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

           Thursday, October 24, 2013, Vol. 14, No. 211


                            Headlines



A R G E N T I N A

BANCO DE LA PROVINCIA: S&P Affirms 'CCC+' Issuer Credit Rating


B R A Z I L

BROOKFIELD INCORPORACOES: Discloses Internal Corp. Restructuring
GOL LINHAS: Presents PRASK Growth of 23% in September 2013
JBS SA: Fitch Affirms Issuer Default Ratings at 'BB-'
QGOG CONSTELLATION: Fitch Affirms Issuer Default Ratings at 'BB-'


C A Y M A N  I S L A N D S

ALLIANCEBERNSTEIN: Shareholder to Hear Wind-Up Report on Nov. 15
BRIGANTINE HIGH: Shareholder to Receive Wind-Up Report on Nov. 15
CONFIDAS CONSULTANTS: Members' Final Meeting Set for Nov. 4
DALTON CDO: Shareholder to Receive Wind-Up Report on Nov. 15
EASTON ASIA: Shareholders' Final Meeting Set for Nov. 22

GUANAY FINANCE: Fitch to Rate New $450MM Sr. Notes at 'BB+'
JAPAN NPL 1: Shareholder to Receive Wind-Up Report on Nov. 15
JAPAN NPL 2: Shareholder to Receive Wind-Up Report on Nov. 15
LIFE CAPITAL: Shareholders' Final Meeting Set for Nov. 6
LUMAX FINANCE: Shareholders' Final Meeting Set for Nov. 7

MIDAS INVESTMENTS: Shareholders' Final Meeting Set for Nov. 11
OLYMPIA (PTC): Shareholders' Final Meeting Set for Nov. 11
STRAUS HEALTHCARE: Shareholder to Hear Wind-Up Report on Nov. 5
THIRD COAST: Shareholder to Receive Wind-Up Report on Nov. 15
TRAXIS EMERGING: Shareholders' Final Meeting Set for Nov. 22


C H I L E

INVERSIONES ALSACIA: Holders of 8% Notes Agree to Waive Default


D O M I N I C A N   R E P U B L I C

CAP CANA: Foreclosures Stun Biggest Resort Complex
DOMINICAN REPUBLIC: Fitch Rates US$500MM Bond Issue at 'B'
* DOMINICAN REP: IMF Board Concludes 1st Post-Program Monitoring


M E X I C O

CEMENTOS PROGRESO: S&P Assigns 'BB' CCR & Rates $300MM Notes 'BB'
SAN MIGUEL: Moody's Rates US$200MM Sr. Unsec. Notes at 'Ba2'
SAN MIGUEL: Fitch Assigns 'BB' Foreign Currency IDR


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BANCO DE LA PROVINCIA: S&P Affirms 'CCC+' Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' global
scale, issuer credit rating on Banco de La Provincia de Buenos
Aires S.A. (BPBA).  The outlook remains negative.

The rating on BPBA reflects the bank's "strong" business position,
"very weak" capital and earnings, "adequate" risk position, "above
average" funding, and "strong" liquidity, as S&P's criteria define
these terms.  The bank's stand-alone credit profile is 'bb-'.

S&P continues to view the likelihood of extraordinary support from
the province of Buenos Aires (foreign currency rating:
CCC+/Negative/--; local currency rating: B-/CreditWatch
Negative/--) as "very high," in accordance with S&P's criteria for
rating government-related entities.  This is based on:

   -- BPBA's "very important" role in promoting the development of
      certain economic segments in the province, including the
      bank's important public policy role serving as a fiscal
      agent to the province and its status as a significant player
      in Argentina's financial system; and

   -- The "very strong" link between BPBA and the province, given
      the bank's ownership structure, under which the province
      directly guarantees the bank's liabilities.

However, the issuer credit ratings on BPBA are constrained by the
ratings on Buenos Aires Province and on the Republic of Argentina
(unsolicited foreign and local currency ratings: CCC+/Negative/C;
transfer and convertibility assessment: CCC+).  S&P rarely rates
financial institutions above the foreign currency ratings on the
countries where they operate as it is unlikely that these
institutions would remain unaffected by developments in their
domestic economies.  Also, all financial institutions operating in
Argentina could face indirect effects from a sovereign downgrade.
"We believe a sovereign downgrade is normally associated with, or
could lead to, a weaker operating environment for financial
institutions, which would very likely weaken their
creditworthiness," said Standard & Poor's credit analyst Ivana
Recalde.


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


BROOKFIELD INCORPORACOES: Discloses Internal Corp. Restructuring
----------------------------------------------------------------
Brookfield Incorporacoes S.A. disclosed to the market a notice it
received from its controlling shareholder Brookfield Brasil LTDA.,
registered in the corporate roll of taxpayers (CNPJ/MF) under no.
34.268.326/0001-16 ("BRB"), controlling shareholder of Brookfield
Brasil Participacoes LTDA ("BRB Participacoes"), pursuant to the
terms of Article 12 of CVM Instruction 358/02:

Due to an internal corporate restructuring, on this date [Oct. 15]
BRB undertook a capital increase in BRB Participacoes through the
contribution of 224,339,507 registered book-entry common shares
with no par value issued by the Company and owned by BRB,
representing thirty-eight and ninety-five hundredths of a percent
(38.95%) of the total and voting capital of BRB Participacoes.

