TCRLA_Public/131031.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

           Thursday, October 31, 2013, Vol. 14, No. 216


                            Headlines



A R G E N T I N A

MASTELLONE HERMANOS: S&P Raises CCR to 'CCC+'; Outlook Negative
* ARGENTINA: To Get US$300-Mil. IDB Loan to Finance Road Program


B R A Z I L

BANCO FIBRA: Moody's Lowers Bank Fin'l. Strength Rating to 'E+'
OGX PETROLEO: Files for Bankruptcy in Rio de Janeiro Court
OGX PETROLEO: Owner to Sell Colombia Coal Mines to Yildirim
OGX PETROLEO: Bondholders End Talks Without Agreement


C A Y M A N  I S L A N D S

BANTRAB SR TRUST: Moody's Rates $150MM Sr. Unsec. Debt 'Ba3'
BARRENJOEY CAPITAL: Creditors' Proofs of Debt Due Nov. 20
CRESCENT GLOBAL: Creditors' Proofs of Debt Due Nov. 21
EIFFEL CDO: Creditors' Proofs of Debt Due Nov. 21
ERMITAGE GLOBAL: Creditors' Proofs of Debt Due Nov. 21

MS SHOE: Creditors' Proofs of Debt Due Nov. 11
MS SHOE II: Creditors' Proofs of Debt Due Nov. 11
PENDANT OFFSHORE: Creditors' Proofs of Debt Due Nov. 11
PINEBANK ADVANTAGE: Creditors' Proofs of Debt Due Nov. 11
PINEBANK MASTER: Creditors' Proofs of Debt Due Nov. 11

TALADROS Y EQUIPOS: Placed Under Voluntary Wind-Up
TRITON 220: Creditors' Proofs of Debt Due Nov. 12
TRITON 290: Creditors' Proofs of Debt Due Nov. 12
TRITON 320: Creditors' Proofs of Debt Due Nov. 12
TRITON 525: Creditors' Proofs of Debt Due Nov. 12

INVERSIONES ALSACIA: Fitch Cuts Ratings on $464MM Bonds to CC


M E X I C O

ALESTRA SDE: Moody's Hikes Corporate Family Rating to 'Ba3'
CEMEX SAB: Cemex Latam Posts US$96 Million Third-Quarter Profit
TUSCANY INTERNATIONAL: S&P Lowers Corporate Credit Rating to 'B-'


P U E R T O  R I C O

BUILDERS GROUP: Court Limits Plan Exclusivity Until Dec. 9
PONCE DE LEON: Trans Indies Approved as Real Estate Broker


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


MASTELLONE HERMANOS: S&P Raises CCR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Mastellone Hermanos S.A. to 'CCC+' from 'CCC'.  At the
same time, S&P raised the issue-level rating on the company's
senior unsecured notes to 'CCC+' from 'CCC'.  The outlook on the
corporate credit rating is negative.

The upgrade follows the improvement in Mastellone's liquidity that
stems from positive market dynamics and the hike in domestic
average prices for dairy products, which the government tightly
controls,  during the first half of 2013.  High international
prices of powdered milk, well above minimum long-term sustainable
levels, together with the company's ability to address some delays
in the adjustment of domestic retail prices, allowed Mastellone to
improve its results and cash flow generation.  Under this
scenario, S&P believes the company will be able to meet all of its
short-term funding requirements with limited need of refinancing.

S&P's ratings on Mastellone reflect its "vulnerable" business risk
profile, "highly leveraged" financial risk profile, "less than
adequate" liquidity, and "fair" management and governance.


* ARGENTINA: To Get US$300-Mil. IDB Loan to Finance Road Program
----------------------------------------------------------------
The Inter-American Development Bank has approved a US$300 million
loan to finance a multiple-work road program aimed at improving
the conditions of accessibility, efficiency, and safety of
priority roads of Argentina's Norte Grande Region's provincial
road network and at contributing to the area's sustainable
economic development.

The Norte Grande III Infrastructure Program envisions enhancing,
rehabilitating, and improving road corridors connecting production
centers with domestic and foreign markets as well as promoting
investment sustainability through the incorporation of the
financed works to the road-maintenance managing systems.

The first three works to be financed will be executed in the
provinces of Formosa, Santiago del Estero, and Tucum n, and will
benefit some 325,000 people.  The number of beneficiaries will
grow with works to be carried out in other provinces, including
Misiones, Jujuy, and Catamarca.

Expected results include reducing traveling time and
transportation costs, increasing average annual traffic, and
improving the percentage of works with implemented safety
measures.

This program complements the Norte Grande Infrastructure Road
Programs I and II approved in 2007 and 2012, respectively.  It
also seeks to boost the area's territorial and regional
integration.

