TCRLA_Public/110317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, March 17, 2011, Vol. 12, No. 54

                            Headlines



A R G E N T I N A

ALIMA SRL: Creditors' Proofs of Debt Due May 2
CERAMICA CREGAR: Asks for Bankruptcy Proceedings
GARBS SRL: Creditors' Proofs of Debt Due May 16
IMAGE DISPLAY: Applies for Reorganization Proceedings
MEGABOX SA: Creditors' Proofs of Debt Due April 8

RODADOS FIORENZA: Creditors' Proofs of Debt Due May 16
VIDA NATURAL: Creditors' Proofs of Debt Due April 1
WHITE SWAN: Creditors' Proofs of Debt Due April 15


B R A Z I L

FUNDO DE INVESTIMENTO: Moody's Puts 'Ba1' Rating on Senior Shares


C A Y M A N   I S L A N D S

AE INVESTMENT: Creditors' Proofs of Debt Due April 5
AMERICAN MAJOR: Creditors' Proofs of Debt Due April 4
BTU HOLDINGS: Creditors' Proofs of Debt Due April 15
BUSHMILL INTERNATIONAL: Creditors' Proofs of Debt Due March 25
CONSTANCE LIMITED: Creditors' Proofs of Debt Due March 29

EGL-3D HOLDINGS: Creditors' Proofs of Debt Due March 29
MATTERHORN VENTURES: Creditors' Proofs of Debt Due April 5
MCC INTERNATIONAL: Creditors' Proofs of Debt Due April 4
MEDLEY MACRO: Creditors' Proofs of Debt Due April 4
MEDLEY MACRO: Creditors' Proofs of Debt Due April 4

QUEENNIE LIMITED: Creditors' Proofs of Debt Due March 29
RAVEN CREDIT: Creditors' Proofs of Debt Due April 4
ROSANNA LIMITED: Creditors' Proofs of Debt Due March 29
SILKSKY LIMITED: Creditors' Proofs of Debt Due March 29
TUCK INVESTMENTS: Creditors' Proofs of Debt Due March 29

US BINNEY: Creditors' Proofs of Debt Due March 29


J A M A I C A

JAMAICA PUBLIC SERVICE: Labor Ministry Urge Firm to Resume Talks


M E X I C O

CASA DE CAMBIO: Dist. Ct. Rules on Capitaliza-T Suit v. Wachovia
VITRO SAB: Bankruptcy Case Rejected in Court Report, El Norte Says


P E R U

BANCO DE CREDITO: Fitch Assigns BBB Rating to Senior Unsec. Notes
GRUPO ACP: Fitch Assigns 'BB-' Long-Term Issuer Default Rating


T R I N I D A D  &  T O B A G O

PETROTRIN: Protest Shuts Down Operations


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
=================


ALIMA SRL: Creditors' Proofs of Debt Due May 2
----------------------------------------------
Mario Suez, the court-appointed trustee for Alima SRL's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
May 2, 2011.

Mr. Suez 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:

         Mario Suez
         Rodriguez Pena 454
         Argentina


CERAMICA CREGAR: Asks for Bankruptcy Proceedings
------------------------------------------------
Ceramica Cregar SA asked for bankruptcy proceedings.

The company has defaulted on its payments due February 10.


GARBS SRL: Creditors' Proofs of Debt Due May 16
-----------------------------------------------
The court-appointed trustee for Garbs SRL's bankruptcy proceedings
will be verifying creditors' proofs of claim until May 16, 2011.

The trustee 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.


IMAGE DISPLAY: Applies for Reorganization Proceedings
-----------------------------------------------------
Image Display Network SRL applied for reorganization proceedings.

The company has defaulted on its payments due February 13, 2011.


MEGABOX SA: Creditors' Proofs of Debt Due April 8
-------------------------------------------------
Alejandra Viviana Paz, the court-appointed trustee for Megabox
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 8, 2011.

Ms. Paz 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. 10, 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:

         Alejandra Viviana Paz
         Lavalle 1646
         Argentina


RODADOS FIORENZA: Creditors' Proofs of Debt Due May 16
------------------------------------------------------
Estudio Fizzani y Asociados, the court-appointed trustee for
Rodados Fiorenza SA's reorganization proceedings, will be
verifying creditors' proofs of claim until May 16, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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 7, 2012.

The Trustee can be reached at:

         Estudio Fizzani y Asociados
         Romulo Naon 2202
         Argentina


VIDA NATURAL: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
Hilda Rosa Fernandez, the court-appointed trustee for Vida Natural
Distribuidora SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 1, 2011.

Ms. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Hilda Rosa Fernandez
         Corrientes 676
         Argentina


WHITE SWAN: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
Silvio Lauferman, the court-appointed trustee for White Swan SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 15, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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:

         Silvio Lauferman
         Avenida Corrientes 4280
         Argentina


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B R A Z I L
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FUNDO DE INVESTIMENTO: Moody's Puts 'Ba1' Rating on Senior Shares
-----------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aa1.br (sf) Brazilian national scale rating and of (P)Ba1 (sf)
global local currency rating to the Senior Shares to be issued by
Fundo de Investimento em Direitos Creditorios Schahin -- Credito
Consignado (FIDC Schahin CC or the Issuer), a securitization
backed by a pool of consigned loans originated by Banco Schahin
S.A.  FIDC Schahin CC is the first securitization of consigned
loans by Banco Schahin rated by Moody's.

Issuer: FIDC Schahin -- Credito Consignado

* Senior Shares - (P)Aa1.br (sf) (National Scale) & (P)Ba1 (sf)
  (Global Scale, Local Currency)

                        Ratings Rationale

The ratings are based on these factors, among others:

  -- The minimum 20% credit enhancement at closing and during the
     life of the transaction in the form of subordination
     supporting the Senior Shares;

  -- The 4.5% excess spread factored into the purchase price of
     the receivables above the expense and financing costs
     projected for the transaction;

  -- The overall credit characteristics of the securitized pool of
     consigned credit loans, extended to INSS retirees and
     pensioners;

  -- The transaction structure and its legal framework, including
     the bankruptcy remoteness of the issuer and well-established
     Brazilian laws and regulations; and

  -- Operational mitigants to commingling risk allowing for
     stronger delinkage from the originator's credit rating given
     the role of HSBC Bank Brasil S.A. - Banco M£ltiplo as Central
     Account Agent of the transaction. The INSS Jurisdiction makes
     payments directly into bank account maintained at the Central
     Account Agent, the account where the "bank domicile"
      (Domicilio Bancario) resides.  Monies may only be moved out
     of the Domicilio Bancario bank account with the authorization
     of the Trustee (Santander Group).  Monies are moved directly
     from the Domicilio Bancario bank account following
     reconciliation into the segregated bank account in the name
     of the fund (Conta Autorizada do Fundo) held at the Master
     Servicer (Santander).

FIDC Schahin CC is a closed-ended FIDC, with a legal final
maturity of 20 years and the ability to issue multiple series of
Shares.  The first series consists of a single series of Senior
Shares to be publicly listed and placed with investors.

The Junior Shares will be entirely retained by the seller company,
Banco Schahin, at closing.  The Senior Shares will accrue a
floating-rate interest of DI Rate (Brazilian Interbank Rate) times
an annual spread to be determined.

The final maturity of the Senior Shares will take place 60 months
after closing.  The Senior Shares will make semi-annual interest
payments during the first 24 months of the transaction.
Thereafter, principal and interest payments will be made monthly,
starting on month 24 and ending on month 60.

Payments to Junior Shares are permitted and as long as the minimum
subordination ratio of 20% is maintained.

The assets backing FIDC Schahin CC are consigned loans originated
by Banco Schahin S.A.  The Trustee may use excess cash flows for
purchasing additional consigned loans subject to the loan
eligibility criteria.  Additionally, Banco Schahin will act as
Primary Servicer to the transaction.  Consigned loans extended to
INSS retirees and pensioners will constitute a maximum of 99.5% of
the Fund Asset Value, with a minimum cash reserve of 0.5%.  No
consigned credit loans of other Jurisdictions are eligible.