Given that BRB and BRB Participacoes have the same final
controlling shareholder -- Brookfield Asset Management Inc. -- and
that said controlling shareholder has not altered its percentage
interest in the Company by more than five percent (5%), the above
operation has not resulted in any change in the Company's control
or management structure, but only an internal reorganization of
its assets.

                 *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Fitch Ratings has downgraded the long-term foreign
and local currency Issuer Default Ratings (IDRs) of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes) and its full
subsidiary Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
(Brookfield SP) to 'B+' from 'BB-'. Fitch has also downgraded the
companies' long-term national ratings to 'A(bra)' from 'A+(bra)'.


GOL LINHAS: Presents PRASK Growth of 23% in September 2013
----------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary air
traffic figures for September 2013.  PRASK, Yield and Fuel Prices
Net PRASK presented a 23% growth over September/12, while domestic
supply reduced by 8.5% in the period, both compared to the same
month last year.  This is the 18th consecutive monthly PRASK
increase, and demonstrates GOL's efforts in continuously improving
its products and focusing on the profitability of its routes.  In
3Q13, PRASK recorded a 21% increase, leading to a 14% growth year-
to-date in this same indicator.

Net yield in September posted a 25% increase year-over-year,
registering between R$21.7 and R$22.3 cents, result of the
Company's strategy of increasingly attracting high value clients.
In the third quarter of 2013, yield recorded growth of 29%, while
year-to-date the increase was of 18% when compared to the same
period in 2012.  Fuel prices* moved up by 7% in the month when
compared to September/12. T his is due to the depreciation of the
Real against the Dollar in July and August reflected in the jet
fuel price formation period, which carries a time lag.  In
3Q13, fuel prices presented an increase of approximately 7%, to
between R$2.43 and R$2.48, while year-to-date this increase was of
approximately 5%.

                          *     *     *

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 assigned a 'B+' rating to the
Company's foreign and local currency long-term Issuer Default
Ratings.


JBS SA: Fitch Affirms Issuer Default Ratings at 'BB-'
-----------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-' as well as its
'A-(bra)' national scale rating. Fitch has also affirmed at 'BB-'
rating on the notes due in 2016 issued by JBS and the 'A-(bra)'
rating of its debentures due in 2015.

In conjunction with these rating actions, Fitch has also assigned
an expected rating of 'BB-' to a proposed benchmark-size senior
unsecured notes offering by JBS Investments GmbH (formerly ESAL
GmbH), a wholly owned subsidiary of JBS based in Austria. These
notes will be unconditionally guaranteed by JBS and JBS Hungary
Holdings Kft. The proceeds are expected to be used to refinance
shorter-maturity indebtedness and for general corporate purposes.

Fitch has removed the ratings of JBS and its affiliates from
Rating Watch Negative and has assigned a Stable Rating Outlook to
JBS.

These rating affirmations and the assignment of a Stable Outlook
conclude the review of JBS, which was placed on Rating Watch
Negative during June 2013 as a result of its acquisition of the
Seara Brasil and Zenda leather businesses from Marfrig Alimentos
S.A. for BRL5.8 billion (USD2.6 billion). The ratings build in an
expectation that JBS's net leverage will organically improve to at
or below 3.0x by the end of 2014.

Key Rating Drivers
High Leverage, But Deleveraging
Fitch expects JBS's net debt to EBITDA ratio to organically fall
to around 3.0x or lower by the end of 2014 due to the company's
strong free cash flow (FCF) generation. Nevertheless, given the
acquisitive nature of the company, the existing rating categories
build in an expectation that debt-financed transactions could lead
to this ratio being closer to 3.5x. Following the Seara Brazil
acquisition, which was concluded at the end of September, JBS's
net debt to EBITDA ratio was around 4.0x. In the second quarter of
2013, JBS reported a strong improvement in the performance of its
U.S. Beef and U.S. Poultry businesses, with positive FCF before
dividends of BRL563 million.

Execution Risks of Seara Turnaround
Execution risk as it relates to Seara is above average. JBS will
have to make significant initial cash investments in working
capital in order to strengthen Seara's operations, address its
logistics issues and build upon the strength of the brand in order
to turn the business into a positive FCF division in the medium
term. However, JBS has demonstrated its capacity to integrate
several acquisitions in the past. The Seara transaction will
increase JBS's export capacity and its footprint in the protein
business in Brazil from USD12 billion to about USD15 billion.

Solid Business Profile
JBS's credit ratings are supported by a strong business profile.
The company is the world's largest beef and leather producer. With
the acquisition of Seara Brasil, JBS has become the second largest
processed meats producer in Brazil. The company's product and
geographic diversification help to mitigate risks related to
disease and trade restrictions.

No Major Acquisitions Anticipated
Fitch does not foresee any major acquisitions in the next 18
months as JBS's management will need to focus on the integration
of Seara. However, Fitch does not exclude some bolt-on
transactions in the future as JBS aims to reinforce its
distribution capacity in export markets. While its business
profile has benefited from improved diversification through past
acquisitions, the Seara acquisition highlights JBS's acquisition
appetite.

Adequate Liquidity
As of June 2013, about 35% of JBS debt - or BRL8.5billion - was
classified as short-term. This figure compares with BRL7.2 billion
of cash and cash equivalents and USD1.2 billion of available
committed lines. JBS assumed BRL5.8 billion (USD2.6 billion) of
Marfrig's bank debt in the aforementioned transactions and has
successfully refinanced this debt with bank debt that have
maturities up to five years.

Rating Sensitivities:
A downgrade could be precipitated by further increase of the
group's leverage ratios, or a sharp contraction in the group's
operating margin and FCF generation in the next 18 months.

An upgrade could result from an increase in the group's capacity
to generate strong FCF. Expanding operating margin over a
sustained period of time and consistent leverage ratios in the
range of 2.0x to 2.5x would also be viewed positively.

Fitch has affirmed the following JBS ratings with a Stable Outlook

JBS S.A.:

-- Foreign & local currency IDR at 'BB-';
-- Notes due 2016 at 'BB-';
-- National scale rating at 'A-(bra)'.
-- Debentures at 'A-'.

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

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

JBS Investments GmbH (formerly ESAL GmbH):
-- Notes due 2023 at 'BB-'.

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

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


QGOG CONSTELLATION: Fitch Affirms Issuer Default Ratings at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has affirmed QGOG Constellation S.A.'s foreign and
local currency Issuer Default Ratings (IDRs) and USD700 million
senior unsecured notes due 2019 at 'BB-'. The Rating Outlook is
Stable.

Key Rating Drivers
Constellation's ratings reflect the company's high consolidated
leverage and structural subordination to its operating
subsidiaries' project finance debt, which at times may limit cash
flow disbursements from the operating subsidiaries (Opcos) to the
Holdco depending on various financial covenants. Positively,
consolidated leverage is expected to rapidly decline as the
project finance debt at the operating companies amortizes.
Constellation's ratings also reflect the stable and predictable
cash flow generation of the company's OpCos' offshore drilling
assets, which are supported by long-term contracts with investment
grade rated Petroleo Brasileiro S.A. (Petrobras; IDR 'BBB'). The
ratings also incorporate the favorable demand prospects for oil
and gas services in Brazil driven by Petrobras' aggressive capital
expenditure program as well as new exploration and production
entrants to the market.

High Initial Leverage and Adequate Liquidity
The company's consolidated leverage is considered high for the
rating category and is expected to decrease over the near term as
the debt at the OpCos rapidly amortize to levels more consistent
with the rating category. As of the last 12 months (LTM) ended
June 30, 2013, leverage as measured by total debt to EBITDA was
approximately 6.0x. Fitch expects the company to lower its
consolidated leverage ratio to below 4.0x within the next few
years, which is more in line with the assigned ratings. Total debt
as of June 30, 2013 reached approximately USD3.2 billion, while
EBITDA was USD535 million. As of June 30, 2013, debt at the OpCo
level amounted to USD2.4 billion, out of approximately USD3.2
billion of total consolidated debt.

Constellation's liquidity is supported by a 12 months debt service
reserve account and the company's cash on hand, which somewhat
mitigates possible disruptions of cash flow to the Holdco from the
OpCos due to debt restrictions at the OpCos. As of June 30, 2013,
cash and cash equivalent amounted to USD421 million, of which
approximately USD229 million were at the holding company level and
the balance was at the operating companies. Also a positive factor
for the company's liquidity was the equity injection of
approximately USD300 million from its shareholders during
September 2013, which the company expects to use to partially fund
its approximately USD200 million equity contribution for a new
ultra deep water (UDW) drilling rig it ordered in November of
2012.

Structural Subordination to Operating Companies' Debt
The potential retention of cash flows after debt service at the
OpCo level makes cash flow to the Holdco somewhat less stable and
unpredictable than the cash flow from operation of its
subsidiaries. Most of the project finance debt at the OpCos have
cash sweep provisions and minimum debt service coverage ratios
(DSCR) (e.g. 1.2 or above) that must be met before cash flow
distributions are allowed to be made to the Holdco. Specific
assets (Lone and Gold Star) are not permitted to distribute excess
cash to the holding company until all project finance debt is
repaid.

Cash distributions to Constellation are sensitive to the operating
performance of the OpCos' (the rigs') uptime performance. For
example, in the case of the Alaskan-Atlantic operating assets, a
decline in the uptime rate to 95% or below from the combined 15
years historical average of 96.3% will likely prevent these assets
from distributing cash to the Holdco. Gold and Lone Star financing
are not expected to distribute any cash to the holding company
until Gold Star is released from the associated financing and Lone
Star until all debt is paid off, which is expected to fully
amortize by 2017. Under Fitch's base case assumption of an average
uptime rate of 95%, net cash flow distributions to Constellation
from its OpCos is expected to average between USD50 million and
USD70 million over the next four years. Net distributions to
Constellation are expected to notably increase beyond 2017 as some
project finance debt is fully amortized and should increase if
uptime rates are higher than projected.

