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        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

            Monday, September 3, 2012, Vol. 13, No. 175


                            Headlines



A R G E N T I N A

ADRIEL'S REPRESENTACIONES: Creditors' Proofs of Debt Due Sept. 17
DINAMA SRL: Applies for Reorganization Proceedings
LUICAR SRL: Creditors' Proofs of Debt Due Sept. 10
OBZEE SRL: Creditors' Proofs of Debt Due Sept. 13
SHATLAV SA: Creditors' Proofs of Debt Due Oct. 5


B E R M U D A

GEROVA FINANCIAL: Liquidators Seek TRO & Preliminary Injunction


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Sept. 4
ARNOTT OPPORTUNITIES: Shareholders' Meeting Set for Sept. 14
ARNOTT OPPORTUNITIES FUND: Shareholders' Meeting Set for Sept. 14
ARNOTT OPPORTUNITIES MEMBER: Shareholders to Meet on Sept. 14
CADMUS CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 10

CARRETTO INTERNATIONAL: Shareholders' Meeting Set for Sept. 10
CHT HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
COLVILLE HOLDINGS: Member to Receive Wind-Up Report on Sept. 12
MESIROW FINANCIAL: Shareholders' Final Meeting Set for Sept. 14
TRIDENT MICRO: Seeks OK on Cross-Border Insolvency Protocol

WENTWORTH RESOURCES: Shareholders' Final Meeting Set for Sept. 4


G U A T E M A L A

* GUATEMALA: To Get US$237.2MM IDB Fund for Fiscal Management


P A R A G U A Y

* S&P Affirms 'BB-' Issuer Credit Ratings on 3 Paraguayan Banks


P U E R T O   R I C O

BMF INC: Taps Luis M. Vazquez-Rosa as Real Estate Appraiser


M E X I C O

BAC INT'L: S&P Revises Stand-alone Credit Profile from 'bb+'


T R I N I D A D  &  T O B A G O

CARIBBEAN LIMITED: Owes Jamaica $500 Million in Aviation Fees


X X X X X X X X

* BOND PRICING: For the Week Aug. 27 to Aug. 31, 2012


                            - - - - -


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A R G E N T I N A
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ADRIEL'S REPRESENTACIONES: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------------------
Ruben Eduardo Duez, the court-appointed trustee for Adriel's
Representaciones SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 17, 2012.

Mr. Duez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Ruben Eduardo Duez
         Cesar Diaz 2324
         Argentina


DINAMA SRL: Applies for Reorganization Proceedings
--------------------------------------------------
Dinama SRL applied for reorganization proceedings.  The company
defaulted its payments last Oct. 2009.


LUICAR SRL: Creditors' Proofs of Debt Due Sept. 10
--------------------------------------------------
Ruben Kwasnyewsky, the court-appointed trustee for Luicar SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 10, 2012.

Mr. Kwasnyewsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ruben Kwasnyewsky
         Montevideo 536
         Argentina


OBZEE SRL: Creditors' Proofs of Debt Due Sept. 13
-------------------------------------------------
Ariel Martin Marsili, the court-appointed trustee for Obzee SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 13, 2012.

Mr. Marsili will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ariel Martin Marsili
         Lambare 1162
         Argentina


SHATLAV SA: Creditors' Proofs of Debt Due Oct. 5
------------------------------------------------
Alberto Rotemberg, the court-appointed trustee for Shatlav SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Oct. 5, 2012.

Mr. Rotemberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 3, 2013.

The Trustee can be reached at:

         Alberto Rotemberg
         Av. Pueyrredon 875
         Argentina



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B E R M U D A
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GEROVA FINANCIAL: Liquidators Seek TRO & Preliminary Injunction
---------------------------------------------------------------
Michael Morrison and Charles Thresh, both of KPMG Advisory
Limited, and John McKenna of Finance & Risk Services Ltd., in
their capacity as the duly appointed foreign representatives of
Gerova Financial Group, Ltd., and Gerova Holdings Ltd., have filed
papers in U.S. Bankruptcy Court seeking immediate interim and
provisional relief in the form of a temporary restraining order
and a preliminary injunction to protect Gerova's assets from
seizure, attachment, forfeiture, conversion, diminution in value
and/or other action that may compromise the value or existence
of those assets for the benefit of Gerova's creditors during the
period prior to the entry of a U.S. court order recognizing the
winding up proceedings pending before the Supreme Court of
Bermuda.

