody's Raises VRDB Rating to 'Ba2'
-------------------------------------------------------------
Moody's Latin America has upgraded the national scale and global
local currency ratings of several debt securities issued by
Fideicomisos Financieros PVCred.

Ratings

Issuer: Fideicomiso Financiero Pvcred Serie I

VRDB, Upgraded to Aaa.ar (sf); previously on Feb 19, 2010
Assigned Ca.ar (sf)

VRDB, Upgraded to Ba2 (sf); previously on Feb 19, 2010 Assigned
Ca (sf)

CP, Upgraded to Aaa.ar (sf); previously on Feb 19, 2010 Assigned
C.ar (sf)

CP, Upgraded to Ba2 (sf); previously on Feb 19, 2010 Assigned C
(sf)

Issuer: Fideicomiso Financiero Pvcred Serie II

VRDB, Upgraded to Aaa.ar (sf); previously on May 27, 2010
Assigned Caa2.ar (sf)

VRDB, Upgraded to Ba2 (sf); previously on May 27, 2010 Assigned
Caa3 (sf)

CP, Upgraded to Aaa.ar (sf); previously on May 27, 2010 Assigned
C.ar (sf)

CP, Upgraded to Ba2 (sf); previously on May 27, 2010 Assigned C
(sf)

Issuer: Fideicomiso Financiero Pvcred III

VRDB, Upgraded to Aaa.ar (sf); previously on Sep 28, 2010
Assigned Ba2.ar (sf)

VRDB, Upgraded to Ba2 (sf); previously on Sep 28, 2010 Assigned
Caa1 (sf)

CP, Upgraded to Aaa.ar (sf); previously on Sep 28, 2010 Assigned
Caa3.ar (sf)

CP, Upgraded to Ba2 (sf); previously on Sep 28, 2010 Assigned
Caa3 (sf)

Issuer: Fideicomiso Financiero Pvcred Serie IV

VRDB, Upgraded to Aaa.ar (sf); previously on Nov 12, 2010
Assigned Ba2.ar (sf)

VRDB, Upgraded to Ba2 (sf); previously on Nov 12, 2010 Assigned
Caa1 (sf)

CP, Upgraded to Baa1.ar (sf); previously on Nov 12, 2010
Assigned Ca.ar (sf)

CP, Upgraded to B3 (sf); previously on Nov 12, 2010 Assigned Ca
(sf)

VRDA TV, Affirmed at Aaa.ar (sf); previously on Nov 12, 2010
Assigned Aaa.ar (sf)

VRDA TV, Affirmed at Ba2 (sf); previously on Nov 12, 2010
Assigned Ba2 (sf)

Issuer: Fideicomiso Financiero Pvcred Serie V

VRDB, Upgraded to Aaa.ar (sf); previously on Feb 17, 2011
Assigned Ba2.ar (sf)

VRDB, Upgraded to Ba2 (sf); previously on Feb 17, 2011 Assigned
Caa1 (sf)

CP, Upgraded to Aaa.ar (sf); previously on Feb 17, 2011 Assigned
Ca.ar (sf)

CP, Upgraded to Ba3 (sf); previously on Feb 17, 2011 Assigned Ca
(sf)

VRDA TV, Affirmed at Aaa.ar (sf); previously on Feb 17, 2011
Assigned Aaa.ar (sf)

VRDA TV, Affirmed at Ba2 (sf); previously on Feb 17, 2011
Assigned Ba2 (sf)

Issuer: Fideicomiso Financiero Pvcred Serie VI

VRDB, Upgraded to Baa1.ar (sf); previously on May 17, 2011
Assigned B2.ar (sf)

VRDB, Upgraded to B3 (sf); previously on May 17, 2011 Assigned
Caa2 (sf)

CP, Upgraded to Ca (sf); previously on May 17, 2011 Assigned C
(sf)

CP, Upgraded to Ca.ar (sf); previously on May 17, 2011 Assigned
C.ar (sf)

VRDA TV, Affirmed at Aaa.ar (sf); previously on May 17, 2011
Assigned Aaa.ar (sf)

VRDA TV, Affirmed at Ba2 (sf); previously on May 17, 2011
Assigned Ba2 (sf)

Ratings Rationale

The transactions are backed by pools of personal loans originated
in Argentina.  These personal loans are denominated in Argentine
pesos, bearing fixed interest rate, and originated by Pvcred, a
financial company owned by Comafi's Group in Argentina.

The upgrade reflects the sound performance of the securitized
pools and the robust current levels of credit enhancement due to
the turbo sequential structures that capture the totality of the
available excess spread in the transaction to pay down the notes.

In order to establish the new rating levels, Moody's ran rating
models using the original default and prepayment assumptions.
The updated models use the current pool balance and current
balance of the debt securities and of the certificates.  Moody's
also applied a haircut to any loans that are more than 30 days
delinquent.

The rating of the Certificates addresses only the repayment of
principal before legal final.

Below are key performance metrics and credit assumptions for each
affected transaction. Credit assumptions include default and
cumulative prepayment rate.  Performance metrics include pool
factor which is the ratio of the current collateral balance to
the original collateral balance at closing; and credit
enhancement (expressed as a percentage of the outstanding
collateral pool balance, without considering loans with
delinquency levels above 30 days) which consists primarily of
subordination.

Issuer: PVCred I

Pool Factor: 23,0%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDB: 54,03%

Credit Enhancement Class CP: 39,17%

Issuer: PVCred II

Pool Factor: 30,39%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDB: 35,24%

Credit Enhancement Class CP: 26,27%

Issuer: PVCred III

Pool Factor: 37,67%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDB: 37,73%

Credit Enhancement Class CP: 30,40%

Issuer: PVCred IV

Pool Factor: 49,94%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDA TV: 64,12%

Credit Enhancement Class VRDB: 19,24%

Credit Enhancement Class CP: 14,21%

Issuer: PVCred V

Pool Factor: 60,79%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDA TV: 51,30%

Credit Enhancement Class VRDB: 20,43%

Credit Enhancement Class CP: 16,52%

Issuer: PVCred VI

Pool Factor: 75,95%

Default Assumption: Triangular Distribution (10%;20%;30%)

Prepayment Assumption: Triangular Distribution (30%;40%;50%)

Credit Enhancement Class VRDA TV: 32,97%

Credit Enhancement Class VRDB: 13,34%

Credit Enhancement Class CP: 10,54%

Moody's also performed a sensitivity analysis of the rated
transactions.  If the default assumptions are increased by 5%
(minimum 15%, most likely 25%, maximum 35%), the ratings of all
the tranches of Series I and III will be unchanged.  The rating
of the CP of Series II, IV and VI will be likely downgraded to
Caa2, Caa3 and Caa2 respectively.  Also, the ratings of the VDF
TFC of Series IV and VI will be likely downgraded to Ba3 and Caa2
respectively.

The main source of uncertainty for this transaction is the
regulatory and legal framework in Argentina.  Also, Moody's
evaluated the back-up servicing arrangements in the transaction.
If Pvcred is removed as collection agent, Banco Comafi will be
appointed as the successor back-up collection agent.  Also, Banco
Comafi is the servicer for the rated transactions, who may be
replaced by FC Recovery, the designated back-up servicer.


FIDEICOMISOS FINANCIEROS: Moody's Ups Certificate Rating to 'Ba2'
-----------------------------------------------------------------
Moody's Latin America has upgraded the national scale and global
local currency ratings of several debt securities issued by
Fideicomisos Financieros Supervielle Leasing.

