TCRLA_Public/131004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, October 4, 2013, Vol. 14, No. 197


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: Moody's Assigns 'Ba3' Local Currency Debt Rating


B A H A M A S

ULTRAPETROL (BAHAMAS): Closes Add-On Offering of US$25MM Notes


B R A Z I L

GOL LINHAS: Reveals Reduction in Shareholding Interest
JBS SA: Pays US$2.6 Billion for Acquisitions
JBS SA: Fitch 'BB-' IDR Currently on Rating Watch Negative
MMX MINERACAO: Vale CEO Says Firm Must Honor Railway Deal
OGX PETROLEO: EBX Group to Vacate Rio Headquarters

TELEMAR PARTICIPACOES: Moody's Affirms Ba1 Sr. Unsecured Rating


C A Y M A N  I S L A N D S

ALTPOINT CAPITAL: Shareholders' Final Meeting Set for Nov. 1
BARNSLEY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 29
CHATEAU PINNACLE: Shareholders' Final Meeting Set for Oct. 22
CHINA BROAD: Shareholders' Final Meeting Set for Oct. 21
CLOUDENA (CAYMAN): Shareholders' Final Meeting Set for Oct. 22

GC FUND: Shareholder to Hear Wind-Up Report on Oct. 18
GOLDENTREE SPECIAL I: Shareholders' Final Meeting Set for Oct. 16
GOLDENTREE SPECIAL IV: Shareholders' Final Meeting Set for Oct. 16
HYUNDAI CAPITAL: Shareholders' Final Meeting Set for Nov. 1
MSK TRADING: Shareholders' Final Meeting Set for Oct. 22

NORTHWOOD CAPITAL: Shareholders' Final Meeting Set for Oct. 14
NORTHWOOD MASTER: Shareholders' Final Meeting Set for Oct. 14
REDWOOD CHINA: Shareholder to Hear Wind-Up Report on Oct. 22
REDWOOD MASTER: Shareholder to Hear Wind-Up Report on Oct. 22


J A M A I C A

* JAMAICA: Government Looks to Multi-Lateral Agencies for Inflows


M E X I C O

FINANCIERA BEPENSA: Moody's Affirms B2 Local Curr. Issuer Rating


P E R U

GRUPO ACP: S&P Affirms 'BB+' LT Issuer Credit Rating


U R U G U A Y

DISCOUNT BANK: S&P Lowers ICR to 'BB'; Outlook Stable


                            - - - - -


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


BANCO PATAGONIA: Moody's Assigns 'Ba3' Local Currency Debt Rating
-----------------------------------------------------------------
Moody's Latin America assigned a Ba3 global local currency senior
debt rating to Banco Patagonia's second expected issuance for a
minimum amount of ARS 100 million and a maximum amount of ARS 300
million, which will be due in 18 months. The notes are being
issued under Patagonia's USD 250 million medium-term note program.
At the same time, on the National Scale, Moody's assigned a Aa1.ar
local currency debt rating to the expected issuance.

The outlook on the ratings is negative following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Banco Patagonia S.A.'s
second debt issuance:

  Ba3 Global Local Currency Debt Rating, negative outlook

  Aa1.ar Argentinean National Scale Local Currency Debt Rating,
  negative outlook

Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from Banco Patagonia's Ba3 global local currency
deposit rating that benefits from three notches of uplift from the
bank's b3 baseline credit assessment reflecting Moody's assumption
of a high probability of support from its parent, Banco do Brasil,
if needed.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Patagonia's ratings reflect the bank's consistent financial
fundamentals, illustrated by a solid profitability over the last
years, adequate capitalization level and also prudent risk
management practices. However, they also consider the
concentration of liquidity in Government securities and our
assessment of the likelihood of the bank's asset quality
indicators being under pressure in light of the sturdy loan growth
rate the bank has experienced.

Banco Patagonia S.A. is headquartered in Buenos Aires, Argentina,
and it had assets of ARS 25.3 billion and equity of ARS 3.9
billion as of June 30, 2013.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Closes Add-On Offering of US$25MM Notes
--------------------------------------------------------------
Ultrapetrol (Bahamas) Limited discloses closing of its previously
disclosed sale of US$25 million in aggregate principal amount of
its 8.875% First Preferred Ship Mortgage Notes due 2021, which
were offered as an add-on to its outstanding US$200 million
aggregate principal amount of 8.875% First Preferred Ship Mortgage
Notes due 2021.