Predictable Revenues and Strong Backlog
Constellation's consolidated revenues and cash flow from
operations are stable and predictable, reflective of its long-term
contractual structure, for the most part with Petrobras. The
company provides onshore and offshore oil and gas drilling
services through its different subsidiaries. The average remaining
contract life for its existing majority owned offshore drilling
assets is approximately three and a half years. The company
currently operates eight offshore drilling units under long-term
contracts with Petrobras and has placed an order to build a new
100% owned UDW drillship yet to be contracted, which adds to risk.
The company also operates nine onshore rigs, which are, for the
most part, contracted with Petrobras. The bulk of the holding
company's cash flow comes from its offshore services.

Constellation's current contract backlog, excluding contract
renewal options, of approximately USD10 billion bodes well for the
company's credit profile as it supports cash flow predictability.
Of the company's current backlog, approximately half relates to
the offshore drilling assets where the company has majority
participation. The balance of the backlog relates to other assets
without majority participation as well as its onshore assets.

Strong Demand for Drilling Rigs in Brazil
Long term demand prospects for oil and gas services in Brazil,
including demand for offshore drilling rigs and production
equipment, are strong. Driven by a government initiative to
increase the country's oil and gas production, Petrobras has
embarked on an aggressive capital investment program of up to
USD236 billion over the next four years. Further, the government
has implemented requirement that a high percentage of the work and
materials provided for these expenditures be from 'local' sources
in order to boost economic activity. The combination of higher
demand and the local content mandate for oil and gas related
services support long-term demand prospects for the company as
well as its ability to renew contracts at favorable rates.

Rating Sensitivities
Considerations that could lead to a negative rating action (Rating
or Outlook) include:

-- Failure to lower leverage to 4.0x or below; or
-- An overly aggressive growth strategy that could pressure credit
   metrics (somewhat mitigated by the issuance's covenants).

Considerations that could lead to a positive rating action (Rating
or Outlook) include:

-- Injection of new capital into the company, depending on how it
   invests the new funds and the lead time required for the new
   investments to generate cash flow from operations.


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


ALLIANCEBERNSTEIN: Shareholder to Hear Wind-Up Report on Nov. 15
----------------------------------------------------------------
The shareholder of Alliancebernstein Currency Alpha Master Fund
Ltd will receive on Nov. 15, 2013, at 1:45 p.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


BRIGANTINE HIGH: Shareholder to Receive Wind-Up Report on Nov. 15
-----------------------------------------------------------------
The shareholder of Brigantine High Grade Funding, Ltd will receive
on Nov. 15, 2013, at 1:30 p.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


CONFIDAS CONSULTANTS: Members' Final Meeting Set for Nov. 4
-----------------------------------------------------------
The members of Confidas Consultants Ltd. will hold their final
meeting on Nov. 4, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DALTON CDO: Shareholder to Receive Wind-Up Report on Nov. 15
------------------------------------------------------------
The shareholder of Dalton CDO Ltd. will receive on Nov. 15, 2013,
at 1:15 p.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


EASTON ASIA: Shareholders' Final Meeting Set for Nov. 22
--------------------------------------------------------
The shareholders of Easton Asia Fund will hold their final meeting
on Nov. 22, 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) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


GUANAY FINANCE: Fitch to Rate New $450MM Sr. Notes at 'BB+'
-----------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB+(exp)' with a
Stable Outlook to Guanay Finance Limited's proposed $450 million
issuance of senior notes. Guanay Finance Limited is a special
purpose vehicle incorporated in the Cayman Islands and sponsored
by LATAM Airlines Group S.A. (LATAM).

Fitch's rating on the 2013-1 notes addresses the timely payment of
interest and principal on a quarterly basis. The proposed issuance
is backed by U.S. and Canadian dollar-denominated receivables from
ticket and cargo sales generated by credit, debit or charge cards
in the United States and Canada.

This expected rating does not incorporate Fitch's full legal
analysis as this process is currently ongoing and the final rating
is contingent upon the receipt of final documents conforming to
information already received.

Key Rating Drivers
The expected rating reflects (i) the credit quality of LATAM; (ii)
the strategic and growing business that backs the pool of
receivables; (iii) the expected quarterly debt service coverage
ratio commensurate with the expected rating category; (iv) the
level of future flow debt relative to LATAM's overall funding; and
(v) moderate diversion risk.

LATAM has a Fitch local currency (LC) Issuer Default Rating (IDR)
of 'BB', Outlook Stable. Formed in 2012 through a business
combination of LAN Airlines S.A. (LAN) and TAM Linhas Aereas, S.A.
(TAM), LATAM maintains a solid market position in the domestic,
regional and international (long-haul), and cargo markets.

The majority of receivables will be for flights to and from North
American gateways. The pool of receivables grew 21.45% CAGR from
2005-2012 driven by increased capacity and yield, improved load
factors, the strength of the North American cargo business and
growth in internet ticket sales. Many of the key North American
gateways are more profitable than LATAM's overall and long-haul
businesses.

