TCRLA_Public/110506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, May 6, 2011, Vol. 12, No. 89

                            Headlines



B E R M U D A

DIGICEL LTD: Gov't Yet to Make Decision on Claro Deal


B R A Z I L

CYRELA COMMERCIAL: Fitch Assigns Issuer Default Ratings at 'BB'


C A Y M A N   I S L A N D S

BTMU PREFERRED: Creditors' Proofs of Debt Due May 26
FRIDSON CREDIT: Creditors' Proofs of Debt Due May 26
FRIDSON CREDIT: Creditors' Proofs of Debt Due May 26
GRANFONDO HOLDING: Creditors' Proofs of Debt Due May 26
HORIZON LEASING: Creditors' Proofs of Debt Due May 26

JLT RISK: Creditors' Proofs of Debt Due May 26
LEONARDO-D LTD: Creditors' Proofs of Debt Due May 26
MANUEL-E LTD: Creditors' Proofs of Debt Due May 26
MLMI CAYMAN: Creditors' Proofs of Debt Due May 26
NAUPAKA LTD: Creditors' Proofs of Debt Due May 26

ROMANZA CORPORATION: Creditors' Proofs of Debt Due May 24
SIEBELS HARD: Creditors' Proofs of Debt Due May 26
SIEBELS HARD: Creditors' Proofs of Debt Due May 26
TPF1 HOLDINGS: Creditors' Proofs of Debt Due May 26
VAN BIEMA: Creditors' Proofs of Debt Due May 26


D O M I N I C A N   R E P U B L I C

CARIBE MEDIA: Wants to Use Lenders' Cash Collateral
CARIBE MEDIA: Taps Kurtzman Carson Consultants as Claims Agent
CARIBE MEDIA: Case Summary & Largest Unsecured Creditor


J A M A I C A

AIR JAMAICA: Records 40% Drop in Revenues in 2010


M E X I C O

MAQUINARIA ESPECIALIZADA: Fitch Assigns 'BB-' to Notes Due 2021
TUBO DE PASTEJE: Plan Talks Near End, Wants Exclusivity Extended


                            - - - - -


=============
B E R M U D A
=============


DIGICEL LTD: Gov't Yet to Make Decision on Claro Deal
-----------------------------------------------------
RJR News reports that minister with responsibility for
Information, Daryl Vaz, said that the Bermuda government has yet
to make a decision on the proposed deal between Digicel Group and
Claro Jamaica.

Almost two months ago, RJR News relates, Digicel Group and Claro
Jamaica had reached an agreement for Digicel to take over Claros'
Jamaica operations, while Claro will get Digicel's Honduras and El
Salvador business.

RJR News notes that Mr. Vaz said that the government has not yet
come to a decision on whether it will approve the deal between the
two companies.

There have been objections from LIME Jamaica.

RJR discloses that concerns have been raised publicly over Digicel
Group's increasing dominance of the mobile telecoms market.

However, RJR News adds, there is an expectation that the deal will
be approved by the government.

                      About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of Jan. 14, 2010, the company continues to carry Moody's "Caa1"
senior unsecured debt rating.


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


CYRELA COMMERCIAL: Fitch Assigns Issuer Default Ratings at 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB' foreign and local currency
Issuer Default Rating (IDR) and a National Scale rating of 'AA-
(bra)' to Cyrela Commercial Properties S.A.  Empreendimentos e
Participacoes (CCP).  The Rating Outlook for the corporate ratings
is Stable.

The ratings reflect CCP's domestic leadership of high standard and
strategically located office buildings in the Sao Paulo
metropolitan market; its diversified portfolio of commercial
properties, including office buildings, shopping centers,
warehouses and distribution centers; the predictable and growing
cash generation capacity and high EBITDA margin of the businesses,
which allows CCP to manage a higher level of long term debt to
finance its aggressive growth strategy.  The ratings are limited
by the expectation that leverage will increase, as it will be
pressured by new debt to finance high capex plan for the next four
years.

The ratings also incorporate CCP's strong brand name, the
operational synergies and links with Cyrela Brazil Realty
Empreendimentos Imobiliarios S.A. (Cyrela, rated 'BB' and 'AA-
(bra)' by Fitch), one of Brazil's leading homebuilder, and the
fact that both companies are controlled by the same main
shareholder.  The classification is also supported by the
company's lease agreements with residual levels of vacancy and
delinquency; its financial flexibility as all properties are
unencumbered; the low loan to value ratio; and adequate liquidity.

