TCRLA_Public/111107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


             Monday, November 7, 2011, Vol. 12, No. 220

                            Headlines




A N T I G U A  &  B A R B U D A

BLANCA GAMES: Prepares to Liquidate Absolute Poker, UB.com Assets


B A H A M A S

BAICO: Policyholders to Get Money From Front Street Bldg. Sale


B E R M U D A

GEROVA FINANCIAL: Court to Hear Wind-Up Petition on Nov. 10
Q RE: To Close Operations After George Soros Pulls Funds
MGSIS: Creditors' Proofs of Debt Due Nov. 11
MGSIS: Member to Receive Wind-Up Report on Nov. 30
WHITE HERON: Creditors' Proofs of Debt Due Nov. 11

WHITE HERON: Member to Receive Wind-Up Report on Nov. 30


B R A Z I L

BES INVESTIMENTO: Moody's Cuts BFSR to D, Outlook Negative


C A Y M A N   I S L A N D S

BAM TOTAL: Shareholders' Final Meeting Set for Nov. 11
BLACKSTONE FIFTH: Shareholders' Final Meeting Set for Nov. 9
CAMELON HOLDINGS: Shareholders' Final Meeting Set for Nov. 10
CRYSTAL PARADE: Sole Member Receives Wind-Up Report
EVOLUTION SPECIAL: Members' Final Meeting Set for Nov. 8

FTI HOLDING: Shareholders Receive Wind-Up Report
KREBOL GLOBAL: Sole Member to Receive Wind-Up Report on Nov. 8
LCAM MULTI: Shareholder to Hear Wind-Up Report on Nov. 10
MARATHON PETROLEUM: Members' Final Meeting Set for Nov. 11
ROSEN REAL: Member Receives Wind-Up Report

SIGNUM PLUTUS: Shareholder to Hear Wind-Up Report on Nov. 11
TONTINE 25: Shareholders' Final Meeting Set for Nov. 11
TONTINE CAPITAL: Shareholders' Final Meeting Set for Nov. 11
VIERGE NOIRE: Shareholder to Receive Wind-Up Report on Nov. 11


C O L O M B I A

D.M.G. GRUPO: Colombia Asks US to Surrender Former Head's Assets
EMPRESA DE ENERGIA: Fitch Ups Issuer Default Ratings to 'BB+'
TRANSPORTATDORA DE GAS: Fitch Ups US$750MM Sr. Notes to 'BB+'


J A M A I C A

C&W JAMAICA: Incurs JM$1.32BB Loss in Qtr. Ended Sept. 30, 2011


M E X I C O

GRUPO POSADAS: Fitch Affirms Issuer Default Ratings at 'B'


X X X X X X X X

* BOND PRICING: For the Week October 30, to November 3, 2011




                            - - - - -


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


BLANCA GAMES: Prepares to Liquidate Absolute Poker, UB.com Assets
-----------------------------------------------------------------
Aaron Todd at Casino City Times reports that Blanca Games Inc.,
operating as Absolute Poker and UB.com, is preparing to liquidate
its online poker rooms' assets to pay players who have been unable
to withdraw money from their sites since the owners of the online
poker rooms were named in a criminal complaint by the U.S.
Department of Justice (DOJ) in April.

The report relates that the Kahnawake Gaming Commission (KGC) said
in a press release on October 27 that Blanca Games has presented a
liquidation proposal to the U.S. Attorney's Office for the
Southern District of New York for consideration.

According to Casino City Times, both poker rooms, which operate on
the CEREUS Network, were forced to block Americans from real-money
games in the wake of April's criminal complaint.  While the poker
room has remained open for players outside the U.S., traffic has
plummeted, the report relays.

"The Commission's foremost concern in this matter has been, and
remains, the reimbursement of both US and non-US players, as
quickly and completely as possible," the report quoted the KGC as
saying in its statement.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2011, msnbc.com said that Absolute Poker and two of its
founders, Scott Tom and Brent Beckley, were named in an April 15
indictment by the U.S. Attorney's Office for the Southern District
of New York along with two other popular poker sites, Poker Stars
and Full Tilt Poker.  UB was not directly named in the indictment,
but it has common ownership and shares operations with Absolute
Poker through parent company, the Cereus Network, which is in turn
is owned by Blanca Games, msnbc.com notes.  According to
msnbc.com, the indictment alleged that the poker sites committed
bank fraud, money laundering, and illegal gambling offenses by
"tricking" U.S. banks into processing online gambling
transactions, a violation of the Unlawful Internet Gambling
Enforcement Act of 2006.  The indictment seeks at least US$3
billion in penalties and forfeiture, msnbc.com added.

                          About Blanca Games

Based in Antigua, Blanca Games, Inc., is the operator of the
CEREUS Poker Network.  The Cereus Poker Network powers some of the
industry's leading online poker rooms.  Blanca Games is licensed
and regulated by the Kahnawake Gaming Commission in the Kahnawake
Mohawk Territory.  The operations of the Blanca Group are
conducted by subsidiaries and associated companies.  Blanca Games
has headquarters in Antigua and offices located in Costa Rica.


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B A H A M A S
=============


BAICO: Policyholders to Get Money From Front Street Bldg. Sale
--------------------------------------------------------------
Alex Wright at The Royal Gazette reports that British American
Insurance Company (BAICO) life insurance policyholders can expect
to receive some money before the end of this year.

BAICO Official Receiver Stephen Lowe said discussions were ongoing
over the sale of 133 Front Street, and while the process had taken
longer than expected it was at an advanced stage, according to
Royal Gazette.  However, the report relates that Mr. Lowe said
that if the sale was not completed by the second week of December
an interim payment would be made as soon as possible with a second
and final distribution made once the proceeds from the sale were
received.

The building at 133 Front Street is 40% owned by BAICO and 60%
owned by the BAICO Bermuda pension scheme.

Royal Gazette notes that Mr. Lowe said that despite failing to
finalize the deal by late summer as originally hoped, he was
optimistic the deal would go through soon.

In an interview with the media, Mr. Lowe said that the one-off
payment would maximize and proceeds that went back to the
creditors and save on distribution costs, Royal Gazette discloses.

The report relays that Mr. Lowe said that he anticipated that
policyholders would receive about 50 cents on the dollar or
slightly less of the value of their policies.

Royal Gazette says that on the assumption that the sale would go
through by late summer, all creditors were informed that if the
sale was concluded by that stage their cheques would be made
available for collection by the end of September but the sale was
held up due to the economic downturn.

                           About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


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


GEROVA FINANCIAL: Court to Hear Wind-Up Petition on Nov. 10
-----------------------------------------------------------
A petition to wind up the operations of Gerova Financial Group,
Ltd will be heard before the Supreme Court of Bermuda on Nov. 10,
2011, at 3:00 p.m.

Eric V. Seal filed the petition against the company on Oct. 7,
2011.


Q RE: To Close Operations After George Soros Pulls Funds
--------------------------------------------------------
Marina Mello at The Royal Gazette reports that Q Re is set to
close its operations after billionaire backer George Soros
unexpectedly pulled his funds.  Royal Gazette relates that London-
based Trading Risk reported that the company's decision to close
was taken on Nov. 2.

Q Re was founded in 2010 by two former RenaissanceRe executives,
Michael Cash and the late Bill Riker, with the backing of
Mr. Soros through his hedge fund manager Soros Funds Management,
according to Royal Gazette.

The report discloses that Q Re Underwriter Bryan Bumsted and Head
of Modelling Peter Skerlj were said to be negotiating their
departures from the company.

Royal Gazette says Mr. Soros's surprise move runs counter to the
flurry of hedge funds heading into the reinsurance sector in
Bermuda, including SAC Capital, and the variety of investors
backing Third Point Re.  The report relates that an unnamed Q Re
spokesman told Trading Risk in an interview that Mr. Soros'
managers felt current market conditions in the catastrophe
reinsurance space did not meet their expectations for returns.

Trading Risk, citing the spokesman, said Mr. Soros was "intrigued"
by the insurance sector but was not certain it was the right
timing to be committing capital to the market, Royal Gazette
relays.

Royal Gazette notes that Trading Risk said the Q Re vehicle will
remain in place for the foreseeable future, keeping an option open
for Mr. Soros to return to the sector.

Trading Risk, citing a spokesperson for Q Re said: "All the firm's
clients have been informed of the decision.  As a collateralised
reinsurer, Q Re will hold funds backing client contracts in place
should loss creep from 2011 disasters mean that claims arise under
their policies. . . . It's understood the portfolio has already
taken modest catastrophe losses but that this was not a factor in
the decision to shut down," Royal Gazette relates.

Royal Gazette notes that the spokesman told Trading Risk that the
firm should deliver returns that were in line with other
collateralized reinsurers this year.

Trading Risk said earlier this year Soros Funds Management told
its external clients it was returning their $1 billion capital and
going private to manage family funds of more than US$24 billion,
the report adds.

Headquartered in Bermuda, Q Re was a "collateralised class 3"
Bermudian reinsurer focused on the retro markets.


MGSIS: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------
The creditors of MGSIS: Man IP 220 Protected Class W2 GBP Simple
II Trading Ltd are required to file their proofs of debt by
Nov. 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS: Member to Receive Wind-Up Report on Nov. 30
--------------------------------------------------
The member of MGSIS: Man IP 220 Protected Class W2 GBP Simple II
Trading Ltd will receive on Nov. 30, 2011, at 9:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


WHITE HERON: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------
The creditors of White Heron Limited are required to file their
proofs of debt by Nov. 11, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


WHITE HERON: Member to Receive Wind-Up Report on Nov. 30
--------------------------------------------------------
The member of White Heron Limited will receive on Nov. 30, 2011,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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B R A Z I L
===========


BES INVESTIMENTO: Moody's Cuts BFSR to D, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded the standalone ratings
and deposit ratings of BES Investimento do Brasil S.A. (BESI
Brasil), Banif - Banco Internacional do Funchal (Brasil), S.A.
(Banif Brasil) and Banif Banco de Investimento (Brasil) S.A.
(Banif Investimento).

BESI Brasil's debt rating was also downgraded.  Moody's has also
assigned a negative outlook to the ratings.  The short-term
ratings for all the banks remain unchanged.

The rating actions conclude the review for possible downgrade
initiated in June 15, 2011 and follow the downgrade of the
standalone credit assessments (Bank Financial Strength Ratings, or
BFSR) and supported ratings of Banco Espirito Santo S.A. and of
Banif - Banco Internacional do Funchal, S.A.'s (Banif Portugal).

The ratings affected by the actions were:

BES Investimento do Brasil S.A.

These ratings were downgraded:

Bank financial strength rating: to D from D+, with negative
outlook;

Long-term global local-currency deposit rating: to Ba2 from Ba1,
with negative outlook;

Long-term foreign-currency deposit rating: to Ba2 from Ba1, with
negative outlook;

Long-term foreign-currency senior unsecured debt ratings: to Ba2
from Ba1, with negative outlook;

Long-term Brazilian national scale deposit ratings: to Aa3.br from
Aa2.br, with negative outlook

Banif - Banco Int. do Funchal (Brasil), S.A. and Banif Banco de
Investimento (Brasil) S.A.:

These ratings were downgraded:

Long-term global local-currency deposit rating: to B2 from B1,
with negative outlook;

Long-term foreign-currency deposit rating: to B2 from B1, with
negative outlook;

Brazilian national scale deposit ratings: to Ba1.br and BR-3 from
Baa1.br and BR-2, with negative outlook

This rating was confirmed:

Bank financial strength rating: E+, with stable outlook

Ratings Rationale

The downgrade of BESI Brasil's unsupported standalone rating to D,
from D+, reflects the challenging funding dynamics, as shown by
the small reduction in the volume of domestic deposits and the
increased share of short-term sources in the bank's overall
liability structure.  The rise in funding costs observed in the
domestic financial system during the first half of 2011 has also
affected BESI Brasil, leading to pressures on its financial
margins.  Moody's also notes that the downgrade of the parent's
standalone ratings represent a potential challenge for revenues
generation for BESI Brasil, in that reputation is pivotal in
originating new business within its core activities of investment
banking.

Looking at BESI Brasil's financial indicators, Moody's notes that
its profitability and capital ratios have declined slightly
compared to those of previous years.  The recent expansion of loan
operations associated with investment banking operations is the
reason for the decline in the capital ratio.  Nevertheless, the
bank's capital still offers adequate cushion against potential
credit losses, particularly given the good asset quality of its
loan portfolio.  Moreover, profitability ratios remain
satisfactory as a result of the bank's fee-based operations, such
as project finance and corporate finance, even with the strong
competitive environment in BESI Brasil's niche market.

In downgrading Banif Brasil's and Banif Investimento's global
local currency deposit ratings to B2 from B1 and changing their
unsupported baseline credit assessment (BCA) to B3 from B2,
Moody's acknowledges the low capitalization level of the two
banks, which reported a consolidated capital ratio of 10.27% in
June 2011, slightly below the regulatory minimum of 11%.  Moody's
notes that the banks' weak capital position represents a challenge
for further growth, particularly considering the modest prospects
for earnings generation in view of their small franchise and the
intense competitive conditions in their respective core markets.

Moody's adds that losses posted by the investment banking
operation during the past two years have pressured Banif Brasil's
and Banif Investimento's consolidated equity position.  These
losses were partly a result of high carrying costs of an
investment fund initially intended for distribution.  The
possibility of receiving additional resources from the Portugal-
based parent group is contingent upon deleveraging and capital
replenishment commitments established by European regulators.
Additional challenges for the two banks include high funding costs
and deposit structures with relatively concentrated profiles.

The negative outlook on all ratings reflect challenges the
Brazilian subsidiaries may face should the financial conditions of
their parents continue to weaken.  Moody's will also monitor for
potential swift increases in funding costs that can arise from
investor behavior in the wake of weaker parents.

Moody's last rating action on BESI Brasil was on June 15, 2011,
when Moody's placed all ratings of the bank on review for possible
downgrade.

Moody's last rating action on both Banif Brasil and Banif
Investimento took place on June 15, 2011, when Moody's placed on
review for possible downgrade all ratings of both banks.

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil.

In June 2011, the bank had total assets of approximately R$6.4
billion (US$4.1 billion) and equity of R$492 million (US$315
million).

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil.  As of June 2011, the bank had
total assets of approximately R$2.3 billion (US$1.5 billion) and
equity of R$180 million (US$115 million).

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil.  As of June 2011, the bank had total assets of
approximately R$773 million (US$495 million) and equity of R$90
million (US$57 million).


