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

            Thursday, March 24, 2011, Vol. 12, No. 59

                            Headlines



A R G E N T I N A

AEROLINEAS ARGENTINAS: Wants To Exit Creditor Protection
AGRICOLA SA: Fitch Gives Stable Outlook to 'BB+' Long-Term IDR
BANCO SUPERVIELLE: Moody's Assigns 'Ba3' Global Debt Rating
STANDARD BANK: Moody's Puts Low-B Ratings to US$250MM Debt Program


B E R M U D A

CBS BROADCAST-KINGWORLD: Creditors' Proofs of Debt Due April 4
CBS FINANCE: Creditors' Proofs of Debt Due April 4
CBS FINANCE: Sole Member to Receive Wind-Up Report on April 19
CBS SHOWTIME: Creditors' Proofs of Debt Due April 4
CBS SHOWTIME: Sole Member to Receive Wind-Up Report on April 19

MAJESTIC CAPITAL: Mulls Bankruptcy After Merger Deal Collapsed


B O L I V I A

TBS INT'L: PwC Raises Going Concern Doubt, Sees Default


B R A Z I L

BANCO ABC: Moody's Affirms All Ratings; Gives Negative Outlook


C A Y M A N   I S L A N D S

AMERICAN MAJOR: Members' Final Meeting Set for April 14
BEBETTA LTD: Shareholders' Final Meeting Set for April 7
CDIB EUROPE: Members' Final Meeting Set for April 14
FULCRUM THEMES: Members' Final Meeting Set for April 11
FULCRUM THEMES: Members' Final Meeting Set for April 11

HAYDOCK INVESTMENTS: Shareholders' Final Meeting Set for April 28
HIGHFIELDS CAPITAL: Members' Final Meeting Set for April 5
KABACA TILE: Shareholders' Final Meeting Set for April 7
KAMAY HOLDINGS: Sole Member to Receive Wind-Up Report on March 28
MIR HOLDINGS: Shareholders' Final Meeting Set for April 15

ONTARIO PARTNERS: Shareholders' Final Meeting Set for April 15
ORYX ASIA: Members' Final Meeting Set for April 8
SOFOS CAPITAL: Shareholders' Final Meeting Set for April 7
SOIRATKEN LIMITED: Shareholders' Final Meeting Set for April 6
TILE LTD: Shareholders' Final Meeting Set for April 7


J A M A I C A

DIGICEL GROUP: Working on Plans To Integrate Claro Business
JAMALCO: Clarendon Alumina May Not Be Sold in March, Report Says


M E X I C O

VITRO ASSET: Amends Terms of Affiliate Loan Agreement


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Court OKs Banco Popular Accord


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


AEROLINEAS ARGENTINAS: Wants To Exit Creditor Protection
--------------------------------------------------------
Dow Jones Daily Bankruptcy Review reports that Aerolineas
Argentinas has asked the courts to end a 10-year-old creditor
protection.  Aerolineas Argentinas said in a statement that it has
paid 99.3% of the outstanding debts related to the court-ordered
protection from creditors.

                   About Aerolineas Argentinas

Headquartered in the Torre Bouchard, located in San Nicolas,
Buenos Aires, Aerolineas Argentinas, formerly Aerolineas
Argentinas S.A., is Argentina's largest domestic and international
airline.  It is the national airline and carries around 70% of
Argentina's domestic traffic and 40% of international flights from
Ministro Pistarini International Airport, which is located in
Ezeiza, Buenos Aires.  Aerolineas Argentinas is currently owned in
its majority by the Argentine government, which seized the airline
from Spanish tourism company Grupo Marsans in 2009.

In June 2001 the airline filed for protection from creditors and
went into administration.  In 2002, a Buenos Aires judge accepted
its debt restructuring agreement with creditors.


AGRICOLA SA: Fitch Gives Stable Outlook to 'BB+' Long-Term IDR
--------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Agricola's long-
term IDR to Stable from Negative.

The Outlook revision is driven by Fitch's view that Agricola has a
higher probability of support from its investment-rated parent,
Bancolombia, which limits Agricola's IDR downside potential.

Agricola's steady performance and important contribution to
Bancolombia's consolidated figures has solidified its strategic
importance for Bancolombia's operations in Central America,
undertaken by Salvadoran Agricola and by Bancolombia Panama, which
was recently rated by Fitch at 'BBB-'

Fitch revised Agricola's outlook to Negative from Stable on
June 22, 2009, to reflect a potential negative impact in the
bank's IDR derived from an eventually El Salvador's sovereign
downgrade.  However, Bancolombia's strengthened capacity and
willingness to support its subsidiaries would limit Agricola's IDR
downside potential in the event that Fitch downgrades the
sovereign's ratings for El Salvador.

Established in 1895, Agricola is the largest and most diversified
bank in El Salvador and one of the major players in Central
America.  In May 2007, Bancolombia completed de acquisition of
Agricola.  At present, Bancolombia, directly or indirectly, owns
around 95% of Agricola's shares.

Agricola's current international ratings are:

-- Long-term foreign currency IDR, 'BB+'; Outlook to Stable from
    Negative;

-- Short-term foreign currency IDR, 'B';

-- Support, '3';

-- Individual, 'C/D'.


BANCO SUPERVIELLE: Moody's Assigns 'Ba3' Global Debt Rating
-----------------------------------------------------------
Moody's Latin America assigned Aa2.ar national scale local
currency debt rating to Banco Supervielle's expected second and
third issuances under the ARS200 million short -term note program.
At the same time, Moody's Investors Service assigned a Ba3 global
local-currency debt rating to the expected second and third
issuances.

The outlook for all ratings is stable.

These ratings were assigned to Banco Supervielle's debt:

Second Issuance of a maximum amount of ARS35 million:

  -- Ba3 Global Local Currency Debt Rating, with stable outlook
  -- Aa2.ar Argentina National Scale Local Currency Debt Rating

Third issuance of a maximum amount of ARS100 million

  -- Ba3 Global Local Currency Debt Rating, with stable outlook
  -- Aa2.ar Argentina National Scale Local Currency Debt Rating

                        Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Supervielle's Ba3 global local currency
deposit rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Supervielle S.A. is headquartered in Buenos Aires, with
assets of ARS7.1 billion and loans of ARS4.7 billion as of
December, 2010.


STANDARD BANK: Moody's Puts Low-B Ratings to US$250MM Debt Program
------------------------------------------------------------------
Moody's Latin America assigned Aaa.ar and Aa3.ar national
scale local and foreign currency debt ratings to Standard Bank
Argentina's senior debt program in the amount of US$250 million.
In addition, a national scale local currency debt rating of Aaa.ar
was assigned to the expected first issuance of the program,
amounting up to ARS200 million.

At the same time, Moody's Investors Service assigned (P) Ba1 and
(P)B2 global local and foreign currency debt ratings to the
program, as well as a Ba1 global local-currency debt rating to the
expected first issuance.  The outlook for all ratings is stable.
The program allows for multicurrency debt issuances and is
governed by Argentinean law.

These ratings were assigned to Standard Bank Argentina S.A.:

US$250 million (or its equivalent in other currencies) senior debt
program:

  -- (P) Ba1 Global Local Currency Debt Rating, with stable
      outlook

  -- (P) B2 Global Foreign Currency Debt Rating, with stable
      outlook

  -- Aaa.ar Argentina National Scale Local Currency Debt Rating

  -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating

First Issuance of a maximum amount of ARS200 million:

  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating

                        Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Standard's Ba1 global local currency deposit
rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Standard Bank Argentina S.A. is headquartered in Buenos Aires,
with assets of ARS12.7 billion and loans of ARS7.2 billion as of
December 2010.


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B E R M U D A
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CBS BROADCAST-KINGWORLD: Creditors' Proofs of Debt Due April 4
--------------------------------------------------------------
The creditors of CBS Broadcast-Kingworld (Bermuda) 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 March 16, 2011.

Ernest Morrison is the company's liquidator.


CBS FINANCE: Creditors' Proofs of Debt Due April 4
--------------------------------------------------
The creditors of CBS Finance (Bermuda) 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 March 16, 2011.

Ernest Morrison is the company's liquidator.


CBS FINANCE: Sole Member to Receive Wind-Up Report on April 19
--------------------------------------------------------------
The sole member of CBS Finance (Bermuda) Ltd. will receive on
April 19, 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 March 16, 2011.

Ernest Morrison is the company's liquidator.


CBS SHOWTIME: Creditors' Proofs of Debt Due April 4
---------------------------------------------------
The creditors of CBS Showtime (Bermuda) 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 March 16, 2011.

Ernest Morrison is the company's liquidator.


CBS SHOWTIME: Sole Member to Receive Wind-Up Report on April 19
---------------------------------------------------------------
The sole member of CBS Showtime (Bermuda) Ltd. will receive on
April 19, 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 March 16, 2011.

Ernest Morrison is the company's liquidator.


MAJESTIC CAPITAL: Mulls Bankruptcy After Merger Deal Collapsed
--------------------------------------------------------------
Majestic Capital, Ltd., said Monday that Bayside Capital Partners
LLC has terminated the previously announced merger agreement with
Majestic Capital.  In its termination notice, Bayside cited a
material deterioration in Majestic Capital's capital surplus, an
inability to secure regulatory approval for the merger, and a
failure to satisfy the closing condition with respect to
termination of Majestic Capital's lease for office space in
Poughkeepsie, New York on terms acceptable to Bayside.  As a
result of Bayside's termination of the merger agreement, Majestic
Capital's previously scheduled Special General Meeting of
Shareholders to vote on the merger agreement scheduled for
March 28, 2011, has been cancelled.

The failure to complete the merger with Bayside is expected to
result in a downgrade of Majestic Insurance Company's "B++"
financial strength rating and a conservation proceeding by the
California Department of Insurance.  As a result, Majestic Capital
and its subsidiaries expect to seek protection under applicable
United States and Bermuda bankruptcy and other similar laws for
the protection of creditors.

Majestic Insurance Company, Majestic Capital's wholly owned
insurance subsidiary, has entered into a non-binding letter of
intent with AmTrust Financial Services, Inc., by which Majestic
Insurance Company would sell AmTrust its renewal rights and
AmTrust would assume Majestic Insurance Company's loss reserves
and in-force insurance business through a loss portfolio transfer
and 100% quota share reinsurance agreement.  The transactions
contemplated by the letter of intent are subject to negotiation
and execution of definitive agreements and approval by the
California Department of Insurance.  Majestic Insurance Company
has granted AmTrust an exclusivity period until the earlier of
June 20, 2011, and the commencement of a conservation proceeding.
The proposed transactions by Majestic Insurance Company with
AmTrust are not expected to yield any amounts that would be
available for distribution to shareholders of Majestic Capital.

Pending the closing of the transactions, Majestic Insurance
Company will arrange for workers' compensation insurance policies
to be underwritten by the AmTrust group companies and reinsured by
Majestic Insurance Company under the previously announced 90%
quota share reinsurance agreement.

                   About Majestic Capital, Ltd.

Majestic Capital, Ltd., formerly known as CRM Holdings,
Ltd.(Nasdaq: MAJC) -- http://www.MajesticCapital.com/-- through
its subsidiaries, is a specialty provider of workers' compensation
insurance products.  The Company's workers' compensation insurance
coverage is offered to employers in California, New York, New
Jersey, Arizona, Nevada, and other states.

On May 5, 2010, CRM Holdings, Ltd. held its 2010 Annual General
Meeting of Shareholders, at which the shareholders voted on and
approved changing the name of CRM Holdings, Ltd. to Majestic
Capital, Ltd.  In addition, the name of CRM USA Holdings Inc. was
changed to Majestic USA Capital, Inc.


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


TBS INT'L: PwC Raises Going Concern Doubt, Sees Default
-------------------------------------------------------
TBS International PLC filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$247.76 million on $411.83 million of total revenue for the year
ended Dec. 31, 2010, compared with a net loss of $67.04 million on
$302.51 million of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$686.32 million in total assets, $389.45 million in total
liabilities and $296.87 million in total stockholders' equity.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable.  According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/SBWvzZ

                     About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

As reported in the TCR on Feb. 8, 2011, TBS International said it
had entered into amendments to its credit facilities with all of
its lenders, including AIG Commercial Equipment, Commerzbank AG,
Berenberg Bank and Credit Suisse and syndicates led by Bank of
America, N.A., The Royal Bank of Scotland plc and DVB Group
Merchant Bank.  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

The Company said it expects to be in compliance with all financial
covenants and other terms of the amended Credit Facilities through
maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


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


BANCO ABC: Moody's Affirms All Ratings; Gives Negative Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco
ABC Brasil S.A. and changed to negative, from stable, the outlook
on its D+ bank financial strength and on the Baa3 global local and
foreign currency deposit ratings.  The outlook on the Ba1 foreign-
currency subordinated debt rating and on the Aa1.br long-term
Brazilian national scale deposit rating was also changed to
negative.  Finally, the Prime 3 and BR-1 short-term global and
national scale deposit ratings, respectively, remain unchanged.

These ratings of Banco ABC Brasil S.A. had the outlook changed to
negative from stable:

  -- Bank financial strength rating of D+
  -- Long-term global local currency deposit rating of Baa3
  -- Long-term global foreign currency deposit rating of Baa3
  -- Long-term Brazilian national scale rating of Aa1.br
  -- Long-term foreign currency subordinated debt rating of Ba1

                        Ratings Rationale

In affirming Banco ABC Brasil's ratings, Moody's highlighted its
track record of stable core profitability and adequate asset
quality, which is the result of a well established corporate
lending franchise and disciplined credit origination and risk
management.  As a subsidiary of Arab Banking Corporation B.S.C.,
BAB has secured its access to funding both from domestic and
international sources at privileged conditions relative to those
of similarly rated peers, an advantage that has supported the
bank's growth and margin performance to date.

Moody's noted that the negative outlook reflects the uncertainties
about the effect that heightened instability in the Middle East
could have on BAB's parent bank and on its own funding structure.
To reflect those concerns, Moody's recently downgraded Arab
Banking Corporation's ratings.

Moody's recognizes BAB's ability to fund itself primarily in the
domestic market, with limited reliance on its parent, which
nevertheless, has signaled its support to the Brazilian operation
by just making available a contingency liquidity line.  Yet, the
predominantly wholesale nature of its funding sources could raise
BAB's vulnerability to shifts in investors' confidence, with
negative implications to its ability to maintain loan origination.
Moody's will therefore continue to monitor the bank's liquidity
and funding.

Moody's last rating action on Banco ABC Brasil took place on
April 8, 2010, when Moody's assigned a Ba1 foreign currency
subordinated debt rating to the bank's 7.875% US$300 million
subordinated notes due April 2020.  Other ratings remained on
review.

Based in Sao Paulo, Banco ABC Brasil S.A. had total assets of
approximately R$9.82 billion (US$5.88 billion) and equity of
R$1.35 billion (US$806 million) as of December 31, 2010.


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


AMERICAN MAJOR: Members' Final Meeting Set for April 14
-------------------------------------------------------
The members of American Major Industry Fund L.L.C. will hold their
final meeting on April 14, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BEBETTA LTD: Shareholders' Final Meeting Set for April 7
--------------------------------------------------------
The shareholders of Bebetta Ltd. will hold their final meeting on
April 7, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CDIB EUROPE: Members' Final Meeting Set for April 14
----------------------------------------------------
The members of CDIB Europe Investment Co. will hold their final
meeting on April 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Chih-Chin Chen
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


FULCRUM THEMES: Members' Final Meeting Set for April 11
-------------------------------------------------------
The members of The Fulcrum Themes Fund will hold their final
meeting on April 11, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


FULCRUM THEMES: Members' Final Meeting Set for April 11
-------------------------------------------------------
The members of The Fulcrum Themes Master Fund will hold their
final meeting on April 11, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


HAYDOCK INVESTMENTS: Shareholders' Final Meeting Set for April 28
-----------------------------------------------------------------
The shareholders of Haydock Investments Limited will hold their
final meeting on April 28, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Chasseral (Directors) Limited
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


HIGHFIELDS CAPITAL: Members' Final Meeting Set for April 5
----------------------------------------------------------
The members of Highfields Capital SPC will hold their final
meeting on April 5, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


KABACA TILE: Shareholders' Final Meeting Set for April 7
--------------------------------------------------------
The shareholders of Kabaca Tile will hold their final meeting on
April 7, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


KAMAY HOLDINGS: Sole Member to Receive Wind-Up Report on March 28
-----------------------------------------------------------------
The sole member of Kamay Holdings Limited will receive on
March 28, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         P.O. Box 71, Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands


MIR HOLDINGS: Shareholders' Final Meeting Set for April 15
----------------------------------------------------------
The shareholders of MIR Holdings LDC will hold their final meeting
on April 15, 2011, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


ONTARIO PARTNERS: Shareholders' Final Meeting Set for April 15
--------------------------------------------------------------
The shareholders of Ontario Partners, Ltd., will hold their final
meeting on April 15, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


ORYX ASIA: Members' Final Meeting Set for April 8
-------------------------------------------------
The members of Oryx Asia Fund will hold their final meeting on
April 8, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands


SOFOS CAPITAL: Shareholders' Final Meeting Set for April 7
----------------------------------------------------------
The shareholders of Sofos Capital Fund will hold their final
meeting on April 7, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Directors (Cayman) Ltd.
         c/o Mrs. Eva Moore
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


SOIRATKEN LIMITED: Shareholders' Final Meeting Set for April 6
--------------------------------------------------------------
The shareholders of Soiratken Limited will hold their final
meeting on April 6, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


TILE LTD: Shareholders' Final Meeting Set for April 7
-----------------------------------------------------
The shareholders of Tile Ltd. will hold their final meeting on
April 7, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


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


DIGICEL GROUP: Working on Plans To Integrate Claro Business
-----------------------------------------------------------
Digicel Group said that it is working on plans to combine its
business in Jamaica with that of America Movil's Claro business,
the Jamaica Observer reports.  According to the Jamaica Observer,
Digicel plans to meet with the Claro employees and dealers to
outline its integration plans.

As reported by the Troubled Company Reporter-Latin America on
March 14, 2011, RadioJamaica said that Digicel signed the
agreement with America Movil.  The deal will also see Digicel
selling its business in El Salvador and Honduras to America Movil,
according to RadioJamaica.  Citing the RJR News, The TCR-LA
reported on March 23, 2011, that the deal, if approved by the
government, could close in the second calendar quarter.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


JAMALCO: Clarendon Alumina May Not Be Sold in March, Report Says
----------------------------------------------------------------
The RJR News reports that the government may not be able to meet
its March 31 deadline for the divestment of Clarendon Alumina
Partners, an entity through which the government holds a 45% stake
in JAMALCO (Alcoa Minerals of Jamaica).

According to the RJR News, Mining Minister James Robertson didn't
disclose any update on the negotiations but pointed out that the
deadline was included in the talks.

Prime Minister Bruce Golding and Finance Minister Audley Shaw said
in 2010 that CAP, which has cost taxpayers $12 billion since 2002,
should be divested by the end of March, The RJR News relates.  It
would cost taxpayers $15 billion if it isn't sold off by the end
of 2013, the RJR News quoted Prime Minister Golding as saying.

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs, or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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


VITRO ASSET: Amends Terms of Affiliate Loan Agreement
-----------------------------------------------------
Vitro Asset Corp., et al., ask the U.S. Bankruptcy Court for the
Northern District of Texas to approve an amendment of the terms of
the final financing order.

On Jan. 21, the Court entered a final order authorizing the
Debtors to:

     -- continue obtaining secured financing from the Prepetition
        Secured Lender, Bank of America, N.A.; and

     -- obtain unsecured postpetition financing -- Affiliate
        Financing -- from Vitro SAB and another non-Debtor
        affiliate, FIC Regiomontano, S.A.P.I. de C.V.

Pursuant to the January Financing Order, the Debtors were allowed
to obtain secured postpetition financing on a junior priority lien
basis during the gap period pursuant to the terms and conditions
of a subordinated postpetition loan and security agreement to be
entered into among the Debtors and Vitro, S.A.B. de C.V., or a
non-debtor affiliate.  The Gap Period means the period from the
involuntary petition date to the earliest to occur of (a) entry of
a court order for relief with respect to any facility obligor or
(b) dismissal of the involuntary petitions.

Under the January Financing Order, entry into the Affiliate Loan
Facility and the Affiliate Funding during the Gap Period were
approved on a final basis, provided that, unless and until
otherwise authorized by the Court, all Affiliate Funding would be
on an unsecured basis.

The Debtors were also authorized to use during the Gap Period cash
collateral and providing adequate protection to the Lender for any
diminution in value of its interests in the prepetition
collateral.

The DIP facility incurs interest at 5.25% per annum.

The Debtors are party to a loan and security agreement, dated as
of June 27, 2003, pursuant to which BofA provided the Debtors
with, among other things, $35 million in aggregate principal
amount of revolving commitments, including letters of credit, with
a sublimit for letters of credit of $18 million.  As of the
involuntary petition date, there was outstanding under the loan
facility, loans in the approximate principal amount of $8,610,575,
reimbursement obligations for any draws made upon letters of
credit issued by the Lender for the account of the Debtors, in the
aggregate face amount of approximately $14.18 million, and
corporate credit card debt of approximately $501,000

At the time of the entry of the Final Financing Order, the Alleged
Debtors anticipated requiring approximately $1,500,000 per month
(for the first six months of the year) funding from the Affiliated
Lenders to meet their ongoing operational needs.  However, in
light of the adverse publicity caused by the filing of the
Involuntary Petitions, the Alleged Debtors now require much as
$3,500,000 per month from the Affiliated Lenders, or $2,500,000
per month more than contemplated by the Affiliated Lenders at the
time the Initial Financing Motion was filed.

The Debtors said they need to obtain credit to enable them to
continue to finance their operations, maintain business
relationships with their vendors, suppliers and customers.

The Debtor said the Prepetition Secured Parties have consented to
the secured financing arrangement, subject to the requirement that
the Affiliated Lenders execute a subordination agreement.

                   Summary of Principal Terms of
                     Affiliate Loan Agreement

Borrowers:               Vitro America, VVP Finance, VVP Holdings,
                         Auto Glass, Super Sky International, and
                         Super Sky Products

Affiliate Financing:     Term loans, at the Affiliated Lenders'
                         discretion, up to an aggregate principal
                         amount of $3.5 million at any one time
                         outstanding nunc pro tunc to March 15,
                         and thereafter, additional term loans in
                         the Affiliated Lenders' discretion.

Termination Date:        The earliest to occur of (i) the Stated
                         Termination Date and (ii) the date the
                         Affiliate Loan Agreement is otherwise
                         terminated for any reason whatsoever
                         pursuant to the terms of the Affiliate
                         Loan Agreement.  The Stated Termination
                         Date is the same as in the Loan
                         Agreement.

Use of Proceeds:         General corporate purposes, subject to
                         any limitations in the Interim and Final
                         Orders, as applicable.

Interest Rate:           5.25%

Default Interest:        2.00% per annum in excess of the
                         otherwise applicable interest rate

Affiliate Liens:         All obligations under the Affiliate Loan
                         Agreement will be secured by properly
                         perfected second priority security
                         interests and liens upon the Collateral.
                         The Affiliate Liens will be junior only
                         to all liens in favor of the Prepetition
                         Secured Parties and any other valid,
                         perfected and enforceable nonavoidable
                         liens existing as of the Involuntary
                         Petition Date.

The Court will consider the Debtors' request for amendment of the
financing agreement today at 3:00 p.m. (CST).

Bank of America and Banc of America Leasing & Capital, LLC, are
represented by Patton Boggs, LLP, and Parker, Hudson, Rainer &
Dobbs LLP.

The Debtors are represented by:

     Louis R. Strubeck, Jr., Esq.,
     William R. Greendyke, Esq.
     FULBRIGHT & JAWORSKI L.L.P.
     2200 Ross Avenue, Suite 2800
     Dallas, TX 75201
     Tel: (214) 855-8000
     Fax: (214) 855-8200
     E-mail: lstrubeck@fulbright.com
             wgreendyke@fulbright.com

          - and -

     Risa M. Rosenberg, Esq.
     Dennis F. Dunne, Esq.
     MILBANK, TWEED, HADLEY & MCCLOY LLP
     1 Chase Manhattan Plaza
     New York, NY 10005-1413
     Tel: (212) 530-5000
     Fax: (212) 530-5219
     E-mail: rrosenberg@milbank.com
             ddunne@milbank.com

          - and -

     Andrew M. Leblanc, Esq.
     MILBANK, TWEED, HADLEY & MCCLOY LLP
     1850 K Street, NW, Suite 1100
     Washington, DC 20006
     Tel: (212) 835-7500
     Fax: (212) 263-7586
     E-mail: aleblanc@milbank.com

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


CARIBBEAN PETROLEUM: Court OKs Banco Popular Accord
---------------------------------------------------
Bankruptcy Law360 reports that Caribbean Petroleum Corp. won
bankruptcy court approval in Delaware on Monday for two crucial
settlements to pay off secured lenders, clearing the way for
creditors to begin voting on its Chapter 11 liquidation plan.

Judge Kevin Gross cleared a deal for CPC to pay Banco Popular de
Puerto Rico $137 million, according to Law360.

                      About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.


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


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

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/

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      Grand Hyatt Atlanta, Atlanta, Ga.
         Contact: http://www.turnaround.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/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      Westin Copley Place, Boston, Mass.
         Contact: http://www.turnaround.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/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott Chicago, Chicago, Ill.
         Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      Marriott Wardman Park, Washington, D.C.
         Contact: http://www.turnaround.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


                            ***********


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 * * *