TCRLA_Public/110519.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

             Thursday, May 19, 2011, Vol. 12, No. 98

                            Headlines



A R G E N T I N A

AVENIDA JUAN: Creditors' Proofs of Debt Due June 29
GALLETAS DE ARROZ: Creditors' Proofs of Debt Due June 30
J JUFFE: Creditors' Proofs of Debt Due June 30
REFRESCOS SUR: Creditors' Proofs of Debt Due June 27
SPORTS TRENDS: Creditors' Proofs of Debt Due June 29


B E R M U D A

MULTI-STRATEGY: Creditors' Proofs of Debt Due May 25
MULTI-STRATEGY: Member to Receive Wind-Up Report on June 14


B R A Z I L

CENTRAIS ELECTRICAS: Moody's Assigns 'B3' Rating to 5-Year Bond
S.A. FABRICA: Moody's Affirms 'B1' Corporate Family Rating
TAM SA: S&P Keeps 'B+' Corp. Credit Rating on Watch Positive


C A Y M A N   I S L A N D S

AMERICAN PROFESSIONAL: Commences Liquidation Proceedings
CCP HOLDINGS: Creditors' Proofs of Debt Due June 9
CRONUS FINANCE: Creditors' Proofs of Debt Due June 8
FOUNDATION RE II: Creditors' Proofs of Debt Due June 9
GRANITE VENTURES IV: Creditors' Proofs of Debt Due June 8

JLOC XI: Creditors' Proofs of Debt Due June 8
LOS ROBLES: Creditors' Proofs of Debt Due June 8
MAAC INVESTMENTS: Creditors' Proofs of Debt Due May 25
MABA INVESTMENTS: Creditors' Proofs of Debt Due May 25
PN ASSURANCE: Commences Liquidation Proceedings

SIGNUM XENON: Creditors' Proofs of Debt Due June 8


G U Y A N A

GUYSUCO: Gov't to Pay Out JM$300M in Severance to Sugar Workers


J A M A I C A

AIR JAMAICA: Deal With Caribbean Air to be Completed in 2 Weeks


P U E R T O   R I C O

CARIBE MEDIA: U.S. Trustee Unable to Form Committee


V E N E Z U E L A

CITGO PETROLEUM: Fitch Affirms Issuer Default Rating at 'B+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A R G E N T I N A
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AVENIDA JUAN: Creditors' Proofs of Debt Due June 29
---------------------------------------------------
Alberto Hugo Samora, the court-appointed trustee for Avenida Juan
Bautista Alberdi 337 SA's reorganization proceedings, will be
verifying creditors' proofs of claim until June 29, 2011.

Mr. Samora will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires 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:

         Alberto Hugo Samora
         Paraguay 435
         Argentina


GALLETAS DE ARROZ: Creditors' Proofs of Debt Due June 30
--------------------------------------------------------
Elizabeth M. T. Zamboni, the court-appointed trustee for Galletas
de Arroz SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 30, 2011.

Ms. Zamboni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Elizabeth M. T. Zamboni
         Vera 272
         Argentina


J JUFFE: Creditors' Proofs of Debt Due June 30
----------------------------------------------
Aldo Bassagaisteguy, the court-appointed trustee for J. Juffe
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 30, 2011.

Mr. Bassagaisteguy will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:

         Aldo Bassagaisteguy
         Avenida Santa Fe 2847
         Argentina


REFRESCOS SUR: Creditors' Proofs of Debt Due June 27
----------------------------------------------------
Silvia Rosa Pirraglia, the court-appointed trustee for Refrescos
Sur SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 27, 2011.

Ms. Pirraglia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Silvia Rosa Pirraglia
         Talcahuano 426
         Argentina


SPORTS TRENDS: Creditors' Proofs of Debt Due June 29
----------------------------------------------------
Estudio Canapeti y Llovera Contadores Publicos, the court-
appointed trustee for Sports Trends Argentina SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
June 29, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 17, 2012.

