TCRLA_Public/121107.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

           Wednesday, November 7, 2012, Vol. 13, No. 222


                            Headlines



B E R M U D A

ASSOCIATED CUISINE: Court to Hear Wind-Up Petition on Nov. 9
SCHRODER PROPERTY: Court to Hear Wind-Up Petition on Nov. 16


C A Y M A N  I S L A N D S

ALTAIR STARS: Creditors' Proofs of Debt Due Nov. 8
ANSHER SPC: Commences Liquidation Proceedings
BRYANT PARK: Creditors' Proofs of Debt Due Nov. 8
EXCLUSIVE HOLDINGS: Placed Under Voluntary Wind-Up
JEAN-PAULE INVESTMENT: Placed Under Voluntary Wind-Up

KAMP RE 2005: Creditors' Proofs of Debt Due Nov. 26
KIMO.COM (CAYMAN): Creditors' Proofs of Debt Due Nov. 8
NEW STRATEGY: Creditors' Proofs of Debt Due Nov. 7
NTTL CAYMAN: Creditors' Proofs of Debt Due Nov. 8
RYAN LABS: Placed Under Voluntary Wind-Up


E L  S A L V A D O R

* EL SALVADOR: Moody's Cuts Government Bond Rating to 'Ba3'


J A M A I C A

* JAMAICA: Fallen Behind Debt Payments, Minister of Finance Says


M E X I C O

GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR on Bond Reopening


N I C A R A G U A

* NICARAGUA: To Get $35MM IDB Loan to Boost Electricity Service


T R I N I D A D  &  T O B A G O

LIAT: St. Lucia Still Mulling Over Airline Investment


                            - - - - -


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B E R M U D A
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ASSOCIATED CUISINE: Court to Hear Wind-Up Petition on Nov. 9
------------------------------------------------------------
A petition to wind up the operations of Associated Cuisine Limited
will be heard before the Supreme Court of Bermuda on Nov. 9, 2012,
at 9:30 a.m.


SCHRODER PROPERTY: Court to Hear Wind-Up Petition on Nov. 16
------------------------------------------------------------
A petition to wind up the operations of Schroder Property Asia
Advisors Ltd will be heard before the Supreme Court of Bermuda on
Nov. 16, 2012, at 9:30 a.m.



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


ALTAIR STARS: Creditors' Proofs of Debt Due Nov. 8
--------------------------------------------------
The creditors of Altair Stars Fund Holdings 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. 28, 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


ANSHER SPC: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Aug. 1, 2012, the members of
Ansher SPC 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:

         Nozim Kabilov
         27, Dustmakhammedov Street
         Tashkent
         Uzbekistan
         Telephone: +998 90 321 6661
         e-mail: Nozim.kabilov@ansherglobal.com


BRYANT PARK: Creditors' Proofs of Debt Due Nov. 8
-------------------------------------------------
The creditors of Bryant Park CDO 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. 26, 2012.

The company's liquidator is:

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


EXCLUSIVE HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 19, 2012, the shareholders of Exclusive Holdings Ltd.
resolved to voluntarily wind up the company's operations.

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:

         Stewart Walker
         12-14 David Place, St. Helier, Jersey
         Channel Islands
         Great Britain, JE2 4TD
         Telephone: +44 (1534) 760100
         Facsimile: +44 (1534) 760125


JEAN-PAULE INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Sept. 26, 2012, the shareholder of Jean-Paule Investment Ltd.
resolved to voluntarily wind up the company's operations.

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:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


KAMP RE 2005: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------
The creditors of Kamp RE 2005 Ltd are required to file their
proofs of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidators are:

         Owen Dinnall
         Dena Thompson
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone: 914-2255/ 949-5263
         Facsimile: 949-6021


KIMO.COM (CAYMAN): Creditors' Proofs of Debt Due Nov. 8
-------------------------------------------------------
The creditors of Kimo.Com (Cayman) Corporation 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. 28, 2012.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


NEW STRATEGY: Creditors' Proofs of Debt Due Nov. 7
--------------------------------------------------
The creditors of New Strategy Fund Limited are required to file
their proofs of debt by Nov. 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 2012.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