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


BAM TOTAL: Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------
The shareholders of Bam Total Return Offshore Fund, Ltd. will hold
their final meeting on Nov. 11, 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 Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BLACKSTONE FIFTH: Shareholders' Final Meeting Set for Nov. 9
------------------------------------------------------------
The shareholders of Blackstone Fifth Avenue Offshore Master Fund
Ltd. will hold their final meeting on Nov. 9, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Sean Flynn
         HF Fund Services Ltd.
         PO Box 242
         45 Market Street
         Gardenia Court, Camana Bay
         Grand Cayman KY1-1104
         Cayman Islands


CAMELON HOLDINGS: Shareholders' Final Meeting Set for Nov. 10
-------------------------------------------------------------
The shareholders of Camelon Holdings Limited will hold their final
meeting on Nov. 10, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         PO Box 707 Grand Cayman KY1-1107
         Cayman Islands


CRYSTAL PARADE: Sole Member Receives Wind-Up Report
---------------------------------------------------
The sole member of Crystal Parade Company Limited received on
Oct. 31, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         P.O. Box 71 Craigmuir Chambers
         Road Town Tortola
         British Virgin Islands


EVOLUTION SPECIAL: Members' Final Meeting Set for Nov. 8
--------------------------------------------------------
The members of Evolution Special Opportunities Fund Ltd. I, SPC
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


FTI HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of FTI Holding Limited received on Oct. 25, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Fides Limited
         c/o Ian Goddard
         Cereita Lawrence
         P.O. Box 10338 Grand Cayman KY1-1003
         Telephone:  345-949-7232
         e-mail: cereita.lawrence@tmf-group.com


KREBOL GLOBAL: Sole Member to Receive Wind-Up Report on Nov. 8
--------------------------------------------------------------
The sole member of Krebol Global Ltd. will receive on Nov. 8,
2011, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877


LCAM MULTI: Shareholder to Hear Wind-Up Report on Nov. 10
---------------------------------------------------------
The shareholder of LCAM Multi-Strategy Absolute Return Fund, Ltd.
will receive on Nov. 10, 2011, at 11:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Transcontinental Fund Administration, Ltd.
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654


MARATHON PETROLEUM: Members' Final Meeting Set for Nov. 11
----------------------------------------------------------
The members of Marathon Petroleum Amethyst Limited will hold their
final meeting on Nov. 11, 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:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056 U.S.A.


ROSEN REAL: Member Receives Wind-Up Report
------------------------------------------
The member of Rosen Real Estate Securities Offshore Long/Short
Fund Ltd. received on Nov. 4, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SIGNUM PLUTUS: Shareholder to Hear Wind-Up Report on Nov. 11
------------------------------------------------------------
The shareholder of Signum Plutus Limited will receive on Nov. 11,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


TONTINE 25: Shareholders' Final Meeting Set for Nov. 11
-------------------------------------------------------
The shareholders of Tontine 25 Overseas Fund, Ltd. will hold their
final meeting on Nov. 11, 2011, at 10:45 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


TONTINE CAPITAL: Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------------
The shareholders of Tontine Capital Overseas Fund, Ltd. will hold
their final meeting on Nov. 11, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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


VIERGE NOIRE: Shareholder to Receive Wind-Up Report on Nov. 11
--------------------------------------------------------------
The shareholder of Vierge Noire Corporation will receive on
Nov. 11, 2011, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592, Landmark Square, 3rd Fl.
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


===============
C O L O M B I A
===============


D.M.G. GRUPO: Colombia Asks US to Surrender Former Head's Assets
----------------------------------------------------------------
According to Colombia Reports, newspaper El Tiempo reported that
Colombia's Prosecutor General's Office asked the U.S. government
to give up the assets of the former head of D.M.G. Grupo Holding
S.A. and return them to Colombia in order to continue the
compensation of the victims of DMG's crimes.

Colombia Reports says David Murcia Guzman was the head of DMG
which, according to Colombian authorities, was an organizational
ponzi scheme that laundered money for local drug lords, by
scheming investors.

When police shut down all of the company's activities in late 2008
hundreds of thousands of Colombians lost their savings, Colombia
Report recalls.

According to Colombia Reports, the lawyer representing DMG's
victims, Fernando Ruiz, made the return request via the Colombia's
prosecutor general.  He asked that roughly $9.6 million dollars
worth of Mr. Guzman's assets be handed back to the Colombian
government for re-distribution, the report relays.

The news agency relates that Mr. Ruiz believes the resources could
help repay many of the company's victims.  He also remarked that
he hopes that the goods go directly to the Prosecutor General's
Office and not the Superintendent of Societies that liquidated
DMG.

In the last stage of the firms' liquidation, $418 dollars was
returned on average to the 73,000 persons who claimed they had
invested in DMG, according to Colombia Reports.

Colombia Reports adds that the force behind the liquidation, Maria
Mercedes Perry, said that those victims are the last of the group
waiting to be repaid after nearly two years of liquidation.

Approximately, $13 million in cash, $3.4 million in goods, and
$11.4 million in real estate has been appropriated, the report
discloses.

Mr. Guzman is currently serving nine years in a U.S. prison for
his crime of laundering millions of dollars, Colombia Report
discloses.

D.M.G. Grupo Holding S.A. was a controversial Colombian company,
intervened and disbanded since Nov. 18, 2008, by the Colombian
government, under the suspicion of money laundering and illegal
money catchment by using the Ponzi scheme.


