TCRLA_Public/110429.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

             Friday, April 29, 2011, Vol. 12, No. 84

                            Headlines



B E R M U D A

GLOBAL CROSSING: UK Subsidiary Incurs GBP6.95MM Net Loss in 2010


B R A Z I L

GENERAL SHOPPING: Reopening Notes Carry Fitch's 'BB-' Rating
MARFRIG HOLDINGS: S&P Puts 'B+' to US$500 Million Sr. Unsec. Notes
MARFRIG HOLDINGS: Fitch Puts 'B+/RR4' to US$500MM Sr. Unsec. Notes


C A Y M A N   I S L A N D S

ALCHEMIST LIMITED: Placed Under Voluntary Wind-Up
BIOKO INVESTMENTS: Creditors' Proofs of Debt Due May 10
CASUAR LIMITED: Placed Under Voluntary Wind-Up
CREP INVESTMENT: Creditors' Proofs of Debt Due May 26
DIVERSIFIED SECURITIES: Placed Under Voluntary Wind-Up

FONTAINE TRADING: Placed Under Voluntary Wind-Up
HALLMEYER HOLDINGS: Creditors' Proofs of Debt Due May 18
INFORUM NO. 2: Placed Under Voluntary Wind-Up
INTERNATIONAL CORPORATION: Placed Under Voluntary Wind-Up
JHETA INTERNATIONAL: Placed Under Voluntary Wind-Up

JOHNSTON RE: S&P Assigns 'BB-' Ratings on Class A and B Notes
KEVINGTON LIMITED: Placed Under Voluntary Wind-Up
MSR ASIA: Creditors' Proofs of Debt Due May 17
PIKE PLACE: Creditors' Proofs of Debt Due May 18
PLYMOUTH REALTY: Placed Under Voluntary Wind-Up

PURPLE EAGLE: Creditors' Proofs of Debt Due May 24
Q.D.M. LTD: Placed Under Voluntary Wind-Up
RISTORANTE SAVONA: Placed Under Voluntary Wind-Up


J A M A I C A

AIR JAMAICA: Final Signing With Caribbean Airline Delayed
JAMAICAN PEGASUS: BITU Seeks to Save Jobs Pending Closure


M E X I C O

ALESTRA S: Fitch Affirms BB- Currency Issuer Default Ratings


P E R U

INTERBANK: Fitch Affirms Junior Subordinated Debt at 'BB'


P U E R T O  R I C O

FIRSTBANK PUERTO RICO: Moody's Downgrades Long-Term Deposits to B3


T U R K S  &  C A I C O S

* TURKS & CAICOS: Completes Bond Sale to Help Tackle Crisis




                            - - - - -


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B E R M U D A
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GLOBAL CROSSING: UK Subsidiary Incurs GBP6.95MM Net Loss in 2010
----------------------------------------------------------------
Global Crossing Limited announced fourth-quarter and full-year
2010 results for its subsidiary, Global Crossing (UK)
Telecommunications Limited.

Global Crossing (UK) reported net loss for the period of
GBP1.93 million on GBP82.80 million of revenue for the three
months ended Dec. 31, 2010, compared with a net loss for the
period of GBP1.56 million on GBP78.12 million of revenue for the
same period during the prior year.  The Company also reported a
net loss for the period of GBP6.95 million on GBP314.01 million of
revenue for the year ended Dec. 31, 2010, compared with net profit
for the period of GBP4.66 million on GBP308.86 million of revenue
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed GBP288.02
million in total assets, GBP508.38 million in total liabilities
and a GBP220.36 million in total deficit.

"GCUK reported solid results in 2010, with an increase of three
percent year over year in GCUK's 'Invest and Grow' revenue," said
John Legere, Global Crossing's chief executive officer.  "We
continue to position the business strategically for long-term
growth through investments in sales resources and enhanced
capabilities to deliver value-added IP, Ethernet, data center and
managed solutions."

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

The Company's balance sheet at Dec. 31, 2010 showed US$2.31
billion in total assets, US$2.79 billion in total liabilities and
US$477 million in total stockholders' deficit.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

                           *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.  S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.


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


GENERAL SHOPPING: Reopening Notes Carry Fitch's 'BB-' Rating
------------------------------------------------------------
General Shopping Brasil S.A. has announced the reopening of its
perpetual notes.  The reopening will carry the same rating as the
original deal at 'BB-'.  Proceeds from the add-on issuance of up
to US$50 million perpetual notes will be used primarily to fund
additional developments recently incorporated in the company's
capex plan.

Fitch Ratings currently rates GSB and its wholly owned subsidiary
General Shopping Finance Limited (GSF):

General Shopping Brasil S.A. (GSB):

   -- Foreign currency Issuer Default Rating (IDR) 'BB-';

   -- Local currency IDR 'BB-';

   -- National scale ratings 'A-(bra)'.

General Shopping Finance Limited (GSF):

   -- Foreign currency Issuer Default Rating (IDR) 'BB-'.

GSF is the issuer of the proposed add-on issuance, which are
irrevocably and unconditionally guaranteed by GSB and all of its
operating subsidiaries.

The Rating Outlook is Stable.

The ratings reflect GSB's business position as one of the largest
shopping center operators in Brazil's southeastern and southern
regions with participation in 13 shopping centers, stable and
predictable cash flow generation, and positive macro economic
environment.  The ratings also incorporate the company's
diversified tenant base, large pool of unencumbered assets, a
comfortable debt payment schedule and low working capital
requirements with leases responsible for most maintenance
expenses.

GSB's current capex plan will be funded primarily with the debt
issuance of perpetuals including the proposed transaction; free
cash flow is expected to be negative during the next two years,
ended in December 2012. GSB's rating incorporates the risk of
completion delays and leasing of new developments, as well as
limited geographical and revenue diversification.  Leverage will
increase as the company carries out its capex plan.

The Stable Outlook reflects Fitch's expectation that GSB will
continue to deliver positive operating results based on its solid
regional market position and the quality of its assets.  GSB is
expected to complete its capex plans, as scheduled during 2011,
2012, and 1Q'13 without a further increase in the company's total
debt, and that the company will maintain a solid liquidity going
forward.

Strong Business Fundamentals:

GSB is expected to continue to benefit from the strong industry
fundamentals as a result of a positive macroeconomic environment
coupled with a limited supply of leasable shopping areas.
Brazil's favorable economic environment during the last few years
has led to an increase in disposable income per capita, which in
turn has led to an increase in retail sales at a higher rate than
Brazil's inflation rate and GDP growth.  After growing 7.5% in
2010, the Brazilian economy is forecast to post growth rates of 4%
and 4.5% during 2011 and 2012, respectively.  The company's net
operating income (NOI) during 2009 and 2010 was BRL85.6 million
and BRL100.6 million, respectively, and NOI is expected to be
around BRL120 million in fiscal 2011.

Solid Regional Market Position:

GSB is a strong regional player, and its operations are primarily
located in Brazil's southeastern and southern regions.  GSB is
particularly well positioned in the Sao Paulo State, an area that
represents approximately 31% and 33% of Brazil's GDP and retail
market, respectively.  The company is the market leader in the
city of Sao Paulo with owned gross leasable area (GLA) of 168,597
square meters (m2), which represents about 89% of the company's
total owned GLA (190,100 m2).

The company's business position is sustainable in the near to
medium term due to the location of its high quality assets, well-
distributed tenant portfolio, and stable cash-flow generation.
The company is the fifth largest Brazilian shopping center
operator in terms of GLA with 225,399 square meters (m2) and
190,100 m2 of total GLA and owned GLA, respectively, at the end of
December 2010.  The company's mall portfolio serves middle-class
customers.

Stable and Predictable Results:

GSB's stable revenue stream is derived from its lease portfolio
and the sound credit profile of its main tenants.  The lease
revenues are predominately fixed in nature and provide for the
pass-through of ongoing maintenance and operating expenses for the
company's properties, which lowers business risk.  The company's
revenues for the fiscal years ending 2008, 2009, and 2010 were
BRL87 million, BRL101 million, and BRL116 million, respectively.
The company's lease portfolio has an adequate maturity profile
with staggered expirations of 5.9% and 2.9% of company's rental
income expiring in the next 12 and 24 months, respectively; about
of 34.5% of the company's rental income contracts have expiration
dates over the next 24-48 months, and 56.6% of the portfolio
expires beyond 48 months.

GSB's revenue structure is mostly based on rentals, which
represent about of 80% total gross revenues, making the company's
revenues very predictable.  The other significant component in the
company's revenue structure includes the proceeds from services,
which represent about of 20% of total gross revenues.  GSB has low
tenant concentration risk.  GSB's 20 largest tenants occupy a
total area of 53 thousand m2, which represents approximately 28%
and 9.7% of GSB's total area and total net revenue, respectively.
No single tenant represents more than 1% of total revenue.

Positive Trend in Operating Metrics to Continue:

GSB's recent operational performance reflects the quality of its
portfolio, evidenced by the high level of occupancy, positive
trending revenues per m2 and increasing lease spreads.  The
company has consistently reached occupancy levels between 95% and
96% during the last three years.  The company's occupancy rate for
2009 and 2010 reached levels of 95.8% and 96%, respectively.  Same
store rent (SSR) growth continued a positive trend resulting in a
minimum rent increase of 7.3% during 2010 versus the previous
year. GSB's tenant consolidated sales volumes totaled BRL1.285
million and BRL1.639 million during 2009 and 2010, respectively,
representing an annual increase of 27.5% for 2010.

Aggressive Capex & Negative Free Cash Flow:

GSB is currently implementing an aggressive capex plan with
several greenfield and expansion projects, which are expected to
be funded by the new debt.  GSB is expected to reach capex levels
of around BRL199 million and BRL144 million, and BRL42 million
during 2011 2012, and 1Q'13, respectively, which will negatively
affect its leverage and free cash flow generation.  The company's
capex plan has been updated and it is considering the increase in
its GLA from current level of 225 thousand m2 to 270 thousand m2 ,
324.5 thousand m2, and 352.5 thousand m2 by the end of 2011, 2012,
and, 1Q'13, respectively.

The company's greenfield projects are Barueri, Sulacap, and
Outlet, which will add 37 thousand m2, 32 thousand m2, and 16.5
thousand m2, respectively.  Barueri is expected to start
operations during 4Q'11, while Sulacap and Outlet projects are
both expected to start their operations during 2Q'12. In terms of
expansion projects, the company expects to add 8 thousand m2 and 8
thousand m2 to both the Unimart and the Prudente expansions, which
are expected to be finished during 4Q'11 and 2Q'12, respectively.

The company's net capex for the next two years ended in March 2013
is estimated to be around BRL325 million, as in 2010 the company
sold a 48% stake in the Barueri project to a private equity firm
while maintaining the management of the shopping center.  The
company's FCF was positive for 2010 at around BRL32.2 million;
driven by BRL50.3 million in cash flow from operations (CFFO),
BRL18.1 million in capital expenditures (capex), and no dividends
being distributed, which positively compares with negative FCF
reached during 2009 at BRL2.8 million.  FCF calculation considers
CFFO less capex and distributed dividends.  The company's FCF is
expected to be negative during 2011 and 2012, driven primarily by
capex levels.

Cash Flow Generation Continues to Grow:

GSB's cash flow generation, as measured by Adjusted EBITDA, has
continued to improve during the last several years.  The company's
Adjusted EBITDA for 2010 was BRL81.7 million, which positively
compares with its Adjusted EBITDA levels of BRL74 million, BRL64
million, and BRL37 million in 2009, 2008 and 2007, respectively.
In addition, the company's Adjusted EBITDA margins have remained
stable, reaching levels of 72%, 74%, 73%, and 70% during years
2007, 2008, 2009 and 2010, respectively. GSB is expected to reach
EBITDA levels of approximately BRL100 million during 2011.  The
expected improvement in the company's cash flow generation is
highly dependent on its capacity to execute its capex plan as
scheduled.  Delays in the execution of the company's capex could
pressure ratings.

Total Debt to Increase, Net Leverage Stable:

GSB will increase its total debt level to fund capex. By the end
of December 2010, the company's total debt was BRL668 million, and
it was BRL322 million and BRL505 million by the end of December
2009 and December 2008, respectively.  By the end of December
2010, GSB's debt was composed of recently issued perpetual bonds
(BRL326.6 millions), Real Estate Credit Notes (BRL320.9 million)
and loans with local banks (BRL21.2 million).  The company does
not maintain any off-balance debt associated with operating leases
obligations.  Considering GSB's cash position of BRL334 million,
the company's net debt was BRL335 million by the end of December
2010.  The company's net leverage, as measured by total net
debt/EBITDA, was 4.1 times (x) by the end of December 2010, while
it was 4.2x and 6.4x at the end of December 2009 and December
2008, respectively.  The company's net leverage is expected to be
around 4.5x during 2011, which includes the reduction of
approximately BRL110 million in the company's secured debt and
loans occurred during 1Q'11.

Liquidity Solid Following Offering:

GSB's liquidity has fluctuated in the past, which reflects the
company's negative free cash flow generation during the 2007-2008
period and the low levels of cash flow generation relative to its
capex levels during 2009 and 2010.  The company's cash position
(BRL18 million) at September 2010 represented 0.5x the company's
short-term debt (BRL38 million at September 2010).  The company
has recently rebuilt its cash position, GSB liquidity has improved
with the proceeds from the perpetual bonds (US$200 million) issued
during the 4Q'10, reaching a cash position of BRL334 million by
December 2010.  The company's liquidity should further improve
with the proposed transaction.  The ratings incorporate the
expectation that the GSB will maintain solid liquidity with
expected cash levels of approximately BRL214 million by the end of
2011.

Manageable Debt Schedule:

GSB manageable debt maturity schedule is positive.  The company's
financial strategy is to issue perpetual bonds for an outstanding
amount of approximately US$250 million, which includes the US$50
million proposed reopening transaction, to payoff short-term debt
(BRL110 million approximately occurred in 1Q'11), fund its net
capital expenditures of approximately BRL325 million during the
next two years ending in March 2013, and improve its liquidity.
On a pro forma basis, the company's debt amortization principal
payments for 2011 and 2012 would be around BRL9.2 million and
BRL12.1 million, respectively, representing 1.6% and 2.1% of the
company's total debt.

Good Level of Unencumbered Assets:

The company maintains good levels of unencumbered assets; by the
end of December 2010 approximately 60% of the company's owned GLA
(123 thousand m2) supports its secured debt of BRL320.9 million.
The company maintains 67 thousand m2 available and free of any
lien that it could use in the future to access liquidity.  In
addition, during the 1Q'11, the company paid-off approximately
BRL110 million of its secured debt and loans, increasing its level
of unencumbered assets to approximately 108 thousand m2 or 57% of
its total GLA.

Key rating drivers include the development of the Brazilian
macroeconomic environment in which GSB operates, its operating
metrics (vacancy and delinquency rates, property income, and lease
spreads), successful completion of its capex plan, and its ability
to maintain adequate liquidity.


MARFRIG HOLDINGS: S&P Puts 'B+' to US$500 Million Sr. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
rating to the senior unsecured, unsubordinated bonds to be issued
by Marfrig Holdings Europe B.V. in the amount of US$500 million
maturing in 2018 (seven-year tenor).  The rating on the issue
reflects the credit quality of Brazil-based Marfrig Alimentos S.A.
(Marfrig; B+/Stable), which will irrevocably and unconditionally
guarantee the bonds.

"We expect the debt issuance to help Marfrig improve its financial
profile, reducing short-term refinancing risks and extending its
debt maturity schedule.  We believe the company will use part of
the proceeds to pay down short-term and more expensive debt," S&P
stated.

"We assess Marfrig's business risk profile as fair, which reflects
the company's sizable scale of operations and its business and
geographic diversification.  Marfrig's growth, which the company
achieved mainly through several sizable acquisitions, has
leveraged its financial ratios and has thus led us to assess
Marfrig's financial profile as highly leveraged," S&P related.

Ratings List
Marfrig Alimentos S.A.
Corporate credit rating     B+/Stable

New Rating

Marfrig Holdings Europe B.V.
US$500 mil sr unsec           B+


MARFRIG HOLDINGS: Fitch Puts 'B+/RR4' to US$500MM Sr. Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to Marfrig's proposed
US$500 million senior unsecured notes due 2018 to be issued by
Marfrig Holdings (Europe) BV.  These notes will be unconditionally
guaranteed by Marfrig Alimentos S.A. (Marfrig), Marfrig Overseas
Ltd and several other subsidiaries.  Proceeds are expected to be
used to refinance debt maturities in 2011 and 2012 and to support
the organic growth of the company.

In conjunction with this rating action, Fitch has assigned a 'B+'
foreign currency Issuer Default Rating (IDR) to Marfrig Holdings
(Europe) BV, which is a holding company wholly-owned by Marfrig
and incorporated in the Netherlands.  The ratings of Marfrig
Holdings (Europe) BV have been directly linked to that of its
parent company Marfrig through Fitch's parent and subsidiary
methodology.  Simultaneously, Fitch has also assigned a 'B+'
foreign currency IDR to Marfrig Overseas Ltd, the issuer of
Marfrig's previously issued notes due in 2016 and 2020.

Fitch currently rates Marfrig:

Marfrig Alimentos S.A.

   -- Local currency IDR 'B+';

   -- Foreign currency IDR 'B+';

   -- National scale rating 'BBB+(bra)';

   -- BRL 300 million 3rd debentures issue (1-st
      tranche)'BBB+(bra)';

   -- BRL 300 million 3rd debentures issue (2-nd
      tranche)'BBB+(bra)'.

Marfrig Overseas Ltd

   -- US$375 million senior unsecured notes due 2016 'B+/RR4';

   -- US$500 million senior unsecured notes due 2020 at 'B+/RR4'.

The Rating Outlook for all those ratings is Stable.

The ratings are supported by Marfrig's strong business position,
as one of the largest producers and exporters of beef, poultry,
and pork in Brazil.  The ratings take into consideration the
volatility of protein prices and profit margins due to factors
beyond the company's control.  Further factored into the 'B+'
ratings are the company's aggressive growth strategy and high
leverage.

Leverage Remains High But Should Decline During 2011:

As of Dec. 31, 2010, Marfrig had BRL 10.6 billion (US$6 billion)
of total debt and BRL3.9 billion (US$2.3 billion) of cash and
marketable securities.  Approximately BRL3.4 billion of the
company's debt falls due during 2011.  Marfrig intends to use
about 75% of the proceeds from the proposed bond offering to repay
some short-term debt. During 2010, the company generated BRL1.5
billion (US$895 million) of EBITDA.  On a pro-forma basis,
including the Keystone acquisition, the EBITDA for 2010 would have
been BRL1.7 billion (US$1 billion).  The pro-forma gross leverage
ratio for Marfrig was 6.2 times (x) during 2010, while pro-forma
net leverage ratio was 3.9x.  The company's leverage ratios should
improve within the next 18 months due to: higher capacity
utilization, a more favorable moment in the beef cycle, increases
in market share in Brazil, plus synergies from prior acquisitions.

Fitch's treats BRL2.5 billion of convertible securities associated
with the Keystone acquisition as equity due to the unique features
that prevent the principal from ever being repaid in cash.

Growth Strategy Affects Cash Flow:

The 'B+' ratings continue to reflect the company's aggressive
growth strategy.  This strategy, which is primarily based upon
acquisitions, has been financed with a mix of debt and equity. It
has led to increasing working capital requirements and has
resulted in negative free cash flow generation over the past few
years.

During 2010, Marfrig's direct capital expenditures totaled BRL1.1
billion, resulting in a negative free cash flow (FCF) of BRL1.1
billion.  Fitch projects an improvement in Marfrig's FCF
generation as the company integrates acquisitions and improves
working capital management.  Nevertheless, FCF is expected to
continue to remain weak, most likely negative or neutral in 2011.

Strong Business Profile Partially Mitigates Industry Risks:

Marfrig's ratings are supported by the company's position as one
of Brazil's largest producers and exporters of beef, poultry and
pork.  The company's activities are evenly distributed between the
domestic market and export sales with a more diversified business
profile than most of its peers.  During 2010, Marfrig became the
second largest provider of processed and specialty pork and
poultry products in Brazil.

The ratings take into consideration the volatility of the prices
for proteins.  Prices and margins in the animal protein markets
are vulnerable to domestic and international supply and demand
imbalances resulting from such factors as disease and weather
conditions, global economic growth, changes in consumption habits,
government-imposed sanitary and trade restrictions, and
competitive pressures from other Brazilian or international
producers and exporters.

Key Rating Drivers:

Marfrig's rating could be positively affected by some combination
of these: a significant decrease in leverage, generation of
positive FCF, reduction of the company's reliance upon short-term
debt, further revenue diversification, and the lifting of
Brazilian beef sanitary restrictions by more countries.  A rating
downgrade could be triggered by a rise in the company's total debt
credit ratios, a low level of cash liquidity, an inability to roll
over short-term credit lines, a continuation of negative FCF
generation and/or a significant deterioration of operations due to
trade restrictions or sanitary outbreaks.


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


ALCHEMIST LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on March 8, 2011, the
shareholders of Alchemist Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BIOKO INVESTMENTS: Creditors' Proofs of Debt Due May 10
-------------------------------------------------------
The creditors of Bioko Investments LDC are required to file their
proofs of debt by May 10, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71, Road Town
         Tortola, B.V.I.
         c/o Philip C Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


CASUAR LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on March 25, 2011, the
shareholders of Casuar Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
April 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CREP INVESTMENT: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------
The creditors of Crep Investment H Cayman are required to file
their proofs of debt by May 26, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 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


DIVERSIFIED SECURITIES: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on March 30, 2011, the
shareholders of Diversified Securities Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


FONTAINE TRADING: Placed Under Voluntary Wind-Up
------------------------------------------------
On April 5, 2011, the sole shareholder of Fontaine Trading Ltd.
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by May 2011,
to be included in the company's dividend distribution.

The company's liquidator is:

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


HALLMEYER HOLDINGS: Creditors' Proofs of Debt Due May 18
--------------------------------------------------------
The creditors of Hallmeyer Holdings Limited are required to file
their proofs of debt by May 18, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Christopher D. Johnson
         c/o Jill Zadny
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         P.O. Box 2499, Grand Cayman KY1-1104
         Cayman Islands


INFORUM NO. 2: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 11, 2011, the shareholder of Inforum No. 2 Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


INTERNATIONAL CORPORATION: Placed Under Voluntary Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on March 30, 2011, the
shareholders of International Corporation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


JHETA INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on March 8, 2011, the
shareholders of Jheta International Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JOHNSTON RE: S&P Assigns 'BB-' Ratings on Class A and B Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'BB-' ratings on the Series 2011-1 Class A and B notes
to be issued by Johnston Re Ltd.

Johnston Re is a special-purpose Cayman Islands exempted company
licensed as a Class B insurer in the Cayman Islands.  HSBC Bank
(Cayman) Ltd., as share trustee, holds all of Johnston Re's issued
and outstanding shares in trust for charitable or similar
purposes.

The ceding reinsurer will be Munich Reinsurance America Inc.
(Munich Re America; AA-/Stable/--).  Munich Re America will be
responsible for the premium payments due under the retrocession
agreement in place between Munich Re America and Johnston Re.
Johnston Re will cover losses on a per-occurrence basis due to
hurricanes.

Covered losses will not be directly linked to Munich Re America's
exposure in the covered area (North Carolina), rather they will be
based on the losses of the North Carolina Joint Underwriters Assn.
(NCJUA) and the North Carolina Insurance Underwriters Assn.
(NCIUA).

Ratings List

Preliminary Ratings Assigned

Johnston Re Ltd.
Series 2011-1 Class A Notes       BB-(prelim)
Series 2011-1 Class B Notes       BB-(prelim)


KEVINGTON LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on March 16, 2011, the
shareholders of Kevington Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MSR ASIA: Creditors' Proofs of Debt Due May 17
----------------------------------------------
The creditors of MSR Asia Acquisitions V, Inc. are required to
file their proofs of debt by May 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2011.

The company's liquidator is:

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


PIKE PLACE: Creditors' Proofs of Debt Due May 18
------------------------------------------------
The creditors of Pike Place Capital Offshore, Ltd. are required to
file their proofs of debt by May 18, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2011.

The company's liquidator is:

         Ogier
         c/o Catherine Pham
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PLYMOUTH REALTY: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on March 30, 2011, the
shareholders of Plymouth Realty Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


PURPLE EAGLE: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
The creditors of Purple Eagle Limited are required to file their
proofs of debt by May 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 6, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         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


Q.D.M. LTD: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on March 30, 2011, the
shareholders of Q.D.M. Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


RISTORANTE SAVONA: Placed Under Voluntary Wind-Up
-------------------------------------------------
On March 24, 2011, the sole shareholder of Ristorante Savona Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 24, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


AIR JAMAICA: Final Signing With Caribbean Airline Delayed
---------------------------------------------------------
Vernon Khelawan at Trinidad and Tobago Newsday reports that final
signing of the document which would consummate the Caribbean
Airlines Limited /Air Jamaica Limited deal has been postponed
following high level discussions with officials of both Jamaica
and Trinidad and Tobago.

Final date for the signing is on April 30, 2011.

Sources said all the legal paperwork has not as yet been completed
and as a result, an agreement has to be negotiated with the
government of Jamaica for a postponement at least until May 15,
according to T&T Newsday.

The report notes that CAL Chairman George Nicholas III has been
trying to secure the services of eminent Caribbean jurist Fenton
Ramsahoye as part of the legal team to complete the transaction
but the board is yet to meet on this issue.  T&T Newsday relates
that Mr. Nicholas was trying to bring English QC Andrew Mitchell
on board at first but this was snagged when several members of the
board opposed the move and the chairman was forced to abandon that
course of action.

The report discloses that cabinet has now given permission for the
board to meet for the sole purpose of completing the CAL-JM deal.

Meanwhile, T&T Newsday says that losses on the so-called
"profitable routes" of Air Jamaica continue to mount and with the
added Air Jamaica aircraft, the fuel subsidy allowed to CAL now
also covers aircraft used on the JM services between Kingston and
Montego Bay to the U.S. and Canada.
According to reliable sources the losses have surpassed the
US$49.2 million in equity put in by the Trinidad and Tobago
government last year, the report adds.

                       About Air Jamaica

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.


JAMAICAN PEGASUS: BITU Seeks to Save Jobs Pending Closure
---------------------------------------------------------
RJR News reports that the Bustamante Industrial Trade Union (BITU)
has come up with proposals which could help to save jobs at the
Jamaica Pegasus Hotel.

The hotel is to carry out a redundancy exercise ahead of its
closure for major refurbishing, according to RJR News.  The report
relates that about 300 workers will lose their jobs.

RJR News notes that the union has requested a meeting to discuss
suggestions which it believes will reduce the need to send the
workers to the unemployment line.


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


ALESTRA S: Fitch Affirms BB- Currency Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Alestra, S. de R.L. de C.V.'s (Alestra)
ratings following the announcement by Grupo Alfa S.A.B. de C.V.
(Alfa)that it would acquire the remaining 49% stake in Alestra it
does not already own from AT&T for an undisclosed amount.

The rating actions reflect Fitch's view that Alestra's financial
profile should not materially change following the closing of the
transaction and that potential revenue loss associated with the
AT&T Global Network Agreement (AGN) services should be at least
partially offset by growth in value added services (VAS). In
addition, the company's business and financial strategy are
expected to remain unchanged under the full control of Alfa. Fitch
estimates the amount paid by Alfa to AT&T should not be material
to Alfa and expects it to be paid with cash balances.

The AGN agreement is expected to remain in the short term within
Alestra. AT&T should take the business relationship with its
multi-national customers, and Alestra will provide the
infrastructure for delivering these types of services. Fitch
expects that revenue and cash flow declines associated with no
longer providing the end-to-end service of the AGN agreement
should at least be partially offset with growth in VAS. In the
medium-to-long term, as in the past, Alestra will continue to
compete with carriers to provide the infrastructure required by
AT&T to deliver the AGN services.

Leverage Expected to Remain Stable

Alestra's total debt to EBITDA should remain within current levels
of 2.0 times (x) after the transaction is completed. In Fitch's
opinion, Alestra has sufficient cash flow generation and cash
balances to maintain leverage within current levels considering a
potential gradual migration of AT&T services that are delivered
through Alestra's network to other networks. The ratings continue
to incorporate total debt to EBITDA below 2.5x in the long term. A
sustained gross leverage increase above 2.5x over time would
negatively affect credit quality and could result in a downgrade.

Value added services should continue growing in 2011 as long
distance is expected to continue declining as a percentage of
total revenues due to business fundamental trends as competition
remains strong and price pressure continues. Fitch estimates that
for year-end 2010, approximately 80% of revenues and 88% of EBITDA
was generated by value added services. Potential migration of the
AGN services agreement to other networks should be gradual if AT&T
elects to do so and can be manageable from a credit perspective.
While it is estimated that these services amount to approximately
20% of revenues and slightly more than 20% of consolidated EBITDA,
Alestra is expected to initiate efforts to retain AT&T as a
customer.

Alestra's credit quality is supported by the company's continued
stable operating performance, moderate leverage, a manageable debt
maturity profile, lower business risk and stable cash flow
generation. The ratings reflect its position as a niche service
provider, its small scale, advanced network infrastructure,
moderate regulatory risk and sound financial profile. Conversely,
the ratings are tempered by the currency mismatch between debt and
cash flows, challenges in the long distance market and competition
in data, Internet and local services (DILS or value added
services). Lower business risk has resulted as a consequence of
management's strategy to grow DILS and the company's focus on
corporate customers, which provides stability for cash flow as the
competitive environment is less intense than the residential
market.

Fitch affirms these:

   -- Local currency Issuer Default Rating (IDR) at 'BB-;

   -- Foreign currency IDR at 'BB-';

   -- Senior Notes due 2014 at 'BB-';

The Rating Outlook is Stable.


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


INTERBANK: Fitch Affirms Junior Subordinated Debt at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional del Peru's
(Interbank) ratings:

   -- Foreign currency long-term Issuer Default Rating (IDR) at
      'BBB-';

   -- Foreign currency short-term IDR at "F3';

   -- Local currency long-term IDR at 'BBB-';

   -- Local currency short-term IDR at "F3';

   -- Individual rating at 'C';

   -- Support rating at '3';

   -- Support Floor at 'BB';

   -- Senior Unsecured Debt at 'BBB-';

   -- Junior Subordinated Debt at 'BB'.

The Rating Outlook is revised to Positive from Stable.

The affirmation of Interbank's ratings reflect its sound retail
franchise, focused strategy, good asset quality, adequate capital
and reserves, improved liquidity and solid performance through the
global crisis.  However, Fitch's view toward the ratings of
Interbank is tempered by deposit concentration, expected pressure
on margins, and the risk profile of its rapidly growing loan
portfolio and the potential impact of its maturation on credit
quality.

Interbank's Rating Outlook was revised to Positive given its solid
performance through the crisis that saw the bank gain market share
and consolidate as a top player in the retail segment while
expanding in the corporate market.  The ratings could be upgraded
if Interbank is able to sustain its current performance while
sufficiently managing the credit quality of its rapidly growing
loan portfolio, as well as maintain capital and reserve coverage
at suitable levels for a bank with its risk profile.

The bank's support floor is indicative of its systemic importance.
Being the second largest Peruvian controlled bank, Fitch believes
that there would be a strong propensity for support from the
government, should it be required.  Peru's ability to provide such
support is deemed moderate and reflected in its 'BBB-' sovereign
rating.

Interbank's performance in 2010 was driven by solid loan growth
and strong margins that along with growing non-interest revenues,
propelled net income to record highs in spite of higher operating
expenses and credit cost.  The bank's strong growth momentum --
which showed resilience through the crisis -- accelerated during
2010 in line with the economy and benefited from declining funding
costs that underpinned margins.  Operating expenses increased as
the bank's expansion continued and even though credit cost
increased, overall efficiency stabilized and profitability
improved to an return on average assets (ROAA) of 2.9% and a
return on average equity (ROAE) of 34% at December 2010.  Deposits
are wide-based albeit carrying a somewhat higher cost than those
of its competitors and being more concentrated.  Asset quality
stabilized and remains better than that of its specialized peers
and adequately covered by reserves.  Capital ratios improved and
stood above the industry average and are expected to remain fairly
stable in the medium term.

Interbank's loan portfolio is expected to maintain a similar
growth track into 2012 in spite of the anticipated elections
hiccup.  Loan volumes are expected to grow 15%-20% and should
compensate for the expected increase in interest rates that should
pressure margins by the second half of 2011 despite continued
growth in the retail segment.  Non-interest revenues should
continue growing as the bank exploits its cross-selling
opportunities while operating costs are expected to continue
growing at a slower pace than revenues; on the other hand, loan
loss provisions should continue to grow moderately; hence,
profitability should continue to compare well to its peers -- with
an ROAA around 2.5% and an ROAE comfortably above 20% -- thus
sustaining adequate capital levels.

Interbank is a medium-sized Peruvian bank, fourth in a highly
concentrated market with a market share of about 11% by assets.
The first universal bank to massively invest in retail banking,
Interbank is a top contender in each retail segment and boasts the
country's largest ATM network.  Interbank is controlled by a well-
regarded local group.


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


FIRSTBANK PUERTO RICO: Moody's Downgrades Long-Term Deposits to B3
------------------------------------------------------------------
Moody's Investors Service downgraded the long-term ratings of
FirstBank Puerto Rico (FirstBank; long-term deposits to B3 from
B2, senior unsecured to Caa2 from B3).  FirstBank's unsupported
bank financial strength rating (BFSR) was confirmed at E+.
FirstBank is the primary operating subsidiary of First BanCorp,
which is unrated.  The rating outlook on FirstBank is negative.
This concludes Moody's review that commenced on June 4, 2010.

RATINGS RATIONALE

The downgrade reflects Moody's view that FirstBank's continued
high level of problem assets as reflected in its recently filed
10-K limit its prospects for a return to profitability.  This, in
turn, in Moody's opinion, impedes its ability to attract new
equity to address its required capital ratios as stipulated in the
Regulatory Agreement entered into with the FDIC and the Office of
the Commissioner of Financial Institutions of Puerto Rico on
July 2, 2010.

The long-term deposit rating of B3 reflects the rating agency's
opinion that even if the bank were to ultimately be resolved,
domestic depositors are not likely to incur losses.  The senior
unsecured rating of Caa2, two notches lower than the deposit
rating, reflects the greater loss severity for this class of
creditors in the event the bank is resolved.

The negative outlook reflects the company's significant level of
problem assets in a very challenged market where trends are likely
to remain weak at least throughout 2011.  A further downgrade
could result if trends in FirstBank's asset quality deteriorate
beyond Moody's expectations and Moody's analysis indicates a
greater likelihood of losses for creditors.

First BanCorp's tangible common equity capital position further
weakened with the fourth quarter 2010 loss of US$251.4 million,
which included a US$93.7 million valuation allowance against the
majority of its remaining deferred tax asset.  As of December 31,
2010, the Bank had not reached the capital ratios it is required
to attain of Tier 1 leverage of 8%, Tier 1 risk-based of 10% and
Total risk-based of 12% set forth under the Regulatory Agreement.

While Moody's notes the steps the company is taking to attain its
required capital ratios, namely deleveraging its balance sheet, in
the rating agency's opinion, First BanCorp will continue to incur
sizable credit costs in its commercial real estate and C&I
portfolios.  These credit costs, combined with the company's
inability to recognize tax benefits on losses due to the valuation
allowance against its deferred tax asset, will continue to weaken
capital ratios.

The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology published in
February 2007 and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

First BanCorp headquartered in San Juan, Puerto Rico, reported
total assets of US$15.6 billion at December 31, 2010

Downgrades:

   Issuer: FirstBank Puerto Rico

   -- Issuer Rating, Downgraded to Caa2 from B3

   -- OSO Senior Unsecured OSO Rating, Downgraded to Caa2 from B3

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
      from B3

   -- Senior Unsecured Deposit Rating, Downgraded to B3 from B2

Outlook Actions:

   Issuer: FirstBank Puerto Rico

   -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

   Issuer: FirstBank Puerto Rico

   -- Bank Financial Strength Rating, Confirmed at E+


=========================
T U R K S  &  C A I C O S
=========================


* TURKS & CAICOS: Completes Bond Sale to Help Tackle Crisis
-----------------------------------------------------------
Bloomberg News reports that the Turks and Caicos Islands completed
a roughly US$280 million bond sale that officials said aims to
help the British dependency tackle a fiscal crisis.

The Caribbean islands' London-appointed governor said the sale
"buys us the time we need to tackle the dire fiscal legacy"
inherited by his interim administration, according to Bloomberg.

Bloomberg notes Britain imposed direct rule on Turks and Caicos in
August 2009 after a probe into allegations that local leaders
misused public money and profited from the sale of government-
owned land.  Bloomberg relates the local government and
legislature were suspended.

Bloomberg says Gov. Gordon Wetherell said the bond sale was the
best option to give his administration a fixed interest rate and
allow some "certainty over our future debt service."  The bonds,
with a fixed interest rate of 3.2%, will be fully payable on
maturity in February 2016, Bloomberg discloses.

Bloomberg notes that the bond sale does not provide additional
funding for the islands' government, but replaces a US$280 million
bridge loan that was part of a US$417 million rescue package
approved by Britain earlier this year.

Gov. Wetherell said the bailout won't fund significant new
expenditures or reverse spending cuts, Bloomberg relates.  It will
only allow the financially struggling islands of roughly 23,000
people to bring spending and revenue in line, he added.


                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *