TCRLA_Public/130829.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

           Thursday, August 29, 2013, Vol. 14, No. 171


                            Headlines



A R G E N T I N A

GARANTIZAR SGR: Moody's Withdraws B2 Global Local Currency Rating
* ARGENTINA: Minister Says He Won't Change Payout Plans


B R A Z I L

ISA CAPITAL: Fitch Affirms Issuer Default Ratings at 'BB+'
OGX PETROLEO: To Pay Fine, Return Oil Exploration Blocks
OSX BRASIL: Batista Injects Cash in Firm While Shedding Oilfields


C A Y M A N  I S L A N D S

BLACK AND WHITE: Creditors' Proofs of Debt Due Sept. 30
BOCOM INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 23
F.A. INVESTMENTS: Creditors' Proofs of Debt Due Sept. 25
GALT FINANCIAL: Court Appoints Krys and MacInnis as Liquidators
GLOBAL TELESIS: Court Appoints Krys and MacInnis as Liquidators

JANA PIRANHA: Creditors' Proofs of Debt Due Sept. 16
LADY LUCK: Creditors' Proofs of Debt Due Sept. 18
LAMBADA LIMITED: Court Appoints Krys and MacInnis as Liquidators
LIFEINVEST OPPORTUNITY: Creditors' Proofs of Debt Due Sept. 26
NIPPON INVESTMENTS: Court Appoints Krys & MacInnis as Liquidators

PRIMUS CLO I: Creditors' Proofs of Debt Due Sept. 25
TRANSGLOBAL: Court Appoints Krys & MacInnis as Liquidators
WESTWIND MUTUAL: Court Appoints Krys & MacInnis as Liquidators


C O L O M B I A

ISAGEN SA: Uribe Lawyer Says Sale Suspended


J A M A I C A

PALMYRA: Mexican Company Stands Out as Preferred Buyer
* JAMAICA: Economy Contracts in April to June Quarter
* JAMAICA: Tourist Arrivals Fell in July


M E X I C O

BANCO MERCANTIL: Fitch Withdraws 'BB-' Perpetual Notes Rating
HIPOTECARIA SU CASITA: S&P Withdraws 'D' Rating on BRHCCB 07U
MAXCOM TELECOMUNICACIONES: Can Employ Kirkland as Lead Counsel
MAXCOM TELECOMUNICACIONES: Can Tap Pachulski as Local Del. Counsel
MAXCOM TELECOMUNICACIONES: Can Employ Santamarina as Mex. Counsel


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GARANTIZAR SGR: Moody's Withdraws B2 Global Local Currency Rating
-----------------------------------------------------------------
Moody's Latin America has withdrawn Garantizar SGR's B2 global
local currency and Aa3.ar national scale insurance financial
strength ratings with a negative outlook. Garantizar SGR is a
reciprocal guarantor in Argentina, whose largest shareholder is
the state-owned Banco de la Nacion Argentina (unrated).

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons
according to its withdrawal policy.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


* ARGENTINA: Minister Says He Won't Change Payout Plans
-------------------------------------------------------
Taos Turner at Daily Bankruptcy Review reports that Argentine
Economy Minister Hernan Lorenzino reaffirmed the government's
position that it won't pay so-called holdout creditors more than
it pays other investors who accepted earlier debt restructuring.


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


ISA CAPITAL: Fitch Affirms Issuer Default Ratings at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed ISA Capital do Brasil S.A.'s (ISA
Capital) foreign and local currency Issuer Default Ratings (IDRs)
at 'BB+', and its National scale rating at 'AA-(bra)'. In
addition, Fitch has affirmed the company's USD31.6 million of
senior secured notes outstanding at 'BBB-'. The Rating Outlook is
Stable.

Concurrently, Fitch has affirmed Companhia de Transmissao de
Energia Eletrica Paulista S.A.'s (CTEEP) National scale long-term
rating at 'AA+(bra)'. The rating action applies to approximately
BRL500 million of outstanding debentures maturing in 2014 and
2017. The Rating Outlook is stable.

Key Rating Drivers

ISA Capital's ratings reflect the strong credit quality of CTEEP,
its sole revenue source and only operating asset. CTEEP's strong
credit quality is attributable to the company's monopoly position,
its stable and predictable operating cash flow and its financially
sound credit profile. The ratings also reflect the noteholders'
structural subordination to CTEEP's obligations.