EMPRESA DE ENERGIA: Fitch Ups Issuer Default Ratings to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded Empresa de Energia de Bogota's (EEB)
foreign and local currency Issuer Default Ratings (IDRs) to 'BB+'
from 'BB'.  The rating action applies to US$610 million of debt
outstanding.  Fitch expects to rate EEB's proposed US$610 million
of senior unsecured bond issuance 'BB+'.  Fitch has also upgraded
the company's national scale rating to 'AA+(col)' from 'AA(col)'.
The Rating Outlook for all ratings is Stable.

The ratings upgrades reflect EEB's recent US$420 million equity
issuance, which strengthens its capital structure and mitigates
the company's needs to increase debt levels to fund capital
investments.  The proceeds from the equity issuance will be used
to fund EEB's subsidiaries' capital expenditure programs.  The
rating actions also reflect EEB's improving credit metrics and
capital structure.  Going forward, EEB's cash flow generation will
benefit from the completion of several projects by its
subsidiaries.  Proceeds from the proposed US$610 million debt
issuance are expected to be used to refinance existing debt.

EEB's ratings reflect the company's diversified portfolio of
assets with low business risk and stable and predictable cash flow
generation.  The ratings also reflect the company's moderate
leverage and liquidity.  The Stable Rating Outlook reflects the
expectation of a stable capital structure going forward as cash
flow from new projects come online.

Stable Cash Flow Generation and Solid Business Position:

EEB's ratings reflect the company's diversified portfolio of
assets, which have a low business-risk profile, and stable and
predictable cash flow generation.  EEB's low business-risk profile
stems from its diversified portfolio of energy assets, which for
the most part operate as regulated natural monopolies.  EEB owns
non-controlling majority participations in Colombia's second
largest electric generation company, Emgesa (IDR 'BBB-' by Fitch),
as well as in the country's largest electric distribution company,
Codensa (IDR 'AAA(col)' by Fitch), which operates in the city of
Bogota.

The company also owns a majority participation in Transportadora
de Gas Internacional S.A. ESP (TGI), Colombia's largest natural
gas pipeline transportation company, which provides natural gas to
the country's major cities.  The company also owns a majority
participation in Empresa de Energia de Cundinamarca, a
distribution company that operates in Bogota adjacent to Codensa.
During 2011, EEB acquired a minority participation in Promigas
S.A. ESP (IDR 'BBB-' by Fitch) and a controlling interest in Gas
Natural de Lima y Callao S.A..  EEB also recently won a long-term
concession to build, own and operate 850 km of transmission line
in Guatemala.

All of EEB's assets are in a strong competitive position, which
bodes well for the company's credit profile.  The electricity and
gas distribution and transmission/transportation businesses are
regulated natural monopolies with stable cash flow generation and
low leverage.  The electricity generation business in Colombia is
competitive, given the country's significant low-cost
hydroelectric generation and overcapacity.  EEB's energy
generation business is also competitively well-positioned, given
its low-cost profile and capacity generation mix of 85%
hydroelectric and 15% thermo electric.

Aggressive Growth Strategy:

EEB's growth strategy is considered somewhat aggressive. The
company's expected capital investments for the 2011 through 2013
period amount to approximately US$1.3 billion.  Not included in
this capital investment expectation are the company's stated
intentions to participate in future bidding processes for green-
field electricity transmission assets and a possible privatization
of electricity distribution companies in Colombia.  EEB has been
funding a portion of its capital expenditures with short-term debt
and cash on hand, which as of June 30, 2011 amounted to
approximately US$402 million.  June 30, 2011 pro forma net debt to
EBTIDA would drop to approximately 2.0 times (x) as a result of
the equity issuance.  In the long term, the company's consolidated
leverage level is expected to decline to approximately 2.5x to
2.0x as its expansion projects start operations.

Moderate Leverage and Liquidity Position:

EEB's leverage is moderate and its liquidity is manageable. As of
June 30, 2011, the company reported approximately US$402 million
of cash on hand, of which US$63 million was at EEB and US$219
million at TGI.  EEB's debt profile is manageable, as most of its
debt matures in 2014.  As of the last 12 months (LTM) ended June
30, 2011, EEB's consolidated leverage as measured by total
consolidated debt to EBITDA plus dividends received was 3.4x.
During this period, LTM consolidated EBITDA plus dividends equaled
approximately US$525 million and debt totaled US$1.9 billion.
Going forward, the company expects to use its cash on hand and
proceeds from the recent equity issuance to finance its expansion
projects, namely its investments in Peruvian gas transportation
and Guatemalan electric transmission infrastructure.

Holding company debt at June 30, 2011 totaled US$846 million,
consisting mainly of US$610 million notes due 2014 and a US$100
million loan from Corporacion Andina de Fomento (CAF).  The vast
majority of the holding company's cash flow is generated from
dividends received from investments in Emgesa and Codensa.  Annual
dividends to the holding company average approximate US$280
million per year; TGI has not historically paid dividends to EEB,
yet, it transfers funds to EEB through intercompany loan interest
payments.


