TCRLA_Public/110525.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 25, 2011, Vol. 12, No. 103

                            Headlines


B E R M U D A

DIGICEL GROUP: TSTT Hails Court Victory Over Firm
PALMARENA INVESTMENTS: Creditors' Proofs of Debt Due June 3
PALMARENA INVESTMENTS: Member to Hear Wind-Up Report on June 21
UNION PACIFIC: Contributories & Creditors to Meet on May 30


B R A Z I L

OGX PETROLEO: S&P Assigns 'B' Corporate Credit Rating


C A Y M A N   I S L A N D S

CAMPANOLOGY LEASING: Shareholder to Hear Wind-Up Report on June 10
CRONUS FINANCE: Shareholders' Final Meeting Set for June 10
FOUNDATION RE II: Shareholder to Hear Wind-Up Report on June 9
GRANITE VENTURES: Shareholders' Final Meeting Set for June 10
JLOC XI: Shareholder to Hear Wind-Up Report on June 10

LASER LEASING: Shareholder to Hear Wind-Up Report on June 10
LOS ROBLES: Shareholders' Final Meeting Set for June 10
MAAC INVESTMENTS: Shareholders' Final Meeting Set for June 13
MABA INVESTMENTS: Shareholders' Final Meeting Set for June 13
OFFSHORE GROUP: Moody's Assigns 'B3' Rating to Sr. Notes Due 2015

SIPIX GROUP: Members' Final Meeting Set for May 31


E L  S A L V A D O R

SCOTIABANK EL SALVADOR: Fitch Withdraws 'C' Individual Rating


J A M A I C A

JAMAICA PUBLIC: Sticks to Decision to Delay Rate Hike


                            - - - - -


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B E R M U D A
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DIGICEL GROUP: TSTT Hails Court Victory Over Firm
-------------------------------------------------
Trinidad Express reports that Telecommunications Services of
Trinidad and Tobago is proclaiming victory after the English Court
of Appeal rejected Digicel Group's application to appeal Justice
Morgan's April 2010 ruling that dismissed all claims brought by
Digicel Group against TSTT.

Digicel Group has also been directed by the court to pay TSTT's
legal costs, according to Trinidad Express.  The report relates
that Digicel Group had initially sought at least US$50 million in
damages from TSTT for allegedly delaying its interconnection in
Trinidad and Tobago.

The April 2010 ruling was based on proceedings filed by Digicel in
2007 against TSTT and several Cable and Wireless companies on
matters arising from the liberalization of the telecommunications
markets in the Caribbean.

"This effectively brings an end to these legal proceedings in
London," said Lisa Agard, TSTT's vice president, legal and
executive vice president for Mobile.

                       About Digicel Group

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

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

                         *     *     *

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


PALMARENA INVESTMENTS: Creditors' Proofs of Debt Due June 3
-----------------------------------------------------------
The creditors of Palmarena Investments Limited are required to
file their proofs of debt by June 3, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


PALMARENA INVESTMENTS: Member to Hear Wind-Up Report on June 21
---------------------------------------------------------------
The member of Palmarena Investments Limited will receive on
June 21, 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 18, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


UNION PACIFIC: Contributories & Creditors to Meet on May 30
-----------------------------------------------------------
The contributories and creditors of Union Pacific Reinsurance &
General Co. Ltd will hold their first meeting on May 30, 2011, at
10:00 a.m.

Michael Morrison and Charles Thresh are the company's joint
provisional liquidators.


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B R A Z I L
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OGX PETROLEO: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate credit
rating to OGX Petroleo e Gas Participacoes S.A. OGX is a holding
company listed in Brazil with investments in oil and gas
exploration and production (E&P). The outlook is positive.

"At the same time, we assigned a 'B' rating to the company's
proposed issuance of a $2 billion senior unsecured bond with a
bullet maturity of seven to 10 years. The bond is unconditionally
guaranteed by OGX's subsidiaries, OGX Petroleo e Gas Ltda. and OGX
Campos Petroleo e Gas S.A., and therefore rank pari passu with
debt at the operating companies," S&P related.

"The ratings on OGX reflect the preoperational phase of its
subsidiaries and high investment requirements for oil and gas
exploration on the company's 34 blocks in Brazil and Colombia,"
said Standard & Poor's credit analyst Paula Martins.

The production ramp-up and the company's ability to convert
contingent resources into reserves are its main risks. "Partially
mitigating these negatives are the company's adequate liquidity
and proposed debt issuance, which, according to our projections,
should allow it to support capital and operating expenditures
until 2013, even if production remains well below our
projections," S&P said.

"Our projections assume that OGX issues up to $2 billion of debt.
They also consider Standard & Poor's prices for oil and gas, the
company's realization price with discount, and a six-month delay
in production ramp-up," S&P continued.

"The positive outlook reflects our expectation that if OGX ramps
up production and converts its contingent resources into reserves
in line with its forecasted milestones, we might raise the rating
on the company, assuming the company issues up to $2 billion of
debt," S&P stated.

On the other hand, delays in production ramp-up and difficulty in
converting contingent resources into reserves might prevent the
expected improvement in OGX's cash flow protection measures and
overall financial position, pressuring the rating downward.


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


CAMPANOLOGY LEASING: Shareholder to Hear Wind-Up Report on June 10
------------------------------------------------------------------
The shareholder of Campanology Leasing Limited will receive on
June 10, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Jeremy Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563/ 345-949-4800
         Facsimile: +44 (0) 20 7694 3533/ 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


CRONUS FINANCE: Shareholders' Final Meeting Set for June 10
-----------------------------------------------------------
The shareholders of Cronus Finance Limited will hold their final
meeting on June 10, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


FOUNDATION RE II: Shareholder to Hear Wind-Up Report on June 9
--------------------------------------------------------------
The shareholder of Foundation RE II Ltd. will receive on June 9,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         Telephone: 914-7553 / 914-7580
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


GRANITE VENTURES: Shareholders' Final Meeting Set for June 10
-------------------------------------------------------------
The shareholders of Granite Ventures IV Ltd. will hold their final
meeting on June 10, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


JLOC XI: Shareholder to Hear Wind-Up Report on June 10
------------------------------------------------------
The shareholder of JLOC XI Limited will receive on June 10, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


LASER LEASING: Shareholder to Hear Wind-Up Report on June 10
------------------------------------------------------------
The shareholder of Laser Leasing Limited will receive on June 10,
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:

         Jeremy Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563/ 345-949-4800
         Facsimile: +44 (0) 20 7694 3533/ 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


LOS ROBLES: Shareholders' Final Meeting Set for June 10
-------------------------------------------------------
The shareholders of Los Robles CDO Ltd will hold their final
meeting on June 10, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


MAAC INVESTMENTS: Shareholders' Final Meeting Set for June 13
-------------------------------------------------------------
The shareholders of Maac Investments Limited will hold their final
meeting on June 13, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for June 13
-------------------------------------------------------------
The shareholders of Maba Investments Limited will hold their final
meeting on June 13, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


OFFSHORE GROUP: Moody's Assigns 'B3' Rating to Sr. Notes Due 2015
-----------------------------------------------------------------
Moody's Investors Service assigned Offshore Group Investment
Limited (OGIL) a B3 (LGD 3, 34%) rating to the company's proposed
$225 million senior secured notes due August 2015. The new notes
are an add-on to the existing $1 billion note offering from July
2010. The rating outlook is stable.

The proceeds of the note offering will be used by OGIL to acquire
the Aquamarine Driller jack-up rig from its parent, Vantage
Drilling Company (Vantage) for $228 million. Vantage is a small
offshore drilling company that owns four premium jack-up rigs (the
Aquamarine Driller, the Emerald Driller, the Sapphire Driller, and
the Topaz Driller) and one drillship (the Platinum Explorer).
Recently the company entered into a contract to purchase one
drillship under construction (the Tungsten Explorer). The sales
proceeds Vantage receives from OGIL for the Aquamarine Driller
will be used to repay a $127 million term loan and to make a $104
million down payment on the Tungsten Explorer. The new drillship
is in the early stages of construction and is expected to be
delivered in May 2013. Upon delivery, Vantage will be required to
make a final payment to the shipyard. The remaining payment to the
shipyard and the development costs including spares and pre-
delivery crew costs totals approximately $490 million.

"OGIL's B3 Corporate Family Rating reflects Vantage's small size
and limited operating history," said Stuart Miller, Moody's Senior
Analyst. "The company has a short operating history, with its
first jack-up delivered in February 2009. While limited, Vantage's
operating performance to date has been good, and the company
benefits from owning new and high quality rigs."

The rating also reflects the small fleet size and the high
leverage for Vantage. With five operating rigs, there is
significant concentration in value and if any rig experiences
downtime, especially the Platinum Explorer, it would have a
meaningful impact on the company's financial results. On a
consolidated basis, Vantage's run rate EBITDA is projected to be
about $240 to $250 million, including the fees earned for managing
the construction of four drillships for third parties. The run
rate EBITDA is supported by work contracts for each of the company
owned rigs, which give good earnings visibility through 2012.
However, the ratio of debt to EBITDA pro forma for the new notes
will be approximately 5.0 times, a very high ratio for a small
company in a capital intensive and cyclical industry. Furthermore,
in 2013, there is significant contract renewal risk. Due to the
quality of Vantage's rigs, it is likely that the rigs will find
work, however, the day rates may be lower than current levels due
to the expected increase in the supply of newly constructed rigs
over this time period.

Near term liquidity is adequate (SGL-3) based on the cash balances
at OGIL of $27 million and an additional $54 million at Vantage.
The company's liquidity is supported by Moody's expectations of
positive free cash flow generation until the final payment on the
Tungsten Explorer is due in May 2013. As time passes and this
payment obligation approaches, the company's liquidity position
(and CFR) will be monitored. OGIL's short term liquidity position
is tempered by the lack of a revolving credit facility, although
Moody's notes that there is a $25 million revolver carve-out
provision within the senior secured notes.

The B3 rating on the secured notes considers the high quality
nature of the rigs and the likelihood of favorable recovery in a
default scenario. The collateral package includes Vantage's four
jack-up rigs and the deepwater Platinum Explorer drillship as well
as their associated work contracts. Moody's believes that the
tangible asset cover for the secured debt is better than average
given the quality and relatively young age of Vantage's rigs.
Therefore, Moody's used a 65% recovery rate in Moody's LGD
analysis instead of the standard 50% recovery rate. However, the
rating of the notes at B3 is at par with the B3 Corporate Family
Rating since the notes comprise the majority of the capital
structure.

A positive rating action is possible if Vantage reduces leverage
as measured by debt to EBITDA to below 4.0x on a sustainable basis
at both the issuer and family level. The rating or outlook will
come under downward pressure if the company raises debt to pre-
fund the final payment for the Tungsten Explorer, if the work
contract for the Platinum Explorer is altered materially or
abrogated, or if liquidity drops to less than $40 million on a
consolidated basis.

The principal rating methodology used in rating Offshore Group
Investment Limited was Moody's Oilfield Services Rating
Methodology, published in December 2009 and available on
www.moodys.com in the Rating Methodologies sub-directory under the
Research and Ratings tab. Other methodologies and factors that may
have been considered in the process of rating this issuer can also
be found in the Rating Methodologies sub-directory on Moody's
website.

Offshore Group Investment Limited is a subsidiary of Vantage
Drilling Company and is headquartered in the Cayman Islands.


SIPIX GROUP: Members' Final Meeting Set for May 31
--------------------------------------------------
The members of Sipix Group Limited will hold their final meeting
on May 31, 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:

         Ching-Shon Ho
         Telephone:  +886-2-2700-4333
         Facsimile: +886-2-2706-2282
         CARD Corporate Services Ltd.
         P.O. Box 709, Zephyr House
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


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E L  S A L V A D O R
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SCOTIABANK EL SALVADOR: Fitch Withdraws 'C' Individual Rating
-------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Scotiabank
El Salvador's international ratings:

   -- Long-term Issuer Default Rating (IDR) at 'BBB-'; Outlook
      Negative;

   -- Short-term IDR at 'F2';

   -- Individual rating at 'C/D';

   -- Support rating at '2'.

Fitch will no longer provide international ratings of Scotiabank
El Salvador; however, the agency will continue to provide
analytical coverage on national ratings.

Fitch currently rates Scotiabank El Salvador's national ratings:

   -- Long-term national rating 'AAA(slv)'; Outlook Stable;

   -- Short-term national rating 'F1+(slv)'.


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J A M A I C A
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JAMAICA PUBLIC: Sticks to Decision to Delay Rate Hike
-----------------------------------------------------
RJR News reports that the Jamaica Public Service Company said it
will stick to its decision to delay a full hike in fuel rates on
electricity bills, despite concerns from the Office of Utility
Regulations (OUR) on the matter.

JPSCO decided to postpone a 10% hike in electricity bills that
would have been necessary to recoup costs due to higher oil prices
and instead only apply a 4% increase on May bills, according to
RJR News.

RJR News notes that the company said the rest of the increase
would be applied in coming months when oil prices start to fall.
However, the report relates, OUR said it did not like that
decision as it could mean a one off big increase in bills when the
JPSCO decides to recover the rest of the delayed increase.

The OUR also asked the JPSCO if it had a time line for applying
the delayed increase, RJR News adds.

                          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.


                            ***********


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.

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Information contained herein is obtained from sources believed to
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