TCRLA_Public/130924.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

           Tuesday, September 24, 2013, Vol. 14, No. 189


                            Headlines



B R A Z I L

ELETROPAULO METROPOLITANA: Moody's Lowers Issuer Ratings to Ba1
MAGNESITA: Moody's Changes Outlook on B1 Ratings to Positive
MARFRIG ALIMENTOS: Denies Report It's in Sale Talks With Minerva
OGX PETROLEO: CFO Firing May Delay Debt-Restructuring Talks
OGX PETROLEO: Behind on Payments to Diamond Offshore


C A Y M A N  I S L A N D S

ADELANTE EMERGING: Members' Final Meeting Set for Oct. 10
ADELANTE EMERGING MASTER: Members' Final Meeting Set for Oct. 10
AVIATOR MASTER: Members' Final Meeting Set for Oct. 15
AVIATOR OVERSEAS: Members' Final Meeting Set for Oct. 15
CREDIT SUISSE-HDFC: Members' Final Meeting Set for Oct. 17

DUBAI EXECUTIVE: Members' Meeting Set for Oct. 17
LONE STAR: Members' Final Meeting Set for Oct. 17
SELIGMAN TECHNOLOGY: Members' Final Meeting Set for Oct. 17
SELIGMAN TECHNOLOGY (MASTER): Members' Meeting Set for Oct. 17
SPIRITROCK INVESTMENTS: Members' Final Meeting Set for Oct. 17


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Dollar Plunged 60 Points; Economy Will Grow 3%


J A M A I C A

* JAMAICA: Records Dip in Tourist Arrivals in July
* JAMAICA: IFC to Issue Jamaican Bond to Raise US$500 Million


P U E R T O   R I C O

PMC MARKETING: Suit Against AIG Life de PR Survives Dismissal Bid


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Pilot Error Blamed For 2011 Crash


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


===========
B R A Z I L
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ELETROPAULO METROPOLITANA: Moody's Lowers Issuer Ratings to Ba1
---------------------------------------------------------------
Moody's America Latina downgraded Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s issuer ratings, to Ba1 from Baa3
on the global scale, and to Aa2.br from Aa1.br on the national
scale rating (NSR). At the same time, Moody's downgraded the
ratings of ELETROPAULO's BRL750 million senior unsecured
debentures to Ba1 from Baa3 on the global scale, and to Aa2.br
from Aa1.br on the NSR, as well as the ratings of the Company's
BRL400 million subordinated debentures to Ba2 from Ba1 on the
global scale, and Aa3.br on the NSR. The outlook is stable for all
ratings.

Ratings Rationale:

The rating downgrade reflects the historic and Moody's projected
deterioration of the Company's credit metrics, primarily due to
lower tariffs and operating cash flows following the third
periodic tariff review (which became effective on July 4, 2012),
the required reimbursement of past revenues (BRL1.130 billion) due
to the delayed implementation of the tariff review, and the high
dividend distributions in the past which were reduced to 25% of
net profit in 2012 from 50% in 2011 and 100% in 2010. The rating
downgrade also reflects the potential impact of the next periodic
tariff review (scheduled for 2015), which Moody's expects will be
partially offset by the interim annual tariff adjustments (set by
the Regulator) as well as growing electricity demand, which is
closely correlated with GDP growth.

The stable outlook reflects the Company's relatively stable
operating cash flows from its long-term electricity distribution
concession in Brazil's wealthiest metropolitan area, although, in
Moody's opinion, the Company will continue to face challenging
conditions as a consequence of the third periodic tariff review
cycle, and slower than originally forecast GDP growth despite the
recent improvement of its operating indicators and lower dividend
distributions. The stable outlook also reflects the Company's
positive track record in accessing the bank and capital markets,
which Moody's expects will continue in the short to medium term,
and its expectation that the Company will continue to follow its
recent more conservative dividend distribution policy.

In accordance with Moody's standard adjustments, from 2010 to the
last twelve months ended on June 30, 2013 (LTM 06/30/2013),
ELETROPAULO's Cash Flow from Operations (CFO) has fallen to BRL307
million in the LTM 06/30/2013 from BRL1.8 billion in 2010. Despite
the recent downward adjustment in dividend distributions, which
has led to an improved (CFO) pre-Working Capital (WC) minus
Dividends-to-Debt ratio to 7.4% in the LTM 06/30/2013, from -6.1%
in 2012 and -6.9% in 2011, the (CFO pre-WC + Interest)/Interest
(or CFO pre-WC Interest Coverage) ratio fell to 2.4x (LTM
06/30/2013) from 5.0x (2010), and CFO pre-WC-to-Debt fell to 7.4%
from 36.5% (over the same period). Also, Debt-to-EBITDA increased
to 6.3x from 1.6x. As a result, the most recent historic metrics
map to the Ba rating category, according to Moody's methodology
grid.

