TCRLA_Public/131002.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, October 2, 2013, Vol. 14, No. 195


                            Headlines



A N T I G U A   &   B A R B U D A

LIAT: Service a Concern for St Lucia Opposition Party


A R G E N T I N A

HIDROELECTRICA EL CHOCON: Moody's Affirms CFR at B3


B A R B A D O S

* BARBADOS: S&P Assigns 'BB+' Rating to Planned Global Bond


B O L I V I A

* BOLIVIA: Fitch Affirms 'BB-' Issuer Default Ratings


B R A Z I L

BIOSEV SA: Fitch Assigns 'BB-' Issuer Default Rating
BIOSEV SA: $500MM Senior Notes Issue Gets Moody's B1 Rating


C A Y M A N  I S L A N D S

AUDE FUND: Shareholder to Receive Wind-Up Report on Oct. 28
CG LONG: Shareholders' Final Meeting Set for Oct. 16
DIRCO AB: Shareholder to Receive Wind-Up Report on Nov. 1
DIRCO EH-II: Shareholder to Receive Wind-Up Report on Nov. 1
DIRCO EH-III: Shareholder to Receive Wind-Up Report on Nov. 1

DIRCO G: Shareholder to Receive Wind-Up Report on Nov. 1
ICHIKAWA ONE: Shareholders' Final Meeting Set for Oct. 15
MAISHIMA FOUR: Shareholders' Final Meeting Set for Oct. 15
MAISHIMA THREE: Shareholders' Final Meeting Set for Oct. 15
PLAINFIELD CAYMAN: Shareholders' Final Meeting Set for Nov. 7

TAKATSUKI TWO: Shareholders' Final Meeting Set for Oct. 15
TEXAR INSURANCE: Shareholders Receive Wind-Up Report
ZAMA ONE: Shareholders' Final Meeting Set for Oct. 15


J A M A I C A

DIGICEL GROUP: Rules Out Selling Shares to the Public at this Time
* JAMAICA: IMF Completes First Review Under Extended Fund Facility
* JAMAICA: Remittances Down in June


M E X I C O

DESARROLLADORA HOMEX: Did Not Make Payment on 2015 Senior Notes


P E R U

GRUPO ACP: Fitch Cuts Long-Term Issuer Default Rating to 'B'


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Suspends Manager as Fraud Probe Continues


                            - - - - -


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


LIAT: Service a Concern for St Lucia Opposition Party
-----------------------------------------------------
Caribbean360.com reports that the main opposition United Workers
Party (UWP) has expressed concern about the service provided by
the regional carrier Leeward Islands Air Transport, known as LIAT.

UWP Leader Allen Chastanet said the operations of LIAT are
critical to the tourism industry and the overall business market
of St Lucia, notwithstanding, the dependency on LIAT for the
delivery of professional and efficient service, according to
Caribbean360.com.

"Despite the fact that LIAT operates as a monopoly, the airline
continues to burden regional governments financially and has
consistently fallen short from the required standards which the
market demands," the report quoted Mr. Chastanet, a former Tourism
Minister, as saying.

The report notes that Mr. Chastanet observed that St. Lucians have
over-extended their patience and tolerance with LIAT without the
commensurate improvements from the airline in its services.

"We are suspicious that decreased flights and increasing fares to
St. Lucia by the airline is a deliberate attempt at coercing the
government to meet their demands. . . . The United Workers Party
is concerned that the government of St Lucia may be yielding to
the existing pressures and may have decided to invest millions of
dollars in the beleaguered airline," the report quoted Mr.
Chastanet as saying.

The report relates that Mr. Chastanet cautioned the government
against plans to invest millions in LIAT.

"We wish to caution the administration to exercise prudence in
ensuring that the use of tax-payers monies should only be applied
towards financially successful ventures.  At this stage we are not
convinced that investment in LIAT is a sound venture," the report
quoted Mr. Chastanet as saying.

The report notes that Mr. Chastanet said, "the aviation industry
is too critical to the St. Lucian and Caribbean economies; it
requires a more competitive environment which will enable the
input of fresh ideas and initiatives to ensure survival and growth
of the region. . . . We must be prepared to put in place new minds
and persons with a sound understanding of the industry."

The report relates that Mr. Chastanet also issued a call for the
heads of government of CARICOM (Caribbean Community) to review the
tenure of the chairman of Caricom Aviation and Transportation Sub-
Committee.

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

                            About LIAT

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


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


HIDROELECTRICA EL CHOCON: Moody's Affirms CFR at B3
---------------------------------------------------
Moody's has affirmed Hidroelectrica El Chocon S.A.'s B3 corporate
family rating and A2.ar national scale rating and changed the
outlook to stable from negative.