As a result of the offering of the Add-On Notes, the Company has
outstanding an aggregate principal amount of US$225 million of its
8.875% First Preferred Ship Mortgage Notes due 2021, which are
secured by the stock of certain of the Company's subsidiaries and
by first preferred mortgages on vessels owned by certain of its
subsidiaries.

The Add-On Notes were sold at 104.5% in a private offering within
the United States to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended, and to
certain other persons outside of the United States in reliance on
Regulation S under the Securities Act.  The gross proceeds of the
offering totaled US$26.125 million.

Ultrapetrol plans to use the net proceeds of the offering for
general corporate purposes.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013 revenues totaled
$369 million.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.


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


GOL LINHAS: Reveals Reduction in Shareholding Interest
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. discloses to its shareholders
and the market that it has received from Bank of America
Corporation on Oct. 1, 2013, the letter which states that:

"For the purposes of Article 12 of the Brazilian Securities
Exchange Ruling No. 358, of Jan. 3, 2002, as amended, the
undersigned, Bank of America Corporation, hereby informs that, as
of Sept. 25 2013, it holds through various subsidiaries, local
preferred shares and American Depositary Receipts that total
6,629,957 preferred shares, as converted, representing 4.91% of
the total preferred shares issued by GOL Linhas Aereas
Inteligentes S.A.

(i)  Bank of America Corporation is a corporation validly
      existing under the laws of the State of Delaware, with IRS
      Employer Identification Number is 56-0906609.  Its
      registered office is located at: Bank of America Corporate
      Center 100 North Tryon Street, Charlotte, NC 28255 USA;

(ii)  Bank of America holds the equity positions through various
      subsidiaries that may acquire the securities solely for
      investment or client facilitation purposes; however, Bank of
      America does not seek a change of control or a change in the
      management structure of GOL Linhas Aereas Inteligentes S.A.;

(iii) Bank of America has holdings totaling to 6,629,957 preferred
      shares;

(iv)  No debenture convertible into shares issued GOL Linhas
      Aereas Inteligentes S.A. is held by Bank of America; and

(v)  No agreement or contract regulating the exercise of the
      voting right or the purchase and sale of securities issued
      by GOL Linhas Aereas Inteligentes S.A. was executed by Bank
      of America."

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigns a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.


JBS SA: Pays US$2.6 Billion for Acquisitions
--------------------------------------------
Northern Colorado Business Report notes that JBS S.A. said it
closed a US$2.63 billion deal to buy businesses owned by Marfrig
Group.

JBS SA bought Marfrig businesses Seara in Brazil and Zenda Leather
in Uruguay, according to Northern Colorado Business Report.

The report notes that the purchase of Seara increases JBS SA'
ability to produce poultry, pork and processed foods, JBS said
last month.

The report discloses that JBS SA subsidiary JBS USA, headquartered
in Greeley, operates a beef processing plant in Greeley and holds
a controlling interest in Pilgrim's Pride Corp.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


JBS SA: Fitch 'BB-' IDR Currently on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has upgraded the BRL600 million issuance of non-
convertible debentures to 'A-'(bra); Rating Watch Negative from
'BBB(bra)'; Rating Watch Negative. This action follows the sale of
Seara Brasil to JBS S.A. (JBS) from Marfrig Alimentos S.A.
(Marfrig), completed on Oct. 1, 2013. As part of the transaction,
the debentures are being assumed by JBS, which has a Long-Term
National Rating of 'A-(bra)'; Rating Watch Negative; Marfrig's
Long-Term National Rating is ('BBB(bra)'; Rating Watch Negative.
JBS is the new obligor of these debentures, of which there is
about BRL454 million currently outstanding.

Fitch has the following ratings on the JBS entities:

JBS S.A.:
-- Foreign & local currency Issuer Default Rating (IDR) 'BB-';
-- National Long-Term rating 'A-(bra)';
-- Debentures 2015 'A-' (bra);
-- Notes due 2016 'BB-';
-- National scale rating 'A-(bra)'.

JBS USA LLC:
-- Foreign and local currency IDR 'BB-';
-- Term loan B facility due in 2018 'BB'
-- Notes due 2014, 2020, 2021 'BB-'.

JBS USA Finance, Inc.:
-- Foreign and local currency IDR 'BB-';
-- Notes due 2014 'BB-';
-- Bonds due 2020 'BB-';
-- Notes due 2021 'BB-'.

