TCRLA_Public/110530.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

             Monday, May 30, 2011, Vol. 12, No. 105

                            Headlines



A N G U I L L A

BARNES BAY: Unit Buyers at Anguilla Resort May Use Local Court
BARNES BAY: U.S. Court Okays Auction for Viceroy Anguilla Resort


B R A Z I L

OAS PARTICIPACOES: Fitch Ratings Affirms IDRs at 'B'


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
BLUE AGUA: Creditors' Proofs of Debt Due June 3
CARAPACE LIMITED: Creditors' Proofs of Debt Due June 22

CHINA GREENS: Commences Liquidation Proceedings
EDEN CAPITAL: Placed Under Voluntary Wind-Up
EUGENIE LIMITED: Creditors' Proofs of Debt Due June 14
FOREST HILL: Creditors' Proofs of Debt Due June 24
ICBC INTERNATIONAL: Creditors' Proofs of Debt Due June 24

KENMAR GLOBAL: Creditors' Proofs of Debt Due June 22
PLATINUM TURNBERRY: Creditors' Proofs of Debt Due June 13
SP IGNIS: Creditors' Proofs of Debt Due June 22
SPIRIT MANAGEMENT: Placed Under Voluntary Wind-Up
SUNSHINE INVESTMENT: Creditors' Proofs of Debt Due June 22


J A M A I C A

AIR JAMAICA: Seals Merger With Caribbean Airlines
SCOTIABANK: Closes Victoria and Blake Branches, Axes 20 Jobs


M E X I C O

TUBO DE PASTEJE: Creditors May File Chapter 11 Plan After June 8


P U E R T O   R I C O

FOUR LIONS: Court Drops Case; Lender Plea for Conversion Denied
SWISS CHALET: Seeks Bankruptcy Protection in Puerto Rico


X X X X X X X X

* BOND PRICING: For the Week May 24, to May 28, 2011


                            - - - - -


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A N G U I L L A
===============


BARNES BAY: Unit Buyers at Anguilla Resort May Use Local Court
--------------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg news, reports
that the bankruptcy reorganization of the Viceroy Anguilla
Resort and Residences on the island of Anguilla in the British
West Indies is an example of the difficulties that arise when a
U.S. court is selling property in another country.

Last week, the U.S. Bankruptcy Court in Delaware authorized can
auction for the resort project to be held in Anguilla on July 27,
Mr. Rochelle cites.  Four purchasers of units at the resort
objected, saying the U.S. court has no right to override prior
rulings by an Anguilla court.  A buyer named RJR Viceroy Ltd.
explained how it was the beneficiary of a consent order from the
High Court of Anguilla prohibiting the sale of a specific unit
until the prospective buyer was repaid its US$2 million deposit,
according to Mr. Rochelle.

Mr. Rochelle says that to solve the problem for the interim, U.S.
Bankruptcy Judge Peter J. Walsh signed an order on May 24 allowing
four unit purchasers "to pursue whatever rights they believe they
have in their respective units in the Anguillan court."

Mr. Rochelle discloses that down the road, it will be interesting
to observe how the buyer at the auction deals with the question of
whether it's really buying the four units, and if so, with what
strings attached.

                         About Barnes Bay

Beverly Hills, California-based Barnes Bay Development Ltd., owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  Barnes Bay and two affiliates filed
for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No.
11-10792) on March 17, 2011.  The Debtor disclosed $3,331,282 in
assets and $481,840,435 in liabilities as of the Chapter 11
filing.

Akin Gump Straus Hauer & Feld LLP is the Debtors' bankruptcy
counsel, and Keithley Lake & Associates is the Debtors' special
Anguillan counsel.  Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing, solicitation and balloting agent.

The Debtors' Chapter 11 plan is intended to facilitate the sale of
the Viceroy Anguilla Resort and Residences.

The U.S. Trustee appointed five members to the official committee
of unsecured creditors in the Debtors' cases.  Brown Rudnick LLP
serves as the Committee's co-counsel, and Womble Carlyle Sandridge
& Rice, PLLC, as its Delaware co-counsel.  C.R. Hodge & Associates
is the Committee's foreign counsel.  FTI Consulting, Inc.,
serves as the Committee's financial advisors.


BARNES BAY: U.S. Court Okays Auction for Viceroy Anguilla Resort
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Barnes Bay Development Ltd., et al., to auction off the Viceroy
Anguilla Resort & Residences on the island of Anguilla.

The Debtors scheduled an auction on July 27, 2011, beginning at
10:00 a.m. (prevailing Eastern Time), at the offices of Keithley
Lakes & Associates, at The Law Building, P.O. Box 14, The Valley,
in Anguilla, B.W.I.

According to the court order, the debtor-in-possession lender is
also permitted to credit bid.  An affiliate of Starwood Capital
Group LLC, the secured lender owed US$370 million prepetition, has
provided the Debtor US$5 million of DIP financing.

The Official Committee of Unsecured Creditors has opposed the
proposed sale process, saying that the open public auction is
designed to deliver the resort to Starwood, free and clear of
claims from those who put up more than US$50 million in deposits
to buy luxury residences that weren't ready in time.  Creditors
also sought changes in the bid rules that allow them to challenge
Starwood's right to credit bid, or bid with debt instead of cash.

The hearing on the approval of the sale will take place in
connection with the hearing on the confirmation of the Debtors'
confirmation of their proposed plan of reorganization at a date to
be determined.

                         About Barnes Bay

Beverly Hills, California-based Barnes Bay Development Ltd., owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  Barnes Bay and two affiliates filed
for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No.
11-10792) on March 17, 2011.  The Debtor disclosed US$3,331,282 in
assets and US$481,840,435 in liabilities as of the Chapter 11
filing.

Akin Gump Straus Hauer & Feld LLP is the Debtors' bankruptcy
counsel, and Keithley Lake & Associates is the Debtors' special
Anguillan counsel.  Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing, solicitation and balloting agent.

The Debtors' Chapter 11 plan is intended to facilitate the sale of
the Viceroy Anguilla Resort and Residences.

The U.S. Trustee appointed five members to the official committee
of unsecured creditors in the Debtors' cases.  Brown Rudnick LLP
serves as the Committee's co-counsel, and Womble Carlyle Sandridge
& Rice, PLLC, as its Delaware co-counsel.  C.R. Hodge & Associates
is the Committee's foreign counsel.  FTI Consulting, Inc.,
serves as the Committee's financial advisors.


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B R A Z I L
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OAS PARTICIPACOES: Fitch Ratings Affirms IDRs at 'B'
----------------------------------------------------
Fitch Ratings has taken these rating actions on OAS Engenharia e
Participacoes S.A. and its subsidiaries Construtora OAS Ltda. and
OAS Empreendimentos S.A.:

OAS Participacoes

   -- Foreign and Local Currency Issuer Default Ratings (IDRs)
      affirmed at 'B';

   -- Long-term National Rating affirmed at 'BBB(bra)'.

Construtora OAS

   -- Foreign and Local Currency IDRs downgraded to 'B' from 'B+';

   -- Long-term National Rating downgraded to 'BBB(bra)' from
      'BBB+(bra)'.

OAS Empreendimentos

   -- Long-term National Rating affirmed at 'BB+(bra)';

   -- Long-term National Rating for the second debenture issuance,
      guaranteed by OAS Participacoes affirmed at 'BBB(bra)'.

At the same time, Fitch has assigned a long-term National Rating
of 'BBB(bra)' to the proposed second debentures issued by OAS
Participacoes, guaranteed by Construtora OAS, amounting up to
BRL270 million, in two series to be defined, the first maturing in
June 2013 and the second in June 2014. The proceeds of the new
issue will be used for debt refinancing by the issuer.

The Rating Outlook for all the corporate ratings is Stable.

The downgrade of Construtora OAS reflects the combination of a
substantial increase in its leverage given the higher level of
consolidated debt, including debt issued at the parent company OAS
Participacoes and guaranteed by Construtora, and the weak
operating performance in 2010. On a consolidated basis, the group
has reported lower EBITDA generation with reduced margins and
higher cost than original projections. Fitch expects the leverage
to moderate in 2011 but still be quite higher than initially
projected. In addition, the rating action better aligns and links
the ratings of Construtora OAS and OAS Participacoes given the
high amount of upstream guarantees Construtora OAS currently
provides to its parent; Construtora OAS currently guarantees
around 65% of OAS Participacoes's debt.

The affirmed ratings of OAS Empreendimentos reflect the
improvements noted in the company's performance and credit metrics
in 2010, which were more in line with expectations.

The OAS group faces the challenge of restoring operating margins
and cash generation capacity in 2011 and onwards in its core
engineering and construction business (Construtora OAS). Fitch
expects OAS Participacoes to restore its consolidated EBITDA
margins to around 7.0% in 2011 and between 7.5% and 8.0% in 2012,
which is comparable to the historical levels reported in 2007-
2008. The expected decrease in costs, the gradual improvement of
operational margins of OAS Empreendimentos, and the higher margins
of the infrastructure business should support this recovery.

          EBITDA Weakens and Leverage Increases in 2010

Consolidated leverage increased substantially at the end of 2010.
Cost overruns in certain construction projects that concluded in
the second half of last year and delays of other projects to 2011
led to a sharp reduction of Construtora OAS's EBITDA generation
and restricted OAS Participacoes' consolidated EBITDA and margins
in 2010. The cost overruns at these projects are subject to
further negotiations with the clients which should result in
additional revenue for the group in 2011 and 2012.

Expected increase in revenues and better EBITDA margins should
contribute to a decline in leverage ratios to more moderate
levels. OAS Participacoes' consolidated EBITDA and margin declined
to BRL179 million and 4.0% in 2010, from BRL204 million and 5.4%
in 2009, respectively. OAS Participacoes' total debt/EBITDA ratio
increased to 14.6 times (x) at end 2010, from 6.4x in the latest
12 months (LTM) ended June 2010, and 6.2x in 2009.

Net debt/EBITDA also increased to 8.1x, from 4.5x and 2.8x over
those same periods, reflecting the increased debt to support the
expansion in 2009-2010 of the group in its contractor,
infrastructure and homebuilding businesses, as well as lower
EBITDA generation. At the end of 2010, total debt was BRL2.6
billion, compared to BRL1.7 billion at the end of June 2010. Fitch
expects a reduction of leverage ratio to between 6.0x and 7.0x by
end 2011 and to between 5.0x and 6.0x in 2012.

    Adequate Liquidity Support Growth of Business Segments

The OAS group increased its liquidity and lengthened its debt
maturity profile through debt issuances in support of the growth
phase of its business segments. At the end of 2010, total cash and
marketable securities reached BRL1,163 million from BRL682 million
at end 2009 and was equivalent to 176% of the total short-term
debt and to 89% of the total debt maturing in the two-year period
up to end 2012. The OAS group policy is to maintain a liquidity
position around current levels over the next two years.

           Backlog Growth Supports Business Growth

Construtora OAS ranked as the fifth largest contractor in Brazil
in terms of revenue in 2009. The total backlog has grown
substantially to BRL13.7 billion in March 2011, from BRL8.5
billion at end 2009 and BRL6.4 billion at the end of 2008. About
BRL2.1 billion relates to projects abroad, mainly in other Latin
American countries.

Key Rating Drivers:

The ratings could be negatively pressured by a further downturn in
consolidated performance and operational margins; a downturn in
the core heavy construction business, i.e. backlog decrease and
further reduction in margins; limited access to adequate long-term
financing for the homebuilding activity; and participations in
infrastructure business draining substantial funds from the group.
A rating downgrade could also be driven by lower consolidated cash
generation capacity and liquidity, combined with high leverage
ratios.

Positive rating actions could be driven by consistent increases in
margins of the core heavy construction business, combined with the
improvement of performance of the main segments of operation;
increasing consolidated cash generation; maintenance of high
levels of liquidity; and leverage reduction.


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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
----------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-12) Limited are
required to file their proofs of debt by June 23, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

         Simon Conway
         Priscilla Connor
         Telephone: (345) 914 8745
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
----------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-13) Limited are
required to file their proofs of debt by June 23, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

         Simon Conway
         Priscilla Connor
         Telephone: (345) 914 8745
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due June 23
----------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-21) Limited are
required to file their proofs of debt by June 23, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

         Simon Conway
         Priscilla Connor
         Telephone: (345) 914 8745
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


BLUE AGUA: Creditors' Proofs of Debt Due June 3
-----------------------------------------------
The creditors of Blue Agua Ltd. 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 3, 2011.

The company's liquidator is:

         Darryl Myers
         Telephone: +1 345 949 0699
         Facsimile: +1 345 949 8171
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town
         Grand Cayman KY1-1106
         Cayman Islands


CARAPACE LIMITED: Creditors' Proofs of Debt Due June 22
-------------------------------------------------------
The creditors of Carapace Limited are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 27, 2011.

The company's liquidator is:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


CHINA GREENS: Commences Liquidation Proceedings
-----------------------------------------------
On May 3, 2011, the members of China Greens Limited passed a
resolution that voluntarily liquidates the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Shen Ji Ye
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


EDEN CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On April 15, 2011, the sole shareholder of Eden Capital Management
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
May 16, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


EUGENIE LIMITED: Creditors' Proofs of Debt Due June 14
------------------------------------------------------
The creditors of Eugenie Limited are required to file their proofs
of debt by June 14, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 5, 2011.

The company's liquidator is:

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


FOREST HILL: Creditors' Proofs of Debt Due June 24
--------------------------------------------------
The creditors of Forest Hill Select Offshore Ltd are required to
file their proofs of debt by June 24, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2011.

The company's liquidator is:

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


ICBC INTERNATIONAL: Creditors' Proofs of Debt Due June 24
---------------------------------------------------------
The creditors of ICBC International Investment Fund SPC are
required to file their proofs of debt by June 24, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2011.

The company's liquidator is:

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


KENMAR GLOBAL: Creditors' Proofs of Debt Due June 22
----------------------------------------------------
The creditors of Kenmar Global Agricultural and Softs Fund SPC
Limited are required to file their proofs of debt by June 22,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2011.

The company's liquidator is:

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


PLATINUM TURNBERRY: Creditors' Proofs of Debt Due June 13
---------------------------------------------------------
The creditors of Platinum Turnberry Fund Limited are required to
file their proofs of debt by June 13, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SP IGNIS: Creditors' Proofs of Debt Due June 22
-----------------------------------------------
The creditors of SP Ignis Offshore, Ltd. are required to file
their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2011.

The company's liquidator is:

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


SPIRIT MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 14, 2011, the sole shareholder of Spirit Management Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
May 16, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SUNSHINE INVESTMENT: Creditors' Proofs of Debt Due June 22
----------------------------------------------------------
The creditors of Sunshine Investment Company Ltd. are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2011.

The company's liquidator is:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


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


AIR JAMAICA: Seals Merger With Caribbean Airlines
-------------------------------------------------
Anna Ramdass at Trinidad Express reports that the merger between
state carrier Caribbean Airlines Limited (CAL) and Air Jamaica
Limited was sealed on May 26, 2011, with the signing of the
shareholder agreement which gives CAL legal access to all routes
operated by Air Jamaica.

Trinidad and Tobago Finance Minister Winston Dookeran said the
merger will make way for the expansion of CAL, which will have a
positive impact on revenue, according to Trinidad Express.  CAL
will now be able to claim it is the designated airline for Jamaica
worldwide, he added.

Trinidad Express notes that Jamaican Finance Minister Audley Shaw
said there was a capital base of some TT$500 million in the
merger.

Asked about job losses from the merger, Minister Shaw said there
was no cause for alarm over job losses on the Air Jamaica side as
they would have already taken place in the first few months of
turning over to CAL, Trinidad Express discloses.  The new
management was committed to ensuring there were adequate
resources, he added.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


SCOTIABANK: Closes Victoria and Blake Branches, Axes 20 Jobs
------------------------------------------------------------
RJR News reports that the Bustamante Industrial Trade Union (BITU)
is moving to prevent job losses arising from the decision of
Scotiabank to close its Victoria and Blake branch in Kingston.

The bank said that following an assessment of its operations, the
branch would be closed come July 15, according to RJR News.

RJR News relates that the BITU, which represents Scotiabank
workers, said it is looking at ways to minimize any fallout.  "We
were formally advised on Monday as to the closure of the branch.
The parties have agreed to engage in discussion as to how to
minimize the impact on the staff employed to that branch.  We will
be having a series of meetings to engage those discussions," Kavon
Gayle, the President-General of the BITU told RJR's Financial
Report.

More than 20 workers are employed to the branch.


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


TUBO DE PASTEJE: Creditors May File Chapter 11 Plan After June 8
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tubo de Pasteje SA and subsidiary Cambridge-Lee
Holdings Inc. won their sixth and last extension of the exclusive
right to propose a Chapter 11 plan.  By June 8, they will have
been in Chapter 11 for 18 months.  After that, bankruptcy law
allows any creditor to file a plan to reorganize or liquidate the
companies.  The final extension of exclusivity was approved by the
bankruptcy judge on May 23.  Discussions on a plan are "nearing
completion" and a "consensual plan" is expected soon, Tubo said.
Mexico City-based Industrias Unidas SA, parent of Tubo, said in
February there was agreement in principle with creditors for a
$371 million debt swap.

                       About Tubo de Pasteje

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

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


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


FOUR LIONS: Court Drops Case; Lender Plea for Conversion Denied
---------------------------------------------------------------
The Hon. Sara E. De Jesus Kellogg of the U.S. Bankruptcy Court for
the District of Puerto Rico dismissed, on May 11, 2011, the
Chapter 11 case of Four Lions Corp.

On May 13, the Court denied the Debtor's principal secured
creditor CPG/GS PR NPL, LLC's motion reconsider the case dismissal
and convert the Debtor's case to a proceeding under Chapter 7 of
the Bankruptcy Code.  The Court related that the motion does not
address the key reason for the dismissal and corporations must be
represented by counsel in court and the Debtor was unable to
obtain new counsel after the disqualification of Alexis Fuentes
Hernandez, Esq.

San Juan, Puerto Rico-based Four Lions Corp. filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-00419) on Jan.
24, 2011.  The Debtor tapped Alexis Fuentes Hernandez, Esq., at
the Fuentes Law Offices, as counsel when it sought bankruptcy
protection.  The Debtor disclosed US$17,955,000 in assets and
US$39,206,291 in liabilities in its schedules.


SWISS CHALET: Seeks Bankruptcy Protection in Puerto Rico
--------------------------------------------------------
Dawn McCarty at Bloomberg News reports that Swiss Chalet Inc.
filed for bankruptcy protection without giving a reason.

The company listed assets of US$118.5 million and debt of
US$132.7 million in Chapter 11 documents filed in U.S. Bankruptcy
Court in Old San Juan, Puerto Rico, according to Bloomberg.

Bloomberg says that CPG/GS PR NPL LLC, based in San Juan, is
listed as the largest unsecured creditor with a claim of US$118.5
million.  Bloomberg, citing court papers, relates that the loan
secures real estate valued at US$71.1 million.

Bloomberg notes that court papers showed other creditors include
Desarrollos Metropolitanos LLC, with a claim of US$7.5 million,
and Metropolitan Builders LLC, with a US$3.3 million claim.

The case is In re Swiss Chalet Inc., 11-04414, U.S. Bankruptcy
Court, District of Puerto Rico (Old San Juan).

Swiss Chalet Inc. is the owner and operator of the Hotel Pierre in
San Juan, Puerto Rico.


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


* BOND PRICING: For the Week May 24, to May 28, 2011
----------------------------------------------------

Issuer              Coupon   Maturity     Currency         Price
------              ------   --------     --------         -----


ARGENTINA
---------

ARGENT-PAR            1.18    12/31/2038     ARS            61.49
ARGENT-DIS            7.82    12/31/2033     EUR            73
ARGENT-DIS            7.82    12/31/2033     EUR            72.75
ARGENT-DIS            4.33    12/31/2033     JPY            42
ARGENT-PAR&GDP        0.45    12/31/2038     JPY             8
ARGNT-BOCON PR13      2        3/15/2024     ARS           110.04
BODEN 2014            2        9/30/2014     ARS            32.5
BOGAR 2018            2        2/4/2018      ARS            31.85
PRO12                 2        1/3/2016      ARS           118.14


CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
BCP FINANCE BANK      5.01     3/31/2024     EUR            47.206
BCP FINANCE BANK      5.31    12/10/2023     EUR            49.744
BCP FINANCE CO        5.54                   EUR            65.956
BCP FINANCE CO        4.23                   EUR            65.65
BES FINANCE LTD       5.77     2/7/2035      EUR            57.101
BES FINANCE LTD       5.58                   EUR            64.864
BES FINANCE LTD       4.5                    EUR            66.012
BES FINANCE LTD       6.62                   EUR            73.009
EFG ORA FUNDING       1.7     10/29/2014     EUR            62.834
ESFG INTERNATION      5.75                   EUR            58.322
IMCOPA INTL CAYM     10.37    12/19/2014     USD            36.5

CHILE
-----

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
AGUAS NUEVAS          3.4     5/15/2012      CLP             0.13
CGE DISTRIBUCION      3.25    12/1/2012      CLP            40.042
ESVAL S.A.            3.8     7/15/2012      CLP            37.677
MASISA                4.25    10/15/2012     CLP            29.682
QUINENCO SA           3.5     7/21/2013      CLP            38.182


PUERTO RICO
-----------

PUERTO RICO CONS      6.2     5/1/2017       USD            53.531
PUERTO RICO CONS      6.5     4/1/2016       USD            63.375


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD            46.082
PETROLEOS DE VEN      5.375   4/12/2027      USD            47.81
PETROLEOS DE VEN      5.25    4/12/2017      USD            60.148
PETROLEOS DE VEN      5.125  10/28/2016      USD            61.709
PETROLEOS DE VEN      5      10/28/2015      USD            65.873
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.244
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.055
PETROLEOS DE VEN      4.9    10/28/2014      USD            73.904
VENEZUELA             7       3/31/2038      USD            56.146
VENEZUELA             7       3/31/2038      USD            57.1
VENEZUELA             6       12/9/2020      USD            60
VENEZUELA             7.65     4/21/2025     USD            61.625
VENEZUELA             8.25    10/13/2024     USD            64.125
VENEZUELA             9.25     5/7/2028      USD            68
VENEZUELA             9        5/7/2023      USD            69
VENEZUELA             7.75    10/13/2019     USD            69.625
VENEZUELA             7       12/1/2018      USD            70.625
VENEZUELA             9.25     9/15/2027     USD            71.737
VENEZUELA             9.25     9/15/2027     USD            72.42
VENZOD - 189000       9.375    1/13/2034     USD            68.75


                            ***********


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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