Rating Rationale:

The outlook change is mainly prompted by recent positive
developments for the generation industry and its view on Argentine
power generation companies, which Moody's considers as better
positioned than other regulated companies, such as distribution
utilities.

In March 2013, the Secretariat of Energy issued Resolution 95 that
set up a new remuneration method for the energy that generators
sell to the spot market (MEM), that will mainly led to an increase
in their realized prices as well as higher collections on their
sales. In addition, Res. 95 clarified the mechanism to calculate
and allocate the amounts not collected from Cammesa ("Remuneracion
Adicional") and those to be accrued and placed into a Trust to
finance future power projects, similar to previous Foninvemem. On
the negative side, Resolution 95 also established that upon the
expiration of existing term contracts between generators and
industrial customers, MEM sales will be managed directly by
Cammesa. Generators will, however, be allowed to continue to
receive the revenues under those expired contracts which will
allow the generators to retain their cash collection ability,
partially offsetting potential increased exposure to Cammesa.
HECSA's adhered to the Res. 95 terms in the second quarter of this
year; however, no MAT contracts expired during the quarter.

Despite Moody's view that this regulatory change is somewhat
positive for HECSA and the other generators as it provides some
continuity and predictability to future cash flows, Moody's is
somewhat concerned with the way the new mechanism for collections
under expired MAT contracts will work and if it will be isolated
from any potential government intervention.

HECSA's B3 global local currency corporate family rating and A2.ar
national scale rating continue to reflect the company's strong
financial metrics and relatively low business risk profile.
However, the ratings remain constrained by the historical high
level of regulatory uncertainty, government intervention in the
electricity sector in Argentina and exposure to Cammesa-Argentine
government (B3, negative) risk.

Despite the considerable regulatory risk and collection
restrictions with respect to spot sales that the company will
continue to face, HECSA's financial ratios are still relatively
robust for a B-rated generation company. For the last twelve
months ending June 2013, HECSA was able to maintain adequate
credit metrics for its rating. Cash flow from operations pre-
working capital changes (CFO Pre W/C) + interest to interest
expense stood at 3.2x while CFO Pre-W/C to debt was at 45%. Cash
from operations to debt, however, was substantially lower (20%),
reflecting the lack of collections from spot sales.

Nevertheless, HECSA's total debt continued to decline, amounting
to ARS 288 million as of June 2013, down from ARS 335 million in
December 2012.

The stable outlook reflects Moody's expectation that HECSA will
continue showing stable funds from operations during fiscal year
2013 and beyond while cash flow from operations improves somewhat
mainly due to higher collections from the new remuneration method
under Resolution 95.

Given the exposure of HECSA to the local market and its
regulations and the rating's current constraining factors, a
rating upgrade is unlikely. Nevertheless, an upgrade of the rating
or the outlook could result from real indications that there will
be less government intervention in the price-setting process for
generation companies. A cut in subsidies that proves to
substantially reduce Cammesa's payment's dependence on federal
government transfers could also add upward rating momentum.

Negative pressure on the ratings could result from HECSA's
adoption of a more aggressive dividend or financial policy.
Quantitatively, if CFO plus Interest to Interest Expense were to
fall below 1.5x, RCF to debt declined to below 15% or if FCF to
debt became -10% or worse, the ratings could be lowered. In
addition, ratings could also be lowered if liquidity were to
deteriorate significantly or if the sovereign rating were to be
downgraded.

The ratings could also come under downward pressure if HECSA could
not carry out the collections under the expired MAT contracts as
expected or if payments from Cammesa begin to experience
significant delays. Moody's could also review its position if,
going forward, there is further intervention in the regulatory
regime.

Headquartered in Buenos Aires, Argentina, Hidroelectrica El Chocon
S.A. is a hydroelectric power generator with a 30-year concession
for the generation and sale of electricity from the El Chocon
(1,200Mw capacity) and Arroyito (128 Mw capacity) hydroelectric
complexes. HECSA is controlled by the Endesa Chile (Baa2; stable)
through its 65.37% direct and indirect ownership and by the
Neuquen Province (which has a 29.9% ownership). Endesa Chile is
also the technical operator.

The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.

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.


===============
B A R B A D O S
===============


* BARBADOS: S&P Assigns 'BB+' Rating to Planned Global Bond
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
foreign currency senior unsecured debt rating on Barbados' planned
global bond.  The government of Barbados plans to issue up to
$500 million amortizing notes with a semiannual coupon maturing
October 2025 under Rule 144A Regulation S.

The ratings on Barbados reflect its large fiscal deficits and high
debt burden, as well as its limited fiscal flexibility and
reliance on external financing.  S&P expects the net general
government debt burden to rise to above 70% of GDP in fiscal 2013
(ending March 2014) from 67% in fiscal 2012 and 60% in fiscal
2011.  Barbados uses more than 13% of general government revenues
to pay interest on its debt (excluding the interest that the
government pays on debt held by the Barbados National Insurance
Scheme).  Barbados' economic fundamentals continue to deteriorate,
reflecting near-term slower global economic growth, but also long-
term weakened tourism competitiveness and other structural
shortcomings.  The country has a stable, predictable, and mature
political system, which benefits from consensus on major economic
and social issues, including support from the private sector and
trade unions for the government's ongoing fiscal and structural
adjustment program.

The negative outlook reflects the potential for a downgrade if the
government does not bring down its wider fiscal deficit or if
external pressures of persistent current account deficits mount.
S&P could revise the outlook to stable if the government
significantly reduces its general government fiscal deficits,
leading to a declining debt and interest burden in the next three
years.

RATINGS LIST

Barbados
Sovereign Credit Rating                  BB+/Negative/B

New Rating

Barbados
Foreign Currency Senior Unsecured
  $500 mil. notes maturing October 2025   BB+


=============
B O L I V I A
=============


* BOLIVIA: Fitch Affirms 'BB-' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has affirmed Bolivia's long-term foreign and local
currency Issuer Default Ratings (IDR) at 'BB-' with a Stable
Outlook. The short-term foreign currency IDR has been affirmed at
'B'. The Country Ceiling has been affirmed at 'BB-'.

Key Rating Drivers
Bolivia's ratings and Stable Outlook balance its sustained
economic growth, strong shock-absorption capacity and track record
of relative macroeconomic stability and prudent fiscal management
against structural constraints such as low GDP per capita, weak
institutional quality and a poor business environment. Regulatory
uncertainty and state interventionism could hamper the development
of new hydrocarbons reserves and credit growth, which create risks
to the sustainability of the sovereign's growth trajectory and
balance sheet strength.

Real GDP expanded 5.2% in 2012, raising Bolivia's five-year
average to 4.8%, above the 'BB' median of 3.4%. Growth will keep
pace in 2013-2015, supported by a still favorable commodity cycle
and public investment. A projected decline in hydrocarbons
production after 2015, easing of commodity prices and slower
credit growth due to rising pressure on banks' profitability are
key downside risks.

Bolivia's high commodity dependence in relation to rating peers
increases the vulnerability of growth, fiscal and external
accounts to gas supply shortages and terms of trade shocks.
However, long term gas export contracts that guarantee the sale of
minimum volumes at relatively favorable prices partially hedge
against short term volatility in energy prices.

Bolivia holds the largest stock of international reserves (51% of
GDP) among peer commodity exporters. Adequate reserve coverage
maintains confidence in the crawling exchange rate and mitigates
risks related to high commodity dependence and still present
financial dollarization.

Monetary authorities have controlled inflation and reduced
dollarization. The rapid growth of microcredit and public banks is
a concern due to their cyclical nature and potential source of
contingent liabilities, although their share in the total
financial system remains relatively small. Monetary issuance to
finance public companies could feed into inflationary pressures.

Bolivia's public finances are a relative credit strength due to
its primary budget surpluses, declining public debt and adequate
fiscal buffers. After recording a 1.8% of GDP surplus in 2012, the
fiscal outturn could shift to an average deficit of 0.4% in 2013-
2015, still stronger than similarly-rated commodity exporters, due
to slower revenue growth and higher spending in the run up to the
presidential and legislative elections in the fourth quarter of
2014.

The general government debt burden fell to 32% of GDP in 2012 and
could decline further to 29% by 2015. A high share of intra-public
sector holdings and multilateral lending lessen refinancing and
market risks. Ample domestic liquidity and recent access to global
bond markets support financing flexibility.

Regulatory uncertainty and a relatively weak business environment
weigh on the development of Bolivia's natural resources and
economic diversification prospects. The country proclaimed a new
constitution in 2009 but has yet to upgrade the legal framework
for investment, hydrocarbons and mining. The government has
nationalised 21 companies in the gas, minerals, utilities,
telecoms and transportation sectors since 2006.

Capacity constraints in local governments and public enterprises
weigh on government effectiveness. Bolivia's GDP per capita is
below the 'BB' and 'B' medians, despite almost doubling since
2006. While political stability has improved in recent years,
polarization, deep ethnic, regional and social divisions maintain
the risks of social conflict.

Rating Sensitivities
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. Fitch's
sensitivity analysis does not currently anticipate developments
with a high likelihood of leading to a rating change.

The main factors that individually, or collectively, could trigger
a positive rating action include:

-- Policy measures that increase investment rates and improve
   the medium term sustainability of hydrocarbons production.

-- Improved fiscal framework and institutional capacity to
   implement public investment.

