TCRLA_Public/111117.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


          Thursday, November 17, 2011, Vol. 12, No. 228

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidators Make Progress But No Payment Expected


A R G E N T I N A

FUNDACION DOCTOR: Creditors' Proofs of Debt Due Dec. 12
KASSEL ARGENTINA: Creditors' Proofs of Debt Due Dec. 7
LACAMAC SA: Requests Opening of Bankruptcy Proceedings
SEAMUS TECHNOLOGIES: Creditors' Proofs of Debt Due Dec. 14
SOLO TANGO: Creditors' Proofs of Debt Due Dec. 14


B E R M U D A

BARBADOS NATIONAL BANK: Seeks to Rein Costs and Save 520 Jobs


B R A Z I L

BANCO INDUSTRIAL: Fitch Rates Long-Term IDR at 'BB-'
BANCO PANAMERICANO: Needs to Raise US$598MM for Loans, Folha Says
SUL AMERICA: Fitch Affirms LT Issuer Default Ratings at 'BB+'


C A Y M A N   I S L A N D S

AJIA-KCIC INVESTMENT: Creditors' Proofs of Debt Due Nov. 21
AMERICAN BEACON: Shareholders' Final Meeting Set for Nov. 25
CFIP CONVERTIBLES: Creditors' Proofs of Debt Due Nov. 24
CFIP CONVERTIBLES: Creditors' Proofs of Debt Due Nov. 24
CHEYNE GLOBAL: Creditors' Proofs of Debt Due Nov. 23

CI 2 LTD: Shareholders' Final Meeting Set for Nov. 25
DB XYLOPHONE: Commences Liquidation Proceedings
DPIII FINANCE: Creditors' Proofs of Debt Due Nov. 23
DPIII FINANCE: Creditors' Proofs of Debt Due Nov. 23
ECO 2007-1: Creditors' Proofs of Debt Due Nov. 23

GLOBAL MDA: Shareholders' Final Meeting Set for Nov. 21
NEW VALUE: Creditors' Proofs of Debt Due Nov. 30
ORION CAPITAL: Creditors' Proofs of Debt Due Nov. 21
ORION MANAGEMENT: Creditors' Proofs of Debt Due Nov. 21
SAHARA HOLDINGS: Creditors' Proofs of Debt Due Nov. 30

TURNSTONE ASIAN: Creditors' Proofs of Debt Due Nov. 21


J A M A I C A

CAYMANAS TRACK: Opposition Calls for Forensic Audit
* JAMAICA: Trade Deficit With CARICOM Widens to US$634.5MM


M E X I C O

PETROLEOS DE VENEZUELA: S&P Gives 'B+' Rating on US$2.4BB Notes


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


STANFORD INT'L: Liquidators Make Progress But No Payment Expected
-----------------------------------------------------------------
Caribarena Antigua News reports that local Stanford International
Bank Limited liquidators, led by Hugh Dickson and Marcus Wide,
have been making progress recovering cash and assets, but there is
no likely distribution of funds in the near future.

Matthew Plimmer, who forms part of the litigation team, told the
news agency in an interview that although he could not provide
specifics, he could confirm that some recoveries have been made.
Some of these, Mr. Plimmer said, are still based on legal action,
and because of that he could not comment in detail in order to
avoid prejudice, Caribarena Antigua News relates.

Mr. Plimmer, the report notes, said the liquidation team had
managed to secure some of the funds that were frozen in the United
Kingdom and other countries, and has re-invested that money.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


FUNDACION DOCTOR: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------------
Julio A. Villalba, the court-appointed trustee for Fundacion
Doctor Luis Agote's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 12, 2011.

Mr. Villalba will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Julio A. Villalba
         Viamonte 1464
         Argentina


KASSEL ARGENTINA: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------------
Dante Francisco Giampaolo, the court-appointed trustee for Kassel
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 7, 2011.

Mr. Giampaolo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Dante Francisco Giampaolo
         Anchorena 672
         Argentina


LACAMAC SA: Requests Opening of Bankruptcy Proceedings
------------------------------------------------------
Lacamac SA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last Feb. 18, 2010.


SEAMUS TECHNOLOGIES: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------------
Ricardo Daniel Axenfeld, the court-appointed trustee for Seamus
Technologies SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 14, 2011.

