TCRLA_Public/110504.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

              Wednesday, May 4, 2011, Vol. 12, No. 87

                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Reschedules 25-Year-Old Debt to France


A R G E N T I N A

FUCEREP: Fitch Affirms 'B' Currency Issuer Default Rating
METROGAS SA: Price Waterhouse Raises Going Concern Doubt
NUEVO BANCO: Fitch Affirms 'BB-' Long Term Issuer Default Rating


B R A Z I L

BANCO FIBRA: Moody's Affirms 'Ba2' Currency Deposit Ratings


C A Y M A N   I S L A N D S

ADONIA IAM: Creditors' Proofs of Debt Due July 6
COLEMAN STAFFORDSHIRE: Creditors' Proofs of Debt Due May 23
CONNECTCAPITAL HOLDINGS: Creditors' Proofs of Debt Due May 26
GLOBAL HAWK: Creditors' Proofs of Debt Due May 17
LIXIN WEALTH: Creditors' Proofs of Debt Due May 24

LLOYDS TSB: Creditors' Proofs of Debt Due May 23
M-INVEST LIMITED: Creditors' Proofs of Debt Due May 17
MCDP INVESTMENT: Creditors' Proofs of Debt Due May 26
PATAGONIA ADVISORS: Creditors' Proofs of Debt Due May 17
PEREGRINE I: Wins Court OK to Make US$3-Mil. Emergency Payment

PETIPA LTD: Creditors' Proofs of Debt Due May 26
PORTFOLIO OPPORTUNITY: Creditors' Proofs of Debt Due May 27
RPD SECURITIES: Creditors' Proofs of Debt Due May 26
SIGNUM III: Creditors' Proofs of Debt Due May 26
SIGNUM IVORY: Creditors' Proofs of Debt Due May 26

TOVO INVESTMENT: Creditors' Proofs of Debt Due May 16
YSG CAYMAN: Creditors' Proofs of Debt Due May 26


J A M A I C A

AIR JAMAICA: T&T Mum on Controversy Surrounding CAL Board
AIR JAMAICA: Minister Downplays Delay in Signing CAL Deal
JAMAICA PUBLIC: Changes to Terms of Operation to be Negotiated


M E X I C O

METROFINANCIERA: Fitch Affirms 'CCsf' Long-Term Rating
SATELITES MEXICANOS: Prices US$325 Million of Senior Secured Notes


U R U G U A Y

CREDIT URUGUAY: Moody's Withdraws 'D' Financial Strength Rating


                            - - - - -


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


* ANTIGUA & BARBUDA: Reschedules 25-Year-Old Debt to France
-----------------------------------------------------------
Caribbean360.com reports that Antigua and Barbuda has reached an
agreement on rescheduling a 25-year-old debt to the Government of
France and is preparing to sign deals with two other countries.

France had agreed to a fixed interest rate of 3.1% on the US$34
million debt, payable over 15 years, according to
Caribbean360.com.

Caribbean360.com notes that France, Brazil and Japan are among six
members of the Paris Club, which consolidated a huge chunk of
Antigua and Barbuda's debt in September 2010.   Caribbean360.com
relates that the six members agreed to reschedule 90% of the total
US$133 million debt that Antigua and Barbuda owed them.  They also
agreed to give the country an ease from making payments for the
next seven years, Caribbean360.com discloses.

Meanwhile, Caribbean360.com says, Antigua and Barbuda reached an
interest free rescheduling agreement with the OPEC Fund for
International Development (OFID) for its US$850,000 debt to that
organization.

Another creditor, the Kuwait Fund for Arab Economic Development,
also expressed a willingness to reschedule US$22.75 million owed
to that institution, Caribbean360.com adds.

The Paris Club is an informal group of financial officials from 19
of some of the world's biggest economies, which provides financial
services such as debt restructuring, debt relief, and debt
cancellation to indebted countries and their creditors.


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


FUCEREP: Fitch Affirms 'B' Currency Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed FUCEREP's -- Cooperativa de Ahorro y
Credito (FUCEREP) ratings:

   -- Foreign and local currency Issuer Default Rating (IDR) at
      'B';

   -- National long-term rating at 'BB+(uy)';

   -- Support rating at '5';

   -- Support rating floor at 'NF'.

The Rating Outlook is Stable.

