TCRLA_Public/121012.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 12, 2012, Vol. 13, No. 204


                            Headlines



A R G E N T I N A

COMPANIA DE INSUMOS: Creditors' Proofs of Debt Due Nov. 9
EMPRENDIMIENTOS CAFE: Requests Opening of Bankruptcy Proceedings
FNB SA: Creditors' Proofs of Debt Due Nov. 13
INVERSIONES CORPGROUP: S&P Assigns 'BB' Issuer Credit Rating
NPL LOGISTIC: Creditors' Proofs of Debt Due Nov. 16

RUSH SOLUTIONS: Creditors' Proofs of Debt Due Nov. 8


B E R M U D A

BURROWS CONSTRUCTION: Hearing on Wind-Up Petition Set for Oct. 26


B R A Z I L

BANCO INDUSTRIAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings
BROOKFIELD INCORPORACOES: Moody's Reviews 'Ba2' Ratings
RODOPA INDUSTRIA: S&P Rates $100MM Unsecured Notes 'B-'


C A Y M A N  I S L A N D S

ABBA MULTISTRATEGY: Shareholder Receives Wind-Up Report
BT INTERNATIONAL: Shareholders Receive Wind-Up Report
GREEN VALLEY: Shareholder Receives Wind-Up Report
HIGHGATE GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 19
HIGHGATE GLOBAL (USD): Member to Hear Wind-Up Report on Oct. 19

PI MULTI-STRATEGY: Shareholders Receive Wind-Up Report
SUBCO V CAYMAN: Shareholders Receive Wind-Up Report
TIME TRANSPORTATION: Shareholders' Final Meeting Set for Oct. 12
TWIN ELITE: Shareholders Receive Wind-Up Report


G R E N A D A

* GRENADA: Government Says S&P Credit Rating "Premature"


M E X I C O

BANCO MULTIVA: Moody's Withdraws 'E+' Financial Strength Rating
CEMEX SAB: S&P Affirms 'B-' Global Corp. Credit Rating; Off Watch




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A R G E N T I N A
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COMPANIA DE INSUMOS: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
Jorge Czaban, the court-appointed trustee for Compania de Insumos
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until Nov. 9, 2012.

Mr. Czaban will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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 Czaban
         Uruguay 660


EMPRENDIMIENTOS CAFE: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------------------
Emprendimientos Cafe SRL requested the opening of bankruptcy
proceedings.  The company defaulted its payments last Feb. 3.


FNB SA: Creditors' Proofs of Debt Due Nov. 13
---------------------------------------------
Norberto Manuel Palmeiro, the court-appointed trustee for FNB SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 13, 2012.

Mr. Palmeiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Norberto Manuel Palmeiro
         Arcos 4033
         Argentina


INVERSIONES CORPGROUP: S&P Assigns 'BB' Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB+' ratings on
Corpbanca and 'BB' rating on Inversiones CorpGroup Interhold S.A.
on CreditWatch with negative implications.

"The rating action followed the announcement of the agreement to
acquire 100% of Helm Bank for $1.28 billion. The acquisition would
occur through Corpbanca's subsidiary, Banco CorpBanca Colombia,
and will be financed with an equity issuance of about $1 billion
and own resources. Following the acquisition, Banco Corpbanca
Colombia would become the fifth-largest bank in Colombia with a
market share of about 7% in terms of loans and deposits and an
asset base of $11.8 billion. Corpbanca will own 64% of merged
operations in Colombia," S&P said.

"The CreditWatch listings reflect the acquisition's potential
impact on both Corpbanca and Inversiones CorpGroup Interhold. We
will evaluate the impact on Corpbanca's anchor stand-alone credit
profile, capital charges, and risk-adjusted capital ratios due to
higher exposure to Colombia (which faces higher economic risks
than Chile) and resulting capital structure after the
acquisition," S&P said.


NPL LOGISTIC: Creditors' Proofs of Debt Due Nov. 16
---------------------------------------------------
Juan Roque Treppo, the court-appointed trustee for NPL Logistic
International SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 16, 2012.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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:

         Juan Roque Treppo
         Sarmiento 1183
         Argentina


RUSH SOLUTIONS: Creditors' Proofs of Debt Due Nov. 8
----------------------------------------------------
Sergio Diego Hernan Gomez Marti, the court-appointed trustee for
Rush Solutions SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 8, 2012.

Mr. Marti will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, 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:

         Sergio Diego Hernan Gomez Marti
         Viamonte 1546
         Argentina



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B E R M U D A
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BURROWS CONSTRUCTION: Hearing on Wind-Up Petition Set for Oct. 26
-----------------------------------------------------------------
The Royal Gazette reports that a petition to wind up Burrows
Construction Ltd has been filed in Supreme Court.

The hearing will take place October 26.  Any creditor or
contributory is urged at that time to make their case, according
to The Royal Gazette.

Troy Burrows, the owner of Burrows Construction, The Royal Gazette
in an interview that Burrows and Bermuda Public Storage were "two
separate companies" and the legal action "will all be sorted out"

Burrows Construction was behind Bermuda Public Storage, a 50,000-
square-foot, eight-storey complex on Elliott Street, which opened
in March.



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B R A Z I L
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BANCO INDUSTRIAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA' national scale counterparty credit ratings on
Banco Industrial e Comercial S.A. (Bicbanco). The outlook on both
scales is stable.

Standard & Poor's Ratings Services' ratings on Bicbanco reflect
its "moderate" business position, "adequate" capital and earnings,
"adequate" risk position, "below average" funding, and "adequate"
liquidity.


BROOKFIELD INCORPORACOES: Moody's Reviews 'Ba2' Ratings
-------------------------------------------------------
Moody's America Latina has placed Brookfield Incorporacoes S.A.
(Brookfield) Ba2 global scale ratings and Aa3.br national scale
ratings under review for downgrade. The ratings review was
triggered by a significant deterioration in the company's credit
metrics due to weaker than expected profitability and Moody's
expectation that an improvement in leverage will only be gradual.

Ratings placed under review for downgrade:

- Corporate Family Rating: Ba2 (global scale) and Aa3.br
   (national scale)

- BRL300 million senior unsecured debentures due in 2015 and
   2016: Ba2 (global scale) and Aa3.br (national scale)

Ratings Rationale

Brookfield experienced an accelerated growth pace during the last
five years with an annual average revenue growth rate of 56% from
2007 to the 2Q12 (LTM), primarily through acquisitions. The
aggressive growth strategy led to cost overruns and delayed
launches impacting gross margins and profitability. At the same
time, large working capital needs pressured the company's capital
structure leading to significant increase in leverage. Adjusted
gross margins shrunk to 21.9% LTM June 2012 from 31.3% in 2011 and
32.8% in 2010, while total debt capitalization increased to 60.9%
in the end of June 2012 from 53.8% in December 2011 and 44.9% in
December 2010.

The ratings review process, which Moody's expects to conclude
swiftly, will focus on prospects for Brookfield to improve its
current margins, deleverage within a reasonable timeframe and
support its market position in an evolving competitive
environment. The review will also focus on a detailed evaluation
of Brookfield's capital structure after the completion of the
planned equity increase of BRL400 million along with other
management initiatives to promote leverage reduction. Moody's will
also review the company's evolving debt structure to assess the
potential impact on the subordination level of unsecured
creditors.

The principal methodology used in rating Brookfield was the Global
Homebuilding Industry Methodology published in March 2009.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
(Brookfield) is the result from the combination of Brascan,
Company and MB Engenharia, all strong brand names with over 25
year experience in the Brazilian homebuilding market. Brookfield
develops, builds and sells residential projects in virtually all
price segments, as well as, office buildings. The largest
shareholder is Brookfield Asset Management (Baa2/Stable) with an
indirect stake of 44.17% of the shares. The company currently has
102 projects under development to be delivered between 2012 and
2014, mainly in the states of Sao Paulo, Rio de Janeiro, Parana
and the mid-west region of Brazil, including the Federal District.
In last twelve months ending June 30, 2012, Brookfield generated
net revenues of BRL3.5 billion (USD2.0 billion) and net losses of
BRL197 million (USD110 million).


RODOPA INDUSTRIA: S&P Rates $100MM Unsecured Notes 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Rodopa Industria e Comercio de Alimentos Ltda's planned $100
million senior unsecured notes due 2017.

"We expect the company to use most of the notes to improve its
capital structure, refinance more expensive short-term maturities,
and fund part of its expansion capital expenditures. At the same
time, the company announced that there was a change in its
control, following the current CEO's acquisition of it. The CEO is
already in charge of company's daily decisions. We don't foresee
any different guidance, as the board of directors will remain
unchanged. While details of the acquisition are not yet clear, we
expect that part of the proceeds from the notes issuance will help
fund the buyout," S&P said.

"Rodopa plans to double its slaughtering capacity within five
years, and the notes issuance will help to finance the related
working-capital requirements and capital expenditures to
accomplish the expansion. We already incorporated into our
forecast additional debt, but the long-term notes issuance will
help extend maturities and reduce the company's refinancing
risks," S&P said.

RATINGS LIST

Rodopa Industria e Comercio Alimentos Ltda
Corporate Credit Rating                          B-/Positive/--
Brazilian Rating Scale                           brBB/Positive/--

Rating Assigned
Rodopa Industria e Comercio Alimentos Ltda
  $100 million senior unsecured notes due 2017    B-



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


ABBA MULTISTRATEGY: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of Abba Multistrategy Partners received on
Oct. 2, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Chris Van de Water
         Telephone: 345-815-2645/ 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


BT INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of BT International Fund, Ltd. received on
Aug. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Titan Advisors LLC
         2 International Drive
         Suite 200
         Rye Brook, NY 10573
         USA


GREEN VALLEY: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Green Valley Ltd. received on Oct. 9,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 814-6712


HIGHGATE GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 19
--------------------------------------------------------------
The shareholder of Highgate Global Quant Fund will receive on
Oct. 19, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Roger Priaulx
         J. Paul Drake
         Midtown Plaza, 2nd Floor
         Elgin Avenue, George Town
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470


HIGHGATE GLOBAL (USD): Member to Hear Wind-Up Report on Oct. 19
--------------------------------------------------------------
The shareholder of Highgate Global Dynamic Fund (USD) will receive
on Oct. 19, 2012, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Edel Andersen
         Roger Priaulx
         Midtown Plaza, 2nd Floor
         Elgin Avenue, George Town
         Grand Cayman
         Cayman Islands KY1-1106
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470


PI MULTI-STRATEGY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of PI Multi-Strategy Fund II LDC received on
Aug. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Titan Advisors LLC
         2 International Drive
         Suite 200
         Rye Brook, NY 10573
         USA


SUBCO V CAYMAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Subco V Cayman Argentina received on
Oct. 4, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


TIME TRANSPORTATION: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of Time Transportation Limited will hold their
final meeting on Oct. 12, 2012, at 2:00 p.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


TWIN ELITE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Twin Elite Access Fund, Ltd. received on
Oct. 5, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Vincent King
         PO Box EE-17758 4th Floor
         One Montague Place, East Bay Street
         Nassau Bahamas



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G R E N A D A
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* GRENADA: Government Says S&P Credit Rating "Premature"
--------------------------------------------------------
Guardian Media reports that the Government of Grenada has
described the decision by Standard and Poor's to lower foreign
currency sovereign credit ratings on Grenada to 'SD' from 'B-/B'
as premature.

"Government considers the action by Standard & Poor's as premature
considering the terms of the agreement for the 2025 notes which
provide a grace period of thirty (30) days after the due date and
the notice duly issued by Government to note-holders before the
due date.  This 30-day grace period has not yet expired," the
government said, according to the report.

Guardian Media relates that the 30-day grace period for Grenada
expires on Oct. 8.  In a release, the Tillman Thomas-led
administration sought to assure investors that it will continue to
meet its obligations "as and when they fall due on the Regional
Government Securities Market (RGSM)," the report relays.

"The Government fully understands the importance of the RGSM for
Grenada and other member Governments of the Eastern Caribbean
Currency Union and is deeply committed to the RGSM," the report
quoted the Finance Ministry as saying.  In 2005, following the
devastation caused by Hurricanes Ivan and Emily, Grenada undertook
debt restructuring of its long-term liabilities, however,
Grenada's treasury bills on the RGSM were unaffected, the report
discloses.

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2012, Standard & Poor's Ratings Services lowered its
foreign currency sovereign credit ratings on Grenada to 'SD',
selective default, from 'B-/B'.  "At the same time, we lowered our
local currency sovereign credit ratings on Grenada to 'CCC+/C'
from 'B-/B'.  The outlook on the long-term local currency rating
is negative," S&P said.

"The downgrade to 'SD' follows the government's failure to pay the
coupon due Sept. 15, 2012, on its US$193 million bond due in
2025," said Standard & Poor's credit analyst Richard Francis. "In
its Sept. 12, 2012, statement to bondholders, the government of
Grenada stated its intention to use its best efforts to pay the
coupon within a 30-day grace period. However, according to our
criteria (cited below), we consider an obligation in default
unless payment is made within five business days of the due date,
regardless of any grace period."

"The government's difficulty in servicing its U.S. dollar debt and
paying public-sector wages may presage servicing risks to its
Eastern Caribbean dollar-denominated bond, as well as its Eastern
Caribbean dollar-denominated treasury bills.  The local currency
bond was also part of the 2005 debt restructuring. Accordingly, we
have lowered the long-term local currency rating to 'CCC+' with a
negative outlook and the short-term local currency rating to 'C',"
S&P said.



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M E X I C O
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BANCO MULTIVA: Moody's Withdraws 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Banco Multiva, S.A. (Banco
Multiva)'s ratings including: (i) bank financial strength rating
(BFSR) of E+, mapping from a standalone baseline credit strength
of b3; (ii) long and short term global local currency (GLC)
deposit ratings of B3 and Not-Prime, respectively; (iii) long and
short term foreign currency deposit ratings of B3 and Not-Prime,
respectively. Moody's de Mexico has also withdrawn Banco Multiva's
long and short term Mexican National Scale ratings of Ba2.mx and
MX-4, respectively. The outlook on all the ratings before the
withdrawal was stable.

RATINGS RATIONALE

Moody's has withdrawn the ratings for business reasons.

The last rating action on Banco Multiva was on October 13, 2011,
when Moody's downgraded the bank's global local currency ratings
(for details please refer to Moody's press release "Moody's
downgrades Banco Multiva' deposit ratings to B3, outlook stable").

The following ratings on Banco Multiva were withdrawn:

Bank Financial Strength Rating of E+

Long term global local currency deposit rating of B3

Short term global local currency deposit rating of Not-Prime

Long term foreign currency deposit rating of B3

Short term foreign currency deposit rating of Not-Prime

Long term National Scale deposit rating of Ba2.mx

Short term National Scale deposit rating of MX-4


CEMEX SAB: S&P Affirms 'B-' Global Corp. Credit Rating; Off Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B-' global scale and 'mxBB/mxB' national scale corporate
credit ratings, on CEMEX S.A.B. de C.V. and its key operating
subsidiaries--CEMEX Espa¤a S.A., CEMEX Mexico S.A. de C.V., Cemex
Corp., and CEMEX Inc. "In addition, we removed the ratings from
CreditWatch with negative implications. We had placed the ratings
on CreditWatch on July 3, 2012, after CEMEX announced a
refinancing proposal for its Financing Agreement that included a
$1 billion payment to lenders by March 2013. The outlook is
stable," S&P said.

"The rating action follows CEMEX's recent debt issuance for $1.5
billion in bonds due 2022. The company plans to use the net
proceeds from this issuance to prepay principal outstanding under
the new Facilities Agreement, allowing the company to satisfy the
March 31, 2013, $1 billion prepayment milestone and the Feb. 14,
2014, $500 million amortization payment. In our view, CEMEX's
ability to raise $1.5 billion in cash through this debt issuance
improves its liquidity and addresses our previous concerns the
company's risk of nonpayment in the short term," S&P said.


                            ***********


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
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Information contained herein is obtained from sources believed to
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