Mr. Axenfeld 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:

         Ricardo Daniel Axenfeld
         Reconquista 671
         Argentina


SOLO TANGO: Creditors' Proofs of Debt Due Dec. 14
-------------------------------------------------
Ines Berta Petrone, the court-appointed trustee for Solo Tango
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 14, 2011.

Ms. Petrone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Ines Berta Petrone
         Mercedes 316
         Argentina


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


BARBADOS NATIONAL BANK: Seeks to Rein Costs and Save 520 Jobs
-------------------------------------------------------------
Gercine Carter at Nation News reports that Barbados National Bank
(BNB) is doing everything to rein in its costs and keep its near
520 employees in their jobs.

The assurance came from Managing Director and Chief Executive
Officer Derwin Howell as he revealed that staff costs accounted
for about 45% of the financial institution's recurring expenses.

Mr. Howell told the news agency in an interview that the current
environment was particularly challenging for commercial banks as
Barbadians continued to rely less on borrowed money and more on
personal savings.

Mr. Howell said the situation for banks was compounded by the rise
of bad debt among both commercial and retail clients, the report
notes.

Barbados National Bank, Inc. -- http://www.bnbbarbados.com/--
provides banking products and services.


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


BANCO INDUSTRIAL: Fitch Rates Long-Term IDR at 'BB-'
----------------------------------------------------
Fitch Ratings has assigned international scale ratings to Banco
Industrial do Brasil S.A. (BIB) as follows:

  -- Long-term Foreign Currency Issuer Default Rating (IDR) 'BB-';
  -- Long-term Local Currency IDR 'BB-';
  -- Short-term Foreign Currency IDR 'B';
  -- Short-term Local Currency IDR 'B';
  -- Viability Rating 'bb-';
  -- Support Rating Floor 'no floor'.

The Rating Outlook on the long-term IDRs is Stable.

Fitch has also withdrawn BIB's 'D' Individual Rating, which was
previously assigned in error.

BIB's IDRs and its Viability Rating are driven by its conservative
credit culture, low risk appetite and leverage, consistent
performance, as well as its focus on the SME market.  The ratings
also reflect its small size, lower profitability than its peers,
and the inherent assets and liabilities concentration that stems
from its size and business model.

The bank's limited risk appetite has allowed it to present a
consistent performance over the last few years and along the
changes on the economic cycle.  However, though less volatile,
BIB's profitability remains lower than its local peers' average.

Over the last few years, the bank has decided to intensify its
focus on the SME segment and to scale back its payroll deductible
loan business (reaching its target of an 85/15 split on its loan
portfolio), although, leading to a higher asset concentration.
Fitch deems the focus on the SME segment as an adequate strategy
for BIB, given the bank's small size and expertise in this
competitive market niche.

Despite the recent loan growth, higher credit costs associated
with the seasoning of the SME portfolio (inherent of this business
segment) and some margin compression, have moderately reduced the
bank profitability ratios, despite its controlled operating costs.
A less vigorous economic activity environment may result in a
sustained pressure on credit costs; although, Fitch expects BIB
overall profitability will hold close to historic averages.

In spite of its funding profile being largely concentrated in
short term time and interbank deposits (80% of Total Funding),
alike its local SME-oriented peers, the bank counts on positive
gap between its funding and loan book.  During recent volatile
periods, funding was mildly constrained but with no impact on
liquidity as the bank was able to reduce its loan origination at
the same pace.  Funding diversification is still a challenge for
the bank in spite of recently obtaining credit facilities with
multilateral agencies, such as BID and IFC (only 5% of Total
Funding).  Non-deposit short-term maturities are moderate and
aligned with BIB's conservative liquidity.

The bank's conservative risk management is also reflected in its
traditionally high liquid assets position and its fairly
comfortable Fitch core capital ratio (19.1% as of June 2011).

If BIB is able to translate the growth of its loan portfolio into
a more profitable performance closing the gap with its peers,
ratings could be positively affected.  Significant upside for the
bank is constrained by its business model and inherent assets and
liabilities concentrations.

Deterioration in the bank's asset quality indicators and a
subsequent drop in the bank's performance could lead to a
downgrade in BIB's ratings.

