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

              Thursday, March 10, 2011, Vol. 12, No. 49

                            Headlines



A R G E N T I N A

AGROCANEL SA: Creditors' Proofs of Debt Due April 26
DISTRIPUEY SA: Creditors' Proofs of Debt Due June 28
EXCLUSIVE CARS: Creditors' Proofs of Debt Due April 26
FRILOBOS SA: Creditors' Proofs of Debt Due March 29
SISTEMAS TECNOLOGICOS: Creditors' Proofs of Debt Due May 4

SOCIEDAD ANONIMA: Asks for Bankruptcy Proceedings


B E R M U D A

AIG LATIN: Members' and Creditors' Meeting Set for March 28
CAREPRO INSURANCE: Creditors' Proofs of Debt Due March 23
CAREPRO INSURANCE: Member to Receive Wind-Up Report on April 6
IRID INVESTOR: Creditors' Proofs of Debt Due March 14
IRID INVESTOR: Members' Final Meeting Set for March 31

JOHCHRI LTD: Creditors' Proofs of Debt Due March 11
JOHCHRI LTD: Members' Final Meeting Set for March 29
UNOCAL E&S: Members' Final Meeting Set for March 31
UNOCAL ASIA: Creditors' Proofs of Debt Due March 11


C H I L E

BBVA CHILE: Moody's Assigns 'D+' Bank Financial Strength Rating


J A M A I C A

BREEZES RIO: Workers Will Keep Their Jobs, Minister Says


M E X I C O

MEXICANA AIRLINES: Gets 5 Offers to Emerge From Bankruptcy
SATELITES MEXICANOS: Starts Soliciting Votes on Prepack Plan
SATELITES MEXICANOS: Has US$325-Mil. Exit Financing Commitment
TUBO DE PASTEJE: Seeks More Time to File Plan
URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'BB-'


P U E R T O   R I C O

A+HC HOLDING: Taps Charles A. Cuprill as Bankruptcy Counsel
A+HC HOLDING: Wants to Hire CPA Luis as Financial Consultant
ALLIED DEVELOPMENT: Voluntary Chapter 11 Case Summary
EDHSAN MILLWORKS: Case Summary & 20 Largest Unsecured Creditors
HIRAM SANCHEZ: Case Summary & 20 Largest Unsecured Creditors

MIRAMAR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors


V E N E Z U E L A

CA LA ELECTRICIDAD: Fitch Affirms 'B+' Issuer Default Ratings


V I R G I N   I S L A N D S

INNOVATIVE COMMUNICATION: CFC Unit Takes Over BVI Cable


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A R G E N T I N A
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AGROCANEL SA: Creditors' Proofs of Debt Due April 26
----------------------------------------------------
Luis Miguel Riccardini, the court-appointed trustee for Agrocanel
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 26, 2011.

Mr. Riccardini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Luis Miguel Riccardini
         Bartolome Mitre 1371
         Argentina


DISTRIPUEY SA: Creditors' Proofs of Debt Due June 28
----------------------------------------------------
Alfredo Kandus, the court-appointed trustee for Distripuey SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 28, 2011.

Mr. Kandus will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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 March 6, 2012.

The Trustee can be reached at:

         Alfredo Kandus
         Sarmiento 117
         Argentina


EXCLUSIVE CARS: Creditors' Proofs of Debt Due April 26
------------------------------------------------------
Alberto Gimenez, the court-appointed trustee for Exclusive Cars
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 26, 2011.

Mr. Gimenez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Alberto Gimenez
         Rosario 814
         Argentina


FRILOBOS SA: Creditors' Proofs of Debt Due March 29
---------------------------------------------------
Juan Emilio Cavalieri, the court-appointed trustee for Frilobos
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until March 29, 2011.

Mr. Cavalieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 December 2, 2011.

The Trustee can be reached at:

         Emilio Cavalieri
         Avenida Cordoba 904
         Argentina


SISTEMAS TECNOLOGICOS: Creditors' Proofs of Debt Due May 4
----------------------------------------------------------
Jorge Dagavarian, the court-appointed trustee for Sistemas
Tecnologicos para la Salud SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until May 4, 2011.

Mr. Dagavarian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

         Jorge Dagavarian
         Madero 749
         Argentina


SOCIEDAD ANONIMA: Asks for Bankruptcy Proceedings
-------------------------------------------------
Sociedad Anonima Tala Viejo asked for bankruptcy proceedings.

The company has defaulted on its payments due September 24, 2010.


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B E R M U D A
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AIG LATIN: Members' and Creditors' Meeting Set for March 28
-----------------------------------------------------------
The members and creditors of AIG Latin America Equity Partners,
Ltd. will hold their final meetings on March 28, 2011, at 9:30
a.m. and 10:00 a.m., respectively, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

Mark Waddington is the company's liquidator.