ESAL GmbH:
-- Notes due 2023 'BB-'.

JBS Finance II Ltd:
-- Foreign and local currency IDR 'BB-';
-- Notes due 2018 'BB-'.

All ratings are currently on Rating Watch Negative

The ratings are informed by 'Fitch Parent and Subsidiary Linkage
Criteria'.


MMX MINERACAO: Vale CEO Says Firm Must Honor Railway Deal
---------------------------------------------------------
Reuters News reports that Vale SA Chief Executive Murilo Ferreira
said MMX, a mining company controlled by Brazilian tycoon Eike
Batista, should honor a contract to pay Brazil's MRS railway for
iron ore shipments even if its mines are not ready to produce.

MMX Mineracao e Metalicos SA has a take-or-pay contract with the
MRS Logistica SA railway to ship 36 million tons of iron ore a
year through 2026 at BRL26.46 (US$12.03) a ton, according to
Reuters News.  The report relates that the iron ore was to be
shipped from MMX mines in Minas Gerais state to MMX's Sudeste Port
near Rio de Janeiro.

Reuters News says the contract states MMX must pay for at least 80
percent of the total contracted volume starting in 2017 whether it
actually ships the iron ore or not.

Vale owns 38 percent of MRS's voting stock and 42 percent of its
total capital, making the Rio de Janeiro-based miner the railway's
largest shareholder, notes the report.

Reuters News notes that MMX has slowed development of the Minas
Gerais iron ore projects in the wake of Eike Batista's financial
problems and the resulting difficulties at MMX and other companies
in his EBX mining, energy, shipbuilding and port-operations group.

As a result of its difficulties, MMX has sought to renegotiate the
MRS contract and other accords with suppliers, Reuters News
relays.

Reuters News says that most EBX companies have lost 90 percent or
more of their value in the past year as Batista has found it hard
to raise new capital to keep his largely revenue-less start-ups
going without giving up control to new investors.

Meanwhile, Reuters News reports that Mr. Ferreira also said that
Vale is in talks to sell iron ore pellets to a customer in the
United States.


OGX PETROLEO: EBX Group to Vacate Rio Headquarters
--------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that unnamed sources
said EBX Group Co., the holding company of former Brazilian
billionaire Eike Batista, is moving out of its Rio de Janeiro
headquarters into smaller offices in the city.

The unnamed sources said EBX and its units are vacating the
Serrador building in downtown Rio, according to Bloomberg News.

Bloomberg News notes that the relocation is taking place as OGX
Petroleo & Gas Participacoes SA, the centerpiece of Eike Batista's
commodities group, in Oct. 2 missed a US$45 million interest
payment on its 8.375 percent notes due in 2022, prompting Standard
& Poor's to assign a default rating to the company and the bonds.

Bloomberg News relates that Mr. Batista, who lost his billionaire
status in July and is now worth US$73.7 million, is selling
assets, firing staff and ceding control of some of his commodities
and logistics ventures.

Bloomberg News relays that the EBX companies are relocating to two
buildings in the Flamengo neighborhood of Rio's southern zone,
where they were based before moving to Serrador in 2011, one of
the people said, adding that the move is expected to be done by
the end of the year.

Bloomberg News discloses that EBX is four months in arrears on the
rent it pays for Serrador, Veja columnist Lauro Jardim wrote in
his blog earlier Oct. 3, without saying how he got the
information.  The holding company started vacating the building
Oct. 2, Mr. Jardim, Bloomberg News says.

The oil producer was set to run out of money by early September
based on its burn rate through the end of the second quarter,
according to data compiled by Bloomberg.

                        About OGX Petroleo

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.


TELEMAR PARTICIPACOES: Moody's Affirms Ba1 Sr. Unsecured Rating
---------------------------------------------------------------
Moody's America Latina has affirmed the Baa3/Aa1.br senior
unsecured ratings of Oi S.A. ("Oi") and maintained its negative
outlook, following the announcement that Oi has reached an
agreement with Portugal Telecom, SGPS, S.A. ("PT", Ba2/neg) to
merge the two entities. Concurrently, Moody's has affirmed Telemar
Participa‡oes' Ba1/Aa2.br rating and negative outlook, but expects
to withdraw its ratings once the transaction is completed.

Ratings affirmed:

Issuer: Oi S.A.

