TCRLA_Public/110421.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, April 21, 2011, Vol. 12, No. 79

                            Headlines



A N T I G U A

STANFORD INT'L: NBA Rockets, Grizzlies Owners Sued by Receiver


A R G E N T I N A

BLUEPIX SA: Creditors' Proofs of Debt Due May 3
FUNDACION GALICIA: Asks for Bankruptcy Proceedings
GRUPO COR: Creditors' Proofs of Debt Due June 30


C A Y M A N  I S L A N D S

ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
CCP STORM: Shareholders' Final Meeting Set for May 2
CEDEC FINANCIAL: Shareholders' Final Meeting Set for May 2

CHINA TODAY: Shareholders' Final Meeting Set for May 16
DORADA CORPORATION: Shareholders' Final Meeting Set for May 13
FISAM OFFSHORE: Shareholders' Final Meeting Set for May 16
GOLD ARROW: Shareholders' Final Meeting Set for May 2
GREY LYNN: Shareholders' Final Meeting Set for May 13

KAZBARGE LIMITED: Shareholders' Final Meeting Set for May 11
OMNIA LTD (P64): Shareholders' Final Meeting Set for May 13
OMNIA LTD (P66): Shareholders' Final Meeting Set for May 13
OMNIA LTD (P71): Shareholders' Final Meeting Set for May 13
UNITED CAPITAL: Shareholders' Final Meeting Set for May 13


M E X I C O

ALESTRA S DE RL: Moody's Puts 'B1' Corp. Family Rating on Review
SATELITES MEXICANOS: Investors To Want 12% Yield on US$325MM Bonds
SATELITES MEXICANOS: Moody's Puts (P) B3 Rating on Proposed Notes


P U E R T O  R I C O

CARIAN MANAGEMENT: Wins Confirmation of Reorganization Plan


T R I N I D A D  &  T O B A G O

CLICO INVESTMENT: Judge Says No to EFPA Policyholders Lawsuit


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A N T I G U A
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STANFORD INT'L: NBA Rockets, Grizzlies Owners Sued by Receiver
--------------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins, writing for Bloomberg
News, report that owners of the National Basketball Association's
Houston Rockets and Memphis Grizzlies franchises were sued for
almost $1.6 million by the court-appointed receiver for indicted
financier R. Allen Stanford.  Receiver Ralph Janvey and a group
representing Stanford investors sued Houston's NBA team owner,
Rocketball Ltd., and Hoops LP, which runs the Memphis team, on
April 14 in Dallas.  Sued jointly, the professional basketball
teams are accused of receiving payments from Mr. Stanford and his
co-defendants between March 2006 and November 2008 totaling more
than $1.57 million, for which they didn't return equivalent value
and may have performed services that furthered the alleged fraud.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


BLUEPIX SA: Creditors' Proofs of Debt Due May 3
-----------------------------------------------
Graciela C. Sanchez, the court-appointed trustee for Bluepix SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 3, 2011.

Ms. Sanchez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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 February 6, 2012.

The Trustee can be reached at:

         Graciela C. Sanchez
         Uruguay 618
         Argentina


FUNDACION GALICIA: Asks for Bankruptcy Proceedings
--------------------------------------------------
Fundacion Galicia Saude asked for bankruptcy proceedings.

The company has defaulted on its payments last March 21.


GRUPO COR: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Gabriel Eduardo Bigal, the court-appointed trustee for Grupo Cor
Plas Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 30, 2011.

Mr. Bigal will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 24, 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:

         Gabriel Eduardo Bigal
         Juncal 1460
         Argentina


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


ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
-----------------------------------------------------------
The shareholders of Arjava Absolute Return Asia Equity (US Feeder)
Fund will hold their final meeting on May 10, 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:

         Arjava Capital Pte Ltd.
         Telephone:  6236 0643
         Fax: 6236 0640
         Blk 220B Bedok Central #10-38
         Singapore 462220


ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
-----------------------------------------------------------
The shareholders of Arjava Absolute Return Asia Equity Fund will
hold their final meeting on May 10, 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:

         Arjava Capital Pte Ltd.
         Telephone:  6236 0643
         Fax: 6236 0640
         Blk 220B Bedok Central #10-38
         Singapore 462220


ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10
-----------------------------------------------------------
The shareholders of Arjava Absolute Return Asia Equity (Feeder)
Fund will hold their final meeting on May 10, 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:

         Arjava Capital Pte Ltd.
         Telephone:  6236 0643
         Fax: 6236 0640
         Blk 220B Bedok Central #10-38
         Singapore 462220


CCP STORM: Shareholders' Final Meeting Set for May 2
----------------------------------------------------
The shareholders of CCP Storm Cat Limited will hold their final
meeting on May 2, 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


CEDEC FINANCIAL: Shareholders' Final Meeting Set for May 2
----------------------------------------------------------
The shareholders of Cedec Financial Corp. will hold their final
meeting on May 2, 2011, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Fax: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


CHINA TODAY: Shareholders' Final Meeting Set for May 16
-------------------------------------------------------
The shareholders of China Today Growth Fund will hold their final
meeting on May 16, 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:

         Mr. Xie Xuefeng
         Telephone: (852) 2185 0808
         Fax: (852) 2167 8067
         Unit 2503 25/F Low Block
         Grand Millennium Plaza
         181 Queen's Road Central
         Hong Kong


DORADA CORPORATION: Shareholders' Final Meeting Set for May 13
--------------------------------------------------------------
The shareholders of Dorada Corporation will hold their final
meeting on May 13, 2011, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Telephone: (345)949-8244
         Fax: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FISAM OFFSHORE: Shareholders' Final Meeting Set for May 16
----------------------------------------------------------
The shareholders of Fisam Offshore Fund, Ltd will hold their final
meeting on May 16, 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
         Fax: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


GOLD ARROW: Shareholders' Final Meeting Set for May 2
-----------------------------------------------------
The shareholders of Gold Arrow Capital Management (Cayman), Ltd.
will hold their final meeting on May 2, 2011, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Fax: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Fax: 345-949-7164


GREY LYNN: Shareholders' Final Meeting Set for May 13
-----------------------------------------------------
The shareholders of Grey Lynn Investments Limited will hold their
final meeting on May 13, 2011, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KAZBARGE LIMITED: Shareholders' Final Meeting Set for May 11
------------------------------------------------------------
The shareholders of Kazbarge Limited will hold their final meeting
on May 11, 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:

         Appleby Trust (Cayman) Ltd.
         Clifton House, 75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


OMNIA LTD (P64): Shareholders' Final Meeting Set for May 13
-----------------------------------------------------------
The shareholders of Omnia Ltd (P64) will hold their final meeting
on May 13, 2011, at 12:30 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OMNIA LTD (P66): Shareholders' Final Meeting Set for May 13
-----------------------------------------------------------
The shareholders of Omnia Ltd (P66) will hold their final meeting
on May 13, 2011, at 12:15 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OMNIA LTD (P71): Shareholders' Final Meeting Set for May 13
-----------------------------------------------------------
The shareholders of Omnia Ltd (P71) will hold their final meeting
on May 13, 2011, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


UNITED CAPITAL: Shareholders' Final Meeting Set for May 13
----------------------------------------------------------
The shareholders of United Capital Partners Enterprise Ltd will
hold their final meeting on May 13, 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
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Fax: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


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


ALESTRA S DE RL: Moody's Puts 'B1' Corp. Family Rating on Review
----------------------------------------------------------------
Moody's Investors Service placed Alestra, S. de R.L. de C.V.'s
(Alestra) B1 corporate family and senior unsecured debt ratings on
review for possible downgrade.

The review was prompted by the announcement of Alestra's majority
owner, Alfa acquiring AT&T Inc.'s (A2/RUR Down) 49% share of
Alestra.  Moody's action reflects the rating agency's concern
about the exit of this strategic partner and the potential
negative impact on Alestra's future revenues.

In its review, Moody's will focus on the impact on Alestra's
revenues and cash flows and the company's plans to mitigate likely
revenue losses from this transaction in light of the strong
competitive environment.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Alestra, which started operations in 1996, is a local Mexican
telecommunications company providing bundled products including
voice, data and Internet services mainly to enterprises. During
the last twelve months ending on December 31, 2010, Alestra's
revenues and adjusted EBITDA amounted to US$363 million and
US$128 million, respectively.


SATELITES MEXICANOS: Investors To Want 12% Yield on US$325MM Bonds
------------------------------------------------------------------
Moody's Investors Service says Satelites Mexicanos, S.A. de C.V.,
will sell US$325 million of five-year bonds abroad.  According to
Moody's, most of the proceeds from the new notes will be used to
repay US$238 million in outstanding first priority senior secured
debt and, along with cash on hand and cash flow from operations,
fund the final construction and launching of Satmex 8 (US$186
million).

Andres R. Martinez and Jonathan J. Levin at Bloomberg News report
that Satmex may pay the highest yield on a dollar bond offering by
a Mexican company in almost two years since Servicios Corporativos
Javer SAPI paid 13% in July 2009.  Bloomberg News relates that
Roberto Sanchez-Dahl, who oversees $1 billion of emerging-market
debt at Federated Investment Management Co., said that investors
will demand a yield as high as 12% on the overseas bonds, while a
person familiar with the terms of the sale said that Satmex is
seeking a yield of 9% to 9.5%.

                           About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories.  Satmex also
provides Latin American television programming in the United
States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex filed for Chapter 11 bankruptcy protection on April 6, 2011
(Bankr. D. Del. Case No. 11-11035).

Affiliates Alterna'TV International Corporation (Bankr. D. Del.
Case No. 11-11034) and Alterna'TV Corporation (Bankr. D. Del. Case
No. 11-11033) simultaneously filed separate Chapter 11 petitions.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel.  Lazard Freres & Co. LLC is
the Debtors' investment banker.  Ernst & Young LLP is the Debtors'
financial advisor.  Rubio Villegas & Asociados, S.C., serves as
the Debtors' special Mexican corporate and regulatory counsel.

Jefferies & Company, Inc., is the financial advisor to supporting
2nd lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting 2nd lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

The Debtors disclosed $441.6 million in total assets and
$531.6 million in total debts as of March 23, 2011.

In its schedules, Satmex disclosed $393,427,253 in total assets
and $457,699,978 in total debts.


SATELITES MEXICANOS: Moody's Puts (P) B3 Rating on Proposed Notes
-----------------------------------------------------------------
Moody's assigned a (P) B3 foreign currency corporate family
rating to Satelites Mexicanos, S.A. de C.V.  At the same time,
Moody's assigned a (P) B3 foreign currency senior secured
rating to Satmex's proposed offering of US$325 million in new
notes due 2017.  Most of the proceeds from the new notes will
be used to repay US$238 million in outstanding first priority
senior secured debt and, along with cash on hand and cash flow
from operations, fund the final construction and launching of
Satmex 8 (US$186 million).  The ratings were assigned on a
provisional basis pending the successful issuance of the proposed
notes and final documentation.  The ratings outlook is stable.

Ratings assignment

   -- Sr. Secured US$325 million global bonds due in 2017,
      Assigned (P) B3

Ratings Rationale

"The (P) B3 rating on Satmex and its global notes reflects the
company's small annual revenue size of US$129 million and high
operating risk arising from the construction and launching of a
new satellite to replace the expiring Satmex 5, which was
responsible for 39% of revenues in 2010", said Nymia Almeida,
Vice President and senior analyst at Moody's. Insurance related
to the new replacement satellite will be purchased, as per
industry practices, prior to 6 months from launching.  Mitigating
this execution risk is the fact that 1) the satellite construction
company, Loral, will be responsible for the delivery of the
satellite on time; 2) so far, Satmex 8's construction process has
evolved with no delays, in part because of the low level of
complexity of this type of satellite; and 3) if Satmex 8 is
delayed, Satmex 5 could be placed into inclined orbit to extend
its useful life and continue to generate between 70% and 80% of
current revenues.  If Satmex 8 fails upon launch, bondholders will
be repaid from insurance proceeds.

The ratings also reflect a high customer concentration risk
since, in 2010, Satmex generated 17% of its revenues from Hughes,
which has been increasing its own transponders capacity and may
gradually need less services from Satmex.  In addition, there
are competitive pressures from stronger satellite service
providers as well as from telecom operators.  Mitigating these
credit negatives is high customer switching costs and growing
demand for communications transmission services in Satmex's
footprint.  In addition, the company's strong EBITDA margins at
around 70% and adequate capital structure, with adjusted leverage
ratio estimated to reach 3.7 times in late 2011, pro-forma for the
new notes and financial restructuring, also mitigate high customer
concentration and competitive pressures.

The new notes will be senior secured and the sole debt of the
company.  The security package consists of substantially all
assets of Satmex.  The new offering is part of a financial
restructuring and will allow Satmex to repay outstanding debt
(US$238 million) and, along with cash on hand and cashflow from
operations, fund the remaining construction and launching of
Satmex 8 (US$186 million).  The restructuring consists also of
retiring US$197.9 million in second priority senior secured notes
by converting such notes to equity in a reorganized Satmex, plus
allowing such holder to participate in an equity rights offering
for up to US$96 million.  Pro forma for the new notes, Satmex's
capital structure will be composed of US$316 million in
shareholders' equity and US$325 million in debt (the proposed
notes) due in 2017.  This new funding structure provides for a
comfortable debt maturity profile as well as partially funding the
final construction and launching of Satmex 8.

Satmex's US$129 million in revenues is small compared to its
peers.  Because Satmex operates only 3 satellites, its revenues
are concentrated in a few sources and is exposed to potential
satellite malfunctions.  This risk is partially mitigated by
insurances that cover partial or total damages to two satellites.

The company's operating risk is high. Satmex has 3 satellites
(Solidaridad 2, Satmex 5 and Satmex 6) and Satmex 5's useful life
expires in late 2012.  Its replacement, Satmex 8, has been under
construction since mid 2010 and is scheduled to be launched in
August 2012.  While it is certain that Satmex 8's capacity will be
45% higher than that of Satmex 5, from now to the end of 2012
bondholders will run the risk of failure at Satmex 5. Satmex 5 is
currently insured for only US$90 million, providing for limited
resources to bondholders in case of total damage.  In addition,
bondholders will take the risk that Satmex 8 is appropriately put
into orbit and start delivering revenues upon schedule. It should
be noted that most existing Satmex 5 customers will by contract
roll over to Satmex 8 assuming a timely launch.

Long term growth prospects for the satellite industry are
favorable as broadband access needs continue to grow, which will
demand increasing transmission capacity for both broadcast and
telecommunications customers.  Particularly regarding broadband
access, governments in the region are generally committed to
providing "broadband access to all" by 2015, as per agreement with
ITU, the United Nation's agency for information and communication
technology issues (current average broadband access in Latin
America is at about 25%).  Satmex's operating footprint is also a
plus since Latin America is, and should continue to be, for the
foreseeable future, in an economic growth mode.

However, competition from larger and sometimes better capitalized
satellite service providers may suppress Satmex pricing power and
limit its cash flow generation.  For instance, Intelsat
Corporation has more than 50 satellites, of which more than 30
serve the Americas market.  SES has a fleet of 40 satellites, of
which more than 20 totally or partially serve the Americas. Other
competitors include Telesat Canada, Grupo Hispasat, Hispamar, and
Star One, owned by Embratel.  Satmex also faces competition from
land-based telecommunications service providers such as telecom
operators: fiber optic service providers can generally offer
services at a lower cost than satellite companies for point-to-
point applications.

But, because demand for data and video broadcasting is expected to
grow steadily, Satmex's main risk is that a satellite suffers
permanent damage, for which the company contracts insurances.  It
is favorable to the company that customer switching costs are high
since key clients have tens of thousands of satellite dishes
pointed at Satmex's satellites and repositioning of each dish
would result in significant costs and possible disruption of
customers' business-critical functions.  The company also has
limited geographic concentration of revenues: in 2010, revenues
were broken down by 37% from the U.S., 31% from Mexico, 25% from
South America and 7% from Central America and the Caribbean.

Pro forma for the new notes, Satmex has an adequate liquidity
profile.  When the debt and equity restructuring is completed,
which is expected to take place in May 2011, Satmex's liquidity
will be adequate with all of its debt due in the long term.
Capital expenditures required to finish the construction and
launch Satmex 8, in the amount of US$186 million across 2011 and
2012, will be funded with proceeds from the proposed notes and
Satmex cash flows.  If all goes well with the launching of Satmex
8, as expected, Satmex should be able to provide significant
EBITDA contribution in excess of current Satmex 5 EBITDA
contribution due to the incremental transponder capacity; if
delays occur, Satmex 5 could be placed in inclined orbit to
significantly extend its useful life and, together with the cash
flow generated by Satmex, provide for enough cash to pay interest
on the new Notes.

Going forward, Moody's believes that the company will choose to
accumulate cash for the construction and launching of Satmex 7,
which will replace Solidaridad 2, most probably starting in 2017.
New satellites generally cost approximately US$350 million in
design, construction, launching and insurance costs.

The stable ratings outlook is based on Moody's belief that
i) Satmex will be able to sustain current operating margins and
ii) the launching of Satmex 8 will be successful and the transfer
of customers from satellite Satmex 5 to Satmex 8 will occur within
3 months from launching and without major service or commercial
disruptions.

A ratings upgrade is expected if Satmex maintains current strong
operating performance and Satmex 8 not only operates as expected
but provides for meaningful additional revenues and EBITDA.  For
an upgrade to occur the company should be able to sustain its
competitiveness and EBITDA margins at least at current levels.

Satmex' ratings could be downgraded if any of the construction,
launching or operation of Satmex 8 fails, and the extension of
Satmex 5's useful life is not a viable alternative to sustain the
company's revenues close to current levels.

Satmex is a privately-owned Mexican satellite operator providing
fixed satellite services (standard c- and Ku-band services) to
local and international broadcasting and telecom firms as well
as to government-related entities.  Satmex operates three
satellites in geo-synchronous orbital slots allocated to Mexico,
covering 90% of the Americas population.  In 2010, the company's
revenues amounted to about US$129 million, of which fixed
satellite services represented 82%.  Moody's adjusted EBITDA
reached US$93 million, with a 72% adjusted EBITDA margin.
The company has already commenced its prepackaged Chapter 11
bankruptcy case and expects that the proposed notes, together
with the balance sheet restructuring recapitalization plan will be
approved by the court in the following weeks.  The restructuring
plan has already been accepted by the classes of creditors
representing Satmex's first priority and second priority senior
secured notes.


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


CARIAN MANAGEMENT: Wins Confirmation of Reorganization Plan
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
confirmed the Chapter 11 plan of reorganization of Carian
Management, Inc., on March 30, 2011.

According to the court-approved Disclosure Statement, the Plan
will be substantially supported by Carian Management's operations
and the possible sale or surrender of assets in payment to its
creditor Banco Popular de Puerto Rico, if necessary, to ensure its
operation.

Prior to the confirmation, Carian Management made revisions to its
restructuring plan.  A full-text copy of the Amended Plan dated
March 18, 2011, is available without charge at:

   http://bankrupt.com/misc/Cariam_AmPlanMarch18.pdf

                   About Carian Management, Inc.

Dorado, Puerto Rico-based Carian Management, Inc.'s prime business
is the ownership, maintenance and development of the real property
that it leases to its sister company, AAA Imports and other
customers.  The Company filed for Chapter 11 protection on May 13,
2010 (Bankr. D. P.R. Case No. 10-04052).  Carmen D. Torres, Esq.,
at the Law Offices of C. Conde, assists the Debtor in its
restructuring effort.  The Debtor estimated assets and debts at
US$10 million to US$50 million as of the petition date.

The Debtor's affiliate, AAA Imports, Inc., filed a separate
Chapter 11 petition on May 12, 2010.


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


CLICO INVESTMENT: Judge Says No to EFPA Policyholders Lawsuit
-------------------------------------------------------------
Curtis Rampersad at the Trinidad Express reports that Justice
David Harris has refused to handle a case involving policyholders
of Clico Investment Bank, saying that he is a policyholder of
CLICO EFPA -- high-yield financial instruments sold by CLICO up to
the time when the company collapsed in January 2009.

The Trinidad Express relates that Peter Permell-led EFPA
Policyholders Group filed on April 19, 2011, an application for an
order adding the group as a claimant in the matter between Clico
and EFPA policyholders Percey Farrell, Marina Inalsingh, Prof
Gordon Rohlehr, David Dayal and Michael Alexander, who are
opposing Finance Minister Winston Dookeran's bailout plan for
CLICO policyholders.

The Trinidad Express says that the EFPA Policyholders Group are
represented by attorneys Avory Sinanan SC, Lynette Seebaran Suite,
Ekta Rampersad and Sydelle Johnson.

Clico Investment Bank is owned and managed by CL Financial, a
privately held conglomerate in Trinidad and Tobago.

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.


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


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

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 * * *