TCRLA_Public/130830.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

           Friday, August 30, 2013, Vol. 14, No. 172


                            Headlines



A R G E N T I N A

FONDO FINANCIERO: Moody's Rates Subordinated Debt Program '(P)B3'


B R A Z I L

OGX PETROLEO: Plans to Present Proposal to Restructure Debts


C A Y M A N  I S L A N D S

ASG GROWTH: Creditors' Proofs of Debt Due Sept. 25
CAPRICORN YACHT: Creditors' Proofs of Debt Due Sept. 17
CD CAPITAL: Creditors' Proofs of Debt Due Sept. 25
HB ASIA: Creditors' Proofs of Debt Due Sept. 25
MC GIP: Creditors' Proofs of Debt Due Sept. 17

MMIP INTERNATIONAL: Creditors & Contributories to Meet on Sept. 2
NORTHWOOD CAPITAL: Creditors' Proofs of Debt Due Sept. 16
NORTHWOOD CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 16
PHAROS GAS: Commences Liquidation Proceedings
PHAROS RUSSIA: Commences Liquidation Proceedings

PHAROS SMALL: Commences Liquidation Proceedings
PHAROS SMALL MASTER: Commences Liquidation Proceedings
ROONEY PROPERTIES: Commences Liquidation Proceedings
TITANIUM I SPV: Creditors' Proofs of Debt Due Sept. 27
WALLPAPER INVESTMENT: Creditors' Proofs of Debt Due Sept. 30


J A M A I C A

ALCOA INC: To Close Two Overseas Plants
* JAMAICA: Will Take No Action Against Airlines
* JAMAICA: Stock Market Shows Mixed Performance for April to June


M E X I C O

GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR; Outlook Stable
MAXCOM TELECOMUNICACIONES: Can Employ Lazard as Investment Banker
MAXCOM TELECOMUNICACIONES: Has Authority to Tap Alfaro as Advisor
MAXCOM TELECOMUNICACIONES: Has Court OK to Tap GCG as Admin. Agent


P E R U

* PERU: Forecasts Biggest Trade Deficit Since 1998 on Metals Slump


P U E R T O   R I C O

EL FARMER: Wants Access to Cash Collateral Until October 31
EL FARMER: PR Asset Portfolio Objects to Disclosure Statement


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: State to Pay Contractors, Minister Says


                            - - - - -


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


FONDO FINANCIERO: Moody's Rates Subordinated Debt Program '(P)B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned Fondo Financiero Privado
Eco Futuro (Eco Futuro)'s subordinated debt program of Bs.100
million a (P)B3 global local currency debt rating. Additionally,
Moody?s assigned a B3 global local currency debt rating to the
first expected issuance under the program of Bs. 32 million. At
the same time, Moody's Latin America assigned a A1.bo local
currency national scale debt rating to the bank's subordinated
debt program and to the first expected issuance under the program.

The outlook on all ratings is stable.

The following ratings were assigned to Fondo Financiero Privado
Eco Futuro S.A.:

Bs 100 million subordinated debt program:

Global Local Currency Subordinated Debt Program Rating: (P)B3

Bolivia National Scale Local Currency Subordinated Debt Program
Rating: A1.bo

First Bs. 32 million subordinated debt issuance:

Global Local Currency Subordinated Debt Rating: B3

Bolivia National Scale Local Currency Subordinated Debt Rating:
A1.bo

Ratings Rationale:

Moody's explained that the B3 local currency subordinated debt
rating derives from Eco Futuro's B2 global local currency deposit
rating, and as such, it takes the seniority of the notes into
account.

Moody's standalone rating reflects Eco Futuro's very limited
franchise within the financial fund industry, and its limited
geographic diversification and monoline microfinance nature; the
rating also incorporates the institution's adequate asset quality,
the conservative loan loss reserve policy and its adequate
capitalization level. However, Moody's notes Eco Futuro's
declining profitability and the concerns about weakening asset
quality in light of the fund's fast loan growth strategy and
leveraging of its customer base.

Fondo Financiero Privado Eco Futuro S.A. is headquartered in La
Paz, Bolivia, and it had assets of Bs. 1.9 billion and equity of
Bs. 145 million as of June 2013.

The principal methodology used in this rating was Global Banks
Methodology published in May 2013.


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


OGX PETROLEO: Plans to Present Proposal to Restructure Debts
------------------------------------------------------------
The Wall Street Journal reports that an unnamed source said OGX
Petroleo e Gas Participacoes SA, the flagship oil company
controlled by Brazilian businessman Eike Batista, plans to present
a proposal to restructure its debts in two weeks' time, in which
bonds would be swapped for shares and the firm would try to raise
fresh capital.