The main factors that individually, or collectively, could trigger
a negative rating action include:

-- Natural gas supply shortages and a sustained fall in export
   prices leading to a material deterioration of the sovereign's
   growth prospects and external and fiscal solvency ratios in
   relation to rating peers.

-- Macroeconomic and financial instability and crystallization
   of contingent liabilities from the financial sector.

Key Assumptions
The ratings and Outlooks are sensitive to a number of assumptions:

-- The growth, fiscal and external forecasts assume that Bolivia
   maintains present natural gas production levels in the near
   term and thus is able to meet the gas requirements from the
   local market and the export contracts with Argentina and Brazil
   in 2013-2015.

-- Increased public spending and political noise during the 2014
   electoral campaign cannot be ruled out but is unlikely to lead
   to protracted political and social instability.

-- A difficult business climate for private investment and the
   risk of ad hoc nationalizations that do not severely impair
   economic activity are incorporated at the present rating level.


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


BIOSEV SA: Fitch Assigns 'BB-' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned a 'BB-' foreign and local currency
Issuer Default Rating (IDR) to Biosev S/A (Biosev), as well as a
national scale rating of 'A+ (bra)'. The Rating Outlook for Biosev
is Stable.

Fitch has also assigned a 'BB-' rating to Biosev Finance
International B.V.'s (Biosev Finance) proposed senior unsecured
notes of approximately USD500 million, subject to market
conditions, which will be unconditionally guaranteed by Biosev and
Biosev Bioenergia S/A. Net proceeds will be used to debt
refinancing.

Biosev's ratings reflect the company's large crushing capacity
combined with a differentiated business model built on clusters,
which, together with its affiliation with Louis Dreyfus
Commodities Group (LDC Group) offers significant competitive
advantages within the sugar & ethanol industry in Brazil. Fitch
considers this affiliation as positive, as it brings operational
and financial benefits to the company on top of its capacity to
take advantage of LDC Group's proven expertise in the global
agricultural commodities market. Biosev's aggressive expansion via
acquisitions that have been financed with a mix of debt and equity
and challenges related to the integration of the assets and to
recover profitability currently constrain the ratings.

The ratings also incorporate Biosev's moderate leverage within the
sector as well as its manageable debt profile and modest liquidity
position. Biosev's main challenge in the medium term lies in its
capacity to cope with negative free cash flow generation (FCF),
which should remain pressured by its required large capex program
aimed at increasing cane quality yields (measured as kilograms of
total recoverable sugar per ton of cane crushed, and currently
below the industry average), and raise capacity utilization. The
ratings also consider the company's exposure to the inherent risks
of the agribusiness sector and the expected volatility of its cash
flow generation.

Large-Scale and Business Clusters

Currently, Biosev has the second largest crushing capacity of the
Brazilian sugar and ethanol industry (37.9 million tons spread
over 12 mills) with prominent storage capacity for both products.
Its storage capacity allows the company to sell its products at
more favorable moments. The organization of its industrial and
agricultural assets around clusters generates operating synergies
as well as secures an adequate supply of sugar cane to its mills,
helping to fend off potential competitors by imposing high
barriers to entry. The mills and cane fields are located in
regions with access to good quality land for the planting of sugar
cane, being near Brazil's main consumer centers and having
efficient logistics access to port terminals. The company produces
a broad portfolio of products and some of its plants are able to
export ethanol to the United States, which can translate into
considerable gains in the future.

M&A-Driven Growth Strategy

Biosev has a track record of aggressive growth through
acquisition. The company expanded fast, as it went from a total
capacity of 900,000 tons to the current 37.9 million in less than
10 years. Achieved mostly through acquisitions, 11 out of Biosev's
12 mills were acquired from their former owners and only one is a
Greenfield developed by the company. Biosev's business development
plan contemplates the possibility of an ongoing consolidation
process based on acquisitions of mid- to small-sized mills (or
only their biological assets) inside the already existing
clusters. Though this strategy opens up the opportunity for
further scale gains and cost dilution, it also increases future
integration and execution risks, as the company is already
assimilating the acquisition of Santa Elisa Vale Group (SEV).

Fitch expects that the company will carefully manage its growth
strategy going forward in 2014 in order to avoid pressure on its
capital structure and, consequently, on its ratings. Biosev is
expected to be more selective in seeking new acquisitions in the
short term to capture synergies and further improve its cash flow
generation; new debt-financed acquisitions or significant cash
disbursements may pressure credit quality.