On a forward-looking basis, the Company's CFO will be
significantly impacted by the required reimbursement of BRL1.130
billion (as of July 2013) to customers, beginning in the second
half of 2013 until 2015, as a result of the postponement of the
Third Cycle Tariff Review, which was originally scheduled to take
place in July 2011, but was moved to July 2012 by the Regulator.
Two-thirds (2/3) of this amount (approximately BRL753 million)
will have to be returned by the Company by the end of June 2014,
and the remaining 1/3 (approximately BRL377 million) from July
2014 to June 2015.

In accordance with Moody's standard adjustments, its credit
metrics also incorporate the pension fund liability (with no
immediate impact on liquidity), which, according to the Company's
audited financial statements, has decreased from BRL3.963 billion
(December 31, 2012) to BRL3.109 billion (June 30, 2013) due to a
higher domestic interest-rate environment. Notwithstanding,
Moody's projected credit metrics reflect the Company's pension
benefit payments ranging from BRL271 million (2013) to BRL284
million (2015), according to the Company's actuarial assumptions.

The significant amount of funds to be returned between 2013 and
2015, combined with the Company's exposure to electricity spot
prices due to increased thermal generation in the country could
impact the Company's liquidity position considering the timing
effect of the transfer of funds from the Government-managed "Conta
de Desenvolvimento Energetico" (CDE) vis--vis spot power costs
incurred. From July to December 2013, the CDE will reimburse these
costs on a monthly basis, which will reduce the pressure on the
Company's liquidity. In addition, the Company has had a positive
track record in raising financing from banks and from the capital
markets, which Moody's expects will address any potential
immediate liquidity needs. However, Moody's did not take into
account the potential positive outcome of the Company's request to
the Regulator to include previously disallowed assets into its
rate base, given that the Regulator has now postponed its expected
ruling to a date that still needs to be defined, nor the ongoing
legal dispute with ELETROBRAS, which represents a contingent
liability of approximately BRL1.3 billion. As a result, its
projected credit metrics map to the Ba rating category, according
to Moody's methodology grid.

Given that the aforementioned constraining factors are expected to
negatively affect the Company's credit metrics in a material way,
a rating upgrade is extremely unlikely in the short to medium
term.

A rating downgrade could be triggered by the further deterioration
of the Company's liquidity position, any change in the perceived
level of support from the electricity regulatory environment or
from the Regulator, or a negative ruling to the Company on the
legal dispute with ELETROBRAS. Quantitatively, the ratings could
be downgraded if the CFO interest coverage remains below 2.0
times, and the CFO pre-WC-to-Debt falls below 7%, on a sustainable
basis.

Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. is a
regulated electricity distribution utility, listed on the
BM&FBOVESPA stock exchange. ELETROPAULO is controlled by its
holding company Brasiliana, which in turn is owned by The AES
Corporation (50% plus one share of the voting capital), and the
Brazilian Federal Development Bank -- BNDES (50% less one share of
the voting capital of Brasiliana). ELETROPAULO distributes
electricity to 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, serving 6.6 million
consuming units, with an estimated market share of 10% in Brazil.
The Company has a 30-year concession contract that was granted by
ANEEL, the Brazilian electricity sector regulator, in 1998.

As per Moody's standard adjustments, in 2012 ELETROPAULO had net
sales of BRL9,128 million (excluding construction revenues),
EBITDA of BRL 892 million, and net profit of BRL108 million, an
increase of 0.34%, a decrease of 76.7% and 93.1%, respectively, as
compared with 2011.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities Rating Methodology (August, 2009).

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.


MAGNESITA: Moody's Changes Outlook on B1 Ratings to Positive
------------------------------------------------------------
Moody's Investors Service has affirmed Magnesita's global scale
ratings at B1 and upgraded the national scale ratings to Baa1.br
from Baa2.br. The outlook changed to positive from stable. The
change in outlook reflects Magnesita's continued deleveraging
trend even during investment cycles, proven margin resilience to
downturns in the steel industry and maintenance of solid liquidity
over the past four years.

Ratings as follows:

Issuer: Magnesita Refratarios S.A.

Corporate Family Rating: B1 (global scale); Baa1.br (Brazilian
national scale)

Issuer: Rearden G Holdings Eins GmbH (Germany)

$400 million senior unsecured guaranteed notes due 2020: B1
(foreign currency)

The outlook for all ratings is positive.

