TCRLA_Public/121105.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

           Monday, November 5, 2012, Vol. 13, No. 220


                            Headlines



A R G E N T I N A

EXPRESO SAN ANTONIO: Creditors' Proofs of Debt Due Nov. 23
GASTRONOMIA NORDELTA: Creditors' Proofs of Debt Due Nov. 23
NAPLE SRL: Creditors' Proofs of Debt Due Nov. 20
VUENAYRE SA: Creditors' Proofs of Debt Due Nov. 20

* S&P Cuts Ratings on 16 Argentine Entities with Neg. Outlook
* S&P Cuts Ratings to 'B-' on 4 Deals Issued by Salta and Neuquen
* S&P Lowers Issuer Credit Ratings of 4 Argentine Banks to 'B-'
* S&P Lowers Issuer Credit Ratings on 4 Argentine LRGs to 'B-'


C A Y M A N  I S L A N D S

AELOS FUND: Commences Liquidation Proceedings
BII FINANCE: Creditors' Proofs of Debt Due Nov. 5
BII FINANCE: Shareholders' Final Meeting Set for Nov. 6
CHINA VALUE: Creditors' Proofs of Debt Due Nov. 6
EMERGING MARKETS: Creditors' Proofs of Debt Due Nov. 9

EMERGING MARKETS MASTER: Creditors' Proofs of Debt Due Nov. 9
GALISTEO CAPITAL: Creditors' Proofs of Debt Due Nov. 8
GPTH RESEARCH: Commences Liquidation Proceedings
IVY MA HOLDINGS: Creditors' Proofs of Debt Due Nov. 8
KAYMAR INVESTMENTS: Placed Under Voluntary Wind-Up


J A M A I C A

DIGICEL GROUP: LIME Wins Dispute in Court


T R I N I D A D  &  T O B A G O

CL FIN'L: Trinidad & Tobago Launches CLICO Investment Fund


X X X X X X X X

* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2012


                            - - - - -


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


EXPRESO SAN ANTONIO: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------------
Amalia Victoria Beckerman, the court-appointed trustee for Expreso
San Antonio SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 23, 2012.

Ms. Beckerman 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. 17, 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:

         Amalia Victoria Beckerman
         Tucuman 1367
         Argentina


GASTRONOMIA NORDELTA: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------------
Maria Lilia Orazi, the court-appointed trustee for Gastronomia
Nordelta SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 23, 2012.

Ms. Orazi 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. 41, 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:

         Maria Lilia Orazi
         Tucuman 1484
         Argentina


NAPLE SRL: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------
Andres Luis Martorelli, the court-appointed trustee for Naple
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 20, 2012.

Mr. Martorelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Andres Luis Martorelli
         Beruti 2926
         Argentina


VUENAYRE SA: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------
Luis Gabriel Plizzo, the court-appointed trustee for Vuenayre SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 20, 2012.

Mr. Plizzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Luis Gabriel Plizzo
         Av. Belgrano 1185
         Argentina



* S&P Cuts Ratings on 16 Argentine Entities with Neg. Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
following corporates and utilities with a negative outlook:

* Aeropuertos Argentina 2000 S.A. (AA2000);

* Transportadora de Gas del Sur S.A. (TGS);

* Compania de Transporte de Energia Electrica en Alta Tension
   TRAN SENER S.A.

* Electricidad Argentina S.A. (EASA);

* Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor);

* Alto Palermo S.A.;

* CLISA-Compa€ia Latinoamericana de Infraestructura y Servicios
   S.A.;

* IRSA Inversiones y Representaciones S.A.

In addition, S&P lowered the ratings and placed them on
CreditWatch with negative implications on these companies:

* Alto Parana S.A.;
* Loma Negra C.I.A.S.A.; and
* Petrobras Argentina S.A.

At the same time, S&P revised to negative from stable the outlooks
and affirmed the ratings on these companies:

* CAPEX S.A.;
* Hidroelectrica Piedra del Aguila S.A. (HPDA);
* Mastellone S.A.; and
* Raghsa S.A.

Finally, S&P placed its ratings on Industrias Metalurgicas
Pescarmona S.A.I.C. y F. (IMPSA) on CreditWatch with negative
implications.