Ratings

Issuer: Fideicomiso Financiero Supervielle Leasing V

Certificates, Upgraded to Aaa.ar (sf); previously on May 25,
2008 Assigned Ca.ar (sf)

Certificates, Upgraded to Ba2 (sf); previously on May 25, 2008
Assigned Ca (sf)

Issuer: Fideicomiso Financiero Supervielle Leasing VI

Class C Fixed Rate Debt Securities, Upgraded to Aaa.ar (sf);
previously on Nov 26, 2010 Assigned Caa2.ar (sf)

Class C Fixed Rate Debt Securities, Upgraded to Ba2 (sf);
previously on Nov 26, 2010 Assigned Caa3 (sf)

Certificates, Upgraded to Aaa.ar (sf); previously on Nov 26,
2010 Assigned C.ar (sf)

Certificates, Upgraded to Ba2 (sf); previously on Nov 26, 2010
Assigned C (sf)

Ratings Rationale

The transactions are backed by pools of leasing contracts in
Argentina.  These lease contracts were originated by Banco
Supervielle and are denominated in Argentine pesos, bearing fixed
interest rate.  These lease contracts were granted to large
companies, SMEs and individuals for the purchase of equipment and
vehicles, among others.

The upgrade reflects the sound performance of the securitized
pools to date and the robust current levels of credit enhancement
due to the turbo sequential structures that capture the totality
of the available excess spread in the transaction to pay down the
notes.

In order to establish the new rating levels, Moody's ran rating
models using the original default and prepayment assumptions. The
updated models use the current pool balance and current balance
of the debt securities and of the certificates.  Moody's also
applied a haircut to the cash flows, not taking into account cash
flows stemming from loans that are more than 30 days delinquent.

Moody's notes that the rating of the certificates addresses only
the repayment of principal before the legal final maturity date.

Below are the key performance metrics and credit assumptions for
each affected transaction.  Credit assumptions include default
and cumulative prepayment rate.  Performance metrics include pool
factor which is the ratio of the current collateral balance to
the original collateral balance at closing; credit enhancement
(expressed as a percentage of the outstanding collateral pool
balance, without considering loans with delinquency levels above
30 days) which consists primarily of subordination.

Issuer: Supervielle Leasing V

Pool Factor: 11,26%

Default Assumption: Triangular Distribution (2%;5%;20%)

Prepayment Assumption: Triangular Distribution (5%;15%;20%)

Credit Enhancement Class CP: >1000%

Issuer: Supervielle Leasing VI

Pool Factor: 19,49%

Default Assumption: Triangular Distribution (2%;5%;20%)

Prepayment Assumption: Triangular Distribution (5%;15%;20%)

Credit Enhancement Class VRDB: 64,56%

Credit Enhancement Class CP: 14,32%

Moody's also performed a sensitivity analysis of the affected
transactions.  If the default assumptions are increased by 5%
(minimum 7%, most likely 10%, maximum 25%), the ratings of all
the tranches of Series V and VI will be unchanged.

The main source of uncertainty for this transaction is the
regulatory and legal framework in Argentina.  Also, Moody's
evaluated the back-up servicing arrangements in the transaction.
If Banco Supervielle is removed as servicer, the trustee will be
appointed as the successor back-up servicer.


MAULA SRL: Creditors' Proofs of Debt Due Dec. 14
------------------------------------------------
Nestor Rolfo del Potro, the court-appointed trustee for Maula
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 14, 2011.

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

The Trustee can be reached at:

         Nestor Rolfo del Potro
         Parana 552
         Argentina


MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due Feb. 17
-------------------------------------------------------------
Estudio Waisberg-Knoll, the court-appointed trustee for Mercury
Communications SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 17, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Waisberg-Knoll
         Avenida Cordoba 1237
         Argentina


OUTSOURCING SERVICE: Calls for Bankruptcy Proceedings
-----------------------------------------------------
Outsourcing Service SA called for bankruptcy proceedings.

The company has defaulted on its payments last May 2011.


RED DE PROTECCION: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------------
Norma Rosa Garciandia, the court-appointed trustee for Red de
Proteccion Medica SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 9, 2011.

Ms. Garciandia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Norma Rosa Garciandia
         M. Solano Lopez 3279
         Argentina


TRANSPORTE SIERRA: Applies for Bankruptcy Protection
----------------------------------------------------
Transporte Sierra SRL applied for bankruptcy protection.

The company has defaulted on its payments last July 27.