BIB is a SME-oriented bank 100% owned by Mr. Carlos Alberto
Mansur.


BANCO PANAMERICANO: Needs to Raise US$598MM for Loans, Folha Says
-----------------------------------------------------------------
Alexander Cuadros at Bloomberg News writes that Sao Paulo-based
newspaper Folha de S. Paulo reported that Banco Panamericano SA
needs to raise BRL1 billion (US$598 million) so that it can keep
making loans.

The local news agency said the bank's second-largest shareholder,
Caixa Economica Federal, will likely inject BRL340 million while
parent Banco BTG Pactual SA and other investors must provide the
rest, according to Bloomberg.

Bloomberg says the bank is under federal investigation after
accounting losses totaling BRL4.3 billion sparked two bailouts
since November of last year.

Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency subordinated
debt rating.


SUL AMERICA: Fitch Affirms LT Issuer Default Ratings at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed all of Sul America S.A.'s (Sasa)
ratings, as follows:

  -- Foreign and Local Currency Long-Term Issuer Default Ratings
     (IDRs) at 'BB+', Outlook Positive;
  -- Foreign and Local Currency Short-Term IDRs at 'B';
  -- National Long-Term rating at 'AA(bra)', Outlook Positive;
  -- National Short-Term rating at 'F1+(bra)';
  -- USD200 million senior notes due February 2012 Foreign
     Currency Long-Term rating at 'BB'.

The Positive Outlook on the ratings of Sul America S.A. (Sasa),
the holding company of the Brazilian insurance group Sul America
Seguros (SAS), reflects its strong franchise and the maintenance
of a consistent and adequate operating performance, despite
increasing competition and the lower profit as of September 2011,
which is mainly due to the peaking of loss ratios in third quarter
2011 (3Q'11), a trend which has also been observed with Sasa's
competitors.

A future upgrade of Sasa's ratings will depend on the ability to
further consolidate the recently expanded distribution network
(mostly partnerships).  A stable performance in terms of claims
ratio and overall profitability, combined with a conservative
approach with regard to leverage and liquidity levels could also
trigger a positive rating action.  A deterioration in its
operating performance, leverage or liquidity may trigger a
revision in the Outlook back to Stable, or even negatively affect
the ratings depending on the materiality of the deterioration.

SAS has a diversified product mix, led by its strong presence in
the health and auto segments in Brazil, where it is the second and
the fourth largest insurer, respectively, as of June 2011.
Despite greater focus on risk underwriting, Sasa has maintained
its market share and strong premium growth in 2011 in its main
business segments.  This trend is expected to continue in the
short to medium term.  A sharper than expected slow-down in
Brazilian economic growth, coupled with a further increase in
competition, would impact premium growth.  However, given the low
penetration levels in the country and Sasa's established position
in the market, the impact is likely to be moderate, as it would be
for its peers.

Loss ratios in both core segments increased as of 3Q'11, in line
with the market.  The deterioration was mainly due to increased
costs, leading to a combined ratio above 100%. Fitch believes that
the loss ratios have peaked, and will gradually fall in the coming
quarters, thanks to price adjustments and intensification of
controls and claim management.  This should help Sasa's margins to
remain stable. The effective cost management and healthy financial
returns are also likely to continue to support profitability.

Liquid assets were strengthened with the sale of participations
and real estate in 2010 and are expected to remain high, even if
SAS intends to take advantage of potential business opportunities
and pay its Eurobond which matures in February 2012.  Following
the payment of dividends, the company's free cash stood at around
BRL860 million in September 2011, equivalent to nearly 3.7 times
(x) of total financial indebtedness, still comparing well to
peers.

Although Sasa's capitalization level is considered as adequate by
Fitch, leverage ratios are slightly higher than the peer average.
Fitch believes that leverage will be kept under control in the
medium term, given the stable results and prudent dividend policy.

Sasa is 33.3% controlled by Sulasapar Participacoes (Sulasapar),
21.5% by ING Insurance International BV (ING) and a further 38.4%
is the market float.  ING's group support was not incorporated
into the company's ratings by Fitch.  Recently, ING announced that
it is reviewing its global strategy and intends to sell its
insurance operations.  Fitch is monitoring the progress of changes
in Sasa's shareholder composition and the possible impacts on its
ratings, even though the benefit of this support has not been
incorporated into the ratings.