Rating Rationale:

"The change in the ratings outlook to positive reflects primarily
Magnesita's ability to post stable adjusted Ebitda margins in the
18% - 19% range during 2012 and 2013, even as most steelmakers in
Brazil struggled with rising input costs and competition from
imports", says Moody's Vice President -- Senior Analyst Barbara
Mattos. The change in outlook reflects Moody's expectations that
Magnesita's leverage will continue to decline (total adjusted
leverage of 4.7x in the LTM ending June 2013 and Moody's expects
leverage to decline to 4.5x at the end of 2014, despite the capex
planned for the year), and that the company will manage capex and
dividend distribution to preserve its capital structure. The
positive outlook also factors in Magnesita's strong liquidity,
sufficient to cover debt amortizations through mid-2017.

Magnesita's good geographic diversity, strong market position,
long-standing client relationships and the significant import
barriers in Brazil due to complex logistics and infrastructure
also support the ratings. The high level of vertical integration
in Magnesita's operations, including sizeable prime-quality
mineral reserves, and efficient logistics are additional credit
positives.

Offsetting these positive aspects are Magnesita's relative small
size in a fragmented industry, large capex plans - which are
likely to result in negative free cash flow generation in the next
years - and the still concentrated nature of Magnesita's
operations, which relies heavily on Brazil and on the steel
sector. Revenues generated in Brazil have declined though, from
levels above 50% to 38%. The relevance of the steel industry in
Magnesita's refractories revenues has also declined (to 83% from
historical levels above 90%), and should continue to diminish as
the company pursues its diversification strategy.

The positive outlook reflects Moody's expectations that, despite
the challenges faced by the steel industry worldwide, Magnesita
will continue to focus on debt reduction and on margin improvement
while maintaining sizeable liquidity and comfortable headroom on
financial covenants. Magnesita's vertical integration process will
benefit overall margins allowing the company to continue its
deleveraging process at the same time it captures the synergies of
CPP contracts in Brazil and abroad. The outlook incorporates the
expectation that Brazilian operations will remain the key cash
flow generator over the medium term, followed by the United
States. The positive outlook also reflects Moody's expectations
that the company will prudently manage dividends and future
acquisitions that may eventually happen in order to maintain a
healthy liquidity position and continue to deleverage its balance
sheet.

Magnesita's ratings could be upgraded if total adjusted debt to
adjusted EBITDA declines to below 4.5x (4.4x as of June 30, 2013
LTM (3-year average)) and free cash flow to total adjusted debt
remains close to 10% (5.2% as of June 30, 2013 LTM (3-year
average)) while maintaining healthy liquidity position.

The ratings or outlook of Magnesita could be downgraded if debt
protection metrics are not sustainable over time, particularly if
free cash flow turns negative without prospects of improvement and
total adjusted debt to adjusted EBITDA remains above 5.0x on a
sustainable basis (4.4x as of June 2013 LTM (3-year average)).
Deterioration in Magnesita's liquidity arising from debt-funded
acquisitions could also have negative implications to the rating
or outlook.

The principal methodology used in rating Magnesita was Moody's
Global Mining Industry rating methodology (May 2009).

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.

Magnesita Refratarios S.A. is a vertically integrated low-cost
producer of refractories used in the steel, cement and glass
manufacturing process, among others. Magnesita is the largest
manufacturer of refractories in Latin America and the third
largest worldwide. Besides Brazil, Magnesita has operations in
USA, Europe and Asia. Magnesita reported consolidated net revenues
of BRL 2.5 billion in the last twelve months ended June 30, 2013.


MARFRIG ALIMENTOS: Denies Report It's in Sale Talks With Minerva
----------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Marfrig
Alimentos SA denied a report that it's planning to sell assets to
Minerva SA and BRF SA.

The company isn't negotiating the sale of Brazilian operations to
Minerva or international holdings to BRF, according to an e-mailed
statement obtained by Bloomberg News.  Veja magazine reported the
talks in its Radar column, without saying where it obtained the
information, Bloomberg News notes.

Bloomberg News discloses that Agencia Ideal, a communications firm
that represents Minerva, said the company doesn't comment on
speculation, while BRF didn't immediately respond to e-mails and
telephone calls.

Bloomberg News relates that Marfrig has been seeking to reduce its
debt after it jumped sevenfold in the past five years to about
BRL10 billion (US$4.5 billion) as of March 31.  In June, the Sao
Paulo-based company agreed to sell its Seara poultry-and-pork unit
for BRL5.85 billion, Bloomberg News says.

Last week, Bloomberg News notes, Marfrig bought back US$188
million of its bonds maturing in 2016 after it sold US$400 million
of 2021 bonds.

Bloomberg News adds that the company also denied its debt is about
11 billion reais, as reported by Veja, saying the amount doesn't
take into account the sale of the Seara unit.

                    About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OGX PETROLEO: CFO Firing May Delay Debt-Restructuring Talks
-----------------------------------------------------------
Luciana Magalhaes writing for Daily Bankruptcy Review reports that
Brazilian businessman Eike Batista's decision to fire the chief
financial officer of his embattled oil company, OGX Petroleo e Gas
Participaaoes S.A., will heighten tensions with the management
team and likely delay the restructuring of US$3.6 billion in debt.

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.


OGX PETROLEO: Behind on Payments to Diamond Offshore
----------------------------------------------------
Luciana Magalhaes writing for Daily Bankruptcy Review reports that
Brazilian oil firm OGX Petroleo e Gas Participacoes SA, controlled
by businessman Eike Batista, is behind on payments to U.S.-based
Diamond Offshore Drilling Inc., a drilling services provider for
the energy sector.

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
==========================


ADELANTE EMERGING: Members' Final Meeting Set for Oct. 10
---------------------------------------------------------
The members of Adelante Emerging Equities Fund will hold their
final meeting on Oct. 10, 2013, at 1:50 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ADELANTE EMERGING MASTER: Members' Final Meeting Set for Oct. 10
----------------------------------------------------------------
The members of Adelante Emerging Equities Master Fund will hold
their final meeting on Oct. 10, 2013, at 1:40 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


AVIATOR MASTER: Members' Final Meeting Set for Oct. 15
------------------------------------------------------
The members of Aviator Master Fund, Ltd. will hold their final
meeting on Oct. 15, 2013, at 9:05 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


AVIATOR OVERSEAS: Members' Final Meeting Set for Oct. 15
--------------------------------------------------------
The members of Aviator Overseas Fund II, Ltd. will hold their
final meeting on Oct. 15, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CREDIT SUISSE-HDFC: Members' Final Meeting Set for Oct. 17
----------------------------------------------------------
The members of Credit Suisse-HDFC Equity India Fund Ltd. will hold
their final meeting on Oct. 17, 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:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


DUBAI EXECUTIVE: Members' Meeting Set for Oct. 17
-------------------------------------------------
The members of Dubai Executive Jets Limited will hold their
meeting on Oct. 17, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


LONE STAR: Members' Final Meeting Set for Oct. 17
-------------------------------------------------
The members of Lone Star CBO Funding Ltd will hold their final
meeting on Oct. 17, 2013, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SELIGMAN TECHNOLOGY: Members' Final Meeting Set for Oct. 17
-----------------------------------------------------------
The members of Seligman Technology 130/30 Fund will hold their
final meeting on Oct. 17, 2013, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SELIGMAN TECHNOLOGY (MASTER): Members' Meeting Set for Oct. 17
--------------------------------------------------------------
The members of Seligman Technology 130/30 (Master) Fund will hold
their meeting on Oct. 17, 2013, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SPIRITROCK INVESTMENTS: Members' Final Meeting Set for Oct. 17
--------------------------------------------------------------
The members of Spiritrock Investments will hold their final
meeting on Oct. 17, 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:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Dollar Plunged 60 Points; Economy Will Grow 3%
---------------------------------------------------------------
Dominican Today reports that Hector Valdez, Dominican Republic's
central banker, on Sept. 18 said the dollar's exchange rate
"plunged" 60 points, for which even banks wonder what will happen
next, and reiterated a 3% economic growth by year end, resulting
from the government's spending cuts.

Mr. Valdez said he respects the view of those who say the economy
will grow less than projected and of those who speak of economic
paralysis, according to Dominican Today.

Mr. Valdez, the report notes, justified the projected growth on
the economy's movement thus far, "since that's the data that we
have."  Mr. Valdez said August growth was 4% and noted the
construction sector's vitality, the report relays.

Speaking with reporters in the Central Bank during an
international seminar on the monetary system's communications,
economics, education and finance, Mr. Valdez revealed that US$150
million of the 200 million announced to force the dollar rate
downward have been already injected, the report notes.


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


* JAMAICA: Records Dip in Tourist Arrivals in July
--------------------------------------------------
RJR News, citing Bloomberg News, reports that data show Jamaica
suffered a dip in tourist arrivals in July.  RJR News relates that
the year over year decline was in the region of two per cent.

Arrivals from the US were down 2.1 per cent, Latin America 6.4 per
cent, Asia 11.5 per cent and the Caribbean 25 per cent, RJR News
notes.