The transaction structure includes triggers leading to evaluation
events.  Should an evaluation event occur, revolving purchases of
new vehicle loans are immediately stopped and a shareholders
meeting is called; shareholders may decide to place the fund into
early liquidation.

Key evaluation event triggers include:

  -- Delays of the INSS Jurisdiction to transfer monies as due and
     that individually represent more than 5% of the installments
     sold to the fund and for a delay period over 60 days;

  -- Breach of minimum subordination ratio of 20% (equivalent to
     Razao de Garantia of 125%) of Fund NAV for more than 5
     business days;

  -- Breach of minimum Payment Reserve amount for more than 5
     business days;

  -- Should the weighted average age of Borrowers be above 75
     years during two verification dates; and

  -- Breach of a number of delinquency triggers measured as the %
     of delinquent installments in relation to total installments
     and calculated by the Trustee.

Key eligibility criteria and asset criteria:

  -- Fixed installment consigned loans originated by the Seller;

  -- Consigned loans to borrowers with a maximum age of 84 years,
     11 months and 29 days at final maturity of the consigned loan
     contract;

  -- Payroll deducted loans;

  -- Consigned loans that are not in arrears on the date of
     purchase; and

  -- Individual fixed installments should be less the BRL
     5,000.00.

Santander will act as Master Servicer (Custodiante) of the
transaction as well as Payment Bank.  Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the issuer's daily financial and operating activities.

CRV DTVM S.A. (fully owned by Banco Santander Brasil S.A.) will be
the Trustee.

Banco Schahin S.A. is a family controlled bank founded in 1989 as
the financial arm of the Schahin Group.  The bank is a midsize
franchise specialized in consumer loans to low income individuals.
In June 2010, Banco Schahin maintained consolidated assets of BRL
2,563 million, a loan book of BRL 975 million and equity of BRL
229.2 million.  Banco Schahin is rated Ba3 long term bank deposit
rating, global scale, and A2.br national scale rating by Moody's,
negative outlook.

Moody's key ratings-model assumptions for this transaction include
various performance statistics, including log normal estimate of
the annual loss rate with mean loss 2.5% p.a. and a standard
deviation of 1.25%.  Further model input assumptions include
annual prepayment rate of 15% per annum and a minimum discount
rate of 160% of the DI Rate used for the purchase of the assets by
the FIDC.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities and as defined in the transaction
documents.  Monte Carlo simulations were run for a large number of
scenarios, whereby the annual credit loss assumption for the
performing pool was drawn in each scenario from the lognormal
distribution described above.  Other risk factors, such as rising
interest rates and prepayments were statically stressed
commensurate with the Ba1 (sf) /Aa1.br (sf) rating level.  The
resulting cash flows available to the Senior Share holders for
each scenario was then discounted using an estimated 120% of DI
Rate promised coupon to investors to determine if, and the amount
of, loss to the Senior Shares.  Expected loss and probability of
default on the Senior Shares are then computed across all
scenarios.  These statistics were finally translated into Moody's
global scale rating and national scale rating.

The V Score for this transaction indicates Medium/High uncertainty
about critical assumptions, in line with the Medium/High score for
the Brazilian consigned loan sector.  V Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The factors
contributing to the Medium/High V Score is limited historical data
for the overall sector, lack of precedence of an insolvency of a
Seller to a consigned loan securitizations, as well as transaction
governance on account of the practice of selling loans at a
premium and ability of Seller to sell Junior Share in the
secondary market.  V Scores are intended to rank transactions by
the potential for significant rating changes owing to uncertainty
around the assumptions due to data quality, historical
performance, the level of disclosure, transaction complexity, the
modeling and the transaction governance that underlie the ratings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.  The results generated by rating
models are one of many inputs to the rating process.  Ratings are
determined collectively through the exercise of judgment by rating
committees, which evaluate many quantitative and qualitative
factors.

Deterministic rating sensitivities were evaluated by running the
model and varying single input assumptions while remaining all
other assumptions equal.  For example, by increasing the base case
annual loss rate from 2.5% to 4%, the probability of default on
the senior shares would increase from 0.06% to 1.19.  In stressing
the annual prepayments from 15% to 25%, probability of default
would only marginally increase by less than 0.01%.

Deterministic break-even analysis was also performed to assess the
maximum annual credit loss rate the transaction can support before
senior shareholders suffer losses.  Senior Shares would start to
suffer a loss if the annual credit loss rate on the performing
pool would exceed 10.5% or a 4.2x coverage assuming base case 2.5%
credit losses.

Moody's Investors Service received and took into account a third
party due diligence report prepared by PWC on the underlying
assets in this transaction and the due diligence report had a
positive impact on the rating.


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


AE INVESTMENT: Creditors' Proofs of Debt Due April 5
----------------------------------------------------
The creditors of AE Investment Holdings are required to file their
proofs of debt by April 5, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 7, 2011.

The company's liquidators are:

         Tee Choon Kiong
         Foo Bin Gee
         Telephone: 65 6238 2266
         Facsimile: 65 6238 1290
         Affinity Equity Partners (S) Pte Ltd.
         9 Temasek Boulevard,
         Suntec Tower Two #27-03
         Singapore 038989
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


AMERICAN MAJOR: Creditors' Proofs of Debt Due April 4
-----------------------------------------------------
The creditors of American Major Industry Fund L.L.C. are required
to file their proofs of debt by April 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on February 21,
2011.

The company's liquidator is:

         Ie-Ming Jeng
         c/o P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


BTU HOLDINGS: Creditors' Proofs of Debt Due April 15
----------------------------------------------------
The creditors of BTU Holdings Company are required to file their
proofs of debt by April 15, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 24,
2011.

The company's liquidator is:

         K. Beighton
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Ms. Lea Kuflik
         Telephone: 345-815-2601
         Facsimile: 345-949-7164
         e-mail: lkuflik@kpmg.ky
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BUSHMILL INTERNATIONAL: Creditors' Proofs of Debt Due March 25
--------------------------------------------------------------
The creditors of Bushmill International Ltd. are required to file
their proofs of debt by March 25, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 22, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand CaymanKY1-1203
         Cayman Islands


CONSTANCE LIMITED: Creditors' Proofs of Debt Due March 29
---------------------------------------------------------
The creditors of Constance Limited are required to file their
proofs of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 4, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


EGL-3D HOLDINGS: Creditors' Proofs of Debt Due March 29
-------------------------------------------------------
The creditors of EGL-3D Holdings Limited are required to file
their proofs of debt by March 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


MATTERHORN VENTURES: Creditors' Proofs of Debt Due April 5
----------------------------------------------------------
The creditors of Matterhorn Ventures SPC are required to file
their proofs of debt by April 5, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 28, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MCC INTERNATIONAL: Creditors' Proofs of Debt Due April 4
--------------------------------------------------------
The creditors of MCC International Holdings II, Ltd. are required
to file their proofs of debt by April 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002/9005
         Cayman Islands


MEDLEY MACRO: Creditors' Proofs of Debt Due April 4
---------------------------------------------------
The creditors of Medley Macro Fund Ltd. are required to file their
proofs of debt by April 4, 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:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MEDLEY MACRO: Creditors' Proofs of Debt Due April 4
---------------------------------------------------
The creditors of Medley Macro Master Fund Ltd. are required to
file their proofs of debt by April 4, 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:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


QUEENNIE LIMITED: Creditors' Proofs of Debt Due March 29
--------------------------------------------------------
The creditors of Queennie Limited are required to file their
proofs of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


RAVEN CREDIT: Creditors' Proofs of Debt Due April 4
---------------------------------------------------
The creditors of Raven Credit Opportunities Offshore Fund, Ltd.
are required to file their proofs of debt by April 4, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 22,
2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002/9005
         Cayman Islands


ROSANNA LIMITED: Creditors' Proofs of Debt Due March 29
-------------------------------------------------------
The creditors of Rosanna Limited are required to file their proofs
of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 14, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SILKSKY LIMITED: Creditors' Proofs of Debt Due March 29
-------------------------------------------------------
The creditors of Silksky Limited are required to file their proofs
of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 4, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


TUCK INVESTMENTS: Creditors' Proofs of Debt Due March 29
--------------------------------------------------------
The creditors of Tuck Investments Limited are required to file
their proofs of debt by March 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


US BINNEY: Creditors' Proofs of Debt Due March 29
-------------------------------------------------
The creditors of US Binney Limited are required to file their
proofs of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


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J A M A I C A
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JAMAICA PUBLIC SERVICE: Labor Ministry Urge Firm to Resume Talks
----------------------------------------------------------------
RadioJamaica reports that the Ministry of Labor has recommended
that the Jamaica Public Service Company and the National Workers
Union resume talks at the local level to settle a dispute over the
dismissal of an employee.

As reported in the Troubled Company Reporter-Latin America on
March 16, 2011, RadioJamaica said that a meeting was scheduled to
be held at the Ministry of Labour Monday in the wake of a 72 hour
ultimatum served by the National Workers Union on the Jamaica
Public Service Company.  The report related that the ultimatum,
which expired at 5:00 p.m., March 14, was issued following the
dismissal of a JPSCO worker on March 11.  The NWU feels the
employee was unfairly treated and is threatening industrial action
if he is not reinstated, according to RadioJamaica.

RadioJamaica notes that Granville Valentine, NWU Vice President,
said that in addition to further meetings, the union will be
requesting that the JPS management review the decision to dismiss
the worker.  "We are quite convinced that at this review, the
facts that (will be) presented in black and white will vindicate
the worker.  We noticed the omission of several vital exhibits in
the reports of the enquirer, (which) include, reports of persons
who would have played integral roles in the construction of this
extension line that is in question," RadioJamica quotes Mr.
Valentine as saying.

                          About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of more than 1,600 employees.  The
Company owns and operates 28 generating plants, 54 substations,
and roughly 14,000 kilometers of distribution and transmission
lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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M E X I C O
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CASA DE CAMBIO: Dist. Ct. Rules on Capitaliza-T Suit v. Wachovia
----------------------------------------------------------------
Capitaliza-T Sociedad De Responsabilidad Limitada De Capital
Variable v. Wachovia Bank of Delaware National Association &
Wachovia Bank National Association, Civil No. 10-520 (D. Del.),
involves a Mexican currency exchange business, Casa de Cambio
Majapara, S.A. de C.V., that improperly branched out beyond
foreign currency exchange and into the facilitation of
international transactions involving interest-bearing deposits in
U.S. banks.  Even though it was beyond the company's corporate
charter and not authorized under Mexican banking laws, Majapara
arranged a transaction in which $2.5 million of Plaintiff's money
was deposited in Majapara's Mexican bank account, and then
redeposited by Majapara in an interest-bearing account with
Wachovia Bank of Delaware in the United States.  Majapara promised
to pay Plaintiff interest on the funds.  Before the deposit
matured, however, Majapara defaulted in a separate foreign
exchange deal it had with the Delaware bank.  Wachovia Bank of
Delaware may have offset the funds Majapara had deposited in
Wachovia accounts, including Plaintiff's funds, to recoup some of
the Majapara debt.

In the aftermath of the various transactions among the three
entities in late 2007, Majapara filed for bankruptcy.

Capitaliza-T sued Wachovia, claiming that Defendants aided and
abetted Majapara's fraud on Plaintiff by permitting Majapara to
make deposits in Defendants' bank while knowing that Majapara was
not authorized by law to engage in that activity, and that
Wachovia is obligated to give to Plaintiff the funds from
Majapara's Wachovia account.  Capitaliza-T brings four claims
against Wachovia.  Count I claims that Wachovia converted
Capitaliza-T's funds, based on Wachovia's refusal to pay to
Capitaliza-T the amounts in the Majapara account.  Count II claims
that Wachovia aided and abetted Majapara's fraud by permitting the
transactions to happen and refusing to release the funds.  Count
III claims that Wachovia aided and abetted Majapara's breach of
fiduciary duty.  Count IV claims that the Wachovia Defendants were
unjustly enriched.

In his March 9 Opinion, District Judge Jerome B. Simandle held
that Delaware law does not recognize Plaintiff's claim for
conversion based on the refusal to pay funds from a bank account.
Seeing no possible facts that could be pleaded to state a claim on
this count, it will be dismissed with prejudice, he said.

Judge Simandle said the Plaintiff's allegations regarding the
aiding and abetting claims do not currently provide a plausible
basis for believing that Defendants knew that Capitaliza-T had
defrauded Plaintiff and breached a duty to Plaintiff in the way
that Plaintiff alleges. And Plaintiff's unjust enrichment claim is
unavailable because the bank's obligation to pay the funds (or
lack thereof) is governed by the contract created by the deposit,
and the Amended Complaint provides no reason for thinking that the
bank contract is not operative, he added.

It may be possible that an amended pleading could cure the
deficiencies noted in the aiding and abetting and unjust
enrichment claims -- such as by Plaintiff pleading concrete
reasons for believing Defendants knew of the underlying
transaction, or offering additional information regarding the bank
account contract not contained in the current pleadings, according
to Judge Simandle.  Therefore, these latter three claims will be
dismissed without prejudice, he said.

A copy of the Court's March 9, 2011 Opinion is available at
http://is.gd/K7Gjb9from Leagle.com.

Counsel for Plaintiff are:

          Christopher D. Loizides, Esq.
          LOIZIDES P.A.
          1225 King Street, Suite 800
          Wilmington, DE 19801
          Tel: (302) 654-0248
          Fax: (302) 654-0728
          E-mail: loizides@loizides.com

               - and -

          Georgina Fabian, Esq.
          THE INTERNATIONAL BUSINESS LAW GROUP, LLC
          John Hancock Center
          875 North Michigan Avenue, Suite 3100
          Chicago, IL, 60611
          Tel: (773) 725-8856
          Fax: (773) 423-0223
          E-mail: gfabian@intblg.com

               - and -

          Patrick M. Jones, Esq.
          SMITH AMUDSEN, LLC
          150 N. Michigan Avenue, Suite 3300
          Chicago, IL 60601
          Tel: 312-894-3234
          Fax: 312-997-1811
          E-mail: pjones@salawus.com

Counsel for Defendants are:

          Brian M. Rostocki, Esq.
          Michael S. Leib, Esq.
          REED SMITH LLP
          1201 Market Street - Suite 1500
          Wilmington, DE 19801
          Tel: 302-778-7561
          E-mail: brostocki@reedsmith.com
                  mleib@reedsmith.com

                      About Casa de Cambio

Headquartered in Mexico City, Casa de Cambio Majapara S.A. de
C.V., a.k.a. Majapara Casa de Cambio --
http://www.majapara.com.mx-- was engaged in financial
transactions processing, reserve, and clearing house activities.
The company filed for Chapter 11 protection on March 5, 2008
(Bankr. N.D. Ill. Case No. 08-05230).  Majapara also filed for
bankruptcy in Mexico under the Ley de Concursos Mercantiles (Law
of Commercial Insolvency).

Brian L. Shaw, Esq., at Shaw Gussis Fishman Glantz Wolfson &
Towbin LLC, and Andrew L. Wool, Esq., at Katten Muchin Rosenman
LLP, represented the Debtor.  Luis V. Echeverria served as
consultant and foreign representative in the Debtor's insolvency
and bankruptcy proceedings in the United States and in Mexico.
When the Debtor filed for protection from its creditors, it
listed assets of between US$10 million to US$50 million and
debts of between US$10 million to US$50 million.

On Aug. 22, 2008, the Mexican Second Civil District Court declared
Majapara's involuntary liquidation.  The Chapter 11 proceedings
was later dismissed.

Majapara sought bankruptcy protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 08-30669) on Nov. 11,
2008.  Mark L. Radtke -- mradtke@shawgussis.com -- at Shaw
represented the Chapter 15 debtor.  The Chapter 15 proceedings are
ongoing.


VITRO SAB: Bankruptcy Case Rejected in Court Report, El Norte Says
------------------------------------------------------------------
Thomas Black at Bloomberg News, citing Monterrey newspaper El
Norte, reports that the bankruptcy case against Vitro, S.A.B. de
C.V. brought by third-party creditors was rejected in a report
prepared by a court-appointed official.

El Norte reported that Alejandro Sanchez, Vitro's legal director,
said the company and the creditors will have 10 working days to
comment, according Bloomberg.  Bloomberg, citing the report,
relates that Vitro SAB didn't qualify for bankruptcy.

Bloomberg News says it showed that at least 35% of a company's
debt must be past due for at least 30 days to qualify.   Vitro SAB
doesn't meet the requirement when counting intercompany loans of
US$1.9 billion, the paper said, Bloomberg adds.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2011, Bloomberg said that Vitro SAB said a Mexican judge
decided to study an appeal that seeks to have the company's
bankruptcy filing accepted.  The same judge on Jan. 28, 2011, had
rejected the appeal, which Vitro SAB filed after its bankruptcy
plan was dismissed, Vitro said in an e-mailed statement obtained
by Bloomberg.

                       About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7, 2010.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Sections 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


=======
P E R U
=======


BANCO DE CREDITO: Fitch Assigns BBB Rating to Senior Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Banco de Credito del Peru's five-year
U.S. dollar senior unsecured fixed-rate notes a long-term rating
of 'BBB'.

The US$700 million notes were issued by BCP through its Panamanian
branch and carry a fixed interest rate of 4.75%.  Principal will
mature in 2016, and interest payments will be made semi-annually
until maturity.

BCP has a long-term local currency Issuer Default Rating of 'BBB',
and a long-term foreign currency IDR of 'BBB'.  The notes rank
pari passu with all of BCP's existing and future senior unsecured
debt and are senior to BCP's existing and future subordinated and
junior subordinated debt.

BCP will use the proceeds from the issue for general corporate
purposes.  Although its leverage will increase in the short run,
Fitch expects that gradual debt replacement and continued growth
and positive returns will allow the bank to sustain adequate
capital levels.

BCP is Peru's largest bank, with a dominating market share of
about 37% of the system's assets.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 97.6% of BCP; Credicorp is widely held.

Fitch currently rates BCP:

  -- Foreign currency long-term IDR 'BBB';
  -- Foreign currency short-term IDR 'F2';
  -- Local currency long-term IDR 'BBB';
  -- Local currency short-term IDR 'F2';
  -- Individual rating 'C';
  -- Support rating '3';
  -- Support floor 'BB+';
  -- Senior unsecured debt 'BBB';
  -- Subordinated debt 'BBB-';
  -- Junior subordinated debt 'BB+'.

The Rating Outlook is Stable.


GRUPO ACP: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Grupo ACP Inversiones y Desarrollo
these ratings:

  -- Foreign currency long-term Issuer Default Rating 'BB-';
  -- Foreign currency short-term IDR 'B';
  -- Local currency long-term IDR 'BB-';
  -- Local currency short-term IDR 'B';
  -- Individual rating 'D';
  -- Support rating '5';
  -- Support floor 'NF'.

The Rating Outlook is Stable.

Grupo ACP Inversiones y Desarrollo's individual and IDRs reflect
its leading expertise in micro credit, consistent operational
performance, sound growth prospects and consistent expansion
strategy.  They also factor in the tougher competitive environment
in Peru, its weaker than average asset quality and its higher
projected leverage.

As holding company, ACP cannot expect any type of governmental
support.  Its operating companies (banks) could receive some
support if needed but, considering their relatively small size in
their respective markets, the probability of support is considered
limited and support could not be passed onto the holding company.

Given its holding company status, ACP's ratings upside potential
is conditioned to a consistent improvement of its operating
companies' credit standing.  Deterioration of the performance of
its key operating companies, a significant increase in direct
expenses or rising holding company debt would pressure ACP's
ratings downwards.

Having been active in microcredit since 1969, ACP created MiBanco
(Peru's largest micro-credit bank, seventh overall) in 1998 and,
in 2002, the group created Secura, an insurance brokerage company
specialized in micro-insurance.  Then, in 2005, the group was
organized as a holding company.  ACP's footprint and product
offering continued to grow when in 2006 it acquired a minority
participation in BancoSol, a specialized Bolivian micro-credit
bank.  The group later created business services companies in Peru
and El Salvador and acquired controlling interests in small micro-
credit entities in Uruguay, Argentina, Paraguay, and somewhat
larger operations in Mexico (Forjadores) and Brazil (Ceape-MA, in
progress).

ACP's unconsolidated operating revenues, which are largely
composed of dividends, increased about 2.3% in 2010 driven by the
good performance of its key operating subsidiaries (MiBanco,
Secura) and affiliates (BancoSol).  Since 2007, ACP's operating
expenses accounted for about 20%-28% of revenues and an additional
2%-3% covered existing funding cost and taxes (total debt service
accounted for about $3 million-$3.9 million); the remainder of the
revenue was historically reinvested in the subsidiaries.
Projected debt service will be much higher - increasing to about
$8.4 million - as ACP's leverage increases (double leverage would
increase from about 88% to about 145%); cash flow projections show
adequate debt service coverage, albeit dependent on the sustained
good performance of ACP's operating companies, something that is
considered likely in the medium term.  However, in Fitch's
opinion, ACP has limited margin for further indebtedness but could
if need be sell some assets to cover unexpected needs or
shortfalls.

MiBanco's performance was driven by sustained loan growth and
resilient margins, a growing yet modest contribution of non-
interest revenues and improving efficiency that helped offset the
growing cost of credit.  Overall profitability remained very
strong albeit declining with an ROAA of 2.4% and an ROAE of 28% at
December 2010.  MiBanco's future performance should be driven by
loan growth while margins are expected to compress gradually with
relatively stable costs.  Overall profitability should decline
slightly but remain above the industry average and continue to
underpin capital and growth.

ACP is a Peruvian non-for-profit civil association created in 1969
to provide credit to micro-entrepreneurs and integrate them into
the mainstream economy.  The group's main holding is MiBanco and
it has controlling interests in micro-credit banks and financial
and business services companies.  ACP is present in eight Latin
American countries.


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


PETROTRIN: Protest Shuts Down Operations
----------------------------------------
Cecily Asson at Trinidad and Tobago Newsday reports that Petroleum
Company of Trinidad and Tobago (Petrotrin) workers from several
producing fields across the country temporarily shut down
operations on March 15, in protest against the State owned company
and its board of directors led by Chairman Lindsay Gillette.

Workers are aggrieved that after six months in office, they have
seen "very little or no change at all" at Petrotrin under
Gillette's stewardship, according to T&T Newsday.

The report notes that employees from Trinmar, Forest Reserve,
Penal, Barrackpore, Santa Flora, Guayaguayare joined colleagues
from Pointe-a-Pierre refinery in a mass membership meeting held in
front of the administration building at the Point-a-Pierre
roundabout.  T&T Newsday relates that a large contingent of
heavily armed police officers from the Guard and Emergency Branch
positioned both inside and outside the locked Petrotrin gates
provided assistance to Petrorin police.

President General of the Oilfield Workers Trade Union (OWTU) Ansel
Roget said that the union was justified in the objections raised
following the appointment of Gillette to head the Petrotrin board,
T&T Newsday discloses.

In response to the protest, manager of Corporate Communications
Gillian Friday confirmed "operations at most company locations
were affected," the report adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, giving it
higher labor costs.  The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.


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


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

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
  Byrne Judicial Clerkship Institute
     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
        Contact: http://www.turnaround.org/

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.
        Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
  New York City Bankruptcy Conference
     Hilton New York, New York, N.Y.
        Contact: 1-703-739-0800; http://www.abiworld.org/

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.
           Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
  Northeast Bankruptcy Conference
     Hyatt Regency Newport, Newport, R.I.
        Contact: 1-703-739-0800; http://www.abiworld.org/

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
     Hotel Hershey, Hershey, Pa.
        Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
  NCBJ/ABI Educational Program
     Tampa Convention Center, Tampa, Fla.
        Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
  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/


                          *     *     *


As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade.   The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


                            ***********


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, 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.


                   * * * End of Transmission * * *