TRANSPORTATDORA DE GAS: Fitch Ups US$750MM Sr. Notes to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded Transportadora de Gas Internacional
S.A. E.S.P.'s (TGI) foreign and local currency Issuer Default
Ratings (IDRs) to 'BB+' from 'BB'.  Fitch has also upgraded TGI's
US$750 million outstanding senior unsecured notes due 2017 to
'BB+' from 'BB'.  The Rating Outlook is Stable.

The rating action reflects Fitch's recent upgrade of Empresa de
Energia de Bogota's (EEB) to 'BB+' following EEB's equity issuance
of approximately US$420 million, which strengthens EEB's capital
structure and mitigates the company's need to increase debt levels
to fund capital investments.  TGI's upgrade also reflects the
company's improved cash flow generation due to recent investments.
TGI's ratings reflect the company's linkage with its primary
shareholder, EEB, which supports the company through intercompany
loans.  TGI's ratings also reflect its low business risk, solid
contracted position and improving credit metrics.

Low Business Risk:

TGI's ratings reflect the company's low business risk profile,
which stems from its stable and predictable cash flow generation,
as well as its strong competitive position.  TGI has favorable
long-term take-or-pay contracts with approximately 80 % of
revenues coming from regulated fixed tariffs.  This fixed capacity
payments from a diversified portfolio of off-takers add to cash
flow stability.  The company has low exposure to volume risk as
only 20% of revenue is linked to volume throughput.  TGI's
pipeline location and the importance of its service area, where
70% of the Colombian population resides, represent great growth
potential and help support the company's credit profile and credit
rating.

Moderate Leverage and Parent Support:

TGI's leverage level is moderate with debt to EBITDA of
approximately 3.5 times (x) in dollar terms as of June 30, 2011.
Including a US$370 million deeply subordinated intercompany loan
from EEB, leverage would be approximately 5.1x in dollar terms.
Going forward, TGI's leverage might decline as a result of the
incremental cash flow coming from new assets, some of which
recently entered commercial operations.  As of the LTM ended June
30, 2011, the company reported an EBITDA of approximately US$242
million and total senior debt of approximately US$857 million.

TGI benefits from its parent company's explicit and implicit
support. EEB owns 68.1% of TGI, and, in turn, the District Capital
of Bogota (Bogota DC; foreign currency IDR 'BBB-') owns 81.5% of
EEB. TGI's covenant package includes a maintenance covenant
stipulating that net senior debt to EBITDA cannot exceed 4.8x
after 2012.  The company is well below this level given the method
by which the ratio is calculated, which excludes deeply
subordinated intercompany debt.  TGI's ratings also incorporate
its exposure to regulatory risk, as the bulk of its revenue comes
from contract tariffs, which are set by the regulator.  TGI's
revenue is determined by the maximum allowable income set by the
regulator every five years and adjusted by inflation every year.

Strong Liquidity and Low Refinancing Risk:

Liquidity is strong with no debt coming due before 2017.  On June
30, 2011, TGI's cash and marketable securities were US$225
million, and consolidated cash at EEB was US$402 million.  Capital
expenditures are expected to be high over the next few years,
limiting debt reductions over the medium term.  TGI is not
expected to pay dividends in the short term; yet, this policy may
change in the future.  TGI's regulated revenues are partially
indexed to the U.S. dollar (approximately 60% of revenue are
indexed to US$), which mitigates the risk from currency
fluctuations as US$ denominated revenues satisfactorily cover
interest expenses.  Furthermore, the company has swapped US$200
million of debt principle into peso debt.


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


C&W JAMAICA: Incurs JM$1.32BB Loss in Qtr. Ended Sept. 30, 2011
---------------------------------------------------------------
Cable & Wireless Jamaica Limited incurred a JM$1.32 billion loss
attributable to stockholders on JM$4.59 billion of revenue in the
three months ended Sept. 30, 2011 from a JM$5.49 million loss
attributable to stockholders on JM$4.71 billion of revenue in the
same period last year.

The Company also incurred a JM$2.62 billion loss attributable to
stockholders on JM$9.20 billion of revenue in the six months ended
Sept. 30, 2011, from a JM$1.14 billion loss attributable to
stockholders on JM$9.40 billion of revenue in the same period last
year.

The Company's balance sheet at Sept. 30, 2011, showed JM$34.80
billion in total assets, JM$31.54 billion in total liabilities,
and total equity of JM$3.26 billion.

As of Sept. 30, 2011, total current assets total JM$29.23 billion
while total current liabilities total JM$7.54 billion.

A full text copy of the Company's financial result is available

Cable & Wireless Jamaica Limited -- http://www.cwjamaica.com/--
provides domestic and international telecommunications services to
businesses and residential customers in Jamaica.


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


GRUPO POSADAS: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed Grupo Posadas S.A.B. de C.V.'s
(Posadas) ratings as follows:

  -- Local currency Issuer Default Rating (IDR) at 'B';
  -- Foreign currency IDR at 'B';
  -- National scale rating at 'BB+(mex)';
  -- US$200 million senior notes due 2015 at 'B/RR4';
  -- MXN2.25 billion Certificados Bursatiles issuance Posadas08 at
     'BB+(mex)'.

The Rating Outlook has been revised to Negative from Stable.