Fitch expects the average quarterly debt service coverage ratio
(DSCR) to be approximately 3.78x. This is based on average
quarterly receivables for the last 12 months and the average
quarterly debt service for the life of the transaction.

The proposed issuance represents approximately 4.4% of LATAM's
consolidated debt and 6.8% of unconsolidated debt (excluding TAM).
While these percentages are low relative to the balance sheet, the
transaction size is large compared to the company's total
unsecured debt, as most of company debt relates to leases and
secured debt.

While designated obligors to the transaction have signed notice
and consent agreements (N&Cs), the transaction is exposed to
potential diversion risk. Cash flows could be diverted from the
transaction by changing designated obligors or rerouting sales
through a different IATA code. This risk limits differentiation of
issuance rating from the originator's IDR.

Rating Sensitivities
The rating is sensitive to changes in the credit quality of LATAM.
A downgrade of LATAM's 'BB' IDR could lead to a downgrade of the
notes. In addition, reductions in DSCRs could result in rating
downgrades.

Key Rating Drivers and Rating Sensitivities are further described
in the accompanying pre-sale report.

Transaction Summary
The notes are backed by flows related to airline ticket sales and
cargo charges by LATAM under IATA code 045 that are purchased
using a qualified credit, debit or charge card in the U.S. and
Canada.

The originator and initial servicer to the transaction, LATAM is
headquartered in Santiago, Chile with the largest operations in
Chile and Brazil. LATAM's rating incorporates the company's
diversified business model, strong regional market position, high
gross adjusted leverage, and low liquidity.


JAPAN NPL 1: Shareholder to Receive Wind-Up Report on Nov. 15
-------------------------------------------------------------
The shareholder of Japan NPL 1 Holdings will receive on Nov. 15,
2013, at 12:45 p.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


JAPAN NPL 2: Shareholder to Receive Wind-Up Report on Nov. 15
-------------------------------------------------------------
The shareholder of Japan NPL 2 Holdings will receive on Nov. 15,
2013, at 1:00 p.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


LIFE CAPITAL: Shareholders' Final Meeting Set for Nov. 6
--------------------------------------------------------
The shareholders of Life Capital SPV Limited will hold their final
meeting on Nov. 6, 2013, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gordon McKie
          40 Berkeley Square
          London W1J 5AL
          United Kingdom
          Telephone: +44 (20) 7451 4297


LUMAX FINANCE: Shareholders' Final Meeting Set for Nov. 7
---------------------------------------------------------
The shareholders of Lumax Finance Limited will hold their final
meeting on Nov. 7, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michelle Bodden-Moxam/Kevin Gunther
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands


MIDAS INVESTMENTS: Shareholders' Final Meeting Set for Nov. 11
--------------------------------------------------------------
The shareholders of Midas Investments Ltd. will hold their final
meeting on Nov. 11, 2013, at 11:00 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
          P.O. Box 897
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


OLYMPIA (PTC): Shareholders' Final Meeting Set for Nov. 11
----------------------------------------------------------
The shareholders of Olympia (PTC) Limited will hold their final
meeting on Nov. 11, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


STRAUS HEALTHCARE: Shareholder to Hear Wind-Up Report on Nov. 5
---------------------------------------------------------------
The shareholder of Straus Healthcare Master Fund, Ltd will receive
on Nov. 5, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815 1759
          Facsimile: (345) 949 9877


THIRD COAST: Shareholder to Receive Wind-Up Report on Nov. 15
-------------------------------------------------------------
The shareholder of Third Coast Capital Offshore Fund, Ltd. will
receive on Nov. 15, 2013, at 2:30 p.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


TRAXIS EMERGING: Shareholders' Final Meeting Set for Nov. 22
------------------------------------------------------------
The shareholders of Traxis Emerging Markets Opportunities Offshore
Fund, Ltd. will hold their final meeting on Nov. 22, 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) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands

=========
C H I L E
=========


INVERSIONES ALSACIA: Holders of 8% Notes Agree to Waive Default
---------------------------------------------------------------
Inversiones Alsacia S.A. on Oct. 21 disclosed that it received and
accepted consents from the holders of approximately 89.7% of the
outstanding principal balance of its 8.00% Senior Secured Notes
due 2018, as well as 100% of its counterparties for foreign
currency hedge agreements relating to such Notes.  As a result,
Alsacia successfully obtained approval for the waiver of the
defaults, events of default, early amortization events and other
covenants under the Indenture, dated as of February 18, 2011, as
supplemented, described in the Amended and Restated Consent
Solicitation Statement, dated September 25, 2013, as supplemented
on October 3, 2013, October 10, 2013 and October 14, 2013.  The
waiver is now in full force and effect.

BofA Merrill Lynch acted as the solicitation agent for the consent
solicitation.  Global Bondholder Services Corporation acted as the
information and tabulation agent for the consent solicitation.
Information regarding the consent solicitation may be obtained by
contacting BofA Merrill Lynch, One Bryant Park, New York, New York
10036, Attention: Debt Advisory.  The solicitation agent may be
reached by telephone at (888) 292-0070 (toll-free) or (646) 855-
3401 (collect).

