TCRLA_Public/111202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


             Friday, December 2, 2011, Vol. 12, No. 239

                            Headlines



A R G E N T I N A

ABANOVA SRL: Creditors' Proofs of Debt Due March 2
CENTRAL PARK: Creditors' Proofs of Debt Due March 1
FAST ASTILLEROS: Creditors' Proofs of Debt Due Dec. 19
HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
PETACOL SA: Creditors' Proofs of Debt Due Feb. 21

VIDA TOTAL: Calls for Bankruptcy Proceedings
* ARGENTINA: To Receive US$200MM IDB Loan for Road Improvements


B A H A M A S

BAICO: Receiver Says Creditors to Get Payout by Dec. 19


B R A Z I L

ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global LC Rating


C A Y M A N   I S L A N D S

ACM DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 6
BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6
BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6
CRANBROOK LEASING: Creditors' Proofs of Debt Due Dec. 7
CRANLEY LTD: Commences Liquidation Proceedings

FIXED INCOME: Creditors' Proofs of Debt Due Dec. 6
FUCHSIA 1930: Commences Liquidation Proceedings
GPS INCOME: Creditors' Proofs of Debt Due Dec. 12
GPS NEW: Creditors' Proofs of Debt Due Dec. 12
HAVELL CAPITAL: Placed Under Voluntary Wind-Up

JATOCK RENTALS: Creditors' Proofs of Debt Due Dec. 7
NOROTON EVENT: Placed Under Voluntary Wind-Up
NOROTON EVENT: Placed Under Voluntary Wind-Up
PHOENIX DYNASTY: Commences Liquidation Proceedings
SEMPERMACRO (CAYMAN): Creditors' Proofs of Debt Due Dec. 7


H O N D U R A S

* HONDURAS: IDB OKs US$40MM Loan to Strengthen Finc'l. Safety Net


J A M A I C A

AMR CORP: AA to Maintain Jamaican Routes Despite Bankruptcy


M E X I C O

AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable


P U E R T O   R I C O

COSTA DORADA: Files Debt Stipulation With Scotia de Puerto Rico
PONCE DE LEON: Can Employ Doris Barroso Vicens as Accountant
REITTER CORP: Seeks Dec. 16 Deadline to File Amended Plan Outline


                            - - - - -


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


ABANOVA SRL: Creditors' Proofs of Debt Due March 2
--------------------------------------------------
Francisco Rovira, the court-appointed trustee for Abanova SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 2, 2012.

Mr. Rovira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 26, 2012.

The Trustee can be reached at:

         Francisco Rovira
         Vallejos 4400
         Argentina


CENTRAL PARK: Creditors' Proofs of Debt Due March 1
---------------------------------------------------
Gerardo Miguel Seghezzo, the court-appointed trustee for Central
Park Hotel SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 1, 2012.

Mr. Seghezzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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.


FAST ASTILLEROS: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------------
Hector C. Fridman, the court-appointed trustee for Fast Astilleros
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Dec. 19, 2011.

Mr. Fridman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 3, 2012.

The Trustee can be reached at:

         Hector C. Fridman
         Gaona 1795
         Argentina


HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
-----------------------------------------------------------------
Moody's Latin America affirmed the Ba3 global local-currency and
the Aa2.ar Argentina national scale insurance financial strength
ratings of both HSBC-La Buenos Aires Seguros and HSBC-New York
Life Seguros de Vida (Argentina) and changed their outlooks to
negative from stable.  This action follows the resolution issued
by the Argentine National Insurance Superintendence on Oct. 26,
2011 which requires Argentine primary insurers to repatriate their
holdings in foreign investments within the next 50 days.

HSBC-La Buenos Aires is a leading property and casualty insurer in
Argentina and is wholly owned by the HSBC Group. HSBC-NYL Vida
provides life insurance products, and the third insurer of the
group is HSBC-New York Life Seguros de Retiro (not rated) which
provides annuities.  The ownership of these last two insurers is
currently jointly by the HSBC Group (60% stake) and New York Life
Insurance Company (40% stake), but HSBC announced this past August
an agreement to purchase New York life's interest in both
companies, with the transaction expected to close in a few months.

All three entities are highly integrated with HSBC Bank Argentina
S.A. (Ba1/Aaa.ar long term local currency bank deposits), an
important domestic bank owned by the HSBC Group.  The strong
integration among the three insurance companies, as well as with
the bank, is evident from the number of senior management, board
members, and retail and corporate customers they share.  It is
also evident in HSBC's overarching bancassurance distribution
strategy.