The affirmation and revision of the Rating Outlook to Negative
reflect increased leverage (adjusted for leases), related to
indebtedness exposure to the US$ after derivatives and concerns
regarding refinancing, particularly for the Certificados
Bursatiles issuance due in April 2013.  A depreciation of the MXN
vs the US$ beyond current levels which pressures liquidity, an
inability to refinance the 2013 maturity in advance, or to reduce
total adjusted debt to EBITDAR ratio below 6.0 times (x) can
result in a negative rating action.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by increased leverage, and
exposure to currency fluctuation which can pressure liquidity and
industry cyclicality.  Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico.  The use of multiple hotel
formats allows the company to target domestic and international
business travelers of different income levels as well as tourists,
diversifying its revenue base.

The company also benefits from diversification into other business
segments, which reduces some exposure to its hotel business, such
as management of loyalty programs and call centers.  Hotel
revenues and operations are primarily located in Mexico, which
limits geographic diversification, and around 80% of rooms are in
urban locations.  The ratings also factor the industry's high
correlation to economic cycles, which negatively affects operating
indicators in downturns.

The company has been able to turnaround operations in 2011 vis-a-
vis 2010, mainly due to improved REVPAR in urban locations, as
well as a slight improvement of REVPAR in coastal properties,
which have compensated for soft cash flow in the vacation club
segment.  Improved REVPAR is the result of higher occupation
levels in both urban and coastal locations.  While average daily
rates (ADR) have improved for urban locations, coastal locations
ADRs continue under pressure.

For the 12 months ended Sept. 30, 2011, total adjusted debt to
EBITDAR was 6.3x. As of Sept. 30, 2011, on-balance sheet debt
reached MXN6.47 billion, a 10% increase from year-end 2010 levels,
mostly driven by exchange rate changes.  Approximately four-fifths
of the debt is dollar-denominated and the remainder was in pesos.
Short-term debt represented only one-eighth of total debt.  In
addition to that, the company had approximately MXN2.479 billion
of off-balance sheet debt related to hotel leases.

The company's liquidity position is manageable in the short term
but refinancing risk increases as the 2013 maturity approaches.
With maturities of MXN820 million over the next 12 months and cash
balances as of Sept. 30, 2010 of MXN666 million, Posadas should be
able to manage next year's maturities in the absence of a
devaluation of the MXN that results in higher margin call.
Posadas' next significant maturity is on April 2013 when MXN2.25
billion in Certificados Bursatiles is due.  The ratings factor in
that Posadas should refinance or pay off this maturity in advance.
Failure to do so could pressure the ratings as time goes on.

Fitch believes Posadas' cash levels, excluding cash needed for
operations and credit facilities, allows it to cover margin calls.
Since a moderate depreciation of the MXN would increase stress on
liquidity and put greater pressure on financial indicators, the
company's liquidity is considerably exposed to larger currency
fluctuations.  Recently, and for that purpose, the company raised
about MXN360 million in equity and debt (approximately MXN308
million and MXN52 million, respectively).

Going forward and absent any strategic initiatives Posadas might
undertake, Fitch expects the firm to proceed with a gradual
deleverage.  On Sept. 26, 2011, Posadas announced that it is
looking at strategic alternatives, which are not factored into the
ratings.  Once, and if, any of these alternatives materialize,
Fitch will assess the impact to credit quality.  Factors
detrimental to credit quality would include deterioration of
operating results and cash flow or additional indebtedness related
to new projects or to cover contingencies that result in increased
leverage.  On the other hand, Fitch will view as positive to
credit quality a strengthening of operating trends particularly in
the vacation club segment, improvements in REVPAR that can lead to
higher EBITDA and cash flow levels, as well as any non-recurring
cash infusion which diminishes debt.


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


* BOND PRICING: For the Week October 30, to November 3, 2011
------------------------------------------------------------

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

  ARGENTINA
  ---------

ARGENT-$DIS         8.28      12/31/2033       USD           68.08
ARGENT-$DIS         8.28      12/31/2033       USD           76.18
ARGENT-PAR          1.18      12/31/2038       ARS           52.55
ARGENT- DIS         7.82      12/31/2033       EUR              55
ARGENT- DIS         7.82      12/31/2033       EUR           63.25
ARGENT- DIS         7.82      12/31/2033       EUR           62.75
ARGENT- DIS         4.33      12/31/2033       JPY              42
ARGENT- PAR         0.45      12/31/2038       JPY              15
ARGENT- PAR&GDP     0.45      12/31/2038       JPY               8
PROV BUENOS AIRE    9.625      4/18/2028       USD           65.04


