TCRLA_Public/121114.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 14, 2012, Vol. 13, No. 226


                            Headlines



A R G E N T I N A

GAINVEST RENTA: Moody's Assigns '(P)B-bf' Rating to Bond Fund
* ARGENTINA: Argentina Must Pay Holdout Creditors, Judge Insists


B R A Z I L

CEAGRO AGRICOLA: S&P Affirms 'B' Global Corporate Credit Rating


C A Y M A N  I S L A N D S

ANSHER SPC: Members Receive Wind-Up Report
ANTHRACITE BALANCED (JR-12): Members Receive Wind-Up Report
ANTHRACITE BALANCED (JR-13): Members Receive Wind-Up Report
ANTHRACITE BALANCED (JR-21): Members Receive Wind-Up Report
BRYANT PARK: Shareholders Receive Wind-Up Report

GLG ABSOLUTE: Shareholder Receives Wind-Up Report
GLG EMERGING: Shareholder Receives Wind-Up Report
GLG PENDRAGON: Shareholder Receives Wind-Up Report
INTERGEN TURKEY: Shareholders Receive Wind-Up Report
INTERGEN TURKEY HOLDINGS: Shareholders Receive Wind-Up Report

JEAN-PAULE INVESTMENT: Shareholders Receive Wind-Up Report
KENDAH GLOBAL: Members Receive Wind-Up Report
KIMO.COM (CAYMAN): Shareholders' Final Meeting Set for Nov. 16
NEW STRATEGY: Shareholders' Final Meeting Set for Nov. 23
POWER DEVELOPMENT: Shareholders Receive Wind-Up Report

SAM II GENERATING: Shareholders Receive Wind-Up Report
SAMALAYUCA CONSTRUCTION: Shareholders Receive Wind-Up Report
TEF HOLDINGS: Shareholders Receive Wind-Up Report
TERMOEMCALI EQUITY: Shareholders Receive Wind-Up Report
TERMOEMCALI HOLDINGS: Shareholders Receive Wind-Up Report


J A M A I C A

UC RUSAL: Incurs US$76 Million in Recurring Net Losses


M E X I C O

CEAGRO AGRICOLA: S&P Affirms 'B' Global Corporate Credit Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: Gov't Fears Criminal Probe of CLICO


                            - - - - -


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


GAINVEST RENTA: Moody's Assigns '(P)B-bf' Rating to Bond Fund
-------------------------------------------------------------
Moody's Investors Service has assigned provisional bond fund
ratings to Gainvest Renta Fija Proteccion Plus fund, a newly
launched fund that will be managed by Gainvest S.A. SGFCI. The
provisional ratings include a global bond fund rating of (P)B-bf
and a national scale rating of A-bf.ar.

Moody's has also downgraded the national scale rating of Gainvest
Renta Fija Dolares FCI, from B-bf/A-bf.ar to B-bf/Baa-bf.ar,
following its restructuring to invest exclusively on USD
denominated instruments, due to the fact that the bond fund's
investors are exposed to pesification risk which has been elevated
in the last several months.

Rating Rationale

"The fund ratings are based on Moody's expectation that Gainvest
RF Proteccion, which expect to receives subscriptions from
Gainvest RF Dolares portfolio, will maintain over 75% of invested
assets in corporate bonds, sub-sovereign government bonds and ABS
securities denominated in pesos linked to US dollar that are
issued by several companies with a minimum rating of B-bf/A-b.ar-
Baa-bf.ar. The balance of the fund's asset are expected to be
allocated to liquid assets basically local mutual funds,
predominantly rated at B-bf rating level," said Moody's lead
analyst Carlos de Nevares.

Additionally, Moody's downgraded the national scale rating of
Gainvest Renta Fija en Dolares, reflecting that the fund will keep
dollar-denominated assets. This now exposes the fund to asset
pesification risk that has become elevated since the Argentinean
government increased dollar exchange restrictions, for political
and economic reasons.

Moody's expects institutional investors, such as local insurance
companies and high net worth individuals who have been historical
clients of Gainvest SGFI affiliated companies, to become key
shareholder for the new fund.

Gainvest SA. SGFI. is an Argentina-domiciled subsidiary of INTL FC
Stone. As of September, Gainvest S.A managed investments of
approximately AR$1,382.9 million or approximately $293 million.