W CONSTRUCCIONES: Creditors' Proofs of Debt Due Nov. 25
-------------------------------------------------------
Carlos E. Foresti, the court-appointed trustee for W
Construcciones SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 25, 2011.

Mr. Foresti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carlos E. Foresti
         Cochrane 2462
         Argentina


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


DEXIA SA: RBC in Talks to Scoop Dexia SA Joint Venture
------------------------------------------------------
Paul Rodgers at Jamaica Observer reports that Royal Bank of
Canada, owner of RBC Jamaica, plans to use its right of first
refusal to buy out struggling Franco-Belgian bank Dexia SA from
their joint venture, RBC Dexia Investor Services.

Talks were reportedly under way as the European bank looked to
sell assets in a bid to strengthen its capital base, according to
Jamaica Observer.  The report relates that the Canadian bank
currently owns 50% of the profitable, six-year-old partnership,
with the other half held by Dexia SA's Banque Internationale
Luxembourg (BIL).

Jamaica Observer notes that a price has not been announced, but
the joint venture had C$2.8 trillion (JM$233 trillion) in client
assets under management at the end of last year.  The report
relates that it contributed C$57 million to RBC's earnings in
2010, down from C$152 million a year earlier as a result of
falling interest rates.

Dexia Investor Services provides institutional investors with
pensions administration and loans for securities.

Dexia SA -- http://www.dexia.com/-- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 14,
2011, Bloomberg News related that Belgium, France and Luxembourg
on Oct. 9 provided a EUR90 billion (US$123 billion) 10-year
guarantee to cover Dexia's funding needs, Bloomberg recounts.
Belgium will provide about 61% of the cover and France about 37%
of the backing, Bloomberg disclosed.  The Belgian government is
buying Dexia's national consumer lending unit for EUR4 billion
while French state-owned banks Caisse des Depots et Consignations
and La Banque Postale are in talks to take over the bank's French
municipal lending unit, which provides loans to local
governments, Bloomberg noted.


DIGICEL GROUP: Claims Overall Victory in Proceedings
----------------------------------------------------
The Royal Gazette reports that Puisne Judge Ian Kawaley handed a
ruling in favor of Digicel Group in response to allegations that
the company is illegally offering long distance services.

Digicel Group was totally successful in defending the right to
offer a long distance telephone service to customers in Bermuda
in competition with TeleBermuda International and LinkBermuda,
according to The Royal Gazette.  Judge Kawaley accepted that
Digicel Group "was entitled to market this service under the
Digicel brand name," the report relates.

Judge Kawaley heard the arguments in the Bermuda Supreme Court on
behalf of four different telecom providers, The Royal Gazette
discloses.

As reported by the Troubled Company Reporter-Latin America on
Oct. 20, 2011, the Royal Gazette Online said that Digicel Bermuda
launched a long distance service, including a US$35 plan with
unlimited calls to the US, Canada, UK and Ireland.  It also
launched a Digicel Caribbean plan, the report related.

                        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.


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


ALPHA MARINE: Shareholder to Hear Wind-Up Report on Oct. 27
-----------------------------------------------------------
The shareholder of Alpha Marine Ltd. will receive on Oct. 27,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HESS EXPLORATION: Members' Final Meeting Set for Oct. 27
--------------------------------------------------------
The members of Hess Exploration (Hine) 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:

         Mr. George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS EXPLORATION (LARSEN): Members' Final Meeting Set for Oct. 27
-----------------------------------------------------------------
The members of Hess Exploration (Larsen) 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:

         Mr. George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS EXPLORATION: Members' Final Meeting Set for Oct. 27
--------------------------------------------------------
The members of Hess Exploration (Warrior) 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:

         Mr. George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS GHANA: Members' Final Meeting Set for Oct. 27
--------------------------------------------------
The members of Hess Ghana (Ankobra) 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:

         Mr. George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


JADE XI: Members' Final Meeting Set for Oct. 24
-----------------------------------------------
The members of Jade XI, Inc., will hold their final meeting on
Oct. 24, 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