  CAYMAN ISLAND
  -------------

BANCO BPI (CI)       4.15     11/14/2035       EUR           43.61
BCP FINANCE BANK     5.01      3/31/2024       EUR            49.5
BCP FINANCE BANK     5.31     12/10/2023       EUR           51.75
BCP FINANCE CO       5.543                     EUR            33.6
BCP FINANCE CO       4.239                     EUR           34.83
BES FINANCE LTD      5.58                      EUR           40.74
BES FINANCE LTD      4.5                       EUR           44.25
BES FINANCE LTD      6.625                     EUR           55.01
CHAODA MOD AGRI      3.7         9/1/2015      USD            44.6
CHINA AUTOMATION     7.75       4/20/2016      USD            66.8
CHINA FORESTRY      10.25      11/17/2015      USD            68
CHINA FORESTRY      10.25      11/17/2015      USD            66
CHINA MED TECH       6.25      12/15/2016      USD            62.3
CHINA MED TECH       4          8/15/2013      USD            59.5
CHINA PROPERTIES     9.1        5/4/2014       USD           77.03
CHINA SUNERGY        4.75       6/15/2013      USD              60
DUBAI HLDNG COMM     6          2/1/2017       GBP           73.42
EFG ORA FUNDING      1.7       10/29/2014      EUR           49.58
ESFG INTERNATION     5.7                       EUR           39.25
EVERGRANDE REAL      9.25       1/19/2016      CNY           70.41
FANTASIA HOLDING    14          5/12/2015      USD           66
FANTASIA HOLDING    14          5/12/2015      USD           75
GLORIOUS PROPERT    13         10/25/2015      USD           69.26
GREENTOWN CHINA      9          11/8/2013      USD           71.75
GREENTOWN CHINA      9          11/8/2013      USD           71.75
IMCOPA INTL CAYM     5         12/19/2014      USD           33
JINKOSOLAR HOLD      4          5/15/2016      USD           44.32
LDK SOLAR CO LTD    10          2/28/2014      CNY           55.91
LDK SOLAR CO LTD     4.75       4/15/2013      USD           62.75
LUPATECH FINANCE     9.87                      USD           72
LUPATECH FINANCE     9.87                      USD           70.63
MARFRIG OVERSEAS     9.5         5/4/2020      USD           72
MARFRIG OVERSEAS     9.5         5/4/2020      USD           75.11
MINGFA GROUP INT     5.25        5/23/2016     HKD           71.66
POWERLONG RE HLD    13.75        9/16/2015     USD           71.02
POWERLONG RE HLD    13.75        9/16/2015     USD           70
POWERLONG RE HLD    11.5         3/17/2014     CNY           71.18
PUBMASTER FIN        5.94       12/30/2024     GBP           71.6
PUNCH TAVERNS        4.7         6/30/2033     GBP           70.83
RENHE COMMERCIAL    13           3/10/2016     USD           77.38
SOLARFUN POWER H     3.5         1/15/2018     USD           60
SOLARFUN POWER H     3.5         1/15/2018     USD           66.27
SPG LAND HOLDING    13.5          4/8/2016     USD           63
SUNTECH POWER        3           3/15/2013     USD           51
SUNTECH POWER        3           3/15/2013     USD           48.92
YUZHOU PROPERTIE    13.5        12/15/2015     USD           71.13
YUZHOU PROPERTIE    13.5        12/15/2015     USD           72.04


  CHILE
  -----

AGUAS NUEVAS         3.4         5/15/2012     CLP            1.68
CGE DISTRIBUCION     3.25       12/1/2012      CLP           29.93
COLBUN SA            3.2         5/1/2013      CLP            72.8
ESVAL S.A.           3.8        7/15/2012      CLP           25.12
LA POLAR SA          3.8       10/10/2017      CLP           32.18
MASISA               4.25      10/15/2012      CLP            19.6
QUINENCO SA          3.5        7/21/2013      CLP           25.01


  PANAMA
  ------

NEWLAND INT PROP      9.5      11/15/2014       USD          61.05


  PUERTO RICO
  -----------

BANCO SANTANDER        6.1       6/1/2032        USD         61.61
BANCO SANTANDER        6.3       6/1/2032        USD         61.77
PUERTO RICO CONS       6.2       5/1/2017        USD         58
PUERTO RICO CONS       6.5       4/1/2016        USD         61


  VENEZUELA
  ---------

PETROLEOS DE VEN       5.5       4/12/2037       USD         48.11
PETROLEOS DE VEN       5.37      4/12/2027       USD         49.49
PETROLEOS DE VEN       5.25      4/12/2017       USD         61.02
PETROLEOS DE VEN       5.12     10/28/2016       USD         62.56
PETROLEOS DE VEN       5        10/28/2015       USD         67.71
PETROLEOS DE VEN       8.5      11/2/2017        USD         72.34
PETROLEOS DE VEN       4.9      10/28/2014       USD         75.24
VENEZUELA              7         3/31/2038       USD         55.65
VENEZUELA              7         3/31/2038       USD         55.94
VENEZUELA              6        12/9/2020        USD         59.75
VENEZUELA              7.65      4/21/2025       USD         61.5
VENEZUELA              8.25     10/13/2024       USD         64
VENEZUELA              9.25      5/7/2028        USD         67.5
VENEZUELA              9         5/7/2023        USD         68.75
VENEZUELA              7        12/1/2018        USD         69
VENEZUELA              7.75     10/13/2019       USD         70
VENEZUELA              9.25      9/15/2027       USD         71.35
VENEZUELA              9.25      9/15/2027       USD         72.01
VENZOD - 189000        9.37      1/13/2034       USD          67.5


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *