TCRLA_Public/121005.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, October 5, 2012, Vol. 13, No. 199


                            Headlines



A N T I G U A  &  B A R B U D A

REDJET: Creditors Won't Accept Payment Proposal


A R G E N T I N A

ALIMENTOS 11: Creditors' Proofs of Debt Due Nov. 9
BANCO DE LA NACION: Moody's Changes Outlook to Negative
COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due Nov. 21
FLORICULTURA DEL TUYU: Creditors' Proofs of Debt Due Oct. 19
LABORATORIO CENTRAL: Creditors' Proofs of Debt Due Oct. 22

OFSICE SA: Creditors' Proofs of Debt Due Nov. 1
* ARGENTINA: Elliot Capital Seizes Naval Ship in Asset Fight
* ARGENTINA: Moody's Revises Ratings & Outlooks on 4 Provinces


B O L I V I A

BANCO FIE: Moody's Assigns Ba3 Global Local Currency Debt Rating
BANCO SOLIDARIO: Moody's Assigns '(P)Ba2' GLC Debt Rating
ECO FUTURO: Moody's Assigns '(P)B2' Global Currency Debt Ratings


B R A Z I L

* BRAZIL: Moody's Says Electric Sector Faces Challenges
* BRAZIL: Moody's Says Industry Outlook Remains Stable


C A Y M A N  I S L A N D S

AIF PROPERTIES II: Shareholders' Final Meeting Set for Oct. 12
BOZARCHE LIMITED: Shareholder to Hear Wind-Up Report on Oct. 10
DEL MAR GLOBAL: Shareholders' Final Meeting Set for Oct. 12
FFMER CAYMAN 2007-2: Shareholders' Final Meeting Set for Oct. 12
FFMER CAYMAN 2007-3: Shareholders' Final Meeting Set for Oct. 12

FFMER CAYMAN 2007-4: Shareholders' Final Meeting Set for Oct. 12
GALISTEO CAPITAL: Shareholders' Final Meeting Set for Oct. 12
RGF PRIVATE: Shareholders Receive Wind-Up Report
SOGEPA GLOBAL: Shareholders' Final Meeting Set for Oct. 12
SONG GROWTH: Shareholders' Final Meeting Set for Oct. 12


C O L O M B I A

* COLOMBIA: To Get US$60 Million IDB Loan for Projects


J A M A I C A

WINDALCO: Government to Divest Remaining Shares


                            - - - - -


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


REDJET: Creditors Won't Accept Payment Proposal
-----------------------------------------------
Dawne Parris at Nation News reports that several creditors of
Airone Caribbean/Airone Ventures Limited (Redjet) said that the
airline's proposal to repay a minimum of 25% of money owed them is
unacceptable.

It will be another few days before an official verdict from a
recent voting on the offer is submitted to the court, according to
Nation News.

In the meantime, the report relates that the insolvent airline is
pressing ahead with plans to sue the government and Group
Executive Chairman Ian Burns.

"Our lawyers have been instructed and will soon be writing to
Government," the report quoted Mr. Burns said following a meeting
with scores of creditors.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2012, RJR News said that a proposal outlining how Airone
Caribbean/Airone Ventures Limited plans to repay creditors has
been finalized but passengers and others owed should not expect to
get all their money back.  Word coming out of Barbados is that
they can collect at least 25%, according to RJR News.  The report
noted that this was confirmed by Anthony Audain, the attorney-at-
law for trustee Grenville Phillips, under whose control the
airline rests.

                          About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.

Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News related that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.  REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.



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


ALIMENTOS 11: Creditors' Proofs of Debt Due Nov. 9
--------------------------------------------------
Cristina Alicia Mattioni, the court-appointed trustee for
Alimentos 11 SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 9, 2012.

Ms. Mattioni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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:

         Cristina Alicia Mattioni
         Uruguay 385


BANCO DE LA NACION: Moody's Changes Outlook to Negative
-------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable, on the Local and Foreign Currency Global Deposits ratings
of Banco de la Nacion Argentina, Bolivian and Uruguayan branches.
In addition, the national scale deposits ratings' outlook of the
Uruguayan branch were change to negative from stable.

These rating actions were taken after considering the implications
of the sovereign rating action published on September 17, 2012,
titled "Moody's changes outlook on Argentina's B3 rating to
negative from stable", where the rating outlook on Argentina's B3
local- and foreign-currency government bond ratings was changed to
negative from stable.

The outlook on the following ratings were changed to negative from
stable:

Banco de la Nacion Argentina (Bolivia)'s

Long-Term Global Local Currency Deposit Rating of B3

Long-Term Global Foreign Currency Deposit Rating of B3

Banco de la Nacion Argentina (Uruguay)

Long-Term Global Local Currency Deposit Rating of B3

Long-Term Global National Scale Local Currency Deposit Rating of
Baa2.uy

Long-Term Global Foreign Currency Deposit Rating of B3

Long- Term Global National Scale Foreign Currency Deposit Rating
of Baa2.uy

Ratings Rationale

The change of outlook to negative from stable reflects Moody's
assessment of the alignment between the branches of the Argentine
government-owned Banco de la Nacion Argentina's ratings, and the
Argentina's foreign currency government bond rating of B3. Banco
de la Nacion Argentina's operations in Bolivia and Uruguay, are
100% guaranteed by the government, and as such, Nacion Uruguay's
and Bolivia's ratings are aligned with the Argentine government's
foreign currency bond rating.


COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------------------
Jorge Edmundo Sahade, the court-appointed trustee for
Comunicaciones Graficas SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until Nov. 21, 2012.

Mr. Sahade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Jorge Edmundo Sahade
         Avenida de Mayo 1324
         Argentina


FLORICULTURA DEL TUYU: Creditors' Proofs of Debt Due Oct. 19
------------------------------------------------------------
Omar Lares, the court-appointed trustee for Floricultura del Tuyu
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 19, 2012.

Mr. Lares will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 15
in Buenos Aires, with the assistance of Clerk No. 29, 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:

         Omar Lares
         Olavarria 1743
         Argentina


LABORATORIO CENTRAL: Creditors' Proofs of Debt Due Oct. 22
----------------------------------------------------------
Jorge Vogetti, the court-appointed trustee for Laboratorio Central
Argentino SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Oct. 22, 2012.

Mr. Vogetti 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 July 31, 2013.

The Trustee can be reached at:

         Jorge Vogetti
         Montevideo 711
         Argentina


OFSICE SA: Creditors' Proofs of Debt Due Nov. 1
-----------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for Ofsice
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 1, 2012.

Mr. Haimovici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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:

         Claudio Jorge Haimovici
         Maipu 267
         Argentina


* ARGENTINA: Elliot Capital Seizes Naval Ship in Asset Fight
------------------------------------------------------------
Sam Jones and Jude Webber at The Financial Times report that ARA
Libertad, an Argentine naval vessel crewed by more than 200
sailors, has been seized in Ghana as part of an attempt by U.S.
billionaire Paul Singer-run hedge fund Elliott Capital Management
to collect on bonds on which Buenos Aires defaulted in 2001.

A Ghanaian court ordered an injunction and interim preservation
order against the ARA Libertad following an application by Elliott
subsidiary NML Capital, according to The Financial Times.

The report notes that Elliott Capital had been waiting for the
ship to stop in a port where it would have a chance to enforce
legal judgments previously awarded by UK and US courts.

The Financial Times discloses that Argentina slammed the
interception of the Libertad as a "trick which these unscrupulous
financiers" had pulled, adding that it "violates the Vienna
Convention on diplomatic immunity."

The report relates that around 93% of Argentina's $100 billion in
defaulted bonds were formally restructured in 2005 and 2010, with
holders receiving 30 cents on the dollar.  Elliott is one of
several "holdout" creditors which sued Argentina for full recovery
of assets, the report says.

The Financial Times discloses that US and UK courts have awarded
US$1.6 billion in claims in NML's favour, but Argentina has taken
a tough line on lingering holdouts, saying there will be no
further offers.

If a US court ruling from February 23 is upheld on appeal,
Argentina must pay interest to Elliott before making any payment
to holders of bonds issued in the 2005 and 2010 swaps, the report
says.  An appeals ruling has not yet been issued, the report
relates.

The Libertad, which Elliott expects to be awarded ownership of,
has been estimated in value at between US$10 million and US$15
million, the report adds.


* ARGENTINA: Moody's Revises Ratings & Outlooks on 4 Provinces
--------------------------------------------------------------
Moody's Latin America has revised the outlooks to negative from
stable on the issuer and debt ratings of four provinces in
Argentina. Moody's also placed under review for possible downgrade
the issuer and debt ratings of other four Argentinean regional and
local governments (RLGs).

In addition, Moody's downgraded the Municipality of Rio Cuarto's
local currency issuer and short-term debt ratings to B3 from B1
(Global Scale) and to A2.ar from Aa3.ar (Argentina National
Scale). Rio Cuarto's outlook was also changed to negative from
stable.

Ratings Rationale

1) Sub-sovereigns whose rating outlook was changed to negative

    Moody's changed the outlook of the following Argentinean
    Provinces to negative from stable:

     - Buenos Aires, Province of
     - Chaco, Province of
     - Cordoba, Province of
     - Formosa, Province of

    These issuers are currently rated in line with the sovereign.
    These actions follow the negative outlook assigned to
    Argentina's B3 local and foreign currency government bond
    ratings.

    For further reference on the sovereign action please refer to
    "Moody's changes outlook on Argentina's B3 rating to negative
    from stable" on www.moodys.com.

    The change in the outlook reflects the ongoing deterioration
    in Argentina's operating environment. In Moody's view, the
    lack of consistent and predictable policies at the national
    level affects the institutional framework under which
    provinces and municipalities operate.

2) Sub-sovereigns placed under review for possible downgrade

    Moody's placed the ratings of the following issuers under
    review for possible downgrade:

     - City of Buenos Aires
     - Cordoba, Municipality of
     - Mendoza, Municipality of
     - Mendoza, Province of

    These issuers are currently rated above the sovereign
    reflecting a high degree of financial flexibility. The change
    in outlook for the country suggests a more volatile operating
    environment, thus Moody's will examine whether Argentinean
    provinces and municipalities continue to benefit from enough
    degree of independence from the sovereign to justify higher
    ratings. In particular, Moody's will look at the province's
    and municipalities' reliance on federal funding and their
    access to capital markets or bank funding.

    Moody's expects to conclude the review period within the next
    three months.

3) Downgrade of the Municipality of Rio Cuarto to B3 from B1 and
   change of its outlook to negative from stable.

   Moody's downgraded the Municipality of Rio Cuarto's local
   currency issuer and short-term debt ratings to B3 from B1
   (Global Scale) and to A2.ar from Aa3.ar (Argentina National
   Scale). The outlook was adjusted to negative, in line with the
   outlook change for those issuers with B3 ratings, at the same
   level as the sovereign.

   The downgrade of the Municipality of Rio Cuarto's issuer and
   short-term debt ratings reflects the municipality's ongoing
   financial deterioration including an increased reliance on
   short term debt to finance cash imbalances. Rio Cuarto's own-
   source revenues and debt-to-revenue levels have become
   comparable to those of B3-rated peers.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in rated Argentinean
RLG's in the near to medium term.

1) For B3 rated Argentinean RLG's, a change of the sovereign
outlook back to stable could lead to a change in the outlook back
to stable. These issuers could be downgraded if the negative
outlook on the sovereign rating materializes into a rating
downgrade or if the credit quality of these issuers deteriorates.

2) For Argentinean RLG's whose ratings are under review for
possible downgrade, Moody's will reevaluate the linkages that
exist between them and the sovereign and define whether or not a
rating compression of the RLG's closer to or at the sovereign
level is merited. In addition, a downgrade on the Sovereign rating
or any deterioration in the financial metrics of these issuers
could lead to a rating downgrade.



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


BANCO FIE: Moody's Assigns Ba3 Global Local Currency Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
debt rating to Banco Fie (Fie)'s second expected issuance of Bs.
250 million, under the senior debt program amounting to Bs 700
million (Programa de Emision de Bonos Banco Fie 1 -- Emision 2).
At the same time, Moody's Latin America assigned a Aa1.bo Local
Currency National Scale debt rating to the expected second
issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Fie:

Second issuance up to Bs.250 million

Global Local Currency Debt Rating: Ba3, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aa1.bo

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Fie's Ba3 global local currency deposit
rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Fie is headquartered in La Paz, Bolivia with assets of
Bs.5.8 billion and loans of Bs.4.5 billion as of June 30, 2012.


BANCO SOLIDARIO: Moody's Assigns '(P)Ba2' GLC Debt Rating
---------------------------------------------------------
Moody's Investors Service assigned to Banco Solidario's senior
multicurrency debt program of Bs.500 million (Programa de Emision
de Bonos BanoSol), a (P)Ba2 global local currency debt rating, and
a (P)Ba3 global foreign currency debt rating. Additionally,
Moody's assigned a Ba2 global local currency debt rating to the
first and second expected issuances of Bs. 170 million, under the
program. At the same time, Moody's Latin America assigned a Aaa.bo
local currency national scale debt rating and a Aa1.bo foreign
currency national scale debt rating to the bank's debt program,
and a Aaa.bo local currency national scale debt rating to the
first and second expected issuances.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Solidario:

Bs500 million senior debt program:

  Global Local Currency Debt Rating: (P) Ba2, stable outlook

  Global Foreign Currency Debt Rating: (P) Ba3, stable outlook

  Bolivia National Scale Local Currency Debt Rating: Aaa.bo

  Bolivia National Scale Foreign Currency Debt Rating: Aa1.bo

  First BS170 million issuance

  Global Local Currency Debt Rating: Ba2, stable outlook

  Bolivia National Scale Local Currency Debt Rating: Aaa.bo

Second Bs.170 million issuance

  Global Local Currency Debt Rating: Ba2, stable outlook

  Bolivia National Scale Local Currency Debt Rating: Aaa.bo

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Banco Sol's Ba2 global local currency deposit
rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Solidario is headquartered in La Paz, Bolivia, and it had
assets of Bs.5.5 billion and deposits of Bs.4 billion, as of
June 30, 2012.


ECO FUTURO: Moody's Assigns '(P)B2' Global Currency Debt Ratings
----------------------------------------------------------------
Moody's Investors Service assigned to Eco Futuro's multicurrency
debt program amounting up to US$10 million (Programa de Emision de
Bonos ECOFUTURO), a (P)B2 global local and foreign currency debt
ratings. Additionally, Moody's assigned a B2 global foreign
currency debt rating to the first expected issuance totaling
US$6 million, and to the second expected issuance of US$4 million.
At the same time, Moody's Latin America assigned a Aa3.bo local
and foreign currency national scale debt ratings to the debt
program, and a Aa3.bo foreign currency national scale debt ratings
to both issuances.

The outlook on all ratings is stable.

The following ratings were assigned to Eco Futuro:

US$10 million senior debt program:

Global Foreign Currency Debt Rating: (P) B2, stable outlook

Global Local Currency Debt Rating: (P) B2, stable outlook

Bolivia National Scale Foreign Currency Debt Rating: Aa3.bo,
stable outlook

Bolivia National Scale Local Currency Debt Rating: Aa3.bo, stable
outlook

First senior debt issuance for U$S6 million

Global Foreign Currency Debt Rating: B2

Bolivia National Scale Foreign Currency Debt Rating: Aa3.bo

Second senior debt issuance for U$S4 million

Global Foreign Currency Debt Rating: B2

Bolivia National Scale Foreign Currency Debt Rating: Aa3.bo

RATINGS RATIONALE

Moody's explained that the local currency senior unsecured debt
rating derives from Eco Futuro's B2 global local currency deposit
rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Eco Futuro is headquartered in La Paz, Bolivia, and it had assets
of Bs.1.5 billion and deposits of Bs.1 billion, as of June 30,
2012.



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


* BRAZIL: Moody's Says Electric Sector Faces Challenges
-------------------------------------------------------
Brazil's commitment to increasing its wind power resources nearly
five-fold by 2016 will create several challenges for Brazil's
electric utility sector, says Moody's Investors Service in the
report "Competitive Wind Power Poses New Challenges for the
Industry." First, the additional capacity will further lower power
prices in generators' concession agreements as new capacity is
commissioned. Second, the intermittency of the planned wind
resources will be an additional challenge to the transmission
grid, which already has to cope with the seasonality of Brazil's
installed hydro generation.

Moody's says maintaining government support will be critical to
Brazil's plans to increase its wind power resources from 1.7 GW
currently to 8.4 GW by 2016, which will represent 5.6% of Brazil's
electricity matrix. Moody's expects the government to maintain its
current support policy for the foreseeable future.

"The growth in wind power will require a steadfast commitment by
the Federal government to support wind development through tax
breaks, relatively cheap access to the integrated transmission
system, execution of specific energy auctions for wind power, and
subsidized loans," says Jose Soares, the Moody's Vice President --
Senior Analyst who was an author of the report.

Also important to the further development of wind is that projects
meet their planned capacity factors. Moody's notes that wind
resource studies in Brazil are based on limited historical data
and that overly optimistic forecasts could lead to cash flow
shortfalls for some projects.

The increasing amount of wind power, procured under long-term
contracts at increasingly competitive prices, will be a major
factor in lower tariffs among power generators, which are already
on a downward trend. In Brazil around 17.3 GW of hydro power
contracts, or 28% of Brazil's supply, will expire between 2013 and
2015. Moody's expects these generators to renew their supply
contracts at much lower tariffs than they have been expecting.

Moody's also says the increasing participation of wind in Brazil's
energy matrix could ultimately cause a disruption to its national
electric system if the risks it poses are not properly addressed.
Because of its variability, wind will increase the complexity of
operations and additional dependable capacity will need to back it
up.

Renewable resources already account for 83% of Brazil's
electricity installed capacity. By 2020, this percentage will
remain at 83%, but wind's share will have grown significantly.


* BRAZIL: Moody's Says Industry Outlook Remains Stable
------------------------------------------------------
The outlook for the Brazilian insurance industry remains stable,
Moody's Investors Service says in a new Industry Outlook report.
The stable outlook reflects Moody's expectations that fundamental
credit conditions for the market will be sustained over the next
12 to 18 months, despite challenges from global economic
instability. "We expect that real gross domestic product (GDP)
growth will support the demand for insurance products.
Additionally, a growing middle class and significant near-term
infrastructure development should strengthen economic prospects
and continue to underpin insurance demand.", says analyst Diego
Kashiwakura, author of the report. In addition to its Industry
Outlook for the Brazilian insurance industry, Moody's has also
published its Industry Scorecard report for the sector, which
summarizes the fundamental credit underpinnings of the industry.

The Brazilian insurance market has sustained significant growth in
recent years, but its penetration rate relative to the country's
GDP remains in the 3%-4% range, a level that is consistent with
most of the significant insurance markets in South and Central
America, but well below that of more developed insurance markets.
Recent market developments, as well as the potential expansion of
certain market niches could help the Brazilian insurance sector to
sustain growth at a higher rate than other developing markets.

Moody's notes that the industry is characterized by adequate, but
improving, asset quality, despite the investment concentration in
Brazilian government bonds (Baa2/positive outlook), as well as by
solid capital adequacy and good profitability, for both the
property & casualty (P&C) and life insurance and retirement
savings sectors.

"Although insurer profitability may be pressured by declining
investment yields as a result of falling interest rates, Brazilian
insurers should be able to sustain underwriting profits," Mr.
Kashiwakura says. Lower interest rates (e.g. in single digits)
will erode insurers' earnings in particular in the retirement
savings and life insurance and capitaliza‡ao segments, as these
rely most significantly on net investment income to support
profitability. In the general insurance segment, insurers are
increasingly directing attention to underwriting results, focusing
their efforts on strengthening underwriting policies and controls.
Still, Moody's expects that Brazilian insurers will continue to
operate profitably in the current economic environment.

"We expect that, in time and with continued development of local
debt capital markets, insurers' investment choices should broaden,
and regulatory solvency margin guidelines could become more
sophisticated -- in support of greater diversification of asset
classes -- as they are enhanced to consider asset and investment
risk factors", Kashiwakura says.

The reports is titled "Brazilian Insurance Industry Outlook



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


AIF PROPERTIES II: Shareholders' Final Meeting Set for Oct. 12
--------------------------------------------------------------
The shareholders of AIF Properties II Limited will hold their
final meeting on Oct. 12, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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


BOZARCHE LIMITED: Shareholder to Hear Wind-Up Report on Oct. 10
---------------------------------------------------------------
The sole shareholder of Bozarche Limited will receive on Oct. 10,
2012, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


DEL MAR GLOBAL: Shareholders' Final Meeting Set for Oct. 12
-----------------------------------------------------------
The shareholders of Del Mar Global Volatility Offshore Fund Ltd.
will hold their final meeting on Oct. 12, 2012, at 8:30 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


FFMER CAYMAN 2007-2: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of FFMER Cayman NIM 2007-2, Ltd. will hold their
final meeting on Oct. 12, 2012, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FFMER CAYMAN 2007-3: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of FFMER Cayman NIM 2007-3, Ltd. will hold their
final meeting on Oct. 12, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FFMER CAYMAN 2007-4: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of FFMER Cayman NIM 2007-4, Ltd. will hold their
final meeting on Oct. 12, 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:

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


GALISTEO CAPITAL: Shareholders' Final Meeting Set for Oct. 12
-------------------------------------------------------------
The shareholders of Galisteo Capital Master Fund, Ltd. will hold
their final meeting on Oct. 12, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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


RGF PRIVATE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of RGF Private Trust Company Limited received on
Oct. 2, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SOGEPA GLOBAL: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------
The shareholders of Sogepa Global Equity Ltd will hold their final
meeting on Oct. 12, 2012, at 10:15 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


SONG GROWTH: Shareholders' Final Meeting Set for Oct. 12
--------------------------------------------------------
The shareholders of Song Growth Company will hold their final
meeting on Oct. 12, 2012, at 9:15 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



===============
C O L O M B I A
===============


* COLOMBIA: To Get US$60 Million IDB Loan for Projects
------------------------------------------------------
The Inter-American Development Bank (IDB) will support a group of
pilot projects in rural and peri-urban areas in Colombia to
improve potable water and sanitation services in very poor
communities.

According to data from Colombia's National Administrative
Statistics Department (DANE 2005 census), in rural areas of
Colombia, water service coverage was around 45 percent and
sewerage coverage 16.8%.

The demonstration projects will seek to produce models for the
formulation of a large-scale potable water supply and waste water
management program in rural areas.  The program would be financed
with the help of an IDB loan for US$60 million to the Colombian
government for activities that would be carried out in rural areas
in the departments of Cauca, Nari¤o, Antioquia, Bolivar, Cordoba,
and Guajira.

"We will create sustainable models that can be replicated in other
high-poverty areas in the country where it is critical to improve
access and improve service quality," said Rafael de la Cruz, IDB
Representative in Colombia.

Initial projects for rural schools in the department of Magdalena
will benefit some 25 rural public school centers.

Financing for these pilot projects will be provided by the
AquaFund (a program supported with funds from the IDB, the PepsiCo
Foundation, the government of Switzerland, and the government of
Austria), and the Japan Fund for Poverty Reduction.

The cost of the pilot projects is estimated at $2.1 million, and
they will be carried out by the non-governmental organization Give
to Colombia (G2C), which receives resources from the Embassy of
Japan and the General Electric Foundation.  In addition, PepsiCo
Colombia is providing key resources to implement the strategy for
disseminating the projects.

The project will mainly focus on sanitary infrastructure,
technical support for community water systems, and sanitary
improvements inside of homes in the country's peri-urban areas.

"For 40 years, the PepsiCo Foundation has supported projects that
benefit extremely poor communities. Our Alliance with the IDB,
which is our strategic partner in Latin America through the
AquaFund, seeks to replicate these efforts to assist those most in
need.  In Colombia, these efforts are beginning to produce a
positive impact in rural communities that face difficulties in
providing water and sanitation," said Sue Tsokris, the
Foundation's vice president.

                         About the IDB

The Inter-American Development Bank (IDB) provides financial
products and technical resources to assist countries in Latin
America and the Caribbean to reduce poverty and inequality in a
sustainable manner.  As a leading source of multilateral
financing, the IDB seeks to create opportunities for cooperation
in the region.



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


WINDALCO: Government to Divest Remaining Shares
-----------------------------------------------
RJR News reports that the Jamaican government is set to divest its
remaining shares in West Indies Alumina Company (WINDALCO) alumina
refinery.

Mining Minister Phillip Paulwell disclosed that information during
an address to Parliament.

Mr. Paulwell said negotiations for the divestment of the
Government's remaining shares in WINDALCO should be completed
before the end of the year, according to RJR News.

WINDALCO is controlled by Russian aluminum giant, UC Rusal, that
has a 93% stake in the company which owns and operates the Ewarton
Works and Kirkvine alumina refineries.

                         About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


                            ***********


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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