The one-notch rating uplift for ISA Capital outstanding bonds
reflects its enhanced recovery prospects due to the refinancing of
the majority of its debt with (subordinated, debt-like) preferred
equity. The 2017 bonds are currently over-collateralized. The
USD31.6 million (BRL57 million) of outstanding debt is secured by
60% of ISA Capital's shares in CTEEP, a stake which is currently
valued at approximately BRL1.4 billion based on CTEEP's current
market capitalization value of BRL6.1 billion.

Structural Subordination:

ISA Capital's credit quality reflects the company's structural
subordination to CTEEP's obligations given that ISA owns only
37.8% of its total capital and does not receive the full benefits
of operating cash flow. CTEEP's leverage is considered adequate
for the rating category, and ISA Captal's capital structure has
marginally improved since the company repurchased the bulk of its
debt outstanding and refinanced it with preferred equity. As of
Dec. 31, 2012, ISA Capital's consolidated debt amounted to
approximately BRL5 billion. This debt consisted of approximately
BRL3.7 billion at CTEEP and its subsidiaries and BRL1.2 billion at
ISA Capital (including its preferred shares). This translates into
a leverage ratio of 3.4x on a consolidated basis.

Strong Credit Metrics:
CTEEP's cash flow generation and cash flow distributions
(dividends) to ISA Capital are stable and predictable. ISA
Capital's consolidated funds from operations (FFO) interest
coverage ratio of approximately 15x as of Dec. 31, 2012 was
considered strong for the rating category. During 2012, ISA
Capital received approximately BRL200 million of dividends from
CTEEP. Going forward, distributions from CTEEP are expected to
range between BRL100 million and BRL200 million per year, down
from the previous expectation of BRL250 million to BRL300 million,
which reflects CTEEP's revised cash flow profile after the company
accepted the government's proposal to renew its main concession
for lower tariffs early. ISA Capital is expected to use the
proceeds it receives from CTEEP, together with its cash on hand
(which stood at approximately BRL422 million as of December 2012)
to pay dividends on preferred equity and service the remaining
portion of the 2017 bonds not tendered during 2010.

Low Business Risk:
CTEEP's monopoly position stems from its exclusive right to
provide electricity transmission services through its multiple
concessions. Furthermore, two CTEEP concessions are located in the
state of Sao Paulo, which accounts for one-third of Brazil's
overall GDP, making it one of the largest electricity consumers in
the country. CTEEP's strong market position should further benefit
the company when it participates in future bids for new
transmission lines.

Stable Cash Flow Generation:
CTEEP cash flow generation is very stable and predictable,
exhibiting the low business risk profile of an electric
transmission utility company. CTEEP's revenues are exempt from
volumetric risk as its maximum permitted annual revenue (PAR) is
based on the electricity transmission assets available to users,
instead of the transmitted electricity. The company's cash flow
generation saw a significant decrease at the end of 2012 given
that the company accepted a government proposal for early renewal
of its main concession which expires in 2015 for an upfront
payment of approximately BRL2.9 billion and an additional
compensation to be paid during the next 30 years of the
concession. CTEEP intends to use the proceeds from the upfront
payment to repay debt as it becomes due in order to maintain a
capital structure that is in line with the new cash flow
generation profile. Fitch expects ISA Capital's consolidated
leverage to range between 2.0x and 3.0x going forward.

Neutral Credit Impact From Concession Renewal:
CTEEP's decision to accept the government's proposal to renew its
concession had a neutral impact on the company's credit profile,
considering the expectation that CTEEP will use its upfront
payment compensation to pay down debt. In order to do the early
renewal of CTEEP's main concession, and reduce the company's
tariffs for it, the Brazilian Ministry of Mines and Energy (MME)
offered CTEEP an upfront payment of approximately BRL2.9 billion
and an estimated additional BRL3 billion which will likely be paid
over the 30-year life of the new concession period. CTEEP received
approximately BRL1.4 billion of the upfront payment in January
2013 and is receiving the remaining portion in 31 equal monthly
installments until July 2015. As a result of receiving these
proceeds, CTEEP's consolidated cash on hand as of June 2013 stood
at BRL1.2 billion, which compares favorably with the company's
short-term obligations of approximately BRL550 million.

The concession renewal process has somewhat affected CTEEP's
ability to upstream cash to its controlling shareholder through
dividend payments. As aforementioned, going forward, dividend
distributions from CTEEP to ISA Capital are expected to range
between BRL100 million and BRL200 million per year, down from the
previous expectation of between BRL250 million to BRL300 million,
which reflects CTEEP's revised cash flow profile. This revised
cash flow will create challenges for ISA Capital to meet its
preferred share buying program, which aims at acquiring the BRL1.2
billion of preferred shares between 2013 and 2016 in four equal
repurchase of BRL300 million per year.

Rating Sensitivities

Considerations that could lead to a positive rating action (in the
rating or Outlook) include improving macroeconomic conditions in
Brazil coupled with a Sovereign rating upgrade and a continuously
strong corporate financial profile.

Considerations that could lead to a negative rating action (rating
or Outlook) for ISA Capital include any changes in CTEEP's credit
quality, which could be negatively affected by a significant or
above-expectation increase in leverage; regulatory intervention in
the tariff adjustment process; and if relevant off-balance-sheet
contingencies become mandatory.


OGX PETROLEO: To Pay Fine, Return Oil Exploration Blocks
--------------------------------------------------------
Daily Bankruptcy Review reports that Brazilian oil firm OGX
Petroleo e Gas Participacoes SA, the flagship of businessman Eike
Batista's troubled industrial empire, said that it would return
nine oil and natural-gas exploration blocks it won at an auction
earlier this year.

Based in Rio de Janeiro, Brazil, OGX is an independent exploration
and production company with operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


OSX BRASIL: Batista Injects Cash in Firm While Shedding Oilfields
-----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that OSX Brasil SA,
Latin America's worst-performing stock this year, will use part of
a put option pledged by controlling shareholder Eike Batista as
the entrepreneur's oil company returns exploration licenses to cut
costs.

OSX's board "approved the exercising of the put option for the
equivalent in reais of as much as US$50 million," the shipbuilding
company said in a Brazilian regulatory filing, according to
Bloomberg News.

Bloomberg News notes that Mr. Batista will continue to hold at
least 50 percent of the company, OSX said in the filing.  Mr.
Batista gave OSX the right to sell to him as much as US$1 billion
of its stock at BRL40.14 apiece until March 2014, Bloomberg News
relates.  OSX previously exercised US$620 million of the option.

Minutes after the shipbuilder's announcement on Aug. 28, 2013,
Mr. Batista's oil company, OGX Petroleo & Gas Participacoes SA
(OGXP3), released a separate regulatory filing saying it will
return nine oil block licenses it was awarded by the government in
an auction in May, Bloomberg News relays.

OGX, which is seeking to cut costs, will keep stakes in licenses
it has in partnerships with other companies, Bloomberg News
discloses.

"The bad news about OGX contaminates the other companies"
controlled by Batista, Pedro Galdi, chief strategist at Sao Paulo-
based brokerage SLW Corretora, said in a telephone interview with
Bloomberg.  "OSX's news is good but not good enough to impact the
shares," Mr. Galdi added.

                          Platform Arrival

OSX's stock has declined 90 percent this year, the most among 710
Latin American companies worth at least $100 million, according to
data collected by Bloomberg.

Bloomberg News notes that the shipbuilder, based in Rio de
Janeiro, said Aug. 23 that it had canceled a contract with one of
its largest suppliers as part of a corporate restructuring.  It
also said that Marcelo Gomes, who was previously an external
adviser to the company on the restructuring, would take over as
chief executive officer and that its second floating production,
storage and off-loading vessel, or FPSO, had arrived in Brazil,
Bloomberg News relays.

The platform arrived in Rio on Aug. 24 from Singapore, according
to Bloomberg vessel tracking data.

                          Blackstone Hired

Bloomberg News relays that the vessel will be used at the Tubarao
Martelo field, in which Petroliam Nasional Bhd. acquired a stake
this year.  OGX said July 1 that it wouldn't develop three other
fields as planned and would redefine its business strategy,
Bloomberg News notes.

OGX also said then that it may shut its only oil-producing asset,
the Tubarao Azul field, next year, Bloomberg News discloses.

On Aug. 14 OGX said it hired Blackstone Group LP for "ongoing
efforts to assess its capital structure," Bloomberg News reports.

In the May auction, OGX picked up the nine blocks plus four
licenses with partners Exxon Mobil Corp. of the U.S., France's
Total SA and Brazil's QGEP Participacoes SA, Bloomberg News adds.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil SA, the shipbuilding
company of billionaire Eike Batista, denied a report it failed to
make payments on debt held by Spanish infrastructure group
Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.



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


BLACK AND WHITE: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of Black and White Investment Ltd. are required to
file their proofs of debt by Sept. 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2013.

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


BOCOM INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 23
-----------------------------------------------------------
The creditors of Bocom International Dragon Secular Growth Fund
are required to file their proofs of debt by Sept. 23, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2013.

