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

           Friday, September 21, 2012, Vol. 13, No. 189


                            Headlines



B E R M U D A

MOMENTUM PERFORMANCE II: Creditors' Proofs of Debt Due Sept. 28
MOMENTUM PERFORMANCE II: Members' Final Meeting Set for Oct. 22
MOMENTUM PERFORMANCE III: Creditors' Proofs of Debt Due Sept. 28
MOMENTUM PERFORMANCE III: Members' Final Meeting Set for Oct. 22
SOUTH OF ENGLAND: Contributories to Hold Meeting on Sept. 26


C A Y M A N  I S L A N D S

BLACKSTONE VANDERBILT: Shareholders' Meeting Set for Oct. 8
CO-INVESTMENT XV: Members Receive Wind-Up Report
DIAPASON COMMODITIES: Final Meeting Set for Sept. 28
ELLIS ISLAND: Members Receive Wind-Up Report
HT (IH) LTD: Shareholders' Final Meeting Set for Sept. 21

INVESTCORP LEVERAGED: Shareholders' Final Meeting Set for Oct. 1
OTTOBRE INVESTMENT: Members Receive Wind-Up Report
RETROETECH INTERNATIONAL: Shareholders' Meeting Set for Sept. 26
RIO CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 1
TLP SPECIAL: Members' Final Meeting Set for Sept. 27


J A M A I C A

* JAMAICA: STATIN Shows Slow Down in Productive Sector


M E X I C O

ALESTRA S DE RL DE CV: S&P Affirms 'B+' Local Currency Rating
CEMEX SAB: To Target Latin America Unit IPO for October
CHG-MERIDIAN MEXICO: S&P Raises Long-term Local Rating to 'mxBB+'
GRUPO GICSA: Moody's Places 'B1' Issuer Rating Under Review


P U E R T O   R I C O

JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4


                            - - - - -


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B E R M U D A
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MOMENTUM PERFORMANCE II: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------------------
The creditors of Momentum Performance Strategies Series II Limited
are required to file their proofs of debt by Sept. 28, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2012.

The company's liquidator is:

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


MOMENTUM PERFORMANCE II: Members' Final Meeting Set for Oct. 22
---------------------------------------------------------------
The members of Momentum Performance Strategies Series II Limited
will hold their final general meeting on Oct. 22, 2012, 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 Sept. 12, 2012.

The company's liquidator is:

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


MOMENTUM PERFORMANCE III: Creditors' Proofs of Debt Due Sept. 28
----------------------------------------------------------------
The creditors of Momentum Performance Strategies Series III
Limited are required to file their proofs of debt by Sept. 28,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2012.

The company's liquidator is:

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


MOMENTUM PERFORMANCE III: Members' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The members of Momentum Performance Strategies Series III Limited
will hold their final general meeting on Oct. 22, 2012, 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 Sept. 12, 2012.

The company's liquidator is:

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


SOUTH OF ENGLAND: Contributories to Hold Meeting on Sept. 26
------------------------------------------------------------
The contributories of The South of England Protection and
Indemnity Association (Bermuda) Limited will hold their first
meeting on Sept. 26, 2012, at 10:00 a.m.

Mike Morrison and Charles Thresh are the company's joint
provisional liquidators.



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C A Y M A N  I S L A N D S
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BLACKSTONE VANDERBILT: Shareholders' Meeting Set for Oct. 8
-----------------------------------------------------------
The shareholders of Blackstone Vanderbilt Avenue Offshore Fund
Ltd. will hold their final general meeting on Oct. 8, 2012, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Patrick Agemian
         Harbour Place, 2nd Floor
         103 South Church Street
         PO Box 10034 Grand Cayman KY1-1001
         Cayman Islands


CO-INVESTMENT XV: Members Receive Wind-Up Report
------------------------------------------------
The members of Co-Investment XV (Oger Telecom) Limited received on
Sept. 18, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Citigroup Fund Services (Cayman), Ltd.
         Cayman Corporate Centre, Fifth Floor
         27 Hospital Road, George Town
         Grand Cayman KY1-1003
         Cayman Islands
         c/o Schell Stubbs
         Telephone: (242) 302-8714


