TCRLA_Public/110418.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

              Monday, April 18, 2011, Vol. 12, No. 76

                            Headlines



A R G E N T I N A

CONSOLIDAR CIA: Moody's Cuts Issuer Fin'l Strength Rating to 'B2'


B A R B A D O S

CLICO LIFE: Deloitte Named as Judicial Manager


B R A Z I L

ANHANGUERA EDUCACIONAL: Moody's Puts 'Ba3' Corp. Family Rating


B R I T I S H  V I R G I N  I S L A N D S

WESTFORD SPECIAL: Liquidator Appointment Set Aside


C A Y M A N  I S L A N D S

AVIAMAX XRS: Creditors' Proofs of Debt Due May 11
AZURE FUNDING: Creditors' Proofs of Debt Due May 11
BOREAS INVESTMENTS: Creditors' Proofs of Debt Due May 11
CAI ASIAN: Creditors' Proofs of Debt Due May 11
CHAPONE INVESTMENTS: Creditors' Proofs of Debt Due May 11

CLS INVESTMENTS: Members' Final Meeting Set for May 9
CQS CREDIT: Creditors' Proofs of Debt Due May 11
CQS GLOBAL: Creditors' Proofs of Debt Due May 11
EI REAL ESTATE: Creditors' Proofs of Debt Due May 9
INSINGER DE BEAUFORT: Creditors' Proofs of Debt Due May 11

PRIMUS CREDIT: Creditors' Proofs of Debt Due May 11
QPRV LIMITED: Shareholders' Final Meeting Set for May 13
SECTOR ATLANTIS: Creditors' Proofs of Debt Due May 11
TABERNA REAL: Members' Final Meeting Set for May 11
TRIBECA CONVERTIBLES: Creditors' Proofs of Debt Due May 11


J A M A I C A

AIR JAMAICA: Gov't Sets Aside Money To Pay for Aircraft Leased


P E R U

DOE RUN PERU: Government To Fight Parent Co.'s Complaint


X X X X X X X X

* BOND PRICING: For the Week April 4 to April 8, 2011




                            - - - - -


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A R G E N T I N A
=================


CONSOLIDAR CIA: Moody's Cuts Issuer Fin'l Strength Rating to 'B2'
-----------------------------------------------------------------
Moody's Latin America downgraded the global local currency
insurance financial strength (IFS) rating and the IFS rating on
Argentina's national scale of Consolidar Cia. de Seguros de Retiro
S.A. to B2 from Ba3, and to A1.ar from Aa2.ar, respectively.  The
ratings outlook is stable.

The rating action follows the April 1, 2011 announcement by
Consolidar Retiro's main shareholder, BBVA Banco Frances, that it
will sell its 66% stake in the company.  Consolidar Retiro is the
annuity insurer of BBVA Group in Argentina, while BBVA Banco
Frances is one of the largest local banks and is ultimately owned
by Banco Bilbao Vizcaya Argentaria S.A. (BBVA) in Spain.  The
remaining 34% stake owned directly by BBVA Spain will also be
sold.  The buyers of Consolidar Retiro are Origenes Compania de
Seguros de Retiro S.A., CMS de Argentina S.A., and Grupo Dolphin
Holdings S.A.

This transaction is subject to the authorization of the local
insurance regulator and to other conditions.

Ratings Rationale

The downgrade of Consolidar Retiro to B2/A1.ar is driven by the
impending sale of the company by the BBVA Group and the removal of
the ratings uplift provided by BBVA's ownership and support,
positioning the company's rating at its stand-alone credit
profile.  Consolidar Retiro's previous Ba3 IFS rating reflected
two notches of uplift from its stand-alone profile due to parental
support.  Even if the disposition of the company is not completed
-- for any reason -- the announcement of the transaction indicates
that Consolidar Retiro is not strategically important to BBVA and
that the prior ratings uplift is no longer appropriate.

Consolidar Retiro currently provides individual, group and
lifetime annuities in Argentina, in addition to managing the
run-off of its previsional annuity liabilities.  The company's
B2 IFS rating reflects its stable profitability and improved
capitalization, offset by its lack of product diversification
and modest market presence, significant investment risk, and
the systemic country-specific risks.  Consolidar Retiro's A1.ar
national scale IFS rating is based on the application of Moody's
mapping criteria for a B2 IFS global local currency rating to the
Argentine national scale, and is positioned in the middle of 3
possible outcomes on the Argentine national scale for a B2 global
local currency rating.

Consolidar Retiro is based in Buenos Aires and reported total
assets of ARS3.3 billion and a net profit of almost AR$35 million
for the first half of the 2010 -- 2011 fiscal year ending
December 31, 2010.  Shareholders' equity totaled ARS270 million
as of that date.


===============
B A R B A D O S
===============


CLICO LIFE: Deloitte Named as Judicial Manager
----------------------------------------------
Deloitte Consulting Ltd. said in a statement that it has been
appointed as the judicial manager for CLICO International Life
Insurance Ltd.

Deloitte said in the statement that it "will assume immediate
control of the affairs of [CLICO?International Life] and is
responsible for assessing the financial position of the Company
and to report to the Court."

The Caribbean 360 reports that that Solicitor General Jennifer
Edwards went before the High Court in March to petition for the
appointment of a judicial manager.  The judicial management would
rehabilitate CLICO without having to fully liquidate the Company
or wind it up, the Caribbean 360 relates.

Deloitte, according the Caribbean 360, said it was required to
submit an interim report to the High Court by May 30, and a more
comprehensive report in 90 days.

"Operations and coverage of [CLICO's] existing policies remain in
effect, subject to premiums on such policies continuing to be paid
by policyholders," Caribbean 360 quoted Deloitte as saying.

According to Caribbean 360, CLICO'S offices remained open and
policyholders could continue to make premium payments

CLICO International Life Insurance Ltd. is a member of the CL
Financial Group.

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat CL
Financial's collapse and the consequent systemic crisis.


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B R A Z I L
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ANHANGUERA EDUCACIONAL: Moody's Puts 'Ba3' Corp. Family Rating
--------------------------------------------------------------
Moody's America Latina has assigned a Ba3 corporate family
rating and A3.br national scale rating to Anhanguera Educacional
Participacoes, S.A.  The rating outlook is stable.  This is a
first time rating for the company.

Ratings Rationale

Anhanguera's Ba3 global scale and A3.br national scale corporate
family ratings are supported by its market position as a leading
educational services provider in Brazil, recent record of strong
enrollment growth, moderate leverage, and good liquidity profile.
The company benefits from increasing participation rates among 18-
24 year olds in Brazil, perennial public funding constraints for
public colleges and universities, and a favorable regulatory
environment.  Notwithstanding these credit strengths, the ratings
are constrained by the limited operational history of the company
at its current scale, aggressive growth strategy, and expectations
of continued weak cash flow due to high capital spending levels.

Anhanguera primarily serves low to middle-income adult learners
by providing non-elite, relatively low-cost academic programs
in convenient locations with flexible schedules.  The company
benefits from economies of scale and a strengthening brand
name.  Anhanguera's growth strategy, which relies heavily on
acquisitions, combined with favorable demand factors are expected
to contribute to market share growth in a highly fragmented higher
education industry.  However, there is potential for increased
competition as the Brazilian education industry follows global
trends of consolidation, with a few Brazilian education companies
having recently obtained financing in capital markets which could
help fund competing growth strategies.

The stable outlook reflects Moody's expectation that
Anhanguera will continue to demonstrate strong enrollment
trends and associated improvements in revenues and earnings
such that credit metrics improve near-term.  The stable outlook
also anticipates that the company will sustain its good liquidity
profile despite its aggressive growth plans.

The ratings could experience positive rating pressure if the
company is able to demonstrate an ability to successfully manage
its ambitious growth plans, maintain good liquidity, and continue
to generate double digit top-line growth such that debt to EBITDA
sustains below 3.0 times

The ratings or outlook could be pressured by weaker than expected
growth in enrollments and/or a significant ramp-up in debt
financed acquisition activity, with debt to EBITDA exceeding 4.5
times.  Weakening of the company's liquidity profile, including
increased negative free cash flow and/or reduced cushion under
financial covenants could also pressure the ratings.

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology rating methodology
published in October 2010.

Anhanguera is provides educational services in Brazil, serving
nearly 300,000 students through a network of 54 accredited
campuses, more than 500 learning centers, and distance education
programs.  Anhanguera offers associate, bachelors, and graduate
degrees as well as continuing education.  The company reported
revenues of more than BRL1.0 billion in fiscal 2010.


=========================================
B R I T I S H  V I R G I N  I S L A N D S
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WESTFORD SPECIAL: Liquidator Appointment Set Aside
--------------------------------------------------
Jason Smith at The BVI Beacon reports that the Court of Appeal of
the Eastern Caribbean Supreme Court has overturned an earlier
decision by Justice Edward Bannister to appoint a liquidator to
wind up Westford Special Situations Fund Ltd.

The Court of Appeal handed down its written judgment in the case,
Westford Special Situations Fund Limited v Barfield Nominees et
al.  Harney Westwood & Riegels said, "The decision has far
reaching consequences, not only for BVI funds, but also for all
types of BVI corporate vehicles."  The case directly and
indirectly dealt with four major issues:

1. Who is a creditor for the purposes of winding up a BVI company?

2. In what circumstances can a fund elect to satisfy redemption
   requests by transferring assets other than cash to an
   investor?  Can in specie payments protect a fund from being
   wound up?

3. What is the priority of distributions in the eventual
   liquidation of a company?

4. Who is liable for the liquidators' fees whose appointment is
   ultimately set aside on appeal?

The Respondents had invested substantial sums in the Appellant, a
feeder fund which in turn was wholly invested in a related master
fund which held the substantive assets on its behalf.  In
September and October 2007, the Investors submitted redemption
requests to the Fund.  The Fund subsequently suspended redemption
payments but in the meantime made partial cash payments to the
Investors.  In 2009, the Investors lost patience with the Fund and
the apparent protracted nature of the payments and served
statutory demands on the Fund for the balance of their redemption
requests.

The Investors refused to accept in specie redemption payments
pursuant to the attempted transfer of the only type of asset the
Fund held, partnership interests in the Master Fund, and
successfully petitioned to wind up the Fund in December 2009.
On appeal the decision to wind up the Fund was reversed.

1. Who can apply to appoint liquidators over a fund?

The principal argument in Westford was whether a shareholder with
a claim based on unpaid redemption proceeds could be said to be a
creditor for the purpose of applying for the appointment of a
liquidator over the entity into which it had subscribed.  Previous
case law in the BVI had broadly accepted that a shareholder in
these circumstances would be a creditor with the necessary locus
standi to apply for a winding up petition.  In the Court of
Appeal, the Fund argued that because redemption proceeds were due
to investors "in their character as a member", section 197 of the
BVI Insolvency Act 2003 precluded such claims from forming the
basis of a winding up petition.  An investor with the claim could
not fall under the definition of creditor in the IA and therefore
lacked the necessary standing to apply to wind up a company.  The
Court of Appeal agreed and the order appointing the liquidators
was set aside.

A member or former member with a claim for dividends, profits,
redemption proceeds or any other sums by reason of their
shareholding may not apply to appoint a liquidator over a BVI
company.

2. Can a redemption payment in specie be sufficient to defeat an
   application for the appointment of a liquidator?

The Fund elected to use its right under its constitutional
documents, the Memorandum and Articles of Association, to pay
redemptions to investors in specie in satisfaction of the
outstanding redemption proceeds due to the Investors prior to the
application to wind up the Fund. This was rejected by the
Investors (and indeed, the High Court) on the basis that the in
specie offer gave nothing more than an interest in the Master Fund
and therefore was not a true asset since it was encumbered with
liabilities.  The Court of Appeal concluded that there was nothing
in the M&As to suggest that the in specie redemption need be
accepted by the Investors to be effective.

Upon a review of the limited partnership agreement of the Master
Fund, it was clear that any liabilities attaching to the interests
in the Master Fund did so, on a limited liability basis.  The
distribution appeared effective and therefore passed the threshold
of establishing that the debt was disputed on a "substantial or
reasonable ground."  The application to wind-up the Fund should
have been dismissed.

The ability to redeem in specie will be specific to the governing
documents of a fund or company and it is therefore vital that care
be given to drafting redemption provisions and the mechanics of
proceeding with a redemption in specie.  Further care should also
be taken to ensure that any such provisions are also carefully
reflected in the offering document of the relevant fund.

3. What is the priority of distributions in the eventual
   liquidation of a BVI company?

Section 197 of the IA also deals with how a claim may be brought
for debts due to an investor "in his character as a member" and
provides that "such sum is to be taken into account for the
purposes of the final adjustment of the rights of members and,
if appropriate, past members between themselves".  This is
confirmation that the BVI applies traditional insolvency
principles so that the claims of members and redeemed members
are subordinated to the claims of creditors, and to the claims of
members which are not based on sums due to them in their character
as member.

Investment fund liquidations are atypical compared to corporate
insolvencies because, by their very nature, funds will have very
few genuine third party creditors.  This decision affirms that any
outstanding redemption claims will be dealt with as part of the
"final adjustment" between members from the residual assets of the
estate, once all creditors have been paid out.  This may redress
the priority expectations of redeemed investors who by this
mechanism should still be paid out in priority to ordinary
members.  However, careful consideration must be given by
liquidators when making distributions, especially across share
classes which may be linked to different assets.

4. Who is responsible for liquidators' fees if their appointment
   is set aside on appeal?

A further skirmish within the Westford case was who, if anyone,
should be responsible for the payment of the liquidators' fees
upon the setting aside of a liquidation order.  The liquidators
had been in office for some 10 months before the Court of Appeal
set aside their appointment and they were owed substantial fees.
The Investors argued that whatever the outcome of the appeal, the
expenses of the liquidation were payable from the assets of the
Fund.  This approach has had support in English case law and,
albeit obiter, also in the BVI at Commercial Court level.

The Fund argued that any such outcome would be inherently unjust
and that there was jurisdiction available to the Court to order
the Investors to pay the liquidators' fees, either directly or
indirectly (by making the Fund primarily liable, but with a
recovery from the Investors).

The Court of Appeal agreed with the Fund and ordered that any
costs and expenses paid by the Fund to the liquidators would be
recoverable from the failed applicant Investors.

Liquidators should ensure that they are properly indemnified by
applicants and creditors when consenting to an appointment or
incurring substantial fees in liquidation.

"This decision clarifies the position of redeemed investors not
only with respect to their ability to seek the appointment of a
liquidator but also as to how their claim will ultimately be
treated in a liquidation.  The certainty will be welcomed by the
industry and, along with the decision in Aris Multi-Strategy
Lending Fund Ltd v Quantek Opportunity Fund Ltd has set out the
parameters of investors' rights in illiquid funds," Harney stated.

                      About Westford Special

Westford Special Situations Fund Ltd is an investment fund
incorporated in the British Virgin Islands.


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


AVIAMAX XRS: Creditors' Proofs of Debt Due May 11
-------------------------------------------------
The creditors of Aviamax XRS Ltd. are required to file their
proofs of debt by May 11, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 21, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


AZURE FUNDING: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
The creditors of Azure Funding North America I are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


BOREAS INVESTMENTS: Creditors' Proofs of Debt Due May 11
--------------------------------------------------------
The creditors of Boreas Investments (Cayman) Limited are required
to file their proofs of debt by May 11, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2011.

The company's liquidator is:

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


CAI ASIAN: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
The creditors of Cai Asian Credit Ltd. are required to file their
proofs of debt by May 11, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CHAPONE INVESTMENTS: Creditors' Proofs of Debt Due May 11
---------------------------------------------------------
The creditors of Chapone Investments Limited are required to file
their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CLS INVESTMENTS: Members' Final Meeting Set for May 9
-----------------------------------------------------
The members of CLS Investments Co. Ltd. will hold their final
meeting on May 9, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Basem Ricardo Mustafa Aguinaga
         c/o Loreto Avenue No. 643 Piura
         Peru


CQS CREDIT: Creditors' Proofs of Debt Due May 11
------------------------------------------------
The creditors of CQS Credit Volatility and Correlation Master Fund
Limited are required to file their proofs of debt by May 11, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2011.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CQS GLOBAL: Creditors' Proofs of Debt Due May 11
------------------------------------------------
The creditors of CQS Global Volatility Feeder Fund Limited are
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2011.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


EI REAL ESTATE: Creditors' Proofs of Debt Due May 9
---------------------------------------------------
The creditors of EI Real Estate, Inc. are required to file their
proofs of debt by May 9, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         George Devertzis
         30, Navarchou Nikodimou str.
         Plaka 105 56
         Athens, Greece
         Telephone: 0030.210.37.24.967
         Facsimile:  0030.210.37.24.909


INSINGER DE BEAUFORT: Creditors' Proofs of Debt Due May 11
----------------------------------------------------------
The creditors of Insinger de Beaufort GP Cayman Limited are
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 22, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


PRIMUS CREDIT: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
The creditors of Primus Credit Strategies Master Fund Limited are
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


QPRV LIMITED: Shareholders' Final Meeting Set for May 13
--------------------------------------------------------
The shareholders of QPRV Limited will hold their final meeting on
May 13, 2011, at 8:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SECTOR ATLANTIS: Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
The creditors of Sector Atlantis are required to file their proofs
of debt by May 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 21, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


TABERNA REAL: Members' Final Meeting Set for May 11
---------------------------------------------------
The members of Taberna Real Estate CDO 1 Ltd will hold their final
meeting on May 11, 2011, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


TRIBECA CONVERTIBLES: Creditors' Proofs of Debt Due May 11
----------------------------------------------------------
The creditors of Tribeca Convertibles Ltd. are required to file
their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


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


AIR JAMAICA: Gov't Sets Aside Money To Pay for Aircraft Leased
--------------------------------------------------------------
The RJR News reports that the Jamaican government has set aside
more than $4.5 billion for Air Jamaica this year for payments
arising from the airline's divestment.  According to the RJR News,
payments will be made for money owed for aircraft which Air
Jamaica had leased.

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


=======
P E R U
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DOE RUN PERU: Government To Fight Parent Co.'s Complaint
--------------------------------------------------------
Peru's Finance Minister Ismael Benavides said the government will
defend its rights in arbitration initiated by the closed Doe Run
Peru smelter, Alex Emery at Bloomberg News reports.

Citing a government official, Patricia Velez at Reuters relates
that Doe Run Peru's parent, Renco Group, filed for arbitration
against Peru to resolve a longstanding dispute over its Doe Run
Peru metals smelter.  According to newspaper Peru 21, Renco had
demanded a $800 million payment for cancelling Doe Run Peru's
operating license for the La Oroya smelter in July 2010 after it
failed to complete an environment cleanup project.

The plant was privatized in 1997.  Reuters relates that under the
terms of the sale, Renco will put filters on the smelter and the
government will remove contaminants from the hills and the town
surrounding the plant.  According to Peruvian newspapers, Renco
claimed that the government has not followed through on its own
cleanup effort or honored the terms of the privatization
agreement.

                          About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide business
located in Washington.  Doe Run Peru is a subsidiary of the
company.  Doe Run Peru operates a polymetallic smelter at La Oroya
and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


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


* BOND PRICING: For the Week April 4 to April 8, 2011
-----------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS          5.83     12/31/2033    ARS          36.9250
ARGENT-PAR           1.18     12/31/2038    ARS          65.1062
ARGENT-DIS           4.330    12/31/2033    JPY          42.00
ARGENT-PAR&GDP       0.450    12/31/2038    JPY           8.0000
BANCO MACRO SA      10.750    06/07/2012    USD          71.54
BODEN 2014           2         9/30/2014    ARS          33.89
BOGAR 2018           2          2/4/2018    ARS          34.40
PRO12                2          1/3/2016    ARS          30.92


BRAZIL
------

CONCESS AUTOBAN     10.650    10/01/2013    BRL           7.45
SANEAMENTO BASIC    12.870    10/15/2015    BRL           8.3350
TRANSMISSORA ALI     7.400     7/15/2015    BRL           8.4500


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

BANCO BPI (CI)       4.15     11/14/2035    EUR          45.89
BCP FINANCE BANK     5.01      3/31/2024    EUR          58.2240
BCP FINANCE BANK     5.31     12/10/2023    EUR          60.4710
BCP FINANCE CO       5.543    06/29/2049    EUR          61.33
BCP FINANCE CO       4.239    10/29/2049    EUR          61
BES FINANCE LTD      6.625     5/29/2049    EUR          65
BES FINANCE LTD      5.58      7/29/2049    EUR          60.50
BES FINANCE LTD      4.5      12/29/2049    EUR          59.3330
BES FINANCE LTD      6        02/07/2035    EUR          57.50
CHINA FORESTRY       7.75     11/17/2015    USD          67.25
CHINA FORESTRY       7.75     11/17/2015    USD          70.50
EFG ORA FUNDING      1.7      10/29/2014    EUR          65.9840
ESFG INTERNATION     5.753     6/29/2049    EUR          57.7500
IMCOPA INTL CAYM    10.375    12/19/2014    USD          36.5000
PUBMASTER FIN        6.962     6/30/2028    GBP          46.5000
PUBMASTER FIN        8.44      6/30/2025    GBP          49.0250
SHINSEI FINANCE      7.160     7/29/2049    USD          75.0000


CHILE
-----

AGUAS NUEVAS         3.4       5/15/2012    CLP           1.3838
CGE DISTRIBUCION     3.25      12/1/2012    CLP          39.8474
ESVAL S.A.           3.8       7/15/2012    CLP          37.8066
MASISA               4.25     10/15/2012    CLP          40.3028
QUINENCO SA          3.50      7/21/2013    CLP          38.1775


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

PUERTO RICO CONS     6.20      5/01/2017    USD          55.3750
PUERTO RICO CONS     6.50      4/01/2016    USD          61.3750


VENEZUELA
---------

PETROLEOS DE VEN     5        10/28/2015    USD          64.6670
PETROLEOS DE VEN     5.125    10/28/2016    USD          60.4250
PETROLEOS DE VEN     5.250    04/12/2017    USD          59.5420
PETROLEOS DE VEN     8.500    11/02/2017    USD          69.1250
PETROLEOS DE VEN     5.375    04/12/2017    USD          46.3750
PETROLEOS DE VEN     5.500    04/12/2037    USD          45.3750
PETROLEOS DE VEN     4.900    10/28/2014    USD          72.1250
VENEZUELA            5.75      2/26/2016    USD          73.4000
VENEZUELA            7         12/1/2018    USD          69.2500
VENEZUELA            7.75     10/13/2019    USD          68.4850
VENEZUELA            6         12/9/2020    USD          59.2150
VENEZUELA            9          5/7/2023    USD          68.1150
VENEZUELA            8.25     10/13/2024    USD          64.4500
VENEZUELA            7.65      4/21/2025    USD          61.0000
VENEZUELA            9.25      9/15/2027    USD          73.8150
VENEZUELA            9.25      9/15/2027    USD          71.1502
VENEZUELA            9.25       5/7/2028    USD          67.7200
VENEZUELA            7         3/31/2038    USD          55.9089
VENEZUELA            7         3/31/2038    USD          55.9700
VENZOD - 189000      9.375     1/13/2034    USD          67.8600


                            ***********


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.


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