Fitch also contemplated in the analysis the country's favorable
environment and the sector's growth cycle, and CCP's expertise and
competitive advantage from an integrated business model in a
highly fragmented industry, which allows the company to manage and
develop assets of prime quality in strategic locations and strong
demand.  In addition, the analysis incorporates the cyclical
nature of the business, its dependence on the fluctuations of the
domestic economy and the reliance upon long term lines of credit
to finance its expansion plan.

Diversified Portfolio of High Standard Commercial Properties:

CCP is the domestic leader of high standard office buildings in
Sao Paulo and benefits from its integrated business model. As of
Dec. 31, 2010, the company had 20 commercial properties with an
estimated market value of BRL1.8 billion and a gross leasable area
of 189.8 thousand square meters.  About BRL1.2 billion (65%) of
the market value of the portfolio is comprised of triple A office
buildings in prime locations.  The company's diversified portfolio
also includes class A office buildings, shopping malls and
warehouses and distribution centers.  CCP has an aggressive growth
strategy and currently has 16 projects under development with a
gross leasable area of 294.2 thousand square meters, expected to
be delivered in four years.  The high quality of CCP's portfolio
supports its strong market position, which is viewed sustainable
in the medium term.

Predictable and Growing Cash Generation Capacity:

CCP has a predictable and growing cash flow from lease agreements.
In 2010, net revenues significantly increased 68%, to BRL242
million.  This increase was a result of the new leasing contracts
and contracts renewal, and the sale of properties in the amount of
BRL96 million.  The sale of properties is part of CCP's business
strategy and adds some volatility to the results.  Excluding the
sale of properties, net revenues increased 16% in 2010.  Net
operating income (NOI) was BRL132 million last year, compared to
BRL121 million in 2009.  EBITDA has consistently increased since
2007, up 41% in 2010, as the portfolio of assets evolve.  High
EBITDA margins are a characteristic of the segment, as operating
costs are low relative to revenues.  EBITDA margin ranged between
64% and 84% from 2007 to 2010 (64.4% in 2010), depending on the
volume of assets sold that have lower operating margins compared
to the recurring lease business.

Cash flow generation capacity also evolved.  In 2010, funds from
operations (FFO) was BRL127 million and cash flow from operations
(CFFO), BRL46 million.  These numbers compare favorable to BRL62
million and BRL17 million, respectively, in 2009.  With net
investments of BRL8 million and dividends of BRL15 million, free
cash flow (FCF) was BRL23 million.  CCP's aggressive investment
plan of about BRL900 million in the next 4 years should pressure
FCF. Fitch expects CCP to assure long term funding for its
projects with future repayment based on the proceeds of the leased
assets, preserving cash flow, and to maintain adequate liquidity
cushion in line with the classification.

Good Financial Flexibility:

CCP has an adequate liquidity and debt structure.  As of Dec. 31,
2010, cash and marketable securities were BRL341 million and total
debt was BRL589 million.  Liquidity was strengthened by the BRL300
million of debentures issued in March 2010 and should slowly
reduce following the development of projects.  CCP also has a good
financial flexibility as all properties are unencumbered.  Out of
total debt at the end of 2010, only BRL9 million is due in the
short term.  The company will face high debt maturities in 2012,
about BRL265 million, and BRL55 million in 2013.  Fitch expects
the company to continue to conservatively manage its liquidity and
to successfully extend its debt maturity profile.  CCP also
benefits from its good access to capital and debt markets.

Leverage Should Increase to Finance New Projects:

CCP's business is capital intensive and highly dependent upon the
availability of long-term lines of credit and access to the
capital markets.  Leverage, measured as total debt to EBITDA
ratio, was 3.8 times (x) in 2010, while net leverage was 1.6x,
compared to 2.2x and 1.7x, respectively, in 2009.  Higher leverage
ratio reflects its first debentures issuance, as EBITDA still does
not incorporate the development of new projects.  Leverage should
increase during the next couple of years, to about 5.5x in 2012,
as part of elevated investments of BRL900 million will be financed
with debt.  Relative to the value of the company's property,
leverage is low.  The loan-to-value ratio (net debt/estimated
market value of properties) was 13.7% as of Dec. 31, 2010 - not
considering the projects under development.  This ratio would
reduce to about 12.6% if new projects are incorporated.  The still
low loan-to-value ratio indicates room for further debt increase
to finance business growth.