The Trustee can be reached at:

         Estudio Canapeti y Llovera Contadores Publicos
         Argentina


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B E R M U D A
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MULTI-STRATEGY: Creditors' Proofs of Debt Due May 25
----------------------------------------------------
The creditors of Multi-Strategy Series 3 Euro Trading Ltd are
required to file their proofs of debt by May 25, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 9, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


MULTI-STRATEGY: Member to Receive Wind-Up Report on June 14
-----------------------------------------------------------
The member of Multi-Strategy Series 3 Euro Trading Ltd will
receive on June 14, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 9, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


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B R A Z I L
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CENTRAIS ELECTRICAS: Moody's Assigns 'B3' Rating to 5-Year Bond
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating on the global scale
to a 5-year senior unsecured bond offering to be issued by
Centrais Eletricas do Para S.A. (CELPA) in an amount expected to
be between USD250 million and USD400 million.  At the same time,
Moody's affirmed CELPA's B3 on the global scale and B1.br on the
national scale issuer rating.  The proceeds of the note issuance
will be used to improve the company's liquidity position by mostly
repaying short-term debt.  The outlook is negative for all
ratings.

                        Ratings Rationale

The B3 issuer rating reflects CELPA's weak credit metrics,
characterized by high leverage and an inadequate liquidity
position, the requirement of high capital expenditures and a
historically poor operating performance.

The ratings benefit from the inherently stable nature of the
electrical distribution business relative to other businesses and
the evolving regulatory framework of the electricity industry in
Brazil. The ratings assessment also factors in the potential for
higher tariffs during the upcoming third tariff review since the
regulator is expected to recognize CELPA's expanded regulatory
asset base. The application of the third tariff review, however,
can be expected to moderate the increase, as reviews typically
reduce electricity tariffs by passing on productivity gains to
consumers.

The negative outlook largely reflects Moody's concern over the
company's liquidity position. The concern arises from high
refinancing needs along with the potential acceleration of some
long-term banking debt because of the existing cross default
provisions with its ultimate holding company parent, Rede Energia
S.A. (Rede; Corporate Family rating Caa1,negative), for an
estimated amount of BRL 400 million.

Going forward, CELPA is likely to generate stronger cash flows as
measured by funds from operations (FFO) with the application of
the third tariff review, which is initially scheduled for August
2011. The stronger cash flows will largely result from expected
higher tariffs because of the regulator's recognition of an
increased regulatory asset base as well as from expected sales
volume growth, which Moody's forecasts to be above the Brazilian
average sales growth.

CELPA's management estimates that the regulator should recognize
around BRL 1 billion in the regulatory asset base because of past
capital expenditures that prior tariffs did not fully capture
which could boost annual FFO by around BRL 80 million. There is no
assurance that CELPA will get this tariff increase as planned, and
while Moody's recognizes that the regulatory base number is
feasible, Moody's has conservatively used a lower amount of around
BRL 800 million in its projections which could increase annual FFO
by BRL 64 million. Along with a projected average annual sales
growth of as much as 7% over the next three years, the tariff
adjustment should further fuel cash generation.

Conversely, the third application of the tariff review by the
regulator will hurt CELPA because of the transfer of productivity
gains to consumers and the application of a lower WACC in the face
of lower capital costs (equity and borrowings). At the end of last
year, ANEEL signaled a significant reduction of tariffs for all
Brazilian electricity distribution companies when it placed for
public hearing the new procedures for the third electricity tariff
review, to be implemented from 2011 through 2013. According to the
Brazilian electricity regulatory model, all Brazilian electricity
distribution companies are subject to periodic tariff reviews
every four to five years in order to transfer any productivity
gains to consumers.

Based on public information available at ANEEL's website, a very
preliminary estimate indicates that the average reduction in
EBITDA for the Brazilian electricity distribution companies could
reach as much as 30% if the tariff review parameters the regulator
has suggested are strictly followed. Moody's expects that
electricity tariffs will eventually be reduced but by a lower
percentage amount than the regulator initially suggested. Moody's
expects the reduction in EBITDA to stay within the 20-25% range,
which translates into a tariff reduction of 5% to 7%.

Moody's believes that the recognition of a higher regulatory asset
base combined with the application of the new procedures for the
third tariff review by the regulator will increase internal cash
generation but at lower amount than projected by CELPA's
management.

CELPA's FFO could potentially benefit from planned higher capital
expenditures, estimated at around BRL 1 billion in 2011, to reduce
electricity losses, expand the distribution grid to meet the
growing demand in its service territory and improve the quality of
services provided to consumers.

Electricity losses is a major challenge for CELPA. They are
currently running at around 30%, which compares poorly with the
24.4% level recognized by the regulator and embedded in the
electricity tariff. A reduction in these losses of one percentage
point could increase annual EBITDA by around BRL 10 million.

Improving service quality is also crucial to improving cash
generation as the company is contractually obliged to meet the
minimum technical requirements determined by the regulator. In
2010, the regulator fined CELPA BRL 80 million for not fulfilling
its service quality requirements. While new investments should
address this issue, Moody's does not expect a dramatic improvement
in service quality over the short to medium term. Thus, Moody's
expects further expenses from the payment of penalties at least
for the next couple of years, although at reduced levels.

Despite some forecasted improvement in CELPA's cash generation,
the company's leverage will remain high over the next three years
while its liquidity position remains a major challenge. Prior to
any application of the expected bond proceeds, the company
currently faces a sizeable BRL 990 million of debt coming due in
the short-term plus sizable capital expenditures of over BRL
1billion in 2011. According to management, CELPA has already
negotiated the contracting of around BRL 570 million of long-term
debt mostly from BNDES (BRL 210 million) and from Eletrobras (BRL
approximately BRL 360 million) to cover the bulk of the planned
capital expenditures. In addition, CELPA is negotiating the
borrowing of up to BRL 200 million of long-term debt with some
local banks to lengthen its debt profile. The Eletrobras funding
aims to complement the funding for the "Light for All Program", a
federal-sponsored social program to extend electricity services to
the most distant rural areas of the country, and to develop the
transmission and distribution systems of the Marajo Island to
include consumers of this region in the Brazilian electricity
integrated system.

The USD 400 million bond issuance (approximately BRL 600 million)
will help CELPA make up for the cash shortfall and reduce
refinancing needs to around BRL300/ 400 million which is still
challenging but more manageable. In case CELPA fails in
lengthening its debt profile as planned, Moody's expects that
management will either borrow short-term debt or reduce capital
expenditures accordingly. In the event CELPA succeeds at
implementing this funding strategy, liquidity would be considered
adequate if not for some existing cross default provisions with
its holding company parent Rede, which could potentially
accelerate as much as BRL 400 million of debt at CELPA. Management
has indicated that CELPA will consider hedging the currency
exposure of the principal and interest, in total or in parts,
depending on market conditions. A potential major devaluation of
the local currency would certainly increase leverage but with
limited impact on cash flow in the short-term.

The planned financial turnaround of CELPA which included the
receipt of BRL530 million from Rede in the second half of 2010
coupled with this current note issuance is strategic in the long-
run because Rede depends on up-streamed dividends from its
operating subsidiaries to service its debt, which Moody's deems
unattainable at the current operating levels.

The negative rating outlook could change to stable if CELPA
obtains the long-term funding as planned and at the same time the
credit and liquidity risks at Rede improves so that the potential
risk of accelerating CELPA's debt is significantly reduced.

The ratings could be upgraded if CELPA improves its liquidity
profile and obtains stronger credit metrics such that CFO before
changes in working capital over total debt is greater than 8% and
interest coverage is over 2.0x for a prolonged period.

The ratings could be downgraded if CELPA's liquidity position
further deteriorates either because it fails to lengthen its debt
profile or the creditworthiness of its ultimate parent company
Rede further deteriorates. Quantitatively, the ratings could be
downgraded if credit metrics further weaken such that CFO before
changes in working capital to debt is lower than 3% and interest
coverage falls below 1.3x for a prolonged period.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

Celpa, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. In 2010, Celpa sold 6.1 TWh to approximately
1.7 million consumers, with net revenues of BRL1.6 billion (USD0.9
billion) which excludes BRL489 million (USD278 million)
construction revenues and net loss of BRL100 million (USD57
million). Celpa is controlled by Rede Energia S.A. (REDE), which
has a direct and indirect participation of 61.4% of Celpa's total
capital. Rede is a major holding company with interests in the
Brazilian electricity sector through the controlling of operating
companies which hold concessions to distribute electricity in the
states of Mato Grosso (Centrais Eletricas Matogrossenses S. A. -
Cemat), Tocantins (Companhia de Energia Eletrica do Estado do
Tocantins - Celtins) and Mato Grosso do Sul (Enersul). In
addition, Rede operates small power distribution concessions in a
number of municipalities in the states of Sao Paulo, Minas Gerais
and Parana. Overall, the group serves approximately 4.5 million
clients. In 2010, Rede reported consolidated net revenues of
BRL5.6 billion (USD3.2 billion) which excludes BRL1.3 billion
(USD725 million) construction revenues and a net loss of BRL375
million (USD213 million), and distributed 19.8 TWh of electricity,
which is equivalent to approximately 4.7% of the electricity
consumed in the country's national integrated system.


S.A. FABRICA: Moody's Affirms 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating on the global scale to JBS S.A. At the same time the
corporate family rating of S.A. Fabrica de Produtos Alimenticios
Vigor was upgraded to B1 from B2. The rating alignment of Vigor to
that of JBS anticipates the operational benefits with regards to
synergy opportunities in areas such as personnel, logistics,
procurement, commercial and marketing expenses, not excluding JBS'
larger access to funding sources that should enhance Vigor's cost
of funding and debt structure.

The outlook for all ratings is positive.

Ratings Rationale

The B1 corporate family rating of JBS reflects the global strength
of its operations, especially after the acquisition of US leader
in the poultry segment, Pilgrim's Pride, the company's size as one
of the largest protein related products' companies worldwide, and
the increasing relevance of JBS' meat exports to Brazil's economy.
The rating incorporates that the synergies created from Pilgrim's
and Bertin's acquisitions and the financial benefits from the
announced debt profile restructure can partially mitigate the
effects of increased input costs on JBS' profitability in 2011.
JBS will refinance up to USD 2.5 billion and reduce near term
funding risk with additional cost savings. The rating also
reflects improved operating margins and lower leverage, following
better global market conditions. Moody's believes that these
factors, combined with the consolidation of its global operations,
should benefit the company's operating and cash flow metrics.

On the other hand, JBS' acquisitive profile adjoin integration
risk and puts pressure on its financial performance, especially
with regards to leverage and cash flow generation, compared to
companies at the same rating level and industry sector. The rating
also reflects JBS' continued reliance on beef sales and company's
idle production capacity in Brazil, albeit improving. The negative
effects of higher input costs, especially grains and live cattle,
in JBS' profitability since the 4Q10 and the inherent risk related
to the protein business, including diseases and trading embargoes,
are also relevant factors that constrain JBS' rating.

In 2010, JBS reported consolidated net revenues of BRL 55 billion
(approximately USD 32 billion), a 57.7% growth YoY, and 14% on
organic growth basis. "The latest acquisitions added product
diversification to JBS' sales and expanded its raw materials
supply overseas, diminishing concentration risks", said Mr.
Ricardo Kovacs, VP and Senior Analyst at Moody's. Thus,
profitability measured by EBITDA margin expanded to 7.6% compared
to 4.5% in 2009, with the increased participation of processed
foods, pork and poultry in sales breakdown.

"JBS has a challenging environment ahead to fully implement the
synergies from acquisitions, to pass through increasing input
costs and complete a debt restructure that will relief company's
short term financing needs", said Mr. Kovacs. JBS reported
negative free cash flow in 2010, as a consequence of higher cattle
prices and larger inventory levels after Pilgrim's and Bertin's
consolidation. In 2011, a special focus on business integration
and synergies implementation instead of new acquisitions should
lead JBS to be free cash flow positive. The announced debt
restructuring will ease JBS' short term funding needs and reduce
cost of funding. Moody's also expects a continued deleveraging in
2011 with Debt/EBITDA expected to be sustained below 4 times.

Moody's regards as a credit positive the strategic shareholder
BNDESPar (the equity arm of the National Development Bank) which
currently has a stake of 17.02% of total shares. BNDESPar has a
positive track record of elevating the overall corporate
governance standards of companies in its equity investments, while
BNDES itself is expected to be a source of cheaper local currency
and longer term debt, notably for fixed assets financing.

The positive outlook reflects Moody's expectation that JBS will
focus organic growth in 2011 and convert projected synergies from
acquisitions into profitability, along with better cash flow
generation and lower leverage. The outlook considers JBS'
enhancing corporate governance, with the existence of independent
audit and fiscal councils and a board of directors with five
independent members, but also the absence of formal targeted
financial parameters. It also reflects Moody's concerns regarding
the impacts of growing input costs in JBS's operating margin and a
limited capability to passthrough costs to end prices.

A downgrade to the ratings could be caused by a weaker liquidity
profile or a large debt financed acquisition. Quantitatively,
negative rating pressure would arise should LTM Debt to EBITDA be
above 6.0x (4.0x as of FY10), EBITA/Interest below 1.0 x (1.2x as
of FY10) or RCF to Net Debt lower than 10% (14.2% as of FY10). All
credit metrics are adjusted according to Moody's standard
adjustments and definitions.

The ratings could be upgraded if JBS reports stronger and less
volatile consolidated cash flow, both before and after working
capital changes. Quantitatively, upward pressure would require JBS
to report positive free cash flow, while maintaining RCF to Net
Debt above 15% and Total Debt to EBITDA below 4.0x on a sustained
basis.

The principal methodology used in rating JBS was the Global Food -
Protein and Agriculture Industry Methodology, published September
2009.

Headquartered in Sao Paulo, Brazil, JBS is the world's largest
protein producer (beef, chicken, pork and lamb) in terms of
revenues, slaughter capacity and production. It is the leading
beef and lamb player on a global basis, the second worldwide
producer of chicken, the third largest pork producer in the USA
and the third largest dairy producer in Brazil, besides being one
of the most important leather manufacturer globally.

Founded in 1918, Vigor is one of the leading companies in terms of
sales and market share in Brazil, in the milk, dairy and fat
segments. Vigor has a diversified product portfolio with
approximately 340 items, among them well-recognized brands such as
Leco, Danubio, Faixa Azul, Amelia, and Franciscano, among others.


TAM SA: S&P Keeps 'B+' Corp. Credit Rating on Watch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit rating on Brazil-airline TAM S.A. remains on CreditWatch
with positive implications, were it was placed Aug. 16, 2010.

The CreditWatch placement followed TAM's announcement that it
signed a nonbinding memorandum of understanding with LAN Airlines
S.A. (not rated). "We expect the deal to combine both companies
into one entity named LATAM Airlines Group. The transaction
depends on regulatory authorities' approval, which may
take several quarters," said Standard & Poor's credit analyst
Piero Parolin.

On Jan. 28, 2011, in response to a petition filed by Chilean
consumer association CONADECUS, Tribunal de Defensa de la Libre
Competencia, the antitrust authority determined to submit the
proposed combination of TAM and LAN to a voluntary review
procedure. "We believe this procedure could delay the combination
of the two operations. Still, we expect the agreement to improve
TAM's business and financial profiles, if approved. Assuming the
deal goes through as proposed, TAM expects to benefit from
synergies estimated at US$400 million, coupled with increased
ability to manage its aggressive financial profile and heavy fleet
expenses," S&P stated.