Its components include rehabilitation, improvement, and
enhancement works for the provincial road corridors, among them
horizontal and vertical demarcation and upgrading of pedestrian
crossings.  They also comprise safety moves such as improvements
to road corridors geometry as well as training to the Provincial
Road Directorates to help them carry out engineering projects'
safety road audits in order to improve their quality.

The US$300 million IDB loan is for a 25-year term, with a 5-1/2-
year grace period and at a LIBOR-based interest rate.  Local
counterpart financing will contribute US$33.5 million to the
program.


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


BANCO FIBRA: Moody's Lowers Bank Fin'l. Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has downgraded Banco Fibra S.A.'s bank
financial strength rating (BFSR) to E+, from D-, and lowered the
baseline credit assessment to b1, from ba3; its long-term global
local and foreign currency deposit ratings were also downgraded to
B1, from Ba3. At the same time, Moody's downgraded Fibra's
Brazilian long-term national scale deposit ratings to Baa1.br,
from A2.br. The bank's long-term foreign currency subordinated
debt rating was lowered to B2, from B1. The Not Prime short-term
global local and foreign currency deposit and national scale
ratings were not affected. The outlook on all the ratings is
stable.

The following ratings of Fibra were downgraded:

Bank Financial Strength Rating: to E+ from D-, stable outlook

Long-term Global Local Currency Deposit Rating: to B1 from Ba3,
stable outlook

Long-term Foreign Currency Deposit Rating: to B1 from Ba3, stable
outlook

Senior Unsecured MTN Program (foreign currency) rating: to (P)B1
from (P)Ba3

Long-term Foreign Currency Subordinate Debt Rating: to B2 from B1,
stable outlook

Long-term Brazilian National Scale Deposit Rating: to Baa1.br from
A2.br, stable outlook

The following ratings were not affected:

Short-term Global Local Currency Deposit Rating: Not Prime

Short-term Foreign Currency Deposit Rating: Not Prime

Short-term Brazilian National Scale Deposit Rating: BR-2

Rating Rationale:

Moody's said that the downgrade of Fibra's ratings reflects the
weakening profitability and resulting poor internal capital
generation that derive from the ongoing strategic repositioning of
the bank's franchise. Management's decision to shift the bank's
business focus back into commercial lending, Fibra's traditional
core business, followed the ill-timed expansion into riskier
consumer lending that has led to important asset quality
deterioration and capital erosion. While sizable credit costs have
already been taken, Moody's anticipates that Fibra's process of
re-fitting its operation will require additional administrative
charges and loan loss provisions that will continue to weight on
its performance over the next quarters, although problem loans may
be close to peak levels. Moody's also expects Fibra to face the
challenge of sizing its cost structure in line with the
significantly lower margins associated with its new business
proposition, and with the lower balance sheet leverage.

The rating agency noted that Fibra's expertise in corporate
lending, which will become its key business focus going forward,
allows the bank to leverage the supplier chain of other companies
owned by its shareholders, a business that will likely reflect in
contained risk and assured margins. Moody's also acknowledges that
Fibra's shareholders have been committed to providing the
necessary support through multiple capital injections that have
allowed the bank to further clean-up legacy poor performing
consumer loans. In that regard, shareholders are committed to
carry out an additional capital increase of BRL 250 million by
year end. Combined, these factors support Moody's stable outlook
on the ratings. Nevertheless, the ratings would come under
negative pressure were Fibra to prove unable to maintain adequate
profitability and asset quality standards, and require further
capitalizations, while lacking management continuity.

The B1 global-local currency deposit rating derives from Banco
Fibra's standalone baseline credit assessment of b1, and does not
benefit from any support uplift because of the bank's very modest
market share in terms of deposits.

The last rating action on Banco Fibra S.A. occurred on 26 June,
2012, when Moody's downgraded the bank financial strength rating
(BFSR) to D-, from D; the long-term local and foreign currency
deposit ratings to Ba3, from Ba2; the senior unsecured MTN program
(foreign currency) rating to (P)Ba3, from (P)Ba2; the long-term
foreign currency subordinate debt rating to B1, from Ba3; the
long-term Brazilian national scale deposit rating to A2.br, from
Aa3.br; short-term Brazilian national scale deposit rating to BR-
2, from BR-1. All ratings were place on stable outlook.

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.

Banco Fibra S.A. is headquartered in Sao Paulo, Brazil, and had
total consolidated assets of R$10.3 billion (US$4.7 billion) and
shareholders' equity of R$972 million (US$439 million), as of June
30, 2013.


OGX PETROLEO: Files for Bankruptcy in Rio de Janeiro Court
----------------------------------------------------------
Luciana Magalhaes and Tom Murphy at The Wall Street Journal report
that Brazilian oil company OGX Petroleo e Gas Participacoes SA,
controlled by Eike Batista, filed for bankruptcy protection in a
Rio de Janeiro court, as the firm seeks to try to restructure its
finances rather than face an immediate liquidation.

Sergio Bermudes, a lawyer for the firm who said he filed the
documents, said he believes it can solve its financial problems,
according to The Wall Street Journal.

"This company has many assets and could form partnerships with
other companies," Mr. Bermudes said in a telephone interview with
The WSJ.

The civil division of the Rio de Janeiro state court system
confirmed that it had received a request for judicial recovery
from OGX, The WSJ relates.

The WSJ discloses Mr. Bermudes said that if accepted, OGX Petroleo
will have 60 days to produce a plan to restructure its finances.

Creditors would then have 30 days to approve or deny the plan.

Meanwhile, Bloomberg News reported on Oct. 29 that OGX Petroleo
would be allowed to keep its blocks if it files for bankruptcy
protection provided it has the funds to operate them, Brazil's oil
regulator said.

If OGX fails to meet obligations including exploration,
development and production investments and the financial
capability to deal with spills or accidents, the Rio de Janeiro-
based company would be stripped of its concession licenses the
regulator, known as ANP, according to Bloomberg News.

OGX would be the first producer to seek bankruptcy protection in
Brazil since ANP was formed in 1998 if the company requests that
option, the regulator said in an e-mailed reply to questions,
Bloomberg News notes.

Bloomberg News discloses that OGX said it failed to reach an
agreement with holders of dollar-denominated bonds as the venture
that once helped Batista become the world's eighth-richest person
heads toward Latin America's biggest corporate debt default.

Bloomberg News notes that earlier this month, two people with
direct knowledge said OGX was considering filing for bankruptcy
protection late October or early November.

If the company files it would have 60 days to submit a
restructuring plan after a judge accepts its filing, the report
said.

"OGX, like other concessionaires acting in Brazil, can only
continue with its current exploration and production programs if
they demonstrate that they have the financial qualification to
exercise the activity," the report quoted ANP as saying.

                      Unchartered Territory

The regulator would probably allow OGX to keep operating its
concessions as Brazil is trying to increase oil production,
Leonardo Theon de Moraes, a bankruptcy lawyer at Sao Paulo-based
Mussi, Sandri & Pimenta Advogados, told Bloomberg News by
telephone.

This is unchartered territory for Brazil's oil regulators, said
Nelson Narciso Filho, who was an ANP director for four years
through 2010, Bloomberg News discloses.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
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 Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


OGX PETROLEO: Owner to Sell Colombia Coal Mines to Yildirim
-----------------------------------------------------------
Peter Millard and Juan Pablo Spinetto at Bloomberg News report
that Eike Batista, facing bankruptcy protection proceedings at an
oil venture, agreed to sell his coal projects in Colombia to
Turkey's Yildirim Holding AS for about US$450 million in the
latest divestment of the former billionaire.

Under a preliminary agreement, CCX Carvao da Colombia SA,
Batista's coal unit, will sell its Canaverales and Papayal open
pit mines to Yildirim for about US$50 million, the company said in
a regulatory filing obtained by Bloomberg News.  It also agreed to
negotiate the sale of its San Juan undeground mine and logistics
project for about US$400 million, CCX said, according to Bloomberg
News.

Bloomberg News notes that the deal is worth more than four times
CCX's market value, which stood at BRL233.1 million (US$106.7
million) as of Oct. 29's close.

Bloomberg News discloses that Mr. Batista, who ceased being a
billionaire in July, this year sold stakes in energy, logistics
and mining ventures as he seeks to raise cash to pay back debt
amid a collapse in the price of his assets.

The sale of the San Juan project is expected to be concluded by
the end of April, the company said, Bloomberg News says.

Yildirim will make a US$5 million payment to negotiate the
purchase of the Colombian mines in exclusivity, it said, Bloomberg
News relates.

                          Thermal Coal

Bloomberg News relays that Mr. Batista created Rio de Janeiro-
based CCX in May 2012 through a spinoff from his power generation
unit MPX Energia SA, targeting 35 million tons of thermal coal
output by 2020 from its three mines.  The company estimated in an
August 2012 filing that developing its San Juan project would
require US$5.5 billion, including costs to start production in
2017 and achieve full capacity five years after that, Bloomberg
News notes

Bloomberg News notes that CCX, the last of the six units listed by
the tycoon between 2006 and 2012, may be worth as much as US$6
billion, Mr. Batista said in 2011.

                       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 Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


OGX PETROLEO: Bondholders End Talks Without Agreement
-----------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that
Brazilian businessman Eike Batista's flagship oil company, OGX
Petroleo e Gas Participacoes SA, said in a statement overnight
that it has concluded talks with some holders of its bonds due in
2018 and 2022 without reaching an agreement.