Affiliation with the Louis Dreyfus Commodities Group

The affiliation with LDC Group translates into positive synergies
and gives Biosev access to a broad range of data and information
on the current shape of the sugar and ethanol global markets,
inventory and demand levels for both products, price trends, and
the performance of foreign currencies across the globe, among
others. The LDC Group is also the main client for the sugar
produced by Biosev. The adoption of efficient risk management
practices has been reflecting positively on the attractive level
of hedged sugar prices (USD20.90 cents/lb for the 2013/14 season,
as of June 30, 2013) and has also helped to reduce the impact of
the recently intense FX volatility.

Modest Liquidity; Manageable Debt Profile

Biosev has a modest liquidity position. As of June 30 2013, its
cash and marketable securities amounted to BRL1 billion and
covered 69% of its short-term debt under Fitch's criteria. The
ratio above does not include the proceeds received from the LDC
Group in the form of advances for future delivery of very high
polarization (VHP) sugar, which should be treated as inter-company
loans used in the financing of Biosev's working capital needs.
However, given its inter-company nature this debt has lower
refinancing risk when compared to regular bank debt. Fitch
understands that Biosev will be able to manage its debt maturity
profile efficiently by issuing new debt and matching debt
maturities to its expected cash flow generation.

Moderate Leverage

In Fitch's view, the company has to improve cane quality yields
and reduce idle capacity of its mills with an aim toward cutting
fixed costs. Biosev's capacity to keep increasing revenues has
been somewhat offset by operating margins that are relatively low
compared to the size and scale of its operations. In the latest 12
months (LTM) through June 30 2013, net revenues amounted to BRL4.3
billion and EBITDAR reached BRL1.7 billion, bringing the EBITDAR
margin to 39.1%. Given the large investments needed to improve
productivity and capacity utilization, FCF should remain pressured
until at least 2016/2017. In the LTM June 30 2013, cash flow from
operations (CFFO) amounted to BRL1.1 billion and capex was BRL1.2
billion, leaving the FCF in negative territory at BRL165 million.
Despite the prospect of negative FCF for the near future, Fitch
believes that the company will be able to keep leverage ratios
adjusted for land lease obligations within levels ranging from
3.5x to 4.5x over the next five years. In the LTM June 30 2013,
the adjusted net debt-to-EBITDAR stood at 3.6x.

Rating Sensitivities

A negative rating action could take place if the company fails to
improve its liquidity position as planned and if the adjusted net
debt-to-EBITDAR ratio increases. Moreover, a negative rating
action could occur if margins do not react positively to all the
measures taken by Biosev to increase agricultural yields and boost
capacity utilization. A positive rating action could occur should
the company succeed in improving liquidity and bringing leverage
down to its targeted levels.


BIOSEV SA: $500MM Senior Notes Issue Gets Moody's B1 Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to Biosev S.A. At the same time Moody's assigned a
B1 rating to the proposed $500 million senior unsecured notes to
be issued by Biosev Finance International B.V. (Netherlands) with
an unconditional guarantee from Biosev S.A. and Biosev Bioenergia
S.A. The proceeds of the proposed notes will be used to repay
existing debt. The outlook for the ratings is stable.

Rating Rationale:

"The Ba3 rating reflects Biosev's business model that comprises
scale and diversification coupled with the extensive use of
strategic market intelligence, its close ties with global
commodity player LDC and the positive medium-term fundamentals for
the Brazilian sugar and ethanol industry", says Moody's analyst
Erick Rodrigues. "On the other hand, for the 2013/14 harvest year,
Biosev will have to sustain the negative impacts that adverse
weather infringed on its crops, which will limit the company's
production levels and delay the ramp up in used capacity. As a
result, in the short-term, the ability to dilute costs is reduced
and operational margins should be pressured. Nevertheless, ongoing
investments in expansion and productivity of its plantations
should help the company reduce idle crushing capacity and improve
profitability over time."

With 37.9 million tons of crushing capacity Biosev is the second
largest processor of sugar and ethanol in the fragmented Brazilian
market. The diversification of raw material sourcing through four
regional clusters in the southeast, middle-west and northeast
mitigates weather impacts and provides a more stable supply year
round due to differentiated harvest periods. Also logistics are
optimized by the proximity to multimodal logistic hubs and ports.

Biosev's ratings also take into consideration the strong support
provided by its controlling shareholder, Louis Dreyfus Commodities
Group, from the governance structure to the operational level.
With a 58.4% stake, LDC played an important role in the
development of Biosev's sophisticated financial policies, and risk
management and hedge policies, as well as its management team,
mostly comprised of former LDC executives. In terms of operations,
Biosev benefits from LDC's global platform and experience in the
commodities business through a market intelligence agreement.
Additionally, Biosev has a long-term contract to sell between 700
and 900 thousand tons of sugar per year to LDC and a put option
for the totality of its VHP sugar production each harvest year.