Strong capitalization ratios, adequate liquidity and improving
corporate governance support FUCEREP's ratings.  Nevertheless,
FUCEREP's ratings remained constrained by its small size and
financial performance.  The ratings also considered operational
restrictions related to its 'Cooperativa de Intermediacion
Financiera' restricted license.

Positive rating actions will be linked to the success of FUCEREP's
expansion plan over the medium term.  On the other hand, marked
deterioration in FUCEREP's solvency or performance could lead to a
downgrade of its ratings.

Since 2008, FUCEREP has been involved in a process of internal
reorganization, which has allowed it to improve corporate
governance.  Fitch believes that FUCEREP's improved risk profile
should allow the institution to achieve its future expansion
plans.

As was the case for other Uruguayan financial institutions,
FUCEREP's 2010 performance was affected by the inflation
adjustment.  Additionally, an increase in its non-interest
expenses also detracted from profitability.  However, the entity
maintained strong net interest income growth in line with its
increased business volume.

Credit risk is the issuer's main challenge.  Asset quality ratios
have consistently improved since 2007 due to more conservative
lending policies and the favourable economic cycle.  FUCEREP's
past due loan/total loan ratio (60 days or more overdue, under
local definitions) declined to 4.8% at year-end 2010 from 6.9% at
year-end 2009.  Although this level is higher than the financial
system's average of 0.9%, it is adequate considering the segments
served by FUCEREP.

Resident deposits are the entity's main source of funding, in
particular its savings product FONAE (45% of liabilities) and term
deposits (36.6%).  However, FUCEREP's deposit base is concentrated
relative to similarly rated banks (IDRs of 'B-', 'B', or 'B+') and
to other Uruguayan financial institutions.  The 10 largest
depositors accounted for 17.4% of total deposits. Liquidity is
adequate.

FUCEREP's capitalisation is strong relative to peers' and has
improved since 2005.  Fitch expects this trend to continue given
the institutions improving financial performance and higher
partner base.


METROGAS SA: Price Waterhouse Raises Going Concern Doubt
--------------------------------------------------------
MetroGAS S.A. filed on April 28, 2011, its annual report on Form
20-F for the fiscal year ended Dec. 31, 2010.

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern.  The independent auditors noted of
uncertainties related to the suspension of the original regime for
tariff adjustments and the Company's petition for voluntary
reorganization in an Argentine Court on June 17, 2010.

The Company reported a net loss of ARS71.7 million on
US$1.122 billion of sales for 2010, compared with a net loss of
ARS78.3 million on US$1.074 billion of sales for 2009.

The Company's balance sheet at Dec. 31, 2010, showed total assets
of ARS2.511 billion, total liabilities of ARS1.683 billion,
minority interest of ARS1.6 million, and shareholders' equity of
ARS825.9 million.

A complete text of the Form 20-F is available for free at:

                       http://is.gd/0tXLMv

                          About MetroGas

Buenos Aires-based MetroGaS S.A., which listed its American
Depositary Shares on the New York Stock Exchange and Buenos Aires
Stock Exchange in November 1994, is Argentina's largest natural
gas distribution company in terms of number of customers and
volume of gas deliveries, according to the 2010 annual report of
ENARGAS, an agency of the Argentine Government, which has broad
authority over the gas distribution and transportation industries,
including their tariffs.  The Company has approximately 2.2
million customers in its service area (the city of Buenos Aires
and southern and eastern greater metropolitan Buenos Aires).  The
Company is one of nine natural gas distribution companies formed
in connection with the privatization of Gas del Estado.

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.


NUEVO BANCO: Fitch Affirms 'BB-' Long Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings maintains on Rating Watch Positive Nuevo Banco
Comercial's (NBC) foreign and local currency long-term Issuer
Default Rating (IDR) of 'BB-'.  Fitch also maintains on Watch
Positive, the National long-term rating of 'AA(ury)' and Support
Rating of '4'.  At the same time, the support rating floor was
affirmed at 'B'.

The rating watch reflects the announcement of the acquisition of
NBC by Bank of Nova Scotia (IDR: 'AA-' by Fitch) of 60% of the
bank's equity, held by a consortium of foreign investors led by
Advent International; the Uruguayan government owns the remaining
40% in the form of preferred stock with no voting rights.  The
rating watch will be resolved once the transaction is approved by
Uruguayan and Canadian regulators.  NBC's ratings will be upgraded
to reflect the potential support from Bank of Nova Scotia.

NBC's ratings reflect the bank's strong national franchise, good
asset quality, high liquidity and capitalization levels, and its
improving overall performance.  The impact on the bank's
profitability of its significant asset USD position and inflation
were also taken into consideration.

NBC suffered a net loss in 2010, mainly as a result of the impact
of the inflation adjustment and foreign exchange losses.  However,
the bank's operating profit improved markedly as its operating
revenues increased, fuelled by loan growth.  Fitch expects NBC's
operating performance to continue to improve in line with the
expected increase in lending volumes.  However, foreign exchange
results and inflation adjustments will continue to add volatility
to the bank's income statement.

NBC's asset quality is good and its ratios have improved.  Only
2.7% of the loan book is past-due (60 days or more overdue, under
local definitions).  Loan loss reserves covered 8.9% of total
loans and 238.4% of past-due loans at Dec. 31, 2010, which is
considered ample.

NBC's funding is mainly through deposits; liquidity continues to
be high, with liquid assets representing 48.2% of deposits and
short-term funds.

NBC's capitalization is sound. Total equity represented 12.64% of
assets and its Fitch Core Capital ratio 18.37% at Dec. 31, 2010.
Fitch expects these ratios to go down as lending continues to
grow.

NBC is the third-largest private sector bank in Uruguay.  Its
market presence is significant in all segments and it had 6.25% of
the banking system's assets at Dec. 31, 2010.


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


BANCO FIBRA: Moody's Affirms 'Ba2' Currency Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service changed to stable, from positive, the
outlook on the following ratings of Banco Fibra S.A.(Fibra): the
bank financial strength rating (BFSR) of D; the long-term global
local- and foreign-currency deposit rating of Ba2; as well as the
senior unsecured and subordinated debt ratings of Ba2 and Ba3,
respectively.  At the same time, Moody's changed the outlook on
Fibra's Aa3.br long-term national scale deposit rating to stable.
The Not Prime short-term local- and foreign-currency deposit
ratings and BR-1 short-term national scale rating remained
unchanged.

These ratings were affirmed and had the outlook changed to stable:

   -- Bank Financial Strength rating: D

   -- Long-term global local-currency deposit rating: Ba2

   -- Long-term foreign currency deposit rating: Ba2

   -- Long-term foreign currency debt rating of (P)Ba2 assigned to
      the US$1 billion Global MTN Program

   -- Long-term foreign currency senior unsecured debt rating of
      Ba2

   -- Long-term foreign currency subordinated debt rating of Ba3

   -- Long-term Brazilian national scale deposit rating: to Aa3.br

These ratings remain unchanged:

   -- Short-term global local-currency deposit rating: Not Prime

   -- Short-term foreign currency deposit rating: Not Prime

   -- Short-term foreign currency debt rating of Not Prime, also
      assigned to the US$1 billion Global MTN Program

   -- Short-term Brazilian national scale deposit rating: BR-1

                         Rating Rationale

In changing the outlook on Fibra's ratings to stable, Moody's
noted that the bank's ongoing expansion into consumer lending will
likely be challenged by less favorable market conditions and by
restrictive regulations, including higher capital requirement for
longer dated consumer loans.  Fibra, therefore, may experience a
delay in the execution of its diversification strategy to the
extent that additional capital may be required for the loan book,
as well as in response to additional investments needed to
consolidate this line of business.

Moody's acknowledges that the bank's current loan mix and further
growth of a granular consumer lending portfolio, which represented
34% of total loans in 2010, improve the generation of recurring
earnings and reduces the inherent concentration risk of a medium
size wholesale lender.  It also note that asset quality indicators
improved in 2010 and remain better than those of similarly rated
peers, although the bank's relatively young consumer lending
business could be sensitive to downturns given management's
limited experience in the car finance segment, as well as the
large number of new borrowers.  The bank's asset quality could
suffer over the medium-term in the context of rising inflation and
interest rates.

Sizable investments in distribution capability and consumer
lending infrastructure hurt the bank's 2010 bottom line results
and therefore, future synergies may take longer to realize than
expected.  Such investments have also affected Fibra's capital
ratios to levels lower than they have been historically, a factor
that reduces Fibra's competitive flexibility at a time capital
allocation requirements are increasing.  Capital injections from
main shareholder Vicunha Group, IFC and third parties, that could
include an IFC Fund, could raise BIS ratio to 16.2% and flag
continued support to the bank's expansion strategy.  These
capitalizations are expected to increase minority participation
from IFC and others to about 20% of Fibra's total shares, from
current 8%, upon regulatory approval.

Moody's will continue to monitor management's ability to face
these challenges as it executes its plans for growth while it
looks to sustain a disciplined approach to risk origination and to
improve profitability metrics to recurrent levels.

The last rating action on Banco Fibra was on 26 April 2010, when
Moody's assigned a Ba2 foreign currency senior unsecured debt
rating to the US$200 million 5.125% senior unsecured notes issued
under the US$1 billion Global Medium term Note Programme, rated
(P)Ba2.  Other ratings remained unchanged.

The principal methodologies used in rating Banco Fibra 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.

Banco Fibra S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of R$10,048.3 million (US$6,016 million)
and equity of R$792.3 million (US$474.3 million) as of Dec. 31,
2010.


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


ADONIA IAM: Creditors' Proofs of Debt Due July 6
------------------------------------------------
The creditors of Adonia Iam Limited are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 12, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


COLEMAN STAFFORDSHIRE: Creditors' Proofs of Debt Due May 23
-----------------------------------------------------------
The creditors of Coleman Staffordshire Offshore Investments (No.1)
Limited are required to file their proofs of debt by May 23, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidators are:

         Robin Lee McMahon
         Elizabeth Anne Bingham
         c/o Barry MacManus
         Telephone: (+1 345) 814 8997
         Facsimile: (+1 345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay
         PO Box 510, Grand Cayman KY1-1106
         Cayman Islands


CONNECTCAPITAL HOLDINGS: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------------
The creditors of Connectcapital Holdings 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 14, 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


GLOBAL HAWK: Creditors' Proofs of Debt Due May 17
-------------------------------------------------
The creditors of Global Hawk Ltd. 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 April 13, 2011.

The company's liquidator is:

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


LIXIN WEALTH: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
The creditors of Lixin Wealth Fund 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 March 21, 2011.

The company's liquidator is:

         Mr. Li Jing
         Telephone: 852 3719 1150
         Facsimile: 852 2907 6172
         Cosco Tower, Rooms 2301-05, 23rd Floor
         183 Queens Road Central
         Hong Kong


LLOYDS TSB: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Lloyds TSB Finance Investments (Cayman) Limited
are required to file their proofs of debt by May 23, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidators are:

         Robin Lee McMahon
         Elizabeth Anne Bingham
         c/o Barry MacManus
         Telephone: (+1 345) 814 8997
         Facsimile: (+1 345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay
         PO Box 510, Grand Cayman KY1-1106
         Cayman Islands


M-INVEST LIMITED: Creditors' Proofs of Debt Due May 17
------------------------------------------------------
The creditors of M-Invest Limited 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 April 13, 2011.

The company's liquidators are:

         Peter Anderson
         Graham Robinson
         c/o RHSW (Cayman) Limited, Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands


MCDP INVESTMENT: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------
The creditors of MCDP Investment 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 12, 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


PATAGONIA ADVISORS: Creditors' Proofs of Debt Due May 17
--------------------------------------------------------
The creditors of Patagonia Advisors Ltd. are required to file
their proofs of debt by May 17, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2011.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PEREGRINE I: Wins Court OK to Make US$3-Mil. Emergency Payment
--------------------------------------------------------------
As widely reported, Peregrine I LLC won approval from the U.S.
Bankruptcy Court for the District of Delaware to make an emergency
US$3.1 million payment to the company that staffs its drilling
vessel, preventing the ship from being abandoned in Brazil and
keeping its bankruptcy afloat.

Dow Jones' DBR Small Cap reports just several days after seeking
Chapter 11 protection, Peregrine asked the U.S. Bankruptcy Court
in Wilmington, Del., to let it pay Brazilian company Etesco
Drilling Co. US$3.1 million immediately.   The report relates that
the company needed the court's permission because the payment
would let Etesco jump in line in front of Peregrine's other,
higher-ranking creditors, who are also waiting to be paid.

Judge Brendan L. Shannon approved the request, court papers show,
DBR Small Cap said.  According to Peregrine, DBR Small Cap says,
Etesco had said if it didn't get the funds to make payroll, it
would terminate its agreement to operate Peregrine's deepwater-
drilling vessel and could remove employees from the vessel, which
Peregrine said would result in "severe" consequences.

                      About Peregrine I LLC

Headquartered in Cayman Islands, Peregrine I LLC, is an offshore
drilling company backed by a unit of General Electric Co.

Peregrine I, LLC, filed a Chapter 11 petition (Bankr. D. Del. Case
No. 11-11230) on April 25, 2011.  Russell C. Silberglied, Esq., at
Richards, Layton & Finger, in Wilmington, Delaware, serves as
counsel.  The Debtor estimated assets and debts of US$100,000,001
to US$500,000,000 as of the Chapter 11 filing.

The Company said US$190 million of a US$259 million loan is
unpaid.  The list of 20 largest unsecured creditors said that
WestLB AG, Banco Bilbao Vizcaya Argentaria, Dexia Credit Local,
DVB Bank, GE VFS Financing Holding, Inc., HSH Nordbank AG,
Santander Asset Finance PLC, and Sumitomo Mitsui Banking Corp.,
are owed money on account of the loan, although the percentage
held by each lender is not available at this time.


PETIPA LTD: Creditors' Proofs of Debt Due May 26
------------------------------------------------
The creditors of Petipa 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 5, 2011.

The company's liquidator is:

         Eleanor G. Fisher
         c/o Iain Gow
         Zolfo Cooper (Cayman) Limited
         P.O. Box 1102, Cayman Financial Centre
         Building 3, 4th Floor
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: iain.gow@zolfocooper.ky


PORTFOLIO OPPORTUNITY: Creditors' Proofs of Debt Due May 27
-----------------------------------------------------------
The creditors of Portfolio Opportunity SPC are required to file
their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 4, 2011.

The company's liquidator is:

         Banque Privee Edmond De Rothschild Europe
         20 Boulevard Emmanuel Servais
         L-2535 Luxembourg


RPD SECURITIES: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of RPD Securities Inc. 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:

         Flavio Marcio Passos Barreto
         Alameda Santos
         466-11 Andar-01418000- Sao Paulo- SP-Brasil
         Brazil


SIGNUM III: Creditors' Proofs of Debt Due May 26
------------------------------------------------
The creditors of Signum III 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 14, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM IVORY: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of Signum Ivory 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 14, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


TOVO INVESTMENT: Creditors' Proofs of Debt Due May 16
-----------------------------------------------------
The creditors of Tovo Investment Ltd. are required to file their
proofs of debt by May 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 14, 2011.

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


YSG CAYMAN: Creditors' Proofs of Debt Due May 26
------------------------------------------------
The creditors of YSG Cayman 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 14, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


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J A M A I C A
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AIR JAMAICA: T&T Mum on Controversy Surrounding CAL Board
---------------------------------------------------------
RJR News reports that Winston Dookeran, Trinidad and Tobago's
Finance Minister, has remained mum on the ongoing controversy
surrounding the board of Caribbean Airlines Limited.  RJR News
relates that RJR News says that Mr. Dookeran would only say that
he had written to Prime Minister Kamla Persad-Bissessar.

The airline is scheduled to sign a shareholders agreement in two
weeks to officially take control of Air Jamaica Limited, according
to RJR News.

RJR News discloses that Mrs. Persad- Bissessar was quoted in a
Trinidadian newspaper as saying that Cabinet's Finance and General
Purposes Committee believed that the Caribbean Airlines board
should not be dissolved.  RJR News notes that Mrs. Persad-
Bissessar said she had received a note from Mr. Dookeran, in which
he recommended that the CAL board be dissolved and that certain
persons be considered to fill the vacancies.

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2011, RadioJamaica said that Mr. Persad-Bissessar has
intervened in what may be a brewing disagreement between CAL
Chairman George Nicholas and other members of the board.
RadioJamaica noted that sources said that the directors were upset
with aspects of Caribbean Airlines' operations.  Prime Minister
Persad-Bissessar received a complaint about Mr. Nicholas as
Chairman of the board, and that a request was made for him to be
removed from the post, the sources added.

                          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.


AIR JAMAICA: Minister Downplays Delay in Signing CAL Deal
---------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw is
downplaying concerns regarding the delay in the signing of a
document to consummate the Caribbean Airlines Limited/Air Jamaica
Limited deal.

As reported in the Troubled Company Reporter Latin America on
April 29, 2011, Trinidad and Tobago Newsday said 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.

When RJR News caught up with the finance minister, he indicated
that there are some minor issues that need to be resolved.  "So
just by virtue of timing, because they involve minor adjustments
to the shareholder agreement and of course you have to have the
Attorney General in Trinidad look at it, the Attorney General in
Jamaica look at it.  I spoke with the Minister of Finance of
Trinidad, Winston Dookeran and the Prime Minister also spoke with
the Prime Minister of Trinidad who is on a visit to Brazil," RJR
News quotes Mr. Shaw as saying.

RJR News notes that Caribbean Airlines was given a 12-month
transition period which ends Saturday, to integrate Air Jamaica
into its operations.  It has the option of walking away without
penalty, RJR News relates.

                          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.


JAMAICA PUBLIC: Changes to Terms of Operation to be Negotiated
--------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw said
the government intends to seek amendments to the terms and
conditions under which the Jamaica Public Service Company
operates.

However, RJR News relates, Mr. Shaw did not expound on what
amendments will be made, but he said the changes will be sought as
the JPS prepares to admit a new partner in its ownership
structure.

"I wish to announce that the government intends to use the
opportunity of an imminent change in the ownership structure of
the JPSCO to enter into dialogue on a range of issues affecting
the terms and conditions of their operations in Jamaica.  There is
precedent for this as when Mirant sold its shares (in the JPSCO)
to Marubeni, significant amendments were made to the license under
which the JPSCO now operate.  It is time to have further dialogue
with the JPSCO," RJR News quotes Mr. Shaw as saying.

The change, which Mr. Shaw said will be sought to JPSCO' operating
conditions, are expected to be a condition of the regulatory
approval needed to consummate the deal under which Korean energy
company, East-West Power (EWP) is to get a stake in JPSCO, RJR
News says.

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
===========


METROFINANCIERA: Fitch Affirms 'CCsf' Long-Term Rating
------------------------------------------------------
Fitch Ratings has affirmed two series of a Construction Bridge
Loan transaction (CBLs) originated and serviced by
Metrofinanciera, S.A.P.I. de C.V., SOFOM, E.N.R. (Metrofinanciera:

Metrofinanciera Trust 650 Class A

   -- Long-term rating at 'CCsf', removed from Rating Watch
      Negative;

   -- National long-term rating at 'CC(mex)', removed from Rating
      Watch Negative.

Metrofinanciera Trust 650 Class B

   -- National long-term rating at 'C(mex)',

In addition, the Recovery Rating on the class A notes of
Metrofinanciera Trust 650 has been affirmed at 'RR4', reflecting
average recovery prospects within the 31%-50% range.

The current ratings on the CBLs are based on the high levels of
delinquencies among the projects on both principal and interest,
which result in a significantly negative impact on the flows
collected.  Furthermore, the asset/liability position of the trust
indicates an inadequate level of bridge loans to support the
transaction on a stand-alone basis and it therefore relies on
receivables due from Metrofinanciera.  The liquidity concerns are
more acute in the long-run since the trust is able to generate
some cash and has a significant balance to maintain sufficient
liquidity in the short term.  Nonetheless, the ongoing cash flows
are not sufficient to significantly amortize the class A notes and
will ultimately depend on Metrofinanciera's ability to recover
upon the various projects.  Due to the early amortization event
declared on 2009 holders of the class B notes have not been
receiving interest or principal payments in accordance with the
Indenture.

Fitch upgraded Metrofinanciera's foreign and local currency Issuer
Default Ratings (IDRs) to 'CCC' from 'RD' (long-term) in November
2010, reflecting the successful completion of a previously agreed
distressed debt exchange through a bankruptcy process, which it
had been negotiating since April 2009.  This exchange largely
mitigated refinancing and liquidity risk.  However, the ratings
reflect its negative core capital and the challenges relating to
gradually restoring its commercial competitive position.

As of March 31, 2011, the trust has these assets and liabilities:

Cash in Trust:

   -- Metrofinanciera Trust 650 Class A & B: MXP 230,427,963.93.

Adjusted outstanding Bridge Loan Balance:

   -- Metrofinanciera Trust 650 Class A & B: MXP 744,340,459.69.
      Outstanding Bond Balance:

   -- Metrofinanciera Trust 650 Class A: MXP 1,253,205,881.08.

   -- Metrofinanciera Trust 650 Class B: MXP 214,000,000.00

Cash in Trust does not include any Reserve Account.

According to the monthly reports provided by the trustee, as of
March 31, 2011, Metrofinanciera Trust 650 Class A & B has a
balance of accounts receivable from Metrofinanciera of US$389
million, and a balance of non-performing loans over 90 days equal
to 95% of the outstanding bridge loan balance.  The trust has a
total of 85 projects each facing various levels of impairment.
The recovery prospects on the underlying projects will vary
significantly depending on the individual circumstances.


SATELITES MEXICANOS: Prices US$325 Million of Senior Secured Notes
------------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. and Satmex Escrow, S.A. de C.V.
disclosed that the US$325 million aggregate principal amount of
senior secured notes due 2017 to be issued, subject to Bankruptcy
Court approval, in a private placement under rule 144A and
Regulation S of the Securities Act of 1933 have been priced.  The
Notes were priced at par and will bear interest at an annual rate
of 9.50%.  The Notes Offering is scheduled to close on May 5,
2011.

On April 6, 2011, Satmex, together with certain of its
subsidiaries, filed a voluntary petition for a prepackaged plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code.  The
petitions were filed with the U.S. Bankruptcy Court in the
District of Delaware.  Based on the preliminary tabulation of
votes filed with the Prepackaged Plan, the only two voting classes
of creditors voted overwhelmingly to accept the Prepackaged Plan,
for which a confirmation hearing is scheduled on May 11, 2011.

The Notes will be issued by Satmex Escrow, a bankruptcy-remote
wholly owned subsidiary of Satmex.  If Satmex's Prepackaged Plan
is confirmed and certain other conditions are satisfied, Satmex
Escrow will merge with and into Satmex in connection with the
emergence of Satmex and its subsidiaries from Chapter 11, which is
expected on May 26, 2011.

Upon satisfaction of the Escrow Conditions and emergence from
Chapter 11, the net proceeds from the Notes Offering will be used
to repay Satmex's existing First Priority Senior Secured Notes due
2011 and, along with the proceeds of a US$96.25 million fully-
backstopped rights offering of equity securities to holders of
Satmex's Second Priority Senior Secured Notes due 2013, fund the
completion of the Satmex's Satmex 8 replacement satellite as well
as position the company to pursue growth opportunities.

Following the emergence from bankruptcy, the Notes will be senior
secured obligations of Satmex, will be guaranteed on a senior
secured basis by each of its U.S.  Subsidiaries, and will be
secured by substantially all of the assets of Satmex and its
wholly-owned U.S. subsidiaries.

The Notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws.
Further, the Notes may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements and, therefore, will be subject to substantial
restrictions on transfer.  The Notes Offering is being made only
to qualified institutional buyers inside the United States and to
certain non-U.S. investors located outside the United States.

                        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.


=============
U R U G U A Y
=============


CREDIT URUGUAY: Moody's Withdraws 'D' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

                       Ratings Rationale

The bank has no rated foreign currency debt outstanding.

Credit Uruguay Banco S.A., located in Montevideo, had UR$28.1
billion in assets, UR$25.3 billion in deposits, and UR$1.9 billion
in equity as of December 2010.

These ratings of Credit Uruguay Banco S.A. were withdrawn:

   -- Bank financial strength rating: D, stable outlook

   -- Global Long-Term Local-Currency Deposit Rating: Baa3, stable
      outlook

   -- Global Long-Term Foreign Currency Deposit Rating: Ba2,
      stable outlook

   -- Global Short-Term Local Currency Deposit Rating: Prime- 3,
      stable outlook

   -- Global Short-Term Foreign Currency Deposit Rating: Not
      Prime, stable outlook

   -- National Scale Local Currency Deposit Rating: Aa1.uy, stable
      outlook

   -- National Scale Foreign Currency Deposit Rating: Aa3.uy,
      stable outlook


                            ***********


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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