The company's liquidator is:

          Ogier
          Telephone: (345) 949 9876
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


F.A. INVESTMENTS: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------------
The creditors of F.A. Investments of Cayman are required to file
their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 2013.

The company's liquidator is:

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


GALT FINANCIAL: Court Appoints Krys and MacInnis as Liquidators
---------------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Galt Financial
Ltd.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands


GLOBAL TELESIS: Court Appoints Krys and MacInnis as Liquidators
---------------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Global Telesis,
Ltd.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands


JANA PIRANHA: Creditors' Proofs of Debt Due Sept. 16
----------------------------------------------------
The creditors of Jana Piranha Offshore Fund, Ltd are required to
file their proofs of debt by Sept. 16, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2013.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: 815-1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


LADY LUCK: Creditors' Proofs of Debt Due Sept. 18
-------------------------------------------------
The creditors of Lady Luck Holdings Limited are required to file
their proofs of debt by Sept. 18, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 7, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


LAMBADA LIMITED: Court Appoints Krys and MacInnis as Liquidators
----------------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Lambada
Limited.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands


LIFEINVEST OPPORTUNITY: Creditors' Proofs of Debt Due Sept. 26
--------------------------------------------------------------
The creditors of Lifeinvest Opportunity Fund LDC are required to
file their proofs of debt by Sept. 26, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2013.

The company's liquidator is:

          Darren P. Riley
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


NIPPON INVESTMENTS: Court Appoints Krys & MacInnis as Liquidators
-----------------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Nippon
Investments Ltd.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands


PRIMUS CLO I: Creditors' Proofs of Debt Due Sept. 25
----------------------------------------------------
The creditors of Primus CLO I, Ltd are required to file their
proofs of debt by Sept. 25, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 2013.

The company's liquidator is:

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


TRANSGLOBAL: Court Appoints Krys & MacInnis as Liquidators
----------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Transglobal
Investments, Limited.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands


WESTWIND MUTUAL: Court Appoints Krys & MacInnis as Liquidators
--------------------------------------------------------------
On Aug. 1, 2013, the Grand Court of the Cayman Islands appointed
Kenneth Krys and Margot MacInnis as liquidators of Westwind Mutual
Fund.

The Liquidators can be reached at:

          Kenneth Krys
          Margot MacInnis
          KRyS Global, Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          Grand Cayman
          Cayman Islands



===============
C O L O M B I A
===============


ISAGEN SA: Uribe Lawyer Says Sale Suspended
-------------------------------------------
Christine Jenkins at Bloomberg News reports that Isagen SA fell
the most in five years after a lawyer for former President Alvaro
Uribe said he won a court order temporarily suspending the
government's plans to sell a majority stake in the hydropower
producer.

"We demonstrated irreparable and immediacy of the harm if Isagen
is sold," Guillermo Rodriguez, a lawyer working on the case led by
Uribe, said in a post on his Twitter account, according to
Bloomberg News.  A tribunal in Cundinamarca province agreed to
suspend the government's sale of its stake as a "cautionary
measure," Mr. Rodriguez said, Bloomberg News relates.

Bloomberg News notes that Mr. Uribe said he opposes the sale
because Isagen SA is "needed to guarantee electric infrastructure"
in the country, according to a July 30 Twitter post.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2013, Fitch Ratings has upgraded Isagen S.A. ESP's
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BBB-'
from 'BB+'.  The Rating Outlook has been revised to stable from
positive.



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


PALMYRA: Mexican Company Stands Out as Preferred Buyer
------------------------------------------------------
Jamaica Gleaner reports that Jon Haldane, managing director of the
firm Sheldon Good & Company Limited, confirmed that a preferred
buyer has been found for the unfinished Palmyra condominium
complex in Montego Bay.

However, Mr. Haldane said discussions will continue with all
selected bidders until the main prospect has signed on the dotted
line and the sale has been approved by all parties involved,
according to Jamaica Gleaner.

Palmyra was placed in receivership by National Commercial Bank
Jamaica and RBC Royal Bank Jamaica, the report recalls.

Well-placed sources said that the preferred buyer is a Mexican
company, the report notes.

"We are currently negotiating with a number of parties, and until
that process is completed, that is all we have to say.  We have
signed confidentiality agreements. Until we have finalized with
someone, all contracts must be looked at," the report quoted Mr.
Haldane as saying.

Sources close to the talks indicate that a deal may happen within
two weeks, the report notes.

Jamaica Gleaner discloses that previous efforts to sell the
property at auction last year were unsuccessful.

Palmyra was taken over in July 2011 by NCB and RBC, which accused
the developers of defaulting on US$110 million of principal loans
-- US$22 million of which was financed by RBC while the other
US$88 million was arranged by NCB, Jamaica Gleaner relays.

Conceptualized by developer Robert Trotta, construction of the
condo complex was launched in November 2005.

                      Incomplete Construction

At takeover, it had 103 owners of individual condos, with 97 units
remaining for sale on the two completed blocks, known as Sabal
Tower and Silver Tower, the report says.

The report discloses that the shell of a high-rise hotel designed
for 88 studio suites, called Sentry Tower, and 11 three-bedroom
villas were at varying stages of completion.

The receiver for the property is Ken Tomlinson of Business
Recovery Services Limited.

Sheldon Good is associated with Racebrook Marketing Concepts, the
company hired to market the Palmyra.

Mr. Trotta, the report relays, sued the banks earlier this year to
recover the property, and is claiming losses of US$110 million.

NCB has said it will defend the lawsuit, and that the bank would
be taking steps to recover the loan, the report adds.


* JAMAICA: Economy Contracts in April to June Quarter
-----------------------------------------------------
RJR News reports that the Planning Institute of Jamaica has
confirmed that the economy contracted for a sixth successive
quarter between April and June, but said growth is expected to
return in the current quarter.

Colin Bullock, Director General of the PIOJ, said estimates are
that economic activity contracted by 0.4 % in the April to June
period, as declines in agricultural output and the financial
services sector outweighed expansion in other sectors, according
to RJR News.

The report relates that the decline meant the economy has
contracted by 0.8 % for the first half of the year, but Mr.
Bullock says, that could be regained with expansion in the current
July to September quarter.

"We expect the Jamaican economy to grow within the range of 0.5 to
1.5 %. Growth is expected to be supported by an expected return to
the positive performance for most industries, reflecting a
resurgence in output following the impact of Hurricane Sandy,
continued roll out of several growth inducing capital projects
approved in the 2013/2014 budget; some restoration of investor
confidence with the passing of the first International Monetary
Fund test and continuing global and economic recovery," the report
quoted Mr. Bullock as saying.

But the PIOJ Director General pointed out that the projections
could be thrown off by a hurricane or higher commodity prices, the
report notes.


* JAMAICA: Tourist Arrivals Fell in July
----------------------------------------
RJR News reports that preliminary indications are that tourist
arrivals fell in July, after showing some recovery in June.

Data released did not outline the level of decline in stop over
arrivals, but indications are that airport arrivals fell by 0.2%
in July, according to RJR News.  The report relates that total
stopover arrivals for the first half of the year fell 1.2%.

On the cruise side however, arrivals were up 7% in July when
compared to the period January to June when cruise arrivals were
down more than 11%, RJR News notes.


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


BANCO MERCANTIL: Fitch Withdraws 'BB-' Perpetual Notes Rating
-------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-' long-term rating of Banco
Mercantil del Norte, S.A.'s (Banorte) USD120 million junior
subordinated perpetual notes.

Fitch has withdrawn the rating as Banorte prepaid these notes
yesterday, and the rating is no longer considered analytically
meaningful. Accordingly, Fitch will no longer provide ratings or
analytical coverage for these subordinated notes.

The prepayment of these notes has no implications for Banorte's
ratings or its Outlook.


HIPOTECARIA SU CASITA: S&P Withdraws 'D' Rating on BRHCCB 07U
-------------------------------------------------------------
Standard & Poor's Rating Services lowered its Standard & Poor's
underlying ratings (SPURs) to 'D (sf)' from 'CC (sf)' on senior
classes BRHCCB 07U and BRHCCB 07-2U from one Mexican residential
mortgage-backed securities (RMBS) transaction issued by
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita) and
serviced by Patrimonio S.A. DE C.V., SOFOM, E.N.R (Patrimonio).
Immediately afterwards, S&P withdrew the SPUR and long-term global
scale rating of 'B (sf)' and Mexican national scale rating of
'mxBB+ (sf)' on BRHCCB 07U, because it was repaid.  The global
scale 'B (sf)' rating and national scale 'mxBB+ (sf)' rating on
the other senior class BRHCCB 07-2U, and S&P's national scale
'D (sf)' rating on the subordinated BRHCCB 07-3U notes, are
unchanged.

The downgrades reflect the fact that interest collections
available for this payment date (due Aug. 26, 2013), would have
been insufficient to fully meet both series' interest payments,
without considering the full financial guarantee insurance policy
provided by MBIA Mexico S.A. de C.V. (MBIA Mexico; mxBB+/Stable,
CaVal national scale rating, and B/Stable/-- insurer financial
strength rating).

The withdrawal of the ratings and SPUR on senior class BRHCCB 07U
follows the full repayment of its outstanding amount for
205,303.47 Mexican Inflation Linked Units (UDIs, equivalent to
MXN1.01 million) in the latest payment date.  The early redemption
occurred in the normal course of the transaction, which includes a
time-tranched structure, where senior class BRHCCB 07U is the
first to amortize, followed by senior series BRHCCB 07-2U.

Both senior classes, BRHCCB 07U and BRHCCB 07-2U, were able to
fully pay their scheduled interest payments with proceeds from the
financial guarantee insurance policy, which covered interest
shortfalls on both classes.  The ratings on the senior BRHCCB 07-
2U series currently mirror the ratings on MBIA Mexico, while its
SPUR reflects its standalone capacity to pay debt service absent
the insurance.

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the bond insurer (monoline) or the
SPUR on the security.  S&P's SPUR ratings on deals with full bond
insurance reflect the standalone capacity of an issue to pay debt
service without giving effect to the external enhancement (in this
case, the bond insurance provided by MBIA Mexico).

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III
               Class       Rating           Outs. amount
Tranche        type    To          From       (Mil. UDI)

BRHCCB 07U     SPUR    D (sf)      CC(sf)       0
BRHCCB 07-2U   SPUR    D (sf)      CC(sf)      422.32

RATINGS WITHDRAWN

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III
               Class
Tranche        type     Rating
BRHCCB 07U   Senior     B (sf)
BRHCCB 07U   Senior     mxBB+ (sf)
BRHCCB 07U   SPUR       D (sf)

RATINGS UNCHANGED

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III
               Class                    Outs. amount
Tranche        type       Rating        (mil. UDI)

BRHCCB 07-2U   Senior     B (sf)         422.32
BRHCCB 07-2U   Senior     mxBB+ (sf)     422.32
BRHCCB 07-3U   Sub.       D (sf)          64.85


MAXCOM TELECOMUNICACIONES: Can Employ Kirkland as Lead Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ Kirkland
& Ellis LLP as their attorneys to be paid the following
hourly rates:

   Partners                $655 - $1,150
   Of Counsel              $450 - $1,150
   Associates              $430 - $790
   Paraprofessionals       $150 - $335

The firm will also be reimbursed for any necessary out-of-pocket
expenses.

Marc Kieselstein, P.C., Esq. -- marc.kieselstein@kirkland.com --
Adam Paul, Esq. -- adam.paul@kirkland.com -- and Daniel R.
Hodgman, Esq. -- daniel.hodgman@kirkland.com -- at Kirkland &
Ellis LLP, are expected to take primary roles in providing
services to the Debtors.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


MAXCOM TELECOMUNICACIONES: Can Tap Pachulski as Local Del. Counsel
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ
Pachulski Stang Ziehl & Jones LLP as local Delaware counsel.

The principal attorneys and paralegals presently designated to
represent the Debtors and their current standard hourly rates are:

Laura Davis Jones, Esq.    $975
Timothy P. Cairns, Esq.    $575
Peter J. Keane, Esq.       $425
Lynzy McGee                $295

The firm will also be reimbursed for any necessary out-of-pocket
expenses.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


MAXCOM TELECOMUNICACIONES: Can Employ Santamarina as Mex. Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ
Santamarina y Steta, S.C., as their special Mexican corporate and
restructuring counsel.

The following professionals will take a primary role in providing
services to the Debtors and will be paid their customary hourly
rates:

Fernando del Castillo, Esq.         US$390
Carlos Montes Flores, Esq.            $241
Gabriela Meza Diaz de Leon, Esq.      $241
Adriana Padilla Rivas, Esq.           $200
Ana Laura Elizalde Leon, Esq.         $189
Karla Silva Rodriguez, paralegal       $89
Rodrigo Solis Azonos, paralegal        $89
Jorge Gaitan Burgos, paralegal         $89
Andres Sanchez Mendoza, paralegal      $89
Saady Ancheita Arroyo, paralegal       $89

The firm will also be reimbursed for any necessary out-of-pocket
expenses.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            ***********


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.


                   * * * End of Transmission * * *