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


AJIA-KCIC INVESTMENT: Creditors' Proofs of Debt Due Nov. 21
-----------------------------------------------------------
The creditors of AJIA-KCIC Investment Management Inc. are required
to file their proofs of debt by Nov. 21, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 9, 2011.

The company's liquidator is:

         Yuk Tim Yuen
         Telephone: 852 2809 0072
         Facsimile: 852 2905 9001
         7801-8 The Center
         99 Queen's Road Central
         Hong Kong


AMERICAN BEACON: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of American Beacon Global Funds, SPC will hold
their final meeting on Nov. 25, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CFIP CONVERTIBLES: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------------
The creditors of CFIP Convertibles Master Fund, Ltd are required
to file their proofs of debt by Nov. 24, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


CFIP CONVERTIBLES: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------------
The creditors of CFIP Convertibles Overseas Fund, Ltd are required
to file their proofs of debt by Nov. 24, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


CHEYNE GLOBAL: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of Cheyne Global Catalyst Special Purpose Asset
Vehicle Inc. are required to file their proofs of debt by Nov. 23,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 12, 2011.

The company's liquidator is:

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


CI 2 LTD: Shareholders' Final Meeting Set for Nov. 25
-----------------------------------------------------
The shareholders of CI 2 Ltd will hold their final meeting on
Nov. 25, 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


DB XYLOPHONE: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 27, 2011, the sole shareholder of DB Xylophone Holdings
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeremy Simon Spratt
         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB United Kingdom
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


DPIII FINANCE: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of DPIII Finance Company are required to file their
proofs of debt by Nov. 23, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2011.

The company's liquidator is:

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


DPIII FINANCE: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of DPIII Finance Company I are required to file
their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2011.

The company's liquidator is:

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


ECO 2007-1: Creditors' Proofs of Debt Due Nov. 23
-------------------------------------------------
The creditors of ECO 2007-1 SPC are required to file their proofs
of debt by Nov. 23, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 12, 2011.

The company's liquidator is:

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


GLOBAL MDA: Shareholders' Final Meeting Set for Nov. 21
-------------------------------------------------------
The shareholders of Global MDA, SPC will hold their final meeting
on Nov. 21, 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:

         Steven Lencke
         870 Commercial Lane
         Palmer Lake, Colorado 80133
         USA


NEW VALUE: Creditors' Proofs of Debt Due Nov. 30
------------------------------------------------
The creditors of New Value Partners are required to file their
proofs of debt by Nov. 30, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


ORION CAPITAL: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------
The creditors of Orion Capital Fund Ltd. are required to file
their proofs of debt by Nov. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 27, 2011.

The company's liquidator is:

         Sukru Evrengun
         Telephone: +41 (44) 2861086
         c/o Gessnerallee 38
         CH 8011 Zurich
         Switzerland


ORION MANAGEMENT: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------------
The creditors of Orion Management Ltd. are required to file their
proofs of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 27, 2011.

The company's liquidator is:

         Menahem Eytan
         Telephone: +41 223 184 383
         c/o AGEFOR SA 100 Rue du Rhone
         CH-1211 Geneva 3
         Switzerland


SAHARA HOLDINGS: Creditors' Proofs of Debt Due Nov. 30
------------------------------------------------------
The creditors of Sahara Holdings are required to file their proofs
of debt by Nov. 30, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 14, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TURNSTONE ASIAN: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
The creditors of Turnstone Asian Fund SPC are required to file
their proofs of debt by Nov. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


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


CAYMANAS TRACK: Opposition Calls for Forensic Audit
---------------------------------------------------
Jamaica Observer reports that Dr. Peter Phillips, People's
National Party (PNP) finance spokesman, asked Prime Minister
Andrew Holness to order a forensic audit of the Caymanas Track
Limited.

Dr. Phillips said Prime Minister Holness needs to intervene and
order the probe "to demonstrate his stated commitment to high
standards of governance," according to Jamaica Observer.

Dr. Peter Phillips, Shadow Minister of Finance, wants Prime
Minister Andrew Holness to order the audit in the wake of concerns
about the management of the entity, according to Jamaica Observer.

