TCRLA_Public/131115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, November 15, 2013, Vol. 14, No. 227


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Records $112.6 Million Revenue in 3Q


B R A Z I L

JBS SA: Posts Lower 3Q Earnings of US$94.5 Million
MARFRIG ALIMENTOS: Swings to BRL194 Million Third-Quarter Loss
OGX PETROLEO: And OSX Bankruptcies to Be Reviewed Jointly
OGX PETROLEO: Shares Withdrawn From Trading 'Without Incident'
* BRAZIL: To Get US$270MM IDB Loan for Health Care Management


C A Y M A N  I S L A N D S

ALPINE III: Member to Receive Wind-Up Report on Nov. 21
CG TAIWAN: Shareholders Receive Wind-Up Report
CROSBY ACTIVE: Shareholders Receive Wind-Up Report
CROSBY MASTER: Shareholders Receive Wind-Up Report
FR & MS: Shareholders Receive Wind-Up Report

NEWCASTLE CDO IV: Member to Receive Wind-Up Report on Nov. 21
NICOGIO LTD: Shareholders Receive Wind-Up Report
PEP CHANNEL: Shareholder to Receive Wind-Up Report on Nov. 29
SENTINEL P & C: Member to Receive Wind-Up Report on Nov. 26
VICTORIA & EAGLE: Shareholders to Hear Wind-Up Report on Nov. 21


M E X I C O

SMU SA: S&P Affirms 'CCC+' CCR and Revises Outlook to Negative


                            - - - - -



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


ULTRAPETROL (BAHAMAS): Records $112.6 Million Revenue in 3Q
-----------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed financial results for the
third quarter ended Sept. 30, 2013.

The company recorded third quarter 2013 revenues of $112.6
million.

The company also recorded adjusted EBITDA of $30.2 million in the
third quarter of 2013; which includes adjusted EBITDA of $11.4
million from its River Business, adjusted EBITDA of $12.7 million
from Offshore Supply Business segment, adjusted EBITDA of $0.7
million from Ocean Business segment, and adjusted EBITDA of $5.4
million from other activities-primarily foreign currency exchange
cash gains.

A full text copy of the company's financial statement is available
free at:

                       http://is.gd/tBpmUZ


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

                           *     *     *

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


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


JBS SA: Posts Lower 3Q Earnings of US$94.5 Million
--------------------------------------------------
Steve Lynn at Northern Colorado Business Report writes that
JBS S.A. earned $94.5 million during the third quarter, down from
the $157.8 million it earned the same period last year.

JBS S.A. posted revenue of $10.4 billion during the third quarter
ended Sept. 30 vs. $8.3 billion during the third quarter of 2012,
according to Northern Colorado Business Report.  The report
relates that the company said the higher revenue came from
increased revenues in all its units as well as from the
devaluation of the Brazilian real.

However, the report notes that the company also reported third-
quarter expenses of $376.1 million, more than doubling the $180
million in expenses during the previous third quarter.

The report relays that JBS S.A. ended the quarter with $3.4
billion in cash or cash equivalent.

Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's
largest protein producer in terms of revenues, slaughter capacity
and production. It is the leader beef, chicken and leather player
and a leading lamb producer on a global basis, besides being the
third largest pork producer in the USA. The company has large
scale and diversification, with presence in more than 100
countries.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2013, Fitch Ratings 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.


MARFRIG ALIMENTOS: Swings to BRL194 Million Third-Quarter Loss
--------------------------------------------------------------
Rogerio Jelmayer writing for The Wall Street Journal reports that
Marfrig Alimentos S.A. reported a net loss of BRL194 million
(US$83 million) for the third quarter, versus a net profit of
BRL90.6 million a year earlier.

The company attributed the loss to the rise in its debt-service
costs, impacted by the increase of Brazil's benchmark Selic
interest rate, according to The Wall Street Journal.

The report relates that Marfrig's debt-service costs almost
doubled to BRL481.1 million in the third quarter, up from BRL254.8
million in the prior-year period.  The report notes that it ended
the third quarter with a net debt of BRL6.6 billion in the third
quarter, versus BRL8.77 billion at the end of the second quarter.

The company's net revenue rose 15% in the period to BRL4.94
billion, the report adds.

                      About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OGX PETROLEO: And OSX Bankruptcies to Be Reviewed Jointly
---------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that the
bankruptcy protection proceedings of OGX Petroleo e Gas
Participaaoes S.A. and OSX Brasil SA, two companies controlled by
former Brazilian billionaire Eike Batista will be analyzed
together and under the supervision of the same judge, as requested
by the firms' lawyers, a person with knowledge of the situation
said.

As reported in the Troubled Company Reporter on Nov. 1, 2013,
Michael Bathon, substituting for Bill Rochelle, the bankruptcy
columnist for Bloomberg News, said that OGX Petroleo & Gas's
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.

According to the report, OGX, a startup based in Rio de Janeiro,
filed documents in a business tribunal there on Oct. 30, said
Sergio Bermudes, a lawyer representing the company's chairman and
founder, Eike Batista.

The Oct. 30 filing by the oil company that transformed Batista
into Brazil's richest man followed a 16-month decline that wiped
out more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.

A Nov. 12 report by the TCRLA, citing The Wall Street Journal,
said, the collapse of OGX sent shockwaves across the rest of Mr.
Batista's companies, which included five interlinking mining,
port, oil, energy and ship building firms taken public over a
frenetic six-year stretch starting in 2006.  The hardest hit by
the oil company collapse is OSX, the ship builder he set up to
build oil platforms and lease them to OGX.  OSX had essentially
one customer, his oil company OGX; when one went down, so did the
other.

OSX filed for bankruptcy protection on Nov. 11, 2013, at a Rio de
Janeiro.  OSX had outstanding debts of around $2.2 billion as of
June 30.

OGX is an independent exploration and production company with
operations in Latin America.


OGX PETROLEO: Shares Withdrawn From Trading 'Without Incident'
--------------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that shares of
OGX Petroleo e Gas Participaaoes S.A. were withdrawn from trading
on the Brazilian Stock Exchange at the end of October "in an
orderly fashion and without incident," the exchange's president
said.

"We at the exchange, along with everyone else in the capital
markets, were very much frustrated by the course of events
involving OGX," Dow Jones Newswires quoted Edemir Pinto, president
of the BM&F Bovespa, the company that controls Brazil's financial
exchanges, as saying.  The report relates that Mr. Pinto said the
exchange didn't detect any irregularities in trading in OGX over
the years.

The report notes that Mr. Pinto added, the withdrawal of OGX
shares from exchange trading was "quite unlike anything we've seen
in the 45 years since the benchmark Ibovespa stocks index was
created."

Mr. Pinto said, "We have not noticed any damage to the exchange's
reputation in relation to the OGX situation," the report notes.

                         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.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30. The bankruptcy filing puts $3.6 billion of dollar
bonds into default in the largest corporate debt debacle on record
in Latin America.  The filing by the oil company that transformed
Eike Batista into Brazil's richest man followed a 16-month decline
that wiped out more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


* BRAZIL: To Get US$270MM IDB Loan for Health Care Management
-------------------------------------------------------------
Brazil's Sao Paulo state will receive a loan for US$270 million
from the Inter-American Development Bank (IDB) to strengthen
health care management and implement a regional networks model for
the country's Unified Health System.

Along with other Brazilian states, Sao Paulo has been experiencing
a sharp rise in chronic illnesses among its population.  The
program will address this problem by strengthening health
promotion and prevention through an integrated model of service
networks to ensure continuous, integrated, and successful patient
care.

The integration of service networks will be tested in two
different scenarios: in small towns that are part of micro-regions
and which presently receive inadequate health service coverage,
such as Vale do Ribeira, Itapeva, Vale Jurumirim, and the North
Coast; and in the metropolitan region of Campinas, especially in
districts with vulnerable populations.

Areas benefiting from the program will receive strategic
investments in infrastructure, including the construction and
remodeling of basic health care units, counseling centers, a
medical specialties clinic, and two regional hospitals.  In
addition, the program will finance the implementation of regional
regulation centers and training for health care professionals.

The program will finance the increased level of management needed
for carrying out the network model by providing support to the
Health Department of the State of Sao Paulo for consulting
services and studies, modernization of equipment, and development
of a strategy for ongoing training for Unified Health System
managers.  Subjects will include the use of clinical protocols and
lines of care in maternal and child health, diabetes,
hypertension, mental health, geriatric care, and men's heath.

The IDB's project team leader, Rita Sorio, described the
importance of the activities to be carried out in the program.
"The consolidation of integrated health networks is an important
step for effectively addressing the ongoing demographic and
epidemiological transition that is characterized by an aging
population and an increase in chronic diseases," she said.
"Providing network-based services allows states to better
coordinate the provision of health services, which will result in
better quality of care and therefore better use of available
resources."

It is expected that the program will reduce premature deaths from
diabetes and cardiovascular conditions; improve the quality of
first-level services and thereby reduce the rate of hospital
admissions due to situations that could have been addressed by
primary health services; and increase regular access to health
checkups and specialized services, when necessary.

In addition to the IDB loan, the state is contributing $110
million to the program, for a total investment of US$380 million.
The IDB financing has a term of 25 years, a grace period of 5-1/2
years, and an interest rate based on LIBOR.


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


ALPINE III: Member to Receive Wind-Up Report on Nov. 21
-------------------------------------------------------
The member of Alpine III will receive on Nov. 21, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


CG TAIWAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of CG Taiwan Fund Corporation received on
Nov. 12, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          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


CROSBY ACTIVE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Crosby Active Opportunities Feeder Fund
Limited received on Nov. 13, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

Fok Hei Yu is the company's liquidator.


CROSBY MASTER: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Crosby Active Opportunities Master Fund
Limited received on Nov. 13, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

Fok Hei Yu is the company's liquidator.


FR & MS: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of FR & MS received on Nov. 12, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          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


NEWCASTLE CDO IV: Member to Receive Wind-Up Report on Nov. 21
-------------------------------------------------------------
The member of Newcastle CDO IV, Limited will receive on Nov. 21,
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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


NICOGIO LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Nicogio Ltd received on Nov. 8, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PEP CHANNEL: Shareholder to Receive Wind-Up Report on Nov. 29
-------------------------------------------------------------
The shareholder of Pep Channel Investments II GP Ltd will receive
on Nov. 29, 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


SENTINEL P & C: Member to Receive Wind-Up Report on Nov. 26
-----------------------------------------------------------
The member of Sentinel P & C Insurance SPC Ltd will receive on
Nov. 26, 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:

          Bernard McGrath
          69 Dr. Roy's Drive
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949 0050
          Facsimile: 949 8062


VICTORIA & EAGLE: Shareholders to Hear Wind-Up Report on Nov. 21
----------------------------------------------------------------
The shareholders of Victoria & Eagle Strategic Fund Limited will
hear on Nov. 21, 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:

          David A.K. Walker
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands



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

SMU SA: S&P Affirms 'CCC+' CCR and Revises Outlook to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and issue-level ratings on SMU S.A. y Subsidiarias (SMU).
At the same time, S&P revised the outlook on the corporate credit
rating to negative from developing.

"The revised outlook reflects the significant deterioration in
SMU's operating and financial performance beyond our expectations
which could further limit the company's financial flexibility and
liquidity, especially considering our expectations for weak EBITDA
and funds from operations generation in the next two years," said
Standard & Poor's credit analyst Sandra Tinoco.  For that period,
S&P expects EBITDA margins below 3%, debt to EBITDA greater than
18.0x and FFO to debt below 0.5%.  S&P believes default risk
persists as the company is still negotiating a final agreement
with its local banks and the controlling shareholders have yet to
complete a $187 million (Chilean peso [CLP] 93 billion) injection
in order to maintain local bondholders' waivers and avoid an
accelerated debt payment of about $1.2 billion (CLP600 billion).
Moreover, SMU faces a significant $201.7 million (CLP100 billion)
debt maturity in 2015 and another $186.3 million (CLP92.6 billion)
in 2016.

After SMU announced the restatement of its first quarter 2013
results in July of this year, it breached two financial covenants,
leading to a national scale rating downgrade which implied the
breach of a rating trigger with its banks.  In August, the company
reached an agreement with its local bondholders dependent upon a
$300 million (CLP149 billion) capital injection (from the approved
$500 million [CLP248 billion]) of the controlling shareholders
before Dec. 31, 2013.  The shareholders have already injected
$113 million (CLP56.2 billion) with the proceeds from the sale of
a 67% stake in Corp Vida, CorpGroup's insurance division.
CorpGroup is SMU's parent.  S&P believes a default risk still
persists as the shareholders have yet to inject an additional
$187 million (CLP93 billion) expected in the next few months.
Moreover, SMU hasn't been able to obtain a final agreement on its
waivers with its banks; the current waiver expires Dec. 30, 2013.


                            ***********


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 * * *