According to papers filed by the U.S. lawyers, Gerova is involved
in these pending actions:

     (a) In Re: Gerova Financial Group, Ltd., Securities
         Litigation, No. 11-md-2275 (S.D.N.Y.)

Pursuant to a Transfer Order dated Nov. 6, 2011 and entered on
Nov. 7, 2011, one action -- Goldberg v. Gerova Financial Group,
Ltd., No. 11-cv-1385 (E.D.N.Y.). -- was transferred from the
United States District Court for the Eastern District of New York,
and four actions pending in the United States District Court for
the Southern District of New York5 were consolidated for certain
purposes before Judge Scheindlin under In Re: Gerova Financial
Group, Ltd., Securities Litigation, No. 11-md-2275 (S.D.N.Y.).

The court entered a Scheduling Order on June 1, 2012, relating to
all relevant actions.  The Scheduling Order set a discovery and
briefing schedule for claims that survived the various motions to
dismiss. Pursuant to the Scheduling Order, discovery is currently
underway.

     (b) In Re Stillwater Capital Partners Inc. Litigation,
         No. 11-cv-2737 (S.D.N.Y.)

Plaintiffs brought a putative class action alleging violations of
common and state statutory law to recover damages on behalf of all
investors in certain Stillwater funds whose interests in the
Stillwater funds were transferred in the transactions between
Stillwater and GFG consummated on Jan. 20, 2010, and who either
submitted a request for redemption and allegedly have not been
paid in full or who received GFG Series A Preferred Stock which
allegedly was converted into restricted, unregistered, shares in
GFG.  Plaintiffs assert claims for breach of fiduciary duties,
aiding and abetting the breach of fiduciary duties and breach of
contract.

Certain counts of the Amended Complaint were dismissed pursuant to
an Opinion and Order entered on March 6, 2012.  Claims alleging,
inter alia, (a) breach of fiduciary duty by certain GFG officers
and directors for failing to register the restricted shares in GFG
and (b) breach of contract by GFG, survived the defendants'
motions to dismiss.

With regard to the surviving claims, a briefing and discovery
schedule was set by the Scheduling Order.  Pursuant to the
Scheduling Order, discovery is currently underway.

     (c) Goldberg, et al. v. Gerova Financial Group Ltd. et al.,
         No. 11-cv-7107 (S.D.N.Y.)

Plaintiffs brought a putative class action alleging both federal
securities claims and state law claims on behalf of all persons
who received or were promised common stock of GFG in exchange for
their Stillwater interests, as defined in the Amended Complaint.
Plaintiffs assert claims for violation of Section 14(a) of the
1934 Securities Exchange Act; violation of Section 10(b) of the
1934 Act and Rule 10(b)(5) promulgated thereunder; violation of
Section 20(a) of the 1934 Act; breach of fiduciary duty of care;
breach of fiduciary duty of loyalty; breach of fiduciary duty of
candor; and aiding and abetting breaches of fiduciary duties.

Certain Counts of the Amended Complaint were dismissed pursuant to
an Opinion and Order entered on April 3, 2012.  However, certain
claims against, inter alios, GFG survived the motions to dismiss.

With regard to the surviving claims, a briefing and discovery
schedule was set by the Scheduling Order.  Discovery is currently
underway.

     (d) Arar v. Gerova Financial Group Ltd., et al., No. 11-3081
         (S.D.N.Y.)

The Amended Class Action Complaint filed in the multidistrict
action and the Arar Action alleges securities fraud claims on
behalf of all persons who purchased or otherwise acquired GFG
securities in open market transactions in the period from Jan. 8,
2010 to Feb. 23, 2011.  Plaintiffs assert claims for: violation of
Section 10(b) of the 1934 Act and Rule 10(b)(5) promulgated
thereunder; and violation of Section 20(a) of the 1934 Act.