                          About Alsacia

Alsacia, together with its affiliate, Express de Santiago Uno
S.A., are collectively the largest operator in the Transantiago
Transportation System, transporting approximately 800,000
passengers every day, throughout 35 communities in Santiago, which
accounts for more than 30% of the passengers in Transantiago.
Alsacia and Express belong to an international holding company
with interests in public passenger transportation, environmental
solutions, outsourcing services and real estate development in
Chile, Colombia, Panama, Peru and the United States of America.

As reported by the Troubled Company Reporter-Latin America on
Oct. 18, 2013, Moody's Investors Service downgraded the senior
secured rating of Inversiones Alsacia S.A. to Caa2 from B2.
Moody's said the rating continues on review for possible
downgrade.


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


CAP CANA: Foreclosures Stun Biggest Resort Complex
---------------------------------------------------
Dominican Today, citing Spanish media, reports that Dominican
Republic's State-owned bank (Banreservas) foreclosed on 41 units
in an upscale real estate development at the complex Cap Cana
(east), built by the Spanish hotel chain NH Hoteles and the S&L
Caja Duero.

As a result of the developer Capredo Investment's failure to pay
the US$24.8 million debt, Banreservas has seized the units built
jointly with a local partner, according to Dominican Today.

The report relates that the hotel chain and Caja Duero own 25% of
Capredo Investment, Switzerland based company, which in 2006
launched the project to build luxury 90-room hotel and some 335
luxury homes in three phases.  The report notes that the
development called Sotogrande was built at Cap Cana to attract
wealthy Spaniards who already had properties at the exclusive
Bahia de San Roque, Cadiz.

NH Hotels, seeking to replicate their success with a high end
urban development such as Sotogrande, began construction of the
first phase with 122 apartments on nearly 40,000 square meters of
land on October 15, 2008, the report discloses.

Dominican Today discloses that this first phase was completed at
the end of November 2010, with the global financial crisis already
in full swing.

The report notes that the promoter managed to sell just 78 units,
but finally handed over only 71, since seven were about to be
handed to, or being renegotiated with the buyers.  The remaining
44 were finished, empty, and without buyers, the report relates.

The report discloses that after several rounds of negotiations
with the Banreservas, the Dominican bank opted to foreclose on the
apartments at Cap Cana, the country's biggest resort development.


DOMINICAN REPUBLIC: Fitch Rates US$500MM Bond Issue at 'B'
----------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the Dominican
Republic's USD500 million bond issuance maturing in January 2024.
The bonds have a coupon rate of 6.6%.

The proceeds will be used to cover general budgetary expenses and
infrastructure projects included in the government's 2013
financing plan.

Key Rating Drivers

The rating is in line with The Dominican Republic's Long-term
Foreign Currency Issuer Default Rating (IDR) of 'B' with a Stable
Outlook.

Rating Sensitivities

The rating would be sensitive to any changes in the Dominican
Republic's Long-term foreign currency IDR. Fitch affirmed
Dominican Republic's ratings at 'B' and revised the Outlooks to
Stable from Positive on Dec. 11 2012.


* DOMINICAN REP: IMF Board Concludes 1st Post-Program Monitoring
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the First Post-Program Monitoring Discussion with the
Dominican Republic.

In early 2013, economic growth in the Dominican Republic
decelerated further in the context of fiscal contraction and weak
confidence.  According to preliminary data, real GDP growth was
1.6 percent (year-on-year) in the first half of 2013, after
growing by almost 4 percent in 2012 and by 4.5 percent in 2011.
Inflation picked up in early 2013, following a significant decline
in 2012, partly reflecting the impact of the increases in value-
added tax (VAT) rates announced in November.  In July 2013,
headline inflation was 5.7 percent (y/y), within the central
bank's target range of 4-6 percent.

Fiscal consolidation began in late 2012.  The tax measures adopted
in November 2012, as well as one-off revenues related to a new
fiscal amnesty law and the advancement of tax payments on
financial assets, helped boost revenues in early 2013.  On the
expenditure side, public investment slowed sharply in the first
half of 2013 following a large expansion in the previous year.  As
a result, the nonfinancial public sector deficit narrowed to 1.1
percent of GDP in the first half of 2013, down from 6.7 percent of
GDP in 2012 as a whole.  On current policies, the deficit of the
consolidated public sector in 2013 is projected to decline to 4.3
percent of GDP, from 7.8 percent of GDP last year.

In May, the central bank eased monetary policy to boost credit
growth, responding to weak indicators of economic activity and
stable inflation expectations.  As of end-July, bank credit to the
private sector grew by 14 percent (y/y); the easing of reserve
requirements in May was a key factor for the pickup in credit.
Foreign exchange market pressures intensified in August.  The peso
depreciated by close to 2 percent during the month.  On August 28,
the central bank approved a 200-basis point increase in the
monetary policy rate to 6.25 percent.  As of end-August, gross
international reserves stood at US$3.7 billion.

The outlook is for a gradual economic recovery with moderate
inflation and a strengthening external position.  However,
downside risks will remain, mostly from challenges to economic
recovery in the United States and Europe, oil price shocks, lower
gold prices, and large public sector external financing needs.

