TCRLA_Public/111128.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 28, 2011, Vol. 12, No. 235

                            Headlines



A R G E N T I N A

ALTO PALERMO: S&P Affirms 'B' Ratings; Outlook Stable
AEROLINEAS ARGENTINAS: To Focus on Domestic & Regional Flights
IRSA INVERSIONES: S&P Affirms 'B' Ratings; Outlook Stable
MASTELLONE HERMANOS: S&P Affirms 'B-' Corporate Credit Rating
MBIA INSURANCE: S&P Keeps 'B' Corporate Credit Rating

PSA FINANCE: Moody's Corrects Text of June 21, 2011 Release
SALTA HYDROCARBON: S&P Affirms 'B' Rating on US$234-Mil. Notes
* ARGENTINA: Moody's Reviews Ratings of Ten Argentine Banks


B E R M U D A

AKAI HOLDINGS: Creditors' Proofs of Debt Due Dec. 5
CARIBBEAN PARTNERS: Creditors' Proofs of Debt Due Dec. 2
CARIBBEAN PARTNERS: Members' Final Meeting Set for Dec. 23
CEDAR CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 25
COLEHERNE FUND: Creditors' Proofs of Debt Due Dec. 2

COLEHERNE FUND: Member to Receive Wind-Up Report on Dec. 30
CONOCO MEXICO: Creditors' Proofs of Debt Due Dec. 2
CONOCO MEXICO: Members' Final Meeting Set for Dec. 21
CONOCOPHILLIPS (BANYUMAS): Creditors' Proofs of Debt Due Dec. 2
CONOCOPHILLIPS (BANYUMAS): Members' Final Meeting Set for Dec. 20

EMPIRICURVE FUND: Creditors' Proofs of Debt Due Dec. 2
EMPIRICURVE FUND: Member to Receive Wind-Up Report on Dec. 30
GALILEO FUND: Creditors' Proofs of Debt Due Dec. 2
GALILEO FUND: Member to Receive Wind-Up Report on Dec. 30
INITIATIVE FUND: Creditors' Proofs of Debt Due Dec. 2

INITIATIVE FUND: Member to Receive Wind-Up Report on Dec. 23
LOCHSONG FUND: Creditors' Proofs of Debt Due Dec. 2
LOCHSONG FUND: Member to Receive Wind-Up Report on Dec. 30
MGS EVENT: Creditors' Proofs of Debt Due Dec. 2
MGS EVENT: Member to Receive Wind-Up Report on Dec. 30

MGS FOUNDERS: Creditors' Proofs of Debt Due Dec. 2
MGS FOUNDERS: Member to Receive Wind-Up Report on Dec. 23
MGS GLOBAL: Creditors' Proofs of Debt Due Dec. 2
MGS GLOBAL: Member to Receive Wind-Up Report on Dec. 30
MGS RELATIVE: Creditors' Proofs of Debt Due Dec. 2

MGS RELATIVE: Member to Receive Wind-Up Report on Dec. 30
ROCK-IT CARGO: Creditors' Proofs of Debt Due Dec. 2
ROCK-IT CARGO: Members' Final Meeting Set for Dec. 20
WHEELS CYCLES: To Close Front Street Store Due to Business Drop


B R A Z I L

BANCO PANAMERICANO: Deloitte LLP May Get BRL500,00 Sanction
BR MALLS: Moody's Gives Ba1 GS Rating to BRL50MM Sr Debentures
FIBRIA CELULOSE: S&P Affirms 'BB' Corporate Credit Rating
SUZANO PAPEL: Moody's Lowers Global Scale Rating to 'Ba2'
SUZANO PAPEL: S&P Affirms Corporate Credit Rating at 'BB+'


C A Y M A N   I S L A N D S

ARDEN PORTABLE: Creditors' Proofs of Debt Due Nov. 28
CENTENNIAL ABSOLUTE: Creditors' Proofs of Debt Due Dec. 7
CENTENNIAL GLOBAL: Creditors' Proofs of Debt Due Dec. 7
CRAFT 2004-3: Creditors' Proofs of Debt Due Dec. 7
F&C BALANCED: Creditors' Proofs of Debt Due Nov. 28

FOLEY SQUARE: Creditors' Proofs of Debt Due Dec. 7
INK ACQUISITIONS: Creditors' Proofs of Debt Due Dec. 6
MILLENNIUM INDIA II: Commences Liquidation Proceedings
MILLENNIUM PRIVATE: Commences Liquidation Proceedings
MILLENNIUM TMT: Commences Liquidation Proceedings

MILLENNIUM TMT: Commences Liquidation Proceedings
SECURITY INVEST: Creditors' Proofs of Debt Due Dec. 7
SUCCESSOR X: S&P Gives 'B-' Rating on Class V-X4 Notes
UBS FOCUSED: Creditors' Proofs of Debt Due Dec. 7
UBS FOCUSED: Creditors' Proofs of Debt Due Dec. 7

UBS U.S. EQUITY: Creditors' Proofs of Debt Due Dec. 7


C H I L E

RUTA DEL BOSQUE: S&P Affirms 'BB+' Senior Secured Debt Rating


J A M A I C A

* JAMAICA: Manufacturing Sector Declines 0.2% in Third Quarter


M E X I C O

METROFINANCIERA: S&P Affirms 'CCC' Counterparty Credit Rating
VITRO SAB: File Brief on Involuntary Appeal
* MEXICO: Keeps 'Ba2' Underlying Creditworthiness Rating


P A R A G U A Y

* PARAGUAY: IDB to Provide US$50MM for Fin'l Development Agency


T R I N I D A D  &  T O B A G O

PETROLEUM CO: S&P Assesses Stand-Alone Credit Profile at 'bb'


X X X X X X X X

* BOND PRICING: For the Week November 21, to November 25, 2011




                            - - - - -


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


ALTO PALERMO: S&P Affirms 'B' Ratings; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
Argentina-based shopping center operator Alto Palermo S.A.  The
outlook remains stable.  "The rating action is part of our regular
review," S&P said.

Standard & Poor's ratings on APSA reflect the concentration of its
portfolio in the Republic of Argentina (B/Stable/B), which exposes
it to volatile economic and political environment.  Additionally,
despite real-estate prices track exchange rate fluctuations, the
company is exposed to certain level of currency mismatch.  This is
because about 90% of its debt, albeit low, is denominated in U.S.
dollars.  Its real estate portfolio market value's peg to the U.S.
dollar partially mitigates this weakness.  APSA's leading
competitive position, low leverage, and relatively stable cash-
flow generation somewhat offset the negative factors.  The company
is the largest operator of shopping centers in the city of Buenos
Aires, which enhances its bargaining power with tenants and
suppliers.  "We assess APSA's business risk profile as vulnerable,
and its financial risk profile as aggressive," S&P said.


AEROLINEAS ARGENTINAS: To Focus on Domestic & Regional Flights
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that state-owned
Aerolineas Argentinas plans to shift its focus to domestic and
regional flights rather than long haul international trips as it
struggles to deal with high costs, a top executive said.

As reported in the Troubled Company Reporter on March 24, 2011,
Dow Jones Daily Bankruptcy Review reports that Aerolineas
Argentinas has asked the courts to end a 10-year-old creditor
protection.  Aerolineas Argentinas said in a statement that it has
paid 99.3% of the outstanding debts related to the court-ordered
protection from creditors.