In an Opinion and Order entered on April 23, 2012, the court
denied GFG's motion to dismiss plaintiffs' Section 10(b) claims
against the GFG defendants and Section 20(a) claims against the
individual GFG defendants (with the exception of defendant
Bianco).

With regard to the surviving claims, a briefing and discovery
schedule was set by the Scheduling Order.  Discovery is currently
underway.

     (e) Eden Rock Financing Fund, L.P., individually and
         derivatively on behalf of Gerova Financial Group Ltd.,
         et al. v. Gerova Financial Group Ltd., et al., No.
         650613/2011 (N.Y. Sup. Ct.)

Plaintiffs, investors in certain Stillwater funds, brought this
state court action in relation to defendants' alleged failure to
pay redemptions purportedly due to plaintiffs.  Plaintiffs assert
claims for: fraudulent conveyance; fraud; state statutory claims;
breach of contract; and breach of fiduciary duty.

Pursuant to an order entered on Dec. 22, 2011, defendants' motions
to dismiss were granted as to the state statutory claims and the
fraud claim against Gerova Asset Backed Holdings, L.P., but were
otherwise denied.  From the case docket it appears that discovery
is underway with regard to the surviving claims.

     (f) Gindi v. Rudy, et al., No. 115577/2009 (N.Y. Sup. Ct.)

Plaintiff brought a state court action against, inter alios, GFG,
in relation to a plan to develop condominiums at 476 Broome
Street, New York.  Defendants filed motions to dismiss the Third
Amended Complaint on December 21, 2011, and plaintiff opposed the
motions on Feb. 29, 2012.

Pursuant to a So Ordered Stipulation entered on June 25, 2012, the
parties stated that they "have reached an agreement to compromise
this matter and are in the process of finalizing the necessary
documents."  The stipulation also set a deadline of July 27, 2012,
for the filing of reply papers in support of defendants' motion to
dismiss.  That deadline passed without the filing of reply papers.
This case has not been closed on the court's docket.

     (g) Seal v. Gerova Financial Group, Ltd., Summons Action
         No. 49D11 11 04 CC 014674 in the Superior Court of Marion
         County, Indiana. Commenced April 14, 2011

In an Amended Petition, Mr. Seal filed an action against GFG in
the Superior Court of Marion County, Indiana, on April 14, 2011.
Mr. Seal alleged that GFG failed to pay sums due to him in
relation to financial consulting services provided to GFG.
Default judgment was entered against GFG on June 29, 2011 in the
sum of $68,385.47 plus attorney fees of $22,795.16.  GFG's motion
to vacate the default judgment was granted on Dec. 19, 2011.  GFG
moved to dismiss the action on jurisdictional grounds on Jan. 9,
2012.

According to the Amended Petition, Mr. Seal assigned his rights in
respect of the default judgment and the unpaid sums purportedly
due to him to Aramid Entertainment Fund, Ltd., pursuant to a Claim
Purchase Agreement and Assignment executed on Oct. 7, 2011.

     (h) Hensley v. Gerova Financial Group, Ltd. No. 11-cv-0100
         (W.D. NC)

Mr. Hensley, formerly the President and CEO of Gerova Holding
Ltd., filed an action seeking specific performance of an
employment agreement between GFG and Mr. Hensley and seeking
damages in relation to the alleged breach of the employment
agreement.  Mr. Hensley alleges that lawsuits are pending against
him in relation to his employment by GFG.  He seeks indemnity from
GFG for the resulting costs, and an order requiring GFG to notify
its insurance carriers of the pending lawsuits. GFG filed an
Answer to the Complaint on Sept. 26, 2011, asserting certain
counterclaims against Mr. Hensley on the theory that he was to
blame for GFG's failure to complete certain acquisitions and to
obtain financing.  Mr. Hensley filed an Answer to the
counterclaims on October 11, 2011 [Dkt. 16]. From review of the
docket, it appears that discovery is ongoing, and trial is
scheduled to begin on Jan. 1, 2013.

     (i) Marseilles Capital, LLC v. Gerova Financial Group, Ltd.,
         No. 10-cv-81294 (S.D. Fla.)

Marseilles Capital LLC filed suit against GFG in the United States
District Court for the Southern District of Florida, alleging
breach of contract in relation to GFG's purported failure to pay
sums due under a Share Repurchase Agreement between Marseilles and
GFG.

The court issued an order granting summary judgment in favor of
Marseilles on May 12, 2011.  Marseilles filed certain motions for
Writs of Garnishment and Writs of Garnishment.

On Dec. 6, 2011, Marseilles assigned, for consideration, the whole
benefit of the debt owed to Marseilles by GFG to CAC Group, Inc.

     (j) Manley v. Gerova Financial Group, Ltd., No. 10-cv-81500
         (S.D. Fla.)

Two partial judgments (for $716,092.58 and $3,340,816.09,
respectively) were awarded against GFG in an action brought by
Marshall Manley, the former CEO and Chairman of the Board of
Directors of GFG, in relation to a Separation Agreement and
Release between Mr. Manley and GFG.  According to an Amended
Petition, the debts due to Mr. Manley were assigned to CAC Group,
Inc., and remain unpaid.

                           About Gerova

Gerova Financial Group Ltd., a Bermuda-based financial-services
company, sought U.S. bankruptcy court protection under Chapter 15
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-13641) on
Aug. 24, 2012.  The liquidators of Gerova -- Michael Morrison and
Charles Thresh, both of KPMG Advisory Limited, and John McKenna of
Finance and Risk Service Ltd, Bermuda -- filed the Chapter 15
petition, which estimated up to $100 million in assets and as much
as $500 million in liabilities.  A Chapter 15 petition was also
filed for Gerova Holdings Ltd. (Case No. 12-13642), which is
estimated to have under $100,000 in assets and liabilities.

Hamilton-based Gerova Financial, formerly known as Asia Special
Situations Acquisition Corp., was primarily involved, from 2010
on, in the business of investing in and managing certain types of
illiquid financial assets.  Gerova planned to then use such assets
as regulatory capital for insurance companies, though this
strategy was not fully implemented.

After lengthy proceedings and over the objections of Gerova's
then-current management, on July 20, 2012, the Bermuda Court
entered an order appointing Morrison, et al., as joint provisional
liquidators of GFG.  Morrison, et al., were also appointed
provisional liquidators of GHL on Aug. 20.

Judge Allan L. Gropper presides over the case.  Peter A. Ivanick,
Esq., and lawyers at Hogan Lovells US LLP represent the
Liquidators as counsel.



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C A Y M A N   I S L A N D S
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ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Sept. 4
----------------------------------------------------------------
The shareholders of Anthracite Balanced Company (36) Limited will
hold their final meeting on Sept. 4, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Kadi Merren
         Telephone: (345) 914 8639
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ARNOTT OPPORTUNITIES: Shareholders' Meeting Set for Sept. 14
------------------------------------------------------------
The shareholders of Arnott Opportunities Master Fund will hold
their final meeting on Sept. 14, 2012, at 1:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ARNOTT OPPORTUNITIES FUND: Shareholders' Meeting Set for Sept. 14
-----------------------------------------------------------------
The shareholders of Arnott Opportunities Fund will hold their
final meeting on Sept. 14, 2012, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ARNOTT OPPORTUNITIES MEMBER: Shareholders to Meet on Sept. 14
-------------------------------------------------------------
The shareholders of Arnott Opportunities Member Limited will hold
their final meeting on Sept. 14, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CADMUS CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 10
-----------------------------------------------------------------
The shareholder of Cadmus Capital Fund, Ltd. will receive on
Sept. 10, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877


CARRETTO INTERNATIONAL: Shareholders' Meeting Set for Sept. 10
--------------------------------------------------------------
The shareholders of Carretto International Ltd. will hold their
final meeting on Sept. 10, 2012, at 12:00 noon, to receive 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


CHT HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
----------------------------------------------------------
The shareholders of CHT Holdings Inc. will hold their final
meeting on Sept. 14, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


COLVILLE HOLDINGS: Member to Receive Wind-Up Report on Sept. 12
---------------------------------------------------------------
The member of Colville Holdings Limited will receive on Sept. 12,
2012, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Iiing Sieh
         36E Estoril Court
         55 Garden Road
         Hong Kong


MESIROW FINANCIAL: Shareholders' Final Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Mesirow Financial Investment Fund (Cayman),
Ltd - G  will hold their final meeting on Sept. 14, 2012, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TRIDENT MICRO: Seeks OK on Cross-Border Insolvency Protocol
-----------------------------------------------------------
BankruptcyData.com reports that Trident Microsystems filed with
the U.S. Bankruptcy Court a motion for an order approving cross-
border insolvency protocol stipulation regarding Trident
Microsystems, Inc. and Trident Microsystems (Far East) Ltd. (in
official liquidation).