CAREPRO INSURANCE: Creditors' Proofs of Debt Due March 23
---------------------------------------------------------
The creditors of CarePro Insurance Ltd are required to file their
proofs of debt by March 23, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 15, 2011.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CAREPRO INSURANCE: Member to Receive Wind-Up Report on April 6
--------------------------------------------------------------
The member of CarePro Insurance Ltd will receive on April 6, 2011,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on February 15, 2011.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


IRID INVESTOR: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------
The creditors of Irid Investor Holdings Ltd. are required to file
their proofs of debt by March 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 24, 2011.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road, Pembroke HM 08
         Bermuda


IRID INVESTOR: Members' Final Meeting Set for March 31
------------------------------------------------------
The members of Irid Investor Holdings Ltd. will hold their final
meeting on March 31, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 24, 2011.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road, Pembroke HM 08
         Bermuda


JOHCHRI LTD: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The creditors of Johchri Ltd. are required to file their proofs of
debt by March 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 23, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


JOHCHRI LTD: Members' Final Meeting Set for March 29
----------------------------------------------------
The members of Johchri Ltd. will hold their final meeting on
March 29, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 23, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


UNOCAL E&S: Members' Final Meeting Set for March 31
---------------------------------------------------
The members of Unocal E&S Asia IV, Ltd. will hold their final
meeting on March 31, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


UNOCAL ASIA: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The creditors of Unocal Asia E&S IV, Ltd. are required to file
their proofs of debt by March 11, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


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C H I L E
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BBVA CHILE: Moody's Assigns 'D+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of D+ to BBVA Chile S.A., a 68.2% subsidiary of BBVA
Inversiones Chile S.A., in turn 100% owned by Banco Bilbao Vizcaya
Argentaria, S.A.  Moody's also assigned global scale long and
short term local and foreign currency deposit ratings of A2 and
Prime-1, respectively.  The rating outlook is stable.

These ratings were assigned to BBVA Chile:

* Bank financial strength rating: D+, stable
* Long term global local currency deposit rating: A2, stable
* Short term global local currency deposit rating: Prime--1
* Long term foreign currency deposit rating: A2, stable
* Short term foreign currency deposit rating: Prime--1

                        Ratings Rationale

Moody's said that BBVA Chile's D+ BFSR and Baa3 stand-alone
baseline credit assessment are supported by the bank's established
franchise and brand identity in the Chilean market, its growing
market shares, and its conservative business mix, which reflects
favorably in its asset quality indicators.  The stand-alone
ratings also reflect the bank's growth potential within Chile's
expanding economy as well as benefiting from the management
support of its Spanish parent, particularly with regard to its
tested risk management policies and procedures.

Moody's noted that the ratings take into consideration BBVA
Chile's below average profitability metrics and low share of net
income relative to its total market shares due partly to a
conservative business mix, focused on high quality and hence lower
margin, corporate lending and residential mortgages.  Relatively
high operating leverage as a result of the bank's investments in
infrastructure and an extensive build up and repositioning of the
branch network to accommodate a more segmented approach has also
weighed on the financial results in recent years.

Management's current strategy is to beef up its share of the more
lucrative retail segment including credit cards, personal loans,
and demand deposit accounts, thereby expanding its share of wallet
and customer penetration.  A targeted cross selling push is also
intended to increase the bank's coverage of high growth segments
such as Premium individuals and small- and medium-sized
businesses.

Moody's cited as constraining factors to BBVA Chile's ratings its
relatively limited funding diversification, including a greater
reliance on institutional time deposits that ultimately pushes up
its cost of funding and squeezes financial margins.  The agency
highlighted its expectation that the bank should attract a greater
share of more stable and lower cost deposit funding as a result of
its enhanced focus on retail banking, as shown by positive trends
during the second half of 2010.  Nevertheless, the highly
competitive nature of the Chilean banking system and the
entrenched position of its largest players remain a challenge for
BBVA.  The bank's lower capitalization levels relative to both
local and regional peers were also cited as constraints to the
bank's BFSR, particularly in light of the bank's growth strategy
and as BBVA expands into higher risk lending segments.

BBVA Chile's A2 and Prime-1 deposit ratings incorporate four
notches of uplift from its baseline credit assessment due to
Moody's opinion of a very high probability of both parental and
systemic support, the latter in light of the bank's important
deposit and loan franchise in Chile.

BBVA Chile is based in Santiago, and is Chile's sixth largest
bank, with total assets of CLP$5.4 trillion (US$11.4 billion),
deposits of CLP$4.2 trillion, equity of CLP$499 billion, and net
income of CLP$48.3 billion as of Dec. 31, 2010.


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


BREEZES RIO: Workers Will Keep Their Jobs, Minister Says
--------------------------------------------------------
RadioJamaica reports that 300 employees of Breezes Rio Bueno in
Trelawny have been spared from joining the ranks of the
unemployed.  The report relates that the government has given the
clearest signal that the resort will remain in operation despite
plans by the SuperClubs chain to cease managing the property.

Labour Minister Pearnel Charles has declared that Breezes workers
will get to keep their jobs, according to RadioJamaica.  The
report relates that while not disclosing how the hotel will be
managed after SuperClubs, Mr. Charles said the doors of Breezes
Rio Bueno will remain open.

"I have received a report on the matter (about) steps that (John)
Issa (SuperClubs Chairman), has taken.  We have discussed the
matter and I can assure the workers that we are taking steps to
ensure that no worker is left out of a job whether Mr. Issa pulls
out or not," RadioJamaica quotes Mr. Charles as saying.

RadioJamaica notes that SuperClubs said it will close the property
next month and there was the possibility that the 300 employees
would lose their jobs.

Breezes Rio Bueno is a 226 room hotel owned by the National
Insurance Fund.


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


MEXICANA AIRLINES: Gets 5 Offers to Emerge From Bankruptcy
----------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Gerardo Badin, the
court-appointed bankruptcy mediator of Compania Mexicana de
Aviacion or Mexicana Airlines, said that it has received proposals
from five groups interested in restarting the airline.

