TCRLA_Public/121025.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

           Thursday, October 25, 2012, Vol. 13, No. 213


                            Headlines



A R G E N T I N A

CASA SIMES: Creditors' Proofs of Debt Due Nov. 14
EL REY: Creditors' Proofs of Debt Due Nov. 15
GABRIEL MOIRANO: Creditors' Proofs of Debt Due Nov. 15
SOLDADURAS BLAS: Files for Bankruptcy
STAR CITY: Creditors' Proofs of Debt Due Nov. 15


B A R B A D O S

* BARBADOS: Lost 16,000 Jobs in Private Sector


B R A Z I L

BANCO DE LA PROVINCIA: S&P Affirms 'B' Global Scale Rating
GALVAO PARTICIPACOES: Fitch Affirms 'B' IDR; Outlook Stable
SETE BRASIL: S&P Puts 'BB+' National Scale Rating; Outlook Stable
SIFCO CAPITAL: Fitch Rates $200-Mil. Senior Secured Notes at 'B-'
SIFCO SA: Moody's Assigns '(P)B2/Ba1' Corporate Family Ratings


B O L I V I A

* BOLIVIA: Fitch Puts Rating on $500-Mil. Global Bonds at 'BB-'


C A Y M A N  I S L A N D S

BEAVAN SOMUA: Shareholders Receive Wind-Up Report
CZECH GLASS: Shareholders' Final Meeting Set for Oct. 25
ESSENTIAL CAPITAL: Shareholders Receive Wind-Up Report
KACELA OFFSHORE: Shareholder Receives Wind-Up Report
MANTIS REEF: Shareholders' Final Meeting Set for Oct. 26

MANTIS REEF II: Shareholders' Final Meeting Set for Oct. 26
NOTION CAPITAL: Shareholders' Final Meeting Set for Oct. 31
SP CAYMAN 2: Shareholders' Final Meeting Set for Oct. 26
TMA ASIAN: Shareholders Receive Wind-Up Report
TOKIO MARINE: Shareholders Receive Wind-Up Report


C O L O M B I A

INDIGOLD CARBON: Moody's Rates US$350-Mil. 5-Year Term Loan 'Ba3'


P E R U

DOE RUN PERU: Citigroup Unit to Manage Smelter Sale


P U E R T O   R I C O

PMC MARKETING: Puerto Rico Court Won't Dismiss Suit Against PREPA


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CASA SIMES: Creditors' Proofs of Debt Due Nov. 14
-------------------------------------------------
Cecilia Graciela Sanchez, the court-appointed trustee for Casa
Simes SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 14, 2012.

Ms. Sanchez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:

         Cecilia Graciela Sanchez
         Uruguay 618


EL REY: Creditors' Proofs of Debt Due Nov. 15
---------------------------------------------
Alfredo Oscar Lognazzi, the court-appointed trustee for El Rey del
Ganado SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 15, 2012.

Mr. Lognazzi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Alfredo Oscar Lognazzi
         Cerrito 1136
         Argentina


GABRIEL MOIRANO: Creditors' Proofs of Debt Due Nov. 15
------------------------------------------------------
Estudio Plastina, Torralba y Asociados, the court-appointed
trustee for Gabriel Moirano SA's reorganization proceedings, will
be verifying creditors' proofs of claim until Nov. 15, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 13, 2013.

The Trustee can be reached at:

         Estudio Plastina
         Torralba y Asociados
         Viamonte 2043
         Argentina


SOLDADURAS BLAS: Files for Bankruptcy
-------------------------------------
Soldaduras Blas SRL filed for its own bankruptcy.  The company
defaulted its payments last Sept. 19.


STAR CITY: Creditors' Proofs of Debt Due Nov. 15
------------------------------------------------
Carlos Alberto Menendez, the court-appointed trustee for Star City
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 15, 2012.

Mr. Menendez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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:

         Carlos Alberto Menendez
         Neuquen 2936
         Argentina



===============
B A R B A D O S
===============


* BARBADOS: Lost 16,000 Jobs in Private Sector
----------------------------------------------
NationNews reports that Barbados has lost about 16,000 private
sector jobs over the past five years, said Opposition St. Philip
South candidate Anthony Wood.

