TCRLA_Public/121112.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 12, 2012, Vol. 13, No. 225


                            Headlines



A R G E N T I N A

COMODITY JEANS: Creditors' Proofs of Debt Due Nov. 28
GRINFIN SA: Creditors' Proofs of Debt Due Dec. 5
MARTA CALUCH: Creditors' Proofs of Debt Due Nov. 30
PVCRED SERIE XV: Moody's Rates ARS8.9-Mil. Certificates 'C.ar'
* ARGENTINA: Fitch Puts Three Ratings on Watch Negative


B R A Z I L

CENTRAIS ELETRICAS: Brazilian Company Files Chapter 15 in N.Y.
CONCESSIONARIA AUTO: Moody's Assigns 'Ba2' CFR; Outlook Stable


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
ARLBERG LIMITED: Members Receive Wind-Up Report
BLACKSTONE HBL: Shareholders' Final Meeting Set for Nov. 19
COLORADO EQUITY: Shareholders Receive Wind-Up Report
CRESTVIEW LIMITED: Members Receive Wind-Up Report

GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
HSBC LION: Shareholder to Receive Wind-Up Report on Nov. 13
HSBC ROSE: Member to Hear Wind-Up Report on Nov. 13
HSBC ROSE INVESTMENT: Member to Hear Wind-Up Report on Nov. 13
JL FALCON: Shareholders Receive Wind-Up Report

MOTRICITY CAYMAN: Shareholders Receive Wind-Up Report
PLAINFIELD CAPITAL: Shareholders Receive Wind-Up Report
QIB COLORADO: Shareholders Receive Wind-Up Report
QIB WALNUT: Shareholders Receive Wind-Up Report
WALNUT EQUITY: Shareholders Receive Wind-Up Report


G R E N A D A

LA SOURCE GRENADA: Sandals Acquires Hotel, To Reopen Next Year


J A M A I C A

LIME JAMAICA: Q1 Profit Drops 25% to J$4BB on Telecom Tax
* JAMAICA: U.S. Trade Deficit Falls to 2-Year Low


M E X I C O

ALPEK SAB: S&P Lifts Global Scale Rating From 'BB+'
EVEN CONSTRUTORA: S&P Affirms 'BB-' Global Corp. Credit Rating


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Gruppo Campari Moves on to Buy Lascelles de Mercado


X X X X X X X X

* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2012


                            - - - - -


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


COMODITY JEANS: Creditors' Proofs of Debt Due Nov. 28
-----------------------------------------------------
Aldo Ruben Maggiolo, the court-appointed trustee for Comodity
Jeans SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 28, 2012.

Mr. Maggiolo 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:

         Aldo Ruben Maggiolo
         Jufre 250
         Argentina


GRINFIN SA: Creditors' Proofs of Debt Due Dec. 5
------------------------------------------------
Estudio Aguilar Pinedo, Rascado Fernandez y Asociados, the court-
appointed trustee for Grinfin SA's reorganization proceedings,
will be verifying creditors' proofs of claim until Dec. 5, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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. 27, 2013.

The Trustee can be reached at:

         Estudio Aguilar Pinedo, Rascado Fernandez y Asociados
         Suipacha 531
         Argentina


MARTA CALUCH: Creditors' Proofs of Debt Due Nov. 30
---------------------------------------------------
Olga Esther Fagnani, the court-appointed trustee for Marta Caluch
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 30, 2012.

Ms. Fagnani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Olga Esther Fagnani
         Montevideo 596
         Argentina


PVCRED SERIE XV: Moody's Rates ARS8.9-Mil. Certificates 'C.ar'
--------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XV to be
issued by Equity Trust Company (Argentina) S.A.- acting solely in
its capacity as issuer and trustee.

Moody's notes that as of Nov. 8, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

- ARS29,437,000 in Class A Fixed Rate Debt Securities (VRDA TF)
   of "Fideicomiso Financiero Pvcred Serie XV", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
   Currency)

- ARS66,553,000 in Class A Floating Rate Debt Securities (VRDA
   TV) of "Fideicomiso Financiero Pvcred Serie XV", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS23,038,000 in Class B Debt Securities (VRDB) of "Fideicomiso
   Financiero Pvcred Serie XV", rated Caa1.ar (sf) (Argentine
   National Scale) and Caa3 (sf) (Global Scale, Local Currency)

- ARS8,959,000 in Certificates (CP) of "Fideicomiso Financiero
   Pvcred Serie XV", rated C.ar (sf) (Argentine National Scale)
   and C (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
11,372 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

The VRDA TF will bear a fixed interest rate of 15%. The VRDA TV
will bear a floating interest rate (BADLAR plus 400bps). The VRDA
TV's interest rate will never be higher than 23% or lower than
15%. The VRDB will bear a fixed interest rate of 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 73.55% and
13,75% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance and accrued interest as of the
cut off date. The subordination levels will increase overtime due
to the turbo sequential payment structure.

The transaction also benefits from an estimated 36.17% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the cap of 23% for the VRDA TV.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a lognormal distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a mean of 14% and a coefficient of
variation of 70%; (b) for the "Cuota Ya" loans, a mean of 25% and
a coefficient of variation of 70%; (c) for "Refinanced" loans,
mean of 32% and a coefficient of variation of 70%; (d) for loans
with a discounted installment, mean of 13% and a coefficient of
variation of 70%; (e) for "Provenclick" loans originate through an
online platform, mean of 25% and a coefficient of variation of 70%
. Also, Moody's assumed a lognormal distribution for prepayments
with a mean of 40% and a coefficient of variation of 70%;

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 0.73% for the Floating Rate Debt
Securities, 30.18% expected loss for Class B Fixed Rate Debt
Securities and 81.87% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 5% from
the base case scenario, the ratings of the Class A Fixed Rate and
Class A Floating Rate would be unchanged. The ratings of the Class
B would likely be downgraded to Ca(sf). The ratings of the CP
would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.


* ARGENTINA: Fitch Puts Three Ratings on Watch Negative
-------------------------------------------------------
Fitch Ratings has placed the foreign currency ratings of three
local and regional Argentine governments' on Rating Watch
Negative.  Fitch also places the long-term foreign currency and
National long-term ratings on debt securities issued
internationally and payable exclusively in foreign currency on
Watch Negative.  Additionally, Fitch has affirmed the long and
short term local currency ratings and National's ratings for three
Argentine local and regional governments.  The Long-term Rating
Outlook is Stable.

These actions follow Fitch's decision to place Argentina's 'B'
foreign currency IDR on Rating Watch Negative, as a result of
increased uncertainty about the government's ability to service
its international securities issued under New York Law on a timely
basis using the U.S. financial system.

Although this ruling should not directly impact the ability of the
Argentine local and regional governments to make payments on their
foreign currency obligations using the U.S. financial system, it
may further impact the willingness of the Argentine government to
provide sub nationals with foreign exchange to make payments to
their cross currency debt obligations.  Other issues denominated
in foreign currency under foreign or local legislation that allow
for the possibility of payments in local currency in Argentina are
not affected by this rating action.

Fitch expects to resolve the Rating Watch Negative status of the
local and regional governments listed below once the Rating Watch
on the sovereign rating is resolved.

Fitch placed the foreign currency ratings of the following issuers
on Watch Negative:

  -- City of Buenos Aires: FC Long and Short Term Rating of 'B';
  -- Province of Salta: FC Long Term Rating of 'B';
  -- Municipality of La Plata: FC Long Term Rating of 'B';

Fitch has also placed the following issue ratings on Watch
Negative:

City of Buenos Aires
  -- Euro Medium-Term Note Programme (EMTN) up to USD1400 million
     'B/ 'AA(arg)'.
  -- Series 7 for USD 50 million 'B/ 'AA(arg)'.
  -- Series 8 for USD 475 million 'B/ 'AA(arg)'.
  -- Series 10 for USD 415 million 'B/ 'AA(arg)'.

Province of Salta

  -- Secured Note (Provincial Law 7,691) for USD 185 million
     'B/AA-(arg)'.

Additionally Fitch has affirmed the local currency Ratings and
National Ratings of the following issuers:

  -- City of Buenos : LC Long and Short Term Rating of 'B';
     National Long and Short Term Rating of 'AA(arg)' and 'A1+
     (arg)' respectively
  -- Province of Salta: LC Long Term Rating of 'B'; National Long
     Term Rating of 'AA-(arg)'
  -- Municipality of La PlataLC Long Term Rating of 'B'; National
     Long Term Rating of 'AA-(arg)'

The following issues have been affirmed:

  -- Series 9 for USD 85 million of City of Buenos Aires of issued
     under Euro Medium-Term Note Programme (EMTN): affirm Short-
     term rating at 'B' and affirm National Short-term rating at
     'A1+(arg)'.  This Series is denominated in US Dollars but it
     is payable in local currency.