Strong Operating Performance:

CCP has reported a strong operating performance since 2007.  The
company has low tenant turnover and historically low vacancy
rates.  In 2010, physical vacancy was 0.9% and financial vacancy
was 1.0%.  These figures compare to 0.7% and 2.0%, respectively,
in 2009.  Delinquency rate is also low and was 2.8% in 2010. The
lease contract expiration timeline is well distributed with 23% of
the contracts (by revenues) expiring in 2011 and 2012.  CCP has
tenant concentration with the 20 largest accounting for 87% of the
total monthly office building revenues in 2010.  This risk is
partially mitigated by the high quality tenants and portfolio of
properties, as well as Brazil's favorable environment, strong
demand and low vacancy rates in Sao Paulo and Rio de Janeiro.

Potential Rating or Outlook Drivers:

CCP's ratings can be negatively affected by an adverse
macroeconomic environment significantly increasing vacancy and
delinquencies rates, reducing cash flow generation capacity,
lowering liquidity, and weakening debt maturity profile to finance
high investment plans.

CCP's ratings can be positively affected by a consistent growth of
revenues and cash flow generation capacity from property leases,
strong FCF, conservative loan to value ratios, as well as the
maintenance of conservative cash cushion and financial flexibility
based on unencumbered assets.


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


BTMU PREFERRED: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of BTMU Preferred Capital 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 7, 2011.

The company's liquidator is:

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


FRIDSON CREDIT: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of Fridson Credit Strategies Fund, 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:

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


FRIDSON CREDIT: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of Fridson Credit Strategies GP, 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:

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


GRANFONDO HOLDING: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Granfondo Holding 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 15, 2011.

The company's liquidator is:

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


HORIZON LEASING: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------
The creditors of Horizon Leasing 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:

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


JLT RISK: Creditors' Proofs of Debt Due May 26
----------------------------------------------
The creditors of JLT Risk Solutions (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:

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


LEONARDO-D LTD: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of Leonardo-D 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 15, 2011.

The company's liquidator is:

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


MANUEL-E LTD: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of Manuel-E 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 15, 2011.

The company's liquidator is:

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


MLMI CAYMAN: Creditors' Proofs of Debt Due May 26
-------------------------------------------------
The creditors of MLMI Cayman Nim 2004-FF1, 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 15, 2011.

The company's liquidator is:

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


NAUPAKA LTD: Creditors' Proofs of Debt Due May 26
-------------------------------------------------
The creditors of Naupaka 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 15, 2011.

The company's liquidator is:

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


ROMANZA CORPORATION: Creditors' Proofs of Debt Due May 24
---------------------------------------------------------
The creditors of Romanza Corporation are required to file their
proofs of debt by May 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 13, 2011.

The company's liquidator is:

         Owen Kratz
         204 Travis Street #8
         Houston, Texas 77002
         USA
         Telephone: 281-618-0400
         Facsimile: 281-618-0505


SIEBELS HARD: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of The Siebels Hard Asset Monthly Liquidity Fund,
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 11, 2011.

The company's liquidator is:

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


SIEBELS HARD: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of The Siebels Hard Asset Monthly Liquidity Fund
(Cayman), 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 11, 2011.

The company's liquidator is:

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


TPF1 HOLDINGS: Creditors' Proofs of Debt Due May 26
---------------------------------------------------
The creditors of TPF1 Holdings Inc. 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 15, 2011.

The company's liquidator is:

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


VAN BIEMA: Creditors' Proofs of Debt Due May 26
-----------------------------------------------
The creditors of Van Biema Global Value Fund, 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:

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


===================================
D O M I N I C A N   R E P U B L I C
===================================


CARIBE MEDIA: Wants to Use Lenders' Cash Collateral
---------------------------------------------------
Caribe Media Inc. and CII Acquisition Holding Inc. seek permission
from the Bankruptcy Court to use cash collateral securing
obligations to their prepetition lenders.  The Debtors need funds
to make payments to support their non-debtor subsidiaries.

Caribe Media and CII are borrowers under a US$165 million March
2006 credit agreement with Lehman Brothers Inc., and Banc of
America Securities LLC, as joint lead arrangers and joint
bookrunners, Bank of America NA as syndication agent, Wachovia
Bank NA as documentation agent, Cantor Fitzgerald Securities as
administrative agent, and various lenders.  As of the petition
date, the Debtors owed US$127 million under the loan.  The loan is
secured by the Debtors' assets.

Caribe Media also issued US$45 million in 10% senior subordinated
notes to and WCAS Capital Partners IV LP, which notes mature on
March 31, 2014.  As of the petition date, the Debtors owe
US$57 million under the notes.  Obligations under the notes are
subordinate and junior in right of payment to the obligations
under the Cantor loan.

As of May 1, 2011, the Debtors held more than US$1.3 million in
unrestricted cash.  The Debtors' projected 26-week cash flow
ending the week of Oct. 23, 2011, projects that they will have
positive cash flow during the 26-week reporting period.

The Debtors said in court papers that even in light of their
anticipated professional fees related to the Chapter 11 cases,
their projections show a net positive cash flow of US$5.4 million.
According to the Debtors, not only does this positive operational
cash flow demonstrate a sufficient cushion to protect the lenders'
interests in the cash collateral, but it demonstrates the need for
the Debtors to use cash collateral to meet their projections.

The Debtors are separately seeking permission to pay general
unsecured claims not to exceed US$500,000 in the aggregate without
further Court order.  These claims represent obligations the
Debtors incurred to unsecured creditors who provide services that
support their continued operations.

The Debtors said that without ready access to cash collateral, the
parties would not be paid, and the Debtors' business would be
negatively impacted.

The Debtors are also seeking permission to pay US$100,000 in
prepetition taxes and fees through the petition date.

The Debtors said the lenders have consented to their use of cash
collateral.

The Debtors will provide the lenders adequate protection, subject
to a carve-out for professional and U.S. Trustee fees, for their
use of cash collateral.  They will also pay necessary expenses of
the lenders' professionals.

Chris Batson, the chief financial offer to Caribe Media and CII
Acquisition, said in court papers that declining revenues and
increasing competition caused the Company to breach loan covenants
in November 2010.  He said an ad hoc committee of senior secured
prepetition lenders wants the Debtors to pursue US$44.2 million in
dividend payments to certain Local Insight entities that the ad
hoc committee believes were fraudulent conveyances.  The ad hoc
committee threatened to accelerate the loans if the Debtors won't
file for bankruptcy by May 3 to preserve their purported
fraudulent conveyance causes of action.

Since November 2010, the Debtors have engaged in discussions and
negotiations with counsel and advisors for Cantor and WCAS
regarding the terms of a comprehensive restructuring.  Although
the parties were unable to reach consensus and commence the
bankruptcy pursuant to a lockup and support deal, the Debtors
believe they are close to achieving a consensual reorganization.

The prepetition agent's professionals in the Debtors' case are
Kaye Scholer LLP, Potter Anderson & Corroon, LLP, and Loughlin
Meghji + Company.

                        About Caribe Media

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 pending
in Delaware.  Local Insight Media filed in 2010.  It is also being
represented by lawyers at Kirkland and Pachulski.

The agent to Caribe Media's prepetition lenders has hired these
professionals in the Debtors' case: Kaye Scholer LLP, Potter
Anderson & Corroon, LLP, and Loughlin Meghji + Company.


CARIBE MEDIA: Taps Kurtzman Carson Consultants as Claims Agent
--------------------------------------------------------------
Caribe Media Inc. and CII Acquisition Holding Inc. seek permission
from the Bankruptcy Court to employ Kurtzman Carson Consultants
LLC as claims and notice agent.

Albert H. Kass, vice president of Corporate Restructuring Services
at KCC, attests that his firm does not hold or represent an
interest materially adverse to the Debtors' estates in connection
with any matter on which it would be employed and that it is a
"disinterested person" as referenced by sec. 324(a) of the
Bankruptcy Code and as defined Sec. 101(14) of the Bankruptcy
Code.

To contact KCC:

          Drake D. Foster
          KURTZMAN CARSON CONSULTANTS LLC
          2335 Alaska Ave.
          El Segundo, CA 90245
          Tel: 310-823-9000
          Fax: 310-823-9133
          E-mail: dfoster@kccllc.com

                        About Caribe Media

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 pending
in Delaware.  Local Insight Media filed in 2010.  It is also being
represented by lawyers at Kirkland and Pachulski.


CARIBE MEDIA: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------
Debtor: Caribe Media, Inc.
          aka Regatta Investor Holdings, Inc.
              Regatta Holding II, L.P.
              The Berry Company LLC
              Regatta Split-off III LLC
              CII Acquisition Corp.
              LIM Finance II, Inc.
              Caribe Information Investments Incorporated
              Local Insight Media Holdings III, Inc.
              Local Insight Media Holdings, Inc.
              LIM Finance, Inc
              Local Insight Listing Management, Inc.
              Regatta Investor LLC
              Regatta Investor Holdings II, Inc.
              Local Insight Regatta Holdings, Inc.
              Regatta Holding I, L.P..
              Regatta Holding III, L.P.
              Regatta Split-off II LLC
              Regatta Split-off I LLC
              LIM Finance Holdings, Inc.
              Local Insight Media Holdings II, Inc.
        188 Inverness Drive West, Suite 800
        Englewood, CO 80112

Bankruptcy Case No.: 11-11387

Affiliate that simultaneously sought Chapter 11 protection:

  Debtor                           Case No.
  ------                           --------
CII Acquisition Holding Inc.       11-11388

Chapter 11 Petition Date: May 3, 2011

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

About the Debtor: Caribe Media Inc. owns publication rights for
                  certain print and Internet directories in the
                  Dominican Republic and Puerto Rico.  Caribe
                  Media is an affiliate of Local Insight Media
                  Holdings, Inc.  Local Insight and a number
                  affiliates sought Chapter 11 protection (Bankr.
                  D. Del. Lead Case No. 10-13677) on Nov. 17,
                  2011.

Debtors' Counsel: Curtis A. Hehn, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: chehn@pszjlaw.com

                         - and -

                  Laura Davis Jones, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: ljones@pszjlaw.com

                         - and -

                  Michael Seidl, Esq.
                  PACHULSKI STANG ZIEHL YOUNG & JONES
                  919 N. Market Street, Suite 1600
                  P.O. Box 8705
                  Wilmington, DE 19899-8405
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: mseidl@pszyj.com

Debtors'
Co-Counsel:       KIRKLAND & ELLIS LLP

Debtors'
Bankruptcy
Conflicts
Counsel:          CURTIS, MALLET-PREVOST, COTE & MOSE LLP

Debtors'
Financial
Advisor:          LAZARD FRERES & CO. LLC

Debtors' Interim
Management &
Restructuring
Advisor:          ALVAREZ & MARSAL NORTH AMERICA, LLC &
                  ALVAREZ & MARSAL PRIVATE EQUITY PERFORMANCE
                  IMPROVEMENT GROUP, LLC

Debtors'
Independent
Auditors &
Accounting
Services
Provider:         DELOITTE & TOUCHE LLP

Debtors' Tax
Advisor:          PRICEWATERHOUSECOOPERS LLP

Debtors'
Claims &
Notice Agent:     KURTZMAN CARSON CONSULTANTS, LLC

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

The petitions were signed by Chris Batson, chief financial
officer.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
WCAS Caoital Partners IV, L.P.     Senior            US$45,000,000
320 Park Avenue, Suite 2500        Subordinated Notes
New York, NY 10022


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


AIR JAMAICA: Records 40% Drop in Revenues in 2010
-------------------------------------------------
Jamaica Observer, citing recently released data by the Planning
Institute of Jamaica, reports that Air Jamaica Limited recorded a
40% drop in revenues to US$154 million (JM$13.2 billion) in 2010
while operating with less passenger seats filled than the year
before.  Jamaica Observer relates that it is the third consecutive
year of revenue declines for the airline which reduced its plane
count in preparation for divestment last year.

However, Jamaica Observer notes, PIOJ stated that the airline's
passenger load factor, a key measure of efficiency dipped to 67%
in 2010 from 74% in 2009.