Issuer rating: Baa3

NSR Issuer Rating: Aa1.br

Senior Unsecured Bonds/Debentures: Baa3/Aa1.br

Issuer: Telemar Participacoes S.A.

Senior Unsecured (domestic currency): Ba1

NSR: Aa2.br

Senior Unsecured Debentures: Ba1/Aa2.br

The outlook for all ratings is negative.

The new combined entity will benefit from a minimum BRL7.0 billion
cash capital increase that could reach up to BRL 8.0 billion, of
which BRL 2.5-3.5 billion will be injected into Oi while the
remaining BRL 4.5 billion will be used to repay the debt at Oi's
holding company, Telemar Participa‡oes, and its ultimate holding
companies: LF Tel S.A. and AG Telecom. Additionally, the
combination is expected to result in mainly tax-related and
procurement-related synergies, as well as an improved
organizational structure and corporate governance standards.

"We have affirmed Oi's existing Baa3 rating due to the expected
benefits of size and scale in an equity financed transaction and
some benefits of synergies but more importantly, sharing of best
practices to help Oi's future revenue growth path," says Soummo
Mukherjee, a Moody's Vice President -- Senior Credit Officer and
lead analyst for Oi. "The combined entity would benefit from an
expected cash capital increase of BRL 7-8 billion plus an
additional BRL7 billion from the combined group's cash balance
that is expected to be used towards debt reduction."

On a pro-forma basis based on Oi's LTM figures ended 06/30/2013
and PT's 2012 year-end numbers, the combination would have
resulted in Total Debt to EBITDA of around 4.1 times, which we
still consider high for the Baa3 rating category and is the main
reason why we still maintain our negative outlook on Oi's rating.

The proposed transaction is subject to shareholder and regulatory
approval in Brazil, U.S. and Portugal and expected to close by the
end of Q2 2014.

Ratings Rationale

The rating action reflects Moody's view that if successfully
completed, the combination with Portugal Telecom will benefit Oi
as it will become part of a larger group with improved size and
scale. Moreover, the combined entity would benefit from an
expected capital increase of approximately BRL 7-8 billion
(US$3.2-3.6 bn) and total synergies of around BRL5.5 billion
(US$2.5 bn), and Moody's expects that it will start generating
positive free cash flow by the end of 2015.

The combined entity will have 2012 pro-forma revenues of BRL37.5
billion (US$17 billion), making it the largest Brazilian telecom
operator in terms of revenues, with more than 100 million
customers in three different regions of the world (Brazil,
Portugal and Angola). We also believe that the merger will allow
Oi to better leverage Portugal Telecom's experience with fiber and
4G deployment, convergence and innovation, while Portugal Telecom
will benefit from Brazil's better growth opportunities and
stronger balance sheet.

The deal, however, will leave the company with about 22% revenue
and 28.5% EBITDA exposure to Portugal (Ba3/neg), which has been
struggling economically. Portugal Telecom faces considerable
challenges because of regulatory and competitive pressures in
Europe and subdued consumer spending in its domestic market.
Consolidated operating revenues fell by double-digit percent in
the first half of 2013, reflecting the impact of the depreciation
of the Brazilian real against the euro (Oi's revenues and EBITDA
comprise approximately 42%-46% of the enlarged consolidated group)
and a 4.8% year-on-year decline in domestic revenues in the second
quarter. These challenges continue to put pressure on PT's
revenues and we expect further deterioration this year, albeit at
a slower pace as mobile termination rates cuts have ended and new
pricing initiatives gain traction. We also expect further price
erosion to weaken its domestic EBITDA margin. At the same time,
competition with America Movil (A2 on review for downgrade) and
its subsidiaries: Embratel (Baa2 positive) and Net Servi‡os (Baa3
positive), as well as with Telefonica Brasil (Baa1 stable) and
other cable and Pay-TV operators will remain fierce in the
Brazilian market.

As part of the transaction, Oi's and Portugal Telecom's current
complex organization and legal structure will be greatly
simplified as all of the main operating assets are combined into
one with one holding company that will be listed in a single class
of shares in the Novo Mercado in BMF Bovespa in Brazil and NYSE
Euronext (New York and Lisbon). As a result the current debt of
approximately BRL4.5 billion ($2.05) at Oi's current holding
company, Telemar Participacoes, and its holdings AG Telecom and LF
Tel, will be fully repaid. Oi will then adhere to the highest
standards of corporate governance with the planned creation of an
audit committee with fully independent members, as defined by
Sarbanes Oxley standards.

What Could Change The Ratings Up/Down

A stabilization of Oi's ratings would require the company's
leverage, as measured by Total Debt to EBITDA, moving toward 3.5
times while evidencing that the combined company's revenue growth
and EBITDA margin improvement are not derailed due to competition
or weaker than expected operating performance in any of its
markets.

Conversely, Moody's could downgrade Oi's rating due to overall
negative revenue growth or a decline in the company's market share
and margins due to a stronger competitive market, as well as due
to weaker than expected operating performance in Portugal and/or
Africa, post closing of the transaction. Specifically, Oi's rating
could come under downward pressure if: adjusted Total Debt to
EBITDA ratio goes above 4.2 times for an extended period of time
and/or if the company's free cash flow remains negative beyond the
end of 2015.

Principal Methodology

The principal methodology used in this rating was the Global
Telecommunications Industry Methodology published in December
2010.

Headquartered in the city of Rio de Janeiro, Oi is the largest
telecom operator in Brazil in terms of fixed-line access. At the
end of 30 June 2013, it had revenues of BRL28.5 billion ($13
billion) and EBITDA of approximately BRL10 billion ($.4.5
billion).


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


ALTPOINT CAPITAL: Shareholders' Final Meeting Set for Nov. 1
------------------------------------------------------------
The shareholders of Altpoint Capital Offshore Holdings Ltd. will
hold their final meeting on Nov. 1, 2013, at 9:30 a.m., to receive
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


BARNSLEY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------------------
The shareholders of Barnsley Investments Limited will hold their
final meeting on Oct. 29, 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:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


CHATEAU PINNACLE: Shareholders' Final Meeting Set for Oct. 22
-------------------------------------------------------------
The shareholders of Chateau Pinnacle will hold their final meeting
on Oct. 22, 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:

          Alan De Saram And Stephen Nelson
          c/o Stephen Nelson
          Telephone: 949 4544
          Facsimile: 949 7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


CHINA BROAD: Shareholders' Final Meeting Set for Oct. 21
--------------------------------------------------------
The shareholders of China Broad Media Corporation will hold their
final meeting on Oct. 21, 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:

          Lau Chung Ki Lynda
          Suites 2516-20
          Two Pacific Place, 88 Queensway
          Hong Kong
          Telephone: (852) 2918 2200
          Facsimile: (852) 2234-9116


CLOUDENA (CAYMAN): Shareholders' Final Meeting Set for Oct. 22
--------------------------------------------------------------
The shareholders of Cloudena (Cayman) Inc will hold their final
meeting on Oct. 22, 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:

          Lin, Lung-Fen
          3f.-2 No.8, Aly. 101, Ln. 122
          Ruiguang Rd., Neihu Dist.
          Taipei City, Taiwan, ROC
          Telephone: (886) +2 7720 1888
          Facsimile: (886) +2 8798 6066


GC FUND: Shareholder to Hear Wind-Up Report on Oct. 18
------------------------------------------------------
The shareholder of GC Fund, Ltd. will receive on Oct. 18, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949 9877


GOLDENTREE SPECIAL I: Shareholders' Final Meeting Set for Oct. 16
-----------------------------------------------------------------
The shareholders of Goldentree Special Holdings I 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:

          GTAM TS Investment LLC
          c/o GoldenTree Asset Management LP
          300 Park Avenue, 21st Floor
          New York, NY10022
          United States of America


GOLDENTREE SPECIAL IV: Shareholders' Final Meeting Set for Oct. 16
------------------------------------------------------------------
The shareholders of Goldentree Special Holdings IV 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:

          GTAM TS Investment LLC
          c/o GoldenTree Asset Management LP
          300 Park Avenue, 21st Floor
          New York, NY10022
          United States of America


HYUNDAI CAPITAL: Shareholders' Final Meeting Set for Nov. 1
-----------------------------------------------------------
The shareholders of Hyundai Capital Auto Funding VII Limited will
hold their final meeting on Nov. 1, 2013, at 9:45 a.m., to receive
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


MSK TRADING: Shareholders' Final Meeting Set for Oct. 22
--------------------------------------------------------
The shareholders of MSK Trading Holding, Inc will hold their final
meeting on Oct. 22, 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:

          Alan De Saram And Stephen Nelson
          c/o Stephen Nelson
          Telephone: 949 4544
          Facsimile: 949 7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


NORTHWOOD CAPITAL: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------------
The shareholders of Northwood Capital Enhanced European Fund
Limited will hold their final meeting on Oct. 14, 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:

          Mike Saville
          c/o John Royle
          10 Market Street
          P.O. Box 765, Camana Bay Grand Cayman
          Cayman Islands, KY1-9006
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


NORTHWOOD MASTER: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------------
The shareholders of Northwood Capital Enhanced European Master
Fund Limited will hold their final meeting on Oct. 14, 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:

          Mike Saville
          c/o John Royle
          10 Market Street
          P.O. Box 765, Camana Bay Grand Cayman
          Cayman Islands, KY1-9006
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


REDWOOD CHINA: Shareholder to Hear Wind-Up Report on Oct. 22
------------------------------------------------------------
The shareholder of Redwood China Fund will receive on Oct. 22,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ka Yee Mak
          Monmouth Place
          Flat B, 17th Floor
          9L Kennedy Road
          Hong Kong
          Telephone: +1 (852) 2840 0539
          Facsimile: +1 (852) 2824 9339


REDWOOD MASTER: Shareholder to Hear Wind-Up Report on Oct. 22
-------------------------------------------------------------
The shareholder of Redwood China Master Fund will receive on
Oct. 22, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ka Yee Mak
          Monmouth Place
          Flat B, 17th Floor
          9L Kennedy Road
          Hong Kong
          Telephone: +1 (852) 2840 0539
          Facsimile: +1 (852) 2824 9339


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


* JAMAICA: Government Looks to Multi-Lateral Agencies for Inflows
-----------------------------------------------------------------
RJR News reports that the Jamaica government has no immediate
plans to go to the international capital market to raise funds
this fiscal year.  Dr. Peter Phillips, Minister of Finance, told
Parliament that the administration is instead looking at multi-
lateral agencies for inflows, according to RJR News.

At the same, the report notes that Dr. Phillips said the situation
is constantly under review.

"We are trying to remain outside of the need to go to the capital
markets for as long as possible, because what we want to do is to
demonstrate not only a capacity to live within our means but to
finance ourselves from identifiable resources from the
multilaterals to the fullest extent possible.  We have a major set
of payments coming up early in the next calendar year, and we
think that we will be able to meet those payments without having
to revert to the international capital markets," the report quoted
Dr. Phillips as saying.


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


FINANCIERA BEPENSA: Moody's Affirms B2 Local Curr. Issuer Rating
----------------------------------------------------------------
Moody's de Mexico affirmed all of Financiera Bepensa S.A. de C.V.
SOFOM E.N.R.'s (Financiera Bepensa) ratings with a stable outlook.
The ratings affirmed are: Mexican National Scale Baa3.mx/MX-3
long- and short-term issuer ratings, and B2 long-term local
currency issuer rating and B2 corporate family rating (CFR).
Moody's also affirmed the Not-Prime short-term local currency
issuer rating. Financiera Bepensa's ratings take into account a b2
standalone baseline credit assessment. All these ratings have
stable outlooks.

List of Affected Ratings

The following ratings were affirmed with a stable outlook:

Long term local currency issuer rating of B2

Short term local currency issuer rating of Not Prime

Long term Mexican National Scale issuer rating of Baa3.mx

Short term Mexican National Scale issuer rating of MX-3

Standalone baseline credit assessment of b2

Long-term local currency Corporate Family Rating of B2

Ratings Rationale

In affirming the standalone baseline credit assessment of b2,
Moody's took into account Financiera Bepensa's efforts to become
increasingly independent from its economic group, Grupo Bepensa
(unrated), by way of expanding its operations into new products,
clients and new geographies. While this strategy will help reduce
its dependence from the group's relationships, it may lead to an
increase in credit risk and higher operating costs. Financiera
Bepensa's ratings also reflect its comfortable capitalization,
which is a key factor in supporting the company's ongoing
expansion.

The ratings are nevertheless constrained by Financiera Bepensa's
poorly diversified funding structure and high dependence on
related companies, which guarantee a large portion of Financiera
Bepensa's bank funding lines. If not for the support of its
affiliate entities, Financiera Bepensa would most likely face
higher funding costs and limited access to bank funding, because
of the companies' limited access to long-term funding sources and
lack of access to debt capital markets.