NTTL CAYMAN: Creditors' Proofs of Debt Due Nov. 8
-------------------------------------------------
The creditors of NTTL Cayman, 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 wind-up proceedings on Sept. 18, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


RYAN LABS: Placed Under Voluntary Wind-Up
-----------------------------------------
On Sept. 14, 2012, the shareholders of Ryan Labs TALF Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 23, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ryan Labs, Inc. dba Ryan Labs Asset Management
         88 Pine Street, 32nd Floor
         New York, NY 10005



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E L  S A L V A D O R
====================


* EL SALVADOR: Moody's Cuts Government Bond Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has downgraded El Salvador's long-term
government bond rating to Ba3 from Ba2. At Ba3, the outlook is
stable. The short-term government bond rating is Not Prime and is
not affected by this action.

Ratings Rationale

The one-notch downgrade of El Salvador's rating to Ba3 captures
Moody's assessment of the sovereign credit challenges the country
faces as a result of a weak growth outlook and its implications
for debt ratios that, at present, are relatively high and have
been on an upward trend .

Real GDP has grown by just 1.9% on average over the past decade,
compared to a Ba-rated median of 4.7%. Moreover, growth has been
weaker over the past five years (1% on average) than the five
years prior (2.8% on average). Despite a rebound in workers'
remittances since 2009, growth has been structurally weak due to
low and declining investment ratios, which Moody's expects will
fall to 14% of GDP in 2012 from 16% in 2007. Moody's projections
for GDP growth are in line with official projections at 1.3% for
2012 and 2.3% for 2013 but, given the economy's vulnerability to
shocks, risks are weighted to the downside.

In spite of the government's recently announced fiscal
consolidation measures, continued weak investment and growth
prospects will make it difficult for the government to consolidate
public finances. A fiscal deficit of 3.9% of GDP in 2011 was
higher than the 3.5% target contemplated in the IMF Stand-By
Arrangement and Moody's expects the government to miss this year's
2.5% of GDP target, likely posting a 3.8-3.9% of GDP deficit
instead, compared to the Ba-rated median of 3.2%. The government
has recently announced several revenue-enhancing and expenditure-
cutting measures for 2013, which it expects will lead to a
narrowing of the deficit to 2.7% of GDP. Moody's projections are
in line with this deficit forecast.

Since growth prospects remain weak and the government has a
challenging outlook in the years to come, it will be difficult to
reduce debt ratios. Accordingly, Moody's anticipates that the
debt-to-GDP ratio will remain at around 53% of GDP and 270% of
revenues in 2012, up from 39% and 215% in 2007. These ratios
compare unfavorably to Ba-rated medians of 44% and 186%,
respectively. Beginning in 2013 and assuming that the budget
deficit narrows as expected, government debt ratios should remain
relatively stable.

In summary, growth as well as fiscal metrics in El Salvador
compare unfavorably relative to Ba-rated medians, making Ba3 the
more appropriate rating.

In conjunction with this rating action, Moody's downgraded El
Salvador's foreign-currency bond and deposit ceilings to Ba1 from
Baa3. Because the economy is officially dollarized, Moody's
withdrew the country's Baa3 local currency bond and deposit
ratings.

Outlook Rationale

The maintenance of a stable outlook on El Salvador's Ba3 rating
reflects a credit profile that balances key challenges (e.g., weak
growth and private investment, ongoing pension outlays, and
vulnerability to US- and climate-related shocks) with strengths
that include strong cross-party willingness to implement fiscal
consolidation as well as promote growth and private investment, an
extended track record of repayment, and frequent access to
international capital markets.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



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J A M A I C A
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* JAMAICA: Fallen Behind Debt Payments, Minister of Finance Says
----------------------------------------------------------------
RJR News reports that data from the Minister of Finance, show that
the government has fallen behind in debt payments, while borrowing
is running ahead of schedule.

Payments on the principal portion of the debt at the end of
September, were J$861 million lower than planned, according to RJR
News.

The report relates that most of the lower than planned payments,
were on the external portion of the debt.  RJR News notes that
interest payments were also J$3.3 billion lower than expected.

At the same time, government borrowings were J$940 million more
than planned, the report adds.



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


GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR on Bond Reopening
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issuer credit
rating on Grupo Embotellador Atic S.L. (Grupo Atic). The outlook
remains stable. At the same time, Standard & Poor's affirmed its
'BB' issue rating on the company's senior unsecured debt following
the proposed reopening of the notes, which were first launched in
May 2012. Under the proposed reopening, the outstanding bond
principal could increase to US$450 million. The notes are
scheduled to mature on May 14, 2022, and carry a fixed coupon rate
of 6.5%.

"The ratings on Grupo Atic reflect our assessment of the company's
fair business risk profile, significant financial risk profile,
and adequate liquidity," said Standard & Poor's credit analyst
Luis Martinez.

The issuer of the notes is Ajecorp B.V., a wholly owned subsidiary
of Grupo Atic that was created for the sole purpose of issuing the
notes. Grupo Atic plans to use the proceeds to refinance existing
debt and for general corporate purposes and capital expenditures.

Grupo Atic and its subsidiaries jointly, severally, and
unconditionally guarantee the notes. The issue-level rating is at
the same level as the corporate credit rating, reflecting the
upstream guarantees from Grupo Atic's operating subsidiaries,
which mitigate the company's structural subordination relative to
operating company liabilities.



=================
N I C A R A G U A
=================


* NICARAGUA: To Get $35MM IDB Loan to Boost Electricity Service
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a
$35 million loan to improve electricity service in Nicaragua, the
third part for the National Sustainable Electrification and
Renewable Energy Program (PNESER, the Spanish acronym).

PNESER aims to support the transformation of the country's energy
matrix and increase electricity coverage from 65 percent to 85
percent of the population, improving the quality of life for the
more than 1.7 million Nicaraguans.  It will also lower electricity
costs for families by reducing dependence on fossil fuel-generated
electrical power and by implementing energy efficiency measures.

The operation brings the IDB contribution for PNESER to $87.5
million over three loans.  The first was provided in 2010 and the
second the following year.

The total contribution for PNESER adds up to $419 million,
including in addition to the IDB loans, additional funding from
the Export Import Bank of Korea (KEXIM), the Latin America
Investment Facility (LAIF), the European Investment Bank (EIB),
the Central American Bank for Economic Integration (CABEI), the
Nordic Development Fund (NDF), OPEC Fund for International
Development (OFID) and the Japan International Cooperation Agency
(JICA).

The program's overarching objectives will address Nicaragua's lack
of electricity in rural areas, insufficient transmission and grid
infrastructure, systemic inefficiencies, high dependence on fossil
fuels, and lack of investment in renewable sources.

Over the next four years PNESER will provide service to 117,390
new users, totaling 702,000 people in 3,666 rural communities. The
IDB loans will help finance electricity service connections to
6,762 of these homes. Service will also be normalized for 164,000
households, totaling 984,000 people, who currently have illegal
electrical connections.

The IDB financing consists of $17.5 million from the Fund for
Special Operations, for a term and grace period of 40 years and an
interest rate of 0.25 percent; and a $17.5 million loan from the
Ordinary Capital for a 30-year term, a 5.5 year grace period, and
a SCF-Fixed rate of interest



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


LIAT: St. Lucia Still Mulling Over Airline Investment
-----------------------------------------------------
Jamaica Gleaner reports that Prime Minister Dr. Kenny Anthony
remains doubtful whether St. Lucia can at this time participate in
the redevelopment of the regional airline LIAT, which is seeking
to purchase new aircraft and expand its route network.

The St. Lucia government is being asked to play a greater fiscal
role in the struggling carrier which has been beset by financial
difficulties and misfortune, according to Jamaica Gleaner.

Earlier this year, the report notes that the St. Vincent and the
Grenadines government, one of three shareholders of the Antigua-
based airline, called on Castries to fast track its decision to
become a significant shareholder.

However, despite a sales pitch by airline officials in late
October, Prime Minister Anthony remains circumspect about
investment in the financially strapped carrier, the report
relates.

The report notes that Mr. Anthony that the outlay for the new
fleet of aircraft would be significant, a tall order for the
carrier which has accumulated million of dollars in debt.

Mr. Anthony said he was mindful of the importance of upgrading the
carriers fleet and the fate of the dedicated employees, but noted
that his government too was faced with economic challenges, the
report adds.

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

                         *     *     *

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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