                   About Aerolineas Argentinas

Headquartered in the Torre Bouchard, located in San Nicolas,
Buenos Aires, Aerolineas Argentinas, formerly Aerolineas
Argentinas S.A., is Argentina's largest domestic and international
airline.  It is the national airline and carries around 70% of
Argentina's domestic traffic and 40% of international flights from
Ministro Pistarini International Airport, which is located in
Ezeiza, Buenos Aires.  Aerolineas Argentinas is currently owned in
its majority by the Argentine government, which seized the airline
from Spanish tourism company Grupo Marsans in 2009.

In June 2001 the airline filed for protection from creditors and
went into administration.  In 2002, a Buenos Aires judge accepted
its debt restructuring agreement with creditors.


IRSA INVERSIONES: S&P Affirms 'B' Ratings; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
Argentina-based real estate developer IRSA Inversiones y
Representaciones S.A.  "The outlook remains stable.
The rating action is part of our regular review," S&P said.

Standard & Poor's ratings on IRSA mainly reflect the company's
vulnerable business risk profile, due to its geographic
concentration in Argentina and aggressive financial risk profile,
because of its historic focus on growth results in volatile
capital expenditures and free cash-flow generation.  IRSA's
vulnerable business risk profile is mainly due to its geographic
concentration in Argentina that exposes it to the risks of doing
business in a volatile economic environment.  Its leading position
in real estate markets, which stems from its high-class and
diversified asset base, somewhat offset this risk.  IRSA's
volatile free cash-flow generation makes its financial flexibility
vary according to its ability to tap credit markets and make
opportunistic asset sales.  Moreover, IRSA is exposed to some
degree of currency mismatch because its cash flows are mostly in
Argentine pesos, whereas the bulk of its debt is dollar
denominated.  However, its real estate portfolio market value's
peg to the U.S. dollar (as well as the flows associated with it)
and international assets partially mitigate this risk.


MASTELLONE HERMANOS: S&P Affirms 'B-' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings,
including the corporate credit rating, on Argentina-based dairy
producer Mastellone Hermanos S.A.  The outlook remains stable.

Standard & Poor's 'B-' long-term corporate credit rating on
Mastellone continues to reflect its exposure to the volatile and
competitive Argentine dairy industry, limited flexibility to shift
the increasing costs of raw milk to final prices, relatively high
leverage, and refinancing risk stemming from increasing debt
maturities in 2013.  The company is also exposed to foreign-
currency mismatch risks, since it generates most of its cash in
Argentine pesos and denominates almost all of its debt in U.S.
dollars.  The company's relatively good competitive position in
the industry, based on its extensive distribution network and
strong brand recognition, partially mitigate the negative factors.
"We assess Mastellone's business risk profile as vulnerable and
its financial risk profile as highly leveraged," S&P said.

Mastellone's cash flow has historically been volatile, following
the industry's cyclicality and the company's uneven profitability.
During the 12 months ended Sept. 30, 2011, EBITDA was relatively
stable at US$69 million.  Nevertheless, the company's EBITDA
margin decreased to 5% from 6.3% a year earlier, mainly as a
result of increases in raw milk costs in excess of rising sales
prices.  However, this improved considerably, to 6.5% in third-
quarter 2011 compared with 5.7% in the same period of 2010, as a
result of a better product mix and higher exports.

"Mastellone will likely continue to focus on launching higher-
value-added product lines, mainly in the cheese segment, to offset
the decrease in margins on more basic and essential products.
Assuming a moderate depreciation of the Argentine peso, and
increases in raw milk prices of about 15% per year, we expect
Mastellone to post an EBITDA margin of 4.5% to 5.0% in 2011 and
2012.  For the same period, we forecast Mastellone's EBITDA
interest coverage and funds from operations (FFO)-to-debt ratios
of 3.2x to 3.7x and 20% to 25%, respectively, compared with 3.2x
and 24% in the 12 months ended September 2011," S&P related.

"Under the terms and conditions of Mastellone's debt, the company
has to reduce principal by $20 million by Dec. 31, 2011. We do not
expect Mastellone to meet this provision by year end.  However,
given that this would not constitute an event of default under the
terms and conditions of the bonds and that it would only trigger a
minor step up (25 bps in 2012) in interest rates, we would not
consider it a rating event either.  The rating incorporates our
expectation that Mastellone will be able to meet the higher
interest rate until it completes the mandatory debt reduction in
full," S&P said.

"The stable outlook reflects Mastellone's still-manageable debt
maturity schedule during 2012.  We could lower the ratings by one
notch if we perceive deteriorating cash flow generation or
increased refinancing risk.  The company's high leverage relative
to its cash flow generation, and exposure to formal and informal
government intervention in the sector, constrain ratings upside,"
S&P said.


MBIA INSURANCE: S&P Keeps 'B' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' senior
secured debt rating on the fixed-rate notes of Chilean toll road
operator Ruta del Maule Sociedad Concesionaria S.A.  The outlook
is stable.

"The rating affirmation takes into consideration the project's
strong recent revenue and traffic performance stemming from a
growing economy," said Standard & Poor's credit analyst Javier
Cobas.  "Also, Maule has already received substantial insurance
payments for property damage, offsetting the negative impact of
the February 2010 severe earthquake that badly damaged the
road."

"Interconexion Electrica S.A. E.S.P. (ISA; BBB-/Stable/--) has
recently announced its intention to exercise its call option for
the remaining 40% stake in Intervial Chile S.A. (not rated), owner
of Maule, after which it would control 100% of Intervial Chile's
shares.  We consider this change as neutral from a credit
standpoint, given that ISA already had a controlling stake," S&P
said.

The ratings continue to reflect the higher of the project's
Standard & Poor's underlying rating (SPUR), and that on the bond
insurance provider, MBIA Insurance Corp. (B/Negative/--).

"The stable outlook on the SPUR reflects our expectation of strong
traffic growth fundamentals, which would allow the project to
generate sizable cash balances to enhance liquidity," S&P said.


PSA FINANCE: Moody's Corrects Text of June 21, 2011 Release
-----------------------------------------------------------
For the Global Local Currency Debt Rating substitute Ba3 for Ba2
in the first paragraph and in the rating actions list.

Please see Issuer/Deal Research page on moodys.com for the full
corrected press release.


SALTA HYDROCARBON: S&P Affirms 'B' Rating on US$234-Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B (sf)' rating on
Salta Hydrocarbon Royalty Trust's (Salta's or the program's)
US$234 million 11.55% targeted amortization notes due 2015 and
removed it from CreditWatch with positive implications, where it
placed it on Sept. 14, 2010, following Argentina's sovereign
upgrade.

"The affirmed rating is based on the underlying assets'
satisfactory performance and our reassessment of the province of
Salta's oil and gas industry risk, on which the transaction's cash
flow depends.  The affirmed rating is maintained at the same
credit level as Argentina's sovereign rating and transfer and
convertibility risk (both 'B')," S&P related.

"Our analysis of the performance of Salta's hydrocarbon industry
focuses on the industry's ability to produce royalties in an
amount sufficient to meet the obligations that the transaction
owes.  Salta's royalty generation depends on both the production
and price of the hydrocarbons, especially natural gas, it
produces.  Even though the basin's production is lower than the
original estimations as a result of low investments, crude oil
prices are considerably higher (despite export duties) and natural
gas prices, which dropped in 2002, are slowly and slightly
recovering.  These higher prices have partially offset the impact
of lower production," S&P said.

Despite the pesification of the underlying assets in 2001, the
transaction has continued to pay timely interest and the
outstanding principal amount matches the amortization schedule.
As of September 2011, the outstanding note balance was US$10.5
million.  The transaction benefits from overcollateralization, an
insurance policy provided by ACE Bermuda Ltd. ('AA-') that
protects the issuer from the risk that it cannot transfer or
convert currency needed for interest payments, and an off-shore
liquidity reserve fund equal to the next two interest debt service
payments," S&P said.