Ratings Rationale

Moody's said that the ratings affirmation of the two insurers is
based on the expectation that their current credit profile will
not meaningfully be weakened by the new regulatory requirement
that mandates foreign investments be repatriated to Argentina
given their modest concentration in foreign assets on a combined
group basis (15% of invested assets), as well as the ownership and
implicit support from the HSBC group. The ratings of HSBC-La
Buenos Aires and HSBC-NYL Vida are aligned at the same level given
that they now share common management and distribution channels
and will soon share the same brand name.  The rating agency
expects their combined business and financial performance will
remain consistent with their current B1 intrinsic credit profile
and Ba3 IFS rating.

Moody's ratings on HSBC-La Buenos Aires and HSBC-NYL Vida both
receive one notch of uplift from the companies' stand-alone credit
profiles because of the implied support from HSBC Group due to
their strong integration with the bank; their meaningful
contribution to the combined earnings of the bancassurance group
in Argentina; and the growing importance of the insurance and
pension business in the group's overall activities in Latin
America.  HSBC's recent agreement to purchase New York Life's
stake in HSBC-NYL Vida and HSBC-NYL Retiro and become the 100%
owner of the three insurers demonstrates a strong interest in the
local insurance industry.

HSBC-NYL Vida:

However, the rating agency changed the rating outlook to negative
from stable because this company currently holds more than 30% of
its total cash and investments outside of Argentina in high
quality bonds and shares of mutual funds. Alejandro Pavlov, lead
analyst for HSBC-NYL Vida at Moody's stated: "Although not likely
to materially impact HSBC-NYL Vida's credit profile, the disposal
of those foreign securities and the re-investment of the proceeds
in local Argentine instruments --carrying below investment-grade
ratings-- will marginally deteriorate its asset quality and
capital adequacy".  Moody's also added that the possible inability
to match some policyholder reserves with financial instruments of
high credit quality and liquidity -- going forward -- could
deteriorate the company's asset and liability management.

HSBC-La Buenos Aires:

Although HSBC-La Buenos Aires has very limited foreign investments
(0.4% of invested assets) on its own balance sheet, the concerns
about asset quality and capital adequacy prompting the negative
outlook on HSBC-NYL Vida are also contributing to a negative
outlook on the property/casualty insurer given the possible
deterioration in the credit profile of the entire insurance group.
Furthermore, Moody's said the negative outlook was also prompted
by the sustained increasing trend in HSBC-La Buenos Aires' gross
underwriting leverage -- to over 15 times as of September 30, 2011
from 11 times as of June 30, 2009, as well as a lower solvency
margin surplus, coupled with the potential for lower overall
profitability going forward.

Moody's said factors that could restore the company's outlook back
to stable include: improvement in financial yields coupled with a
reduction in its combined ratio and a general improvement in its
key capitalization metrics --either on stand-alone basis or
combined with the groups' affiliated HSBC-NYL Vida. Conversely,
factors that could lead to a rating downgrade include: sale of
company by HSBC Group, weaker combined business/financial profile
of the three HSBC insurers in Argentina, a sustained deterioration
in overall profitability with returns on capital consistently
below 5% and/or its gross underwriting leverage steadily above 13x
shareholder's equity.

Based in Buenos Aires, during the first quarter of 2011/12 fiscal
year, ended September 30, 2011, HSBC-La Buenos Aires reported
gross premiums of AR$503 million, a net profit of AR$10.3 million
and shareholder's equity of AR$273.5 million.

Also based in Buenos Aires, Argentina, during the first quarter of
2011/2012 fiscal year, ended September 30, 2011, HSBC-New York
Life Seguros de Vida (Argentina) reported gross premiums of AR$99
million, a net profit of AR$ 9.3 million, and shareholders' equity
of AR$ 211.5 million.


PETACOL SA: Creditors' Proofs of Debt Due Feb. 21
-------------------------------------------------
Fernando Agustin Decavault, the court-appointed trustee for
Petacol SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 21, 2012.

Mr. Decavault 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. 1, 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:

         Fernando Agustin Decavault
         Avenida Belgrano 845
         Argentina


VIDA TOTAL: Calls for Bankruptcy Proceedings
--------------------------------------------
Vida Total SRL called for bankruptcy proceedings.