  -- Bonds Class 1 for USD 100 million of City of Buenos Aires
     issued under Financing in Local Market Programme: affirm
     National Long-term rating at 'AA(arg)'.

  -- Programme of Short-Term Treasury Bills of City of Buenos
     Aires up to USD 950 million: affirm Short-term rating at 'B'
     and affirm National Short-term rating at 'A1+(arg)'



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


CENTRAIS ELETRICAS: Brazilian Company Files Chapter 15 in N.Y.
--------------------------------------------------------------
Centrais Eletricas do Para SA, a Brazilian utility know as Celpa
that was acquired this month by Equatorial Energia SA, filed for
Chapter 15 bankruptcy protection in New York (Bankr. S.D.N.Y. Case
No. 12-14568).

Dawn McCarty at Bloomberg News reports that the company, based in
Belem, Brazil, estimated both debt and assets of more than
$1 billion in documents filed in U.S. Bankruptcy Court in
Manhattan.

Celpa is asking the U.S. court to recognize the proceeding pending
before the Thirteenth Civil Court of Belem, State of Para, as a
"foreign main proceeding," according to court papers.

The report relates that Celpa filed for bankruptcy protection in
Brazil in February after a four-year freeze on rates pushed up
debt to about 2.3 billion reais.

The Bloomberg report discloses that Celpa distributes electricity
to 7.4 million people in 143 municipalities in the northern
Brazilian state of Para, the company said in the February filing.


CONCESSIONARIA AUTO: Moody's Assigns 'Ba2' CFR; Outlook Stable
--------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba2 corporate family rating
on the global scale and a A1.br corporate family rating on the
Brazilian National Scale to Concessionaria Auto Raposo Tavares
S.A. ("CART"). At the same time, Moody's assigned a Ba2 rating on
the global scale and a A1.br rating on the Brazilian National
Scale to BRL750 million senior, non-convertible, amortizing,
unsecured, to be converted into secured, debentures with maturity
of 12 years that will be issued by CART in the domestic market.
The outlook is stable for all ratings. This is the first time
Moody's has assigned ratings to CART.

Ratings Rationale

A portion of the proceeds of the debentures issuance will be used
to refinance the outstanding debt that was previously raised by
CART to pay for its fixed concession liability payments (CART's
first debentures issuance). The remaining portion of the proceeds
will partially finance CART's CAPEX program. Pursuant to the
concession contract, CART has the obligation to invest about
BRL1.126 billion (nominal) from 2012 to 2017, primarily related to
the duplication of 217.3 km of roads; over the life of the
concession CART will have to undertake about BRL2.2 billion in
CAPEX. The largest portion of the long-term financing has been
committed and partially disbursed by the Brazilian National
Development Bank -- BNDES.

CART's toll tariffs are adjusted annually by inflation, as
measured by the consumer price index (IPC-A). Also pursuant to the
concession contract, tariffs are sufficiently insulated from
events outside the control of the concessionaire so that CART can
request the rebalancing of the contract in case such events occur.
Any additional capital expenditures that the government may
require CART to undertake outside the scope of the concession
contract will give CART the right to request financial-economic
equilibrium of the contract, either through tariff adjustments
and/or the extension of the concession period.

The debentures will be issued pursuant to the legal framework
recently enacted by the Federal Government that provides tax
exemptions for debentures issued to finance infrastructure
projects in priority sectors (infrastructure debentures). CART's
debentures will be issued in the domestic market, with the full
underwriting commitment from the arranging financial institutions.

The debentures will be converted from unsecured to secured upon
the prepayment of the first debentures issuance, and debenture
holders will share security on a pari-passu basis with the BNDES.
Also the debentures will have cross-default provisions with BNDES'
loan, and will use the same financial covenants as BNDES: (i) DSCR
equal or higher than 1.2x; (ii) Total Equity/Total Assets higher
than 20%. Furthermore, pursuant to the financial plan in BNDES'
loan, INVEPAR (CART's controlling shareholder; Ba3/negative) is
required to make capital contributions in the amount of BRL248
million between 2013 and 2017. This amount has been committed by
INVEPAR's shareholders. In the event of a cash shortfall, INVEPAR
is required to provide the additional equity to CART.

The Ba2 and the A1.br ratings reflect CART's important role as a
link between the predominantly agricultural State of Mato Grosso
do Sul in Brazil's heartland and the Port of Santos, Brazil's
busiest seaport. Also, besides connecting the western parts of the
States of Mato Grosso do Sul and Sao Paulo with the Port of
Paranagua, another key seaport located in the northern part of the
State of Parana, it represents a direct route from the interior to
the capital city of Sao Paulo. The relatively long-track record of
a stable regulatory environment that has prevailed in the State of
Sao Paulo without any record of unilateral actions against private
toll road concessionaires, and CART's access to long-term funding
at subsidized conditions from BNDES to support its capital
expenditure (CAPEX) program further support the ratings as does
the commitment from INVEPAR's shareholders to provide the required
equity to CART. The stable outlook reflects Moody's opinion that
traffic will grow in line with the Brazilian GDP.

Notwithstanding, competition from other modes of transportation
such as the cargo railways operated by ALL Logistica S.A. (Ba3,
stable), and potentially from the Parana-Tiete hydro way
(currently under construction), as well as from alternate routes
such as ViaRondon, SP-294, and SP284/SP-425 somewhat constrains
the ratings. In addition, the limited traffic track record (since
2009), the high concentration of freight traffic (around 70%),
which is typically highly correlated with GDP, as well CART's high
leverage (13.5x Debt/EBITDA) and sizeable CAPEX program, further
constrain the ratings. As a result, Moody's traffic projections
are slightly more conservative than those prepared by CART.

Moody's expects that leverage, as measured by Funds from
Operations (FFO)-to-Debt will remain high until 2014 as a result
of CART's sizeable capital expenditure (CAPEX) program and traffic
ramp-up over a relatively long period of time, starting at 0.6% in
2012, reaching 9.8% in 2017. Moody's also estimates that Cash
Interest Coverage will keep stable at 1.1x in 2012 and 2013,
reaching 2.1x in 2017. In spite of CART's high leverage, Moody's
expects that the company will have a satisfactory liquidity
position in the next 24 months as a result of the long-term
funding from BNDES, a portion of which has already been disbursed.

The ratings could be upgraded if traffic volume increases above
Moody's forecast so that FFO / Debt stays above 8% and interest
coverage exceeds 2.5x on a sustainable basis.

The rating could be downgraded if traffic volume consistently
stays below Moody's forecast, so that FFO / Debt becomes lower
than 1.0%, and interest coverage falls below 1.1x on a sustainable
basis.

Concessionaria Auto Raposo Tavares S.A. (CART) is the
concessionaire of the Raposo Tavares toll road system, which is
located in the western part of the State of Sao Paulo, connecting
the cities of Bauru to Presidente Epitacio. CART has a 30-year
concession, which was granted by the Sao Paulo State
Transportation Authority (ARTESP) in March/2009. With nine toll
plazas, the 444km road system is composed by three road segments:
(i) SP 270 (Raposo Tavares); (ii) SP 225 (Joao Renno); and (iii)
SP 327 (Orlando Quagliato), serving the Administrative Region of
Presidente Prudente, which accounts for 15% of the GDP of the
State of Sao Paulo.

CART is fully owned by INVEPAR (Ba3, negative), one of the most
prominent infrastructure investment groups in Brazil. INVEPAR in
turn is controlled by OAS (24.44%), a heavy construction company,
and the three largest Brazilian pension funds, Previ (25.56%),
Petros (25.00%), and Funcef (25.00%). In the last twelve months
ending in June 2012 (LTM 06/2012), according to Moody's
methodology, CART reported net revenues of BRL185 million, EBITDA
of BRL68 million and a net loss of BRL37 million; in the last
twelve months ended on December 31, 2011, CART reported net
revenues of BRL178 million, EBITDA of BRL69 million, and a net
loss of BRL31 million.


