TCRLA_Public/121212.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, December 12, 2012, Vol. 13, No. 247


                            Headlines



A R G E N T I N A

* ARGENTINA: Bond Ruling Being Appealed by Fintech Advisory


B R A Z I L

BANCO MERCANTIL: S&P Affirms 'BB-/B' Issuer Credit Ratings
COMPANHIA ENERGETICA: Takeover Seen on Decision to Cut Revenue


C A Y M A N  I S L A N D S

GCPF CAYMAN: Commences Liquidation Proceedings
LA CAMPANA: Placed Under Voluntary Wind-Up
NLA HOLDINGS: Creditors' Proofs of Debt Due Dec. 5
NORTH YARD: Placed Under Voluntary Wind-Up
OLYMPIA SPECIAL: Creditors' Proofs of Debt Due Dec. 6

OLYMPIA STAR: Creditors' Proofs of Debt Due Dec. 6
PIAF INVEST: Placed Under Voluntary Wind-Up
ZZ FUTURES: Placed Under Voluntary Wind-Up


J A M A I C A

CL FIN'L: Campari Closer to Full Acquisition of Lascelles


M E X I C O

* MUNICIPALITY OF TEPIC: Moody's Withdraws 'B3' Issuer Ratings


P U E R T O   R I C O

EL FARMER: Files for Chapter 11 in Puerto Rico


                            - - - - -


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


* ARGENTINA: Bond Ruling Being Appealed by Fintech Advisory
-----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Fintech Advisory
Inc., a New York investment advisory firm that holds restructured
Argentine debt, filed a notice that it is appealing a federal
judge's rulings in litigation over the country's defaulted bonds.

U.S. District Judge Thomas Griesa in Manhattan ruled on Nov. 21
that Argentina had to pay the $1.3 billion, which is claimed by
holders of the defaulted debt, into an escrow account by Dec. 15
if it made about $3 billion in scheduled payments on the
restructured debt this month, according to Bloomberg News.

Bloomberg News relates that the rulings sparked a rout in
Argentine bonds and caused Fitch to cut ratings on the country's
debt.

In a two-page court filing in Manhattan federal court, Fintech,
which is not a party in the case, said it is appealing the orders,
Bloomberg News discloses.

The U.S. Court of Appeals in New York delayed the effect of
Griesa's orders and set Feb. 27 for oral argument in the case.

The case is NML Capital Ltd. v. Republic of Argentina, 12-105,
U.S. Court of Appeals for the Second Circuit (Manhattan).



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


BANCO MERCANTIL: S&P Affirms 'BB-/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short term issuer credit ratings on Banco Mercantil Santa
Cruz S.A. (BMSC). The outlook is stable.

The ratings on BMSC reflect its "strong" business position, "weak"
capital and earnings, "adequate" risk position, "above average"
funding, and "adequate" liquidity.


COMPANHIA ENERGETICA: Takeover Seen on Decision to Cut Revenue
--------------------------------------------------------------
Rodrigo Orihuela & Christiana Sciaudone at Bloomberg News report
that Cia. Energetica de Sao Paulo's decision to give up half its
power plants is fueling speculation the state-run utility may be
sold after three failed attempts.

Cesp has gained 11% this month; the most among Brazilian
utilities, after saying it won't renew contracts accounting for
70% of its revenue under new rules outlined by the government last
month, according to Bloomberg News.  The report relates that the
refusal means Cesp can cut debt and boost investor returns, said
Cristiane Fensterseifer, an analyst at Porto Alegre, Brazil's
Geracao Corretora de Valores, which manages BRL6 billion ($2.9
billion) of stocks.

Sao Paulo state, which controls Cesp with 94% of the voting
shares, may sell the company now that the assets included in a
deal have been defined, Chief Executive Officer Mauro Arce told
Bloomberg News in an interview.  More than $13 billion in the
market value of Brazilian utilities has been wiped out since
Sept. 11, when President Dilma Rousseff announced a plan to force
companies to cut electricity prices as a condition for renewing
concessions, Bloomberg News says.

"Accepting the concession renewals would have created less value
than just letting them expire," Sergio Tamashiro, an analyst at
Banco Safra SA, told Bloomberg News in a telephone interview from
Sao Paulo.

Cesp will retain attractive assets and also receive government
compensation for returning assets, helping reduce debt, Mr.
Tamashir said, Bloomberg News notes.

Bloomberg News relates that Cesp was offered BRL1.7 billion in
compensation, less than a quarter of the BRL7.9 billion it sought,
Mr. Arce said.