RJR News relates that Dr. Phillips said he is supporting the
demands of the Trainers' Association and other stakeholders in the
racing industry who have already called for a thorough
investigation of the financial affairs of Caymanas Track.
Dr. Phillips said it is clear that there is a serious financial
situation facing the company, RJR News says.

Dr. Phillips pointed to workers and stakeholders including owners,
trainers, grooms and jockeys being restive over the non-payment of
monies owed to them, RJR News adds.

Meanwhile, a separate RJR News discloses that Caymanas Track has
not yet named a new as chief executive officer to replace Camile
Buchanan, who stepped down as its executive

RJR News relates that Senator Arthur Williams, Minister with
responsibility for the Public Service, said that efforts are being
made to appoint a new acting CEO this week.

Miss Buchanan resigned to enter representational politics, RJR
News adds.

Caymanas Track Ltd. (CTL) -- http://www.caymanasracetrack.com/--
is the sole promoter of live horse racing in Jamaica with
approximately 84 races per year.  CTL sits on a 196 acre property
located in the parish of St. Catherine.  The off the track
activities are facilitated through simulcast of races from USA,
Australia and Britain.  There are over 60 Off Track Betting (OTB)
Parlors opened on a franchise basis and are located island wide.


* JAMAICA: Trade Deficit With CARICOM Widens to US$634.5MM
----------------------------------------------------------
RJR News reports that Jamaica saw a further widening of its trade
deficit with CARICOM countries during the first seven months of
the year.

The gap amounted to US$634.5 million up from US$360 million during
the corresponding period last year, according to RJR News.  The
report relates that this was due in part to cement exports
returning to normal levels following a large shipment in 2010.

RJR News discloses that Statistical Institute of Jamaica (STATIN)
said in report that Jamaica's total exports to CARICOM declined by
0.1% during the January to July period.

                           *     *     *

As of Nov. 16, 2011, the country continues to carry Standard and
Poor's "C" short-term debt ratings and "B-" long-term debt
ratings.


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


PETROLEOS DE VENEZUELA: S&P Gives 'B+' Rating on US$2.4BB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to the $2.4 billion in exchange notes due
2021 proposed by Petroleos de Venezuela S.A.
(PDVSA; B+/Stable/--).  The notes benefit from the unconditional
and irrevocable guarantee of payment by PDVSA Petroleo S.A. (not
rated), PDVSA's exploration-and-production subsidiary.

"The company will exchange its outstanding 8% senior unsecured
notes due 2013 (not rated) for new senior unsecured notes due
2021.  The exchange will take place as a private transaction and
will be par for par, with a coupon that is 100 basis points higher
than that on the existing 2013 notes.  We view the offer as
opportunistic and believe that it will benefit the company's debt
maturity profile," S&P related.

"The ratings on PDVSA reflect Standard & Poor's opinion that there
is an 'extremely high' likelihood that the government of the
Bolivarian Republic of Venezuela (B+/Stable/B) would provide
timely and sufficient support to PDVSA in the event of financial
distress.  We assess the stand-alone credit profile
(SACP) of PDVSA in the 'b' category," S&P said.

In accordance with our criteria for government-related entities,
S&P's view of an extremely high likelihood of extraordinary
support is based on its assessment of PDVSA's:

    "Critical" role in contributing about 50% of the government's
    revenues and 90% of the country's exports, instrumental in the
    sovereign's meeting of its political and economic objectives;
    and

    "Very strong" link with the government, given the latter's
    full and stable ownership of the company.

For the 12 months ended June 30, 2011, PDVSA's financial
performance improved significantly as a result of higher oil
prices.  Revenues and EBITDA increased by 48.3% and 57%, compared
with their 2010 levels.  The EBITDA margin also improved, to
35.9%, as a result of operating cost reductions.  Key financial
metrics also strengthened, to EBITDA interest coverage, total
debt-to-EBITDA, and funds from operations-to-total debt ratios of
4.9x, 1.0x, and 32.2%.

Ratings List

Petroleos de Venezuela S.A. (PDVSA)
Corporate Credit Rating                  B+/Stable/--

New Rating
Senior Unsecured
  US$2.4 bil exchange notes due 2021        B+


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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 * * *