The company has defaulted on its payments last Oct. 20.


* ARGENTINA: To Receive US$200MM IDB Loan for Road Improvements
---------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$200
million to finance the upgrading of priority roads in Argentina's
provincial roads network and their links to the national road
network, a project that will help improve competitiveness and
economic and social development, as well as reduce accidents.

The Productive Road Infrastructure Program II is the second
operation financed with funds from a US$2.5 billion credit line
for investment projects for the country that was approved in
September 2009.  The credit line's purpose was to finance road
infrastructure in all of the country's provinces through
construction, maintenance, institutional strengthening, and better
road safety.

The first operation, totaling US$120 million, was signed in March
2010 and it is financing the Productive Road Infrastructure
Program I.  The new loan will finance road infrastructure in the
provinces of Mendoza, Buenos Aires, San Juan and Entre Rios, among
others.

The US$200 million IDB loan is for a 25-year term, with a four-
year grace period, and a variable interest rate based on LIBOR.
Local counterpart funding totals US$10.5 million.

As of Dec. 1, 2011, the country continues to carry Moody's "Caa1"
country ceiling long-term foreign bank deposit rating and "B2"
country ceiling long-term foreign currency debt rating.


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


BAICO: Receiver Says Creditors to Get Payout by Dec. 19
-------------------------------------------------------
The Royal Gazette reports that British-American Insurance Company
(BAICO) court-appointed receiver, Stephen Lowe, said that life
insurance policyholders will be able to receive a payout through
cheques by December 19.

The liquidators were hoping to be able to give creditors their
full allocation in one distribution, including their share of
funds from the sale of the BAICO building, which is partly owned
by the branch, according to The Royal Gazette.

In April this year, the report recalls, the liquidator's agents
KPMG Advisory Ltd put a $3.6 million price tag on the building.

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2011, The Royal Gazette said Mr. Lowe said discussions
were ongoing over the sale of 133 Front Street, and while the
process had taken longer than expected, it was at an advanced
stage, according to Royal Gazette.  However, the report related
that Mr. Lowe said that if the sale was not completed by the
second week of December an interim payment would be made as soon
as possible with a second and final distribution made once the
proceeds from the sale were received.  The building at 133 Front
Street is 40% owned by BAICO and 60% owned by the BAICO Bermuda
pension scheme.  In an interview with the media, Mr. Lowe said
that the one-off payment would maximize and proceeds that went
back to the creditors and save on distribution costs, Royal
Gazette disclosed.  The Royal Gazette relayed that Mr. Lowe said
that he anticipated that policyholders would receive about 50
cents on the dollar or slightly less of the value of their
policies.

A further announcement will be made on or around December 12 to
confirm whether the December 19 payment will be an interim or
final distribution, The Royal Gazette adds.

For more information contact KPMG Advisory Ltd at
infoba[AT]kpmg.bm or visit the website at www.kpmg.bm/ba or call
the British American hotline on 294-2651.

                            About BAICO

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

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


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


ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global LC Rating
---------------------------------------------------------
Moody's Investors Service has affirmed Allianz Argentina Compania
de Seguros S.A.'s Ba3 global local currency (GLC) and Aa2.ar
national scale insurance financial strength (IFS) ratings and
changed its outlook to stable from positive.

Ratings Rationale:

According to Moody's, the affirmation of Allianz Argentina's Ba3
GLC and Aa2.ar national scale IFS ratings reflects the company's
sustained capacity to generate internal capital and sustain
excellent profitability metrics over the years.  Notwithstanding,
the rating agency noted that the change in the insurer's rating
outlook back to stable, from positive, considers the likely
negative credit implications for the company's asset quality and
capital adequacy, as a result of the new regulatory changes in
Argentina, particularly the mandatory repatriation of foreign
investments abroad back to Argentina and, to a lesser extent, the
regulatory mandate to cede risks directly to locally established
reinsurance companies, in lieu of direct cessions to higher-rated
foreign reinsurers.

Currently, Allianz Argentina holds about 30% of its invested
assets abroad, which are allocated in highly-rated instruments.
The disposal of the foreign securities and the re-investment of
the proceeds in local Argentine instruments, which carry below
investment-grade ratings, will likely deteriorate the company's
financial profile, which has been very strong among its peers.
With the likely decline in the quality of its assets, Allianz
Argentina's capitalization could also weaken, as the economic
capitalization of the company -- reflecting the investment
portfolio and reinsurance recoverables -- will weaken.  Moody's
notes, however, that Allianz Argentina currently has a large
surplus over regulatory capital (160% above required) and, as
such, the company's local solvency margin should not be materially
affected.

According to the rating agency, while the tangible effects of the
recent regulatory changes in Argentina are still indefinite, they,
nonetheless, reduce the local insurers' credit quality on a global
basis. Rodolfo Nobrega, lead analyst for Allianz Argentina at
Moody's added, "While Allianz Argentina has been able to
differentiate itself from local peers from an overall financial
performance and credit risk perspective, the uncertainty with
regards to the regulatory changes outweigh the positive trends
observed in the intrinsic credit considerations of the company and
is a key consideration in the decision to affirm the ratings and
move the outlook back to stable from positive."

Allianz Argentina's distinctive credit strength is its ability to
consistently generate very solid profitability and maintain its
above-average capacity to generate internal capital.  The company,
focuses its efforts in maintaining profitable underwriting results
and, differently from its peers, has reported underwriting profits
in the automobile insurance segment.  Moody's current Ba3 IFS
rating on Allianz Argentina receives one notch of uplift from the
company's stand-alone credit profile because of the ownership and
implicit and explicit support from its ultimate parent company. As
a subsidiary of Allianz SE, Allianz Argentina benefits from the
support of a large, established worldwide company in the form of
reinsurance arrangements, the sharing of a prestigious brand name,
as well as the parent's expertise, experience and oversight of its
local operations.

Allianz Argentina's intrinsic credit strengths are tempered
primarily by the company's relatively high gross underwriting
leverage -- although better than local peers --, as well as some
concentration of investments in Argentina government debt (rated
B3). Additionally, the company's credit risk profile is
substantially mitigated by Argentina's poor operating environment.

Moody's commented that Allianz Argentina's ratings could be
upgraded should the insurer sustain gross underwriting leverage
levels (as measured by gross premiums and gross reserves relative
to shareholders' equity) below 7x and improve its market presence
considerably, while maintaining current earnings power.
Additionally, an upgrade in Argentina's sovereign bond rating
(currently at B3) and/or significant improvement in the operating
environment could also lead to a rating upgrade.

On the other hand, the company's ratings could be downgraded if
one of the following occur: 1) significant deterioration in
profitability, coupled with consistent underwriting losses (i.e.
combined ratios above 100%); 2) operating leverage metric
consistently above 13x shareholders' equity; and/or 3) reduced
support from ultimate parent and affiliates or the disposal of the
company by Allianz SE.

Based in Buenos Aires, Allianz Argentina is an indirect wholly-
owned subsidiary of Allianz SE, headquartered in Munich, Germany.
For the first quarter of 2011/12 fiscal year, ended on
September 30, 2011, the company posted total gross premiums of
ARS215.6 million and net income of ARS1.8 million.  As of
September 30, 2011, Allianz Argentina's total assets amounted to
ARS868.8 million and its shareholders' equity to ARS194.1 million.


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


ACM DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 6
-----------------------------------------------------
The creditors of ACM Diversified Asset Strategy Plus Fund 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. 26, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6
--------------------------------------------------------------
The creditors of Bernstein Multi-Strategy Fixed Income Hedge Fund
Ltd. 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. 25, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6
--------------------------------------------------------------
The creditors of Bernstein Multi-Strategy Fixed Income Master Fund
Ltd. 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. 25, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


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

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043 George Town
         Grand Cayman KY1-1102
         Cayman Islands


CRANLEY LTD: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 25, 2011, the shareholders of Cranley Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 29, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


FIXED INCOME: Creditors' Proofs of Debt Due Dec. 6
--------------------------------------------------
The creditors of Fixed Income Opportunities Strategy Sub-Fund 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. 26, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


FUCHSIA 1930: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 25, 2011, the shareholders of Fuchsia 1930 Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 29, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


GPS INCOME: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------
The creditors of GPS Income Fund (Cayman) Ltd. are required to
file their proofs of debt by Dec. 12, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


GPS NEW: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------
The creditors of GPS New Equity Fund (Cayman) Ltd. are required to
file their proofs of debt by Dec. 12, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


HAVELL CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 14, 2011, the sole shareholder of Havell Capital Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 29, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Sarah Federspiel
         Telephone: (345) 815 1833
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


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

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043 George Town
         Grand Cayman KY1-1102
         Cayman Islands


NOROTON EVENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 27, 2011, the sole shareholder of Noroton Event Driven
Opportunity Master Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NOROTON EVENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 27, 2011, the sole shareholder of Noroton Event Driven
Opportunity Offshore Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PHOENIX DYNASTY: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 25, 2011, the shareholders of Phoenix Dynasty Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 29, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


SEMPERMACRO (CAYMAN): Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------------
The creditors of Sempermacro (Cayman) 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. 28, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258
         e-mail: bwkirby@deloitte.com


===============
H O N D U R A S
===============


* HONDURAS: IDB OKs US$40MM Loan to Strengthen Finc'l. Safety Net
-----------------------------------------------------------------
The Inter-American Development Bank approved US$40 million to
strengthen the stability of the financial system and expand access
to financial services in Honduras.

The package of measures aims to improve the regulatory framework
and the supervision processes based on best practices.  The
operation also seeks to enhance the sustainability of these
reforms through the improvement of the organizational structure of
the National Banking and Insurance Commission of Honduras, through
better supervision and an environment conducive to expanded
coverage of the financial system.

This is the second loan operation in a programmatic series based
on policy reforms.  The operation is the result of an ongoing
dialogue with the country's public and private sectors.

"These reforms have supported the stability of the financial
system," said Rosa Matilde Guerrero, IDB project team leader and
leading specialist in financial markets.  "At the same time, the
measures have established some essential pillars for creating a
setting that promotes access to financial products and services by
the lowest-income segment of the population and by micro, small
and medium-size businesses."

The financing consists of a 30-year Ordinary Capital loan from the
IDB for US$28 million, with a grace period of 5.5 years and a
fixed interest rate.  The IDB's Fund for Special Operations will
lend US$12 million for 40 years, with a 40-year grace period and
an annual interest rate of 0.25%.

                          *     *     *
As of Dec. 1, 2011, the country continues to carry Standard and
Poor's "B" currency long-term and short term debt ratings.


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


AMR CORP: AA to Maintain Jamaican Routes Despite Bankruptcy
-----------------------------------------------------------
RJR News reports that American Airlines which has filed for
Chapter 11 bankruptcy protection in the U.S. has assured the
Jamaican government that it will continue flying to the island.

Tourism Minister Ed Bartlett told the news agency that he received
a letter from the airline assuring that Jamaica will not suffer
any fallout from the airlines' financial woes, according to RJR
News.

"We are quite comfortable that American Airlines will continue to
fly the routes it now has and certainly in terms of the Jamaican
relationship we have no fear.  We got a letter from them in which
they indicated that their future with us will only grow," RJR News
quoted Mr. Bartlett as saying.

                      About American Airlines

American Airlines, American Eagle and the AmericanConnection(R)
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights.  The
combined network fleet numbers more than 900 aircraft.

                       About AMR Corporation

Headquartered in Fort Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  As of Dec. 31, 2009, American provided scheduled jet
service to approximately 160 destinations throughout North
America, the Caribbean, Latin America, Europe and Asia.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

The Company reported a net loss of US$884 million on US$18.02
billion of total operating revenues for the nine months ended
Sept. 30, 2011.  AMR recorded a net loss of US$471 million in the
year 2010, a net loss of US$1.5 billion in 2009, and a net loss of
US$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed US$24.72
billion in total assets, US$29.55 billion in total liabilities,
and a US$4.83 billion stockholders' deficit.


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


AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on Mexican telecommunications company
Axtel S.A.B de C.V. to 'B' from 'B+'. The outlook is stable.

"The '3' recovery rating on the company's senior secured debt is
unchanged, indicating our expectation of meaningful (50% to 70%)
recovery in the event of a payment default," S&P said.

"The downgrade reflects our concerns about Axtel's business
profile, which we now consider as vulnerable, amid very
competitive operating conditions," said Standard & Poor's credit
analyst Marcela Duenas.  "We also considered the company's
marginal revenue growth, tight covenant headroom limiting its
financial flexibility, and our belief that its hefty capital
expenditure program will keep it running deficits in free
operating cash flow."

"The stable outlook reflects our expectation that the company will
maintain stable financial indicators for the next two years," S&P
said.


=====================
P U E R T O   R I C O
=====================


COSTA DORADA: Files Debt Stipulation With Scotia de Puerto Rico
---------------------------------------------------------------
Debtor Costa Dorada Apartments Corp. and secured creditor
Scotiabank de Puerto Rico asks the U.S. Bankruptcy Court for the
District of Puerto Rico to approve a stipulation for the payment
of the Debtor's loan to Scotiabank "within the process of its
Chapter 11 Plan."

Scotiabank is a secured creditor of the Debtor as the holder in
due course of three mortgage notes that were given in pledge to
warrant a commercial loan originated for the principal sum of
US$2,500,000 and later increased to US$3,150,000.  The loan is
secured by a first mortgage on two (2) properties of the Debtor.

The agreement was reached under these terms:

  (a) The Debtor accepts that as of Sept. 15, 2011, it owes
      Scotiabank US$1,100,441 for principal, accrued interest in
      the amount of US$171,068, US$95,547 for escrow account and
      US$315,000 for prepetition attorney fees.  Interest will
      increase at a rate of US$158.28 daily.

  (b) The Debtor has agreed to pay this debt thorough the Chapter
      11 plan.  Notwithstanding, in the event the instant case is
      dismissed, Scotiabank may continue with this agreement,
      subject to Debtor's compliance.  Otherwise, Scotiabank may
      modify or terminate it.

  (c) The Debtor will have a term of twenty four (24) months,
      counted from the date the agreement is signed, to sell the
      units and complete the payment in full of Scotiabank's loan.

  (d) All units will be sold for a price of no less than
      US$150,000 unless the parties mutually agree to a different
      price.

  (f) If the Debtor is not able to sell enough units to complete
      the payment of Scotiabank's loan within the twenty four
      months period it will agree to the lifting of the stay in
      favor of Scotiabank on all the unsold units that are part of
      the collateral.  The stay will be lifted to allow the bank
      to continue with its foreclosure action now pending on the
      State Court.  The stay will be lifted upon a written
      certification to the Court that the sale period has elapsed
      and the loan remains unpaid.

  (g) A realtor will be retained for the marketing and sale of
      apartment units.  It will be hired by mutual agreement of
      the parties.  In case the parties are not able reach an
      agreement on the hiring of the realtor the matter will be
      taken to the consideration of the Court.  Each party will
      submit a candidate from which the court will make a final
      determination.

  (h) While the sale of the apartment units is being completed the
      Debtor will make monthly post-petition adequate protection
      payments to Scotiabank in the amount of US$6,000 starting
      with the signature of this stipulation and every months
      thereafter.

  (i) All payments received by Scotiabank from the monthly
      payments and the proceeds of the sales will be first applied
      to the accrued interest of the loan.  The rest will be
      applied to the principal of the loan.

  (j) This stipulation will become integral part any
      reorganization plan the Debtor submits for the approval of
      the Court and its creditors.

Pursuant to Rule 4001 of the Federal Rules of Bankruptcy Procedure
(FRBP), the movants request that should no objection to this
agreement be filed within 21 days from notice of the same, an
Order approving all the terms and conditions above stated
be entered.

A copy of the Secured Debt Stipulation is available for free at:

          http://bankrupt.com/misc/costadorada.dkt65.pdf

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  The Debtor disclosed
US$10.7 million in assets and US$8.6 million in liabilities as of
the Chapter 11 filing.  The petition was signed by Carlos R.
Fernandez Rodriguez, its president.  Wigberto Lugo Mender, Esq.,
at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the
Debtor as counsel.


PONCE DE LEON: Can Employ Doris Barroso Vicens as Accountant
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso
Vicens as accountant, with compensation to be paid in such amounts
as may be allowed by the Court.

The Court is satisfied that Doris Barroso Vicens is a
disinterested person and that the employment of said accountant is
in the best interest of the estate.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.


REITTER CORP: Seeks Dec. 16 Deadline to File Amended Plan Outline
-----------------------------------------------------------------
Reitter Corporation asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend until Dec. 16, 2011, its time to
file its Amended Disclosure Statement and to file stipulations or
oppositions to the proofs of claims filed by Treasury and IRS.

The Debtor related that it has entered into a new contract with
LBA Medical Services, Inc., which will increase revenues and allow
it to have a feasible plan.  The Debtor has submitted this
information to CPA Luis Carrasquillo in order to include these
additional revenues in the projections.  As such, the Debtor needs
an additional time to file its amended disclosure statement,
including the feasibility report.

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
US$20,440,765 in total assets and US$17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in San
Juan, P.R., represents the Debtor as counsel.


                            ***********


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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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