Mr. Wood is warning government that while its immediate focus
might be on saving public sector jobs, it also had an equal
responsibility to protect private sector employment, according to
NationNews.

The report relates that Mr. Wood charged that the current
Democratic Labor Party administration was overtaxing workers in
order to keep thousands of public servants employed and that
Government was refusing to talk about the stress it was putting on
the private sector through the high costs of doing business.

The economics lecturer at the University of the West Indies (UWI)
also told the crowd that Government was not creating the kind of
environment that would allow the private sector to grow, the
report relates.


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


BANCO DE LA PROVINCIA: S&P Affirms 'B' Global Scale Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
rating on Banco de La Provincia de Buenos Aires S.A. (BPBA). The
outlook remains negative. The stand-alone credit profile of the
bank is 'bb-'.

The rating on BPBA is based on the company's "strong" (as S&P's
criteria define the term) business position, "very weak" capital
and earnings, "adequate" risk position, "above average" funding,
and "strong" liquidity.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Argentina is 'bb-'. Our economic risk score for Argentina
is '8', reflecting our view that increasing inflation and weaker
fiscal and external balances will continue to limit Argentina's
policy flexibility. Increasing inflation affects the country's
competitiveness and shortens the planning horizon for economic
agents in the country. Our industry risk score for Argentina is
'8', reflecting our belief that Argentina's banking system
regulations are more relaxed than international standards and its
banks face weak retail depositor confidence and a very short-term
domestic customer deposit base. At the same time, the country has
a narrow capital market and limited access to external debt
capital markets," S&P said.

"We continue to view the likelihood of extraordinary support from
the Province of Buenos Aires (foreign and local currency ratings
B/Negative/--) as 'very high,' in accordance with our criteria for
rating government-related entities. This likelihood is based on
two factors," S&P said:

    BPBA's "very important" role in promoting the development of
    certain economic segments in the province, including the
    bank's important public policy role serving as a fiscal agent
    to the province and its status as a significant player in
    Argentina's financial system; and

    The "very strong" link between BPBA and the province, given
    the bank's ownership structure, under which the province
    provides a direct guarantee of the bank's liabilities.

"The negative outlook on BPBA reflects the rating outlook on the
Province of Buenos Aires, since the bank's issuer credit rating is
capped two notches below its stand-alone credit profile (SACP) of
'bb-'," said Standard & Poor's credit analyst Vitor Garcia. "A
negative rating action on the parent would trigger similar rating
action on BPBA. Conversely, if we revised the rating outlook on
the province to stable, we would take a similar rating action on
bank."


GALVAO PARTICIPACOES: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn all
ratings of Galvao Participacoe's S.A. and Galvao Engenharia S.A,
as they are no longer considered by Fitch to be relevant to the
agency's coverage, consistent with Fitch's policies.  Fitch will
no longer provide ratings or credit research on these issuers.
Fitch has affirmed and withdrawn the following ratings:

Galvao Participacoe's S.A.

  -- Foreign currency and local currency Issuer Default Rating
     (IDR) at 'B';
  -- National Scale Rating at 'BBB(bra)'.

Galvao Engenharia S.A.

  -- National Scale Rating at 'BBB(bra)'.

The Rating Outlook is Stable.


SETE BRASIL: S&P Puts 'BB+' National Scale Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' global scale
and 'brAA+' national scale ratings to Brazil-based investment
company Sete Brasil Participacoes S.A. The outlook is stable.
Standard & Poor's also said that it assigned its 'brAA+' senior
unsecured national scale rating to the company's proposed
Brazilian real (R$)1.85 billion 15-year amortizing debentures.

The ratings on Sete reflect these weaknesses:

    The uncertainties and execution risk regarding the company's
    early preoperational phase (the company expects to deliver the
    first drilling equipment in 2015, and it has an aggressive
    schedule to deliver the remaining 27 drills by 2020);

    The negative cash flow generation it expects for the next four
    to five years; and

    The geographic (the Federative Republic of Brazil; foreign
    currency rating BBB/Stable/A-2, local currency rating
    A-/Stable/A-2), industry (oil and gas, and ultra-deepwater),
    and customer (Petroleo Brasileiro S.A. - Petrobras
    (BBB/Stable/--) concentrations.