As a pure sugar-ethanol producer, Biosev's ratings are constrained
by the fact that its performance is closely correlated to these
commodities' prices, which are subject to weather and
supply/demand conditions and are, therefore, historically volatile
and hard to predict. Accordingly, sugar prices have been declining
recently, having reached levels as low as $ 16 cents per pound.
The negative effects from such decrease are mitigated however by:
(i) Biosev's hedging agreements on its sugar production,
corresponding to about 100% of the 2013/14 and already 40% of the
2014/15 crops revenues less costs indexed on sugar and ethanol
prices; (ii) the depreciation of the Brazilian Real, that
significantly reduces the price decline in domestic currency; and
(iii) the current more attractive environment for ethanol
producers in Brazil, given, the increased percentage blend of
ethanol in gasoline and the tax incentive package launched by the
Government to foment the industry.

In terms of productivity, Biosev presents a low level of capacity
utilization when compared to its peers, with 73.8%. Even though
the company has been investing in expanding and renovating its
plantations to increase yield, the possible positive effects were
delayed by adverse climate conditions that affected its crops in
the state of Mato Grosso do Sul. As a consequence, operating
margin should remain pressured over the next several quarters. On
the other hand, the company's liquidity is adequate and should
improve further with the proposed bond issuance and lengthening of
its debt profile.

The proposed bonds have been rated as B1, one notch below Biosev's
Ba3 corporate family rating, given the high level of secured debt
in the company's debt structure (52% of total debt on a pro-forma
basis following the proposed $ 500 million senior bonds).

The ratings could be upgraded if the company improves its
operating margins and continues to increase scale while generating
free cash flow and maintaining an adequate liquidity profile.
Quantitatively this would require Debt to EBITDA to remain below
3.0x and EBITA/Interest Expense to be sustained above 3.0x.

A downgrade could result from an inability to improve operating
performance or if liquidity deteriorates. Quantitatively this
would be the case if EBITA/Interest Expense remains below 1.0x,
CFO/Net Debt falls below 20% or Debt/EBITDA is sustained above
4.0x.

Biosev, headquartered in Sao Paulo, Brazil, entered the sugar and
ethanol business in 2000 with the acquisition of Cresciumal plant
and, since then, expanded its crushing capacity from 900 thousand
tons to 37.9 million tons per year. The expansion took place by
means of the acquisition of other production facilities and
organic growth. Relevant milestones include the acquisition of the
production facilities of Tavares de Melo group in 2007, and the
merger with Santelisa Vale in 2009. The company also invested in
the expansion of its facilities (brownfields) and the
implementation of Rio Brilhante, a greenfield project with 5
million tons crushing capacity.

The company is a part of the Louis Dreyfus Commodities group,
which has over 160 years of experience in the global commodities
market and is a major player in the sugar, rice, cotton, orange
juice, soybeans and derivatives, corn and wheat markets, among
others.

The principal methodology used in this rating was the Global
Protein and Agriculture Industry Methodology published in May
2013.


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


AUDE FUND: Shareholder to Receive Wind-Up Report on Oct. 28
-----------------------------------------------------------
The shareholder of Aude Fund will receive on Oct. 28, 2013, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CG LONG: Shareholders' Final Meeting Set for Oct. 16
----------------------------------------------------
The shareholders of CG Long Biased Offshore Fund, Ltd will hold
their final meeting on Oct. 16, 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:

          John Milani
          Two Embarcadero Center
          Suite 600, San Francisco
          California 94111
          United States of America
          Telephone: (415) 297-3201


DIRCO AB: Shareholder to Receive Wind-Up Report on Nov. 1
---------------------------------------------------------
The shareholder of Dirco AB Ltd. will receive on Nov. 1, 2013, at
8:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DIRCO EH-II: Shareholder to Receive Wind-Up Report on Nov. 1
------------------------------------------------------------
The shareholder of Dirco EH-II Ltd. will receive on Nov. 1, 2013,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DIRCO EH-III: Shareholder to Receive Wind-Up Report on Nov. 1
-------------------------------------------------------------
The shareholder of Dirco EH-III Ltd. will receive on Nov. 1, 2013,
at 9:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DIRCO G: Shareholder to Receive Wind-Up Report on Nov. 1
--------------------------------------------------------
The shareholder of Dirco G Ltd. will receive on Nov. 1, 2013, at
8:45 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ICHIKAWA ONE: Shareholders' Final Meeting Set for Oct. 15
---------------------------------------------------------
The shareholders of Ichikawa One 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:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MAISHIMA FOUR: Shareholders' Final Meeting Set for Oct. 15
----------------------------------------------------------
The shareholders of Maishima Four 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:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MAISHIMA THREE: Shareholders' Final Meeting Set for Oct. 15
-----------------------------------------------------------
The shareholders of Maishima Three 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:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PLAINFIELD CAYMAN: Shareholders' Final Meeting Set for Nov. 7
-------------------------------------------------------------
The shareholders of Plainfield Cayman Holdings II Limited will
hold their final meeting on Nov. 7, 2013, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


TAKATSUKI TWO: Shareholders' Final Meeting Set for Oct. 15
----------------------------------------------------------
The shareholders of Takatsuki Two 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:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TEXAR INSURANCE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Texar Insurance Company, Ltd. received on
Aug. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

Graham Manchester is the company's liquidator.