Bloomberg News discloses that the government of Sao Paulo state
isn't discussing the sale of Cesp, a press official for the state
energy secretariat, who can't be named, said by telephone.  State
Energy Secretary Jose Anibal is also the chairman of Cesp.

The government of Sao Paulo state tried to sell its stake in 2008,
after failing to do so in 2000 and 2001, Bloomberg News recalls.
The plan was scrapped after it failed to attract bidders because
the federal government didn't ensure it would renew Cesp's
licenses, Bloomberg adds.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of March 13, 2012, the company continues to carry Moody's
"Ba1" long-term corporate family rating and senior unsecured debt
rating.



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


GCPF CAYMAN: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 15, 2012, the sole shareholder of GCPF Cayman Holding 6
Corp resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Russell Smith
         c/o Derek Larner
         Telephone: (345) 815 4555
         BDO CRI (Cayman) Ltd.
         Governors Square, Building 3, Floor 2
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands


LA CAMPANA: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 22, 2012, the sole shareholder of La Campana Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NLA HOLDINGS: Creditors' Proofs of Debt Due Dec. 5
--------------------------------------------------
The creditors of NLA Holdings (Cayman) Ltd are required to file
their proofs of debt by Dec. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 16, 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/ (441) 299-6482
         Facsimile: (441) 279-5832


NORTH YARD: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 17, 2012, the sole shareholder of North Yard Capital
Master Fund Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Joanne Steven
         Telephone: (345) 815 1895
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


OLYMPIA SPECIAL: Creditors' Proofs of Debt Due Dec. 6
-----------------------------------------------------
The creditors of Olympia Special Opportunities Fund Limited are
required to file their proofs of debt by Dec. 6, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2012.

The company's liquidator is:

         Newington Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105
         Cayman Islands


OLYMPIA STAR: Creditors' Proofs of Debt Due Dec. 6
--------------------------------------------------
The creditors of Olympia Star I 2007 Series Ltd. are required to
file their proofs of debt by Dec. 6, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2012.

The company's liquidator is:

         Newington Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105
         Cayman Islands


PIAF INVEST: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 12, 2012, the sole shareholder of Piaf Invest Ltd resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town Grand Cayman KY1-1107
         Cayman Islands


ZZ FUTURES: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 17, 2012, the sole shareholder of ZZ Futures Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands



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


CL FIN'L: Campari Closer to Full Acquisition of Lascelles
---------------------------------------------------------
RJR News reports that Campari is reporting further progress in its
quest to acquire 100% of Lascelles de Mercado.

Lascelles de Mercado is a subsidiary of CL Financial Group
Limited.

Campari said it taken control of 98.62% of ordinary Lascelles
shares, 100% of the 15% preference shares and 97.2% of the 6%
preference shares, according to RJR News.  The report relates that
this follows acceptance by shareholders of Campari's buyout offer.

RJR News notes that the offer is scheduled to close on Dec. 10 at
4:30 p.m. but Campari said if the preconditions are not met, it
will be extended to Dec. 14.

If the conditions are met during the period of extension, the
ordinary and preferred shares offered by stockholders will be
transferred across the floor of the Jamaica Stock Exchange, the
report discloses.



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


* MUNICIPALITY OF TEPIC: Moody's Withdraws 'B3' Issuer Ratings
--------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B3 (Global
Scale, local currency) and B3.mx (Mexican National Scale) assigned
to the Municipality of Tepic. The outlook on the ratings was
negative.

Ratings Rationale

Moody's has withdrawn the issuer ratings for its own business
reasons.

The last rating action on Tepic was on September 27, 2011, when
Moody's downgraded its issuer ratings to B3/B3.mx from B1/Baa2.mx
and placed them on negative outlook.

The date of the last Credit Rating Action was 27/09/2011.



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


EL FARMER: Files for Chapter 11 in Puerto Rico
----------------------------------------------
El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
12-09687) in Old San Juan, Puerto Rico, on Dec. 7, 2012.

The Debtor filed schedules disclosing $18.3 million in assets and
$12.0 million in liabilities, including $11.0 million owed to
secured creditor Banco Popular De Puerto Rico.  The Debtor owns
farm lands in Isabela, Puerto Rico.

The Debtor's counsel -- Modesto Bigas Mendez, Esq., at Bigas &
Bigas [ modestobigas@yahoo.com ] -- will charge $250 per hour for
services performed for the Debtor.


                            ***********


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
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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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