* JAMAICA: IFC to Issue Jamaican Bond to Raise US$500 Million
-------------------------------------------------------------
Camilo Thame at Jamaica Observer reports that the International
Finance Corporation (IFC) plans to issue a local bond to raise the
equivalent of US$500 million (JM$51 billion) in Jamaican currency.

The investment arm of the World Bank already received approval
from the finance ministry and the Bank of Jamaica to proceed with
the bond issue, which is aimed at attracting local investment that
would be channeled into major infrastructure projects, according
to Jamaica Observer.

The report notes that pension funds, insurance companies and
commercial banks will be targeted, in an effort to mobilize local
savings towards capital projects, according to Jun Zhang, IFC's
senior Caribbean regional manager for Latin America and the
Caribbean.

The report relates that it also serves to provide investors in
capital projects that eventually generate revenue in Jamaican
dollars, access to large sums of financing in local currency to
eliminate the risk of exposure to devaluation.

Mr. Zhang, the report notes, offered no set timeline for the
issuance of the bonds, except to say that they would go to market
through a series of issues over the next three to four years as
demand arises.

The logistic hub project is expected to be one of the initiatives
to stimulate such demand in years to come, while the 360-megawatt
power generation project, for which a preferred bidder has been
selected, is projected to break ground in January, the report
relates.

The report discloses that holders of large sums of local currency
-- such as banks -- are expected to be the main investors in such
bonds, which carry the AAA rating of the IFC, but individual
investors may also end up taking up the investment, albeit perhaps
indirectly.

Jamaica Observer added that the High Level Caribbean Forum was
jointly held by the IFC, World Bank, International Monetary Fund,
Inter-American Development Bank, Caribbean Development Bank, and
Government of The Bahamas.


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


PMC MARKETING: Suit Against AIG Life de PR Survives Dismissal Bid
-----------------------------------------------------------------
Bankruptcy Judge Brian K. Tester in Puerto Rico denied the motion
for summary judgment filed by AIG Life de PR, seeking dismissal of
the complaint commenced by Noreen Wiscovitch Rentas, the chapter 7
interim trustee for PMC Marketing Corp.  The Trustee seeks the
return to the Debtor's estate of transfers incurred by the Debtor
as payment for the Debtor's president's life insurance which
formed part of his benefits.  These expenses consisted of three
payments of $2,646.50 each, totaling $7,939.50 in favor of AIG.
In seeking dismissal, the Defendant asserts that the Complaint is
time-barred as the Trustee commenced the suit after the permitted
two-year time frame established in 11 U.S.C. Sec. 546(a)(1)(A).
The Defendant also said the Trustee has not produced evidence in
the Complaint regarding the elements required for a Section 547(b)
claim other than stating in a conclusory fashion that the
Complaint indeed meets the evidentiary requirements.

The case is, NOREEN WISCOVITCH RENTAS, Plaintiff, v. AIG LIFE DE
PR, Defendant(s), Adv. Proc. No. 12-00117 (Bankr. D.P.R.).  A copy
of the Court's Sept. 19, 2013 Opinion and Order is available at
http://is.gd/1Db12ufrom Leagle.com.

PMC Marketing Corp. filed a voluntary Chapter 11 bankruptcy
petition on March 18, 2009 (Bankr. P.R., Case No. 09-02048).  The
case was converted into a Chapter 7 proceeding on May 19, 2010.
On May 20, 2010, Noreen Wiscovitch-Rentas was appointed the
Chapter 7 Trustee.


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


CARIBBEAN AIRLINES: Pilot Error Blamed For 2011 Crash
-----------------------------------------------------
RJR News reports that Zulfikar Mohammed, director general of the
Guyana Civil Aviation Authority, said pilot error led to the July
30, 2011 crash of a Caribbean Airlines' plane.

Mr. Mohammed's revelation followed the release of the final crash
report to the Guyanese government, according to RJR News.

RJR News notes that Mr. Mohammed said the report on the mishap
will be studied and released by Guyana's Transport Minister
Robeson Benn. The crash report revealed the pilot engaged in a
'long-landing' on the Cheddi Jagan International Airport runway
that prevented him from stopping the CAL Boeing 737-800 before it
ran off nearly halfway over a ravine.  The plane cracked in half.

RJR News recalls that in July, eight Guyanese passengers filed
lawsuits claiming eight million dollars, associated with alleged
negligent operation of the Caribbean Airlines flight.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.

TCRLA reported on March 21, 2012, that RJR News said 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 related that
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.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34
EMP..



                            ***********


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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