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


ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anthracite Balanced Company (41) Limited
received on Nov. 3, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ARLBERG LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Arlberg Limited received on Oct. 9, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


BLACKSTONE HBL: Shareholders' Final Meeting Set for Nov. 19
-----------------------------------------------------------
The shareholders of Blackstone HBL Offshore Fund Ltd. will hold
their final meeting on Nov. 19, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Sean Flynn
         45 Market Street, Camana Bay
         PO Box 242 Grand Cayman KY1-1104
         Cayman Islands


COLORADO EQUITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Colorado Equity Limited received on Nov. 8,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


CRESTVIEW LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Crestview Limited received on Oct. 9, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Galisteo Capital Master Fund, Ltd. received on
Nov. 9, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HSBC LION: Shareholder to Receive Wind-Up Report on Nov. 13
-----------------------------------------------------------
The shareholder of HSBC Lion Funding (UK) Limited will receive on
Nov. 13, 2012, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Samit Ghosh
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ROSE: Member to Hear Wind-Up Report on Nov. 13
---------------------------------------------------
The shareholder of HSBC Rose Funding (UK) Limited will receive on
Nov. 13, 2012, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Samit Ghosh
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ROSE INVESTMENT: Member to Hear Wind-Up Report on Nov. 13
--------------------------------------------------------------
The shareholder of HSBC Rose Investment (UK) Limited will receive
on Nov. 13, 2012, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Samit Ghosh
         Alex Johnston
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


JL FALCON: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of JL Falcon Global Fund received on Nov. 9,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MOTRICITY CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Motricity Cayman Ltd. received on Nov. 1,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Gary Swearingen
         c/o 601 108th Avenue, NE Suite 800 Bellevue
         Washington 98004 USA
         c/o Barnaby Gowrie
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


PLAINFIELD CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Plainfield Capital Limited received on
Sept. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


QIB COLORADO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of QIB Colorado Equity Limited received on
Nov. 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


QIB WALNUT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of QIB Walnut Equity Limited received on Nov. 8,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


WALNUT EQUITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Walnut Equity Limited received on Nov. 8,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands



=============
G R E N A D A
=============


LA SOURCE GRENADA: Sandals Acquires Hotel, To Reopen Next Year
--------------------------------------------------------------
RJR News reports that Sandals has acquired the 100-room La Source
Grenada hotel and is to rename it Sandals La Source Grenada Resort
& Spa.  The report relates that it is due to re-open in the first
quarter of 2013.

Head of the Sandals chain, Gordon "Butch" Stewart, says
US$100 million will be invested in coming years to turn the
property from 100 rooms to 265, according to RJR News.  The report
relates that Mr. Stewart added that the additional development
will be the Tahiti Village.

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2012, Caribbean360.com said that La Source Grenada
Limited closed its operation on Oct. 15 due to "unforeseen
circumstances" cutting 150 jobs in the process.  The 100-room
luxury resort was seriously damaged by Hurricane Ivan in 2004 and
didn't reopen until February 2008, according to Caribbean360.com.



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


LIME JAMAICA: Q1 Profit Drops 25% to J$4BB on Telecom Tax
---------------------------------------------------------
RJR News reports that LIME Jamaica Limited (formerly Cable &
Wireless Jamaica Limited) LIME Jamaica is reporting that the
Special Telecommunication Tax implemented in July is having an
adverse impact on its revenues, according to RJR News.

The report relates that LIME's financial results for the quarter
ended September 30 show earnings declined 25% to J$4 billion.

The company said the tax hit revenues from its fixed voice segment
which fell by 13%, RJR News notes.

RJR News says that broadband revenues fell due to a net reduction
in subscribers and lower priced packages.

On the other hand, LIME's mobile revenue was up 21% due in part to
a 20% growth in subscribers, RJR News adds.

                       About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than
JM$17 billion.  Concurrently, its equity base has diminished to
JM$2 billion on its December 2011 unaudited balance sheet,
reflecting book value of two cents per share, the report added.


* JAMAICA: U.S. Trade Deficit Falls to 2-Year Low
-------------------------------------------------
RJR News relates that official figures from the Commerce
Department show the U.S. trade deficit has fallen to its lowest
level in almost two years.

The deficit in goods and services narrowed to US$41.5 billion in
September, raising hopes of increased strength in the US economy,
according to RJR News.  The report relates that the figure was 5%
lower than August's US$43.8 billion deficit and the lowest since
December 2010.

RJR News says that exports rose 3% to US$187 billion driven by
sales of aircraft and heavy machinery.

Imports also increased in September, rising 1.5% to US$228
billion, led by consumer goods, clothing and toys, RJR News notes.

The report says that the trade deficit with China widened to US$29
billion from US$28.7 billion in August.



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


ALPEK SAB: S&P Lifts Global Scale Rating From 'BB+'
---------------------------------------------------
Standard & Poor's Rating Services assigned its 'BBB-' global scale
rating on Alpek S.A.B. de C.V. and its proposed issuance of up to
$600 million 10-year unsecured notes. "At the same time, we raised
our global scale rating on Petrotemex to 'BBB-' from 'BB+' and
global scale rating to 'mxAA' from 'mxAA-'. The outlook on both
ratings is stable," S&P said.

The 'BBB-' ratings on Alpek and its wholly-owned subsidiary,
Petrotemex, reflect S&P's assessment of their "fair" business risk
profile and "intermediate" financial risk profile.

"Following Alpek's April 2012 IPO, subsequent $279 million capital
infusion at Petrotemex to reduce debt, and Alpek's current plans
to issue up to $600 million long-term notes to repay Petrotemex's
debt, we think that the credit quality of both companies is highly
intertwined and are now following a consolidated approach for the
ratings. This is because we consider that Alpek drives the Alfa
group's petrochemical business division main financial strategies
and takes the key financial decisions on cash and debt
management," S&P said.


EVEN CONSTRUTORA: S&P Affirms 'BB-' Global Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Even
Construtora e Incorporadora S.A. (Even) 'brA-' national scale
rating to positive from stable. "At the same time, we affirmed our
'BB-' global scale corporate credit rating on the company. The
outlook on this rating remains stable," S&P said.

"The positive outlook on the national scale rating reflects our
expectation that Even's financial profile will strengthen during
the next 18 months, as the company continues to prioritize
profitability and cash flows generation in 2012 and 2013. Despite
its relatively smaller size and narrower operating scope as a
niche player in the housing sector, we view Even's strategy as
prudent compared with that of many of its competitors and more
consistent in terms of execution, growth targets, geographical
expansion, and venture into new business lines. However, its
leverage metric has been rising in the past year or so, and we
don't project it to decline significantly in the next couple of
years. The ratings on Even reflect our assessment of its
'aggressive' financial risk profile and 'weak' business risk
profile," S&P said.



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


CL FINANCIAL: Gruppo Campari Moves on to Buy Lascelles de Mercado
-----------------------------------------------------------------
RJR News reports that Italy's Gruppo Campari has formally
initiated moves to acquire all of Lascelles de Mercado.

The company made the move on Nov. 9, 2012, offering US$4.32 cents
for each ordinary share that is still outstanding, according to
RJR News.  The report relates that Lascelles shareholders still
hold 9.3% of ordinary shares and 3% of preference shares.

RJR News notes that Gruppo Campari said it will pay US$0.57 for
each preference share.

The prices on offer for the shares, value Lascelles de Mercado at
US$415 million, the report says.

RJR News discloses that Gruppo Campari has already reached
agreement with holders of 90.7% of Lascelles ordinary shares and
97% of preference shares.

The Italians say they hope to complete the acquisition at the
beginning of December and will delist Lascelles de Mercado from
the Jamaica Stock Exchange shortly after, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 23, 2012, RJR News said that Italy's Gruppo Campari raised
EUR400 million, which it intends to use to help finance its
acquisition of Jamaica based Lascelles de Mercado.  Gruppo Campari
raised the funds, by targeting institutional investors and said it
was 12 times oversubscribed, even though the bonds were unrated,
according to RJR News.  The report related that the company had
initially said it wanted to raise EUR350 million but eventually
increased the amount to EUR400 million, because of the strong
interest from investors.  The report noted that Lascelles de
Mercado acquisition will cost Gruppo Campari about EUR330 million,
and the company said it will cancel bridge loans it had secured to
pay for the company.  RJR News said that the rest of the funds
that were borrowed on the bond market will be used for general
corporate objectives including lengthening its overall debt
maturity profile.

                        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.



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


* BOND PRICING: For the Week Nov. 5 to Nov. 9, 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
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 * * *