Financiera Bepensa shows good ability to generate core earnings,
which result from the wider spreads charged on its relatively
riskier loans to SMEs; yet, the finance company's overall
profitability is challenged because it is accountable for a
portion of Grupo Bepensa's operating expenses, as a result of the
group's fiscal strategies. To the extent this becomes a larger
drain on earnings, it could have negative effects on Financiera
Bepensa's ratings. The finance company also remains challenged by
its small absolute size and limited business scope, and by its
family-based ownership structure, which raises concerns regarding
potential corporate governance risks.

Financiera Bepensa's B2 issuer rating is aligned to the b2
standalone credit assessment. No probability of extraordinary
parental support is incorporated in Financiera Bepensa's issuer
ratings but its standalone rating does take into account evidence
of the implicit benefits Financiera Bepensa draws from being part
of the larger economic conglomerate.

Financiera Bepensa is headquartered in Merida, Yucatan; Mexico. As
of 30 June 2013 it had Mx$2,713 million in assets and Mx$1,444
million in capital.

The methodology used in this rating was Finance Company Global
Rating Methodology published in March 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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

The long term Mexican National Scale rating of Baa3.mx indicates
issuers or issues with average creditworthiness relative to other
domestic issuers.

The period of time covered in the financial information used to
determine Financiera Bepensa 's rating is between December 31,
2006 and 30 June 2013.

The sources and items of information used to determine the ratings
include 2011, 2012 and 2013 interim financial statements (source:
Financiera Bepensa); year-end 2012 audited financial statements
(source: Financiera Bepensa, audited by Mancera, S.C. Integrante
de Ernst & Young Global); and information on market position
(source: Financiera Bepensa).


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


GRUPO ACP: S&P Affirms 'BB+' LT Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on Grupo ACP Inversiones Y Desarrollo (Grupo
ACP) and its 'BBB/A-2' ratings on MiBanco, Banco de La
Microempresa S.A. (Mibanco).  At the same time, S&P removed the
ratings from CreditWatch with negative implications, where S&P
placed them on Sept. 18, 2013.  Mibanco's stand-alone credit
profile (SACP) remains at 'bbb'. The outlook is stable.

S&P also affirmed its 'BB+' issue rating on Grupo ACP's senior
unsecured notes and removed them from CreditWatch.

The rating action follows the majority bondholder approval of a
debt covenant waiver on Grupo ACP's 10-year, $85 million senior
unsecured bond due in 2021, which the group requested on Sept. 12,
2013, after it breached a debt-to-equity ratio covenant that could
have accelerated the bond payment.  "Now that the group's bond
payment will not be accelerated, we believe this will alleviate
stress on the group's financial profile, and we no longer expect a
significant increase in dividend payments from Mibanco which could
have weakened the bank's capitalization levels.  Therefore,
Mibanco's SACP will remain unchanged at 'bbb'," said Standard &
Poor's credit analyst Alfredo Calvo.  The waiver approval applies
to debt-to-equity and dividend-to-financial expense ratio
covenants.  The debt-to-equity covenant applies to the 12-month
period from June 30, 2013 to June 30, 2014.  The dividend-to-
financial expense ratio covenant requires annual compliance based
on financial statements as of the 12 months ended Dec. 31, 2014.


==============
U R U G U A Y
==============


DISCOUNT BANK: S&P Lowers ICR to 'BB'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term, global-
scale issuer credit ratings on Discount Bank Latin America S.A.
(DBLA) to 'BB' from 'BB+' and its national-scale ratings to 'uyAA'
from 'uyAA+'.  The outlook is stable.  At the same time, S&P
affirmed the 'B' short-term global-scale rating on the bank.

"The rating action follows Israel Discount Bank Ltd.'s
announcement that it may sell its New York subsidiary, including
its Uruguayan operations, as part of its capital management plan,"
said Standard & Poor's credit analyst Sebastian Liutvinas.  The
Israel Discount Bank of New York (IDBNY) controls DBLA.  IDBNY is
a wholly-owned subsidiary of Discount Bancorp Inc. (unrated), a
bank holding company incorporated in Delaware.  Also, Israel
Discount Bank Ltd. owns Discount Bancorp Inc. and therefore is the
ultimate owner of the Uruguayan bank.

As a result of the potential sale, S&P is revising its group
status assessment on DBLA to "nonstrategic" from "moderately
strategic."  S&P believes DBLA is likely to be sold in the near
term and no longer fits into its parent's long-term strategy.
Consequently, the ratings on the bank now reflect its stand-alone
credit profile (SACP) with no notches of support.


                    ***********


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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