"Apart from the operations' combination, our rating on TAM
reflects high adjusted indebtedness, fierce competition from a
lower-cost competitor in Brazil and from foreign airlines in
international flights, and some degree of regulatory risk. TAM's
strong and leading position in the Brazilian domestic air
transportation industry, favorable growth fundamentals for the
industry in the country as the economy continues to expand, and a
strong brand name that reinforces passenger preference,
particularly among business travelers, partially offset the
risks," according to S&P.

"We expect to resolve the CreditWatch status as soon as regulatory
authorities reach their conclusions about the merger between LAN
and TAM. This may, however, take several quarters to complete. Our
assessment of TAM's improved business and financial profiles as we
obtain more clarity on LATAM's strategic plan could lead us to
raise our ratings on TAM," S&P added.


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C A Y M A N   I S L A N D S
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AMERICAN PROFESSIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on April 20, 2011, the
members of American Professional Assurance Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

         Kenneth M. Krys
         Timothy Le Cornu
         KRyS Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, Grand Cayman KY1-1205
         Cayman Islands


CCP HOLDINGS: Creditors' Proofs of Debt Due June 9
--------------------------------------------------
The creditors of CCP Holdings SPC are required to file their
proofs of debt by June 9, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 16, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


CRONUS FINANCE: Creditors' Proofs of Debt Due June 8
----------------------------------------------------
The creditors of Cronus Finance Limited are required to file their
proofs of debt by June 8, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 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


FOUNDATION RE II: Creditors' Proofs of Debt Due June 9
------------------------------------------------------
The creditors of Foundation RE II Ltd are required to file their
proofs of debt by June 9, 2011, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         HSBC House, 68 West Bay Road
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 914-7553
         Facsimile: 949-6021


GRANITE VENTURES IV: Creditors' Proofs of Debt Due June 8
---------------------------------------------------------
The creditors of Granite Ventures IV Ltd. are required to file
their proofs of debt by June 8, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 28, 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


JLOC XI: Creditors' Proofs of Debt Due June 8
---------------------------------------------
The creditors of JLOC XI Limited are required to file their proofs
of debt by June 8, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 28, 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


LOS ROBLES: Creditors' Proofs of Debt Due June 8
------------------------------------------------
The creditors of Los Robles CDO Ltd are required to file their
proofs of debt by June 8, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 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


MAAC INVESTMENTS: Creditors' Proofs of Debt Due May 25
------------------------------------------------------
The creditors of Maac Investments Limited are required to file
their proofs of debt by May 25, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2011.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MABA INVESTMENTS: Creditors' Proofs of Debt Due May 25
------------------------------------------------------
The creditors of Maba Investments Limited are required to file
their proofs of debt by May 25, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2011.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


PN ASSURANCE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on March 31, 2011, the
members of PN Assurance Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

         Megan Ogden
         Alissa Matthews
         Marsh Management Services Cayman Ltd
         Telephone: 345-949-7988
         Facsimile: 345-949-7849


SIGNUM XENON: Creditors' Proofs of Debt Due June 8
--------------------------------------------------
The creditors of Signum Xenon Limited are required to file their
proofs of debt by June 8, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 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


===========
G U Y A N A
===========


GUYSUCO: Gov't to Pay Out JM$300M in Severance to Sugar Workers
---------------------------------------------------------------
Stabroek News reports that President Bharrat Jagdeo said that the
Guyana government will pay out $300M in severance to sugar workers
from Diamond who have taken legal action against the state for
withholding the monies.

Finance Minister Dr. Ashni Singh has been asked to find the money,
according to Stabroek News.  The money is expected to be released
to Guyana Sugar Corporation (GuySuCo) sometime next week and later
paid out to the workers, the report relates.