* ARGENTINA: Argentina Must Pay Holdout Creditors, Judge Insists
----------------------------------------------------------------
Nate Raymond at Reuters reports that U.S. District Judge Thomas
Griesa in Manhattan told Argentina it should not consider evading
a recent ruling requiring it to pay bondholders who did not
participate in two major debt restructurings after the country's
2002 default.

Judge Griesa in Manhattan said Argentina must not seek to avoid
making payments to the holdout bondholders in accordance with an
October 26 ruling from the 2nd U.S. Circuit Court of Appeals,
according to Reuters.

The report relates that Judge Griesa's comments came in response
to remarks by Argentine President Cristina Fernandez de Kirchner,
who said the country would not pay "one dollar to the 'vulture
funds'".

Reuters notes that the holdouts include Elliott Management Corp
affiliate NML Capital Ltd and the Aurelius Capital Management
funds.  They are suing to recoup $1.4 billion of defaulted debt,
the report relates.

Reuters cites that Judge Griesa also said he would move to quickly
resolve questions regarding how the payments will be made by
December 2, when Argentina is due to make the first of three
payments totaling more than $3 billion to bondholders.

The biggest payout will come December 15 when Argentina has to pay
holders of its growth-linked GDP warrants, issued during its harsh
2005 and 2010 debt swaps, the report notes.

Reuters says that the 2nd Circuit ruled that Argentina had
improperly discriminated against bondholders who did not
participate in the country's debt swaps.  About 93% of creditors
entered the swaps, exchanging their defaulted debt for new bonds,
the report relays.

The report notes that appeals court said Argentina had violated
bond provisions requiring it to treat bondholders equally by
paying those who did participate in the restructurings ahead of
the holdouts.

Following the appeals court ruling, NML Capital asked Judge Griesa
in a November 6 letter to rule quickly on two issues that the 2nd
Circuit sent back to the trial judge to determine, the report
says.

Reuters discloses that Judge Griesa grilled Argentina's lawyer,
Carmine Boccuzzi, on whether Argentina's leaders were moving to
defy the court order.

Ms. Boccuzzi told the judge that Argentina had complied with the
February order and had not made any changes to the way bondholders
were paid, the report says.

At the urging of NML, Judge Griesa scheduled a quick timetable to
resolve the questions posed by the 2nd Circuit, with briefing
scheduled for completion by mid-November, the report relates.

The report notes Judge Griesa said he intends to rule before the
December 2 payment so the holdout bondholders have a chance to get
a cut.  A stay on payments to NML and the other bondholders
remains in place at least until the judge issues a ruling, the
report adds.

The case is NML Capital Ltd et al v. Argentina, U.S. District
Court, Southern District of New York, No. 08-06978.



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


CEAGRO AGRICOLA: S&P Affirms 'B' Global Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Ceagro
Agricola Ltda., including the 'B' global scale and 'brBBB-'
Brazilian national scale corporate credit ratings. The outlook on
both ratings is stable.

"The ratings affirmation reflects our belief that Ceagro has
adequately funded its growth through both barter and spot grain
origination transactions, while it enjoys historically low levels
of credit risks and fairly stable margins. As expected, following
its 2010 bond issuance, the company increased barter model
transactions, which required additional working-capital
requirements that resulted in higher debt. The company's debt has
also increased following the depreciation of the Brazilian Real
and higher working capital requirements. Still, Ceagro's credit
metrics are stronger than those in line with a 'highly leveraged'
financial risk profile, incorporating the potential volatility of
the company's margins and credit metrics due to volatile grain
prices, which can rapidly weaken liquidity and credit metrics,"
S&P said.



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


ANSHER SPC: Members Receive Wind-Up Report
------------------------------------------
The members of Ansher SPC received on Oct. 31, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Nozim Kabilov
         27 Dustmakhammedov Street
         Tashkent
         Uzbekistan
         Telephone: +998 90 321 6661


ANTHRACITE BALANCED (JR-12): Members Receive Wind-Up Report
-----------------------------------------------------------
The members of Anthracite Balanced Company (JR-12) 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


ANTHRACITE BALANCED (JR-13): Members Receive Wind-Up Report
-----------------------------------------------------------
The members of Anthracite Balanced Company (JR-13) 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


ANTHRACITE BALANCED (JR-21): Members Receive Wind-Up Report
-----------------------------------------------------------
The members of Anthracite Balanced Company (JR-21) 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


BRYANT PARK: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Bryant Park CDO 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:

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


GLG ABSOLUTE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of GLG Absolute Return Bond Fund received on
Oct. 29, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


GLG EMERGING: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of GLG Emerging Markets (Special Assets) Fund 2
received on Oct. 29, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


GLG PENDRAGON: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of GLG Pendragon Event Driven Fund received on
Oct. 29, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


INTERGEN TURKEY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Intergen Turkey Projects, Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

Hugh Dickson is the company's liquidator.