JAMES WHILLER: Shareholder to Hear Wind-Up Report on Oct. 27
------------------------------------------------------------
The shareholder of James Whiller & Associates Ltd. will receive
on Oct. 27, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


JCAM CREDIT: Members' Final Meeting Set for Nov. 8
--------------------------------------------------
The members of JCAM Credit Opportunities Fund Ltd. will hold
their final meeting on Nov. 8, 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


JCAM VINTAGE I: Members' Final Meeting Set for Nov. 8
-----------------------------------------------------
The members of JCAM Vintage I Ltd. will hold their final meeting
on Nov. 8, 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


JSPR BOND: Members' Final Meeting Set for Oct. 26
-------------------------------------------------
The members of JSPR Bond Fund Plus 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:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue
         George Town KY1-1109
         Telephone: +1(345) 814 3471
         e-mail: bwkirby@deloitte.com


LEC CORPORATION: Shareholder to Hear Wind-Up Report on Oct. 27
--------------------------------------------------------------
The shareholder of LEC Corporation will receive on Oct. 27, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LEPROSEVA INTERNATIONAL: Shareholders' Meeting Set for Oct. 31
--------------------------------------------------------------
The shareholders of Leproseva International will hold their final
meeting on Oct. 31, 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:

         Zhu Lina
         Telephone: (86 21) 6384 5570
         Facsimile: (86 21) 6384 5660
         Room 703, No. 2, Lane 277 Guoding Road
         Yangpu District
         Shanghai
         P.R. China


MEZZANINE CAPITAL: Members' Final Meeting Set for Oct. 31
---------------------------------------------------------
The members of Mezzanine Capital Corporation Limited will hold
their final meeting on Oct. 31, 2011, at 10:30 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David A.K. Walker
         Paul Anderton
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


MSGI CHINA: Members' Final Meeting Set for Oct. 24
--------------------------------------------------
The members of MSGI China XXVIII Limited will hold their final
meeting on Oct. 24, 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


UTOPIA DV: Shareholders' Meeting Set for Oct. 27
------------------------------------------------
The shareholders of Utopia DV Ltd. 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:

         Maureen L. Stewart
         100 International Drive
         18th Floor, Baltimore, MD21202-4649
         Telephone:  +1 410 454 5433
         Facsimile: +1 410 454 5329
         100 International Drive
         18th Floor, Baltimore, MD21202-4649
         USA


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


CL FIN'L: Black Sand Extends Lascelles Takeover Deadline
--------------------------------------------------------
RJR News reports that St. Lucia-based Black Sand Acquisition
Limited, which is trying to take over Lascelles deMercado &
Company Limited, has extended the time to have that deal
consummated.  Lascelles deMercado is a subsidiary of CL Financial
Limited.

Black Sand said it will extend the offer to allow Lascelles
deMercado to comply with a regulatory ruling to publish a
Directors Circular, to advise shareholders whether they should
accept the takeover offer, according to RJR News.  The report
relates that Black Sand said it will close the offer 14 days
after the information has been published by Lascelles deMercado,
or by December 21, whichever is earlier.  Black Sand originally
extended its offer to October 18.

RJR News notes that offer was subject to Black Sand publishing a
Directors Circular.

As reported in the Troubled Company Reporter-Latin America on
Sept. 29, 2011, Jamaica Gleaner related that Lascelles deMercado
has turned to the courts to compel the Financial Services
Commission to declare the amended hostile bid by Black Sand as
being non-compliant with the regulator's takeover rules.  The
report noted that Lascelles deMercado wants the court to instruct
the FSC that a revised proposal issued by Black Sand earlier this
month is still non-compliant.  This, in turn, would require the
issuance of a third proposal and consequently delay the release
of the Lascelles deMercado directors' official response to the
offer, Jamaica Gleaner related.  Jamaica Gleaner disclosed that
Lascelles deMercado has been challenging the validity of the
revised proposal made by Black Sand through an appeals tribunal
at the FSC.  Lascelles deMercado contends that Black Sand still
lacks proof of funding but the FSC viewed the revised proposal as
compliant, according to the report.

                        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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