ZAMA ONE: Shareholders' Final Meeting Set for Oct. 15
-----------------------------------------------------
The shareholders of Zama One 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:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


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


DIGICEL GROUP: Rules Out Selling Shares to the Public at this Time
------------------------------------------------------------------
RJR News reports that telecommunications billionaire Denis O'Brien
has ruled out selling shares in the Digicel Group Limited to the
public at this time.

The report relates that Mr. O'Brien said the plan is to keep
Digicel running on a private basis.

Mr. O'Brien, who is the chairman of Digicel Group, told Bloomberg
Television that the entity already has the best practices of a
public company as it sells bonds in the US and Europe, RJR News
notes.

Headquartered in Jamaica, Digicel Group Limited is a
telecommunications provider with over 13 million customers across
its 31 markets in the Caribbean, Central America and Asia Pacific.

                           *     *     *

As of Sept. 15, 2013, the company continues to carry Moody's
"Caa1" Senior Unsecured Debt rating and "B2" long-term ratings,
long-term corporate family rating, and probability of default
rating.


* JAMAICA: IMF Completes First Review Under Extended Fund Facility
------------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the first review of Jamaica's performance under an
economic program supported by a four-year, SDR615.38 million
(about US$944 million, the equivalent of 225 percent of Jamaica's
quota in the IMF) Extended Fund Facility (EFF) arrangement.  The
completion of this review enables the disbursement of SDR19.97
million (about US$30.6 million), which would bring total
disbursements under the arrangement to SDR156.72 million (about
US$240.4 million).

Following the Executive Board's discussion, Mr. Nayouki Shinohara
Deputy Managing Director and Acting Chair of the Board, stated:

"Overall program implementation under the Extended Fund Facility
(EFF) has been strong, despite the weak economic environment.  The
authorities' continued commitment to the program objectives of
strengthening Jamaica's fiscal position and creating the
conditions for sustained economic growth will be critical to a
revival of investor confidence and domestic demand in the period
ahead.

"The program for the remainder of fiscal year 2013/14 focuses on
structural reforms to strengthen the fiscal framework.  Priorities
include the enactment of an effective fiscal rule to lock in the
gains from the fiscal adjustment thus far, and a comprehensive tax
reform to broaden the tax base and reduce distortions.  An
expected short delay in submission to parliament of a new law on
tax incentives should not postpone its enactment.

"Achieving broad-based growth and enhancing social protection are
central pillars of the authorities' economic program.  The growth
agenda should be bolstered by further actions to enhance the
business environment and support well-targeted public investments,
in close collaboration with development partners.

"Close monitoring of the financial system remains essential to
forestall the emergence of vulnerabilities following February's
restructuring of the public debt.  A comprehensive reform of the
securities dealers sector would also be important for safeguarding
financial stability."


* JAMAICA: Remittances Down in June
-----------------------------------
RJR News reports that new data show another fall off in
remittances to Jamaica.  The report relates that Bank of Jamaica
said the figure was down nearly five per cent in June.

Net remittances totaled US$145.8 million, a reduction of US$7.3
million or 4.8 per cent relative to the corresponding period last
year, according to RJR News.  The out-turn for June reflected
declines of 5.2 per cent and 8.4 per cent in gross inflows and
outflows, the report relates.

The report discloses that gross remittance inflows for the month
were US$166 million, a decrease of US$9 million when compared to
2012.

RJR News adds that nevertheless, inflows were above the average of
US$64.9 million for the previous five corresponding


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


DESARROLLADORA HOMEX: Did Not Make Payment on 2015 Senior Notes
---------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. discloses that it did not
make the payment of interest due on its 7.50% Senior Guaranteed
Notes due Sept. 28, 2015.

Homex is a Mexican construction and real estate company engaged in
the development, construction and sale of entry-level and middle-
income housing in Mexico and Brazil. Founded in Culiacan, the
state capital of Sinaloa in 1989, the company started operations
developing commercial areas gradually focusing on design,
construction and commercialization of homes. The company is
headquartered in Culiacan, Mexico.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 6, 2013,
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to C.mx from Ca.mx (global
scale, local currency rating to C from Ca). This concludes Moody's
review.


