TCRLA_Public/131113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, November 13, 2013, Vol. 14, No. 225


                            Headlines



A R G E N T I N A

BANCO SUPERVIELLE: Fitch Gives Issuer Default Ratings of 'B-'
TARJETA NARANJA: Fitch Affirms 'B-' Issuer Default Ratings


B R A Z I L

BR PROPERTIES: S&P Puts 'BB' Global Scale Corporate Credit Rating
CAMARGO CORREA: Targets Ghana Power Plans


B O L I V I A

* BOLIVIA: IDB Okays US$57MM Loan to Boost Income of Families


C A Y M A N  I S L A N D S

AGILENT TECHNOLOGIES: Shareholders' Final Meeting Set for Nov. 29
BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14
BCRE PORTFOLIO: Shareholders' Final Meeting Set Today
CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29
CREDIT ASIA: Shareholders' Receive Wind-up Report

GLOBAL FUND: Shareholders' Final Meeting Set for Nov. 29
GUANAY FINANCE 2013-1: Fitch Rates $450MM Sr. Sec. Notes BB+
IPSWICH STREET: Shareholders' Final Meeting Set for Nov. 29
KE HARMONY: Shareholders' Final Meeting Set for Nov. 29


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Top Officials Admit US$521.4MM Debt Too High


J A M A I C A

LIME JAMAICA: Incurs J$604 Million Losses for July to September


P E R U

* PERU: IDB OKs US$20MM Loan to Edyficar to Fund Housing Program


P U E R T O   R I C O

INSTITUTO MEDICO: Seeks to Pay Employee Wages & Benefits


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Makes Profit During Peak Summer Months


X X X X X X X X

* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10


                            - - - - -


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A R G E N T I N A
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BANCO SUPERVIELLE: Fitch Gives Issuer Default Ratings of 'B-'
-------------------------------------------------------------
Fitch Ratings has published foreign and local currency long-term
Issuer Default Ratings (IDRs) of 'B-' and assigned short-term IDRs
of 'B' to Argentina's Banco Supervielle S.A. The long-term rating
Outlook is Negative, in line with that of the sovereign and most
of the country's rated banks.

In addition, Fitch has assigned a Viability Rating (VR) of 'b-' to
Banco Supervielle, Support Rating (SR) and Support Rating Floor
(SRF) of '5' and 'NF', respectively; as well as a Recovery Rating
of 'RR5' to the global subordinated debt. Fitch also affirmed
Banco Supervielle's global subordinated debt for USD50 million due
2017 at 'CCC/RR5', one notch below the bank's long-term local
currency IDR.

Key Rating Drivers:

Banco Supervielle's VR and IDRs are driven by the adverse economic
and operating environment, and the relatively tight loss
absorption capacity in the form of core capital and/or loan loss
reserves, but also considering the bank's strong profitability,
sound and stable asset quality, good funding and liquidity
profile, and gradually strengthening franchise.

The adverse economic, operating, and regulatory environment also
underpins the SR and SRF of '5' and 'NF', since Fitch considers
that external support for Banco Supervielle, in case of need,
cannot be relied upon under current circumstances, as is the case
of most Argentine banks.

The 'CCC/RR5' rating of Banco Supervielle's subordinated debt
reflects that these securities are plain-vanilla subordinated
liabilities, without any deferral feature on coupons and/or
principal. Therefore, these are notched only once to reflect the
below average expected recoveries for these bonds in case of bank
liquidation.

Rating Sensitivities:

Downside risk to Banco Supervielle's IDRs and VR could stem from a
sovereign rating downgrade and/or a material deterioration of the
operating environment for financial institutions. Under current
circumstances, Fitch considers unlikely that Argentine banks could
be rated above the sovereign. In turn, Banco Supervielle's IDRs
and VR could be negatively affected by a Fitch core capital ratio
below 3% and/or operating losses coupled with aggressive loan
growth or rapidly deteriorating asset quality.