Stabroek News notes that President Jagdeo met with the Diamond
workers, numbering around 300 to personally deliver the news.

Stabroek News discloses that President Jagdeo also told workers
that the court decision could have gone either way -- in favor of
the state or the workers.  He pledged continued assistance for the
sugar industry while lamenting the deep financial troubles of
GuySuCo, Stabroek News adds.

As reported in the Troubled Company Reporter-Latin America on
December 18, 2009, Caribbean Net News said sugar workers at all
sugar estates across Guyana went on strike in protest of a 3% pay
increase they are set to receive from the Guyana Sugar Corporation
for 2009, which will be paid in 2010.  According to the report, an
arbitration panel ruled that the workers should receive the 3%
increase that they are demanding.  However, the report related,
the corporation said it cannot make the payments.

                        About Guysuco

The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweeteners.


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


AIR JAMAICA: Deal With Caribbean Air to be Completed in 2 Weeks
---------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw is
expressing confidence that Caribbean Airlines Limited's takeover
of Air Jamaica Limited will be completed in two weeks.

Mr. Shaw said the notice issued to Caribbean Air to complete the
transaction was not a sign of impatience in sealing the deal,
according to RJR News.  It was a mere formality to preserve all
rights under the agreements which were signed earlier and against
the background of the two week extension which expired on Monday,
according to Mr. Shaw.

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.


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


CARIBE MEDIA: U.S. Trustee Unable to Form Committee
---------------------------------------------------
Roberta A. DeAngelis, the United States Trustee for Region 3, said
that despite efforts to contact eligible unsecured creditors for
Caribe Media Inc. to date, she has not received a sufficient
number of creditors willing to serve on a committee of unsecured
creditors.

Accordingly, the U.S. Trustee is unable to appoint a committee
pursuant to 11 U.S.C. Sec.1102(a).

                        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.  Kurtzman Carson Consultants LLC serves as the
Debtors' claims and noticing agent.

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.


=================
V E N E Z U E L A
=================


CITGO PETROLEUM: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed these existing ratings of CITGO
Petroleum Corporation:

   -- Issuer Default Rating (IDR) at 'B+';

   -- Senior Secured Credit Facility at 'BB+';

   -- Secured Term Loan at 'BB+';

   -- Fixed-Rate Industrial Revenue Bonds (IRBs) at 'BB+'.

Fitch has also revised the Rating Outlook on CITGO's IDR to
Positive from Stable.

The main drivers of the revised Outlook include:

   -- Rapid improvements in the company's financial performance,
      prompted by a backdrop of improving global refining
      fundamentals;

   -- CITGO's access to heavily discounted WTI-linked crudes;

   -- The company's recent de-leveraging, which has reduced
      balance sheet debt to approximately US$1.503 billion at the
      end of the first quarter versus US$2.202 billion at year-end
      2009;

   -- Completion of Ultra Low Sulfur Diesel (USLD) construction at
      Lemont and Corpus Christi, which was the last major piece of
      near term mandatory capex at the company and should clear
      the way for improved FCF generation, all else equal.

The unusually wide spread between North American benchmark crude
oil WTI and global waterborne crudes such as Brent has been a key
driver of CITGO's high profitability year-to-date in 2011. The
Brent-WTI spread - normally in the range of +/- US$3 per barrel -
has blown out to a US$10-US$15/barrel discount, due in significant
part to ramped up production from Canadian Oil Sands and U.S.
shale oil plays, matched to still-limited logistical takeaway
capacity out of Cushing, OK to the Gulf coast, as well as the
impact of supply disruptions in Libya. This gap has provided a
near-term windfall for refiners positioned to take advantage of
cheaper, landlocked North American crudes. CITGO has been able to
take advantage of these crudes both at its 167,000 bpd Lemont, IL
refinery (which can take about 100,000 bpd of heavy Canadian
crudes directly), and at its Gulf coast refineries, which have
WTI-related contract pricing on a portion of imported barrels.
CITGO's EBITDA for the first quarter of 2011 alone stood at a very
robust US$541 million, versus US$585 million for all of 2010, as
calculated by Fitch.

CITGO's recent credit metrics have shown substantial improvement.
At March 31, 2011, the company had debt/EBITDA leverage of 1.26
times (x), EBITDA/interest coverage of 6.06x, and LTM FCF of
US$926 million. The company's liquidity was good at March 31, 2011
and totaled US$1.193 billion, comprised of cash of US$56 million,
revolver availability of US$714 million, and A/R securitization
availability of US$423 million. Liquidity has also improved
following the company's 2010 debt refinancing, which included the
conversion of all of CITGO's variable rate IRBs (which required
revolver-backed LoCs) to fixed rate IRBs which do not require such
support. CITGO repurchased US$290 million in IRBs which it
currently holds in treasury.

Headroom on key covenants was good at YE 2010 and included a debt-
to-cap ratio of 45.5% (versus a 60% limit), an interest coverage
ratio of 5.02x (versus a 1.5x limit), and official liquidity of
US$731.5 million (versus a US$400 million limit). The completion
of ULSD projects at Lemont and Corpus Christi in 2010 should help
improve CITGO's FCF on a go-forward basis as it marks the last
major required capex initiative due in the near term. Near term
maturities are manageable following the 2010 refinancing and
include amortizations of existing term loans, with the next major
maturity due the 2015 term loan 'B', of which US$134.5 million
remained at March 31, 2011.

CITGO's ratings remain constrained by their strong linkage to
parent Petroleos de Venezuela SA (PDVSA; IDR 'B+' with a Stable
Outlook), which is evidenced through the dividend policy to PDVSA,
frequent appointments of PDVSA personnel into CITGO executive and
board positions, CITGO's contracts to take approximately 250,000
bpd of PDVSA crude at its Gulf coast refineries, and uncertainty
about the parent's ultimate intentions regarding its subsidiary.
However, it is important to note that there are strong covenant
protections in CITGO's secured debt which restrict the ability of
the parent to dilute CITGO's credit quality. These include debt-
to-cap limits, minimum liquidity, and minimum interest coverage
ratios (all of which are tightened in the event CITGO upstreams
dividends to its parent). The notching between the IDR and secured
ratings reflects the strength of the underlying security package,
which was expanded in 2010 to include the 167,000 bpd Lemont
refinery, in addition to CITGO's Lake Charles and Corpus Christi
refineries, petroleum inventories, and select accounts
receivables.

Catalysts for an upgrade to the credit include higher ratings at
the parent level, or additional evidence that CITGO's strong
financial performance and recent reductions in leverage will be
sustained going forward. Catalysts for a downgrade include another
leg down in refining fundamentals, a liquidity crunch; or credit
deterioration at the parent level resulting in more financial
pressure on CITGO. Note that removal of secured lenders from the
capital structure could weaken the rationale for any notching
between CITGO and PDVSA, given the substantial protections secured
bondholder covenants provide to all CITGO bondholders.

Looking forward, Fitch anticipates that CITGO will be meaningfully
free cash flow (FCF) positive in 2011 and 2012, due to the
combination of further improvements in global refining
fundamentals, the favorable impact of wide (but declining) spreads
between Brent and WTI, and reduced mandatory capex requirements.
Fitch anticipates that a meaningful portion of CITGO's cash flows
may be paid out in the form of dividends.

CITGO's other obligations are manageable. CITGO's pension was
underfunded by US$186.9 million at year-end 2010 versus US$197.8
million the year prior. The improvement in funding status stemmed
primarily from improved actual return on plan assets. CITGO's
asset retirement obligation (ARO) was US$18.5 million at year-end
2010, down modestly from levels seen the year prior. Rental
expense for operating leases declined to US$140 million versus
US$171 million the year prior, and included product storage
facilities, office space, computer equipment, and vessels.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********

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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