                     Executive Board Assessment

Executive Directors commended the authorities' efforts to restore
macroeconomic stability, including revenue and expenditure
measures to reduce the fiscal deficit.  They noted, nonetheless,
downside risks associated with the uncertain global environment
and the large fiscal and external financing requirements.

Accordingly, Directors underscored the need to address remaining
vulnerabilities to restore investor confidence and sustain the
economic recovery.

Directors welcomed the authorities' commitment to fiscal
consolidation and their intention to target a zero balance for the
nonfinancial public sector by end-2016, which would boost the
sustainability of the fiscal position.  In this regard, they
emphasized the need to reform the electricity sector to limit its
drain on the budget.

Directors agreed that monetary policy should be geared at keeping
inflation low and protecting the external position, and supported
the intention of the authorities to increase international
reserves to about 3 months of imports.  They welcomed the
increased exchange rate flexibility and the tighter monetary
stance in response to recent pressures in the foreign exchange
market.  Directors noted with satisfaction the recent improvements
in short-term liquidity management, and encouraged the authorities
to continue to upgrade the monetary framework, including its
transparency.  Directors generally stressed the importance of
continuing the recapitalization of the central bank in line with
the 2007 law.

Directors observed that indicators of financial sector soundness
are broadly satisfactory.  They nonetheless encouraged the
authorities to redress the large increase in banks' exposure to
the public sector and improve the governance of the largest
commercial bank.

Directors welcomed the authorities' plans to remedy the structural
shortcomings in the electricity sector.  In this regard, they
highlighted the need for a comprehensive strategy to improve
efficiency in the sector without undermining the public finances.


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


CEMENTOS PROGRESO: S&P Assigns 'BB' CCR & Rates $300MM Notes 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit ratings to Cementos Progreso S.A. (Cempro).  The outlook is
stable.  At the same time, S&P assigned its 'BB' issue-level
rating to its proposed $300 million senior unsecured notes due
2023.  The company plans to use the proceeds to refinance existing
debt and, to a lesser extent, fund capital expenditures.

The ratings on Cempro reflect its "fair" business risk profile and
"significant" financial risk profile.  The company benefits from a
leading market position in Guatemala and cost-efficient
operations, which result in higher profitability than those of its
rated global peers.  The partly offsetting factors are the
company's concentration on the slow-growth cement industry in
Guatemala and negative free operating cash flow (FOCF) during the
next three years due to the construction of its new plant.
Although exchange rate in Guatemala has remained stable in the
last few years, S&P believes the company is exposed to currency
mismatches, as 75% of the company's debt is denominated in
dollars, whereas revenues are mostly in Quetzales.


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


SAN MIGUEL: Moody's Rates US$200MM Sr. Unsec. Notes at 'Ba2'
------------------------------------------------------------
Moody's Investors Service ("Moody's") has assigned a first-time
Ba2 Global Scale rating to San Miguel Industrias PET S.A's ("SMI")
USD 200 million Senior Unsecured Notes due 2020. At the same time,
Moody's assigned a first-time Corporate Family Rating of Ba2 on
its Global Scale to SMI. The outlook for the ratings is stable.

Ratings Rationale:

"The Ba2 ratings reflect SMI's strong dominant position as a
leading player in the production of diversified PET preforms and
bottles for the food & beverage and consumer markets, mainly in
Peru," said Moody's VP-Senior Analyst Veronica Amendola. "The
ratings are also based on the company's limited exposure to
commodity price volatility, as historically it has been able to
pass through costs to its customers, as well as its concentration
on the food industry, which is relatively more resilient to
potential external shocks," said Amendola. Finally, the Ba2
ratings are supported by Moody's expectation that SMI will be able
to continue expanding its footprint across the region, while
preserving its strong credit metrics and financial profile, and
also by the fact that it is part of a large conglomerate and
diversified group, Intercorp Peru Ltd. (rated Ba3, stable), which
also owns one of the largest bank in Peru, Interbank (Baa3/
stable).

The Ba2 ratings are mainly constrained by the SMI's small size and
scale as compared to its global industry peers and its production
reliance on a limited number of raw materials, especially resin,
which potentially exposes it to downside risks in a shortage
scenario. While the company could benefit from expected growth in
Peru over the next few years, Moody's notes that the overall
uncertain global macroeconomic environment could negatively affect
Peru's economic growth.

The Ba2 ratings consider SMI's advantages from its intensive use
of modern technology and strong business model, which is based on
existing long-term contract agreements with large bottlers and in-
house operations. These contracts increase switching costs and
secure a sizeable channel of sales. In line with consumption
trends in the region, the Peruvian middle class is growing at a
fast pace, which fosters soft drinks consumption and, as a
consequence, demand for PET. Additionally, SMI owns one of the few
new recycling "bottle-to-bottle" PET resin plants in LatAm and the
only one in Peru. Once the regulatory framework for recycling is
passed in every country - which is estimated to occur shortly -,
Moody's expects the company to benefit from the use of recycled
resin in its food and beverage product lines.