It meant conversely that roughly one-third of available seats were
unfilled in 2010, an increase from one-quarter unfilled in 2009,
according to Jamaica Observer.  The report notes that all other
basic operational statistics showed declines year on year but the
PIOJ, the government's planning arm, contextualized the airline's
declining performance.

"The operations of the airline must be viewed against the
background of the preparation for and the eventual transfer as
well as the continuing impact of the global recession on travel.
As a consequence, the airline continued the shedding of routes
which started in 2009," stated the PIOJ in its annual Economic and
Social Survey (ESSJ) 2010, Jamaica Observer says.

PIOJ added that the airline started 2010 with 11 routes but
terminated six during the year, Jamaica Observer says.

"Three fewer aircraft provided service compared with nine in 2009
. . . All indicators of the airlines basic operating data recorded
declines," PIOJ 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.


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


MAQUINARIA ESPECIALIZADA: Fitch Assigns 'BB-' to Notes Due 2021
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the US$160 million
notes due 2021 issued by the Maquinaria Especializada MXO Trust
Agreement No. F/00762, a Mexican Trust created by Maquinaria
Especializada MXO, S.A. de C.V. (Geo Maquinaria) and The Bank of
New York Mellon, S.A. Institucion de Banca Multiple.  The Rating
Outlook is Stable.

Fitch's rating addresses the likelihood of timely payment of
interest and principal by legal final maturity, expected in 2021.
The transaction will have a 10-year tenor and is fully amortizing
over the term.  The interest rate will be fixed.

The transaction's rating is directly linked to the Issuer Default
Rating (IDR) of Corporacion Geo (Geo Corp.) (rated with a Local
Currency IDR of 'BB-'; IDR BB-'/'A-'[mex]) by Fitch), as Geo Corp.
is responsible for all payments under an unconditional and
irrevocable service agreement (SA) as well as any termination fees
in the event of default and/or termination of the agreement.  In
most instances, this will equal 100% of the outstanding note
balance plus any other amounts owed to the trust, less amounts
held in the debt service reserve account.  Geo Corp. may terminate
the SA if there is a breach by Geo Maquinaria with justified cause
that results in Geo Corp. receiving less than 612,000 hours of
machinery utilization during a quarter that remains uncured for
four consecutive quarters.  In this case, Geo Corp. will only be
obligated to pay a termination fee equivalent to 49% of the then
outstanding note balance.

Repayment for the proposed issuance of notes will be supported by
an irrevocable and unconditional quarterly servicer payment paid
by Geo Corp. during a 10-year period under the terms of the SA
entered into by Geo Corp., various Geo Corp. subsidiaries as joint
obligors and Geo Maquinaria in exchange for the machinery
utilization services for Geo Corp. and its subsidiaries.  Upon
execution of the agreement, which will be co-terminus with the
transaction, Geo Maquinaria will transfer the SA and the rights to
all collections therein, the machinery, and insurance policies to
the Issuer for inclusion in the Trust Estate.

Per the terms of the SA, Geo Corp. or the Issuer may terminate the
agreement under certain circumstances regarding breaches of
service, prior to its expiration date.

Geo Corp. maintains an important market share position within the
very competitive and fragmented Mexican homebuilding sector.
Between 2003 and 2010 the number of homes sold by Geo Corp.
increased from 29,520 to 56,093, while revenues and operating
income registered a compounded annual growth rate of 17.1% and
16.8%, respectively.  EBITDA margins have been relatively stable
at approximately 22.5% during the same period.  Fitch expects Geo
Corp.'s EBITDA margins to range between 21% to 23% during 2011,
considering a more balanced sales strategy that is increasingly
focused on the low-income segment.


TUBO DE PASTEJE: Plan Talks Near End, Wants Exclusivity Extended
----------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Tubo de Pasteje SA and its Cambridge-Lee Holdings Inc. unit said
negotiations on a Chapter 11 plan "are nearing completion" as they
filed a sixth motion for an extension of the exclusive right to
propose a reorganization plan.  A consensual plan likely will be
filed "soon," the companies said.  If approved by the bankruptcy
court in Delaware at a May 25 hearing, the new deadline will be
June 8.

Mr. Rochelle notes that Mexico City-based Industrias Unidas SA,
parent of Tubo, said in February it had an agreement in principle
with creditors for a US$371 million debt swap.

                       About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


                            ***********


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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