The rating actions follow the downgrade of the Republic of
Argentina and S&P's transfer and convertibility assessment on it
to 'B-' from 'B'. The outlook on the sovereign remains negative.

                          Rationale

"On Oct. 30, 2012, we downgraded our unsolicited ratings on the
Republic of Argentina. Our current ratings reflect the implication
of policies enacted since the October 2011 presidential elections
that we believe could, over time, increase the risk of a
deterioration in the country's macroeconomic framework, put
pressure on its external liquidity, and weaken its medium-term
growth prospects," S&P said.

"As a result, we believe entities operating in Argentina now face
increased risk of doing business, including the sovereign's weaker
credit quality, high inflation, increased regulatory risk and
higher uncertainties regarding the ability to access foreign
currency. In our opinion, these factors deteriorate the Argentine
corporates' financial flexibility," S&P said.

"We downgraded AA2000, TGS, Alto Palermo, CLISA, and IRSA. Given
AA2000's and TGS's exposure to regulation and the concentration of
these five entities' cash flows in Argentina, we believe that none
of them would be able to continue honoring their financial
obligations under a sovereign default scenario and under potential
restrictions to access foreign exchange or transfer money abroad.
AA2000 has a fully renegotiated concession contract, which we view
as a positive credit factor despite its operation in the regulated
airport sector. We also acknowledge the relatively strong
financial performance of both AA2000 and TGS, particularly the
latter, but we view the uncertainty going forward as an overriding
risk factor," S&P said.

"We lowered the ratings Alto Paran , Loma Negra, and Petrobras
Argentina and placed them on CreditWatch negative due to our
weaker assessment of their stand-alone credit profiles (SACP),
which are now at 'b-'. The resolution of the CreditWatch listing
will occur during the next 60 days and will incorporate our
reassessment of the incentives for potential further support from
their respective parents, if needed, under more severe stress of
the sovereign. We could further lower these ratings if we perceive
that the incentives or the appropriate mechanisms to provide such
support are weakening," S&P said.

"We revised the outlook on the ratings on Capex, HPDA, Mastellone,
and Raghsa to negative based on our belief that a potential
further downgrade of the sovereign would lead to a similar action
on these companies.  While Capex and HPDA maintain a relatively
good financial performance, they have a strong currency mismatch
between revenues and debt service within a context of low and
frozen electricity prices in the spot market.  Both Mastellone and
Raghsa have asset and cash-flow concentration in Argentina and
lack insulating factors that might help them continue honor their
financial obligations under a sovereign default scenario," S&P
said.

"We lowered our ratings on Transener, Edenor and EASA, which were
already lower than that on the sovereign, reflecting their
difficult business and financial situation. We believe that absent
a major change in business conditions, these entities are likely
to default within the next 12 months," S&P said.

"The resolution of the CreditWatch listing on IMPSA will occur
during the next 60 days and will incorporate our assessment to
what extent the company's exposure to the Argentine financial
system may deteriorate its credit quality under more severe
sovereign stress scenarios. This is despite the company's
significant operations outside Argentina (mostly in Brazil). We
could lower our ratings on IMPSA by more than one notch if we
conclude that its default and that of its foreign subsidiaries is
not the same," S&P said.

"With these rating actions, most of the rated corporate entities
in Argentina now have a negative outlook. On the one hand, this
reflects the negative outlook on the Republic of Argentina. On the
other hand, it reflects our views that credit quality for the
corporate sector in the country may continue to deteriorate based
on a weaker operating environment, a challenging refinancing
scenario, and increasing government intervention that could erode
repayment ability," S&P said.

"As a result, potential further downgrades would not exclusively
depend on sovereign rating movements but will also incorporate
further deterioration in our assessment of the risk of doing
business in Argentina or specific risk factors.  Our perception of
country risk could improve if the government takes actions that
increase investor confidence and reduce unpredictability," S&P
said.