The Debtors explain, "the purpose of the Protocol is to continue
the just, efficient and expeditious administration the Cayman
Proceedings and the Debtors' chapter 11 cases (the 'Bankruptcy
Proceedings'). It is in the interest of all parties, including the
Cayman Liquidators, TMFE and its creditors, TMI and its creditors
and shareholders, the Cayman Court and this Court, to continue to
cooperate to the greatest extent possible in the conduct of the
Cayman Proceedings and the Bankruptcy Proceedings." The Court
scheduled a September 12, 2012 hearing on the matter.

                      About Trident Microsystems

Sunnyvale, California-based Trident Microsystems, Inc., currently
designs, develops, and markets integrated circuits and related
software for processing, displaying, and transmitting high quality
audio, graphics, and images in home consumer electronics
applications such as digital TVs, PC-TV, and analog TVs, and set-
top boxes.  The Company has research and development facilities in
Beijing and Shanghai, China; Freiburg, Germany; Eindhoven and
Nijmegen, The Netherlands; Belfast, United Kingdom; Bangalore and
Hyderabad, India; Austin, Texas; and Sunnyvale, California. The
Company has sales offices in Seoul, South Korea; Tokyo, Japan;
Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego,
California; Mumbai, India; and Suresnes, France. The Company also
has operations facilities in Taipei and Kaoshiung, Taiwan; and
Hong Kong, China.

Trident Microsystems and its Cayman subsidiary, Trident
Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4,
2011.  Trident said it expects to shortly file for protection in
the Cayman Islands.

Judge Christopher S. Sontchi presides over the case.  Lawyers at
DLA Piper LLP (US) serve as the Debtors' counsel.  FTI Consulting,
Inc., is the financial advisor.  Union Square Advisors LLC serves
as the Debtors' investment banker.  PricewaterhouseCoopers LLP
serves as the Debtors' tax advisor and independent auditor.
Kurtzman Carson Consultants is the claims and notice agent.

Trident had $310 million in assets and $39.6 million in
liabilities as of Oct. 31, 2011.  The petition was signed by David
L. Teichmann, executive VP, general counsel & corporate secretary.

Pachulski Stang Ziehl & Jones LLP represents the Official
Committee of Unsecured Creditors.  The Committee tapped to retain
Fenwick & West LLP as its special tax and claims counsel, Imperial
Capital, LLC, as its investment banker and financial advisor.

Dewey & Leboeuf as represents the statutory committee of equity
security holders.  The statutory committee tapped to retain
Campbells as Cayman Islands counsel, and Quinn Emanuel Urquhart &
Sullivan, LLP as its conflicts counsel.


WENTWORTH RESOURCES: Shareholders' Final Meeting Set for Sept. 4
----------------------------------------------------------------
The shareholders of Wentworth Resources Limited will hold their
final meeting on Sept. 4, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands



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* GUATEMALA: To Get US$237.2MM IDB Fund for Fiscal Management
-------------------------------------------------------------
Guatemala will receive US$237.2 million in financing from the
Inter-American Development Bank (IDB) to consolidate fiscal
management and sustainability by supporting reforms that will help
increase tax revenues, strengthen tax administration, and regulate
national and municipal debt.

The financing consists of a loan for US$234 million to support
policy reforms and US$3.2 million in reimbursable technical
cooperation.  The loan will boost the implementation and
consolidation of reforms such as Tax Modernization Act, which
includes new income tax and anti-tax evasion laws approved at the
start of 2012.

Guatemala's public finances are characterized by low tax revenues
of around 10 percent of GDP.  One expected result of the program
is to increase tax revenue by at least 1 percent of GDP by
strengthening income tax collection and combating tax evasion and
smuggling.  This estimated increase of nearly 25 percent in income
taxes will partially reduce dependence on indirect taxation,
improving the progressivity of the system as a whole.

The program will create the International Taxation Department in
the Ministry of Public Finance (MINFIN), which will coordinate
with the Tax Administration Superintendency on negotiating tax
agreements and treaties for exchanging tax information with other
countries.

The Bank financing will also strengthen the capacity of the MINFIN
to regulate and guide municipal finances and to improve budget
policy and regulation of public expenditures, among other actions.

The technical cooperation component will strengthen the
institutions involved in fiscal and financial decentralization
process, such as MINFIN and the Municipal Development Institute.

The hybrid loan consists of the following: US$129.6 million from
the Single Currency Facility of the Ordinary Capital; US$72
million from the Flexible Financing Facility of the Ordinary
Capital; and US$32.4 million from the Fund for Special Operations.
The resources of the loan will be disbursed in two tranches over
an estimated three-year period.  MINFIN will be the executing
agency for the operation.



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


* S&P Affirms 'BB-' Issuer Credit Ratings on 3 Paraguayan Banks
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed its 'BB-'
ratings on Vision Banco S.A.E.C.A., Banco Bilbao Vizcaya
Argentaria Paraguay S.A., and Banco Continental SAECA from
CreditWatch with negative implications. The rating action followed
a similar one on the Republic of Paraguay (BB-/Stable/B). The
outlook on the banks is stable.

"We removed the ratings from CreditWatch because, in our view, the
rapid impeachment of former president Fernando Lugo on June 22 and
the subsequent suspension of Paraguay from South American
political and free trade associations UNASUR and MERCOSUR have
had--and will likely continue to have a limited impact on the
Paraguayan economy. We expect that Paraguay will be reinstated to
these organizations after the April 2013 presidential election.
Also, following the August 22 vote, the Organization of American
States didn't impose economic sanctions on Paraguay. In addition,
we expect the economy to rebound strongly in 2013 with a bumper
soya crop, due to the expected end of the drought and record-high
soya prices," S&P said.



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BMF INC: Taps Luis M. Vazquez-Rosa as Real Estate Appraiser
-----------------------------------------------------------
BMF Inc. seeks permission from the U.S. Bankruptcy Court for the
District of Puerto Rico to employ Luis M. Vazquez-Rosa from VR
Appraisers & Consultants as its real estate appraiser.

Mr. Vazquez-Rosa will prepare the appraisal of the Debtor's real
property in Caguas, Puerto Rico.  Mr. Vazquez-Rosa will be paid a
flat fee of $5,000 and will be paid as follows: 50% of the fee
will be paid upon acceptance of the terms and conditions, and
approval of the application for employment and 50% upon the
delivery of the complete report.

Mr. Vazquez-Rosa attests to the Court that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                           About BMF Inc.

BMF Inc. operates a water distillation operation to produce
bottled drinking water.  The Debtor markets the water it distills
-- under the brand Pure H20 -- at various retail chains and
restaurants throughout Puerto Rico and the Caribbean region.

BMF Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No.
12-00658) on Jan. 31, 2012.  Judge Enrique S. Lamoutte Inclan
presides over the case.  BMF disclosed $12.3 million in assets
and $8.9 million in liabilities.



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


BAC INT'L: S&P Revises Stand-alone Credit Profile from 'bb+'
------------------------------------------------------------
Standard & Poor's Ratings Services revised its long-term rating
outlook on BAC International Bank Inc. (BIB) and its core and main
operating entity, Credomatic International Corp., to positive from
stable. "At the same time, we affirmed our long-term 'BBB-' and
short-term 'A-3' issuer credit ratings on both entities. In
addition, we revised the bank's stand-alone credit profile (SACP)
to 'bbb-' from 'bb+'," S&P said.

"The outlook revision reflects our view of BIB and Credomatic as
core entities of Banco de Bogot  S.A. y Subsidiarias (BBB-
/Positive/A-3), on which we recently revised the outlook. BIB
operates in the same business lines as its parent and is closely
linked to its reputation and risk management. BIB's performance is
in line with the group's expectation. In addition, we expect BIB
to gradually strengthen its market position and business
diversification in the next two years by increasing its share in
consumer loans in Colombia, leveraging on its broad branch
network, and its expertise in consumer products," S&P said.



===============================
T R I N I D A D  &  T O B A G O
===============================


CARIBBEAN LIMITED: Owes Jamaica $500 Million in Aviation Fees
-------------------------------------------------------------
RJR News reports that Jamaica Transport Minister Dr. Omar Davies
said the country is to formally commence negotiations with
Caribbean Airlines Limited to pay over $500 million in outstanding
aviation fees.

The Working Group established to hammer out a payment deal with
the Trinidadian air carrier could hold its first meeting within
days, according to RJR News.

RJR News notes that the sum owed by CAL represents fees due to the
Jamaica Civil Aviation Authority, and the Airport Authority of
Jamaica.

The debt has been racked up since the airline assumed control of
Air Jamaica, RJR News says.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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


* BOND PRICING: For the Week Aug. 27 to Aug. 31, 2012
-----------------------------------------------------

Issuer              Coupon       Maturity    Currency      Price
------              ------      --------     --------      -----

ARGENTINA
---------

ARGENT-$DIS              8.28    12/31/2033   USD           61.313
ARGENT-$DIS              8.28    12/31/2033   USD             65.5
ARGENT-$DIS              8.28    12/31/2033   USD            63.75
ARGENT-$DIS              8.28    12/31/2033   USD            64.25
ARGENT-$DIS              8.28    12/31/2033   USD            68.25
ARGENT-PAR               1.18    12/31/2038   ARS           39.127
ARGENT- DIS              7.82    12/31/2033   EUR           57.375
ARGENT- DIS              7.82    12/31/2033   EUR             57.5
ARGENT- DIS              7.82    12/31/2033   EUR             57.5
ARGENT- DIS              4.33    12/31/2033   JPY               42
ARGENT- PAR              0.45    12/31/2038   JPY               15
ARGENT- PAR&GDP          0.45    12/31/2038   JPY                8
ARGNT-BOCON PRE9            2    3/15/2014    ARS               61
BANCO MACRO SA           9.75    12/18/2036   USD               71
BANCO MACRO SA           9.75    12/18/2036   USD             70.5
BANCO MACRO SA           9.75    12/18/2036   USD            71.03
CAPEX SA                   10    3/10/2018    USD               65
CAPEX SA                   10    3/10/2018    USD           66.375
CIA LATINO AMER           9.5    12/15/2016   USD               73
EMP DISTRIB NORT         9.75    10/25/2022   USD               48
EMP DISTRIB NORT         9.75    10/25/2022   USD           43.625
EMP DISTRIB NORT         10.5    10/9/2017    USD            39.83
PROV BUENOS AIRE        9.625    4/18/2028    USD           56.125
PROV BUENOS AIRE        9.625    4/18/2028    USD           55.868
PROV BUENOS AIRE        9.375    9/14/2018    USD           64.125
PROV BUENOS AIRE        9.375    9/14/2018    USD           64.049
PROV BUENOS AIRE       10.875    1/26/2021    USD           64.328
PROV BUENOS AIRE       10.875    1/26/2021    USD           64.377
PROV DE CORDOBA        12.375    8/17/2017    USD           72.487
PROV DE CORDOBA        12.375    8/17/2017    USD             72.5
PROV DE FORMOSA             5    2/27/2022    USD           58.875
PROV DE MENDOZA           5.5    9/4/2018     USD            71.25
PROV DE MENDOZA           5.5    9/4/2018     USD           70.926
PROV DEL CHACO              4    12/4/2026    USD            25.75
PROV DEL CHACO              4    11/4/2023    USD           52.375
RAGHSA CONSTRUCC          8.5    2/16/2017    USD               94
TRANSENER                9.75    8/15/2021    USD             44.5
TRANSENER                9.75    8/15/2021    USD           39.625


BRAZIL
------

BANCO BONSUCESSO         9.25    11/3/2020    USD            72.25
BANCO BONSUCESSO         9.25    11/3/2020    USD           71.875
BANCO CRUZEIRO          8.875    9/22/2020    USD           18.625
BANCO CRUZEIRO          8.875    9/22/2020    USD             20.5
BANCO CRUZEIRO              7    7/8/2013     USD           40.625
BANCO CRUZEIRO           8.25    1/20/2016    USD               43
BANCO CRUZEIRO          7.625    4/21/2014    USD             43.5
BANCO CRUZEIRO           8.25    1/20/2016    USD           41.375
BANCO CRUZEIRO            8.5    2/20/2015    USD            42.25
BANCO CRUZEIRO              8    9/17/2012    USD               40
BANCO CRUZEIRO            8.5    2/20/2015    USD               43
CESP                     9.75    1/15/2015    BRL            72.64
REDE EMPRESAS          11.125                 USD           36.125
REDE EMPRESAS          11.125                 USD           36.125
REDE EMPRESAS          11.125                 USD               43


CAYMAN ISLAND
-------------

BCP FINANCE BANK         5.01    3/31/2024    EUR               61
BCP FINANCE BANK         5.31    12/10/2023   EUR           63.625
BCP FINANCE CO          5.543                 EUR            27.25
BCP FINANCE CO          4.239                 EUR           25.017
BES FINANCE LTD          5.58                 EUR           39.167
BES FINANCE LTD           4.5                 EUR           51.125
CAM GLOBAL FIN           6.08    12/22/2030   EUR               42
CHINA FORESTRY          10.25    11/17/2015   USD             58.2
CHINA FORESTRY          10.25    11/17/2015   USD           60.875
CHINA SUNERGY            4.75    6/15/2013    USD               74
EFG HELLAS CAYMA            9    6/8/2019     EUR           52.375
EFG ORA FUNDING           1.7    10/29/2014   EUR           49.802
ESFG INTERNATION        5.753                 EUR           33.875
GOL FINANCE              8.75                 USD               72
GOL FINANCE              8.75                 USD            72.25
JINKOSOLAR HOLD             4    5/15/2016    USD           43.425
LDK SOLAR CO LTD         4.75    4/15/2013    USD             65.1
LUPATECH FINANCE        9.875                 USD             59.5
LUPATECH FINANCE        9.875                 USD           56.625
RENHE COMMERCIAL           13    3/10/2016    USD               47
RENHE COMMERCIAL           13    3/10/2016    USD           48.375
RENHE COMMERCIAL        11.75    5/18/2015    USD             51.5
RENHE COMMERCIAL        11.75    5/18/2015    USD           52.268
SHINSEI FIN CAYM        6.418                 USD            70.25
SHINSEI FIN CAYM        6.418                 USD            70.25
SHINSEI FINANCE          7.16                 USD           70.875
SHINSEI FINANCE          7.16                 USD           70.875
SOLARFUN POWER H          3.5    1/15/2018    USD            72.25
SOLARFUN POWER H          3.5    1/15/2018    USD           72.569
SUNTECH POWER               3    3/15/2013    USD           41.751
SUNTECH POWER               3    3/15/2013    USD           41.313


CHILE
-----

CGE DISTRIBUCION         3.25    12/1/2012    CLP           10.083
COLBUN SA                 3.2    5/1/2013     CLP           50.313
QUINENCO SA               3.5    7/21/2013    CLP           12.546


PUERTO RICO
-----------

BANCO SANTANDER           6.1    6/1/2032     USD           60.143
BANCO SANTANDER           6.3    6/1/2032     USD           61.833
PUERTO RICO CONS          6.5    4/1/2016     USD           63.875


VENEZUELA
---------

ELEC DE CARACAS           8.5    4/10/2018    USD            73.75
PETROLEOS DE VEN          5.5    4/12/2037    USD           60.125
PETROLEOS DE VEN        5.375    4/12/2027    USD            61.94
VENEZUELA                   7    3/31/2038    USD           69.027
VENEZUELA                   7    3/31/2038    USD            69.75
VENEZUELA                   6    12/9/2020    USD            73.75


                            ***********


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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 Chapman at 240/629-3300.


                   * * * End of Transmission * * *