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2013, The Wall Street Journal said that OGX has been
trying to strike a settlement with the company's bond holders, who
collectively hold about $3.6 billion in company paper.  The
holders include some of the world's largest, such as BlackRock
Inc. and bond giant Pacific Investment Management Co., who backed
a company that had no oil production or profits.  Bankruptcy
loomed since OGX missed a bond payment this month.  OGX is also
running out of cash. One difficulty in the discussions has been
Mr. Batista's snap decision-making, say people involved.  He has
recently switched bankers and lawyers, and fired management with
little notice.

                         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 Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


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


BANTRAB SR TRUST: Moody's Rates $150MM Sr. Unsec. Debt 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 foreign currency
senior unsecured debt rating to the proposed issuance of US$150
million in 7-year fixed rate notes by Bantrab Senior Trust.
Bantrab Senior Trust is a Cayman Islands-based trust established
for the sole purpose of acquiring a 100% participation interest in
a senior unsecured loan made by Deutsche Bank AG, London Branch
(Deutsche Bank) to Guatemala's Banco de los Trabajadores (Bantrab,
Ba3 stable, E+/b1) to secure the note issuance. Bantrab Senior
Trust will therefore provide a pass through of both interest and
principal payments on the Bantrab loan to the Bantrab Senior Trust
noteholders.

The instrument will be governed by the laws of the State of New
York.

The outlook on the rating is stable.

The following rating was assigned to Bantrab Senior Trust:

Foreign currency senior unsecured debt: Ba3, stable outlook.

Under the terms of the proposed offering memorandum, the notes
will pay interest semi-annually in arrears equivalent to the
amount due and owing from Bantrab under the senior loan. The loan
will rank pari passu in right of payment to all of Bantrab's
existing and future senior unsecured indebtedness, excluding
liabilities preferred under mandatory provisions of Guatemalan
banking law. The notes will be secured by a first priority
perfected security interest in Bantrab Senior Trust's assets
(i.e., the loan made to Bantrab by Deutsche Bank). Payment of
principal and interest on the notes will also be absolutely,
unconditionally, and irrevocably guaranteed by Bantrab.

Ratings Rationale:

Moody's said that the Ba3 foreign currency senior unsecured debt
rating assigned to Bantrab Senior Trust's proposed notes is based
on the bank's Ba3 local currency deposit rating. The Ba3 rating
reflects one notch of uplift from the bank's b1 standalone
baseline credit assessment as a result of Moody's assumption of
the probability of systemic support in case of need. This
assumption is based on the importance of the bank's franchise as a
lender to Guatemalan public and private sector workers as well as
its relevant deposit base. The Ba3 debt rating is unconstrained by
the Baa3 Guatemala country ceiling for foreign currency bonds and
notes.

Moody's also said that the Ba3 rating assigned to Bantrab Senior
Trust's proposed note issuance reflects the fact that the
noteholders have direct recourse to Bantrab under the guarantee as
they benefit from events of default that mirror those on the
underlying loan, as well as rights of acceleration, in addition to
the underlying loan collateral.

Bantrab's b1 standalone baseline credit assessment reflects the
bank's growing franchise and niche focus on consumer lending,
particularly payroll-linked lending. The rating also takes into
account Bantrab's relatively stable and granular customer-based
deposit funding and low reliance on less stable sources such as
short term bank borrowings and debt. The bank has gradually grown
its market share in recent years through organic means and through
a series of local acquisitions, and is seeking to diversify its
lending business by expanding the range of consumer and commercial
lending products.

Key constraints to Bantrab's standalone ratings are its weak
earnings generation and limited business diversification, partly
due to its mandate of providing consumer loans at an advantageous
cost to workers and partly to its high operating costs related to
business expansion. The bank's profitability has also been
burdened in recent years by credit costs mainly related to the
clean-up of legacy problem loan portfolios related to its
acquisitions. High loan growth, particularly targeting consumers
and new commercial customers, point to potential asset quality
deterioration in future. Limited internal capital generation due
to weak earnings also constrains the standalone rating,
particularly in light of intensifying competition from larger
Guatemalan banks and foreign banks that may threaten the bank's
profit and diversification plans, said Moody's.

The last rating action on Bantrab was on May 13, 2013, when
Moody's assigned the bank a first time E+ bank financial strength
rating and Ba3 local and foreign currency deposit ratings.

Bantrab Senior Trust is a Cayman Islands special purpose trust
established under a Declaration of Trust dated 25 October 2013
that is governed by the laws of the Cayman Islands. As of
September 2013, Banco de los Trabajadores was Guatemala's fifth
largest bank with market shares of around 5% and reported
consolidated assets of US$ 1.4 billion (GTQ 11.3 billion),
deposits of US$ 1.2 billion, and shareholders' equity of US$ 134
million. The bank was established by Decree Law 383 of January 6,
1966, the Organic Law of Banco de los Trabajadores. 99% of the
bank's common shares are widely held by some 700,000 Guatemalan
workers, with the remaining 1% owned by the government.


BARRENJOEY CAPITAL: Creditors' Proofs of Debt Due Nov. 20
---------------------------------------------------------
The creditors of Barrenjoey Capital Holtermann Fund are required
to file their proofs of debt by Nov. 20, 2013, to be included in
the company's dividend distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345) 926 1688
          Artillery Court
          Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


CRESCENT GLOBAL: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
The creditors of Crescent Global Investment Partnership, Ltd are
required to file their proofs of debt by Nov. 21, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 4, 2013.

The company's liquidator is:

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


EIFFEL CDO: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------
The creditors of Eiffel CDO Limited are required to file their
proofs of debt by Nov. 21, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ERMITAGE GLOBAL: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
The creditors of Ermitage Global Long/Short Fund are required to
file their proofs of debt by Nov. 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 3, 2013.

The company's liquidator is:

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


MS SHOE: Creditors' Proofs of Debt Due Nov. 11
----------------------------------------------
The creditors of MS Shoe Limited are required to file their proofs
of debt by Nov. 11, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 30, 2013.

The company's liquidator is:

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


MS SHOE II: Creditors' Proofs of Debt Due Nov. 11
-------------------------------------------------
The creditors of MS Shoe II Limited are required to file their
proofs of debt by Nov. 11, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2013.

The company's liquidator is:

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


PENDANT OFFSHORE: Creditors' Proofs of Debt Due Nov. 11
-------------------------------------------------------
The creditors of Pendant Offshore Fund Ltd are required to file
their proofs of debt by Nov. 11, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PINEBANK ADVANTAGE: Creditors' Proofs of Debt Due Nov. 11
---------------------------------------------------------
The creditors of Pinebank Advantage Fund, Ltd. are required to
file their proofs of debt by Nov. 11, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2013.

The company's liquidator is:

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


PINEBANK MASTER: Creditors' Proofs of Debt Due Nov. 11
------------------------------------------------------
The creditors of Pinebank Advantage Master Fund, Ltd. are required
to file their proofs of debt by Nov. 11, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2013.

The company's liquidator is:

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


TALADROS Y EQUIPOS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 4, 2013, the shareholders of Taladros Y Equipos De
Perforacion De Colombia, Ltd. passed a resolution to voluntarily
wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town,
          Grand Cayman KY1-1103
          Cayman Islands


TRITON 220: Creditors' Proofs of Debt Due Nov. 12
-------------------------------------------------
The creditors of Triton 220 Ltd are required to file their proofs
of debt by Nov. 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TRITON 290: Creditors' Proofs of Debt Due Nov. 12
-------------------------------------------------
The creditors of Triton 290 Ltd are required to file their proofs
of debt by Nov. 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TRITON 320: Creditors' Proofs of Debt Due Nov. 12
-------------------------------------------------
The creditors of Triton 320 Ltd are required to file their proofs
of debt by Nov. 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TRITON 525: Creditors' Proofs of Debt Due Nov. 12
-------------------------------------------------
The creditors of Triton 525 Ltd are required to file their proofs
of debt by Nov. 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


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


INVERSIONES ALSACIA: Fitch Cuts Ratings on $464MM Bonds to CC
-------------------------------------------------------------
Fitch Ratings has downgraded to 'CC' from 'B' the rating for
Inversiones Alsacia, S.A.'s US$464 million senior secured bonds
due in 2018. Currently, US$383 million of bonds are outstanding.
The Negative Rating Watch is being resolved with this downgrade.

The rating downgrade reflects i) heightened risk of default in the
coming payment dates as EBITDA continues shrinking while debt
service increases in accordance to the original amortization
schedule; ii) Debt Service Reserve Account (DSRA) balance is only
US$9.7 million and very likely to be depleted in the next debt
payment; iii) operating costs escalation, despite the efforts of
the managerial team with; and iv) O&M and Overhaul Reserve
Accounts current balances are much lower than the minimum required
and it is foreseen that it will be very challenging for Alsacia to
have them refunded.

As a result of the continued EBITDA underperformance, forthcoming
February 2014 debt service payment should largely rely on the
receipt of governmental compensation for about US$15.2 million in
January 2014 which itself depends upon the achievement of certain
operational and financial covenants, the use of funds available in
the DSRA, and also likely on cash contribution offered by Grupo
GPS (the Sponsor).

Key Rating Drivers:

Increased Dependence On Demand: The Operating Contract amendment
of May 2012 heightened the project's risk profile by significantly
increasing the linkage between passenger demand and revenue
levels. In the last two years demand has performed below
expectations. The contractual amendment includes a restated
economic equilibrium mechanism that partially mitigates such risk
by compensating to some extent demand declines over 3%, among
others. However, compensation payments are received several months
after the occurrence of a negative impact in revenue, stressing
the project's liquidity.

Higher Operational Complexity: Compared to other availability-
based projects, bus operations are logistically complex. The
incorporation of additional bus routes has heightened operational
complexity. Synergies coming from Alsacia and Express' operational
merger have taken longer than expected to materialize. Cost has
largely increased due to a series of recurring and non-recurring
items. The risk of a continued escalation in the coming years is
partially mitigated by the indexed pass-through of major cost
items that is present in the formula to calculate revenues.

Weaker Debt Structure: The target balances of the reserve funds
have been adjusted so now the O&M Reserve Account must keep only
one week of expense until October 2014 and two weeks until October
2018; the Overhaul Reserve will keep one month of expense until
April 2017 and then go back to original six months. The DSRA
should have at least the equivalent to the next debt service
payment, but it currently has US$9.7 million only.

Capex Reserves Are Below Industry Standards: In 2012 and 2013,
Alsacia has made important investments in overhauling and
maintenance of part of its bus fleet. Moreover, the company has an
ambitious overhauling program to be performed between 2014 and
2016 in order to have renovated most of the fleet. Given such
investment and the fact that current fleet has a remaining life of
seven years average, Fitch does not foresee infrastructure renewal
risk as material.

Rating Sensitivities:

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

-- Sustained recovery in Alsacia's EBITDA levels.
-- Sponsor support by means of cash contributions.
-- Final approval from the Comptroller of the Republic regarding
the new contractual terms that were negotiated with the Chilean
Ministry of Transportation and Telecommunications (MTT) and which
are expected to have a positive impact in the Company's operations
and financial position.

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

-- Further deterioration of EBITDA levels.
-- Failure in meeting operational and financial covenants, which
would prevent or delay the receipt of governmental compensation
for about expected for January 2014.
-- Lack of sponsor's support via cash contributions in case needed
to honour debt service.
-- Depletion of the funds in the Debt Service Reserve Account
(DSRA) and/or inability to gradually replenish it.
-- Inability to meet forthcoming debt obligations.


Security:

The notes are secured by a first lien interest of total revenues
and contract rights, as well as all assets owned by Alsacia and
Express, excluding a bus terminal located in Huachuraba.

Credit Update:

In the reporting period ended in July 31, 2013, Alsacia breached
two debt covenants: i) to have a minimum Debt Service Coverage
Ratio (DSCR) of 1.10 times (x), and ii) to keep the minimum
balance in the O&M and Overhaul Reserve Accounts of one and six
months of expense, respectively. This situation enabled the
bondholders to declare an Early Amortization Period.

In order to avoid the Early Amortization Period to be triggered,
on Aug. 19, 2013 the company released a waiver solicitation which
was finally resolved on Oct. 18, 2013 with the following has been
agreed upon: i) to allow Alsacia to reduce the target balances of
the O&M and Overhaul Reserve Accounts looking forward to have more
cash available for debt service payments; ii) to allow the
modification of the DSCR ratio calculation to include the DSRA and
Revenue Account balance in the numerator; iii) to set new minimum
DSCR levels depending on the period being reported; and iv) to
have the Sponsor to contribute at least US$5.0 million to support
debt service payments. Such contribution does not have any
tangible guarantee, but it is only a moral commitment.

Currently, Alsacia and Express are waiting for the final approval
of the General Comptroller of the Republic with regards to the
last concession amendment, which is anticipated to increase the
payment per passenger (PPT in Spanish) to be received by 4% for
Alsacia and for Express, as well as to reduce the revenue
discounts applied when operational deficiencies arise. The
approval is expected for late this year or at the beginning of
2014 and should have a positive impact on the companies' cash
flows.

As of the first half of 2013, revenue grew 7.2% against the first
half of 2012 mainly due to the update of the PPT in May 2013, the
new services of Feeder D and the accrued revenue as compensation
for low demand as per the concession, which will be received in
May 2014. Demand, however, decreased 1.1% additional to the 4.3%
contraction for year 2012. Combined Service Fulfillment Ratio
(SFR) for the two operators was 92.7%, showing some improvement
from the 90.9% seen in 1Q2013, but still stands low when compared
with the 2012 average at 96.5%.

Operating costs increased 18.2% compared to the first half of 2012
mainly because of a larger operation since the incorporation of
Feeder D, which included the leasing of 400 buses, the heavy
investments made in fleet maintenance and overhaul and the somehow
unsuccessful efforts to control passenger evasion, as no relevant
incremental profit has come from that initiative. As a result,
EBITDA margin was 12.5% for the second quarter and 11.4% for the
first half of the year.

Regarding the overhauling program to be performed between 2014 and
2016, the Company obtained an US$11 million line of credit from
supplier Volvo to partially finance such investment.

In January 2014, Express will be candidate to receive an
extraordinary US$15.2 million annual payment (payable from 2014 to
2018) agreed with the Government in 2012 when the concession was
amended. This payment, though, is subject to Express reaching
certain covenants until December 2013. According to Alsacia, the
operator is in well shape to comply with the requirements and
receive the cash at such date.

Fitch opines the company's credit quality and financial
performance continues being largely affected by the new concession
effective since May 2012, which is much more linked and sensitive
to a declining passenger demand, and which partial compensation
mechanisms are insufficient and delivered once each 12 months,
along with tighter operational requirements that have led to
increased expenses.

The next debt service payment is scheduled Feb. 18, 2014 for about
US$51.6 million. Fitch estimates that, in order to comply with its
obligation, the company will need to use not only Express' January
2014 extraordinary payment and DSRA funds, but will also need the
external support promised by the Sponsor. The new concession
terms, whose approval is currently pending, will be critical to
determine Alsacia's ability to make the future debt payments after
February 2014.

Alsacia and Express are two bus concessionaires of the
Transantiago System, which provides mass urban bus/metro
transportation services to the City of Santiago, in Chile since
2005, and is regulated by the MTT. The transaction consisted of
the acquisition by Alsacia of the remaining shares of Express, and
the refinancing of all the existing debt of both concessionaires.


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


ALESTRA SDE: Moody's Hikes Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service upgraded Alestra, S.de R.L. de C.V.
ratings to Ba3 from B1 based on consistent positive operating
results and improved credit metrics. The ratings upgrade assume a
successful refinancing of USD 200 million in senior notes due
August 2014. The outlook on the ratings is stable.

-- Corporate Family Rating: upgraded to Ba3 from B1

-- USD 200 million in global senior notes due August 2014:
upgraded to Ba3 from B1

The ratings upgrade was based on Alestra's solid operating
performance in the last couple of years, when it had to gradually
reconstruct its sales after the exit of AT&T as a shareholder, in
2011. Since that year, Alestra has been able to gradually replace
most revenues originally directed to AT&T, estimated by Moody's at
about 20% of total in 2011, with sales to new customers. Its
first-class network and service quality has helped the company
generate favorable revenue results since 2012 and Moody's expects
this trend to continue, given the higher estimated capex in the
next three years, aimed at expanding data and IT services, and the
favorable business conditions expected for Mexico in the upcoming
years for these types of telecom services. Also supporting the
ratings upgrade is Moody's-adjusted leverage for Alestra at below
2 times since 2012 (1.5 time during the last twelve months ended
in June 2013), which Moody's believes will be sustained in the
foreseeable future given the increasing share of value-added
services (VAS) in the company's total revenues mix as well as
lower operating expenses with interconnection due to its
continuous network expansion.

The ratings upgrade considered that Alestra has built enough
cushion in case of need to pay off its upcoming debt payment of
USD 200 million, maturing in August 2014. As of June 2013 Alestra
had close to USD 70 million in cash plus USD 55 million in
available committed revolving facilities. In addition, Moody's
believes that Alestra counts with a solid support from Alfa,
S.A.B. de C.V. ("Alfa", unrated), its parent company, which
currently has about USD 120 million in available committed multi-
year credit facilities.

The stable outlook on Alestra's ratings is based on Moody's
expectation that the company will be able to sustain current
operating margins, supported by increasing demand for data and IT
services from an increasing customer base and despite intense
competitive activity in the enterprise telecom industry in Mexico.

Alestra's ratings could be upgraded if its revenue size increases
materially and its business base expands, in conjunction with a
Moody's-adjusted EBITDA margin sustained above 35%.

If Alestra is not able maintain leverage below 2 times on a
sustained basis, its ratings could be negatively affected.

Alestra, which started operations in 1996, is a Mexican
information technology and telecommunications company providing
bundled products including voice, data, Internet and information
technology services to enterprises within Mexico. The company is
owned by Alfa , a large Mexican conglomerate. During the last
twelve months ending on June 30, 2013, Alestra's revenues and
adjusted EBITDA amounted to USD 371 million and USD 170 million,
respectively.


CEMEX SAB: Cemex Latam Posts US$96 Million Third-Quarter Profit
---------------------------------------------------------------
Reuters reports that Cemex Latam Holdings, the regional unit of
Mexican cement company CEMEX, S.A.B. de C.V. which listed on
Colombia's stock exchange, posted third-quarter profit of US$96
million, down from $115 million in the prior quarter.

Net sales in the second quarter rose to US$474 million versus
US$431 million in the previous quarter, the holding said in an
earnings report filed with Colombia's securities regulator,
according to Reuters.  The report relates that no year-ago figures
were provided since the company listed on Bogota's stock exchange
only last November.

Cumulative profits since January totaled US$238 million, the
report notes.

Cemex Latam Holdings incorporates the assets of the conglomerate
in Colombia, Panama, Costa Rica, Brazil, Guatemala, Nicaragua and
El Salvador.

                            About CEMEX SAB

Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                                  *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2013, Standard & Poor's Ratings Services raised its
ratings on CEMEX S.A.B. de C.V. (CEMEX) and its subsidiaries,
CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc., to
global scale 'B+' from 'B' and to national scale 'mxBBB' from
'mxBBB-'.  The outlook is stable.


TUSCANY INTERNATIONAL: S&P Lowers Corporate Credit Rating to 'B-'
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term corporate
credit rating on Tuscany International Drilling Inc. (Tuscany) to
'B-' from 'B'.  S&P has also placed the ratings on CreditWatch
with negative implications.

The rating actions reflect S&P's reassessment of the company's
financial risk profile to "highly leveraged" from "aggressive" and
its liquidity to "weak" from "adequate."  "Tuscany is facing
weaker business conditions that in our view could continue at
least for the next six months.  As a result, our projected
leverage and cash-flow protection metrics are more consistent with
a 'highly leveraged' financial risk profile.  Moreover, weaker
cash-flow prospects are hurting the company's liquidity position
and we believe that refinancing risk has increased, amid an
increasing debt amortization profile," said Standard & Poor's
credit analyst Fabiola Ortiz.  The company's utilization rate has
continued to decline, dropping to 67.8% as of June 30, 2013, from
84.2% during the same period of last year, deteriorating its cash
flow.  Lower utilization rates were mostly due to rigs coming off
contract.  S&P continues to assess the company's business risk
profile as "vulnerable."



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


BUILDERS GROUP: Court Limits Plan Exclusivity Until Dec. 9
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico denied
the request of Builders Group & Development Corp. for a longer
extension of its exclusive periods to file and solicit Chapter 11
plan votes.  The Court gave the Debtor until Dec. 9, 2013, to file
a plan.

The Court also extended until Dec. 9, 2013, the period for the
Debtor to assume or reject the leases.

CPG/GS PR NPL LLC, in its objection to the Debtor's motion to
extend the exclusivity period, stated that any extension is
unwarranted, and will serve only to delay resolution of the case.

                       About Builders Group

Builders Group & Development Corp. owns and manages the Cupey
Professional Mall, a shopping center located in Cupey, Puerto
Rico.  The Company sought Chapter 11 protection (Bankr. D.P.R.
Case No. 13-04867) on June 12, 2013, in San Juan, Puerto Rico, its
home-town.  The company sought bankruptcy on the eve of a
foreclosure sale of its property.  The Debtor estimated at least
$10 million in assets and liabilities in its petition.  The Debtor
is represented by Kendra Loomis, Esq. at G A Carlo-Altieri &
Associates.  Jose M. Monge Robertin, CPA, and Monge Robertin &
Asociados Inc. serve as the Debtor's CPA/Insolvency and
Restructuring Advisor.


PONCE DE LEON: Trans Indies Approved as Real Estate Broker
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Ponce De Leon 1043, Inc., to employ Trans Indies
Realty & Investment Corporation, as its real estate broker, and
act as exclusive Sales and/or Leasing Agent of its commercial
space located at Metro Plaza Building, at the intersection of
Ponce de Leon Avenue and Villamil Street, San Juan, Puerto Rico.

As reported in the Troubled Company Reporter on Sept. 24, 2013,
the firm will:

  * offer the property for sale in accordance with established
    practices;

  * assist the Debtors in any negotiations for the sale/leasing
    of the property;

  * advertise and offer the property at its own expense;

  * perform all duties of a real estate broker with respect to
    the property; and

  * provide the Debtor with information concerning the person
    and/or entities to which the Broker has offered the property.

In case of the sale of the property, TIRI will receive a
commission fee of five percent of the sale amount payable upon the
execution of the corresponding deed of sale.

In case of a lease, TIRI will receive a commission equal to the
amount of one month's rent for the first year lease and one half
of one month for the additional year of lease.

In case of renewal of lease agreement, TIRI will receive a
commission fee of one half of one month's rent for each year of
lease.

If a deposit is forfeited, TIRI will receive one half of the total
amount deposited as liquidated damages.

If within six months after the expiration of the contract, the
property be rented to a client that has seen it through the
efforts of TIRI, TIRI will receive the commission at the time that
the lease agreement is signed.

The firm's Adalgisa Gambedotti Carrasquillo assures the Court that
TIRI is a "disinterested person" and does not hold or represent an
interest adverse to the estate.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., and Luisa S. Valle Castro, at C. Conde
& Assoc., in Old San Juan, Puerto Rico, represent the Debtor as
counsel.


=================
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 * * *