Ratings List
Rating Downgrades; Outlook Negative
                                 To               From
Aeropuertos Argentina 2000 S.A.
(AA2000) Transportadora
de Gas del Sur S.A. (TGS)
                                 B-/Negative/--   B-/Negative/--
Compania de Transporte
de Energia Electrica
en Alta Tension TRANSENER S.A.   CCC/Negative/--  CCC+/Negative/--

Electricidad Argentina S.A.      CCC-/Negative/-- CCC/Negative/--

Empresa Distribuidora Y
Comercializadora Norte S.A.
(Edenor)                         CCC-/Negative/-- CCC/Negative/--

Alto Palermo S.A.                B-/Negative/--   B/Negative/--

IRSA Inversiones y
Representaciones S.A.            B-/Negative/--   B/Negative/--

CLISA-Compania
Latinoamericana
de Infraestructura
y Servicios S.A.                 B-/Negative/--   B/Negative/--

Rating Downgrades; Watch Negative
Alto Parana S.A.                 B+/Watch Neg/--  BB-/Negative/--

Loma Negra C.I.A.S.A.            B/Watch Neg/--   B+/Negative/--

Petrobras Argentina S.A.         B+/Watch Neg/--  BB-/Negative/--

Ratings Affirmed; Outlook Revised to Negative

CAPEX S.A.                       B-/Negative/--   B-/Stable/--

Hidroelectrica Piedra
del Aguila S.A. (HPDA)           B-/Negative/--   B-/Stable/--

Mastellone S.A.                  B-/Negative/--   B-/Stable/--

Raghsa S.A.                      B-/Negative/--   B-/Stable/--

Ratings Placed Watch Negative
Industrias Metaluricas
Pescarmona S.A.                  B+/Watch Neg/--  B+/Stable/--


* S&P Cuts Ratings to 'B-' on 4 Deals Issued by Salta and Neuquen
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings to 'B-' from 'B' on four outstanding structured
transactions issued by the provinces of Salta and Neuquen.

"The rating actions follow on the lowering of our unsolicited
ratings on the Republic of Argentina to 'B-' from 'B' and our
transfer and convertibility assessment of the country to 'B-' from
'B'. The outlook on the country remains negative," S&P said.

                            Rationale

"These rating actions follow the downgrade of Argentina and
reflect our view that the government of Argentina could face
increasing debt management crisis," S&P said.

"Salta currently has two structured transactions secured by oil
and gas royalties: Salta Hydrocarbon Royalty Trust's US$234
million secured amortizing notes issued in February 2001 and
Salta's US$185 million secured amortizing notes issued in March
2012. The notes issued under both transactions are collateralized
by Salta's right to receive approximately 80% of the hydrocarbon
royalties that different concessions from predetermined areas pay
to Salta. These areas include Aguarage (including Sierra de
Aguarage, Rio Pescado, Campo Dur n- Madrejones, and La Bolsa),
„acatimbay, Palmar Largo, Ramos, Acambuco, Puesto Guardi n,
Tartagal Oeste, Agua Blanca, El Vinalar, Cuchuma-Lumbrera, San
Antonio Sur, Valle Morado, and IpaguazŁ," S&P said.

"Salta Hydrocarbon Royalty Trust has an outstanding balance of
$11.435 million. We expect the transaction to be fully repaid on
Dec. 28, 2012, the next scheduled payment due date. The
transaction also benefits from overcollateralization, an insurance
policy provided by ACE Bermuda Ltd. ('AA-') that protects the
issuer from the risk that the Argentine government may impose
exchange controls that could interfere with the program's ability
to transfer or convert currency as needed for interest payments,
and a liquidity reserve fund equal to the next two interest debt
service payments. On the other hand, Salta's US$185 million
secured amortizing notes have not started making principal
payments yet and are only paying interest. Its first principal
payment is due on December 2013," S&P said.

"Neuquen has two outstanding structured transactions secured by
oil royalties: Neuquen's Titulos de Desarrollo Provincial
(TIDEPRO) US$250 million secured amortizing notes issued in
October 2006 and US$260 million debt cancellat ion bond program
(TICAP) issued in April 2011. The notes issued under both
transactions are secured by certain oil royalties that different
oil producers from predetermined areas pay to Neuquen. These areas
include Entre Lomas, El Trapial, and Puesto Hernandez for
TIDEPRO's notes; and Centenario, Chihuido de la Sierra Negra, Loma
La Lata-Sierra Barrosa, San Roque, El Trapial, and Puesto
Hernandez for TICAP's notes," S&P said.

