TCRLA_Public/110511.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 11, 2011, Vol. 12, No. 92

                            Headlines



A R G E N T I N A

ARETRAN SA: Creditors' Proofs of Debt Due June 6
ARPEMA SRL: Creditors' Proofs of Debt Due June 14
CARSA S.A.: Moody's Affirms Corporate Family Rating at 'B3'
CERVECERIA: Fitch Upgrades Issuer Default Rating to 'BB+
LORPRINT GRAFICA: Creditors' Proofs of Debt Due June 8

MUELLES DEL: Creditors' Proofs of Debt Due June 21
ROURA CEVASA: Creditors' Proofs of Debt Due May 26
SOUTH AMERICAN: Creditors' Proofs of Debt Due August 18


B R A Z I L

INDEPENDENCIA SA: To Auction Meatpacking Assets to Repay Debts


C A Y M A N   I S L A N D S

ARMADILLO CAPITAL: Shareholders' Final Meeting Set for May 27
CHC HEALTHCARE: Shareholders' Final Meeting Set for May 27
DUNDONALD OFFSHORE: Shareholders' Final Meeting Set for May 26
ELGE INVESTMENTS: Members' Final Meeting Set for May 19
ICARUS INTERNATIONAL: Shareholders' Final Meeting Set for May 26

IMAC CDO: Shareholders' Final Meeting Set for May 27
LVP (CAYMAN): Members' Final Meeting Set for May 24
OVERSEAS TECHNICAL: Sole Member to Hear Wind-Up Report on May 27
SERENA FINANCE: Shareholders' Final Meeting Set for May 27


C O S T A   R I C A

BLANCA GAMES: Said to File for Bankruptcy in Norway


J A M A I C A

AIR JAMAICA: Merger With CAL Will Be Finalized on June 10
JAMAICA PUBLIC: Opposition Supports Review of Firm's License


M E X I C O

GRUPO MINSA: Moody's Assigns 'Ba3' Local Currency Rating
INFU TRUST: S&P Affirms 'BB' Ratings on 7.135% & 5.80% Notes


                            - - - - -


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


ARETRAN SA: Creditors' Proofs of Debt Due June 6
------------------------------------------------
Juan Carlos Sosa, the court-appointed trustee for Aretran SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 6, 2011.

Mr. Sosa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Carlos Sosa
         Viamonte 783
         Argentina


ARPEMA SRL: Creditors' Proofs of Debt Due June 14
-------------------------------------------------
Alida Silvana Rombola, the court-appointed trustee for Arpema
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 14, 2011.

Ms. Rombola will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alida Silvana Rombola
         Aranguren 1523/25
         Argentina


CARSA S.A.: Moody's Affirms Corporate Family Rating at 'B3'
-----------------------------------------------------------
Moody's Latin America upgraded CARSA S.A.'s national scale rating
to A2.ar from A3.ar and affirmed the company's corporate family
rating of B3 on its global scale.  At the same time, Moody's
assigned a B3 global scale rating and an A2.ar National Scale
Rating to Carsa's proposed ARS 40 million local bond issuance.
All of the ratings assigned are local currency ratings.  Proceeds
from the notes will be used principally for Carsa's working
capital needs, to refinance outstanding short term debt and for
general corporate purposes.  The outlook for all ratings is
stable.

"The upgrade of the national scale rating to A2.ar is supported by
Carsa's strong revenue growth which benefited from the 2010 World
Cup Soccer event, solid credit metrics for its rating category and
improved operating margins.  Also supporting the rating action are
the company's improved liquidity profile and low adjusted
leverage," said Moody's AVP Analyst, Veronica Amendola.

The B3 and A2.ar ratings are underpinned by Carsa's position as
one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Megatone brand name.
The ratings reflect the well-developed diversification of its
product line, which has allowed Carsa to increase its share of the
consumer's wallet, and solid credit metrics for its rating
category.  The ratings also reflect Carsa's solid position in
selling recognized brand name home appliances and its well-
established relationships with suppliers.

Carsa's key credit negatives include a business model that is
highly reliant on its credit card operations to drive earnings and
the significant exposure to consumer credit through its private
label Megatone credit card.  Moody's also notes that Carsa's
retail operations have consistently performed below its main
competitors which rely less on their own private label credit
cards and that the company remains dependent on the securitization
market to fund its credit card operations.  Moody's will closely
monitor the company's ability to continue to access the
securitization funding vehicle as well as its strategic plans for
the Musimundo retail chain, recently acquired by Carsa's
shareholders.  Carsa's limited geographic diversity, operating in
a relatively low GDP per capita region, and reduced scale and size
also constrain the ratings.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

The stable outlook is based on Moody's expectation that Carsa will
continue to successfully implement its business model, even in an
ongoing challenging economic environment, thus allowing the
retailer to maintain strong credit metrics.  The stable ratings
outlook also reflects Moody's expectation that Carsa will be able
to maintain adequate access to the securitization market and
credit card receivable discounting facilities, even in more
adverse market conditions.

An upgrade of the ratings or outlook could result from a
strengthening of Carsa's qualitative business profile.  In
addition, upward pressure could result from increased size and
geographical diversification, along with a more predictable
business environment in Argentina which could provide greater
stability to the retail business segment.  Quantitatively, upward
momentum could result if Carsa's total adjusted debt to EBITDA is
sustained below 1.5 times (2.1 times as of last twelve months
ended February 28, 2011) and operating margins of 5% (0.3% as of
last twelve months ended February 28, 2011).

Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the
securitization funding vehicle.  In addition, greater than
expected loan delinquencies, the impact of a potential downturn in
the Argentinean economy on the availability of consumer loans and
the inability to successfully integrate the Musimundo acquisition
could cause negative pressure on ratings.  Quantitatively, a
downgrade could result from a sustained drop in Carsa's EBIT
margin to below 13% or a significant increase in leverage, with
total adjusted debt to EBITDA of above 3.5 times.  Indications of
a weakening market share in the domestic retail market could also
drive negative pressure.

Headquartered in Chaco, Argentina, Carsa is a leading regional
appliance retailer operating 74 stores in 9 provinces.  With total
revenues of US$233 million as of LTM 02/11, the company was
founded in 1977 and is one of the three retailers licensing the
"Megatone" brand name in Argentina.


CERVECERIA: Fitch Upgrades Issuer Default Rating to 'BB+
--------------------------------------------------------
Fitch Ratings has upgraded these ratings of Cerveceria y Malteria
Quilmes S.A.I.C.A. y G. (CMQ):

   -- Foreign Currency IDR to 'BB+' from 'BB-';

   -- Local Currency IDR to 'BB+' from 'BB-';

   -- Senior unsecured notes due in 2012 to 'BB+' from 'BB-'

The Rating Outlook for CMQ is Stable.

CMQ is the largest brewer in Argentina with an estimated 76%
market share.  The company also has a strong presence within the
country in soft drink, juices and water.  CMQ is a wholly owned
subsidiary of Quilmes International Bermuda Ltd, (QIB) which in
turn is 99.9% owned by Companhia de Bebidas das Americas (Ambev).
The upgrades of CMQ to 'BB+' follow Fitch's upgrades of Ambev to
'A-'.  The rating of CMQ is now four notches higher than the
Argentina country ceiling of 'B'.

Although Ambev does not guarantee the debt of QIB and its
subsidiaries, including CMQ, Fitch believes that it is likely that
Ambev would help CMQ pay its debt in the event of the imposition
of transfer and convertibility (T&C) restrictions by the Argentine
government to avoid the negative externality on the cost of
Ambev's debt that would result if one of its key subsidiaries
defaults.  Fitch also believes QIB would use some of the cash it
generates in its subsidiaries in Bolivia, Paraguay and Uruguay to
help CMQ repay debt in the event of T&C restrictions.

CMQ continues to perform well.  For the fiscal year ended June 30,
2010, CMQ generated US$414 million of EBITDA.  With only US$147
million of total debt, leverage was low at 0.4 times (x).
Liquidity is not an issue.  The company had US$40 million of cash
and only US$115 million of short term debt.

Ambev generated BRL11.8 billion (US$6.7 billion) of EBITDA during
2010, a 13% increase from 2009.  During this time period, Ambev's
funds from operations (FFO) grew by 17% to BRL10.5 billion (US$6.0
billion), while its cash flow from operations (CFO) increased by
16% to BRL10.1 billion (US$5.7 billion).  Free cash flow after
dividends and capital expenditures was strong at BRL2.9 billion
(US$1.6 billion).  As of Dec. 31, 2010, Ambev had a net cash
position with BRL7.0 billion of cash and market securities and
BRL6.8 billion of total debt.


LORPRINT GRAFICA: Creditors' Proofs of Debt Due June 8
------------------------------------------------------
Oscar Alberto Vertzman, the court-appointed trustee for Lorprint
Grafica de Carlos Armando Sampedro y Carlos Alberto Sampedro
Sociedad de Hecho's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 8, 2011.

Mr. Vertzman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Oscar Alberto Vertzman
         Bartolome Mitre 3120
         Argentina


MUELLES DEL: Creditors' Proofs of Debt Due June 21
--------------------------------------------------
Amalia Victoria Beckerman, the court-appointed trustee for Muelles
del Sud SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 21, 2011.

Ms. Beckerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Amalia Victoria Beckerman
         Tucuman 1367
         Argentina


ROURA CEVASA: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
Nestor Adrian Szwarcberg, the court-appointed trustee for Roura
Cevasa Argentina SA's reorganization proceedings, will be
verifying creditors' proofs of claim until May 26, 2011.

Mr. Szwarcberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 20, 2012.

The Trustee can be reached at:

         Nestor Adrian Szwarcberg
         Avenida Corrientes 4643
         Argentina


SOUTH AMERICAN: Creditors' Proofs of Debt Due August 18
-------------------------------------------------------
Graciela Esther Palma, the court-appointed trustee for South
American Brokers SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 18, 2011.

Ms. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 13, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Graciela Esther Palma
         Avenida Cordoba 1351
         Argentina


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


INDEPENDENCIA SA: To Auction Meatpacking Assets to Repay Debts
--------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Independencia SA will
auction assets for at least BRL706.9 million (US$440 million) to
help pay debt.  Independencia SA will accept bids through July 12.

The sale includes three slaughterhouses, three plots of land and
two warehouses, according to Bloomberg.

Bloomberg says that under the plan, which was approved by
creditors in a meeting on March 3, bidders will be required to
inject at least BRL150 million into the company.

Creditors plan to meet July 22 in Sao Paulo to vote on the bids,
according to a statement obtained by Bloomberg.  The meeting may
be rescheduled for July 29 if enough creditors aren't present on
the first date, Bloomberg relates.

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2011, Bloomberg News said that Independencia SA may
liquidate after the majority of its creditors rejected a rescue
plan.  The plan "didn't obtain minimum adhesion from creditors,"
the company's lawyer Luiz Fernando Paiva said at a meeting with
about 130 representatives of creditors in Sao Paulo, according to
Bloomberg.  The company will seek to sell all its meatpacking
plants and assets in an "organized liquidation," he revealed.
Bloomberg recalled that Independencia SA, which filed for
bankruptcy protection in February 2009 then halted production in
October 2010, backed the rescue plan as a way to avoid forced
liquidation.  Bloomberg related that on Sept. 30, the company
missed an interest payment on its 2015 senior notes.  It was due
to pay about US$12 million on US$165 million of its 15% bonds,
according to data compiled by Bloomberg.

                       About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.


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


ARMADILLO CAPITAL: Shareholders' Final Meeting Set for May 27
-------------------------------------------------------------
The shareholders of Armadillo Capital Offshore Partners, Ltd. will
hold their final meeting on May 27, 2011, at 9:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHC HEALTHCARE: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of CHC Healthcare Limited will hold their final
meeting on May 27, 2011, at 8:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DUNDONALD OFFSHORE: Shareholders' Final Meeting Set for May 26
--------------------------------------------------------------
The shareholders of Dundonald Offshore Ltd will hold their final
meeting on May 26, 2011, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ELGE INVESTMENTS: Members' Final Meeting Set for May 19
-------------------------------------------------------
The members of Elge Investments Limited will hold their final
meeting on May 19, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


ICARUS INTERNATIONAL: Shareholders' Final Meeting Set for May 26
----------------------------------------------------------------
The shareholders of Icarus International Limited will hold their
final meeting on May 26, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands


IMAC CDO: Shareholders' Final Meeting Set for May 27
----------------------------------------------------
The shareholders of IMAC CDO 2006-1, Ltd. will hold their final
meeting on May 27, 2011, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LVP (CAYMAN): Members' Final Meeting Set for May 24
---------------------------------------------------
The members of LVP (Cayman) Limited will hold their final meeting
on May 24, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OVERSEAS TECHNICAL: Sole Member to Hear Wind-Up Report on May 27
----------------------------------------------------------------
The sole member of Overseas Technical Service (Middle East)
Limited will receive on May 27, 2011, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SERENA FINANCE: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of Serena Finance Limited will hold their final
meeting on May 27, 2011, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


===================
C O S T A   R I C A
===================


BLANCA GAMES: Said to File for Bankruptcy in Norway
---------------------------------------------------
msnbc.com reports that Blanca Games, Inc., one of three online
poker companies named last month in a federal indictment will be
forced to enter bankruptcy, leaving American card players with
money on deposit with the Absolute Poker and UB poker sites at
least temporarily empty handed.

According to msnbc.com, Madeira Fjord, a Norwegian company that
represents shareholders in the poker Web sites' parent company,
Blanca Games, Inc., said in an e-mail to shareholders last week
that it planned to file for bankruptcy protection in Norway after
being informed that Blanca Games had "no cash on hand and no
prospects for any cash flow for the foreseeable future."

Blanca Games has provided notice that "it is currently unable to
make any payments toward its debt obligations."  It has further
advised that there will be no future payments.

Meanwhile, a source in Costa Rica, where Absolute Poker and UB
(formerly Ultimate Bet) have their operations center, told
msnbc.com that more than 300 customer support and marketing
employees or approximately 95% of the staff had been laid off.

msnbc.com relates that Absolute Poker and two of its founders,
Scott Tom and Brent Beckley, were named in an April 15 indictment
by the U.S. Attorney's Office for the Southern District of New
York along with two other popular poker sites, Poker Stars and
Full Tilt Poker.  UB was not directly named in the indictment, but
it has common ownership and shares operations with Absolute Poker
through parent company, the Cereus Network, which is in turn is
owned by Blanca Games, msnbc.com notes.

According to msnbc.com, the indictment alleges that the poker
sites committed bank fraud, money laundering, and illegal gambling
offenses by "tricking" U.S. banks into processing online gambling
transactions, a violation of the Unlawful Internet Gambling
Enforcement Act of 2006.  The indictment seeks at least $3 billion
in penalties and forfeiture, msnbc.com adds.

                   Blanca Denies Bankruptcy Report

A company spokesperson, however, denied reports that Blanca has
filed for bankruptcy.

"The apparent confusion over this issue stems from the fact that
Blanca recently informed a debt holder, Madeira Fjord, that it was
terminating debt payments to, and its relationship with them.

"As a result, Madeira Fjord apparently filed a notice of
bankruptcy in Norway.  This notice has no negative impact upon
Blanca, the operating company, or its brands.  As stated
previously, Absolute Poker and UB continue to operate their non-
U.S. facing business around the world," the company spokesperson
said in a statement.

                         About Blanca Games

Based in Antigua, Blanca Games, Inc., is the operator of the
CEREUS Poker Network.  The Cereus Poker Network powers some of the
industry's leading online poker rooms.  Blanca Games is licensed
and regulated by the Kahnawake Gaming Commission in the Kahnawake
Mohawk Territory.  The operations of the Blanca Group are
conducted by subsidiaries and associated companies.  Blanca Games
has headquarters in Antigua and offices located in Costa Rica.


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


AIR JAMAICA: Merger With CAL Will Be Finalized on June 10
---------------------------------------------------------
Clint Chan Tack at Trinidad and Tobago Newsday reports that Jack
Warner, Trinidad and Tobago works and transport minister, is
confident that the Caribbean Airlines/Air Jamaica merger agreement
will be finalized on June 10.

Mr. Warner told reporters that he has been advised that an
extension has been sought to conclude the agreement by June 10,
and that extension has been granted, according to T&T Newsday.
Mr. Warner said he has been advised that Air Jamaica has done all
that it needs to do and the onus was now on CAL to do its part to
ensure that the merger is successfully concluded, according to the
report.

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.  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.

                         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: Opposition Supports Review of Firm's License
------------------------------------------------------------
RJR News reports that the Opposition has again signaled that it is
in favor of a re-negotiation of the commercial license that
governs the operations of the Jamaica Public Service Company.

Opposition leader Portia Simpson-Miller said that government can
use its shares in the company to ease the burden on JPSCO
customers, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2011, RJR News reported 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.  RJR News related that Mr. Shaw said the changes
will be sought as the JPSCO prepares to admit a new partner in its
ownership structure.  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.

                            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
===========


GRUPO MINSA: Moody's Assigns 'Ba3' Local Currency Rating
--------------------------------------------------------
Moody's de Mexico assigned a Ba3 local currency and Baa1.mx
national scale corporate family ratings to Grupo Minsa, S.A.B. de
C.V.  At the same time, Moody's assigned a provisional (P)MX-2
short term national scale rating to Minsa's MXN400 million short
term certificados bursatiles (local notes) program.  The outlook
is stable.  This is the first time Moody's has assigned a rating
for Minsa.

The proposed certificados bursatiles program will be for a total
amount of MXN400 million, and is expected it will be used to
replace bank facilities currently used for working capital needs.
Moody's expects that the draw downs under the certificados
bursatiles program will have tenors of around 180 days and will be
used to finance corn purchases through the corn harvest cycle.

Ratings assigned:

-- Corporate Family Rating: Ba3 and Baa1.mx (Mexican National
    Scale) ratings assigned

-- MXN400 million program for senior unsecured short term
    certificados bursatiles (local notes) rated, (P)MX-2
-- Outlook, Stable

Ratings Rationale

"Minsa's Ba3 and Baa1.mx ratings reflect the company's limited
operating scale and product diversification, along with exposure
to volatile corn prices and seasonal cash flow patterns due to the
corn purchase cycle" according to Alonso Sanchez, Assistant Vice
President Analyst at Moody's.  Also affecting the ratings is the
company's narrow geographic diversification that despite of its
operation in the U.S. its main EBITDA contributor remains
concentrated in its home market in Mexico.

"These credit negatives are partly offset by the company's
franchise strength as Mexico's second largest corn flour producer,
established brand equity and solid credit metrics for the rating
category" said Alonso Sanchez.  Moody's also factors in its
expectation of a favorable underlying longer growth prospects for
the corn flour industry.

With revenues of US$336 million for the last twelve months (LTM)
ended December 31, 2010, Minsa's scale is modest when compared to
other major packaged food companies.  Additionally, the company
has a narrow segment focus on flour products and, despite of its
operation in the U.S., the low operating margins of that operation
still constrain its geographic diversification.  However, Moody's
considers that this negative credit considerations are partially
offset by Minsa's position as the second largest player in the
corn flour market in Mexico and that Minsa's market position will
allow the company to benefit from the industry conversion trend
from traditional nixtamal processes towards corn flour,
strengthening volume growth going forward.

Minsa has generally maintained solid credit metrics over the past
few years with low leverage and healthy interest coverage.
Adjusted Debt/EBITDA and EBITA/Interest Expense were 0.8x and
6.1x, respectively in 2010, vs. 0.5x in 2009 (1.2x in 2008) and
3.8x in 2009 (3.1x in 2008), respectively.  The company also
exhibits strong cash flow to debt ratios, although FCF can at
times be pressured by working capital swings.  As of December 31,
2010, LTM FCF/Debt was at -25.9% compared to 168.1% in 2009 and -
40.8% in 2008.  Minsa's credit metrics are strong for the Ba
rating category and provide the company with some cushion at the
current Ba3/Baa1.mx rating level to absorb unexpected cash outlays
such as an unexpected increase in commodity prices.  Nonetheless,
Moody's expects that the company will be able to manage cash flow
volatility through adequate risk management policies.

As of December 31, 2010, Minsa's adjusted gross debt of MXN444
million was above the MXN257 million as of the end of 2009 but
still below the MXN570 million as of 2008.  Moody's notes that
Minsa's debt level is seasonal with higher balances during the
second quarter which is the peak of corn purchase period due to
the Sinaloa's corn harvest; however debt levels reported as of the
4Q10 are somewhat high for what Moody's typically see in this
quarter; this is mainly due to the adverse weather conditions for
the Sinaloa harvest during 2010 that led the company to delay its
purchase from Sinaloa, as well as to increase its purchases from
the Bajio harvest (typically at the end of year).  The recent
increase in corn prices also affected the working capital (Moody's
estimates a 25% increase during the 4Q10).

Moody's notes that despite the company had large working capital
needs and debt increased materially during the 4Q10, leverage of
0.8x was well below the 2009 peak during the 2Q, when the
deterioration of the foreign currency rate took total debt to a
MXN933 million balance, implying a Debt/EBITDA ratio of 1.9x,
whereas in 2Q08, the increase in corn prices lead Minsa's peak
debt balance to MXN1.2 billion and leverage to 2.4x.  For 2011,
Moody's expects that the unusual behavior in Minsa's working
capital cycle continue since bad weather conditions during
Sinaloa's seed sowing are expected to negatively impact the 2011
harvest, creating additional pressures in corn prices during the
year; however, this should only be a temporary effect and metrics
should remain adequate for the current rating level.

The stable outlook for the Ba3 and Baa1.mx ratings reflects
Moody's expectation that Minsa will be able to improve results due
to volume growth and price increases carried out last year,
boosting cash flow generation.  The outlook also reflect Moody's
view that corn prices volatility will moderate towards the end of
the year and that Minsa will benefit from a more stable corn price
environment going forward.

Minsa, headquartered in Tlalnepantla, Mexico, is the second
largest corn flour producer in Mexico, with MXN4.2 billion (US$336
million) in revenues for the 12 months ended December 31, 2010.
The company owns six corn flour plants in Mexico and two in the US
with a total capacity of 1.1 million tons per year.  Through Minsa
Corporation, Minsa's 100% subsidiary, the company produces and
distributes corn flour in the U.S. (around 15% of consolidated
revenues).  Minsa is a family controlled company with a 17% public
float listed in the Mexican Stock Exchange.


INFU TRUST: S&P Affirms 'BB' Ratings on 7.135% & 5.80% Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB (sf)' ratings
on Infu Trust's (the trust's) US$180 million 7.135% fixed-rate
notes series 2005 due December 2013 and Mexican Unidades De
Inversion (UDI) 190.2 million (MXN838.78 million equivalent; one
UDI equals MXN4.41) 5.80% fixed-rate notes series 2005 due
December 2013.

"At the same time, we removed these ratings from CreditWatch with
negative implications, where we had placed them on Sept. 3, 2010,"
S&P said.

Infu Trust is an onshore Mexican entity that has issued cross-
border asset-backed notes secured primarily by its rights (the
underlying collateral) to receivables derived from sublease
contracts for certain commercial areas of Mexico City
International Airport's Terminal 1 (Terminal 1), among others.
These rights are derived from a private lease contract between
Inmobiliaria Fumisa S.A. de C.V. (Fumisa) and Mexico City
International Airport.  Fumisa is a Mexican-based construction
company that has been engaged by Mexico City International Airport
to construct and remodel certain areas of the airport.  The
revenues that Fumisa collects generate the cash flow that the
trust uses for debt service payments for both series.

"The rating actions follow our view that the Aug. 28, 2010,
suspension of domestic and international flight operations by
Mexicana de Aviacion (Mexicana), which used to utilize Terminal 1
at the Mexico City International Airport, did not affect the
series' cash flow streams as severely as we expected. While
Mexicana has not resumed its operations, which has directly
decreased passenger traffic volume in the terminal, other airlines
have increased their use of Terminal 1, partially mitigating the
negative effect of Mexicana's suspension," S&P noted.

The series benefit from a reserve that covers three debt service
payment periods.  The series also benefit from U.S. dollar- and
Mexican peso-denominated cash flows that are derived from the
assets sold to the trust, overcollateralization, and a trigger
reserve account, as well as several trigger and early amortization
events designed to mitigate adverse events affecting the revenue
stream.

"The series' current debt service coverage ratios are 1.36x each.
We will continue to surveil our ratings on these notes and revise
them as necessary to reflect any future changes in the series'
underlying credit quality," S&P said.

Ratings Affirmed and Removed From CreditWatch Negative

Infu Trust US$180 million 7.135% fixed-rate notes series 2005 due
December 2013

Series             Rating
           To                From
2005        BB (sf)           BB (sf)/Watch Neg

Infu Trust

UDI 190.2 million 5.80% fixed-rate notes series 2005 due
December  2013

Series             Rating
            To                From
2005        BB (sf)           BB (sf)/Watch Neg


UDI--Mexican Unidades De Inversion.


                            ***********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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