TCRLA_Public/110502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, May 2, 2011, Vol. 12, No. 85

                            Headlines



B A H A M A S

BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+'
BANCO HSBC SALVADORENO: Fitch Affirms Individual Rating at 'C/D'


B E R M U D A

GEROVA FINANCIAL: Updates Prior Notice on Delisting


B R A Z I L

BANCO BILBAO: S&P Affirms 'BB/B' Counterparty Credit Ratings
CITIBANK N.A.: S&P Affirms 'BB/B' Counterparty Credit Rating


C A Y M A N   I S L A N D S

AJW MASTER: Court Enters Wind-Up Order
CALIFORNIA CANTON: Creditors' Proofs of Debt Due May 24
CHC HEALTHCARE: Creditors' Proofs of Debt Due May 26
CHINA ENERGY: Creditors' Proofs of Debt Due May 18
CITADEL RESIDENTIAL: Commences Liquidation Proceedings

CONCORDIA FOREIGN: Creditors' Proofs of Debt Due May 18
DARK BLUE: Creditors' Proofs of Debt Due May 27
DB DISTRESSED: Creditors' Proofs of Debt Due May 20
DB DISTRESSED: Shareholders' Final Meeting Set for May 23
DB DISTRESSED: Creditors' Proofs of Debt Due May 20

DB DISTRESSED: Shareholders' Final Meeting Set for May 23
DUNDONALD OFFSHORE: Creditors' Proofs of Debt Due May 26
EMEL OVERSEAS: Creditors' Proofs of Debt Due May 26
IMAC CDO: Creditors' Proofs of Debt Due May 26
LOCH CAPITAL: Creditors' Proofs of Debt Due May 26

NEWLAND LANE: Creditors' Proofs of Debt Due May 18
NORTHAM LANE: Creditors' Proofs of Debt Due May 18
OVERSEAS TECHNICAL: Creditors' Proofs of Debt Due May 26
RAVEL EUROPEAN: Creditors' Proofs of Debt Due May 27
RAVEL MASTER: Creditors' Proofs of Debt Due May 27

RENDEVOUR LIMITED: Creditors' Proofs of Debt Due May 24
SILVERSTONE LIMITED: Creditors' Proofs of Debt Due May 20


J A M A I C A

JAMAICA PUBLIC: Gov't Refuses to Renegotiate Operating License


M E X I C O

SATELITES MEXICANOS: Combined Hearing on Plan on May 11
SATELITES MEXICANOS: Can Access Cash Collateral on Interim Basis
SATELITES MEXICANOS: Court Approves Epiq as Claims Agent
SU CASITA TRUST: Fitch Downgrades Class A Long-Term Rating to 'B+'


P U E R T O   R I C O

DEL MAR CONCRETE: Case Summary & 20 Largest Unsecured Creditors
FOUR LIONS: Case Dismissal Looms as Counsel Disqualified
R&G FINANCIAL: Exclusivity Period Extended Until July 31


T R I N I D A D  &  T O B A G O

CHRISTIAN CREDIT: Court Approves Receiver for Firm's Investors


X X X X X X X X

* BOND PRICING: For the Week April 25, to April 29, 2011


                            - - - - -



=============
B A H A M A S
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BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+'
----------------------------------------------------
Fitch Ratings has affirmed Banco Agricola's (Agricola) long-term
Issuer Default Rating (IDR) at 'BB+'.  The Rating Outlook is
Stable.

Agricola's IDR reflects, in Fitch's view, the support that the
bank would receive from its parent (Bancolombia, rated 'BBB-' by
Fitch), should it be required.  While in Fitch's opinion downside
potential for Agricola is currently limited, it may be positively
affected if Bancolombia's IDR is upgraded or Agricola's individual
performance continues strengthening in a more benign operating
environment.  However, the upside potential for Agricola's IDR
could disappear in the event that any potential adverse outcome on
the sovereign ratings, currently at 'BB' with a Negative Outlook,
brings downward the country ceiling, currently at 'BBB-', to a
non-investment grade territory.

Agricola's individual rating reflects its steady and sound
performance, strong franchise, improved loss-absorption capacity
(capital adequacy and reserves), but it also considers the
challenges from the economic conditions of El Salvador, which may
still have some impact in its asset quality.

Agricola maintained its sound and steady performance underpinned
by its resilient margins, relatively contained credit costs, and
outstanding operating efficiency throughout the different phases
of the business cycle.  Asset quality has still been affected by
the low economic growth of the country, although the impact has
been smoother in the case of Agricola, as the level of
impairments, charge-offs, provisions, and other metrics continue
being better than those of its closest peers.  Additionally, a
small retrenchment in lending, coupled with sustained earnings,
has allowed the bank to continue improving its capital metrics.

Established in 1955, Agricola is the largest and most diversified
bank in El Salvador and one of the major players in Central
America.  In May 2007, Bancolombia completed de acquisition of
Agricola. At present, Bancolombia, directly or indirectly, owns
around 99% of Agricola's shares.

Fitch has affirmed these ratings on Agricola:

   -- Long-term IDR at 'BB+'; Outlook Stable;

   -- Short-term IDR at 'B';

   -- Support at '3';

   -- Individual rating at 'C/D';

   -- National-scale long-term rating at 'AA+(slv)'; Outlook
      Stable;

   -- National-scale short-term rating at 'F1+(slv)';

   -- National-scale rating for local issues of senior unsecured
      debt at 'AA+(slv)';

   -- National-scale rating for local issues of senior secured
      debt at 'AAA(slv)'.


BANCO HSBC SALVADORENO: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------------------
Fitch Ratings has affirmed Banco HSBC Salvadoreno's (HSBCSal)
long-term Issuer Default Rating (IDR) at 'BBB-'.  The Rating
Outlook is Negative.

HSBCSal's Support Rating and IDRs are driven by Fitch's view that
there is a high probability that the bank would receive support
from its ultimate parent, HSBC Holdings plc (rated 'AA' with a
Stable outlook by Fitch), if needed. In turn, HSBCSal's Individual
Rating reflects its relatively strong local franchise, reasonable
loss absorption capacity, well-balanced business mix, high
delinquency, and historically modest profitability.

HSBCSal's long-term IDR is constrained by El Salvador's country
ceiling at 'BBB-'. If the latter were to change (a likely outcome
if the sovereign rating, which currently has a Negative Outlook,
is downgraded), HSBCSal's IDR would be revised accordingly. The
Individual Rating could be pressured downward by material
deterioration in one or more of these factors: the economic and
operating environment; the bank's ability to restore reasonable
profitability levels; its loss absorption cushion; and/or its
franchise and competitive position.

HSBCSal is El Salvador's third largest bank in terms of assets
(14.7% of market share at year-end 2010) and has historically been
characterized by its strong positioning in corporate and
commercial lending. The bank was acquired by HSBC Holdings plc in
2006.

Fitch has affirmed these ratings on HSBCSal:

   -- Long-term IDR at 'BBB-'; Outlook Negative;

   -- Short-term IDR at 'F2';

   -- Individual at 'C/D';

   -- Support at '2';

   -- National-scale long-term rating at 'AAA(slv)'; Outlook
      Stable;

   -- National-scale short-term rating at 'F1+(slv)';


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B E R M U D A
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GEROVA FINANCIAL: Updates Prior Notice on Delisting
---------------------------------------------------
Gerova Financial Group, Ltd. updated its prior announcement and
notice to the New York Stock Exchange concerning its intention to
file a Form 25 with the U.S. Securities and Exchange Commission in
order to voluntarily delist from trading on the NYSE of its common
stock, warrants and units and to deregister its Securities under
the Securities Exchange Act of 1934, as amended.

As noted previously, in Feb. 2011, the NYSE implemented a trading
halt in the Securities pending the disclosure of additional
information relative to Gerova's operations, management
restructuring and business plans, and the staff of the NYSE had
been evaluating the suitability for continued listing of the
Company's Securities on the NYSE.  The Company had continuing
discussions with the staff during which, the NYSE informed the
Company that it did not believe that the Company met the
qualitative standards for continued listing and that it was
contemplating delisting proceedings.  After evaluating the
circumstances, including the Board's determination that the
Company no longer meets the qualitative standards for continued
listing on the NYSE and the prospect of delisting proceedings, the
Company's Board of Directors determined that it was in the best
interest of the Company to voluntarily discontinue the NYSE
listing of the Securities.  The Company has not made any
arrangements at this time for listing or quotation of its
Securities on a national securities exchange or a quotation
medium.

The Company intends to file a Form 25 "Notification of Removal
from Listing" with the SEC voluntarily terminating the
registration of its Securities under Section 12(b) of the Exchange
Act.  The removal of the Securities from listing on the NYSE will
be effective 10 days after filing the Form 25.

Gerova Financial Group is headquartered in Bermuda.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2011, the Royal Gazette Online said trading in shares of
Gerova Financial Group was suspended on the New York Stock
Exchange.  The NYSE cited the need for more information from the
company, according to The Royal Gazette Online.  The report
related that documents shown to the U.S. Securities and
Exchange Commission last June had expressed doubts about some
asset values.  The Royal Gazette Online noted that a boardroom
shake-up has done little to help the company's reputation and the
share price has plunged from a high of US$92.50 in June last year
to US$5.28 before the suspension took effect.


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B R A Z I L
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BANCO BILBAO: S&P Affirms 'BB/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings,
including the 'BB/B' counterparty credit ratings, on Banco Bilbao
Vizcaya Argentaria S.A. (BBVA Uruguay).  The outlook remains
stable.

"Standard & Poor's ratings on BBVA Uruguay reflect the bank's low
Profitability -- currently affected by acquisition costs -- and
the high dollarization and low intermediation in the Uruguayan
financial system," said Standard & Poor's credit analyst Delfina
Cavanagh.

The bank's healthy asset quality, its good market position, and
the explicit support from its parent, Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; AA/Negative/A-1+), somewhat offset the
negative factors.  "We consider BBVA Uruguay as a strategically
important subsidiary of BBVA; however, at this point the ratings
don't incorporate any notches of support, because our sovereign
ratings on the Oriental Republic of Uruguay (BB/Stable/B) cap
them," S&P related.

"BBVA Uruguay's strategically important status according to our
group methodology reflects several factors, including BBVA's full
ownership of the Uruguayan subsidiary and explicit support,
recently evidenced by the acquisition of Credit Uruguay Banco at
BBVA's full expense," S&P noted.

With total assets of UYU20.7 billion (US$1.08 billion) as of
Dec. 31, 2010, BBVA Uruguay ranked No. 6 among the 11 private
banks operating in the country.

However, as the Uruguayan Central Bank and the Ministry of Economy
already approved the bank's acquisition of Credit Uruguay, the
bank is to be the second-largest private bank operating in the
country, with an approximate 20% market share.

BBVA Uruguay is a universal bank that mainly grants loans to the
largest companies in Uruguay while offering a wide range of retail
services and products. With the acquisition of Credit Uruguay, the
bank is to have a 45-branch distribution network, second only to
that of Banco Comercial.

The stable outlook on the global scale ratings reflects that on
the sovereign credit ratings on Uruguay.


CITIBANK N.A.: S&P Affirms 'BB/B' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB/B'
counterparty credit rating on Citibank N.A. (Uruguay Branch). The
outlook is stable.

The ratings on Citibank Uruguay reflect sovereign risk and that
the bank is a branch of New York-based Citibank N.A.
(A+/Negative/A-1).  "We assume that absent the sovereign's direct
intervention, the parent company would ensure full and timely
payment of the Uruguayan branch's obligations," said Standard &
Poor's credit analyst Delfina Cavanagh.  The sovereign credit
ratings on the Oriental Republic of Uruguay (BB/Stable/B)
constrain the ratings on Citibank Uruguay.  The national scale
ratings on the bank exclude sovereign intervention risk and
indicate the bank's position relative to other financial
institutions.  Citibank's presence in Uruguay dates to 1915. As of
Dec. 31, 2010, total assets were Uruguayan peso (UYP) 20,904
million (US$1,039.8 million).

Citibank Uruguay is the sixth-largest bank among the 11 private
banks operating in Uruguay with a market share of 7.5%. Compared
with other countries, Citibank's Uruguayan operation is relatively
small and is mainly focused in the wholesale business, especially
on large multinational corporations.  Additionally, Citibank
Uruguay works actively with the country's public sector. Citibank
Uruguay follows the same policies and procedures as Citigroup
worldwide, focusing on risk management, credit, and treasury. As
part of Citigroup's world network, the bank benefits from high
financial flexibility and constant support in terms of business
and product development.  The asset quality of Citibank Uruguay is
good and has been improving considerably during the past few
years, despite growth in its intermediation level.  In 2010, the
nonfinancial loan portfolio increased 50.4% annually.  The bank
achieved the lowest nonperforming loan (NPL) level of the past
five years, reaching a low 0.13% of the total portfolio as of
Dec. 31, 2010, which compares favorably with the banking system.
"Given its historic low level and as the company increases its
intermediation level, we expect higher NPL ratios. The stable
outlook reflects our outlook on Uruguay and support from the
bank's parent company," S&P said.


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


AJW MASTER: Court Enters Wind-Up Order
--------------------------------------
On April 5, 2011, the Grand Court of Cayman Islands entered an
order that winds up the operations of AJW Master Fund II, Ltd.

The company's liquidator is:

         Simon Whicker
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         e-mail: gerhardalbertyn@kpmg.ky


CALIFORNIA CANTON: Creditors' Proofs of Debt Due May 24
-------------------------------------------------------
The creditors of California Canton International Bank (Cayman)
Ltd. are required to file their proofs of debt by May 24, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2011.

The company's liquidator is:

         Dennis A. Lee
         Dennis A Lee, SVP & Deputy General Counsel
         East West Bank
         555 Montgomery St. M/S 129
         San Francisco, CA 94111
         Telephone: (415) 315-2832


CHC HEALTHCARE: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of CHC Healthcare Limited 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 April 4, 2011.

The company's liquidator is:

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


CHINA ENERGY: Creditors' Proofs of Debt Due May 18
--------------------------------------------------
The creditors of China Energy Efficiency Technology Co., 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 April 6, 2011.

The company's liquidator is:

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


CITADEL RESIDENTIAL: Commences Liquidation Proceedings
------------------------------------------------------
On April 6, 2011, the shareholders of Citadel Residential Mortgage
Opportunities Fund Ltd. passed a resolution that voluntarily
liquidates the company's business.

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

The company's liquidator is:

         Citadel Advisors LLC
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CONCORDIA FOREIGN: Creditors' Proofs of Debt Due May 18
-------------------------------------------------------
The creditors of Concordia Foreign Investment Fund, SPC 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 April 7, 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


DARK BLUE: Creditors' Proofs of Debt Due May 27
-----------------------------------------------
The creditors of Dark Blue Investments Limited are required to
file their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2011.

The company's liquidator is:

         Jeremy Simon Spratt
         KPMG LLP
         8 Salisbury Square
         London, EC4Y 8BB
         United Kingdom
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


DB DISTRESSED: Creditors' Proofs of Debt Due May 20
---------------------------------------------------
The creditors of DB Distressed Opportunities Fund, Ltd. are
required to file their proofs of debt by May 20, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


DB DISTRESSED: Shareholders' Final Meeting Set for May 23
---------------------------------------------------------
The shareholders of DB Distressed Opportunities Fund, Ltd. will
hold their final meeting on May 23, 2011, at 9:00 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


DB DISTRESSED: Creditors' Proofs of Debt Due May 20
---------------------------------------------------
The creditors of DB Distressed Opportunities Master Portfolio Ltd.
are required to file their proofs of debt by May 20, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


DB DISTRESSED: Shareholders' Final Meeting Set for May 23
---------------------------------------------------------
The shareholders of DB Distressed Opportunities Master Portfolio
Ltd. will hold their final meeting on May 23, 2011, at 9:00 a.m.,
to receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


DUNDONALD OFFSHORE: Creditors' Proofs of Debt Due May 26
--------------------------------------------------------
The creditors of Dundonald Offshore Ltd 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 April 6, 2011.

The company's liquidator is:

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


EMEL OVERSEAS: Creditors' Proofs of Debt Due May 26
---------------------------------------------------
The creditors of Emel Overseas Limited are required to file their
proofs of debt by May 26, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Mr. Rafael Salas Cox
         Teatinos No. 280
         Piso 19, Santiago
         Chile


IMAC CDO: Creditors' Proofs of Debt Due May 26
----------------------------------------------
The creditors of IMAC CDO 2006-1, Ltd. 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 April 8, 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


LOCH CAPITAL: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of Loch Capital Fund (Offshore) Ltd 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 April 6, 2011.

The company's liquidator is:

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


NEWLAND LANE: Creditors' Proofs of Debt Due May 18
--------------------------------------------------
The creditors of Newland Lane 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 April 5, 2011.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


NORTHAM LANE: Creditors' Proofs of Debt Due May 18
--------------------------------------------------
The creditors of Northam Lane 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 April 5, 2011.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


OVERSEAS TECHNICAL: Creditors' Proofs of Debt Due May 26
--------------------------------------------------------
The creditors of Overseas Technical Service (Middle East) Limited
are required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Mr. David L. Deninno
         225 Fifth Avenue
         Pittsburgh, PA 15222
         U.S.A.


RAVEL EUROPEAN: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of The Ravel European Fund Limited are required to
file their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 6, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand CaymanKY1-1104
         Cayman Islands


RAVEL MASTER: Creditors' Proofs of Debt Due May 27
--------------------------------------------------
The creditors of Ravel Master Fund Limited are required to file
their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 6, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand CaymanKY1-1104
         Cayman Islands


RENDEVOUR LIMITED: Creditors' Proofs of Debt Due May 24
-------------------------------------------------------
The creditors of Rendevour 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 liquidation proceedings on March 25, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


SILVERSTONE LIMITED: Creditors' Proofs of Debt Due May 20
---------------------------------------------------------
The creditors of Silverstone Limited are required to file their
proofs of debt by May 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 4, 2011.

The company's liquidator is:

         Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


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


JAMAICA PUBLIC: Gov't Refuses to Renegotiate Operating License
--------------------------------------------------------------
RJR News reports that Jamaican Prime Minister Bruce Golding has
rejected a call by the Opposition to renegotiate the operating
license of the Jamaica Public Service Company.  The report relates
that the People's National Party made the suggestion following
news that the power company had requested a rate adjustment.

However, RJR News notes Mr. Golding has cautioned that any attempt
to change the license will send the wrong signal to investors.

Speaking on Wednesday night on Jamaica House Live, the Prime
Minister said the Government would head into dangerous waters if
it decides to go this route especially where a binding agreement
is concerned, according to RJR News.

                          About JPSCO

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

                           *     *     *

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


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


SATELITES MEXICANOS: Combined Hearing on Plan on May 11
-------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware set a combined hearing on May 11, 2011,
at 1:00 p.m., to consider (i) the approval of the disclosure
statement and (ii) confirmation of the Chapter 11 plan of
Satelites Mexicanos S.A. de C.V. and its debtor-affiliates.
Objections, if any, are due May 6, 2011.

Satelites Mexicanos filed simultaneous with its bankruptcy
petition a restructuring plan supported by noteholders.

Satmex announced late March that it had reached an agreement with
the holders of more than two-thirds of the outstanding principal
amount of its first priority senior secured notes due 2011 and
second priority senior secured notes due 2013 to support a
prepackaged plan.  The first-priority noteholders are owed about
US$238.2 million, and the second-priority noteholders are owed
about US$201.9 million.

As reported in the April 8, 2011 edition of the Troubled Company
Reporter, the salient terms of the Plan are:

   -- First priority noteholders owed $328 million, whose debt is
      secured by substantially all of the Debtors' assets and
      matures in 2011, will receive payment in full in cash of all
      outstanding principal and accrued but unpaid interest at the
      applicable non-default rate of 12% per annum under the terms
      of the First Priority Notes, without penalty or premium, as
      of the Effective Date of the Plan.  The first priority
      noteholders will receive interest payments in cash pursuant
      to an agreement on the use of cash collateral.  These
      noteholders are impaired and were entitled to vote on the
      Plan.

   -- The second priority noteholders, whose $140 million debt is
      also secured by substantially all of the Debtors' assets,
      can have their debt converted into direct or indirect equity
      of Reorganized Satmex, plus have the option of participating
      in a rights offering and follow-on rights offering for
      equity in Reorganized Satmex.  As an alternative, the second
      priority noteholders have the option to "cash out," by
      receiving $0.38 for each dollar of their claim on or about
      the Effective Date of the Plan.  These noteholders are
      impaired and were entitled to vote on the Plan.

   -- All holders of allowed claims against the Debtors, including
      employees, trade creditors, and other priority and non-
      priority creditors, will be paid in the ordinary course.
      The creditors will be paid in cash in full, on or as soon
      as possible after the Effective Date of Plan.  These
      creditors are unimpaired and are deemed to accept the Plan.

   -- The current equity of Satmex will be purchased by certain
      holders of Second Priority Notes.  Holdsat Mexico S.A.P.I.
      de C.V. and Satmex International B.V., a wholly-owned
      subsidiary of Satmex Investment Holdings OP Ltd., and Satmex
      Investment Holdings L.P., will purchase 100% of the current
      equity in Satmex for a purchase price of up to $6.25
      million.  The purchase price for the equity will be funded
      in part by the proceeds of Satmex's rights offering.  Upon
      consummation of this transaction, which is expected to occur
      shortly before the Plan goes effective, the existing equity
      in Satmex will be cancelled, redeemed, diluted, or
      converted, as the case may be, at an extraordinary meeting
      of the new shareholders of Satmex.

The restructuring will reduce the amount of Satmex's outstanding
indebtedness by approximately US$110 million and extending
maturity of its secured indebtedness to 2017.

As part of the restructuring and to help fund its emergence from
bankruptcy, Satmex will obtain US$325 million in exit financing
from new senior secured notes due 2017 or bridge financing.  The
Debtors have obtained a commitment to fully fund the debt
financing from Jefferies Finance LLC.

The Company will also conduct a rights offering of the reorganized
company's equity to raise about US$96.25 million.

A full-text copy of the Chapter 11 Plan is available for free at
http://bankrupt.com/misc/Satmex_Prepack_Plan.pdf

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/Satmex_Disc_Statement.pdf

                        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 first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna'TV International Corporation and
Alterna'TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets and
US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
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
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second 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.


SATELITES MEXICANOS: Can Access Cash Collateral on Interim Basis
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Satelites Mexicanos S.A. de
C.V. and its debtor-affiliates to use, on an interim basis, cash
collateral until May 27, 2011, pursuant to a prepared budget.

The Debtors expect to use the cash collateral to:

   i) continue operating their businesses while in Chapter 11,
      including paying their vendors, suppliers, service
      providers, utilities and other overhead in the ordinary
      course; and

  ii) pay the costs and expenses of administering the cases
      including, without limitation, funding the professional and
      other fees and expenses associated with confirming and
      consummating the Plan.

According to the Debtors, they owe US$238.23 million to their
first priority senior secured noteholders led by US Bank National
as first priority indenture trustee, and US$201.89 million to
their second priority senior noteholders led by Wells Fargo Bank,
National Association as indenture trustee.  The amounts owed to
the noteholders are secured by assets of the Debtors.

As adequate protection for prepetition secured parties, the
Debtors have agreed to grant:

   a) Accrual of Interest:

       i) The First Priority Notes will be paid interest from and
          after the Petition Date based on the applicable non-
          default interest rate of 12% per annum; and

      ii) the Second Priority Notes will accrue interest from and
          after the Petition Date at the applicable non-default
          interest rate of 10 1/8%;

   b) Current Payment of Interest on the First Priority Notes:

      On the first Business Day following the entry of the Interim
      Order, the Debtors will make an interest payment on the
      First Priority Notes in cash to the First Priority Indenture
      Trustee in the amount of all accrued but unpaid interest at
      the applicable non-default rate of 12% per annum through the
      date of the Interim Order.

      During the pendency of the Chapter 11 Cases, each Interest
      Period will be a calendar month, and the Debtors will pay
      interest on a current basis at the applicable nondefault
      rate of 12% per annum on the applicable Interest Payment
      Date  for each such monthly Interest Period, beginning with
      the last calendar day of April, 2011.

A full-text copy of the cash collateral budget is available for
free at http://ResearchArchives.com/t/s?75ce

                        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 first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna'TV International Corporation and
Alterna'TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets and
US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
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
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second 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.


SATELITES MEXICANOS: Court Approves Epiq as Claims Agent
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Satelites Mexicanos, S.A. de C.V., and its debtor-affiliates to
employ Epiq Bankruptcy Solutions, LLC, as balloting, noticing,
claims and subscription agent.

According to the Troubled Company Reporter on April 13, 2011, Epiq
will, among other things:

     a. prepare and serve a variety of documents on behalf of the
        Debtors in their Chapter 11 cases;

     b. provide claims administration services;

     c. act as balloting agent and consult with the Debtors and
        their counsel regarding timing issues, voting and
        tabulation procedures, and documents needed for the vote;
        and

     d. collect and review contracts and leases and prepare custom
        reports.

Epiq will be paid based on the hourly rates of its professionals:

        Clerk                                US$40-$60
        Case Manager (Level 1)               US$125-$175
        IT Programming Consultant            US$140-$190
        Case Manager (Level 2)               US$185-$220
        Senior Case Manager                  US$225-$275
        Senior Consultant                    US$295

A copy of the Debtors' service agreement with Epiq is available
for free at:

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

Jennifer M. Meyerowitz, Epiq's Vice President and Director of
Business Development, assured the Court that the firm is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

                        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 first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna'TV International Corporation and
Alterna'TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets and
US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
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
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second 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.


SU CASITA TRUST: Fitch Downgrades Class A Long-Term Rating to 'B+'
------------------------------------------------------------------
Fitch Ratings has downgraded two tranches of Su Casita Trust:

Class A

   -- Long-term rating and unenhanced long-term rating to 'B+'
      from 'BB+'; Rating Watch Negative;

   -- Unenhanced national long-term rating to 'BBB(mex)' from 'AA-
      (mex)' local scale; Rating Watch Negative.

Class B

   -- National long-term rating to 'BB-(mex)' from 'A-(mex)';
      Rating Watch Negative.

The transaction is backed by a pool of mortgages originated by
Hipotecaria Su Casita, S.A. de C.V., S.F.O.M, E.N.R. (Su Casita)
and serviced by Patrimonio S.A de C.V. SOFOL (Patrimonio).

The rating action reflects the continued deterioration in the
collateral performance exacerbated by the bankruptcy of Su Casita
and the disruption in the servicing of the portfolio.  The
transaction was placed on Rating Watch Negative in October of 2010
after the bankruptcy of Su Casita which is the primary servicer of
the transaction.  While the change in servicer from Su Casita to
Patrimonio S.A de C.V. SOFOL may benefit the transaction in the
long-run, the overall performance continues to deteriorate and
there have been apparent short-term disruptions in servicing due
to legal issues that affected the processes of repossession and
selling of delinquent assets.

Delinquencies trends have increased dramatically over the year.
Delinquencies of 180 days have increased from 9.4% to 20.65% over
the past 12 months, and delinquencies of 90 days have increased
from 17% to 30.5% over the past 12 months.  The rating action
reflects the information Fitch has received to date, but Fitch
notes that there has been some irregularities related to the
information due to the transition process.  The servicer is
working to improve the quality of information being provided
regarding the performance and Fitch will closely monitor this over
the next three months.

Similar to many Mexican RMBS transactions, the levels of non-
performing loans and inventory continues to increase and makes up
a large portion of the overall collateral of the transaction. This
transaction has 481 properties in inventory with a value of
48,224,197 UDIs.  The current ratings are based on a certain
assumptions related to the sale of repossessed properties,
although actual sales have been limited.  Fitch will monitor the
new servicer's ability to foreclose and liquidate this grow
inventory and make appropriate rating adjustment accordingly.

This transaction does not benefit from mortgage insurance which
significantly affects loss severity assumption.  The class A bond
has a financial guarantee provided by MBIA; however, Fitch
conducted the analysis without considering any benefit from MBIA.
The analysis does consider the financial costs associated with
making the guarantee payments.

The analysis conducted by Fitch included the review of the monthly
surveillance data, as well as a re-evaluation of delinquency, loss
assumptions and a break-even scenario by re-running Fitch's cash
flow model.  The re-running of the cash flow model determines the
maximum level of defaults each structure could sustain without
suffering a loss.  These results were compared to Fitch's new
delinquency and loss numbers assumed for each portfolio and at
each given rating category.

The cash flow model incorporates all credit enhancements for each
issuance, as well as their structural characteristics such as the
waterfall of payments described in the legal documents.  It also
incorporates Fitch's analysis on Constant Prepayment Rate (CPR),
delayed proceeds due to delinquencies, excess spread, and Fitch's
view on the recovery proceeds of any houses yet to be sold within
the trust.


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


DEL MAR CONCRETE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Del Mar Concrete, Inc.
        P.O. Box 544
        Aguada, PR 00602
        Tel: (787) 868-1508

Bankruptcy Case No.: 11-03467

Chapter 11 Petition Date: April 26, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  WINSTON VIDAL LAW OFFICE
                  P.O. Box 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114
                  E-mail: wvidal@prtc.net

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-03467.pdf

The petition was signed by Jose Cardona Crespo, president.


FOUR LIONS: Case Dismissal Looms as Counsel Disqualified
--------------------------------------------------------
During the status conference held on March 17, 2011, in the
bankruptcy case of Four Lions Corp., the U.S. Bankruptcy Court for
the District of Puerto Rico disqualified counsel for the Debtor.
The Court noted that a review of the Debtor's case docket shows it
is not represented by counsel.

Accordingly, Judge Sara de Jesus directed the Debtor to show cause
why its case should not be dismissed for its failure to obtain
Counsel.

The Court gave the Debtor until May 11, 2011, to respond, or the
case may be dismissed or converted with out a hearing.

San Juan, Puerto Rico-based Four Lions Corp. filed for Chapter 11
bankruptcy protection on January 24, 2011 (Bankr. D. P.R. Case No.
11-00419).  The Debtor tapped Alexis Fuentes Hernandez, Esq., at
the Fuentes Law Offices, as counsel when it sought bankruptcy
protection.


R&G FINANCIAL: Exclusivity Period Extended Until July 31
--------------------------------------------------------
BankruptcyData.com reports that The U.S. Bankruptcy Court approved
R&G Financial's motion for a fourth extension of the exclusive
period during which the Company can file a plan of reorganization
and solicit acceptances thereof through and including May 31, 2011
and July 31, 2011, respectively.  BData relates that the Company
said this extension is necessary to address "significant
outstanding contingencies that may affect the structure of, and
distributions under, the Debtor's chapter 11 plan."

San Juan, Puerto Rico-based R&G Financial Corporation filed for
Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 10-
04124) on May 14, 2010.  Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, serves as the Company's bankruptcy counsel.
The Company disclosed US$40,213,356 in assets and US$420,687,694
in debts.


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


CHRISTIAN CREDIT: Court Approves Receiver for Firm's Investors
--------------------------------------------------------------
Trinidad and Tobago Express reports that the High Court has
granted approval for the appointment of a receiver to wind up
several companies controlled by Lawrence Cole toward reimbursing
people who invested with his Christian Credit Union.

Mr. Cole, an investment adviser, also has controlling interest in
Alpha Savings and Trust Ltd, Flagship Financial Investment Co-
Operative Society Ltd and Safe Holdings and Trust Ltd.

According to the report, citing a statement, the Trinidad and
Tobago Securities and Exchange Commission (TTSEC) said it brought
the action against Mr. Cole after it received complaints from
investors.

"After a thorough investigation the TTSEC approached the High
Court and obtained an injunction to freeze the assets of Mr Cole
and the entities under his control as a means of preventing him
from disposing, transferring or diminishing the value of their
assets pending the court's final ruling in the claim filed by the
TTSEC," the statement said, the report notes.

Trinidad and Tobago Express relates that in delivering the
judgment Madame Justice Jones granted the TTSEC declarations "and
orders that it sought and further appointed a receiver to attend
to the winding up of the entities and the sale of the personal
assets of Lawrence Cole with a view to disgorgement of profits and
restitution to the affected investors."


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


* BOND PRICING: For the Week April 25, to April 29, 2011
--------------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS         5.83      12/31/2033   ARS             159
ARGENT-PAR          1.18      12/31/2038   ARS              61.75
ARGENT-EDIS         7.82      12/31/2033   EUR              74
ARGENT-EDIS         7.82      12/31/2033   EUR              75.25
ARGENT-YDIS         4.33      12/31/2033   JPY              42
ARGENT-YPAR&GDP     0.45      12/31/2038   JPY               8
BODEN 2014          2          9/30/2014   ARS              32.65
BOGAR 2018          2          2/4/2018    ARS              32.5
PRO12               2          1/3/2016    ARS             124.125


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

BANCO BPI (CI)      4.15      11/14/2035   EUR              37.259
BCP FINANCE BANK    5.01       3/31/2024   EUR              49.408
BCP FINANCE BANK    5.31      12/10/2023   EUR              52.052
BCP FINANCE CO      4.239                  EUR              66.55
BCP FINANCE CO      5.543                  EUR              66.667
BES FINANCE LTD     5.772      2/7/2035    EUR              55.255
BES FINANCE LTD     4.5                    EUR              65
BES FINANCE LTD     5.58                   EUR              65.667
BES FINANCE LTD     6.625                  EUR              72.606
EFG ORA FUNDING     1.7       10/29/2014   EUR              62.996
ESFG INTERNATION    5.753                  EUR              59.334
IMCOPA INTL CAYM   10.375     12/19/2014   USD              36.5
PUBMASTER FIN       8.44      6/30/2025    GBP              60.013
SHINSEI FINANCE     7.16                   USD
77.498


CHILE
-----

BANCO BPI (CI)      4.15      11/14/2035   EUR              37.259

AGUAS NUEVAS        3.4       5/15/2012    CLP               1.667
CGE DISTRIBUCION    3.25      12/1/2012    CLP              40.052
ESVAL S.A.          3.8       7/15/2012    CLP              37.801
MASISA              4.25      10/15/2012   CLP              29.755
QUINENCO SA         3.5       7/21/2013    CLP              38.242


PERU
-----

TELEFON DEL PERU     2.875     4/22/2028   PEN              74.927


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

PUERTO RICO CONS  6.2         5/1/2017    USD               57
PUERTO RICO CONS  6.5         4/1/2016    USD               63.375


VENEZUELA
---------

PETROLEOS DE VEN     5.5       4/12/2037   USD              45.896
PETROLEOS DE VEN     5.375     4/12/2027   USD              47.353
PETROLEOS DE VEN     5.25      4/12/2017   USD              61.088
PETROLEOS DE VEN     5.125    10/28/2016   USD              62.975
PETROLEOS DE VEN     5        10/28/2015   USD              66.407
PETROLEOS DE VEN     8.5      11/2/2017    USD              71.769
PETROLEOS DE VEN     8.5      11/2/2017    USD              72.064
PETROLEOS DE VEN     4.9      10/28/2014   USD              74.82
VENEZUELA            7         3/31/2038   USD              56.25
VENEZUELA            7         3/31/2038   USD              56.685
VENEZUELA            6         12/9/2020   USD              59.25
VENEZUELA            7.65       4/21/2025  USD              61.25
VENEZUELA            8.25      10/13/2024  USD              63.65
VENEZUELA            9.25       5/7/2028   USD              67
VENEZUELA            9          5/7/2023   USD              68
VENEZUELA            7.75      10/13/2019  USD              68.5
VENEZUELA            7         12/1/2018   USD              70.5
VENEZUELA            9.25       9/15/2027  USD              72.03
VENEZUELA            9.25       9/15/2027  USD              72.044
VENZOD - 189000      9.375      1/13/2034  USD              67.85


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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