These strengths counterbalance the weaknesses' S&P had mentioned:

    The company's very high importance for Brazil's oil and gas
    industry as a critical supplier of drilling equipment to
    Petrobras;

    The company's strong ownership structure, the government of
    Brazil's significant indirect presence through Petrobras
    (which supervises the construction of the drilling rigs and
    holds a 9.75% equity stake in Sete) and Banco Nacional de
    Desenvolvimento Economico e Social (BNDES, which provides
    significant financing; foreign currency rating
    [BBB/Stable/--], local currency rating [A-/Stable/--]);

    The company's strong contractual base, including the 28 signed
    charter agreements with Petrobras at fixed day rates (rates
    that are not dependent on commodity prices) and long 10-, 15-,
    and 20-year tenors (a somewhat uncommon feature for the
    industry), that would provide a predictable stable stream of
    cash flow (which represents a backlog of about US$87 billion);
    and

    The company's adequate construction risk protections including
    the Fundo de Garantia de Construcao Naval (FGCN; not rated),
    the six-month difference between the expected delivery of the
    drilling vessels and the commencement date of the charter
    agreements, and the fixed-price engineering procurement and
    construction (EPC) contracts.

"The stable outlook is based on our expectation that Sete will be
able to obtain long-term financing to develop its business plan
and such financing will include grace periods to adequately match
the debt maturity profile with the expected operating cash flow
generation," said Standard & Poor's credit analyst Luciano D
Gremone.

"The company's early preoperational phase limits any potential
upgrade. We could lower ratings if the company faces material
delays in closing the long-term financing for each SPE or if any
other reason causes material construction delays," S&P said.


SIFCO CAPITAL: Fitch Rates $200-Mil. Senior Secured Notes at 'B-'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4' rating to Sifco Capital
Luxembourg S.A.'s (Sifco Luxembourg) proposed USD200 million
senior secured notes due in 2018. The notes will be fully
guaranteed by Sifco S.A. (Sifco) and its subsidiaries.
Fitch currently rates Sifco as follows:

  -- Foreign and local currency Issuer Default Ratings (IDRs)
     'B-';
  -- USD75 million senior unsecured notes due 2016 'B-/RR4';
  -- National scale long-term rating 'BB+(bra)'.

The Rating Outlook is Stable.

High Leverage:

Sifco's 'B-' and 'BB+(bra)' ratings reflect its highly leveraged
capital structure.  The company's net adjusted debt-to-EBITDA
ratio was 5.3 times (x) during the last 12 months (LTM) ended June
30, 2012.  Total adjusted debt of BRL777 million includes BRL33
million of debt of related companies of Grupo Brasil that Sifco
has guaranteed.  This related party debt is expected to be
refinanced and the guarantee released within two years.

The company's balance sheet debt of BRL744 million compares with
BRL110 million of EBITDA during the LTM and a cash balance of
BRL200 million.  Tax refinancing is a significant part of Sifco's
total debt.  As of June 30, 2012, the total amount of refinanced
taxes was BRL211 million.  The majority of tax refinancing is
composed of REFIS, which has a 180 month amortization period.

Fitch expects Sifco's leverage to be in the 4.5x to 5.0x range by
the end of 2013.  The moderate decline in leverage will be driven
by an increase in operating cash flow, lower capital expenditures,
and the receipt of about BRL71 million of cash from the
aforementioned transaction.  High interest expenses will continue
to constrain free cash flow and will limit a material reduction in
debt.

Liquidity Is Low, Operating Results Should Improve:

Over the past few years, the company's short-term debt as a
percentage of total debt has climbed to 49% from 39%. This growth
has continued to elevate refinancing risk.  As of June 30, 2012,
Sifco had BRL356 million of short-term debt and BRL200 million of
cash and marketable securities.  Most of the company's cash is
needed to manage sharp cycles in the auto industry and is not
available to repay short-term debt.

