TCRLA_Public/120927.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

           Thursdays, September 27, 2012, Vol. 13, No. 193


                            Headlines



C A Y M A N  I S L A N D S

AIF PROPERTIES II: Creditors' Proofs of Debt Due Oct. 10
BRAZILIAN MERCHANT: Creditors' Proofs of Debt Due Oct. 10
CASA TIARA: Creditors' Proofs of Debt Due Oct. 9
FOX-FUTURES: Creditors' Proofs of Debt Due Oct. 10
GMB GLOBAL ALPHA: Creditors' Proofs of Debt Due Oct. 9

GMB GLOBAL MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 9
IT PRIVATE CLIENT: Creditors' Proofs of Debt Due Oct. 22
IVY DYNAMIC: Creditors' Proofs of Debt Due Oct. 10
TANGARA US 4: Creditors' Proofs of Debt Due Oct. 12
TANGARA US 5: Creditors' Proofs of Debt Due Oct. 12


M E X I C O

DOCUFORMAS SAPI: S&P Affirms 'B+' Global Scale Rating
FINANCIERA FINCA: S&P Gives 'BB-/B' Counterparty Credit Ratings
GRUPO PETROTEMEX: S&P Affirms 'BB+' Global Scale Ratings
* STATE OF SONORA: S&P Affirms 'BB' Global Scale Issuer Rating


P A R A G U A Y

* PARAGUAY: To Sell $550 Million Bonds by January, Franco Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Set to Further Increase Fleet Size


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AIF PROPERTIES II: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------------
The creditors of AIF Properties II Limited are required to file
their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 22, 2012.

The company's liquidator is:

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


BRAZILIAN MERCHANT: Creditors' Proofs of Debt Due Oct. 10
---------------------------------------------------------
The creditors of Brazilian Merchant Voucher Receivables Limited
are required to file their proofs of debt by Oct. 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 23, 2012.

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


CASA TIARA: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------
The creditors of Casa Tiara Limited are required to file their
proofs of debt by Oct. 9, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 27, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Ingrid McIntosh
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


FOX-FUTURES: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------
The creditors of Fox - Futures, Options & Exchange Investments
Ltd. are required to file their proofs of debt by Oct. 10, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 23, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Attorneys-at-Law for the Company
         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
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


GMB GLOBAL ALPHA: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------------
The creditors of GMB Global Alpha Offshore, Ltd. are required to
file their proofs of debt by Oct. 9, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2012.

The company's liquidator is:

         Michael Buenzow
         FTI Consulting, Inc.
         227 West Monroe Street
         Suite 900, Chicago
         Illinois 60606
         United States of America
         Tel: +1 312 759 8100


GMB GLOBAL MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 9
---------------------------------------------------------------
The creditors of GMB Global Multi-Strategy Offshore, Ltd. are
required to file their proofs of debt by Oct. 9, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2012.

The company's liquidator is:

         Michael Buenzow
         FTI Consulting, Inc.
         227 West Monroe Street
         Suite 900, Chicago
         Illinois 60606
         United States of America
         Tel: +1 312 759 8100


IT PRIVATE CLIENT: Creditors' Proofs of Debt Due Oct. 22
--------------------------------------------------------
The creditors of IT Private Client Services, Ltd. are required to
file their proofs of debt by Oct. 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 22, 2012.

The company's liquidator is:

         Ita Global Trust Company, Ltd.
         c/o Ian Phillips
         Telephone: (345) 749-3340
         Facsimile: (345) 749-2230
         Canella Court, Suite 4210
         48 Market Street, Camana Bay
         PO Box 32203 Grand Cayman KY1-1208
         Cayman Islands


IVY DYNAMIC: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------
The creditors of Ivy Dynamic Credit Fund, Ltd. are required to
file their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 23, 2012.

The company's liquidator is:

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


TANGARA US 4: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of Tangara US 4 Leasing Limited are required to file
their proofs of debt by Oct. 12, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2012.

The company's liquidator is:

         TMF Nominees Ltd.
         TMF (Cayman) Ltd.
         Windward One, Regatta Office Park, 1st Floor
         P.O. Box 10338 Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 345-949-7232
         e-mail: cereita.lawrence@tmf-group.com


TANGARA US 5: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of Tangara US 5 Leasing Limited are required to file
their proofs of debt by Oct. 12, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2012.

The company's liquidator is:

         TMF Nominees Ltd.
         TMF (Cayman) Ltd.
         Windward One, Regatta Office Park, 1st Floor
         P.O. Box 10338 Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 345-949-7232



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


DOCUFORMAS SAPI: S&P Affirms 'B+' Global Scale Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
and 'mxBBB/mxA-3' Mexican national scale ratings on Docuformas
S.A.P.I. de C.V. The outlook is stable.

The ratings on Docuformas are based on its adequate capitalization
levels and improving asset quality indicators. The negative rating
factors are intense competition and the company's client and
geographic concentration.


FINANCIERA FINCA: S&P Gives 'BB-/B' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-/B' global
scale and 'mxBBB+/mxA-2' national scale counterparty credit
ratings on Financiera Finca S.A. de C.V. SOFOM E.N.R. (FINCA). The
outlooks are stable. "At the same time, we withdrew our 'BB-/B'
ratings on Fundación Integral Comunitaria A.C., as all of its
operations have been transferred to FINCA," S&P said.

"The ratings reflect our concerns about the increasing debt burden
on creditors to the low-income population and the impact that this
could have on FINCA's asset quality. We view competition in the
Mexican microfinance market as intense. Offsetting these risks are
the company's experienced management team, good profitability, and
capitalization levels," S&P said.

FINCA is a microfinance company focused on granting credit to
urban and rural low-income families. Approximately 99% of its
portfolio is in group loans.

"FINCA began operations in August 2011, receiving all the staff,
assets, liabilities, and capital from Fundación Integral
Comunitaria, which we previously rated. The transfer has been
completed and new loan originations occur through FINCA, which is
maintaining the same strategy as Fundacion Integral Comunitaria,"
S&P said.


GRUPO PETROTEMEX: S&P Affirms 'BB+' Global Scale Ratings
--------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB+' global scale
ratings on Grupo Petrotemex S.A. de C.V. "At the same time, we
raised our national scale credit rating to 'mxAA-' from 'mxA+' on
the company. In addition, we removed all ratings from CreditWatch
with positive implications, where we placed them on July 16, 2012.
The outlook is positive," S&P said.

"The rating actions reflect Petrotemex's recent debt reduction of
$296.4 million by applying $279 million of the proceeds from its
parent's, Alpek, net capital injection in the third quarter of
2012. The debt reduction accounted for about 22% of Petrotemex's
total debt as of the end of fiscal 2011. After the announcement of
a bond repurchase, we placed the ratings on the company on
CreditWatch positive, signaling a potential upgrade if the debt
reduction was completed successfully. However, after reviewing the
final results and given our assessment of the company's 'fair'
business risk profile, which limits the ratings at this point, we
consider that an upgrade would mainly depend on the company's
ability to further improve its financial risk profile. We believe
Petrotemex could continue to improve its cash generation through
lower interest expenses and working capital management, as it
fully integrates its recent acquisitions," S&P said.


* STATE OF SONORA: S&P Affirms 'BB' Global Scale Issuer Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
state of Sonora to stable from negative. "At the same time, we
affirmed our 'BB' global scale and 'mxA' national scale (CaVal)
issuer ratings on the state. Subsequently, we withdrew our ratings
on Sonora, as per issuer's request," S&P said.

"The outlook revision reflects Sonora's more balanced budget. In
2011, the state's operating balance reached 8% of operating
revenues, while the deficit after capital expenses decreased to
4.1% of total revenues from 8% in the prior year. Although the
state's operating expenses will continue pressuring its budgetary
performance for the next couple of years, we expect operating
surplus toward the end of fiscal 2012 to be more than MXN1
billion, which we consider is sufficient to amortize its debt
obligations. As of June 30, 2012, the state's debt was MXN11
billion, accounting for about 65% of its 2012 discretionary
revenues, which can be used to repay debt," S&P said.



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


* PARAGUAY: To Sell $550 Million Bonds by January, Franco Says
--------------------------------------------------------------
Bill Faries at Bloomberg News reports that Paraguay aims to sell
its first global bonds by mid-January as President Federico Franco
seeks to tap the lowest emerging-market borrowing costs to
accelerate development in the land-locked South American country.

Officials are meeting with investors ahead of the planned sale of
$550 million in securities, Mr. Franco told Bloomberg News in an
interview.  Mr. Franco, who took office in June after former
President Fernando Lugo was impeached, vowed to reduce the
country's dependence on the regional trade bloc known as Mercosur,
develop oil and gas resources and build an aluminum smelter plant,
according to Bloomberg News.

"We've come to see if we can sell an unprecedented amount of bonds
next year so that Paraguay can join the family of nations in which
it's safe to invest," the report quoted Mr. Franco as saying.

Bloomberg News notes that Paraguay joins emerging-market countries
including Zambia and Bolivia in seeking to take advantage of
record-low yields by raising funds overseas.

Paraguay's economy may grow as much as 12 percent in 2013 after
not expanding this year, Mr. Franco said, the report adds.



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


CARIBBEAN AIRLINES: Set to Further Increase Fleet Size
------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is set to further
increase the size of its fleet of airplanes.

Representatives of the airline are in France to take possession of
its fourth ATR aircraft, according to RJR News.

RJR News notes that CAL Chairman Rabindra Moonan said the fifth
plane is expected by November.

Mr. Moonan, the report relates, said that the Dash 8 aircraft is
an aging fleet which Caribbean Airlines hopes to dispose of early
next year, once the replacement ATRs are put into operation.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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


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

Oct. 4, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts & Bolts: Bankruptcy Fundamentals for
      Young and New Practitioners
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      32nd Annual Midwestern Bankruptcy Institute & Consumer Forum
         Kansas City Marriott Downtown, Kansas City, Mo.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2012: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Oct. 8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Chicago Consumer Bankruptcy Conference
         University of Chicago Gleacher Center, Chicago, Ill.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Oct. 18, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency & Restructuring Symposium
         Parco dei Principi Grand Hotel & Spa, Rome, Italy
            Contact:      1-703-739-0800; http://www.abiworld.org/

Oct. 26, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         San Diego Marriott Marquis and Marina, San Diego, Calif.
            Contact:      1-703-739-0800; http://www.abiworld.org/

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

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

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact:     1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:       240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

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

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:       240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:       1-703-739-0800;
http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.




                            ***********


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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