TCRLA_Public/111123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


          Wednesday, November 23, 2011, Vol. 12, No. 232

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Investors Granted Discovery in Lawsuit


A R G E N T I N A

ALANED SA: Creditors' Proofs of Debt Due Dec. 29
IMAGENES MERCADEO: Creditors' Proofs of Debt Due Dec. 19
ITECNA SA: Creditors' Proofs of Debt Due Dec. 26
ONDA KOSHER: Creditors' Proofs of Debt Due Feb. 2
SUPERVIELLE CREDITOS: Moody's Gives C.ar Rating to ARS4.8 Notes


B R A Z I L

LUPATECH SA: May Default as Loan Won't Cover Debt, Investors Bet


B O L I V I A

FONDO FINA: Moody's Puts B3 Subordinated Debt Rating to Program


C A Y M A N   I S L A N D S

AJIA-KCIC INVESTMENT: Shareholders' Final Meeting Set for Nov. 29
CFIP CONVERTIBLES: Shareholders' Final Meeting Set for Nov. 24
CFIP CONVERTIBLES: Shareholders' Final Meeting Set for Nov. 24
CHEYNE GLOBAL: Shareholders' Final Meeting Set for Nov. 25
CRESCENT EARLY: Shareholder to Receive Wind-Up Report on Dec. 1

DPIII FINANCE: Shareholders' Final Meeting Set for Nov. 25
ECO 2007-1: Shareholders' Final Meeting Set for Nov. 25
FLORENCE EDUCATION: Shareholder to Hear Wind-Up Report on Dec. 1
GRACES HOLDINGS: Shareholders' Final Meeting Set for Nov. 25
MAPLE EQUIPMENT: Shareholders' Final Meeting Set for Nov. 25

N3 (CAYMAN): Shareholder to Receive Wind-Up Report on Dec. 1
N4 (CAYMAN): Shareholder to Receive Wind-Up Report on Dec. 1
NEW VALUE: Shareholders' Final Meeting Set for Nov. 30
ORION CAPITAL: Shareholders' Final Meeting Set for Nov. 28
ORION MANAGEMENT: Shareholders' Final Meeting Set for Nov. 28

PEQUOT HEALTHCARE: Shareholders' Final Meeting Set for Nov. 25
PIP GP: Shareholders' Final Meeting Set for Nov. 25
REMA CAPITAL: Shareholder to Receive Wind-Up Report on Dec. 1
REMA II: Shareholder to Receive Wind-Up Report on Dec. 1
SAHARA HOLDINGS: Shareholders' Final Meeting Set for Nov. 30


E L  S A L V A D O R

* EL SALVADOR: IDB OKs US$50 Million Loan for Government Project


M E X I C O

BANCO AUTOFIN: Moody's Withdraws E+ Bank Fin'l Strength Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: Board Members Get TT$30,000 Attendance Fee, Query Says




                            - - - - -


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


STANFORD INTERNATIONAL: Investors Granted Discovery in Lawsuit
--------------------------------------------------------------
Caribarena News reports that U.S. District Court Judge David
Godbey has granted the Official Stanford Investors Committee's
motion to conduct jurisdictional discovery for Cort & Cort and
Cort & Associates, in connection with the February lawsuit
alleging the law firms received more than US$1.1 million in
fraudulently transferred Stanford International Bank customer
funds.

Judge Godbey said in the order that the Investors Committee has
made a "preliminary showing for jurisdiction" for the allegations,
and granted a four-month period for discovery, according to
Caribarena News.

"Dr. Errol Cort's deposition will be a critical component of the
discovery Judge Godbey authorized," Caribarena News quoted Peter D
Morgenstern as saying.  Mr. Morgenstern is a lawyer serving on the
Committee who also filed a class-action lawsuit against the
government of Antigua & Barbuda in the same District Court in
2009.

"Dr Cort's law firm was literally on Mr. Stanford's payroll for an
extensive period of time, and the firm also served as the official
agent for Stanford International Bank, while Dr. Cort was the
nation's minister of Finance," Mr. Morgenstern added, the report
relays.

The Lawyer can be reached at:

          Peter D. Morgenstern
          MORGENSTERN&BLUE, LLC
          885 Third Avenue
          New York, New York 10022
          Tel: (212) 750-6776
          Fax: (212) 750-3128
          E-mail: pmorgenstern@mfbnyc.com

                 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
=================


ALANED SA: Creditors' Proofs of Debt Due Dec. 29
------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for Alaned
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 29, 2011.

Ms. Muruaga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:

         Beatriz del Carmen Muruaga
         Aguero 1290
         Argentina


IMAGENES MERCADEO: Creditors' Proofs of Debt Due Dec. 19
--------------------------------------------------------
Haydee Alicia Lypka, the court-appointed trustee for Imagenes,
Mercadeo y Sistemas IMS SA's reorganization proceedings, will be
verifying creditors' proofs of claim until Dec. 19, 2011.

Ms. Lypka will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 24
in Buenos Aires, with the assistance of Clerk No. 48, 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:

         Haydee Alicia Lypka
         Avenida Corrientes 1628
         Argentina


ITECNA SA: Creditors' Proofs of Debt Due Dec. 26
------------------------------------------------
Miguel Angel Bottarelli, the court-appointed trustee for Itecna
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 26, 2011.

Mr. Bottarelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Miguel Angel Bottarelli
         Parana 326
         Argentina


ONDA KOSHER: Creditors' Proofs of Debt Due Feb. 2
-------------------------------------------------
Susana Edith Svztliza, the court-appointed trustee for Onda Kosher
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 2, 2012.

Ms. Svztliza 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:

         Susana Edith Svztliza
         Cramer 2111
         Argentina


SUPERVIELLE CREDITOS: Moody's Gives C.ar Rating to ARS4.8 Notes
---------------------------------------------------------------
Moody's Latin America (Moody's) has assigned ratings to the debt
securities and certificates of Fideicomiso Financiero Supervielle
Creditos Banex 54.  This transaction will be issue by Equity Trust
(Argentina) S.A. - acting solely in its capacity as Issuer and
Trustee.

Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.

- ARS24,000,000 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos Banex 54", rated
Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
Local Currency)

- ARS48,000,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos Banex 54", rated Aaa.ar (sf)
(Argentine National Scale) and Ba1 (sf) (Global Scale, Local
Currency)

- ARS43,200,000 in Class C Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos Banex 54", rated
A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale,
Local Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos Banex 54", rated C.ar (sf) (Argentine
National Scale) and C (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 23,863 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 120,000,388,52.

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

Overall credit enhancement is comprised of subordination: 80% for
the Class A Floating Rate Debt Securities, 40% for the Floating
Rate Securities and 4% for the Class C Floating Rate Securities.
In addition the transaction has various reserve funds and excess
spread.

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

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

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

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

The model results showed 0.00% expected loss for Class A Floating
Rate Debt Securities and Floating Rate Debt Securities, 11.99%
expected loss for Class C Floating Rate Debt Securities and 97.31%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A, Class B and CP would be unchanged.  The ratings for
Class C Floating Rate debt securities and Certificates would be
likely downgraded to Caa2 (sf).

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

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

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


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


LUPATECH SA: May Default as Loan Won't Cover Debt, Investors Bet
----------------------------------------------------------------
Peter Millard at Bloomberg News reports that investors bet that
Lupatech SA is nearing a default amid concern a loan from its
second-biggest shareholder, Petroleo Brasiliero SA, won't be
enough to cover its debt costs.

Company Chief Executive Officer Alexandre Monteiro said the
Petroleo Brasiliero's pension fund for workers will provide a
BRL60 million (US$33 million) loan to help pay debt, according to
Bloomberg.

Bloomberg notes that Lupatech SA is due to make a US$6.8 million
coupon payment on its 9.875 perpetual bonds on Jan. 10, 2012.

Bloomberg says Lupatech SA, whose cash flow is enough to cover
only about a third of its interest expenses, is also selling
assets to raise cash after Petrobras Brasiliero delayed orders in
the past three years.  "They're basically insolvent.  Their story
is supposed to make sense because Petrobras continues to spend a
lot of money, but it hasn't panned out," Juan Cruz, an emerging-
market corporate debt analyst at Barclays Plc in New York, told
Bloomberg in a telephone interview.

However, Bloomberg notes that Mr. Monteiro assured that the
company is doing its best not to let the company go into Chapter
11 as they are "very comfortable with the viability of the
business.  Mr. Monteiro, Bloomberg relates, said Lupatech SA has
the support of Brazil's state-development bank, Banco Nacional de
Desenvolvimento Economico e Social SA, which owns about 11% of
The firm, while Petrobras Brasiliero's Petros pension fund holds a
15% stake.

"The BNDES has a large stake and it will be difficult for them to
let it go bankrupt or stop paying its debt," Artur Delorme, an
analyst at Ativa SA in Rio de Janeiro, told the news agency in a
telephone interview.

Meanwhile, in a separate report, Ksenia Galouchk at Bloomberg News
reports that Lupatech SA posted a third-quarter net loss of
BRL116.7 million (US$66.2 million).

Bloomberg relates that the quarterly loss was attributed to
shipment delays and spending tied to restructuring.

                           About Lupatech SA

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments: Energy
Products, Flow Control and Metallurgy.  In the Energy Products
segment, the company provides such products as deepwater platform
anchoring ropes, valves, tools for oil exploration and tube
coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA's
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2011, Moody's Investors Service has downgraded the global
corporate family rating of Lupatech S.A. and Lupatech Finance Ltd.
to Caa2 from Caa1.  At the same time, Moody's downgraded the
rating on the senior unsecured perpetual notes of Lupatech Finance
to Caa3 from Caa2. The ratings outlook remains negative.


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B O L I V I A
=============


FONDO FINA: Moody's Puts B3 Subordinated Debt Rating to Program
---------------------------------------------------------------
Moody's Latin America assigned a A1.bo Local Currency National
Scale debt rating to Fondo Financiero Privado Fassil S.A.
subordinated debt program amounting to BOL27 million.  The A1.bo
Bolivia's national scale debt rating was also assigned to the
expected first issuance of the program, totaling BOL27 million.

At the same time, Moody's Investors Service assigned a B3 global
local currency subordinated debt rating to the program and a B3
global local currency debt rating to its first issuance.

The outlook on all ratings is stable.

Fondo Financiero Privado Fassil S.A. is headquartered in Santa
Cruz, Bolivia, and it had assets of BOL1.5 billion and deposits of
BOL1.2 billion, as of September 2011.

These ratings were assigned to Fondo Financiero Privado Fassil:

BOL27 million subordinated debt program:

Global Local Currency Debt Rating: (P)B3, stable outlook

Bolivia National Scale Local Currency Debt Rating: A1.bo, stable
outlook

BOL27 million subordinated debt issuance:

Global Local Currency Debt Rating: B3, stable outlook

Bolivia National Scale Local Currency Debt Rating: A1.bo, stable
outlook

Ratings Rationale

Moody's explained that the local currency subordinated debt rating
derives from Fassil's B2 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.


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


AJIA-KCIC INVESTMENT: Shareholders' Final Meeting Set for Nov. 29
-----------------------------------------------------------------
The shareholders of AJIA-KCIC Investment Management Inc. will hold
their final meeting on Nov. 29, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CFIP CONVERTIBLES: Shareholders' Final Meeting Set for Nov. 24
--------------------------------------------------------------
The shareholders of CFIP Convertibles Master Fund, Ltd will hold
their final meeting on Nov. 24, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CFIP CONVERTIBLES: Shareholders' Final Meeting Set for Nov. 24
--------------------------------------------------------------
The shareholders of CFIP Convertibles Overseas Fund, Ltd will hold
their final meeting on Nov. 24, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHEYNE GLOBAL: Shareholders' Final Meeting Set for Nov. 25
----------------------------------------------------------
The shareholders of Cheyne Global Catalyst Special Purpose Asset
Vehicle Inc. will hold their final meeting on Nov. 25, 2011, at
1:30 p.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


CRESCENT EARLY: Shareholder to Receive Wind-Up Report on Dec. 1
---------------------------------------------------------------
The shareholder of Crescent Early Education Investments, Ltd. will
receive on Dec. 1, 2011, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


DPIII FINANCE: Shareholders' Final Meeting Set for Nov. 25
----------------------------------------------------------
The shareholders of DPIII Finance Company I will hold their final
meeting on Nov. 25, 2011, at 12:45 p.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


ECO 2007-1: Shareholders' Final Meeting Set for Nov. 25
-------------------------------------------------------
The shareholders of ECO 2007-1 SPC will hold their final meeting
on Nov. 25, 2011, at 1:15 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FLORENCE EDUCATION: Shareholder to Hear Wind-Up Report on Dec. 1
----------------------------------------------------------------
The shareholder of Florence Education Ltd. will receive on Dec. 1,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


GRACES HOLDINGS: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Graces Holdings Limited will hold their final
meeting on Nov. 25, 2011, at 11:45 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


MAPLE EQUIPMENT: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Maple Equipment Leasing Limited will hold
their final meeting on Nov. 25, 2011, at 12:00 noon, 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


N3 (CAYMAN): Shareholder to Receive Wind-Up Report on Dec. 1
------------------------------------------------------------
The shareholder of N3 (Cayman) Ltd. will receive on Dec. 1, 2011,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


N4 (CAYMAN): Shareholder to Receive Wind-Up Report on Dec. 1
------------------------------------------------------------
The shareholder of N4 (Cayman) Limited will receive on Dec. 1,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


NEW VALUE: Shareholders' Final Meeting Set for Nov. 30
------------------------------------------------------
The shareholders of New Value Partners will hold their final
meeting on Nov. 30, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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: Shareholders' Final Meeting Set for Nov. 28
----------------------------------------------------------
The shareholders of Orion Capital Fund Ltd. will hold their final
meeting on Nov. 28, 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:

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


ORION MANAGEMENT: Shareholders' Final Meeting Set for Nov. 28
-------------------------------------------------------------
The shareholders of Orion Management Ltd. will hold their final
meeting on Nov. 28, 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:

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


PEQUOT HEALTHCARE: Shareholders' Final Meeting Set for Nov. 25
--------------------------------------------------------------
The shareholders of Pequot Healthcare Emerging Markets Master
Fund, Ltd. will hold their final meeting on Nov. 25, 2011, at
12:15 p.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


PIP GP: Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------
The shareholders of PIP, GP (Cayman) Ltd. will hold their final
meeting on Nov. 25, 2011, at 12:30 p.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


REMA CAPITAL: Shareholder to Receive Wind-Up Report on Dec. 1
-------------------------------------------------------------
The shareholder of Rema Capital Holdings will receive on Dec. 1,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


REMA II: Shareholder to Receive Wind-Up Report on Dec. 1
--------------------------------------------------------
The shareholder of Rema II Ltd. will receive on Dec. 1, 2011, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


SAHARA HOLDINGS: Shareholders' Final Meeting Set for Nov. 30
------------------------------------------------------------
The shareholders of Sahara Holdings will hold their final meeting
on Nov. 30, 2011, at 9:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IDB OKs US$50 Million Loan for Government Project
----------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$50
million to El Salvador for a project to reduce the vulnerability
of residents in slums in the San Salvador Metropolitan Area (AMSS,
for its initials in Spanish) to floods and landslides, and improve
their living conditions.

The capital region has 514 settlements with poor access to
adequate sanitation, drinking water, or electricity.  Of these, 93
are highly vulnerable to floods or landslides because houses have
been built on river banks and steep hillsides.

The IDB-funded program, which will be carried out by the Ministry
of Public Works, Transportation, Housing and Urban Development,
will invest in infrastructure to mitigate those risks and improve
access to basic services.

Program resources will finance flood buffers and river channeling.
Additional investments will provide communities with water,
sewerage services, electricity, and drainage.

The program will also finance diagnostic and modeling hydraulic
studies needed for the creation of a master drainage plan in
coordination with the Office of Planning of AMSS, which was
created by the council of mayors representing 14 municipalities in
the capital region.

The loan was extended for 25 years with a grace period of five
years and variable interest rate based on LIBOR.

As of Nov. 22, 2011, the country continues to carry Moody's 'Ba2'
foreign currency issuer foreign currency long-term debt ratings.


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


BANCO AUTOFIN: Moody's Withdraws E+ Bank Fin'l Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Banco Autofin Mexico, S.A.
Institucion de Banca Multiple's (Autofin) E+ bank financial
strength rating (BFSR) and B3/Not Prime long/short term local and
foreign currency deposit ratings. At the same time, Moody's de
Mexico has withdrawn the long term Mexican National Scale deposit
rating of Ba2.mx and the short term Mexican National Scale deposit
rating of MX-4. Autofin's E+ BFSR mapped to an unsupported
baseline credit assessment of B3. The outlook on all ratings
before the withdrawal was stable.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Autofin is headquartered in Mexico City, Mexico. As of 30
September 2011, Autofin had MXN4.1 billion in assets, MXN2.6
billion in gross loans, MXN2 billion in due to customers, MXN546
million in shareholders' equity, and an accumulated net income of
MXN3 million.

These Autofin ratings were withdrawn:

-- Bank Financial Strength Rating of E+

-- Long Term Local Currency Deposit Rating: B3

-- Short Term Local Currency Deposit Rating: Not Prime

-- Long Term Foreign Currency Deposit Rating: B3

-- Short Term Foreign Currency Deposit Rating: Not Prime

-- Long Term Mexican National Scale Deposit Rating: Ba2.mx

-- Short Term Mexican National Scale Deposit Rating: MX-4


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


CL FIN'L: Board Members Get TT$30,000 Attendance Fee, Query Says
----------------------------------------------------------------
Trinidad Express reports that Queen's Counsel Peter Carter,
counsel to the Commission of Enquiry into the collapse of CL
Financial Limited, revealed that a fee of TT$30,000 was paid to
each member of the CL Financial Limited board for every board
meeting they attended.

The decision to pay US$5,000 per meeting to all directors and the
secretary of the company was made during a CL Financial board
meeting held on June 6, 2008 in Fort Lauderdale, Florida, USA,
according to Trinidad Express.  The report relates that the fee
was made retroactive to January 2008.

The report notes that Mr. Carter told of the appearance fee as he
re-examined Rampersad Motilal, chief executive officer at Methanol
Holdings (Trinidad) Ltd.  Trinidad Express relays that it was the
third day that Mr. Motilal was on the witness stand at the
enquiry.

The report discloses that Sir Anthony Colman, the lone
commissioner in the Commission of Enquiry, ruled that the
remuneration packages of those involved with the conglomerates
collapse could be made public.

Mr. Colman reversed a decision he made where he ruled that the
amount persons involved in the failure of CL Financial was not of
"collateral" to the issues raised, Trinidad Express says.

                        About CL Financial

CL Financial 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 US$100 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 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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