INTERGEN TURKEY HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Intergen Turkey Holdings Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

Hugh Dickson is the company's liquidator.


JEAN-PAULE INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Jean-Paule Investment Ltd. received on
Oct. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KENDAH GLOBAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Kendah Global PTC Limited received on Oct. 30,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


KIMO.COM (CAYMAN): Shareholders' Final Meeting Set for Nov. 16
--------------------------------------------------------------
The shareholders of Kimo.com (Cayman) Corporation will hold their
final meeting on Nov. 16, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NEW STRATEGY: Shareholders' Final Meeting Set for Nov. 23
---------------------------------------------------------
The shareholders of New Strategy Fund Limited will hold their
final meeting on Nov. 23, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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


POWER DEVELOPMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Power Development Company Limited received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

Hugh Dickson is the company's liquidator.


SAM II GENERATING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Sam II Generating Company received on Oct. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

Hugh Dickson is the company's liquidator.


SAMALAYUCA CONSTRUCTION: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Samalayuca Construction Management Company Ltd
received on Oct. 31, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

Hugh Dickson is the company's liquidator.


TEF HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of TEF Holdings Ltd. received on Oct. 31, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Hugh Dickson is the company's liquidator.


TERMOEMCALI EQUITY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Termoemcali Equity Funding Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

Hugh Dickson is the company's liquidator.


TERMOEMCALI HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Termoemcali Holdings Ltd. received on Oct. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

Hugh Dickson is the company's liquidator.



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


UC RUSAL: Incurs US$76 Million in Recurring Net Losses
------------------------------------------------------
RJR News reports that UC RUSAL posted its biggest loss since its
listing on the Hong Kong Stock Exchange in 2010 but said it
expected orders to pick up towards the year-end, lifted by a
rebound in China.

UC RUSAL is the parent company of the Windalco and Alpart Alumina
plants in Jamaica.

UC RUSAL posted a recurring net loss of US$76 million for the
three months ended September, lagging the average forecast for a
US$35 million loss, according to RJR News.  The report relates
that the result compares with a recurring net profit of
US$620 million dollars a year earlier.

The company said the third quarter was seriously hit by weak
aluminum prices but it expects consumption to grow in the fourth
quarter, the report notes.

RJR News notes that the market value of UC RUSAL has declined by
about 27% to US$8.7 billion dollars over the past 12 months.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.



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


CEAGRO AGRICOLA: S&P Affirms 'B' Global Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Ceagro
Agricola Ltda., including the 'B' global scale and 'brBBB-'
Brazilian national scale corporate credit ratings. The outlook on
both ratings is stable.

"The ratings affirmation reflects our belief that Ceagro has
adequately funded its growth through both barter and spot grain
origination transactions, while it enjoys historically low levels
of credit risks and fairly stable margins. As expected, following
its 2010 bond issuance, the company increased barter model
transactions, which required additional working-capital
requirements that resulted in higher debt. The company's debt has
also increased following the depreciation of the Brazilian Real
and higher working capital requirements. Still, Ceagro's credit
metrics are stronger than those in line with a 'highly leveraged'
financial risk profile, incorporating the potential volatility of
the company's margins and credit metrics due to volatile grain
prices, which can rapidly weaken liquidity and credit metrics,"
S&P said.



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


CL FIN'L: Gov't Fears Criminal Probe of CLICO
---------------------------------------------
Starbroek News reports that in light of Trinidad opening a
criminal investigation of former Colonial Life Insurance Company
(Trinidad) Limited executives and several corporate entities
aligned to the collapsed insurance giant, AFC leader, Khemraj
Ramjattan said that the government should be held to a pledge by
former President Bharrat Jagdeo to initiate a probe into CLICO's
local operations prior to its collapse.

Ramjattan said, however, said that he does not believe that this
will happen because "the government is very fearful and it knows
upfront what the revelations will be," according to Starbroek
News.

The report notes that Attorney General and Minister of Legal
Affairs Anil Nandlall said that he was not aware that any
investigation had been done following Mr. Jagdeo's statement.

                        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.


                            ***********


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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