TCRLA_Public/130710.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, July 10, 2013, Vol. 14, No. 135


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO RUTA: Moody's Assigns B3 Debt Ratings
SUPERVIELLE CREDITOS: Moody's Rates 2 Tranches of Debt Securities


C A Y M A N  I S L A N D S

ARCH ONE: Shareholder to Hear Wind-Up Report on Aug. 2
BASSO CREDIT: Members to Hold Final Meeting on Aug. 1
BLUEGOLD GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 2
CARETTA INTEGRATED: Shareholders to Hold Final Meeting on July 22
FINISTERRE EQUITY: Shareholders to Hold Final Meeting on Aug. 5

JF TWO: Shareholder to Hear Wind-Up Report on Aug. 2
RAB GLOBAL: Shareholders to Hold Final Meeting on July 26
SIGNUM BRONZE: Shareholder to Hear Wind-Up Report on Aug. 2
Y&B FUND: Members to Hold Final Meeting on Aug. 1


M E X I C O

OGX PETROLEO: Batista in Talks to Sell Oil License Stakes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: 'New Page' For Airline
LIAT: Adds U$$1.25 Security Fee To Tickets


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A R G E N T I N A
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FIDEICOMISO FINANCIERO RUTA: Moody's Assigns B3 Debt Ratings
------------------------------------------------------------
Moody's Latin America (Moody's) has assigned a rating of Baa3.ar
(national scale rating) and B3 (global rating, local currency) to
the VRD A and VRD B debt securities of Fideicomiso Financiero Ruta
N 6, a financial trust established under Argentine Law. The trust
will be issued by Equity Trust Company S.A. (Argentina), acting
solely in its capacity as issuer and trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

Rating Rationale

The assigned ratings are primarily based on the rating of the
Province of Buenos Aires as the obligor under the underlying
bonds. The Province of Buenos Aires is currently rated Baa3.ar
(national scale rating) and B3 (global rating, local currency).
Any future change in the rating of the Province of Buenos Aires is
likely to impact the rating of this transaction.

The underlying assets of the trust are bonds issued by the
Province of Buenos Aires on November 1, 2012. The sellers are two
companies that participated in the construction of the Provincial
Route NÝ6. The rated debt securities were structured to mirror the
terms and conditions of the underlying bonds.

The interest rate of the rated debt securities will replicate that
of the underlying bonds. The trustee will issue two different
tranches, VRD A and VRD B, equivalent to 61.09% and 38.91% of the
total amount issued respectively. The VRD B will pay principal
after the VRD A are paid in full. However, under a default event,
the VRD A and VRD B investors will have the same priority of
claims.

The interest and principal payment dates on the rated securities
will occur three business days after the payment date of the
underlying bonds. Trust expenses have been sized at closing and
will be paid at closing from bond proceeds or out of a dedicated
expenses reserve also funded at closing from bond proceeds.

The promise to investors is to receive timely interest and
principal before legal final, which will occur on March 4, 2016.

Since there is no excess spread or overcollateralization in this
transaction, any additional or unexpected taxes and/or expenses
that exceed the original expenses estimated by the arranger can
affect the repayment of the debt securities. However, if
extraordinary expenses or taxes become due, investors will have
the right to vote for an early liquidation of the transaction and
receive the underlying bonds as payment in kind on a pro rata
basis.

Moody's notes that there is a risk that a court may declare the
assignment of the underlying bonds to the issuing trust void if
the seller files for bankruptcy shortly after the assignment date
and the price paid for the assets is not considered a "fair market
value". However, this risk is mitigated by the fact that the rated
securities will be publicly offered.

The principal methodology used in this rating was Moody's Approach
to Rating Repackaged Securities published in April 2010.


SUPERVIELLE CREDITOS: Moody's Rates 2 Tranches of Debt Securities
-----------------------------------------------------------------
Moody's Latin America rates Supervielle Creditos 70, which is a
transaction that will be issued by Equity Trust S.A. -- acting
solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

- ARS 194,000,000 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 70", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS 6,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 70", rated B1.ar (sf) (Argentine National
Scale) and Caa2 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 28,182 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,002,039.60

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination of 3% for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

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
Supervielle's 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 considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.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 1.36% expected loss for Class A Floating
Rate Debt Securities and 22.37% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3
percentage points from the base case scenario for the pool (i.e.,
mean of 5.5% and a coefficient of variation of 50%), the ratings
of Class A Floating Rate debt securities and the Certificates
would likely be downgraded to B1 (sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published in May 2013.


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


ARCH ONE: Shareholder to Hear Wind-Up Report on Aug. 2
------------------------------------------------------
The shareholder of Arch One Finance Limited will receive on
Aug. 2, 2013, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaan/Jennifer Chailler
          Telephone: (345) 943 3100


BASSO CREDIT: Members to Hold Final Meeting on Aug. 1
------------------------------------------------------
The members of Basso Credit Opportunities Holding Fund Ltd. will
hold their final meeting on Aug. 1, 2013, at 4:00 p.m., to receive
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 Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BLUEGOLD GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 2
--------------------------------------------------------------
The shareholder of Bluegold Global Fund Inc will receive on
Aug. 2, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaan/Jennifer Chailler
          Telephone: (345) 943 3100


CARETTA INTEGRATED: Shareholders to Hold Final Meeting on July 22
------------------------------------------------------------------
The shareholders of Caretta Integrated Circuits will hold their
final meeting on July 22, 2013, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


FINISTERRE EQUITY: Shareholders to Hold Final Meeting on Aug. 5
----------------------------------------------------------------
The shareholders of Finisterre Equity Fund will hold their final
meeting on Aug. 5, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


JF TWO: Shareholder to Hear Wind-Up Report on Aug. 2
-----------------------------------------------------
The shareholder of JF Two Holdings Corp. will receive on Aug. 2,
2013, at 8:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaan/Jennifer Chailler
          Telephone: (345) 943 3100


RAB GLOBAL: Shareholders to Hold Final Meeting on July 26
----------------------------------------------------------
The shareholders of RAB Global Mining and Resources (Master) Fund
Limited will hold their final meeting on July 26, 2013, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


SIGNUM BRONZE: Shareholder to Hear Wind-Up Report on Aug. 2
-----------------------------------------------------------
The shareholder of Signum Bronze Limited will receive on Aug. 2,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949 8244
          Facsimile: (345)949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


Y&B FUND: Members to Hold Final Meeting on Aug. 1
-------------------------------------------------
The members of Y&B Fund Limited will hold their final meeting on
Aug. 1, 2013, at 4:00 p.m., to receive 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 Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


OGX PETROLEO: Batista in Talks to Sell Oil License Stakes
---------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that OGX Petroleo & Gas
Participacoes, the worst-performing oil producer in the Americas
this year, is in talks to sell stakes in crude oil block licenses
as it seeks to avoid running out of cash.

"The company is in talks over the blocks it won without partners"
in an auction in May, the Rio de Janeiro-based oil producer said
in a regulatory filing, according to Bloomberg News.

Bloomberg News notes that the company won 10 licenses to operate
blocks in the auction as well as stakes in three other blocks in
which it has partnerships with Exxon Mobil Corp., Total SA (FP)
and QGEP Participacoes SA. (QGEP3)

Bloomberg News relates that OGX, controlled by billionaire Eike
Batista, could be left with about $13 million by year's end if it
weren't to receive $250 million in cash from Petroliam Nasional
Bhd. as an initial payment for the acquisition of a 40 percent
stake in the Tubarao Martelo field, Credit Suisse AG said July 2.

The bank's estimate was released a day after OGX announced that it
may shut down its only producing oil field next year and said
three other fields aren't commercially viable, Bloomberg News
discloses.

Bloomberg News relates that OGX must pay the Brazilian oil
regulator BRL377 million ($166 million) in so-called bid bonuses
for the licenses it acquired in May.

Bloomberg News discloses that OGX's shares have declined 89
percent this year, the most among 263 oil and gas producers in the
Americas worth at least $100 million as tracked by Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Standard & Poor's Ratings Services lowered its
corporate credit rating on OGX Petroleo e Gas Participacoes S.A.
(OGX) to 'CCC' from 'B-'.  The outlook remains negative.  The
downgrade is primarily based on the company's recently announced
sharply lower production development plan.  According to the
announcement, the three wells at the Tubarao Azul field may cease
production by 2014 due to the company's lack of currently
available technology that would economically allow it to further
increase its production curve.  In addition, OGX cancelled the
orders for new oil platforms, and it won't develop the Tubarao
Tigre, Tubarao Gato, and Tubarao Areia fields.  Tubarao Martelo
field will be the only oil field that OGX is planning to  develop.


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T R I N I D A D  &  T O B A G O
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CARIBBEAN AIRLINES: 'New Page' For Airline
------------------------------------------
RJR News reports that Phillip Marshall, interim chairman of
Caribbean Airlines Limited, has signaled that changes should be
expected at the entity in coming months.  The notice was contained
in a message sent to the airline's staff and said the changes will
require full support by CAL's employees, according to RJR News.

In an obvious declaration that he intended to tackle the Air
Jamaica Limited situation head on, Mr. Marshall said last month's
meeting with  Dr. Omar Davies, Jamaica's Minister of Transport and
Works,  paved the way for the turning of  a 'new page' for the
airline, according to RJR News.

The report relates that Mr. Marshall wrote that the airline's
safety, customer service, financial and economic objectives as
well as relevant performance measures have to be specified and
achieved.

RJR News discloses that Jamaica has given the authorities in
Trinidad one month to outline the way forward for the Air Jamaica
brand under CAL's control following the reduction in flights

Caribbean Airlines Limited -- 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.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

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 said 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 noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in
January.


LIAT: Adds U$$1.25 Security Fee To Tickets
------------------------------------------
Trinidad Express reports that Leeward Islands Air Transport has
implemented a security surcharge on tickets in response to rising
security demands and spiraling security costs.

The new security surcharge of US$1.25 per one way trip applies to
all passengers, including children and infants, on all LIAT
flights, the airline said in a statement obtained by Trinidad
Express.

"Heightened airline and airport security over the last ten years
has resulted in rising security demands on airlines.  Additional
security measures at many airports have been introduced including
extra baggage searches and increased security around aircraft
while on the ground. . . . Over the past several years security
costs have been climbing and LIAT has been absorbing these costs
in an effort to cushion the effects on its customers.  With the
introduction of the security surcharge, LIAT hopes to recoup some
of the additional security costs," the statement said, the report
notes.

Trinidad Express discloses that the carrier said it joined more
than 100 airlines worldwide that introduced similar charges since
2001.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


                            ***********


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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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