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


GRUPO ACP: Fitch Cuts Long-Term Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Grupo ACP Inversiones y Desarrollo's
(ACP) Viability Rating (VR) and long-term Issuer Default Rating
(IDR) to 'b' and 'B', respectively. Fitch has also revised ACP's
Rating Outlook to Negative.

Key Rating Drivers

VR, IDRS
The downgrade of ACP's VR and IDR is driven by ACP's losses
(mainly due to foreign exchange volatility during 2Q13 in Peru and
the region) and the weakness of its dividend revenues caused by
the performance of its main operating subsidiary and revenue
generator, Mibanco. In addition, the delay in the implementation
of planned changes to ACP's legal structure, which would
eventually lead to a significant capital injection, has
contributed to weaken ACP's financial standing and resulted in
less financial flexibility and the maintenance of high double
leverage.

Mibanco's performance deteriorated in 1H2013, as credit costs
(loan loss provisions) increased significantly and, along with
lower operating revenues, drove profitability down to 0.74%
(ROAA). This should be close to the bank's bottom profitability,
but recovery is not expected to be swift; the management expects
results to recover within two years.

At end 2Q13, ACP breached the indebtedness covenant of its 10-
year, US$85 million corporate bond due on 2021. Moreover, given
MiBanco's declined profitability and the slow progress of its
investments in Mexico and Brazil, it expects to breach the debt-
service covenant by year end.

Accordingly, ACP requested the bondholders a temporary waiver to
the two covenants. The waiver was approved on Sept. 26, 2013, so
that ACP will have to comply with the first covenant by June 2014
and the second covenant by December 2014. ACP has proposed a
capital injection - a part of its organizational restructuring to
be completed between 4Q13 and 2Q14 - as a remedy to the covenants
breach. Said capital injection was delayed in part due to pending
regulatory approvals.

In Fitch's opinion, ACP could be in compliance with the
indebtedness covenant if the capital injections are completed; and
would comply with the debt service covenant thanks to its expected
cash reserves on hand, after capitalization and other corporate
restructuring actions underway. Bolstering dividends will be much
more challenging as it requires a significant improvement of its
operating subsidiaries' performance but the company would have
room to breathe until end-2015; management projections expect that
ACP's cash needs will be covered until 2016.

ACP's management reports advanced negotiations to capitalize the
group. However, if the capitalization is delayed or reduced, ACP
would have limited cash flow to fulfill its financial commitments,
hence the Negative Rating outlook.

Support Ratings
ACP's Support Rating of '5' and Support Rating Floor (SRF) of 'NF'
indicate that Fitch believes external support cannot be relied
upon due to the entity's non-profit nature.

Rating Sensitivities

VR, IDRs
Failure in the entity's financial restructuring plans and
continuous deterioration of their key operating companies,
together with a higher leverage would place downward pressure on
ACP's ratings.

Should the capitalization plan and other management action fail,
be for a significantly lower amount than expected or be delayed
beyond 1Q14, ACP's ratings could be downgraded by one or more
notches.

If and when the capitalization is completed, Fitch would revise
ACP's Outlook to Stable and reassess its ratings.

Support Rating
Changes to the support rating and SRF would reflect a change in
Fitch's view of the Government's willingness to support the group.

Fitch has taken the following rating actions on ACP:

-- Long-term foreign currency IDR downgraded to 'B' from 'BB-';
   Outlook Revised to Negative;

-- Short-term foreign currency IDR affirmed at 'B';

-- Long-term local currency IDR downgraded to 'B' from 'BB-';
   Outlook Revised to Negative;

-- Short-term local currency IDR affirmed at 'B';

-- VR downgraded to 'b' from 'bb-';

-- SR affirmed at '5';

-- SRF affirmed at 'NF'.


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


CARIBBEAN AIRLINES: Suspends Manager as Fraud Probe Continues
-------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has suspended one
of its managers as an investigation continues into a large fraud
case involving the use of bogus credit cards.  The report relates
that the scam has cost the entity more than TT$12 million in
losses.

Trinidad Express newspaper quoted sources as saying that scammers
managed to evade detection by CAL officials and received refunds
from sales activities with the airline, according to RJR News.
The fraudulent activities, sources said, involve Jamaicans,
Europeans and Nigerians, RJR News relates.

RJR News notes that it is reported that from January 2012 to June
this year CAL lost more than US$1.7 million in charge back claims
which are the return of funds to customers.  Following a forensic
investigation by CAL's internal auditing department and Ernst and
Young, a senior accounting manager at the airline was suspended on
September 23 for two weeks, RJR News says.

RJR News relates that the manager has been mandated to provide the
interim CAL board with a comprehensive report about the
transactions which led to the airline's losses.

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.


                    ***********


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 * * *