Mexicana Airlines received proposals from TG Group, BMC Financial,
Avanza Capital and an individual investor, Ivan Varona, Mr. Badin
said, according to Bloomberg.  Mr. Badin couldn't provide details
on the fifth group.

Mr. Badin, Bloomberg notes, said that the airline will choose an
investor next week and aims to fly the week of April 18 with an
"aggressive" ticket price policy.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2011, Dow Jones Newswires said that Mexicana Airlines'
planned return to the air suffered another setback when the
private equity group that had secured agreements for a
restructuring failed to come up with the capital to buy the shares
from the current owners.  PC Capital said that the transfer of
funds to buy Mexicana's holding company Nuevo Grupo Aeronautico
(NGA) wasn't made by the deadline set by current owner Tenedora K,
according to Dow Jones' Newswires.  The report recounted that
Tenedora K took over Mexicana last year after the airline filed
for bankruptcy protection and was grounded, but failed to secure
labor and other agreements that would have made the airline
viable.  Dow Jones' Newswires disclosed that PC Capital came up
with a business plan which government authorities approved, and
secured agreements with pilots, flight attendants and ground staff
that included significant layoffs.  The report related that PC
Capital, which hasn't publicly identified the would-be investors,
said it would facilitate the transfer of the restructuring process
to any other group of investors interested in capitalizing the
airline.

                   About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


SATELITES MEXICANOS: Starts Soliciting Votes on Prepack Plan
------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. disclosed on January 25, 2011,
that it had reached an agreement with the holders of more than
two-thirds of the outstanding principal amount of its 10 1/8%
Second Priority Senior Secured Notes due 2013 regarding a
comprehensive recapitalization to be effected through a
prepackaged plan of reorganization to be filed in the United
States Bankruptcy Court for the District of Delaware.

As part of the implementation of the Prepackaged Plan, Satmex and
its subsidiaries Alterna'TV Corporation and Alterna'TV
International Corporation commenced a solicitation of votes on the
Prepackaged Plan from holders of record as of March 3, 2011, of
the Company's First Priority Senior Secured Notes due 2011, and
the Company's 10 1/8% Second Priority Senior Secured Notes due
2013.  The solicitation period will expire on April 4, 2011.  If
sufficient votes are received for the Prepackaged Plan, the
Debtors intend to file voluntary petitions for relief under
Chapter 11 of the U.S. Bankruptcy Code and seek prompt
confirmation of the Prepackaged Plan.

The Disclosure Statement Relating to the Joint Prepackaged Plan of
Reorganization of Satelites Mexicanos, S.A. de C.V., Alterna'TV
Corporation and Alterna'TV International Corporation Under Chapter
11 of the Bankruptcy Code and the Prepackaged Plan are available
on the public Web site of the Company at http://www.satmex.com
The Disclosure Statement contains certain projected financial
information and valuation analysis which are based on numerous
assumptions, as set forth in the Disclosure Statement, including,
without limitation, confirmation and consummation of the
Prepackaged Plan in accordance with its terms; realization of the
operating strategy of the Reorganized Debtors; industry
performance; no material adverse changes in general business and
economic conditions; adequate financing; and other matters, many
of which will be beyond the control of the Reorganized Debtors.

Accordingly, the Projections are only estimates and are
necessarily speculative in nature.  The Projections were not
prepared in accordance with standards for projections promulgated
by the American Institute of Certified Public Accountants or with
a view to compliance with published guidelines of the Securities
and Exchange Commission regarding projections or forecasts.  The
Projections have not been audited, reviewed, or compiled by the
Debtors' independent public accountants.  The Projections should
be read together with the information in Part VI of the Disclosure
Statement entitled "Certain Factors to be Considered," which sets
forth, among other things, important factors that could cause
actual results to differ from those in the Projections.

The securities being offered pursuant to the proposed Prepackaged
Plan will not be, and have not been, registered under the
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable
exemption from registration requirements.

The summary of the solicitation of votes does not purport to be
complete and is qualified in its entirety by the provisions of the
Disclosure Statement and the Prepackaged Plan.

                        About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
satellite service provider in Latin America.  Satmex's fleet
offers hemispheric and regional coverage throughout the Americas.

Satmex's balance sheet as of June 30, 2010, showed US$438.29
million in assets, US$516.55 million in liabilities, and a
US$78.26 million shareholder's deficit.

Satmex had a net loss of US$6.12 million on US$53.06 million of
revenue for the six months ended June 30, 2010, compared with a
net loss of US$8.81 million on US$50.35 million of revenue for six
months ended June 30, 2009.

Satmex has a 'C' issuer rating and 'Ca' long term corporate family
rating, with negative outlook, from Moody's Investors Service.


SATELITES MEXICANOS: Has US$325-Mil. Exit Financing Commitment
--------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. announced in January that it had
reached an agreement with the holders of more than two-thirds of
the outstanding principal amount of its Second Priority Senior
Secured Notes due 2013 regarding a comprehensive recapitalization
to be effected through a prepackaged plan of reorganization to be
filed in the United States Bankruptcy Court for the District of
Delaware.

The Company said early this month it has been advised that certain
of the holders of Satmex's First Priority Senior Secured Notes due
2011 have retained Michael J. Sage, Esq., at Dechert LLP, and were
scheduled for a March 2 organizational meeting to discuss their
next steps.

The Company is presently confirming that under the terms of the
proposed Plan, holders of the First Priority Senior Secured Notes
will be paid out in cash at par plus accrued interest without
premium or penalty.  To the extent not paid pursuant to a
bankruptcy court order authorizing the use of cash collateral or
otherwise, the accrued and unpaid fees and expenses of the
indenture trustee and the collateral trustee related to the First
Priority Senior Secured Notes (including the accrued and unpaid
fees and expenses of their counsel and the counsel to the ad hoc
committee of holders of the First Priority Senior Secured Notes)
will be paid in full in cash on the effective date of the Plan.

Satmex has also entered into a commitment letter with Jefferies
Finance LLC providing for US$325 million of committed senior
secured exit financing, which may be used, along with the proceeds
of the previously-announced US$96.25 million fully-backstopped
rights offering of equity securities to holders of Second Priority
Senior Secured Notes, to, among other things, repay the First
Priority Senior Secured Notes and fund the timely completion of
Satmex 8, a satellite scheduled to be launched in 2012 to replace
the Company's Satmex 5 satellite.

                         Prepackaged Plan

Satelites Mexicanos has reached an agreement with the holders of
more than two-thirds of the outstanding principal amount of its
Second Priority Senior Secured Notes due 2013 regarding a
comprehensive recapitalization to be effected through the
solicitation of a prepackaged plan of reorganization to be filed
in the United States bankruptcy court.  The recapitalization will
provide the resources for the Company to finance the timely
completion of Satmex 8, a satellite scheduled to be launched in
2012 to replace the Company's Satmex 5 satellite, and to lay the
groundwork for the future construction of Satmex 7, which is
intended to replace the Company's Solidaridad 2 satellite.

Satmex has joined in a Restructuring Support Agreement among the
Supporting Holders and Holdsat Mexico S.A.P.I. de C.V., a Mexican
company which was newly formed in cooperation with the Supporting
Holders to effect the proposed recapitalization, and which will be
majority controlled by certain Mexican partners in compliance with
applicable Mexican foreign investment laws.  The Plan contemplates
that the recapitalization will be financed with the proceeds of an
offering of up to US$325 million in aggregate principal amount of
new senior secured debt financing and the proceeds of a rights
offering of equity securities in the indirect parent of
reorganized Satmex to eligible holders of Second Priority Senior
Secured Notes in an aggregate amount of up to US$96.25 million.
Eligible holders of Second Priority Senior Secured Notes will also
have the right to invest in their pro rata share of a follow-on
issuance of equity securities in an aggregate amount of up to
US$40 million, which may be called by the reorganized company for
purposes of funding the construction and launch of Satmex 7.

Under the terms of the Plan, holders of Satmex's First Priority
Senior Secured Notes due 2011 will be paid out in cash at par plus
accrued interest.  Holders of Satmex's Second Priority Senior
Secured Notes will receive their pro rata share of (i) a pool of
equity interests in the indirect parent of reorganized Satmex (the
"Parent Interests"), (ii) the Primary Rights to invest in
additional Parent Interests, and (iii) the Follow-On Rights, but
only to the extent that holders have exercised their Primary
Rights.  In the alternative, such holders may elect to receive, in
lieu of the Parent Interests, Primary Rights and Follow-On Rights,
a cash payment of 38 cents for every dollar of Second Priority
Senior Secured Notes held by such electing holders, which payment
will be funded by certain of the Supporting Holders.  It is
anticipated that other creditors, including trade creditors, will
be paid in full under the Plan.  If the Plan is consummated and
certain other conditions are satisfied, existing stockholders of
Satmex will receive their share of US$6.25 million under a
purchase agreement with Holdsat Mexico S.A.P.I. de C.V. as part of
the recapitalization transactions.

The Restructuring Support Agreement provides that the Supporting
Holders will vote in favor of the Plan.  Furthermore, Centerbridge
Partners, L.P., Monarch Alternative Capital, L.P., Moneda Asset
Management, New Generation Advisors, LLC and Outrider Management,
LLC and certain of their affiliates have committed to exercise all
of the rights granted to them under the Plan as holders of the
Second Priority Senior Secured Notes and to purchase any
interests, which are not subscribed by other holders.

Completion of the transaction is subject to certain regulatory
approvals and other conditions precedent.

Lazard and its Mexican alliance partner, Alfaro, Davila y Rios,
S.C., are serving as financial advisors to Satmex, and Greenberg
Traurig is serving as U.S. counsel and Santamarina y Steta and
Rubio Villegas & Asociados are serving as the Company's Mexican
counsels.

Jefferies & Company, Inc. is serving as the financial advisor to
certain holders of the Second Priority Senior Secured Notes, and
Ropes & Gray LLP is serving as U.S. counsel and Cervantes Sainz as
Mexican counsel to this group.

                      U.S. Bankruptcy in 2006

Satelites Mexicanos will be seeking a prepackaged bankruptcy
reorganization in the U.S. less than five years after emerging
from a prior U.S. Chapter 11 case.

Bill Rochelle, the bankruptcy columnist at Bloomberg News, notes
that litigated disputes began in May 2005, when bondholders filed
an involuntary Chapter 11 petition against Satmex.  The company
responded in June 2005 by filing a concurso mercantil, the Mexican
version of reorganization.  It later asked the U.S. bankruptcy
judge to dismiss the involuntary petition.  A partial settlement
was made in mid-2005 entailing a dismissal of the involuntary
Chapter 11 petition while Satmex filed a Section 304 ancillary
petition in New York, so that the bankruptcy court could assist
the Mexican court by enjoining legal actions in the U.S.  The
Section 304 ancillary petition was the predecessor to what is now
Chapter 15 for cross-border insolvencies.

After reaching final agreement with bondholders to restructure
US$800 million in debt, the Company filed a prepackaged Chapter 11
petition in New York.  The plan called for swapping
US$203.4 million of senior secured floating notes for US$234.4
million in first-lien senior-secured notes, while US$320 million
in 10.125% unsecured notes became US$140 million of second-lien
notes and 78% of the new common stock.

The prior petition listed assets of US$906 million against debts
totaling US$743.5 million.

In August 2003, Satmex defaulted on US$320 million in senior
unsecured notes.  It was roughly half-owned by Loral Space &
Communications Ltd., with the remainder split between Mexican
shareholders and the Mexican government, which had 23% of the
stock.  Satellite manufacturer Loral underwent its own Chapter 11
reorganization in July 2003.

                         About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
satellite service provider in Latin America.  Satmex's fleet
offers hemispheric and regional coverage throughout the Americas.

Satmex's balance sheet as of June 30, 2010, showed US$438.29
million in assets, US$516.55 million in liabilities, and a
US$78.26 million shareholder's deficit.

Satmex had a net loss of US$6.12 million on US$53.06 million of
revenue for the six months ended June 30, 2010, compared with a
net loss of US$8.81 million on US$50.35 million of revenue for six
months ended June 30, 2009.

Satmex has a 'C' issuer rating and 'Ca' long term corporate family
rating, with negative outlook, from Moody's Investors Service.


TUBO DE PASTEJE: Seeks More Time to File Plan
---------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tubo de Pasteje SA de CV and subsidiary Cambridge-Lee
Holdings Inc. for a fourth time are seeking an extension of the
exclusive right to propose a Chapter 11 plan.  If granted by the
bankruptcy judge at an April 8 hearing, the new deadline would be
April 11.

According to Mr. Rochelle, the Company said there is "significant
progress" toward a "consensual plan of reorganization" that it
expects to file "soon."

Industrias Unidas SA de CV said in February there was agreement in
principle with creditors for a US$371 million debt swap.

                       About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V.'s ratings:

  -- Foreign Currency Issuer Default Rating to 'BB-' from 'BB';
  -- Local Currency IDR to 'BB-' from 'BB';
  -- National Long-term rating to 'A-(Mex)' from 'A(Mex)';
  -- US$150 million senior notes due 2016 to 'BB-' from 'BB';
  -- US$300 million senior notes due 2020 to 'BB-' from 'BB'.

Fitch Ratings has also affirmed the company's short-term rating at
'F2(Mex)'.

The Rating Outlook is Stable.

The downgrade reflects Urbi's more aggressive growth strategy
since the second half of 2010 resulting in the company's total
debt increase to cover higher working capital requirements related
to operations as well as to finance the integration of housing
projects in progress.  During the second half of 2010, the company
acquired approximately MXN1.6 billion in assets (account
receivables and inventories).  The downgrades also factor in the
view that the company's capacity to generate positive free cash
flow will be limited during 2011 as the business continues to
grow.  The Stable Outlook incorporates the expectation that Urbi's
credit metrics will remain stable during 2011.

Urbi's ratings continue to reflect its strong market position in
the Mexican homebuilding industry; its geographic diversification;
significant land reserve; and its solid liquidity.  Urbi's ratings
are constrained by dependency on financing of government-related
mortgage funding of low-income homes, and the higher working
capital requirements incorporated in the company's business model.

A factor that differentiates the company's business strategy from
other participants is Urbi's continued efforts, during the last
several years, to develop Mexico's non-affiliated low-income
housing market (underserved sector) through mechanisms such
Alternativa Urbi.  This mechanism offers very good growth
opportunities but at the same time, from a credit perspective,
represents a challenge, since developing a solid market position
in the non-affiliated segment requires a higher level of working
capital because the company has to nurture potential buyers until
they are qualified to obtain a mortgage.  By the end of 2010, the
company's receivables days and inventories days were 127 and 846,
respectively, levels above the industry average.  The inventories
days calculation includes long-term inventories and excludes
capitalized interest from cost of sales.

Increase in Debt Above Expectations, Gross Leverage Expected to
Remain Stable at Around 3x:

The company's total debt increased to MXN10.9 billion by the end
of December 2010 from MXN7.7 billion in December 2009.  The
company's short-term debt (MXN3.2 billion) is primarily composed
of bank loans and bridge loans, secured by the company's
inventory, being paid as the development cycle is complete.  The
company's long-term debt is primarily composed of the US$150
senior unsecured notes and US$300 million senior unsecured notes
due in 2016 and 2020, respectively.  The company's cash flow
generation, measured by EBITDA, remained relatively stable at
MXN4.1 billion by the end of 2010.  Gross leverage was 2.7 times
(x) by the end of December 2010, which compares negatively with
the company's gross leverage of 1.9x by the end of December 2009.
The ratings incorporate the expectation that Urbi's gross leverage
will be around 3x during 2011.

Solid and Geographic Diversified Market Position:

Urbi's market position is solid and sustainable in the medium term
based on the company's large scale and geographic diversification.
The ratings factor in Urbi's market position in the sector, being
the third largest homebuilder in Mexico in terms of number of
units sold, with 33,478 units sold during 2010, an increase of
12.7% over the prior year.  During 2010, the company's main
mortgage providers were Instituto del Fondo Nacional de la
Vivienda para los Trabajadores (INFONAVIT) and Fondo de la
Vivienda del ISSSTE (FOVISSSTE), representing approximately 50%
and 15%, respectively, of the company's total units sold, while
Alternativa Urbi Traditional and SHF/others represented
approximately 28% and 7%, respectively, during the period.

In addition, the ratings reflect Urbi's consistent business
strategy to focus in the low-income housing segment with homes
with selling prices of up to MXN720 thousand or US$60 thousand,
which has benefited the company by stable demand supported by
continued mortgage availability.  During 2010, Urbi's sales mix
included approximately 96% of its revenues from housing units with
selling prices up to MXN720 thousand.  The affordable entry level
segment, with selling prices up to MXN400 thousand, generated
revenues of MXN7.8 billion representing 60.5% of the company's
total housing revenues (MXN12.9 billion) during 2010.  The low-
middle income segment, with selling prices between MXN400 thousand
and MXN720 thousand, generated revenues of MXN3.5 billion
representing 27.5% of the company's total housing revenues during
the period.

The ratings also incorporate Urbi's sizable land reserves, which
provide operating and financial flexibility.  Urbi's land reserve
is adequate and well-distributed.  By the end of December 2010,
Urbi's land reserve of 5,482 hectares represented approximately 6
years of production at current run rates, equivalent to 291,782
housing units.

Negative FCF in 2011 as Business Continues to Grow:

The ratings consider that the company's free cash flow will remain
negative in 2011 (FCF calculation considers cash flow from
operations after interest paid less capex and distributed
dividends).  The company's FCF for 2010 was negative MXN910
million, including MXN1.3 billion in interest paid.  This level
compares negatively with the company's positive FCF of MXN1.5
billion during 2009.  Driving the change in the FCF trend is the
increase in working capital needs which occurred during the second
half of 2010 as the company increased its levels of account
receivables from MXN531 million in December 2009 to MXN5.2 billion
by December 2010.  The ratings incorporate the view that the
company will reach negative FCF during 2011, as the business is
expected to reach higher growth rates during 2011 than that
reached during 2010, with expected increase in revenues and titled
homes in the 12% to 15% range during 2011.

Strong Liquidity Supports the Ratings:

Solid liquidity and a good debt payment schedule provides
financial flexibility.  The ratings factor the company's strong
liquidity with MXN6.1 billion in cash at Dec. 30, 2010.  Further,
Urbi currently has a manageable long-term debt maturity schedule
with maturities of MXN1.6 billion, MXN199 million and MXN747
million for 2011, 2012, and 2013, respectively.  Ratings
incorporate expectations that Urbi's cash position will remain
solid between MXN4 billion and MXN5 billion during 2011 and that
the company's maturity schedule will remain manageable.

Rating Drivers:

Positive rating actions could result from some combination of
these factors: a sustained strengthening of the company's gross
leverage returning to levels below 2.0x, stability in credit
metrics, and consistently positive FCF.  A negative rating action
could be triggered by a deterioration of the company's credit
protection measures and cash position due to weak operational
results and more aggressive HPP acquisitions, a decline of
government funding programs, and deterioration in the company's
industry business environment leading to erosion in the company's
market position.


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


A+HC HOLDING: Taps Charles A. Cuprill as Bankruptcy Counsel
-----------------------------------------------------------
A+HC Holding, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Charles
A. Cuprill, P.S.C., Law Offices, as its bankruptcy counsel.

Charles A. Cuprill will represent the Debtor in its bankruptcy
case.

The Debtor has retained Charles A. Cuprill on the basis of a
US$22,500 retainer, against which the law firm will bill on the
basis of US$350 per hour, plus expenses, for work performed or to
be performed; US$225 per hour for associates; and US$85 per hour
for paralegals.

Charles A. Cuprill-Hernandez, Esq., the principal of Charles A.
Cuprill, assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

San Juan, Puerto Rico-based A+HC Holding, Inc., aka Farmacias El
Amal, filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 11-01428) on Feb. 24, 2011.  In its schedules, the Debtor
disclosed US$32,711,487 in total assets and US$29,266,889 in total
debts as of the Petition Date.

CPA Luis R. Carrasquillo & CO., P.S.C. is the Debtor's financial
consultant.


A+HC HOLDING: Wants to Hire CPA Luis as Financial Consultant
------------------------------------------------------------
A+HC Holding, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ CPA
Luis R. Carrasquillo & CO., P.S.C., as its financial consultant.

CPA Luis will:

   a. provide advice in strategic planning and the preparation
      of the Debtor's plan of reorganization, disclosure
      statement and business plan; and

   b. participate in the debtor's negotiations with the Debtor's
      creditors.

CPA Luis will be paid based on the hourly rates of its
professionals:

      CPA Luis R. Carrasquillo, Partner                  US$150
      CPA Marcelo Gutierrez, Senior CPA                    $125
      CPA Myris Acosta, Senior CPA                         $100
      CPA Michelle Batlle, Senior CPA and Tax Specialist    $85

      Other CPAs                                          $90-$100

      Carmen Callejas, Senior Accountant                    $70
      Joel Torres Sanchez, Tax Specialist                   $70
      Sandra Zavala Diaz, Junior Accountant                 $45

      Administrative Personnel                              $35

Luis R. Carrasquillo Ruiz, the principal of CPA Luis, assures the
Court that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

San Juan, Puerto Rico-based A+HC Holding, Inc., aka Farmacias El
Amal, filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 11-01428) on Feb. 24, 2011.  In its schedules, the Debtor
disclosed $32,711,487 in total assets and US$29,266,889 in total
debts as of the Petition Date.  Charles Alfred Cuprill, Esq., at
Charles A. Curpill, PSC Law Office, serves as the Debtor's
bankruptcy counsel.


ALLIED DEVELOPMENT: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Allied Development Corp.
        555 Alverio St. Ext. Roosevelt
        San Juan, PR 00918

Bankruptcy Case No.: 11-01789

Chapter 11 Petition Date: March 2, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Noemi Landrau Rivera, Esq.
                  LANDRAU RIVERA & ASSOCIATES
                  P.O. Box 270219
                  San Juan, PR 00927-0219
                  Tel: (787) 273-7949
                  Fax: (787) 793-1004
                  E-mail: landraulaw@prtc.net

Scheduled Assets: US$1,602,259

Scheduled Debts: US$1,031,810

The Debtor did not file a list of its largest unsecured creditors
together with its petition.

The petition was signed by Irmgard Pagan Rivera, president.


EDHSAN MILLWORKS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Edhsan Millworks Inc
          aka Edhsan Aluminum Work
        P.O. Box 848
        Cabo Rojo, PR 00623

Bankruptcy Case No.: 11-01867

Chapter 11 Petition Date: March 5, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Alberto O. Lozada Colon, Esq.
                  BUFETE LOZADA COLON
                  P.O. Box 430
                  Mayaguez, PR 00681-430
                  Tel: (787) 833-6323
                  E-mail: alberto3@coqui.net

Scheduled Assets: US$299,436

Scheduled Debts: US$1,141,968

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-01867.pdf

The petition was signed by Edmundo Franqui Ruiz, president.


HIRAM SANCHEZ: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Hiram Enrique Luigi Sanchez
        dba Centro De Ortopedia Del Noroeste
        aka Dr. Hiram E Luigi
        P.O. Box 5299
        Aguadilla, PR 00605

Bankruptcy Case No.: 11-01778

Chapter 11 Petition Date: March 2, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Victor Gratacos-Diaz, Esq.
                  VICTOR GRATACOS-DIAZ LEGAL OFFICE
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  E-mail: vgratacd@coqui.net

Scheduled Assets: US$4,674,802

Scheduled Debts: US$17,641,332

A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free
at http://bankrupt.com/misc/prb11-01778.pdf



MIRAMAR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Miramar Real Estate Management Inc.
        53 Palmera Street
        El Caribe Building, 16th Floor
        San Juan, PR 00901

Bankruptcy Case No.: 11-01786

Chapter 11 Petition Date: March 2, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Fausto D. Godreau Zayas, Esq.
                  LATIMER, BIAGGI, RACHID & GODREAU, LLP
                  P.O. Box 9022512
                  San Juan, PR 00902-2512
                  E-mail: dgodreau@LBRGlaw.com

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

The petition was signed by Carlos Lopez de Azua, president.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Guardsmark LLC                     --                   US$650,395
Mail Code 2204
P.O. Box 2121
Memphis, TN 38159-2204

Candis A. McGowan                  --                     $165,318
Wiggins, Childs, Quin & Oantazis
The Kress Building
301 19th Street North
Birmingham, Alabama 35203

AEE                                --                      $71,918
P.O. Box 363508
San Juan, PR 00936-3508

El Caribe Tenants Deposit          --                      $70,486

HF Security                        --                      $35,000

Faccio & Pabon-Roca Law Offices    --                      $27,305

Bufete Mario Rodriguez             --                      $26,265

Nain Berrios Colon                 --                      $23,170

Marble & Stone                     --                      $20,995

JCC Tenants Deposits               --                      $19,368

Otis Elevator                      --                      $13,057

Fergunson Enterprises              --                      $12,712

Fransglobal                        --                      $12,500

Gold Shield Protection and Investig--                      $11,562

Royal Finance & Leasing Corp       --                      $11,226

Banco Popular De Pr                --                       $9,060

Empresas Fonalledas                --                       $7,270

Administracion de Tribunales       --                       $6,783

Graphic Arts Printing Inc          --                       $6,637

Loockwood Financial Advisors       --                       $5,897


=================
V E N E Z U E L A
=================


CA LA ELECTRICIDAD: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed C.A. La Electricidad de Caracas' local
and foreign currency Issuer Default Ratings at 'B+' as well as its
national scale long and short term ratings of 'AAA(ven)' and 'F-
1+(ven)', respectively.  Fitch also affirms EDC's approximately
US$663 million senior unsecured debt issuance due 2014 and 2018 at
'B+/RR4'.

The Ratings Outlook is Stable.

EDC's credit quality reflects the company's linkage to the
government of Venezuela, as its majority shareholder is Petroleos
de Venezuela S.A., the national oil company which owns 93.62% of
EDC's stock.  This linkage is further heightened by the increasing
government control of operations and the subsidies the latter
provides to finance EDC's operational costs and capital
expenditures.

Ratings Linked to the Government:

EDC receives explicit support from both PDVSA and the government
in the form of subsidized fuel costs, access to foreign currency
and government assistance to cover operating losses and capital
expenditures.  The Venezuelan government expects, by the end of
2011, to spin-off EDC from PDVSA and into a recently formed stated
owned entity called CORPOELEC.  This is viewed as neutral to
marginally positive for EDC's current financial profile as its
financial obligations would be consolidated in to a larger
integrated energy company with relatively low debt levels, yet,
potentially with equally negative operating margins.

The 2018 bond issue covenants allow for the eventual consolidation
of EDC into a third party, CORPOELEC, as long as the latter
assumes, by supplemental indenture, all of EDC's obligations under
current indenture and the notes.

Declining Margins Turn Negative:

EDC's profitability has significantly deteriorated as a result of
a tariff freeze since 2002 and increased financial burden
associated with its new operational responsibilities in Aragua,
Miranda and Nueva Esparta states.  The company's financial metrics
have also worsened as a result of the implementation of 1,000 MW
of inefficient distributed energy generation units spread
throughout the country, which has placed upward pressure on
operating costs.  Furthermore, high inflation has contributed to
higher costs, further impacting profitability margins.  EDC will
likely continue to report operating losses as a result of no
expected changes in tariffs.  However, a potential reduction in
operating losses could come from focusing on decreasing non
technical losses (electricity theft) and improving collections,
both from the public and private sectors.

During the LTM ended Sept. 30, 2010, EDC's EBITDA declined to
negative US$295 million from negative US$56 million in 2009.  The
company reported positive Funds from Operations FFO of US$358
million during the same period, primarily as a result in an
increase in other accounts payables due to the increasing capital
expenditures in new capacity.  Fitch does not expect the
government to implement a tariff adjustment in the short term, and
as such EBITDA margins will continue to deteriorate, increasing
its dependence on government transfers to meet its cash needs.

Sovereign Support Needed to Fund CAPEX:

As of the last 12 months ended Sept. 30, 2010, Cash Flow from
Operations of US$248 million was significantly insufficient to
cover the company's capital expenditures of US$1,610 million.  As
a result, EDC received US$1,427 million in government financing,
mostly coming from 'El Fondo Conjunto Chino Venezolano (FCCV)'
(US$378 million), FONDEN (US$747 million), a special Electricity
Sector Fund created to respond to the electricity crisis
experienced during the first semester of 2010 (US$173 million),
PDVSA's social fund (US$71 million) and CORPOELEC (US$59 million).

Going forward, the continuing support of the Venezuelan government
will be the key to maintaining the financial viability of the
electricity sector in general and of EDC's assets in particular.
Furthermore, the electricity sector is expected to continue to
receive funds from the Special Electric Fund (established in 2010)
and be allocated complementary funds if necessary through the
mechanism of additional credits contemplated in the execution of
the national budget to finance and implement the government's
sector initiatives.

Liquidity Continues To Fall:

As of Sept. 30, 2010, EDC had US$96 million of cash on hand
(US$240 million in FY 2009) and US$1 million in short-term debt.
Although liquidity easily covers its short-term obligations,
weakening operating results are putting pressure on organic cash
generation as shown by declining profitability and liquidity.
EDC's total debt was US$673 million by September 2010, comprised
primarily of the US$650 million notes due in 2018, making debt
maturities quite manageable in the medium term.


===========================
V I R G I N   I S L A N D S
===========================


INNOVATIVE COMMUNICATION: CFC Unit Takes Over BVI Cable
-------------------------------------------------------
The Virgin Islands Platinum News reports that the ownership of BVI
Cable TV was finally transferred March 1 from a bankruptcy
administrator -- Chapter 11 trustee -- of estate of a previous
owner of the company to the new owners.

According to the report, the new owner, Caribbean Asset Holdings,
LLC, a subsidiary of National Rural Utilities Cooperative Finance
Corporation, said in a letter dated Dec. 31, 2010, that to improve
network and services, it will make US$1 million in capital
expenditures over a period of two years.

             About Prosser & Innovative Communication

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications.  Innovative and Emerging filed for Chapter 11
protection on July 31, 2006 (D.V.I. Case Nos. 06-30007 and
06-30008).  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than
US$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.V.I. Case No. 06-10006).  According to The (Virgin Islands)
Source, he was fired in October 2007 for failing to make payments
into the company pension funds.

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which holds an US$18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and
Mr. Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135).  Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.

The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment of
Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.

In October 2009, the Minister for Communications and Works and the
Telecommunications Regulatory Commission of the British Virgin
Islands approved an application of National Rural Utilities
Cooperative Finance Corporation (CFC) to acquire BVI Cable TV Ltd.
in connection with its agreement with the Chapter 11 Trustee of
Innovative Communication.   The Public Services Commission of the
U.S. Virgin Islands voted unanimously to approve the acquisition
by (CFC) of the Virgin Islands Telephone Corporation and
Innovative Cable TV.


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


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

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
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      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
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May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
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May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
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June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
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July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
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July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
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Oct. 14, 2011
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   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
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Oct. __, 2011
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   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********


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

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

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


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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, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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 Christopher Beard at 240/629-3300.


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