During the LTM, Sifco generated BRL138 million of cash flow from
operations - this is a decline from BRL204 million during 2011.
Results have been hurt by the changes in emission standards for
trucks and buses during 2012 that resulted in a sharp decline in
sales during this year, as many sales were accelerated to 2011 in
anticipation of this change.  Economic growth in Brazil in excess
of 4% during 2013, as well as a more normal market for truck and
bus sales, should translate into higher demand for vehicles and
should positively impact the company's cash flow.

Spin Off Is Slightly Positive:

Sifco announced today its spin off from Grupo Brasil (GB) to the
former owners of GB. As part of this transaction, GB and two of
its subsidiaries -- MTP and Karmann Ghia -- were sold to private
investors.  Fitch views this transaction as positive.  In the
past, Sifco had provided financial support to affiliated companies
at GB that had weak capital structures.  As part of the
transaction, Sifco's BRL287 million of account receivables from
related parties will be partially reduced through the receipt of
BRL33 million through the transfer of two real estate properties
from GB and the repayment of BRL38 million of receivables with
proceeds from an asset sale.

Potential Rating Or Outlook Drivers:

The ratings could be affected positively by an improvement in the
company's liquidity position and/or a successful refinancing of
its short-term debt.  Strong cash generation on a sustainable
basis that resulted in free cash flow for debt reduction would
also be viewed positively.  A downturn in the company's operating
results and increasing leverage could lead to a negative rating
action. The inability to refinance short-term debt could also lead
to rating downgrades.


SIFCO SA: Moody's Assigns '(P)B2/Ba1' Corporate Family Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned first-time provisional
(P)B2 global scale and (P)Ba1.br Brazilian national scale
corporate family ratings to Sifco S.A. ("Sifco") and a (P)B2
rating to its proposed USD 200 million five-year senior secured
notes. The ratings outlook is stable. The provisional ratings are
assigned pending the successful placement of the proposed notes.

Ratings Assigned:

- Corporate Family Ratings: (P)B2 / Ba1.br

- USD200 million Senior Secured Notes: (P)B2

Ratings Rationale

Sifco's (P)B2 rating reflects its position as a leading automotive
parts supplier to the heavy commercial vehicle segment, its
integrated business structure with operations in foundry, forged
and machined auto parts as well as potential synergies arising
from its recent acquisition of BR Metals, including customer
integration, complementary and alternative product offerings, raw-
material costs, tax savings, among others. During the last twelve
months ended in June 2012, Sifco reported consolidated net
revenues of BRL1.1 billion (USD600 million converted by the
average exchange rate), which includes nine months of contribution
from BR Metals. The (P)B2 of the proposed issuance also
incorporates Moody's assumptions that the proceeds will be
primarily used to repay short-term debt and will improve Sifco's
liquidity as well as its debt profile since the notes will
represent the largest portion of Sifco's total debt.

The rating also incorporates the positive long-term prospects for
Brazil's automotive industry, supported by investments of over
USD30 billion taking place between 2013 to 2017 from automakers.

Credit negatives include the company's small size compared to its
global peers and a relatively concentrated customer and market
base that relies heavily on the volatile automotive segment.
Although Moody's recognizes that there is one independent member
in the fiscal committee and the adoption of financial policies are
credit positives, Sifco's nascent corporate governance standards,
the strong influence of controlling shareholders on the board and
significant related party transactions are additional credit
negatives. Written and consistent financial policies and the
implementation of a permanent independent audit committee would be
positive developments toward improved corporate governance for
Sifco.

The assigned rating assumes that Sifco will prudently manage capex
and dividends and will reduce intercompany loans in order to
preserve adequate leverage and liquidity positions during and
beyond the integration with BR Metals. Sifco's recently announced
corporate structure reduces the risk of additional intercompany
loans as Sifco will no longer be part of Grupo Brasil. In
addition, the restriction on intercompany loans also comes from a
clause in the proposed note issuance, as well as a covenant clause
in the previous note issued in 2011.

Moody's expects Sifco to benefit from the good long-term prospects
for the domestic automotive market as ongoing capital expenditures
focuses on cost improvements, development of new products, and
business expansion. Although a material deterioration of the
automotive market could potentially create excess capacity at
Sifco, the fact that Sifco has established large contracts with
clients such as Dana and Caterpillar partially mitigates this
risk.

The 10-year supply agreement with Dana, a subsidiary of Dana
Holding Corp. (Ba3/stable), signed early in 2011, is credit
positive as it provides Sifco with additional opportunities in
Brazil and abroad, and partially mitigates the weaker heavy
vehicle (66% of total sales) market scenario expected in Brazil
during 2012. The partnership offers Sifco the advantage of being
the sole supplier of front axle, I-beams, arms and knuckles to
Dana in the Brazilian market. The agreement also improved Sifco's
overall liquidity position as Dana provided USD150 million in
advance as a premium for the exclusivity agreement. Despite
limiting Sifco's operating flexibility since Dana will be the sole
buyer for specific auto parts, Moody's believes that Dana's global
operations and strong presence in the domestic market of front
axle partially mitigates Sifco's reliance on a single customer and
opens up opportunities for Sifco to eventually expand
internationally through Dana. In FY 2012, Moody's expects that
approximately 30% of Sifco's revenues will derive from Dana,
considering consolidated sales following BR Metals' acquisition.

The stable outlook reflects Moody's expectation that Sifco will
capitalize on the domestic automotive market's good long-term
prospects, focus on leverage reduction and improve its liquidity
and amortization profile with the proposed note issuance. Moody's
stable outlook also considers the potential benefits from the BR
Metals integration and the gradual reduction of intercompany
loans.

What Could Change the Rating - UP

Although unlikely in the near term due to Sifco's small size, high
reliance on the cyclical automotive market and high leverage,
sustained revenue growth and improved operating performance, along
with maintaining Adjusted EBITDA margins in a mid-teens range and
a good liquidity profile could place upward pressure on the
ratings or outlook. An upgrade of the ratings or outlook would
also require Adjusted Gross Debt to Adjusted EBITDA to remain
below 4.0x (4.9x in the last twelve months ended June 2012) on a
consistent basis and EBIT to Interest expenses remain consistently
above 2x. (1.2x in the last twelve months ended June 2012).

What Could Change the Rating - DOWN

Sifco's ratings or outlook could experience negative pressure if
Adjusted Gross Debt to EBITDA remains persistently above 5x or if
EBIT to Interest expense remains below 1x without prospects for
improvement in the near term. The inability to win new contracts
or substantial cost increases that cannot be passed through to
customers would exert pressure on the rating. Negative pressure
could also arise if liquidity deteriorates due to high dividend
distributions, intercompany loans, capital reductions and/or a
significant debt-funded acquisition materializes.

Sifco S.A. is one of the leading automotive suppliers to the heavy
commercial vehicle segment in Brazil with a vertically-integrated
structure that includes foundry, forged and machined auto parts
with relevant market share in its key products. During the last
twelve months ended in June 2012, Sifco generated consolidated net
revenue of BRL1.1 billion (USD600 million converted by the average
exchange rate), which includes nine months of contribution from BR
Metals.



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


* BOLIVIA: Fitch Puts Rating on $500-Mil. Global Bonds at 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned Bolivia's USD500 million global bonds
(coupon 4.875%) due 2022 a rating of 'BB-'. The rating is in line
with Bolivia's Foreign Currency Issuer Default Rating, which has a
Stable Outlook.

Earlier this month Fitch upgraded Bolivia's sovereign ratings to
'BB' from 'B+'.  This reflected the country's strengthened
external buffers, improved sovereign debt profile and greater
diversification of financing sources, which provide ample
flexibility to cope with commodity cycles and adverse domestic and
external shocks.  In addition, increasing public investment levels
could support growth momentum over the next two years.

These strengths are counterbalanced by Bolivia's relatively high
commodity dependence in terms of fiscal and external accounts as
well as weaker GDP per capita and human development indicators
relative to 'BB' peers.  Moreover, regulatory uncertainty,
nationalization risks, social conflicts and institutional capacity
constraints continue weighing on private investment and government
policy effectiveness.



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


BEAVAN SOMUA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Beavan Somua Fund received on Oct. 15, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         L. M. Johnson
         c/o Nick Tidd
         Telephone: +44 (0) 1481 755784
         Facsimile: +44 (0) 1481 722373
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: +1 345-949-2631
         Facsimile: +1 345-949-7164


CZECH GLASS: Shareholders' Final Meeting Set for Oct. 25
--------------------------------------------------------
The shareholders of Czech Glass Holdings Ltd. will hold their
final meeting on Oct. 25, 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:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


ESSENTIAL CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Essential Capital Cayman Limited received on
Oct. 17, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Penner
         c/o Marcin Czarnocki
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue George Town KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228


KACELA OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Kacela Offshore Fund II, Ltd. received on
Oct. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877


MANTIS REEF: Shareholders' Final Meeting Set for Oct. 26
--------------------------------------------------------
The shareholders of Mantis Reef II Pledge Limited will hold their
final meeting on Oct. 26, 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:

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


MANTIS REEF II: Shareholders' Final Meeting Set for Oct. 26
-----------------------------------------------------------
The shareholders of Mantis Reef II Limited will hold their final
meeting on Oct. 26, 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:

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


NOTION CAPITAL: Shareholders' Final Meeting Set for Oct. 31
-----------------------------------------------------------
The shareholders of Notion Capital Nominees Limited will hold
their final meeting on Oct. 31, 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:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


SP CAYMAN 2: Shareholders' Final Meeting Set for Oct. 26
--------------------------------------------------------
The shareholders of SP Cayman 2 Ltd. will hold their final meeting
on Oct. 26, 2012, at 10:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TMA ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of TMA Asian Equity Long Short Master Fund
received on Oct. 24, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.


TOKIO MARINE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tokio Marine Asset Management International
Pte Ltd Acero received on Oct. 15, 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



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


INDIGOLD CARBON: Moody's Rates US$350-Mil. 5-Year Term Loan 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Indigold Carbon
(Netherlands) BV's proposed US$350 million incremental five year
term loan and affirmed its Ba3 Corporate Family Rating (CFR) and
other debt ratings. Proceeds from the financing, along with
approximately US$75 million of existing balance sheet cash, will
be used to fund an intercompany loan to a newly formed, wholly-
owned subsidiary of SKI Investments Pte. Ltd. (Singapore), which
will fund the consolidation of the Aditya Birla Group's carbon
black businesses. The outlook is stable.

Rating assigned:

Indigold Carbon (Netherlands) BV

$350 million incremental term loan -- Ba3 (LGD3, 43%)

Ratings affirmed:

Indigold Carbon (Netherlands) BV

Corporate Family Rating -- Ba3

Probability of Default Rating -- Ba3

Outlook -- Stable

Indigold Carbon (Netherlands) BV, Indigold Carbon USA, Inc. &
other borrowers

$75mm sr sec revolving credit facilities due 2016 -- Ba3 (LGD3,
43%) from Ba3 (LGD3, 42%)

$500mm sr sec term loan A due 2016 -- Ba3 (LGD3, 43%) from Ba3
(LGD3, 42%)

Outlook -- Stable

Ratings Rationale

The Ba3 CFR rating is supported by Indigold Carbon's strong
operating results since the acquisition by the Aditya Birla Group.
The company has outperformed Moody's expectations in 2012, and has
expanded margins to record levels, such that its credit metrics
will remain supportive of the Ba3 CFR with the additional US$350
million of debt. Indigold Carbon's leverage is expected to be 3.8x
(as of June 30, 2012, pro forma for the proposed financing and
inclusive of Moody's standard analytical adjustments), which is
slightly lower than the debt/EBITDA metric it had after the
acquisition by the Aditya Birla Group (4.0x).

The CFR is also supported by the stable demand profile for carbon
black (relative to other commodity chemical businesses), the
company's strong market positions as one of the top three global
producers, long-term customer relationships, and geographic
diversity with operations in all major regions. Indigold Carbon
offers a complete product line from commodity carbon blacks to
higher margin specialty carbon blacks. Pressuring the ratings are
meaningful customer concentration, modest global demand growth,
exposure to volatile energy and petroleum-based feedstock costs,
limited product diversity (carbon black) and commodity nature of
the majority of the company's carbon black business.

The stable outlook reflects Moody's expectation that the carbon
black market will continue to grow at GDP-like rates, the company
will maintain its margins and will generate positive free cash
flow. Upside to the rating is limited due to the leverage, size of
the company (annual revenues of approximately US$1.5 billion), the
commodity nature of the majority of its products, and recent
volume softness, but a positive outlook could be considered should
the company be able to reduce leverage toward 3.0x on a sustained
basis. Any decline in EBITDA margins prior to the firm de-
levering, or increase in leverage above 4.5x on a sustained basis
could result in a downgrade of the ratings.

Indigold Carbon has a good liquidity position, supported by the
cash balances (US$21 million as of 9/30/2012, pro forma for the
transactions), positive free cash flow, and full availability
under its US$75 million revolving credit facility. The company is
expected to remain in compliance with its leverage and coverage
financial covenants, which are not changing with the amendment to
the existing credit facility.

The principal methodology used in rating Indigold Carbon was the
Global Chemical Industry Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Indigold Carbon (Netherlands) BV is a holding company formed in
connection with the acquisition of Columbian Chemicals Acquisition
LLC (Columbian Chemicals) by the Aditya Birla Group (Birla) in
June 2011. The Birla carbon black business and Indigold Carbon
business, on a combined basis, constitute the largest global
carbon black producer with 17 production facilities. Revenues for
the year ended June 30, 2012 were $1.5 billion.



=======
P E R U
=======


DOE RUN PERU: Citigroup Unit to Manage Smelter Sale
---------------------------------------------------
Alexander Emery at Bloomberg News reports that Peru Energy & Mines
Ministry said a unit of Citigroup Inc. was picked to manage the
sale of Peru's La Oroya zinc smelter.

A group of creditors led by Glencore International Plc chose
Citibank to handle the joint sale of the smelter and the Cobriza
copper mine, which was formerly operated by Renco Group Inc., the
ministry said in an e-mailed statement obtained by Bloomberg News.

The sale will take about six months, the ministry said, Bloomberg
News relates.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Bloomberg News related that Doe Run Peru Vice
President Jose Mogrovejo said creditors unanimously rejected a
debt restructuring plan and will seek the liquidation of its
closed zinc smelter in La Oroya.  The creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said the creditors had a 30-day "window" to
take a final decision.  Carlos Galvez, chief financial officer at
precious metals miner Buenaventura, said the plan was rejected
because creditors found that it lacked clear financing commitments
from parent company Renco Group Inc. and a timetable for a
$160 million environmental clean-up, Bloomberg News stated.
Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica related that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.



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


PMC MARKETING: Puerto Rico Court Won't Dismiss Suit Against PREPA
-----------------------------------------------------------------
Bankruptcy Judge Brian K. Tester denied the request of Puerto Rico
Electric Power Authority to dismiss the lawsuit commenced by the
chapter 7 of PMC Marketing Corp.

PREPA asserts the complaint filed on March 2, 2012, is time barred
and must be dismissed with prejudice.  The argument is two-fold.
First, Noreen Wiscovitch Rentas, the Chapter 7 trustee, was not
appointed or elected as the permanent Trustee within the two-year
period specified in 11 U.S.C. Sec. 546(a)(1)(A).  That two-year
period expired on March 18, 2011 without a timely requested
extension.  The one-year extension period provided under section
546(a)(1)(B) only applies to a permanent trustee who is elected
within the two year period specified in section 546(a)(1)(A).
Because the Trustee was an interim trustee, she did not benefit
from the one-year term afforded a permanent trustee to file
avoidance actions pursuant to section 546(a)(1)(B).