"The TIDEPRO's notes have an outstanding balance of $74.25
million, and the next debt service payment is scheduled for
January 2013. The TICAP bonds are still in their principal grace
period and are complying with the timely interest payments. The
first principal payment is due on April 2013," S&P said.

         Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

Ratings List
RATINGS DOWNGRADED
Rating Transaction              To               From
Salta, secured amortizing notes B-               B

Salta Hydrocarbon Royalty Trust,
targeted amortizing notes       B-               B

Neuquen, debt cancellation
bond program                    B-               B

Neuquen, Titulos de
Desarrollo Provincial
secured amortizing notes        B-               B


* S&P Lowers Issuer Credit Ratings of 4 Argentine Banks to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'B' its
global scale issuer credit ratings on Banco Hipotecario S.A.,
Banco Patagonia S.A., Banco de Galicia y Buenos Aires S.A., and
Banco de la Provincia de Buenos Aires. The outlook on the ratings
remains negative.

                            Rationale

"The downgrade on the Republic of Argentina is based on the
increasing risks the government will face on its debt management
following the Second Circuit Court of Appeals of the United
States' ruling ratifying the judgment of the New York district
court granting summary judgment to plaintiffs on their claims for
breach of the Equal Treatment Provision. Thiis rule could
potentially increase the liabilities of Argentina and the debt
service of the government over the near term. In addition, recent
negative events, such as the payment in local currency of a
province liability denominated in U.S. dollars issued under
Argentinean Law and the blocking of a Navy ship in Ghana by
litigants from the 2001 sovereign default, highlight the
increasing risks the government of Argentina will continue to face
to define its economic policy management and financial program
over the near term," S&P said.

"We rarely rate financial institutions above the foreign currency
ratings on the countries where they operate because we consider it
unlikely that these institutions would remain unaffected by
developments in their domestic economy. Also, all the financial
institutions operating i Argentina could face indirect effects of
a sovereign downgrade. This is because we believe a sovereign
downgrade is normally associated with, or could lead to, a weaker
operating environment for financial institutions, which would very
likely affect their creditworthiness. These trends could harm the
credit fundamentals of these four banks. We will continue to
monitor their financial condition closely," S&P said.

                               Outlook

"The negative outlook indicates at least a one-in-three chance of
a downgrade over the next 12 months. Increasing risks on external
debt payments derived from the consequences of legal actions
against Argentina in international courts, a worsening external
position, mostly likely from financial outflows, or additional
policy actions that exacerbate political polarization and further
diminish Argentina's growth prospects could lead to a downgrade.
On the other hand, the ratings could stabilize if the government
takes actions that restore investor confidence on medium-term
prospects for the economy (on the monetary or structural front),
and thus reduce uncertainty over its external liquidity position.
A revision to stable on the sovereign outlook will trigger a
similar rating action on the country's banks," S&P said.

Ratings List
Downgraded

Banco Hipotecario S.A.          To             From

Issuer credit rating            B-/Negative/-- B/Negative/--

Banco Patagonia S.A.
Issuer credit rating            B-/Negative/-- B/Negative/--

Banco Galicia S.A.
Issuer credit rating            B-/Negative/-- B/Negative/--

Banco de la Provincia de Buenos Aires
Issuer credit rating            B-/Negative/-- B/Negative/--


* S&P Lowers Issuer Credit Ratings on 4 Argentine LRGs to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings to 'B-' from 'B' on the City of Buenos Aires and the
provinces of Buenos Aires, Cordoba, and Mendoza following the
downgrade of Argentina. The outlook remains negative.

                            Rationale

"These rating actions follow the downgrade of Argentina and
reflect the close linkage between the sovereign and the local
governments in Argentina. In addition to facing similar economic
challenges, critical links include significant revenue transfers
(both coparticipation and discretional transfers) from the central
government to the local and regional ones, direct financing by the
central government of infrastructure projects, and the central
government power to authorize any new debt. At the same time, we
are noticing increased regulatory risk and less access to foreign
currency, which also deteriorate the local and regional
governments' credit quality," S&P said.

                               Outlook

"The negative outlook on the city of Buenos Aires and the
provinces of Cordoba, Mendoza, and Buenos Aires reflects the
outlook on the sovereign," S&P said.

Ratings List

Downgraded

Mendoza (Province of) Issuer Credit Rating
                                  To               From

Foreign Currency                  B-/Negative/--   B/Negative/--
Senior Unsecured (1 issue)        B-               B

Cordoba (Province of) Issuer Credit Rating
Foreign Currency                  B-/Negative/--   B/Negative/--
Senior Unsecured (1 issue)        B-               B

Buenos Aires (Province of) Issuer Credit Rating
Foreign Currency                  B-/Negative/--   B/Negative/--
Senior Unsecured (10 issues)      B-               B

Buenos Aires (City of) Issuer Credit Rating
Foreign Currency                  B-/Negative/--   B/ Negative/--
Senior Unsecured (4 issues)       B-               B



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


AELOS FUND: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 24, 2012, the sole shareholder of Aelos Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         CCSA Finance Ltd.
         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


BII FINANCE: Creditors' Proofs of Debt Due Nov. 5
-------------------------------------------------
The creditors of BII Finance Company are required to file their
proofs of debt by Nov. 5, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 24, 2012.

The company's liquidator is:

         Alex Antonio Urtubia
         Telephone: 345 815 0497
         Facsimile: 345 949 7743
         e-mail: bcpalex@candw.ky
         Millennium bcp Bank & Trust
         Strathvale House-3rd Floor
         90 North Church Street
         P.O. Box 30124 Grand Cayman KY1-1201
         Cayman Islands


BII FINANCE: Shareholders' Final Meeting Set for Nov. 6
-------------------------------------------------------
The shareholders of BII Finance Company will hold their final
general meeting on Nov. 6, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Sept. 24, 2012.

The company's liquidator is:

         Alex Antonio Urtubia
         Telephone: 345 815 0497
         Facsimile: 345 949 7743
         e-mail: bcpalex@candw.ky
         Millennium bcp Bank & Trust
         Strathvale House-3rd Floor
         90 North Church Street
         P.O. Box 30124 Grand Cayman KY1-1201
         Cayman Islands


CHINA VALUE: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------
The creditors of China Value Investment Fund are required to file
their proofs of debt by Nov. 6, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Dr. Hao Wang
         87 Headland Drive, Discovery Bay
         Hong Kong


EMERGING MARKETS: Creditors' Proofs of Debt Due Nov. 9
------------------------------------------------------
The creditors of Emerging Markets Futures Fund Limited are
required to file their proofs of debt by Nov. 9, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2012.

The company's liquidator is:

         Michael Penner
         c/o Marcin Czarnocki
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228
         Facsimile: +1 (345) 949 8258


EMERGING MARKETS MASTER: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------------------
The creditors of Emerging Markets Futures Master Fund Limited are
required to file their proofs of debt by Nov. 9, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2012.

The company's liquidator is:

         Michael Penner
         c/o Marcin Czarnocki
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228
         Facsimile: +1 (345) 949 8258


GALISTEO CAPITAL: Creditors' Proofs of Debt Due Nov. 8
------------------------------------------------------
The creditors of Galisteo Capital Qualified Partners, Ltd. are
required to file their proofs of debt by Nov. 8, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 24, 2012.

The company's liquidator is:

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


GPTH RESEARCH: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 25, 2012, the sole shareholder of GPTH Research &
Development Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         George Parker
         225 Broadway, Suite 1901, New York
         New York 10007
         USA
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


IVY MA HOLDINGS: Creditors' Proofs of Debt Due Nov. 8
-----------------------------------------------------
The creditors of Ivy Ma Holdings Cayman Master 15, Ltd. are
required to file their proofs of debt by Nov. 8, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 25, 2012.

The company's liquidator is:

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


KAYMAR INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 26, 2012, the sole shareholder of Kaymar Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128



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


DIGICEL GROUP: LIME Wins Dispute in Court
-----------------------------------------
RJR News reports that Lime scored a victory over its telecoms
rival Digicel Group Limited in the court.

Digicel Group took Lime to court in 2003 in a $16 million suit for
monies it said Lime owes for interconnection fees, according to
RJR News.

The report relates that Digicel Group had billed Lime for calls on
its network, but the charges were disputed because Lime contended
that bill was higher than they should have been.

The calls were billed to Lime as local calls which in 2003, were
much more expensive than international calls, the report relates.

But, the report says that Lime contested the charges, saying the
calls were actually of an international origin which were made by
persons to seem as if they originated locally.

Digicel's own investigation is shown to have supported Lime's
claim, the report notes.

The hearing in the case was concluded in 2007, but judgment was
reserved and handed down, the report discloses.

The report adds that the court recognized Lime was correct in
offsetting the charges when it paid Digicel Group less than it was
billed for.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.



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T R I N I D A D  &  T O B A G O
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CL FIN'L: Trinidad & Tobago Launches CLICO Investment Fund
----------------------------------------------------------
Trinidad Express reports that the CLICO Investment Fund (NEL2),
which is supposed to settle outstanding money owed to Colonial
Life Insurance Company (Trinidad) Limited (CLICO) policyholders,
was scheduled to launch on Nov. 1, 2012.

The launch was to take place at the Ministry of Finance offices,
Eric Williams Finance Building in Port of Spain, according to
Trinidad Express.  The report relates that the Fund comprises in
part 40,072,299 Republic Bank Ltd shares with a nominal value of
nearly $4.4 billion (at current market prices).

The report notes that this means Finance Minister Larry Howai will
have kept the first part of his budget promise to bring closure to
the CLICO issue.

From Jan. 2, 2013, the fund is expected to begin trading on the
Trinidad and Tobago Stock Exchange (TTSE), the report relates.

Trinidad Express says that these shares were transferred from
Colonial Life Insurance Company (Trinidad) Ltd to the Fund
sponsor-the Government-and subsequently transferred to the Fund
Trustee, Clico Trust Corporation Ltd, as part of the initial
assets of the Fund.

The Republic Bank shares in the Fund represent 25 per cent of the
total issued share capital of Republic, the report notes.

The Fund is an initiative of the Government to settle, through the
issue of units in the Fund, amounts due to holders of Short-Term
Investment Products (STIPS) sold by Colonial Life Insurance
Company (Trinidad) Ltd and British American Insurance Company
(Trinidad) Ltd.

The report says that policyholders of STIPS valued at over $75,000
will receive cash payments up to $75,000 and zero-coupon 1-20 year
bonds for the difference.  When the Fund begins trading they will
be able to exchange those bonds for units in the Fund, the report
relates.

Republic Bank Ltd is the Fund Administration agent as well as one
of the distributors of the Fund.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2012
----------------------------------------------------

Issuer              Coupon   Maturity    Currency      Price
------              ------   --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS             8.28   12/31/2033   USD         65.9
ARGENT-$DIS             8.28   12/31/2033   USD         73.3
ARGENT-$DIS             8.28   12/31/2033   USD         73.8
ARGENT-PAR              1.18   12/31/2038   ARS         40.8
ARGENT- DIS             7.82   12/31/2033   EUR           45
ARGENT- DIS             7.82   12/31/2033   EUR           66
ARGENT- DIS             7.82   12/31/2033   EUR         66.8
ARGENT- DIS             4.33   12/31/2033   JPY           44
ARGENT- PAR             0.45   12/31/2038   JPY           15
ARGENT- PAR&GDP         0.45   12/31/2038   JPY            8
ARGNT-BOCON PRE9           2   3/15/2014    ARS           57
BANCO MACRO SA          9.75   12/18/2036   USD         72.5
BANCO MACRO SA          9.75   12/18/2036   USD         73.3
BANCO MACRO SA          9.75   12/18/2036   USD           71
CAPEX SA                  10   3/10/2018    USD           67
CAPEX SA                  10   3/10/2018    USD         71.8
CIA LATINO AMER          9.5   12/15/2016   USD           60
EMP DISTRIB NORT        9.75   10/25/2022   USD           48
EMP DISTRIB NORT        9.75   10/25/2022   USD         46.6
EMP DISTRIB NORT        10.5   10/9/2017    USD           95
PROV BUENOS AIRE       9.625   4/18/2028    USD           60
PROV BUENOS AIRE       9.625   4/18/2028    USD         60.4
PROV BUENOS AIRE       9.375   9/14/2018    USD         69.4
PROV BUENOS AIRE      10.875   1/26/2021    USD         69.6
PROV BUENOS AIRE       9.375   9/14/2018    USD         69.6
PROV BUENOS AIRE      10.875   1/26/2021    USD         69.7
PROV DE FORMOSA            5   2/27/2022    USD         63.9
PROV DE MENDOZA          5.5   9/4/2018     USD         74.2
PROV DEL CHACO             4   12/4/2026    USD         30.4
PROV DEL CHACO             4   11/4/2023    USD           57
TRANSENER               9.75   8/15/2021    USD         46.3
TRANSENER               9.75   8/15/2021    USD         44.6
TRANSENER              8.875   12/15/2016   USD         49.5


BRAZIL
------

CESP                    9.75   1/15/2015    BRL         72.4
REDE EMPRESAS         11.125                USD           44
REDE EMPRESAS         11.125                USD           38
REDE EMPRESAS         11.125                USD           43


CAYMAN ISLAND
-------------

BCP FINANCE BANK        5.01   3/31/2024    EUR         63.4
BCP FINANCE BANK        5.31   12/10/2023   EUR         65.9
BCP FINANCE CO         5.543                EUR         37.7
BCP FINANCE CO         4.239                EUR         37.3
BES FINANCE LTD         5.58                EUR         52.8
BES FINANCE LTD          4.5                EUR         61.3
CAM GLOBAL FIN          6.08   12/22/2030   EUR         56.5
CHINA FORESTRY         10.25   11/17/2015   USD         55.1
CHINA FORESTRY         10.25   11/17/2015   USD         55.1
CHINA SUNERGY           4.75   6/15/2013    USD         52.1
EFG ORA FUNDING          1.7   10/29/2014   EUR         69.6
ESFG INTERNATION       5.753                EUR         39.7
GOL FINANCE             8.75                USD           73
GOL FINANCE             8.75                USD         71.9
HIDILI INDUSTRY        8.625   11/4/2015    USD         68.9
HIDILI INDUSTRY        8.625   11/4/2015    USD           70
JINKOSOLAR HOLD            4   5/15/2016    USD           35
LDK SOLAR CO LTD        4.75   4/15/2013    USD         65.1
LUPATECH FINANCE       9.875                USD           56
LUPATECH FINANCE       9.875                USD         55.3
RENHE COMMERCIAL          13   3/10/2016    USD         50.9
RENHE COMMERCIAL          13   3/10/2016    USD         53.5
RENHE COMMERCIAL       11.75   5/18/2015    USD         55.1
RENHE COMMERCIAL       11.75   5/18/2015    USD         55.1
SUNTECH POWER              3   3/15/2013    USD           47
SUNTECH POWER              3   3/15/2013    USD         46.9


CHILE
-----

CGE DISTRIBUCION        3.25   12/1/2012    CLP         10.1
CHILE                      3   1/1/2042     CLP         66.4
CHILE                      3   1/1/2042     CLP         66.4
CHILE                      3   1/1/2040     CLP         67.7
CHILE                      3   1/1/2040     CLP         67.7
CHILE                      3   1/1/2032     CLP         74.5
CHILE                      3   1/1/2032     CLP         74.5
COLBUN SA                3.2   5/1/2013     CLP         50.7
QUINENCO SA              3.5   7/21/2013    CLP         12.6


PUERTO RICO
-----------

PUERTO RICO CONS         6.5   4/1/2016     USD           64
PETROLEOS DE VEN         5.5   4/12/2037    USD         60.9
PETROLEOS DE VEN       5.375   4/12/2027    USD         62.4

VENEZUELA
---------

VENEZUELA                  7   3/31/2038    USD         72.4
VENEZUELA                  7   3/31/2038    USD         72.5


                            ***********


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
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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
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                            ***********


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.

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