On the other hand, Fitch does not envision positive rating actions
for Argentine banks in the near future. However, if the sovereign
rating is eventually upgraded, Banco Supervielle's IDRs and VR
would only be upgraded if accompanied by a stronger loss
absorption capacity, with a Fitch core capital ratio and/or
consolidated loan reserve coverage above 8% and 100%,
respectively.

Fitch considers that the upside potential for Banco Supervielle's
SR and SRF is virtually inexistent in the foreseeable future,
since this would be contingent on a material improvement of the
political, operating, and regulatory environment, coupled with a
sustained strengthening of the bank's systemic importance.

The rating of the subordinated debt will likely remain one notch
below Banco Supervielle's local currency long-term IDR under most
circumstances, meaning that this issue rating would move
accordingly with any change in the bank's IDRs.

Fitch published the following ratings:

Banco Supervielle:
--Foreign and local currency long-term IDRs at 'B-'; Outlook
Negative.

Fitch has assigned the following ratings:

Banco Supervielle:
-- Viability Rating at 'b-';
-- Foreign and local currency short-term IDRs at 'B';
-- Support Rating at '5';
-- Support Rating Floor at 'NF';
-- Recovery Rating to the Subordinated Debt at 'RR5'.

Fitch has affirmed the following rating:

Banco Supervielle:
-- Subordinated debt at 'CCC'.


TARJETA NARANJA: Fitch Affirms 'B-' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of Argentina's Tarjeta Naranja S.A. (TN) and Tarjetas
Cuyanas S.A. (TC) at 'B-' and their Short-term IDRs at 'B'. The
Rating Outlook for the long-term ratings is Negative, in line with
that of the sovereign and most of the country's rated financial
institutions. In addition, Fitch has affirmed TN's global senior
debt for USD200 million at 'B-'.

Fitch also affirms at '5' and subsequently withdraws the support
rating for both entities. A full list of rating actions follows at
the end of this release.

Key Rating Drivers:

TN's and TC's IDRs are affected by the adverse and uncertain
operating environment that financial institutions are facing in
Argentina, while their financial profiles are robust. The parent
company for both entities, Tarjetas Regionales, has a strong and
growing franchise, being the largest credit card issuer in
Argentina and one of the top players in Latin America.

Both TN and TC show ample loss absorption capacity (sound equity
bases, strong capacity to internally generate equity, and sizeable
loan loss reserves); high and stable recurring operating
profitability; asset quality figures that are resilient throughout
the cycle and adequate relative to their business models; and good
funding and liquidity profiles.

The withdrawal of the '5' support ratings is a consequence of
Fitch's practices to assign this type of ratings only to banks or
bank holding companies.

Rating Sensitivities:

Downside risk to TN's and TC's ratings could stem from a sovereign
rating downgrade and/or a material deterioration of the operating
environment for financial institutions. Under current
circumstances, Fitch considers unlikely that Argentine financial
institutions could be rated above the sovereign, especially
private sector companies with foreign debt that are exposed to the
Central Bank's willingness and ability to provide USD in order to
serve such liabilities, as is the case of TN.

In Fitch's view, TN's and TC's ratings are currently capped by the
sovereign rating, so the companies' ratings could improve to some
extent if the former is eventually upgraded, provided that they
maintain their currently sound financial profiles.

Credit Profiles:

TN and TC maintain a sound and recurring operating performance,
driven by their wide interest margins and, more importantly, the
ample and stable fee income sourced from both its acquiring and
merchant businesses. Despite the inherently high costs of this
model, both companies have maintained non-interest expenses and
loan provisions well controlled, driving robust recurring
operating ROAAs (6M13: 7.7% for TN and 10.8% for TC). TN has wider
margins arising from its larger scale, while TC's performance
reflects its relatively better contained credit costs recently.
Nonetheless, the possibility of increased intervention and
controls in this business line cannot be ruled out.

TN and TC have ample capital bases and sound capacity to
internally generate equity. As of June 2013, the equity to assets
ratio remained at sound levels of 18.8% and 18.3%, respectively.
Fitch's more stringent definition of core capital, which excludes
intangibles and deferred tax assets, were also robust at 15.9% and
15.7% of total assets, respectively. Moreover, dividend pay-out
and the approach for loan loss provisioning are also conservative.

In Fitch's view, the impairment and charge-offs ratios as of June
2013 remain reasonable. The upward trend in TN's impaired loans
mainly arises from the exceptionally low levels recorded in these
metrics during the more buoyant 2011 period. Despite their mono-
line nature, Fitch's regards positively TN's and TC's approach to
monitor and control systematic risks.

TN and TC have strong and stable funding profiles, composed of
payables to merchant businesses, local issues of short- and
medium-term unsecured notes, and bank facilities. The overall
duration of liabilities is twice the duration of average loans (8
versus 4 months, respectively). However, TN's ability to repay the
principal of its USD200m global notes is heavily reliant on
macroeconomic and political developments.

TN and TC are 99.0%-owned by Tarjetas Regionales (TR), the largest
credit card issuer in Argentina and one of the largest in Latin
America. Broadly speaking, TN accounts for roughly 80% of TR's
business volumes, revenues, and earnings, with TC making almost
the remainder 20%. At present, Banco Galicia, one of the two
largest privately-owned Argentine banks, owns 77% of TR, while the
balance is held by the original shareholders of both TN and TC. TN
also holds a 24% stake of Tarjeta Naranja Peru SA, a company
created in July 2011, through a joint venture with Banco de
Credito del Peru.

Fitch affirms the following ratings:

Tarjeta Naranja S.A.
-- Long-term local and foreign currency Issuer Default Rating
(IDR) at 'B-'; Negative Outlook;
-- Short-term local and foreign currency IDRs at 'B';

-- USD200 million senior unsecured bonds at 'B-/RR4'.

Tarjetas Cuyanas S.A.
-- Long-term local currency Issuer Default Rating (IDR) at 'B-';
Negative Outlook;
-- Short-term local currency IDR at 'B';

Fitch affirms and withdrew the following ratings:

Tarjeta Naranja S.A.
-- Support Rating of '5'.

Tarjetas Cuyanas S.A.
-- Support Rating of '5'.


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B R A Z I L
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BR PROPERTIES: S&P Puts 'BB' Global Scale Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'brAA' national
scale debt rating to BR Properties S.A.'s proposed R$400 million
senior unsecured notes.  The notes will rank equal to the
company's other unsecured and unsubordinated debt.  S&P expects BR
Properties to use the proceeds to improve its capital structure,
by paying down short-term debt as it comes due, and extend its
debt amortization schedule.

The 'BB' global scale corporate credit rating on BR Properties
reflects S&P's assessment of the company's "satisfactory" business
risk profile and "significant" financial risk profile.  Supporting
factors are the company's high quality portfolio of properties and
a favorable leasing profile across different industries.
Offsetting these rating strengths is its somewhat high leverage as
a result of an aggressive expansion in the last two years.  The
positive outlook reflects our expectation that the company's debt
metrics will improve while cash flow generation continues to
increase as the company concludes capital expenditures and
consolidates new properties into its portfolio.

RATINGS LIST

BR Properties S.A.
  Corporate credit rating
   Global scale                 BB/Positive/--
   National scale               brAA/Positive/--

Rating Assigned

BR Properties S.A.
  R$400M sr. unsec. notes       brAA


CAMARGO CORREA: Targets Ghana Power Plans
-----------------------------------------
Pauline Bax at Bloomberg News reports that Brazilian Ambassador
Irene Vida Gala said Camargo Correa SA will consider bidding on
hydro-power projects in Ghana, where the government plans to spend
$4.5 billion to double power capacity.

The company will be the fifth construction company from Latin
America's largest economy to operate in Ghana, Ms. Vida Gala told
Bloomberg News in an interview in Accra.

"They are already in talks to come and establish a company and
offices here.  Its preliminary talks but they will come,"
Bloomberg News quoted Ms. Vida Gala as saying. "They are going
very much into what they are good in: electric generation of
hydroelectric power," Ms. Vida Gala added, Bloomberg News notes.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last 12
months through June 2007, Camargo Correa had net sales of BRL9.2
billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2010, Standard & Poor's Ratings Services affirmed its
'BB' ratings on Camargo Correa S.A. (Camargo).  At the same time,
S&P affirmed its 'BB' ratings on its cement subsidiaries
InterCement Brasil S.A. (Intercement) and Cimpor Cimentos de
Portugal, S.G.P.S., S.A. (Cimpor) and revised the outlook on all
entities to positive.


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


* BOLIVIA: IDB Okays US$57MM Loan to Boost Income of Families
-------------------------------------------------------------
Bolivia will boost income of rural households by improving the use
of water resources in agriculture with US$57 million financing
from the Inter-American Development Bank (IDB).  The investment is
expected to benefit as many as 7,000 families growing crops in
arid or semi-arid regions.

The project will finance improvements, expansion and better
governance of at least 50 community irrigation systems.  The
investment is expected to expand by 11,400 hectares the land area
with advanced and traditional irrigation in seven departments of
the country, allowing farmers using both traditional and automated
irrigation to more than double their productivity and use water
resources more efficiently.

The IDB financing is made up of a US$45.6 million loan from its
Ordinary Capital with a 30-year maturity, a 6-year grace period
and a fixed interest rate, and a US$11.4 million loan from the
Bank's Fund for Special Operations with payback and grace periods
of 40 years and an interest rate of 0.25 percent.


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C A Y M A N  I S L A N D S
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AGILENT TECHNOLOGIES: Shareholders' Final Meeting Set for Nov. 29
-----------------------------------------------------------------
The shareholders of Agilent Technologies (Cayco) Limited will hold
their final general meeting on Nov. 29, 2013, at 1:00 p.m. to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Intertrust SPV (Cayman) Limited, 190
Elgin Avenue, George Town, Grand Cayman, Cayman Islands.


BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14
----------------------------------------------------------------
The shareholders of Barrington Offshore, Ltd. will hold their
final meeting on Nov. 14, 2013, at 3:00 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.  The meeting will be held at the registered
office of the Company.


BCRE PORTFOLIO: Shareholders' Final Meeting Set Today
-----------------------------------------------------
The shareholders of BCRE Portfolio Fund I GP Ltd. will hold their
final meeting today, Nov. 13, 2013, at 10:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at BTG Pactual, Av. Brigadeiro Faria
Lima, Brazil.

The company's liquidator is:

         Barnaby Gowrie
         MOISE POLITI
         Telephone: +1 (345) 914 6365


CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29
-------------------------------------------------------------
The members of Caledonian Management Holdings Limited will hold
their final meeting on Nov. 29, 2013, at 9:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Caledonian House, 69 Dr. Roy's Drive,
Grand Cayman KY1-1102, Cayman Islands.


CREDIT ASIA: Shareholders' Receive Wind-up Report
-------------------------------------------------
The shareholders of Credit Asia Capital (Cayman) Ltd received the
liquidator's report on the company's wind-up proceedings and
property disposal at the final general meeting held on Nov. 12,
2013.


GLOBAL FUND: Shareholders' Final Meeting Set for Nov. 29
--------------------------------------------------------
The shareholders of Global Fund Managers Ltd. will hold their
final meeting on Nov. 29, 2013, at 12:45 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at of Intertrust SPV (Cayman) Limited,
190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands.

The company's liquidator is:

         INTERTRUST SPV (CAYMAN) LIMITED
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         Telephone: (345) 943-3100


GUANAY FINANCE 2013-1: Fitch Rates $450MM Sr. Sec. Notes BB+
-----------------------------------------------------------
-Fitch Ratings has assigned the following rating to the 2013-1
notes issued by Guanay Finance Limited, a special purpose vehicle
incorporated in the Cayman Islands and sponsored by LATAM Airlines
Group S.A. (LATAM):

-- Series 2013-1 USD450 million senior secured fixed-rate notes
'BB+', Outlook Stable.

The 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. Fitch's rating on
the 6% 2013-1 notes addresses the timely payment of interest and
principal on a quarterly basis.

Key Rating Drivers:

The 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 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% compound
annual growth rate (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 3.85x. 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 new issue report to be released shortly.

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.


IPSWICH STREET: Shareholders' Final Meeting Set for Nov. 29
-----------------------------------------------------------
The shareholders of Ipswich Street Cdo, Ltd. will hold their final
general meeting on Nov. 29, 2013, at 10:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Intertrust SPV (Cayman) Limited, 190
Elgin Avenue, George Town, Grand Cayman, Cayman Islands.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005
         Cayman Islands


KE HARMONY: Shareholders' Final Meeting Set for Nov. 29
-------------------------------------------------------
The shareholders of Ke Harmony Ltd will hold their final
General meeting on Nov. 29, 2013, at 11:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Intertrust SPV (Cayman) Limited, 190
Elgin Avenue, George Town, Grand Cayman, Cayman Island.


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


DOMINICAN REPUBLIC: Top Officials Admit US$521.4MM Debt Too High
----------------------------------------------------------------
The Dominican Today reports that the Dominican government admits
that the public debt is very high and will start to lay the
foundation to trim that level in 2015, Economy minister
Temistocles Montas affirmed.

Minister Montas said IMF experts established that date, according
to Dominican Today.

The report notes that the Finance Ministry's quarterly report
reveals that excluding the Central Bank, the public debt to
September was RD$21.9 billion (US$521.4 million), or 36.3% of the
GDP estimate for 2013.

Minister Montas, interviewed by the Corripio media group, added
that this year's public debt, including the financial sector, is
around 40% of GDP and affirms it will be similar in 2014, the
report relates.

Minister Montas added that RD$171.0 billion will be allocated for
the public debt service next year, the report discloses.


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


LIME JAMAICA: Incurs J$604 Million Losses for July to September
---------------------------------------------------------------
RJR News reports that higher revenue and lower operating expenses
helped to reduce financial losses at LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) during the July to
September quarter.

Net losses during the three months totaled J$604 million down from
J$1.3 billion last year, according to RJR News.  The report
relates that LIME's earnings were up J$390 million dollars at
J$4.4 billion.

RJR News notes that this resulted from several factors including
mobile revenue growth of 17 per cent driven by a 23 per cent
increase in mobile subscribers.  The enterprise and corporate
segment grew business revenues by over 25 per cent, the report
relates.

RJR News notes that this was offset by a six per cent decline in
fixed line business due to a diminishing subscriber base as well
as a reduction in the fixed line termination rate which came into
effect in June last year.

LIME said broadband revenues increased by more than 24 per cent,
the report adds.

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2013, Jamaica Observer said that consumers flocked to
LIME Jamaica's mobile network but the company still recorded a
JM$808-million net loss for the three months to June, or more than
double year-earlier losses.  LIME Jamaica recorded a JM$4.9-
billion total loss for its March 2013 year end compared with a
JM$20-billion loss a year earlier.


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P E R U
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* PERU: IDB OKs US$20MM Loan to Edyficar to Fund Housing Program
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of US$20
million to Edyficar, a Peruvian financial institution specialized
in the microenterprise segment.  The loan will allow Edyficar to
expand and improve its program Edyvivienda, which provides access
to finance for incremental housing construction for low-income
individuals and their families, especially microentrepreneurs.
The financing from the Bank's Opportunities for the Majority
Sector will help address Peru's housing shortage, currently
estimated at 72 percent, one of the largest gaps in the region.

"The loan from the Opportunities for the Majority Sector will
enable Edyficar to scale up an innovative business model that
brings the interests of a financial institution in line with those
of other key actors in the incremental construction sector," said
IDB project team leader Manuel Fernandini.  "Over 80 percent of
the end beneficiaries earn less than US$200 per month, and 42
percent of the heads of households served by the program are
women."

Resources for incremental housing improvements will alleviate
deficiencies in quality and overcrowding and will improve access
to basic services such as water sewage and electricity for 20,000
households.  Faced with the inability to obtain financing, low-
income families in Peru typically undertake home improvement
projects lacking professional training in construction techniques,
leading to costs up to 30 percent higher than necessary and taking
an average of 15 to 18 years to complete.  State-led financing
programs aimed at reducing these gaps require a mortgage security,
which makes access impossible for the roughly 50 percent of the
property-owners at the base of the pyramid whose dwellings are
untitled.


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P U E R T O   R I C O
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INSTITUTO MEDICO: Seeks to Pay Employee Wages & Benefits
--------------------------------------------------------
Instituto Medico del Norte, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to pay certain
wages, compensation, employee benefits, and related costs, to
approximately 310 employees.

As of the Petition Date, the Debtor has accrued approximately
$260,000 in unpaid payroll obligations for regular periodic
payroll for regular employees and approximately $325,000 owed to
independent contractors.  The Debtor also has accrued payroll
taxes of approximately $41,000 as of the Petition Date.

The Debtor also proposes to pay the following employee benefits:

   Vacation Pay                         $288,000
   Medical Insurance                     $53,000
   Unpaid Worker's Compensation          $80,000

According to Rafael A Gonzalez Valiente, Esq., at Latimer Biaggi
Rachid & Godreau, in San Juan, Puerto Rico, the Debtor's Employees
and Independent Contractors are essential to preserving the going-
concern of the Debtor's business pending consummation of a
reorganization.  It is therefore critical that the Debtor continue
the ordinary course personnel policies, programs, and procedures
that were in effect prior to the Petition Date, Mr. Valiente adds.

Instituto Medico del Norte, Inc., aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez, sought protection under Chapter 11
of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961).  The case is assigned to Judge Mildred Caban Flores.

The Debtor is represented by Fausto David Godreau Zayas, Esq. --
dgodreau@LBRGlaw.com -- and Rafael A Gonzalez Valiente, Esq. --
rgonzalez@lbrglaw.com -- at LATIMER BIAGGI RACHID & GODREAU, in
San Juan, Puerto Rico.



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T R I N I D A D  &  T O B A G O
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CARIBBEAN AIRLINES: Makes Profit During Peak Summer Months
----------------------------------------------------------
RJR News reports that Caribbean Airlines Limited made a profit
during the peak summer months.

Trinidad Express newspaper reported that Trinidad's line minister
for the airline, Larry Howai, said Caribbean Airlines' cash flow
was looking reasonably good, and during the summer months, it
turned a profit, according to RJR News.

Mr. Howai, the report notes, said that the airlines' cash position
is good, with about US$20 million in the bank.

However, Mr. Howai cautioned that profit could reverse before
picking up back next month, RJR News notes.

Caribbean Airlines still has US$650 million in debt.

RJR News adds that Mr. Howai was quoted as saying that the entity
has sufficient assets to allow it to meet obligations to act as
collateral and provide cash flow.

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

                           *     *     *

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


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


* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10
--------------------------------------------------------------
Five restructuring professionals, including the Honorable Kevin J.
Carey, United States Bankruptcy Court, District of Delaware, will
define and discuss the complexity of cross-border insolvency and
Chapter 15 bankruptcy.  Joining Judge Carey will be:

   -- Thomas J. Salerno, Esq., Partner, Squire Sanders (US) LLP,
   -- Nava Hazan, Esq., Partner, Squire Sanders (US) LLP,
   -- Margot MacInnis, Managing Director, KRyS Global (Cayman
      Islands), and
   -- Michael Morrison, Partner, KPMG (Bermuda).

Ms. Hazan will lead a discussion on how Chapter 15 of the U.S.
Bankruptcy Code provides a mechanism for a company in a foreign
insolvency to seek injunctive relief against litigation in U.S.
courts or U.S. bankruptcy court assistance in the
administration and protection of its U.S. assets.

The panel will also address the topic of how Chapter 15 can be
used as a tool to bind creditors, including creditors in the
U.S., to the terms of a plan of reorganization approved by a
foreign court.

The event faculty will convene on Tuesday, December 10, 2013,
at 11:00 a.m., Eastern Time, to share their observations and
practice tips during a live 90-minute webinar.

Visit http://bankrupt.com/webinars/for more information and to
register for the webinar.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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