PREPA's second argument is that 11 U.S.C. Sec. 702(b) allows
creditors to elect a permanent trustee until the 11 U.S.C. Sec.
341 meeting of creditors is concluded.  Because the meeting has
not been closed, creditors are still able to elect a permanent
trustee.  Consequently, the interim trustee has not become the
permanent trustee on or before March 18, 2011 which was the
deadline to file the complaint.

PREPA's argument as to the interim status of the Chapter 7 Trustee
hinges on the fact that the Trustee failed to conclude the meeting
when she continued the same sine die.  Therefore, her automatic
conversion from interim to permanent trustee under section 702(d)
never occurred, effectively eliminating section 546(a)(1)(B).
Left with only section 546(a)(1)(A), the interim Trustee filed her
first extension of the term to file an avoidance of a preferential
transfer on May 3, 2011, beyond the March 18, 2011 statute of
limitations.  The Trustee's Opposition cites two recent cases in
the District of Puerto Rico regarding closure of a meeting.

PREPA contends in its reply that those cases are limited to those
instances involving the 30-day exemption objection period under
Fed. R. Bankr. P. 4003(b)(1).  PREPA argues those cases are
distinguishable from the PMC case because the controversy before
those courts involved the effect of non-closure as it relates to
the exemption objection period rather than the conversion of the
interim trustee to a permanent trustee under section 702(d).

In her rebuttal, the Chapter 7 Trustee argues that she was indeed
elected as permanent trustee on Sept. 23, 2010, the date of the
last meeting, which falls well within the two year time frame of
section 546(a)(1)(A).  Because her election occurred within the
section 546(a)(1)(A) term, the Trustee argues that she is entitled
to the additional year under section 546(a)(1)(B).  Therefore, the
deadline to file avoidance actions would be Sept. 23, 2011.

The Chapter 7 Trustee also posits that a meeting cannot be
continued indefinitely, and relies on Fed. R. Bankr. P. 2003(e)
which requires the trustee to announce a specific date and time
for a continuance to be effected.  Moreover, the most recent cases
addressing this issue are from the District of Puerto Rico and
unequivocally find that if the time and date of the next meeting
is not announced, the meeting is deemed closed.

Located San Juan, Puerto Rico, PMC Marketing Corp., aka Farmacias
El Amal and COD Drugs, and YMAS Inventory Management Corp. sought
Chapter 11 protection (Bankr. D. P.R. Case Nos. 09-02048 and
09-02049) on March 18, 2009.  Charles Alfred Cuprill, Esq., at PSC
Law Office represented the Debtors in their restructuring efforts.
The Debtors disclosed $10,144,505 in assets and $32,520,014 in
liabilities at the time of the filing.

On May 19, 2010, the Debtor's chapter 11 case was converted to a
chapter 7 case.  The next day, Noreen Wiscovitch Rentas was
appointed as chapter 7 interim trustee.

The Chapter 7 Trustee commenced the creditors meeting on June 30,
2010.  The meeting was continued several times with the final
meeting being held on Sept. 23, 2010. That last meeting had a
notation in the minutes reflecting a continuance "sine die."  The
Court granted four requests by the Trustee to extend the term to
file an avoidance action.  The first extension was requested on
May 3, 2011, and the last extension expired on March 20, 2012.  On
March 2, 2012, the Trustee filed the complaint.  On June 11, 2012,
PREPA filed its Motion to Dismiss, which was amended on July 10,
2012.

In declining the Motion to Dismiss, Judge Tester concluded that
the Chapter 7 Trustee has not violated section 546(a).  Judge
Tester discussed both the "bright-line" and "case-by-case"
approach adopted by the Bankruptcy Appellate Panel for the First
Circuit BAP in In re Newman, 428 B.R. 257 (B.A.P. 1st Cir.2010).

The case is NOREEN WISCOVITCH RENTAS, TRUSTEE Plaintiff, PUERTO
RICO ELECTRIC POWER AUTHORITY Defendant(s), Adv. Proc. No. 12-
00103 (Bankr. D. P.R.).  A copy of Judge Tester's Oct. 19, 2012
Opinion and Order is available at http://is.gd/aLVn5Dfrom
Leagle.com.



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


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

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/


                            ***********


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.


                   * * * End of Transmission * * *