The Salta program, issued in 2001, is a securitization of 80% of
future royalty payments due to the Argentine province of Salta
from a group of 17 private companies operating oil and gas
concessions in the province.


* ARGENTINA: Moody's Reviews Ratings of Ten Argentine Banks
-----------------------------------------------------------
Moody's Investors Service has placed the bank financial strength
ratings and the global local currency deposit ratings of Argentine
banks Banco del Chubut, Banco de la Cuidad de Buenos Aires, Banco
Comafi, Banco Credicoop, Banco de Galicia y Buenos Aires, Banco
Macro, Banco del Tucuman, Banco Piano, Banco de Santiago del
Estero, Nuevo Banco de la Rioja, Banco Supervielle and Banco de
Valores on review for downgrade.

At the same time, Moody's placed the bank financial strength
ratings of HSBC Bank Argentina, Banco Santander Rio, Banco Itau
Argentina and Banco Patagonia on review for downgrade. The global
local currency deposit ratings of Compania Financiera Argentina,
Cordial Compania Financiera, Multifinanzas, PSA Finance and Banco
Industrial have also been placed on review for downgrade.

The global local currency debt ratings of Banco Comafi, Banco
Macro, PSA Finance, Grupo Supervielle, Cordial Compania
Financiera, Banco Supervielle, Banco de Galicia y Buenos Aires and
Compania Financiera Argentina have also been placed on review for
downgrade.

Finally, Moody's has changed the outlook on the local currency
debt and deposit ratings on the Argentine national scale of Banco
de Galicia y Buenos Aires, Compania Financiera Argentina and Banco
Macro to stable from positive. The outlook on Banco del Tucum†n's
deposit rating on the national scale was also changed to stable
from positive. The global and national scale local currency debt
and deposit ratings of Banco de Servicios y Transacciones have
also been placed on review for downgrade, as have Banco
Industrial's national scale local currency deposit ratings.

The global foreign currency deposit ratings and the national scale
ratings in foreign currency of the above mentioned banks are not
affected by this review.

Ratings Rationale

The decision to place the banks' ratings on review for downgrade
was based on the increasing likelihood that the Argentine
government's recent macroeconomic measures will pressure the
banks' asset quality metrics, funding dynamics and earnings
generation.


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


AKAI HOLDINGS: Creditors' Proofs of Debt Due Dec. 5
---------------------------------------------------
Akai Holdings Limited, which is in compulsory liquidation,
required its creditors to file their proofs of debt by Dec. 5,
2011, to be included in the company's fourth dividend
distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline
         Fangonil Walsh
         Borrelli Walsh Limited
         Admiralty Centre
         Level 17, Tower 1
         18 Harcourt Road
         Hong Kong


CARIBBEAN PARTNERS: Creditors' Proofs of Debt Due Dec. 2
--------------------------------------------------------
The creditors of Caribbean Partners Limited are required to file
their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CARIBBEAN PARTNERS: Members' Final Meeting Set for Dec. 23
----------------------------------------------------------
The members of Caribbean Partners Limited will hold their final
meeting on Dec. 23, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 17, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CEDAR CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 25
-------------------------------------------------------------
A petition to wind up the operations of Cedar Construction and
Landscaping Limited will be heard before the Supreme Court of
Bermuda on Nov. 25, 2011, at 9:30 a.m.

Corporation of Hamilton filed the petition against the company on
Aug. 29, 2011.


COLEHERNE FUND: Creditors' Proofs of Debt Due Dec. 2
----------------------------------------------------
The creditors of Coleherne Fund Limited are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


COLEHERNE FUND: Member to Receive Wind-Up Report on Dec. 30
-----------------------------------------------------------
The member of Coleherne Fund Limited will receive on Dec. 30,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


CONOCO MEXICO: Creditors' Proofs of Debt Due Dec. 2
---------------------------------------------------
The creditors of Conoco Mexico Ltd. are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 16, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CONOCO MEXICO: Members' Final Meeting Set for Dec. 21
-----------------------------------------------------
The members of Conoco Mexico Ltd. will hold their final meeting on
Dec. 21, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 16, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CONOCOPHILLIPS (BANYUMAS): Creditors' Proofs of Debt Due Dec. 2
---------------------------------------------------------------
The creditors of Conocophillips (Banyumas) Ltd. are required to
file their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CONOCOPHILLIPS (BANYUMAS): Members' Final Meeting Set for Dec. 20
-----------------------------------------------------------------
The members of Conocophillips (Banyumas) Ltd. will hold their
final meeting on Dec. 20, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


EMPIRICURVE FUND: Creditors' Proofs of Debt Due Dec. 2
------------------------------------------------------
The creditors of EmpiriCurve Fund Ltd are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


EMPIRICURVE FUND: Member to Receive Wind-Up Report on Dec. 30
-------------------------------------------------------------
The member of EmpiriCurve Fund Ltd will receive on Dec. 30, 2011,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


GALILEO FUND: Creditors' Proofs of Debt Due Dec. 2
--------------------------------------------------
The creditors of Galileo Fund Limited are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


GALILEO FUND: Member to Receive Wind-Up Report on Dec. 30
---------------------------------------------------------
The member of Galileo Fund Limited will receive on Dec. 30, 2011,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


INITIATIVE FUND: Creditors' Proofs of Debt Due Dec. 2
-----------------------------------------------------
The creditors of Initiative Fund Limited are required to file
their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


INITIATIVE FUND: Member to Receive Wind-Up Report on Dec. 23
------------------------------------------------------------
The member of Initiative Fund Limited will receive on Dec. 23,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


LOCHSONG FUND: Creditors' Proofs of Debt Due Dec. 2
---------------------------------------------------
The creditors of Lochsong Fund Limited are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


LOCHSONG FUND: Member to Receive Wind-Up Report on Dec. 30
----------------------------------------------------------
The member of Lochsong Fund Limited will receive on Dec. 30, 2011,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS EVENT: Creditors' Proofs of Debt Due Dec. 2
-----------------------------------------------
The creditors of MGS Event Driven Funds Limited are required to
file their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS EVENT: Member to Receive Wind-Up Report on Dec. 30
------------------------------------------------------
The member of MGS Event Driven Funds Limited will receive on
Dec. 30, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS FOUNDERS: Creditors' Proofs of Debt Due Dec. 2
--------------------------------------------------
The creditors of MGS Founders Fund Ltd are required to file their
proofs of debt by Dec. 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS FOUNDERS: Member to Receive Wind-Up Report on Dec. 23
---------------------------------------------------------
The member of MGS Founders Fund Ltd will receive on Dec. 23, 2011,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS GLOBAL: Creditors' Proofs of Debt Due Dec. 2
------------------------------------------------
The creditors of MGS Global Macro Funds Limited are required to
file their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS GLOBAL: Member to Receive Wind-Up Report on Dec. 30
-------------------------------------------------------
The member of MGS Global Macro Funds Limited will receive on
Dec. 30, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS RELATIVE: Creditors' Proofs of Debt Due Dec. 2
--------------------------------------------------
The creditors of MGS Relative Value Funds Limited are required to
file their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


MGS RELATIVE: Member to Receive Wind-Up Report on Dec. 30
---------------------------------------------------------
The member of MGS Relative Value Funds Limited will receive on
Dec. 30, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

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


ROCK-IT CARGO: Creditors' Proofs of Debt Due Dec. 2
---------------------------------------------------
The creditors of Rock-It Cargo Worldwide Ltd. are required to file
their proofs of debt by Dec. 2, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


ROCK-IT CARGO: Members' Final Meeting Set for Dec. 20
-----------------------------------------------------
The members of Rock-It Cargo Worldwide Ltd. will hold their final
meeting on Dec. 20, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 15, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


WHEELS CYCLES: To Close Front Street Store Due to Business Drop
---------------------------------------------------------------
Marina Mello at The Royal Gazette Online reports that Wheels
Cycles has laid off three employees and is closing down its Front
Street location because of a "substantial" drop off in business.

One of the staff members who was let go had worked for Wheels for
16 years, while the other two were newer employees, according to
The Royal Gazette Online.

An unnamed spokesman for the company told the news agency that the
cycle livery and bike sales business had fallen victim to the poor
economy, downturn in tourism and lack of a cruise ship in
Hamilton.  The report relates that spokesman said that the 117
Front Street store was being closed, and Wheels would be combining
the retail operations at its 13 Dundonald Street location.

The company would continue to employee 15 people, he added, The
Royal Gazette Online says.

Wheels, a sister company to the MarketPlace Supermarkets, took
over the Front Street store when it acquired Astwood Cycles more
than a decade ago.

The spokesman said the Grotto Bay Hotel cycle rental location
would continue to operate for now, but the company was "leaving
its options open".

"It was a business decision. . . . We can't continue taking
losses. We decided it would be more efficient to operate the
companies together in one location. . . . There's no cruise ship,
tourism is down, so cycle rentals are down -- substantially, and
overall sales of new bikes are down because of the economy and
loss of work permits, and there is a lot more competition," The
Royal Gazette Online quoted the spokesman as saying.

The congestion on the Island's roads has also put many tourists
and cruise passengers off renting cycles, he added, the report
notes.

Wheels Cycles operates a scooter and moped rental shops in
Bermuda.


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


BANCO PANAMERICANO: Deloitte LLP May Get BRL500,00 Sanction
-----------------------------------------------------------
Katerina Petroff at Bloomberg News, citing local newspaper Folha
de S.Paulo, reports that Deloitte LLP may be fined BRL500,000
(US$267,924) by Brazil's central bank, which is concluding
investigations of irregularities in the auditing of Banco
Panamericano SA.

The newspaper said Deloitte may appeal the decision, according to
Bloomberg.

As reported in the Troubled Company Reporter on Nov. 25, 2011,
Bloomberg News said local newspaper O Estado de S. Paulo published
that a Caixa Economica Federal executive said Brazil's central
bank identified signs of accounting fraud in Banco Panamericano SA
before approving the sale of a stake to the company.  In a
testimony to the federal police, Marcio Percival, Caixa vice
president of finance, said the central bank approved the deal in
July 2010, paving the way for government-controlled Caixa to pay
for the last installment of the acquisition, the newspaper said,
according to Bloomberg.  The newspaper said that the central bank
approved the deal only in November.  Bloomberg News noted that
Banco Panamericano needs to raise BRL1 billion (US$598 million) so
that it can keep making loans.  Bloomberg related that the bank is
under federal investigation after accounting losses totaling
BRL4.3 billion sparked two bailouts since November of last year.

                     About Banco Panamericano

Banco Panamericano SA 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.


BR MALLS: Moody's Gives Ba1 GS Rating to BRL50MM Sr Debentures
--------------------------------------------------------------
Moody's America Latina Ltda. has assigned a first-time national
scale rating of Aa2.br to the senior unsecured notes of BR Malls
Participacoes, S.A. (Ba1 global scale rating) and a Aa2.br
corporate family national scale rating (Ba1 global scale rating).
The rating outlook is stable.

These first-time ratings were assigned:

BR Malls Participacoes S.A.

-- BRL$50 million senior unsecured debenture first series due 2014
   at Ba1/Aa2.br

-- BRL270 million senior unsecured debenture second series due
   2016 at Ba1/Aa2.br

-- Corporate family rating at Ba1/Aa2.br

Ratings Rationale

The ratings incorporate BR Malls' position as the largest owner
and manager of shopping centers in Brazil.  The company has grown
significantly to BRL12.6 billion in gross assets at 3Q11 from
BRL2.8 billion at YE07.  BR Malls' portfolio is geographically
diversified across the country and diversified across consumer
income groups.  The malls have a high occupancy rate of 97.6% and
solid operating margins at 76%.  The company is well positioned to
benefit from the positive retail fundamentals in Brazil stemming
from the limited supply of shopping malls and a growing middle
class with growing disposable income.  The ratings are further
supported by the company's demonstrated access to capital and
manageable debt maturity schedule.  Offsetting these strengths are
the risks associated with an aggressive growth strategy, the
greater risks and volatility associated with its floating rate
debt, and the limitations associated with jointly owned assets.
While debt levels appear at very conservative levels, the higher
costs of capital in Brazil weighs more heavily on fixed charge
coverage.

BR Malls has a manageable debt maturities schedule with only
BRL175 million debt due through 2012.  The company has BRL765
million available in cash and marketable securities as of
Sept. 30, 2011.  The company has demonstrated good access to the
capital markets tapping both the bond and equity markets to raise
BRL.1 billion year-to-date 2011.  BR Malls raises capital as
needed to replenish its cash sources on hand for future growth
opportunities.  The company also funds growth internally with its
low FFO payout ratio which is considered a credit positive.

BR Malls' effective leverage is considered low at only 23% of
gross assets as of 3Q11. Similarly net debt/EBITDA (which includes
marketable securities) appears very conservative at 3.0x.  Fixed
charge coverage is good at 2.1x as of Sept. 30, 2011 and includes
interest expense and capitalized interest, however when factoring
in principal amortization, fully loaded fixed charge coverage
weakens somewhat to 1.7x.  While effective leverage of 23% and net
debt/EBITDA of 3.0x is more typical for a higher rated company,
fixed charge coverage of 2.1x is more typical for the assigned
ratings.  This discrepancy is attributable to the higher capital
costs in Brazil.

BR Malls' floating rate debt exposes the company to greater risks
and volatility tied to inflation and changes in interest rates.
BR Malls' debt is tied to varied indexes, somewhat diversifying
this exposure.  Its heaviest exposure weighting (55%) is tied to
the low variability TR index which provides added stability.
Rental revenues are also indexed to the consumer price index,
mitigating inflation concerns as an increase in interest expense
is likely offset by an increase in rental revenues.

BR Malls has grown significantly since it launched its IPO in
2007.  BR Malls owns interests in 43 malls across the country.
The portfolio is heavily weighted in the Southeast region, in the
states of Sao Paulo, Rio de Janeiro and Minas Gerais.  The malls
are also diversified across consumer income groups.  The majority
of properties are in joint venture structures, which limits
decision making authority and transparency. However, BR Malls has
a majority ownership in most joint ventures with only 21% of
revenues attributable to minority ownership.  Unencumbered assets
as a percentage of gross assets appears modest at 36% due to the
large size of the company.  However unencumbered assets in
relation to its outstanding unsecured debt is greater than 3x
coverage, and provides good protection to its bondholders.

As the largest retail landlord in Brazil, BR Malls has a
diversified tenant base with 7,000 tenants.  Portfolio occupancy
is high averaging 97.6% and same store occupancy measures 98.2%.
Growth prospects are promising as retail sector fundamentals are
very strong in Brazil.  The market is underserved by its supply of
shopping malls compared to other countries (in GLA/'000
population).  On the demand side, the country's growing middle
class has supported strong sales growth.  Average household income
growth has contributed to increased disposable income.  The
country also has a large young population that tend to be a
greater consumer of goods.  Furthermore there is a growing trend
towards shopping malls, compared to traditional shopping venues.

The stable rating outlook reflects Moody's expectation for
continued strong operating performance in light of the favorable
retail sector fundamentals in Brazil, the benefits from BR Malls'
size and established presence, and its experienced management
team.  The stable outlook also reflects the company's modest
leverage and manageable upcoming debt maturities.

Positive ratings movement could occur through BR Malls' continued
successful execution of their growth strategy, an improvement in
fully loaded fixed charge coverage (interest expense, capitalized
interest and principal amortization) consistently above 1.8x; an
increase in unencumbered assets as the company continues to grow;
and an increase in majority ownership of its joint ventures.
Conversely a downgrade would occur should fully loaded fixed
charge coverage remain below 1.4x on a sustained basis,
development exceed 15% of gross assets, or debt to gross assets be
consistently above 40%.

This is the first time Moody's rates BR Malls Shopping Centers
S.A.

BR Malls is based in Rio de Janeiro and is the largest owner and
manager of shopping centers in Brazil.  BR Malls owns interests in
43 malls diversified across 32 cities in Brazil plus has seven
projects under development as of Sept. 30, 2011.  Total portfolio
GLA measures 1,355.4 thousand square meters and BR Malls' owned
share of these joint ventures measures 738.5 thousand square
meters.  BR Malls is listed on the Brazilian stock exchange and
complies with the standards of corporate governance in the
Brazilian stock market as well as other listing standards set
forth by the Comissao de Valores Mobiliarios (CVM), which is the
Brazilian equivalent to the SEC.


FIBRIA CELULOSE: S&P Affirms 'BB' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Brazil-
based pulp producer Fibria Celulose S.A. to stable from positive.
"We also affirmed the 'BB' ratings on Fibria, including its
corporate credit rating," S&P said.

"The outlook revision to stable reflects our view that Fibria will
not deleverage as quickly as previously expected; this reduces the
probability of an upgrade in the near term.  Fibria may face some
price volatility because of uncertain global economic conditions,
industry inventories, which are currently somewhat higher than
their historical averages, and new capacities for pulp production
that are expected to start up in the next two years. This could
reduce Fibria's cash flow potential and limit its ability to
rapidly deleverage.  As a result, we now expect Fibria's credit
metrics to improve only modestly over the next few years," S&P
said.


SUZANO PAPEL: Moody's Lowers Global Scale Rating to 'Ba2'
---------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Baa3 on its
global scale and to Aa3.br from Aa1.br on its national scale the
senior unsecured debt ratings of Suzano.  At the same time the
corporate family ratings of Ba2 and Aa3.br were assigned.  The
rating outlook is stable. This concludes the rating review which
began on Sept. 21, 2011.

Ratings affected by downgrade are:

Issuer: Suzano Papel e Celulose S.A.

   -- BRL 500 million Senior Unsecured Debentures Due in 2014 and
      2019: to Ba2 from Baa3 (global scale)

Issuer: Suzano Trading Ltd.

   -- USD 650 million Senior Unsecured Guaranteed Bonds Due 2021:
      to Ba2 from Baa3 (foreign currency)

Issuer: Suzano Papel e Celulose S.A.

Corporate Family Ratings Assigned: Ba2 (global scale) and Aa3.br
(Brazilian national scale)

Ratings Rationale

The downgrade reflects deteriorating credit metrics stemming from
weaker operational performance due to the BRL appreciation for
most of the year and weakening global economic conditions.  The
outlook has further diminished due to the weakening pulp prices
amid significant expansion plans for pulp production capacity in
Latin America over the next few years.  This comes at a time when
Suzano has embarked on a major capital expenditures program which
will result in rising financial leverage that is no longer
commensurate with an investment grade credit rating.

Based on pulp producers' announcements, approximately 9 million
tons of new hardwood pulp capacity are due to come online between
2013 and 2016.  The amount represents a significant addition to
existing capacity although some of this new capacity may
ultimately be delayed.  To the extent the growth in demand from
China's paper manufacturers do not materialize and economic
conditions continue to weaken the impact on pulp prices could be
meaningful.

The Ba2 rating also takes into consideration that, despite a
number of initiatives to reduce leverage and set the stage for
continuous and sustainable growth, the timing and success of these
initiatives (partnerships, asset divestitures and a potential
secondary equity offering) are uncertain, especially considering
the increased macro uncertainties and volatile capital market
conditions.

For the twelve months ended September 30, 2011, reported leverage
as measured by Net Debt/EBITDA reached 4.2x, and Suzano exceeded
its own leverage threshold (3.5x Net Debt/EBITDA).  Although total
debt has been impacted by the BRL 18.8% devaluation in the third
quarter of 2011, EBITDA has also been sequentially lower.  Free
cash flow has also been negatively impacted by capex spending
related mostly to the Maranhao project.  Moody's expects the
company's free cash flow to remain negative until 2014.  Liquidity
should be adequate in the near term given large cash balance (BRL
3 billion) and the fact that most of the expansion capex have
committed funding from BNDES.

The stable outlook reflects Moody's expectation that Suzano will
be successful in completing a number of initiatives to improve its
liquidity position and bring leverage down to levels commensurate
with the Ba2 rating.  The outlook also assumes that Suzano will
benefit from increased pulp demand from China in 2012, a year
during which Moody's does not expect any additional pulp capacity
to come on the market.

Further negative pressure on the rating could result if leverage
(expressed by Adjusted Net Debt to EBITDA assuming a minimum cash
balance of BRL 1 billion) increases above 4.0x during the
execution of the expansion plans without prospects for near-term
reduction, or in case the company's liquidity position is
insufficient to cover near term debt service requirements.

Although unlikely, a positive rating action could be considered if
the company manages to maintain Adjusted Net Debt to EBITDA
(assuming minimum cash balance of BRL 1 billion) below 3.0x,
together with Free Cash Flow (expressed by RCF-capex to Net Debt
assuming a minimum cash balance of BRL 1 billion) consistently in
the mid-teen range.

Moody's last rating action on Suzano occurred on Sept. 21, 2011,
when the Baa3/Aa1.br ratings assigned to its senior unsecured
debentures due 2014 and 2019 were placed under review for possible
downgrade.

Suzano Papel e Celulose, headquartered in Salvador -- Brazil, is a
leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard with consolidated net
revenues of BRL4.7 billion (about US$2.9 billion) in the last
twelve months ended on Sept. 30, 2011.  The sales mix (55% pulp
and 45% paper in volume terms) gives the company cash flow
stability due to the different supply-demand-price dynamics in the
pulp (USD-linked) and paper (BRL-linked) business. T he company
benefits from its vertical integration and almost complete self-
sufficiency in wood and energy.


SUZANO PAPEL: S&P Affirms Corporate Credit Rating at 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Brazil-
based pulp and paper producer Suzano Papel e Celulose S.A. to
negative from stable.  "At the same time, we affirmed the 'BB+'
ratings on Suzano, including its corporate credit rating," S&P
said.

"The outlook revision reflects Suzano's financial leverage higher
than we expected, weak credit metrics for the rating category, and
our view that, absent measures to substantially improve its
capital structure, we could lower the ratings.  The affirmation of
the ratings, though, gives credit to the company's commitment to
lower leverage.  Suzano has announced that it's working on several
initiatives to improve its financial profile, including the sale
of several assets, and we may lower the ratings if the company
does not successfully conclude several of these initiatives in the
next two fiscal quarters.  We also revised Suzano's liquidity to
less than adequate, as we believe Suzano's sizable capital
expenditures in the next two years coupled with higher-than-
expected short-term debt will put pressure on cash flows and
cash reserves," S&P said.


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


ARDEN PORTABLE: Creditors' Proofs of Debt Due Nov. 28
-----------------------------------------------------
The creditors of Arden Portable Alpha, Ltd. are required to file
their proofs of debt by Nov. 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 24, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CENTENNIAL ABSOLUTE: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------------
The creditors of Centennial Absolute Return Fund, Ltd. are
required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2011.

The company's liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


CENTENNIAL GLOBAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
The creditors of Centennial Global Macro Fund, Ltd. are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2011.

The company's liquidators are:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


CRAFT 2004-3: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------
The creditors of Craft 2004-3 Limited are required to file their
proofs of debt by Dec. 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 20, 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


F&C BALANCED: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------
The creditors of F&C Balanced Alpha Fund of Hedge Funds Limited
are required to file their proofs of debt by Nov. 28, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


FOLEY SQUARE: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------
The creditors of Foley Square CDO 2007-1 Ltd. are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 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


INK ACQUISITIONS: Creditors' Proofs of Debt Due Dec. 6
------------------------------------------------------
The creditors of Ink Acquisitions Limited are required to file
their proofs of debt by Dec. 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 19, 2011.

The company's liquidator is:

         Kris Beighton
         c/o Lea Kuflik
         Telephone: 345-815-2601 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164
         E-mail: lkuflik@kpmg.ky
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


MILLENNIUM INDIA II: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Oct. 4, 2011, the
members of Millennium India II Fund L.P. resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

         Kenneth Krys
         Margot MacInnis
         c/o Krys Global Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM PRIVATE: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Oct. 4, 2011, the
members of Millennium Private Equity (TMT) resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

         Kenneth Krys
         Margot MacInnis
         c/o Krys Global Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM TMT: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on Oct. 4, 2011, the
members of Millennium TMT Fund Investors Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

         Kenneth Krys
         Margot MacInnis
         c/o Krys Global Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM TMT: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on Oct. 4, 2011, the
members of Millennium TMT Fund S Tel Investment Limited resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

         Kenneth Krys
         Margot MacInnis
         c/o Krys Global Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


SECURITY INVEST: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Security Invest Fund are required to file their
proofs of debt by Dec. 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Russell Gleisner
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2330
         Facsimile: +1 (345) 949 8258
         e-mail: rgleisner@deloitte.com


SUCCESSOR X: S&P Gives 'B-' Rating on Class V-X4 Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B- (sf)'
preliminary credit rating to the series 2011-3 class V-X4 notes to
be issued under the principal-at-risk variable-rate note program,
Successor X Ltd., sponsored by Swiss Reinsurance Company Ltd.
(Swiss Re).  "This will be the fifth series of notes issued under
this program.  We are not assigning a rating to the class V-F4
notes, which will be issued at the same time," S&P related.

The class V-X4 notes issued will be exposed to major North
Atlantic hurricane risk in selected states within the U.S. and
Puerto Rico and to windstorms in Europe between November 2011 and
November 2015.  Successor X is a Cayman Island exempted company.

Swiss Re (A+/Positive/A-1) will be the counterparty to the risk
transfer contract.  It is the principal operating company, as well
as the ultimate holding company in a group of affiliated companies
(the Swiss Re Group).

EQECAT Inc. was the calculation agent for previous Successor X
transactions.  However, for this transaction, the calculation
agent will be AIR Worldwide.  AIR will calculate an index value
following a qualifying event.  The index value for U.S. hurricane
peril will be based on industry losses reported by Property Claims
Services (PCS) and predetermined payout factors.  The index value
for European windstorm will be determined using industry losses
reported by PERILS AG and predetermined payout factors,
thresholds, and exchange rates.

The proceeds from the sale of the notes will be invested according
to the investment guidelines in preselected U.S. Treasury money
market funds with ratings of 'AAAm' at the time of closing.


UBS FOCUSED: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of UBS Focused Flexible Alpha Limited are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


UBS FOCUSED: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of UBS Focused Flexible Alpha Master Limited are
required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 11, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


UBS U.S. EQUITY: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of UBS U.S. Equity Alpha Master Fund Ltd. are
required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


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


RUTA DEL BOSQUE: S&P Affirms 'BB+' Senior Secured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' senior
secured debt rating on the fixed-rate notes of Chilean toll road
operator Ruta del Bosque Sociedad Concesionaria S.A. (RdB).  The
outlook remained stable.

"The rating affirmation takes into consideration the project's
good recent revenue and traffic performance stemming from a
growing economy," said Standard & Poor's credit analyst Javier
Cobas. "RdB has already received substantial insurance payments
for property damage, offsetting the impact of the February 2010
severe earthquake that badly damaged the road."

"Interconexion Electrica S.A. E.S.P. (ISA; BBB-/Stable/--) has
recently announced its intention to exercise its call option for
the remaining 40% stake in Intervial Chile S.A. (not rated), the
owner of Bosque, after which ISA would control 100% of Intervial
Chile's shares.  We consider this change as neutral from a credit
standpoint, given that ISA already had a controlling stake," S&P
said.

"The 'BB+' senior secured debt ratings on RdB continue to reflect
the project's Standard & Poor's underlying rating (SPUR), which is
also 'BB+'. The bond insurance provider, Syncora Guarantee Inc.
(formerly XL Capital Assurance), is not rated," S&P said.

"The stable outlook on the SPUR reflects our expectations that
RdB's traffic will rise more than 3% annually in the medium term,"
S&P said.


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


* JAMAICA: Manufacturing Sector Declines 0.2% in Third Quarter
--------------------------------------------------------------
RJR News reports that Dr. Gladstone Hutchinson, Director General
of the Planning Institute of Jamaica, said manufacturing has
reversed its recent recovery, to record a decline in the third
quarter.

Dr. Hutchinson said manufacturing fell by 0.2% between July and
September, according to RJR News.

"The decline in output was driven mainly by a contraction in sugar
production, which was down 13.6%; poultry, which was down 5.9%;
rum and alcohol, which was down 8.2% and beer and stout, which was
down 14.5%," the report quoted Dr. Hutchinson as saying.

Dr. Hutchinson added that petroleum refining and cement production
were the exception, the report notes.

                           *     *     *

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
===========


METROFINANCIERA: S&P Affirms 'CCC' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
counterparty credit rating on Mexico-based mortgage and
construction lender Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R.
and then withdrew them at issuer's request.  "At the same time we
affirmed our 'mxCCC/mxC' Mexican national scale rating on the
company.  We do not rate any debt from Metrofinanciera. The
outlook is stable," S&P said.

"The ratings on the company reflect its weak asset quality, large
exposure to land investment, limited earnings prospects, and the
challenges imposed by a still-depressed real estate industry in
Mexico," said Standard & Poor's credit analyst Arturo Sanchez.
Offsetting these negative factors are its adequate adjusted
capitalization and low refinancing with moderate liquidity risks
for the next 12 to 24 months.

Legacy troubled assets continue to hamper Metrofinanciera's
financial standing and asset quality.  Low-quality origination
coupled with bad loan portfolio servicing and the economic and
financial crisis led to asset-quality woes that Metrofinanciera
still faces.

Metrofinanciera's large exposure to land investment is another
weakness for the rating.  As of September 2011 such exposure
totaled Mexican peso (MXN) 6,054 million, net of reserves, which
represented 44.7% of its total assets and 3.5x its total capital
base.  The long duration of these assets plus the time it could
take to develop and divest represents the main challenge,
particularly in terms of earnings capacity.

Earnings prospects are limited given industry and economic
conditions, and earnings generation potential will be in line with
Metrofinanciera's ability to grow its loan portfolio and the
success it could have reducing problematic assets.  The company is
undertaking other actions to enhance profitability, namely an
aggressive cost-containment policy that should also help
profitability in the near future, but the main challenge is to
turn its NPAs into earning assets.  "We forecast net losses
declining in 2012 and the company having little internal capital
generation in 2013," S&P said.

"The stable outlook reflects our expectation that asset quality
will remain weak and earnings generation capacity will stay
limited until 2013.  We could raise the ratings if NPA's fall
below 40%, while reserve coverage strengthens, and the company's
internal capital generation begins to support capitalization
levels, keeping adjusted capitalization ratios at about 8%," S&P
said.

"On the other hand, if NPAs worsen so that cash-flow generation
weakens during the next six months putting its senior unsecured
bond amortization payments at risk, we could lower the ratings,"
S&P said.


VITRO SAB: File Brief on Involuntary Appeal
-------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports the holders of some of Vitro SAB's $1.2 billion in
defaulted bonds filed their brief this week on an appeal in Dallas
where the result will either increase or decrease the creditors'
ability to frustrate the Mexican glassmaker's reorganization in a
court in Mexico.

According to the report, bondholders are appealing opinions by the
bankruptcy judge in April denying involuntary bankruptcy petitions
against about a dozen Vitro subsidiaries.  The bondholders
contended unsuccessfully that the operating subsidiaries were
bankrupt because they hadn't honored their guarantees on the
defaulted bonds.

The report relates that on appeal, bondholders contend the
bankruptcy judge erred in ruling that the subsidiaries were
generally paying their debts because the bonds were the only debts
in default.  On appeal, bondholders also contest the bankruptcy
judge's ruling that liability on the bonds was only contingent and
thus not eligible to be the basis for involuntary petitions.

A ruling on the appeals won't come before late January, at the
earliest.  Vitro will submit its brief on Jan. 3. Bondholders can
file a reply brief on Jan. 18.  Bondholders are requesting oral
argument.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

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

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

           Concurso Mercantil & Chapter 15 Proceedings

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

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

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

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court in
Monterrey.  The approval vote was evidently obtained using claims
of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49 percent to 54 percent of creditors'
claims.

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

                     Chapter 11 Proceedings

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

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

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

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

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

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

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

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


* MEXICO: Keeps 'Ba2' Underlying Creditworthiness Rating
--------------------------------------------------------
Moody's de Mexico has assigned debt ratings of Aa2.mx (Mexico
National Scale) and Baa3 (Global Scale, local currency) to a MXN
250 million enhanced loan of the State of Mexico from Banorte.

The loan is payable through a master trust (Bank of New York
Mellon as trustee), to which the state has pledged the flows and
rights to 100% of its federal participation revenues (Ramo 28) and
to 25% of its revenues from the Fondo de Aportaciones para el
Fortalecimiento de las Entidades Federativas (FAFEF). All the
loans under this master trust share these cash flows and are paid
on a pari passu basis.

The loan is denominated in Mexican pesos, with maturity of 14.9
years without a grace period for principal or interest payments.
The loan will pay an interest rate composed of the 28-day Mexican
Interbank Interest Rate (TIIE in Spanish) plus a spread of 97
basis points.

Ratings Rationale

The Baa3/Aa2.mx ratings assigned to the loan reflect the
underlying creditworthiness of the State of Mexico (Ba2/A2.mx),
supported by the following legal and credit enhancements embedded
in the loan.

1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.

2. Strong trust structure based on an irrevocable notification to
the federal treasury regarding the transfer of rights and flows of
participation revenues to the trustee.

3. Estimated cash flows generate strong debt service coverage
ratios. Under a Moody's base case scenario, cash flows within the
master trust are projected to provide 9.8x debt service coverage
for all the loans at the lowest point over the life of the loan.
Under a stress case scenario, estimated cash flows are projected
to provide 9.0x debt service coverage for all the loans, at the
lowest point.

4. Moderate level of reserves within the master trust that
represent 1.9x debt service coverage under a stress case scenario
and provide enough cushion against payment delays.

5. Strong historical cash flows resulting in an average debt
service coverage for all the loans within the master trust of 12.2
times during the first half of 2011.

What Could Change The Rating Up/Down

The rating could face downward pressure if debt service coverage
levels fall materially below Moody's expectations.  Given the
links between the loan and the credit quality of the obligor, a
downgrade of the State of Mexico issuer ratings could also exert
downward pressure on debt ratings for this loan.  Conversely, an
upgrade of the State of Mexico issuer ratings rating would likely
result in an upgrade of the rating on the loan.

The methodologies used in this rating were "Regional and Local
Governments Outside the US" published in May 2008 , The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, and "Enhanced Municipal
and State Loans in Mexico" published in January 2011.


===============
P A R A G U A Y
===============


* PARAGUAY: IDB to Provide US$50MM for Fin'l Development Agency
---------------------------------------------------------------
The Inter-American Development Bank approved a loan of US$50
million for the Financial Development Agency of Paraguay, whose
mission is to increase competitiveness and employment in the
productive sectors by providing medium-and long-term financing.

The operation will increase the supply of credit to small-and
medium-sized enterprises and to low-income families for the
purchase of homes.  An estimated 3,000 companies and 1,000
families will benefit.

This is the third and final loan under the investment project
credit line that the IDB approved in March 2008 for a total of
US$150 million.  The credit line was extended together with a
first loan for US$50 million.

The operation has a single medium- and long-term component to
enable the AFD, as a second-tier development financing bank, to
on-lend to intermediate financial institutions that will provide
credit directly to the productive sector and Paraguayan families.

Specific objectives of the program are to improve terms of loans
available in the financial system for investment projects that
require medium- and long-term financing.

"The program seeks to increase the amount of long-term financing
in the system and continue to support productive sectors as well
as housing, which is so critical for development," said Jose
Francisco Demichelis, IDB team leader.

In the first US$50 million loan provided through the credit line,
2,226 small-and medium-sized enterprises received credits for
investment projects in less than four years, enabling them to
carry out projects to increase production.  That financing also
enabled 1,239 families to buy homes.

The new US$50 million IDB loan consists of US$18 million from the
Bank's ordinary capital for a term of 20 years, with a 5-year
grace period and a variable interest rate based on LIBOR; US$25.6
million, also from Ordinary Capital, for a 30-year term, with a
5.5-year grace period and a variable interest rate based on LIBOR;
and US$6.4 million from the Fund for Special Operations for a 40-
year term, with a 40-year grace period and an interest rate 0.25%
per annum.


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


PETROLEUM CO: S&P Assesses Stand-Alone Credit Profile at 'bb'
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' corporate
credit rating on Trinidad and Tobago's government-owned oil
company, Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin).

"At the same time, we affirmed the 'BBB' senior unsecured rating,"
S&P said.

The outlook remained stable.

"The ratings on Petrotrin reflect our opinion that there is a very
high likelihood that the Republic of Trinidad and Tobago
(A/Stable/A-1) would provide timely and sufficient extraordinary
support to Petrotrin in the event of financial distress.  We
assess Petrotrin's stand-alone credit profile (SACP) in the 'bb'
category," S&P said.

"The ratings also incorporate Trinidad and Tobago's position as a
leading producer of refined products and the only significant
producer of crude oil among Caribbean nations, and Petrotrin's
ability to supply small mixed-cargo deliveries to customers in the
Caribbean market," said Standard & Poor's credit analyst Fabiola
Ortiz.

Petrotrin is the 100% state-owned integrated oil company of
Trinidad and Tobago.  The company engages in crude oil refining,
oil and gas E&P, and marketing and selling of refined petroleum
products.

"The stable outlook reflects our expectation that Petrotrin will
maintain its leading position in the Caribbean market for refined
products," S&P said.


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


* BOND PRICING: For the Week November 21, to November 25, 2011
--------------------------------------------------------------

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

  ARGENTINA
  ---------

ARGENT-$DIS            8.28   12/31/2033    USD         66.77
ARGENT-$DIS            8.28   12/31/2033    USD            66
ARGENT-$DIS            8.28   12/31/2033    USD         68.75
ARGENT-PAR             1.18   12/31/2038    ARS         42.21
ARGENT- DIS            7.82   12/31/2033    EUR            55
ARGENT- DIS            7.82   12/31/2033    EUR         54.75
ARGENT- DIS            7.82   12/31/2033    EUR          58.5
ARGENT-ĚDIS            4.33   12/31/2033    JPY            42
ARGENT-ĚPAR            0.45   12/31/2038    JPY            15
ARGENT-ĚPAR&GDP        0.45   12/31/2038    JPY             8
ARGNT-BOCON PRE9          2   3/15/2014     ARS          77.5
INVERSORA ELEC          6.5   9/26/2017     USD         43.93
PROV BUENOS AIRE      9.625   4/18/2028     USD         62.84
PROV BUENOS AIRE     10.875   1/26/2021     USD         68.15
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.72
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.89


  BRAZIL
  ------

BANCO CRUZEIRO        8.875   9/22/2020     USD         69.75
BANCO CRUZEIRO         8.25   1/20/2016     USD            77
REDE EMPRESAS        11.125                USD            65
REDE EMPRESAS        11.125                USD            68
REDE EMPRESAS        11.125                USD            68


  CAYMAN ISLAND
  -------------

BANCO BPI (CI)         4.15   11/14/2035    EUR         43.36
BCP FINANCE BANK       5.01   3/31/2024     EUR          52.5
BCP FINANCE BANK       5.31   12/10/2023    EUR         54.88
BCP FINANCE CO        5.543                 EUR         32.21
BCP FINANCE CO        4.239                 EUR         33.17
BES FINANCE LTD        5.58                 EUR            33
BES FINANCE LTD         4.5                 EUR            39
CAM GLOBAL FIN         6.08   12/22/2030    EUR         69.88
CHAODA MOD AGRI         3.7   9/1/2015      USD         45.92
CHINA AUTOMATION       7.75   4/20/2016     USD         65.25
CHINA FORESTRY        10.25   11/17/2015    USD            67
CHINA FORESTRY        10.25   11/17/2015    USD         66.63
CHINA HUIYUAN JU          4   4/29/2016     USD         70.48
CHINA MED TECH            4   8/15/2013     USD         60.25
CHINA MED TECH         6.25   12/15/2016    USD          59.1
CHINA NICKEL             10   12/12/2012    HKD          74.4
CHINA SCE PROPER       10.5   1/14/2016     CNY         66.98
CHINA SUNERGY          4.75   6/15/2013     USD            60
DUBAI HLDNG COMM          6   2/1/2017      GBP         72.12
EFG ORA FUNDING         1.7   10/29/2014    EUR         49.43
ESFG INTERNATION      5.753                EUR         32.83
EVERGRANDE REAL        9.25   1/19/2016     CNY         69.66
FANTASIA HOLDING         14   5/12/2015     USD         71.75
FANTASIA HOLDING         14   5/12/2015     USD         73.25
GLORIOUS PROPERT         13   10/25/2015    USD         68.03
GREENTOWN CHINA           9   11/8/2013     USD         72.38
GREENTOWN CHINA           9   11/8/2013     USD         72.38
IMCOPA INTL CAYM          5   12/19/2014    USD            33
JA SOLAR HOLD CO        4.5   5/15/2013     USD            68
JINKOSOLAR HOLD           4   5/15/2016     USD         40.47
KAISA GROUP               8   12/20/2015    CNY         72.52
LDK SOLAR CO LTD         10   2/28/2014     CNY         45.05
LDK SOLAR CO LTD       4.75   4/15/2013     USD         56.08
LDK SOLAR CO LTD       4.75   4/15/2013     USD         54.65
LDK SOLAR CO LTD       4.75   4/15/2013     USD         62.75
LUPATECH FINANCE      9.875                 USD         36.13
LUPATECH FINANCE      9.875                 USD          36.5
MARFRIG OVERSEAS        9.5   5/4/2020      USD         73.02
MARFRIG OVERSEAS        9.5   5/4/2020      USD         72.63
MINGFA GROUP INT       5.25   5/23/2016     HKD         70.92
POLARCUS LTD          2.875   4/27/2016     USD         74.03
POWERLONG RE HLD      13.75   9/16/2015     USD            67
POWERLONG RE HLD      13.75   9/16/2015     USD         67.75
POWERLONG RE HLD       11.5   3/17/2014     CNY          67.4
RENHE COMMERCIAL         13   3/10/2016     USD            76
RENHE COMMERCIAL      11.75   5/18/2015     USD         76.06
SOLARFUN POWER H        3.5   1/15/2018     USD            50
SOLARFUN POWER H        3.5   1/15/2018     USD         66.05
SPG LAND HOLDING       13.5   4/8/2016      USD         63.07
SUNTECH POWER             3   3/15/2013     USD         42.34
SUNTECH POWER             3   3/15/2013     USD          42.5
TEXHONG TEXTILE       7.625   1/19/2016     USD         68.02
TEXHONG TEXTILE       7.625   1/19/2016     USD         71.25
TRINA SOLAR LTD           4   7/15/2013     USD         75.19
YUZHOU PROPERTIE       13.5   12/15/2015    USD          67.5
YUZHOU PROPERTIE       13.5   12/15/2015    USD          68.37


  CHILE
  -----

AGUAS NUEVAS            3.4   5/15/2012     CLP         0.223
CGE DISTRIBUCION       3.25   12/1/2012     CLP         30.03
COLBUN SA               3.2   5/1/2013      CLP         73.07
ESVAL S.A.              3.8   7/15/2012     CLP         25.31
MASISA                 4.25   10/15/2012    CLP         19.74
QUINENCO SA             3.5   7/21/2013     CLP         24.96

  PANAMA
  ------

NEWLAND INT PROP        9.5   11/15/2014    USD          61.5

  PUERTO RICO
  -----------

BANCO SANTANDER         6.1   6/1/2032      USD         63.11
BANCO SANTANDER         6.3   6/1/2032      USD         63.28
PUERTO RICO CONS        6.5   4/1/2016      USD         61
PUERTO RICO CONS        6.2   5/1/2017      USD         61.99

  VENEZUELA
  ---------

PETROLEOS DE VEN        5.5   4/12/2037     USD            45
PETROLEOS DE VEN      5.375   4/12/2027     USD         46.78
PETROLEOS DE VEN       5.25   4/12/2017     USD         60.04
PETROLEOS DE VEN      5.125   10/28/2016    USD            62
PETROLEOS DE VEN          5   10/28/2015    USD         67.25
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.28
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.03
PETROLEOS DE VEN        4.9   10/28/2014    USD         75.91
VENEZUELA                 7   3/31/2038     USD            54
VENEZUELA                 7   3/31/2038     USD         54.36
VENEZUELA                 6   12/9/2020     USD            58
VENEZUELA              7.65   4/21/2025     USD          58.5
VENEZUELA              8.25   10/13/2024    USD            61
VENEZUELA              9.25   5/7/2028      USD         64.75
VENEZUELA                 9   5/7/2023      USD            66
VENEZUELA                 7   12/1/2018     USD          66.5
VENEZUELA              9.25   9/15/2027     USD         67.52
VENEZUELA              7.75   10/13/2019    USD         67.63
VENEZUELA              9.25   9/15/2027     USD         67.78
VENZOD - 189000       9.375   1/13/2034     USD          64.5

                            ***********


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.


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