The fortunes of OGX Petroleo, the linchpin in Mr. Batista's
sprawling industrial empire, collapsed after its only operating
oil field failed to live up to expectations when it began
production in mid-2012, according to The Wall Street Journal.
That plunged OGX into financial turmoil and the future of Mr.
Batista's interlinked businesses -- which span oil and gas, mining
and logistics -- into question, The WSJ relates.

The WSJ notes that the company's management is now trying to turn
that around, and is developing a plan to erase some of the firm's
debts and bring in fresh capital to cover the costs of its
remaining operations.  Analysts have said the firm is strapped for
cash and could run out of money by the end of September, The WSJ
says.

The WSJ notes that it is unclear whether creditors would accept
the offer, or whether OGX would be able to raise fresh cash.
Moreover, The WSJ relays any new investor will want clarity on
OGX's viability, which remains highly uncertain.

The company is pinning its hopes on one oil field, Tubarao
Martelo, which is scheduled to begin operations by year-end, but
there is no guarantee that will meet expectations, The WSJ
discloses.

The WSJ notes that according to the source, the scope of the
firm's current thinking has two components: asking creditors to
exchange a "significant" amount of their bonds for shares in OGX,
and securing an injection of fresh capital, via the sale of shares
or debt.

Once the proposal is presented, the company would aim to wrap up
the transaction in 30 to 40 days, the source said, The WSJ relays.

The success of the deal might come down to the level of influence
OGX's main creditors may have in the company as a result of the
debt swap, said Marco Aurelio Guerra de Sa, a director at Credit
Agricole Securities, in Miami, The WSJ notes.  "I believe first
reaction will be negative in general, but at least there would be
an alternative," The WSJ quoted Mr. Guerra de Sa as saying.

Two of the firm's largest creditors are Pacific Investment
Management Co., or Pimco, and BlackRock Inc.

The WSJ notes that OGX has some US$3.6 billion in bonds
outstanding.  The value of the bonds has fallen to about 16 cents
on the dollar, indicating that investors aren't expecting to
recover much of their initial investment, The WSJ relates.  OGX
has hired financial advisers to consider options to make the firm
financially viable again.

The WSJ relays that creditors may also demand that Mr. Batista
himself put more money into the company he created.  However,
analysts believe Mr. Batista is unlikely to fulfill a commitment
made last year to invest an additional US$1 billion in OGX, as the
terms are very unfavorable, The WSJ says.

Mr. Batista had agreed to invest at BRL6.30 a share, whereas OGX's
shares are currently trading at around 0.58 cents, after falling
more than 90% over the last 12 months, The WSJ notes.

The source, The WSJ discloses, said Mr. Batista probably won't
sell control of OGX during the restructuring process, adding that
if this were to happen, it would only be after the swap.  Mr.
Batista has already sold controlling stakes in two of his firms,
power company MPX Energia SA and logistics firm LLX Logistica SA,
as part of his attempts to rescue his empire, The WSJ relays.

Meanwhile, The WSJ says a plan that could have helped OGX resolve
some of its cash problems appeared to flounder this week.

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2013, Bloomberg News said that Petroliam Nasional Bhd.,
Malaysia's state oil company, said its purchase of share in a
field owned by OGX Petroleo will hinge on the Brazilian oil
producer's debt restructuring plan.  The company, known as
Petronas, has yet to complete the transaction after agreeing in
May to pay US$850 million for a 40 percent stake in two blocks of
the Tubarao Martelo field off Brazil to Mr. Batista's OGX, Chief
Executive Officer Shamsul Azhar Abbas said, according to Bloomberg
News.  Petronas isn't involved in OGX's debt restructuring, Mr.
Abbas said, Bloomberg News related.  "The deal is still pending
full clarity with regard to the restructuring exercise. . . . OGX
hasn't met the condition precedent.  The debt restructuring has to
happen first," Bloomberg News quoted Mr. Abbas as saying.

The WSJ discloses that OGX said a debt restructuring isn't a
condition for the Petronas deal to go through.  Nonetheless, OGX
said it is trying to find a solution with Petronas to preserve the
relationship between the two firms, The WSJ relays.

Meanwhile, The WSJ notes that Mr. Batista continues to sell shares
in his companies to be able to pay debts.  Mr. Batista, The WSJ
adds, sold a 1.5% stake in OGX to pay bills, and could sell more
than 5% of shares, although he won't relinquish control of the
firm.  Mr. Batista also sold a 5.4% stake in his shipyard
operator, OSX Brasil SA, part of a previously announced sale of up
US$50 million in OSX stock that will be plowed back into the
company, The WSJ notes.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. 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.



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


ASG GROWTH: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------
The creditors of ASG Growth Markets Cayman Fund 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. 13, 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


CAPRICORN YACHT: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------------
The creditors of Capricorn Yacht Tri-Deck 140 are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2013.

The company's liquidator is:

          Ben Carter
          3060 Peachtree Rd. NW Suite 1800
          Atlanta GA 30305-2211
          USA


CD CAPITAL: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------
The creditors of CD Capital Limited 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. 6, 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


HB ASIA: Creditors' Proofs of Debt Due Sept. 25
-----------------------------------------------
The creditors of HB Asia Holdings, 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. 8, 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


MC GIP: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------
The creditors of MC GIP Holdings, Inc. are required to file their
proofs of debt by Sept. 17, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 9, 2013.

The company's liquidator is:

          Ogier
          c/o Mr. Jun Asaki
          Telephone: +813 (3210) 8690
          Facsimile: +813 (3210) 4792
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MMIP INTERNATIONAL: Creditors & Contributories to Meet on Sept. 2
-----------------------------------------------------------------
The creditors and contributories of MMIP International Fund
Limited will hold a meeting on Sept. 2, 2013, at 8:30 a.m., to
elect a liquidation committee and to deal with other matters.

The company's liquidators are:

          Antoine Powell
          Krys Global
          Building 6, 2nd Floor
          Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 815 8441
          e-mail: Antoine.Powell@Krys-Global.com; and

          James Lloyd
          Doran & Associates
          Crescent House, 4th Floor
          Hartstonge Street Limerick
          Republic of Ireland
          Telephone: +353 61 413 200
          e-mail: James.Lloyd@doranaccountants.com


NORTHWOOD CAPITAL: Creditors' Proofs of Debt Due Sept. 16
---------------------------------------------------------
The creditors of Northwood Capital Enhanced European Fund Limited
are required to file their proofs of debt by Sept. 16, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2013.

The company's liquidator is:

          Mike Saville
          c/o Andrea Richards
          10 Market Street #765 Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: (345) 769 7214/ (345) 949 7100
          Facsimile: (345) 949 7120


NORTHWOOD CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 16
----------------------------------------------------------------
The creditors of Northwood Capital Enhanced European Master Fund
Limited are required to file their proofs of debt by Sept. 16,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2013.

The company's liquidator is:

          Mike Saville
          c/o Andrea Richards
          10 Market Street #765 Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: (345) 769 7214/ (345) 949 7100
          Facsimile: (345) 949 7120
          e-mail: andrea.richards@uk.gt.com


PHAROS GAS: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 12, 2013, the shareholder of Pharos Gas Investment Fund
Ltd. passed a resolution that voluntarily liquidates 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:

          Pharos Investment Management LLC
          c/o 375 Park Avenue, Suite 2607
          New York, NY 10152
          Telephone: +1 (345) 914 6365


PHAROS RUSSIA: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 12, 2013, the shareholder of Pharos Russia Fund, Ltd.
passed a resolution that voluntarily liquidates 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:

          Pharos Investment Management LLC
          c/o 375 Park Avenue, Suite 2607
          New York, NY 10152
          Telephone: +1 (345) 914 6365


PHAROS SMALL: Commences Liquidation Proceedings
-----------------------------------------------
On Aug. 12, 2013, the shareholder of Pharos Small Cap Fund Ltd.
passed a resolution that voluntarily liquidates 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:

          Pharos Investment Management LLC
          c/o 375 Park Avenue, Suite 2607
          New York, NY 10152
          Telephone: +1 (345) 914 6365


PHAROS SMALL MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Aug. 12, 2013, the shareholder of Pharos Small Cap Master Fund
Ltd. passed a resolution that voluntarily liquidates 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:

          Pharos Investment Management LLC
          c/o 375 Park Avenue, Suite 2607
          New York, NY 10152
          Telephone: +1 (345) 914 6365


ROONEY PROPERTIES: Commences Liquidation Proceedings
----------------------------------------------------
On Aug. 12, 2013, the shareholders of Rooney Properties Limited
passed a resolution that voluntarily liquidates 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:

          Niall Goodsir-Cullen
          c/o Derek Larner
          Telephone: (345) 815 4555
          e-mail: dlarner@bdo.ky
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          PO Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


TITANIUM I SPV: Creditors' Proofs of Debt Due Sept. 27
------------------------------------------------------
The creditors of Titanium I SPV (Cayman) Limited are required to
file their proofs of debt by Sept. 27, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Bernard McGrath
          69 Dr. Roy's Drive
          PO Box 1043, George Town Grand Cayman KY1 - 1102
          Cayman Islands


WALLPAPER INVESTMENT: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------------------
The creditors of Wallpaper 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


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


ALCOA INC: To Close Two Overseas Plants
---------------------------------------
RJR News reports that Alcoa Inc. has disclosed plans to reduce the
production of aluminum by closing two of its overseas plants.  The
report relates that this will cut production by 164 metric tons.

The cuts are part of Alcoa's earlier announced plans to reduce
aluminum capacity by 460,000 metric tons to balance supply and
demand, according to RJR News.  Alcoa announced the cuts in May.

RJR News notes that to reduce its capacity the company has decided
to permanently remove one pot line at its Massena East plant in
New York.  Additionally, the company will temporarily curtail
around 124,000 metric tons of aluminum from its smelter operations
in Brazil, the report relays.

The closures and curtailments are expected to be completed by
October, RJR News adds.

Alcoa owns 55 per cent of Jamalco Plant in Clarendon, Jamaica.
The remaining 45 per cent is held by the government through
Clarendon Alumina Partners.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 31, 2013, Moody's Investors Service downgraded the senior
unsecured debt ratings of Alcoa Inc. to Ba1 from Baa3 and assigned
a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default
Rating.  Moody's confirmed the Ba2 preferred stock rating.  At the
same time, Moody's withdrew the company's Prime-3 commercial paper
rating and assigned a Speculative Grade Liquidity Rating of SGL-1.
This concludes the review for downgrade initiated on December 18,
2012.  The rating outlook is stable.


* JAMAICA: Will Take No Action Against Airlines
-----------------------------------------------
RJR News reports that the Jamaican government will not be taking
any action in the wake of pressure being mounted by two American
groups against Fly Jamaica and Caribbean Airlines Limited.

Airlines for America and the Air Line Pilots Association (ALPA)
have raised objection to some of the flight service which the air
carriers offer between the US and the Caribbean, according to RJR
News.

The report relates that they have approached the US Transportation
Department to oppose efforts by the airlines to operate between
New York and Georgetown, Guyana.  Dr. Omar Davies, Minister of
Transport and Works, said the Government does not intend to step
in, the report says.

"No, we are minority shareholders in terms of Caribbean Airlines,
so that would be matters by the majority shareholders which would
be the Trinidadian government and we are not involved in any way
with Fly Jamaica," the report quoted Dr. Davies as saying.


* JAMAICA: Stock Market Shows Mixed Performance for April to June
-----------------------------------------------------------------
RJR News reports that data show that the local stock market had
mixed performance during the April to June quarter.

The JSE Main Index increased by 5.9 per cent, according to RJR
News.  The report relates that this was in contrast to declines of
11 per cent and 4.4 per cent for the previous quarter and the
corresponding period in 2012.

In contrast, the report notes, market activity indicators for the
review period worsened relative to the March quarter.

The value of transactions, the volume of stocks traded and the
number of transactions decreased by 40 per cent, 10.3 per cent and
6.5 per cent, respectively, the report says.

This performance was in comparison to respective increases of 20.4
per cent, 46.5 per cent and 19 per cent in the previous quarter,
the report discloses.



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


GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issuer credit
rating on Grupo Embotellador Atic S.L. (Grupo Atic).  At the same
time, S&P affirmed its 'BB' issue rating on the company's senior
unsecured debt.  The ratings affirmation follows S&P's regular
annual review.  The outlook remains stable.


S&P's ratings on Grupo Atic continue to reflect its assessment of
its "fair" business risk profile, "significant" financial risk
profile, and "adequate" liquidity.

"Our assessment of Grupo Atic's business risk profile reflects the
significant geographic diversification of its portfolio, its
competitive and relatively stable cost structure, due to the
vertical integration of its operating activities--which results in
the consolidation of its manufacturing process, and its proven
ability to penetrate the fastest growing socioeconomic segments
in the countries in which it operates," said Standard & Poor's
credit analyst Luis Martinez.  Fierce competitive conditions and
its limited brand recognition which have constrained its ability
to increase market share particularly in regions where consumers
face low switching costs, somewhat offset the positives.


MAXCOM TELECOMUNICACIONES: Can Employ Lazard as Investment Banker
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ Lazard
Freres & Co. LLC as investment banker and financial advisor.

The firm will be paid a US$125,000 monthly fee, a restructuring
fee of US$2.5 million if a restructuring transaction is
consummated before Sept. 23, 2013, a minority sale transaction
fee, a financing fee, and an opinion fee of US$350,000.

                           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: Has Authority to Tap Alfaro as Advisor
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ Alfaro,
Davila y Rios, S.C., as Mexican financial advisor.

ADR, a strategic alliance partner of Lazard Freres & Co. LLC based
in Mexico, will provide advice with respect to the Debtors'
restructuring activities as they relate to Mexican regulatory
issues, negotiations with local private equity funds, and the
Latin American financial markets.  ADR will be entitled to one-
third of any fees payable under the fee structure payable to
Lazard, although the Debtors clarify that the one-third payable to
ADR will be independent from and not contingent or otherwise tied
to the compensation that may be payable to Lazard.

                           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: Has Court OK to Tap GCG as Admin. Agent
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Max Telecomunicaciones, S.A.B. de C.V., et al., to employ GCG,
Inc., as administrative agent.

The firm will be paid the following hourly rates:

   Vice president and above                           $295
   Director and assistant vice president           $200 to $295
   Project manager and senior project manager      $125 to $175
   System, graphic support and technology staff    $100 to $200
   Project supervisor                               $95 to $110
   Quality assurance staff                          $80 to $125
   Project administrator                             $70 to $85
   Administrative and claims control                 $45 to $55

                           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.


=======
P E R U
=======


* PERU: Forecasts Biggest Trade Deficit Since 1998 on Metals Slump
------------------------------------------------------------------
John Quigley at Bloomberg News reports that Peru will post its
widest trade deficit in 15 years in 2013 after a drop in metal
exports, dimming the outlook for economic growth, the government
said.

Exports will fall 8 percent to US$42 billion, resulting in a U$720
million trade gap, the Finance Ministry said in a report published
in state newspaper El Peruano, according to Bloomberg News.  The
report relates that the Andean nation had a US$4.5 billion surplus
last year.

Bloomberg News discloses that the price of copper, which accounts
for about a quarter of Peru's exports, has dropped 9.6 percent
this year, damping private investment in the world's third largest
exporter of the metal.

Bloomberg News notes that the economy expanded 4.4 percent in
June, the second slowest pace in more than three years, while the
Peruvian sol has dropped 9.2 percent against the dollar in 2013.

Reduced Chinese demand has "prompted a significant fall in the
prices of the raw materials we export," Finance Minister Miguel
Castilla said in Congress, Bloomberg News discloses.  "The data we
see allows us to say 2014 will be better.  The world should keep
recovering," Mr. Castilla said, Bloomberg News relays.

Stronger global growth and Peru's increased copper production will
fuel a rebound in exports next year, Mr. Castilla said, Bloomberg
News discloses.

Bloomberg News notes that the government forecasts the economy
will expand 5.7 percent in 2013 and about 6 percent next year, the
fastest in South America.

The mining and hydrocarbons industries will each expand 10 percent
in 2014, Bloomberg News adds.


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


EL FARMER: Wants Access to Cash Collateral Until October 31
-----------------------------------------------------------
El Farmer, Inc., asks the U.S. Bankruptcy Court for the District
of Puerto Rico for authority to use cash collateral, without the
consent of PR Asset Portfolio (formerly Banco Popular), for the
period of Sept. 1, 2013, to Oct. 31, 2013, for the payment of the
Debtor's operating expenses.

According to papers filed with the Court Tuesday, PR Asset
Portfolio holds and controls a commercial account number
068-218915 into which all accounts receivable of the Debtor are
deposited by the Debtor's principal client, Suiza Dairy, Inc.

As of the date of the petition, the Debtor owes PR Asset two
aggregate loans as follows: Loan A: $6,394,799, Loan B:
$5,278,231.

According to the Debtor, in accordance with 11 USC Section 541,
all future post petition proceeds from the sale of milk to Suiza
Dairy, Inc., belong to the estate and its operating funds must be
made available for its operations.  "Accordingly, it is requested
that all future receivables from the sale of milk be delivered to
directly to the Debtor, after deducting the agreed disbursements
detailed in the Motion.  These funds will be deposited in the
Debtor's DIP account."

In the event that the Court denies the Motion, the Debtor requests
the Court to schedule an Emergency Preliminary Hearing within the
next four days under the authority of Federal Bankruptcy Rule
4001(b)(2).

The Motion was submitted by:

         Modesto Bigas Mendez, Esq.
         MODESTO BIGAS LAW OFFICE
         P.O. Box 7462
         Ponce, PR 00732-7462
         Tel: (787) 844-1444
         Fax: (787) 842-4090
         E-mail: modestobigas@yahoo.com

                          About El Farmer

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 scheduled $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.  Modesto Bigas Mendez, Esq., at Bigas &
Bigas, in Ponce, P.R., represents the Debtor as counsel.


EL FARMER: PR Asset Portfolio Objects to Disclosure Statement
-------------------------------------------------------------
PR Asset Portfolio objects to the approval of the Disclosure
Statement presented by El Farmer, Inc., dated July 29, 2013,
saying:

     1. The Debtor has not provided sufficient information for the
creditors to make an informed decision with respect to the
Debtor's proposed Chapter 11 Plan.

     2. The Plan does not satisfy the feasibility requirement of
Section 1129(a)(11).

     3. The Plan does not satisfy other plan confirmation
requirements.

PR Asset Portfolio says that unless and until the deficiencies
cited in its objection are corrected, other options, including the
conversion of the Debtor's case to a Chapter 7 or its dismissal,
are appropriate.

The Motion was submitted by:

         Patrick D. O'Neill-Cheyney, Esq.
         O'NEILL & GILMORE, P.S.C.
         Citibank Towers, Suite 1701
         252 Ponce de Leon Avenue
         San Juan, PR 00918
         Tel: (787) 620-0670
         Fax: (787) 620-0671
         E-mail: pdo@go-law.com
         Counsel for PR Asset Portfolio

As reported in the TCR on Aug, 22, 2013, pursuant to the Plan,
general unsecured creditors will receive a distribution of 5% of
their allowed claims to be distributed at $4,396 per month for 96
months.  General unsecured claims filed in the case total
$54,926.79.  BPPR's unsecured portion is $6,592,679.

With respect to BPPR's Secured Claim of $11,641,429, the Debtor
will pay the value of collateral determined as $5,048,750 at the
rate of $36,092 in 180 equal monthly installments.  The balance
will be treated as a general unsecured claim.

Payments and distributions under the Plan will be funded from the
Debtor's postpetition income from the operation of the business.

A copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/elfarmer.doc120.pdf

The hearing on Disclosure Statement is scheduled for Aug. 30,
2013, at 9:00 a.m.  Objections to the disclosure statement are due
no later than 14 days prior to the hearing.

                          About El Farmer

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 scheduled $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.  Modesto Bigas Mendez, Esq., at Bigas &
Bigas, in Ponce, P.R., represents the Debtor as counsel.


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


* TRINIDAD & TOBAGO: State to Pay Contractors, Minister Says
------------------------------------------------------------
Sue-Ann Wayow at Trinidad Express reports that money owed to
building contractors by the State will be paid, Finance Minister
Larry Howai said.

Mr. Howai said the bill, which some estimate at TT$1 billion,
first had to be verified, according to Trinidad Express.

The report notes that Mr. Howai said that the outstanding payments
were valid, in cases where change orders and variations were made
to the project.

However, the report notes that Mr. Howai said: "It becomes
difficult for the ministry to verify whether it was properly
authorised. We wouldn't want to release any funding until we know
that these things are properly verified and that the work was
done, and done to the standard we want it to."

The report discloses that Mr. Howai said the economy experienced
growth in the last year and the focus of the next national budget
on September 9 will be to expand this growth.

"There's been a little bit of a challenge, of course, throughout
the year with our energy sector because of the maintenance work
that has been going on. . . . But the non-energy sector has done
very well.  It has expanded at a pretty rapid clip, well over two
per cent.  I expect that momentum will continue during the course
of the coming year," the report quoted Mr. Howai as saying.

The report discloses that Mr. Howai said continued growth in
revenue was also expected.

"Non-energy revenue did quite well during the course of this year,
because of the growth in the non-energy sector.  Our tax take from
the non-energy side of the economy was more than we originally
budgeted . . . . As of the end of June, the non-energy sector had
paid more than TT$1 billion more than we had originally
anticipated, so the growth is there, and in this budget, the
intention is to continue to solidify that growth, to see it
continue to accelerate, and then take some judicious measures to
diversify," Mr. Howai added, the report relays.


                            ***********


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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