DIAPASON COMMODITIES: Final Meeting Set for Sept. 28
----------------------------------------------------
The shareholders of Diapason Commodities Value Fund will hold
their final general meeting on Sept. 28, 2012, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ELLIS ISLAND: Members Receive Wind-Up Report
--------------------------------------------
The members of Ellis Island Holdings Inc received on Sept. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Timothy Le Cornu
         c/o Declan Magennis
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


HT (IH) LTD: Shareholders' Final Meeting Set for Sept. 21
---------------------------------------------------------
The shareholders of HT (IH) Ltd. will hold their final general
meeting on Sept. 21, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ying Hing Chiu
         Telephone: (852) 2980 1988
         Facsimile: (852) 2882 6700
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


INVESTCORP LEVERAGED: Shareholders' Final Meeting Set for Oct. 1
----------------------------------------------------------------
The shareholders of Investcorp Leveraged Diversified Strategies
Fund Limited SPC will hold their final general meeting on Oct. 1,
2012, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Craig Sinfield-Hain
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


OTTOBRE INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Ottobre Investment Ltd. received on Aug. 16, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


RETROETECH INTERNATIONAL: Shareholders' Meeting Set for Sept. 26
----------------------------------------------------------------
The shareholders of Retroetech International Limited will hold
their final general meeting on Sept. 26, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Quah Chee Teong
         No. 1 Lorong Jintan Manis, Taman Supreme
         Cheras, 56100 Kuala Lumpur
         Malaysia
         Telephone: 603-51229689
         Facsimile: 603-51219689


RIO CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 1
------------------------------------------------------------
The sole shareholder of Rio Capital Brazil Funds will receive on
Oct. 1, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Ben Gillooly
         Telephone: (345) 815-1764
         Facsimile: (345) 949-9877


TLP SPECIAL: Members' Final Meeting Set for Sept. 27
----------------------------------------------------
The members of TLP Special Opportunity Fund, Ltd. will hold their
final general meeting on Sept. 27, 2012, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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



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J A M A I C A
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* JAMAICA: STATIN Shows Slow Down in Productive Sector
------------------------------------------------------
RJR News reports that trade figures from the Statistical Institute
of Jamaica confirm a slowdown in the productive sector in the
first five months of the year.

The data was held in the value of raw material and intermediate
good imports between January and May, according to RJR News.

The report relates that imports of raw materials and intermediate
goods which are used in the production process, declined by 4.3%
to US$1.6 billion.  RJR News reports that all category of raw
materials excepting crude oil.

The biggest declines were recorded for "other fuel and lubricants"
and "industrial supplies," RJR News says.



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M E X I C O
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ALESTRA S DE RL DE CV: S&P Affirms 'B+' Local Currency Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Mexico-based telecommunication company Alestra S. de R.L. de C.V
to stable from negative. Standard & Poor's also said that it
affirmed its 'B+' foreign and local currency ratings and the '3'
recovery rating on the company.

"The outlook revision reflects the lower-than-expected revenue
loss that resulted from the absence of AT&T Inc.'s (A-/Stable/A-2)
global network agreement (AGN) services and our expectation that
higher growth in the value-added services (VAS) segment will
offset the revenue losses as the contracts with AT&T phase out due
to Alestra's intense focus on information technology (IT) services
and its infrastructure leasing to AT&T," S&P said.

"The ratings on Alestra mainly reflect the company's weak business
risk profile due to strong competition from stronger and better
capitalized companies, such as Telefonos de Mexico S.A.B. de C.V.
(A-/Stable/--), in an industry subject to increasing pricing
pressures and declining revenues from traditional long-distance
services; and the loss of its key strategic partner, AT&T, which
limits further growth after the contracts phase out in 2012," S&P
said.

"The ratings also reflect Alestra's significant financial risk
profile, given its exposure to foreign exchange risk derived from
its 100% U.S. dollar-denominated debt and the near maturity of its
bond in 2014. The factors that offset these weaknesses include
Alestra's niche competitive strategy of targeting services to
multinational companies; its large and midsize enterprises and
high-end residential users; the support from its parent company,
Alfa S.A.B. de C.V (not rated); its well-established network, with
significant market share in Mexico (foreign currency BBB/Stable/A-
2, local currency A-/Stable/A-2); and its margin stability and
positive free operating cash flow (FOCF) generation. The '3'
recovery rating on the company indicates our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.

"The stable outlook reflects our expectation of modest revenue
growth in 2013 and beyond and a gradual improvement in the
company's metrics," said Standard & Poor's credit analyst Marcela
Duenas.

"We could consider raising the ratings if the company meets our
expectation for revenue growth by maintaining EBITDA margins of
more than 30% and stable key credit metrics coupled with its
ability to refinance its 2014 bond before the scheduled maturity
date. Conversely, we could lower the ratings if business pressures
stunts growth in the IT services segment, if the absence of AT&T's
global network services hurt revenue and profitability, leading to
EBITDA margins of less than 30%, or if the company's debt
maturities hurt its liquidity position," S&P said.


CEMEX SAB: To Target Latin America Unit IPO for October
-------------------------------------------------------
Bloomberg News reports that CEMEX, S.A.B. de C.V. told investors
in Bogota that it plans to carry out the initial public offering
of its Central and South America unit as soon as next month,
according to three people who attended the presentations.

Unnamed sources said that the company said the listing of Cemex
Latam Holdings SA in Colombia may take place in about five weeks,
according to Bloomberg News.

Bloomberg News relates that Cemex SAB may seek to raise about
$1 billion by listing the unit, a person familiar with the matter
who asked not to be identified because the process is private said
earlier this month.

Bloomberg News notes that Jorge Perez, a Cemex spokesman, declined
to comment on the timing of the share sale.  Bloomberg News
relates that the company said last month that it planned to sell a
minority stake in its Central and South American businesses.

Cemex SAB must make a $1 billion payment to banks next year under
a proposed new refinancing agreement, Bloomberg News notes.

Sources said that Cemex SAB hired Banco Bilbao Vizcaya Argentaria
SA and Citigroup Inc. to lead the sale in Colombia, Bloomberg News
relates.

Bloomberg News adds that sources said Bank of America Merrill
Lynch and Banco Santander SA are also involved in the sale.

                          About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 10, 2012, Fitch Ratings has assigned a 'B+/RR3' rating to
CEMEX, S.A.B. de C.V.'s proposed senior secured high yield note
issuance.  These notes will be issued in an amount up to $500
million.  These exchange notes are being offered to holders of the
company's Financing Agreement debt in a cashless transaction and
will have a maturity date of June 2018.


CHG-MERIDIAN MEXICO: S&P Raises Long-term Local Rating to 'mxBB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its financial position
for CHG-Meridian Mexico S.A.P.I. de C.V. (formerly known as CHG-El
Camino S.A.P.I. de C.V.) as an equipment leasing servicer for the
Mexican market to Sufficient from Insufficient. "Our BELOW AVERAGE
ranking and positive outlook on the company remain unchanged," S&P
said.

"On Sept. 18, 2012, Standard & Poor's raised its Mexican long-term
rating on CHG-Meridian Mexico to 'mxBB+' from 'mxSD' and its
Mexican short-term rating to 'mxB' from 'mxSD'. Based on our
servicer evaluation criteria, these ratings correspond with a
sufficient financial position for the company," S&P said.

"Our servicer rankings incorporate a servicer's financial position
into the analysis, which can only be regarded as Sufficient or
Insufficient. Given the new financial position, we believe, that
CHG-Meridian Mexico's management, organizational, and loan
administration capabilities as an equipment leasing servicer could
be strengthened by its current adequate capital levels," S&P said.

"The overall BELOW AVERAGE ranking is supported by our BELOW
AVERAGE subranking for management and organization. This
subranking is limited by delays pertaining to the internal
auditing and training programs and the documentation of several
procedures that have been ongoing since December 2011," S&P said.

"The overall ranking is also supported by our AVERAGE subranking
for loan administration, which reflects the reestablishment of the
company's loan administration capabilities after a recently
concluded legal conflict among the company's main shareholders and
portfolio performance that, despite an increase in balance-sheet
nonperforming ratios (6.3% in June 2012 vs. 2.1% in June 2011:),
remains in line with our AVERAGE subranking," S&P said.

                            Outlook

"The outlook remains positive. In our opinion, CHG-Meridian's
Mexico sufficient financial position, operational capabilities,
and the strong support that its parent company could provide may
enable CHG-Meridian Mexico to continue with reestablishing its
servicing operations over the next 12 months. This could include
updating its internal audit and training programs and developing
the servicing procedures that it has not documented previously,"
S&P said.


GRUPO GICSA: Moody's Places 'B1' Issuer Rating Under Review
-----------------------------------------------------------
Moody's de Mexico placed Grupo GICSA, S.A. de C.V.'s (GICSA) MX-2
national scale short-term rating, Not Prime global scale local
currency short-term rating, Baa1.mx national scale issuer rating,
and its B1 global scale local currency issuer rating under review
direction uncertain.

Ratings Rationale

On August 31, 2012 Fibra Uno, the first REIT in Mexico, signed a
contract to acquire a portfolio of 15 properties and the rights to
operate and use commercial space at a marine terminal and port
area from Grupo GICSA in exchange for an equity interest in Fibra
Uno valued at approximately US$11.6 billion pesos. Under the terms
of the contract Fibra Uno will assume US$8.4 billion pesos of debt
associated with the properties and Grupo GICSA will get a seat on
the board of directors of Fibra Uno. Fibra Uno will acquire the
assets from GICSA and assume General Electric Real Estate's debt,
who is the lender of the debt. The sale of these assets represents
a significant portion of GICSA's portfolio and will reposition the
company away from being one of the largest owner/operators of real
estate in Mexico. The company's leverage will also be reduced and
GICSA will continue to operate the assets in exchange for a
management fee. In its review, Moody's will focus on the ultimate
size of the company's portfolio, the cash flows generated by the
portfolio and GICSA's ultimate capital structure. Moody's expects
to conclude its review once the transaction is closed, which
should happen by the end of this year.

Going forward Moody's will monitor GICSA's business model as an
owner and operator of a smaller portfolio of shopping centers,
offices and industrial properties and how these assets will
generate recurring lease revenues and free cash flow, as well as
its existing development pipeline.

A return to stable would be predicated on more visibility with
respect to the company's future strategy, both from a funding and
cash flow generation perspective. Stability and/or improvement in
the company's credit profile, specifically the coverage of Debt to
Assets, remaining at least at current levels as a result of
deleveraging would also lead to a stable outlook. A downgrade
would result should cash flows generated from the expected smaller
asset base cause a reduction in operating margins below current
levels without significant improvement in credit metrics.

The following ratings were placed under review direction
uncertain:

Grupo GICSA, S.A. de C.V. -- MX-2 national scale short-term
rating; Not Prime global scale local currency short-term rating;
Baa1.mx national scale issuer rating, and a B1 global scale local
currency issuer rating.

In its most recent rating action with respect to GICSA, Moody's
affirmed its MX-2 national scale rating, Not Prime global scale
local currency short-term rating, Baa1.mx national scale issuer
rating, and its B1 global scale local currency issuer rating on
March 2, 2011. The rating outlook remained stable.

GICSA, based in Mexico City, Mexico is an owner, operator and
developer of real estate in Mexico. The company owns a portfolio
of shopping centers, offices and industrial properties with
recurring leases as well as an existing development pipeline.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.



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


JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4
-----------------------------------------------------------
The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico granted JMR Development Group Corp. an
extension until Oct. 4, 2012, of its exclusive period to file the
proposed chapter 11 plan. The Debtor, in its July 6 motion, stated
that it needed more time to conclude negotiations with Built Rite
Enterprises of NY, Inc.  The Debtor is negotiating to obtain
postpetition (exiting) financing for the completion of the
construction of its hotel and casino facilities.

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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