The stable outlook reflects Moody's expectations that SMI will be
able to protect its dominant market position in Peru while
expanding and consolidating its international footprint. As part
of a well-known and well-established group, Intercorp Peru Ltd,
Moody's expects the company to continue to strengthen its business
model while increasing its size and scale. The outlook also takes
into account the positive trends in consumption for the food
industry, especially beverages, snacks and packaged goods, which
is mainly driven by a growing middle class in the relevant
markets.

Although unlikely in the near to intermediate time period, the
rating could experience upward pressure if the company were to
largely increase its size and scale while sustaining its market
position and maintaining its operating margins. Quantitatively,
upward momentum could result if SMI's adjusted leverage, measured
by Total Debt to EBITDA, were to decrease to below 1.5 times and
EBIT/Interest expense ratio were to be above 10 times on a
sustained basis.

Moody's cautions that a rating downgrade could be triggered if the
company fails to reduce leverage as projected or if its credit
metrics deteriorate materially whether due to operating
difficulties or further potential deterioration in its market-
leading position. Specifically, a downgrade could result if
adjusted leverage remains above 4 times and EBIT/Interest expense
ratio below 5 times for an extended period.


SAN MIGUEL: Fitch Assigns 'BB' Foreign Currency IDR
---------------------------------------------------
Fitch Ratings has assigned the following ratings to San Miguel
Industrias PET S.A. (SMI):

-- Foreign currency Issuer Default Rating (IDR) 'BB';
-- Proposed senior unsecured guaranteed notes 'BB'.

The proposed issuance will be up to USD200 million. Proceeds from
the proposed issuance will be used primarily to refinance the
company's existing bridge facility and for general corporate
purposes.

The Rating Outlook is Stable.

Key Rating Drivers:

Leading Position in Peru:

SMI is the leading manufacturer and distributor of PET preforms
and bottles in Peru with a market share of about 70%. The group's
performance is driven by the growing middle class and soft drink
consumption in Peru. Competition risk is mitigated by barriers to
entry. The company generates about 80% of sales from Peru,
including exports. SMI also operates in Ecuador, Panama, El
Salvador and Colombia.

Concentration Risk and Long-Term Supply Agreement:

The group has longstanding contracts with international bottlers
such as Lindley and SABMiller. It also sells to B-brands. The top
eight customers accounted for approximately 66.9% of the group's
2012 sales by volume. This exposes SMI to concentration risks,
notably if these bottlers do not renew their contracts or start to
further integrate their own operations vertically (injection and
blowing). About 67% of SMI was based on contracted agreements in
2012. SMI has demonstrated its capacity to renew its long-term
contracts over the years with its main customers.

High Initial Leverage and Deleveraging:
Fitch expects SMI to increase capex over the next two years but
project positive free cash flow and therefore a rapid
deleveraging. Fitch expects SMI's net leverage to trend to below
3x by fiscal year end (FYE) 2015 from a net debt/EBITDA at about
4x estimated at end-2013 (5x on gross leverage).

SMI is expanding its operations in Colombia with a new injection
plant that will start operation in the first quarter of 2014
(1Q'14). Fitch expects that the ramp-up of this plant to
positively contribute to the group's profitability from late 2014-
2015 onwards.

Pro forma the bond transaction, most of the debt will be
represented by the bond issuance. There are no material debt
maturities before the maturity of the bond. Post issuance of the
bond, the group's debt will be at USD208.5 million for a latest 12
months (LTM) EBITDA of around USD42.5 million (at end-June 2013)
and a cash balance of about USD36.5 million.

Stable Profitability:

SMI has been able to maintain steady EBITDA margin at about 18%-
20% because of its operating model based on highly contracted
revenues, its pass-through model that gives margin protection
against price volatility of the resin and the natural hedges
against currency fluctuation (equipment and client contracts are
in USD). However, the company is not fully immune to a rapid rise
in resin price due to delays to pass on the actual price increases
to its customers. Resin represents 80.9% of total costs and SMI's
resin purchases are concentrated with two main providers.

The group owns one of the few recycling 'bottle-to-bottle' PET
resin plants in Latin America, and the only one in Peru after
having made an initial investment of USD15 million. Fitch sees the
recycling activity as a positive factor for the group's
profitability in the future and a way for the company to
strengthen its product offering by manufacturing preforms and
bottles with recycled resin. However, the company still needs to
get the approval from the Peruvian authorities in order to further
develop this activity.

Corporate Governance:

SMI is a private company fully owned by Nexus Group SA. Fitch
factors in its rating positive support from the shareholder who
recently injected USD22 million via a capital injection. Fitch
understands that the group's financial policy is to operate under
a target gross debt/EBITDA below 3x with an incurrence debt
covenant at 3.5x and then maintain a dividend payout at a maximum
level of 50% of annual net income. Management indicated that the
company will not pay dividend over the next two or three years.

Rating Sensitivities:

A positive rating action could result from some combination of the
following factors: a sustained strengthening of the company's
adjusted gross leverage, improve geographical and client
diversification while sustaining an EBITDA margin above 20%.

A negative rating action could be triggered by the group not
deleveraging rapidly in the next 18 months, as sharp contraction
of group's EBITDA margin and the company not generating positive
free cash flow.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *