TCRLA_Public/110603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, June 3, 2011, Vol. 12, No. 109

                            Headlines



A R G E N T I N A

ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'


B R A Z I L

MAGNESITA REFRATRIOS: S&P Affirms Corp. Credit Rating at 'BB-'


C A Y M A N   I S L A N D S

ACWA POWER: Members' Final Meeting Set for June 14
CMT SEOUL: Shareholders' Final Meeting Set for June 24
EDIMARC LTD: Shareholders' Final Meeting Set for June 24
EGI-SSE I: Shareholders' Final Meeting Set for June 24
FTSEHX FUND: Shareholders' Final Meeting Set for June 24

INSPECTION HOLDINGS: Creditors' Proofs of Debt Due June 28
KOHLBERG SPORTS: Creditors' Proofs of Debt Due June 23
LIC INVESTMENT: Shareholder to Hear Wind-Up Report on June 20
LIC OPPORTUNITIES: Shareholder to Hear Wind-Up Report on June 20
MASTER TREND: Shareholders' Final Meeting Set for June 24

NISHI-NIPPON: Creditors' Proofs of Debt Due June 23
SYMPHONY CREDIT I: Shareholders' Final Meeting Set for June 24
SYMPHONY CREDIT II: Shareholders' Final Meeting Set for June 24
SYMPHONY CREDIT III: Shareholders' Final Meeting Set for June 24
VERTEX OFFSHORE: Shareholders' Final Meeting Set for June 24


C O L O M B I A

ISAGEN: Fitch Affirms Issuer Default Ratings at 'BB+'


D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms Issuer Default Ratings at 'B'
POPULAR BANK: Fitch Affirms National Rating at 'BB+(pan)'


P U E R T O   R I C O

* PUERTO RICO: Bankruptcies Dip, Debt Surges




                            - - - - -


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


ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Argentina-based forest product company Alto
ParanaS.A. The outlook is stable.

"At the same time, we affirmed our senior secured 'BBB' rating on
the company's US$270 million notes guaranteed by its 99.97%-
shareholding parent, Celulosa Arauco y Constitucion S.A. (ARAUCO;
BBB/Stable/--)," S&P stated.

"The 'BB-' corporate credit rating on Alto Paranareflects our
belief that ARAUCO has sufficient economic incentives to support
the subsidiary," said Standard & Poor's credit analyst Luciano
Gremone. "This is mainly because of its strategic importance as a
significant foreign presence in Latin America."

The company's 'b' stand-alone credit profile, in turn, reflects
the inherent risks of operating in Argentina; the company's
narrow, mostly commodity-oriented product mix; and its modest
scale compared with rated peers.

Alta Paran 's competitive cost position in forest management, pulp
production, sawmill products, and panels partially mitigate these
factors.

"We assess the company's business risk profile as weak and its
financial risk profile as aggressive," S&P noted.

S&P continued, "Our local-currency rating on Alto Paranais two
notches above that on the Republic of Argentina (B/Stable/B). This
reflects our opinion that, in a severe sovereign default scenario,
Alto Paranawould be able to generate sufficient local-currency
resources to meet its financial obligations in both local and
foreign currency, without the risk of direct sovereign
intervention."

"Our foreign currency rating on Alto Paranais also two notches
above our foreign currency rating on Argentina and two notches
above our transfer and convertibility risk assessment for the
country, reflecting the company's partial insulation from risk,"
related S&P.

"Mitigating factors include the formal guarantees the company has
from ARAUCO, what we believe are strong incentives for the firm to
continue paying its foreign debt even in a sovereign stress
scenario, the company's substantial foreign-currency generation,
and its extended debt maturity profile," added S&P.


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


MAGNESITA REFRATRIOS: S&P Affirms Corp. Credit Rating at 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its global scale
outlook on Brazil-based refractory producer Magnesita Refratrios
S.A. to positive from stable, while affirming the 'BB-' global
scale ratings, including the corporate credit rating, on the
company.

"At the same time, we raised our Brazilian national scale ratings
on Magnesita to 'brA+' from 'brA-'. The national scale outlook is
positive," S&P stated.

"The rating actions reflect Magnesita's improving credit metrics
and strong liquidity, which we believe it will preserve," said
Standard & Poor's credit analyst Alvaro Nues. "We expect this,
even assuming a more challenging operating environment based on a
severe increase in raw material costs and fiercer competition,
especially in its home market, Brazil."

Magnesita's strong presence in the markets where it operates;
privileged cost position arising from growing vertical integration
into magnesite and graphite; and increasing geographic
diversification as it explores synergies with acquired company LWB
in Europe are also positive factors. "We believe these factors
will help Magnesita sustain stronger profitability than
competitors, report positive free operating cash flow, and sustain
sound cash holdings," S&P stated.


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


ACWA POWER: Members' Final Meeting Set for June 14
--------------------------------------------------
The members of Acwa Power Barka Holdings (Cayman) Ltd. will hold
their final meeting on June 14, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CMT SEOUL: Shareholders' Final Meeting Set for June 24
------------------------------------------------------
The shareholders of CMT Seoul Fund Limited will hold their final
meeting on June 24, 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:

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


EDIMARC LTD: Shareholders' Final Meeting Set for June 24
--------------------------------------------------------
The shareholders of Edimarc Ltd will hold their final meeting on
June 24, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd
         Clifton House
         75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


EGI-SSE I: Shareholders' Final Meeting Set for June 24
------------------------------------------------------
The shareholders of EGI-SSE I Corp. will hold their final meeting
on June 24, 2011, at 10:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FTSEHX FUND: Shareholders' Final Meeting Set for June 24
--------------------------------------------------------
The shareholders of The FTSEHX Fund SPC will hold their final
meeting on June 24, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INSPECTION HOLDINGS: Creditors' Proofs of Debt Due June 28
----------------------------------------------------------
The creditors of Inspection Holdings II Limited are required to
file their proofs of debt by June 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


KOHLBERG SPORTS: Creditors' Proofs of Debt Due June 23
------------------------------------------------------
The creditors of Kohlberg Sports Group Inc. 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 11, 2011.

The company's liquidator is:

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


LIC INVESTMENT: Shareholder to Hear Wind-Up Report on June 20
-------------------------------------------------------------
The sole shareholder of LIC Investment will receive on June 20,
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:

         Ogier
         CHU Chi Ho Ian
         Telephone: (852) 3198-0835
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


LIC OPPORTUNITIES: Shareholder to Hear Wind-Up Report on June 20
----------------------------------------------------------------
The sole shareholder of LIC Opportunities Fund (Cayman) Limited
will receive on June 20, 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:

         Ogier
         CHU Chi Ho Ian
         Telephone: (852) 3198-0835
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MASTER TREND: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------
The shareholders of Master Trend Capital (Cayman) Limited will
hold their final meeting on June 24, 2011, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NISHI-NIPPON: Creditors' Proofs of Debt Due June 23
---------------------------------------------------
The creditors of Nishi-Nippon (Cayman) 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 6, 2011.

The company's liquidator is:

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


SYMPHONY CREDIT I: Shareholders' Final Meeting Set for June 24
--------------------------------------------------------------
The shareholders of Symphony Credit Partners I, Ltd. will hold
their final meeting on June 24, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SYMPHONY CREDIT II: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------------
The shareholders of Symphony Credit Partners II, Ltd. will hold
their final meeting on June 24, 2011, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SYMPHONY CREDIT III: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Symphony Credit Partners III, Ltd. will hold
their final meeting on June 24, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VERTEX OFFSHORE: Shareholders' Final Meeting Set for June 24
------------------------------------------------------------
The shareholders of Vertex Offshore Fund, Ltd. will hold their
final meeting on June 24, 2011, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


===============
C O L O M B I A
===============


ISAGEN: Fitch Affirms Issuer Default Ratings at 'BB+'
-----------------------------------------------------
Fitch Ratings has affirmed at 'BB+' Isagen's foreign and local
currency Issuer Default Rating (IDR). Fitch has also affirmed
Isagen's 'AA+(col)' long-term national scale rating and the
COP$850.000 million local bonds issuance. The Rating Outlook is
Stable.

Isagen's ratings reflect the company's solid competitive position,
its low marginal cost and robust portfolio of generation assets
located throughout Colombia. The ratings also consider Isagen's
strong cash flow generation and manageable liquidity, which
provides the company with enough flexibility to undertake its
aggressive growth strategy. The ratings incorporate Isagen's
significant debt increase and the pressure on credit metrics
during Sogamoso project's construction, as well as the company's
moderate exposure to hydrology and regulatory risk.

Fitch positively views Isagen's management's successful bid to
secure Sogamoso's financial resources and to favorably negotiate
contracts related to the development of Sogamoso. However, Fitch
considers that uncertainty still remains regarding Sogamoso's
timely start-up and the demand and energy prices' behavior at the
time the project starts operations.

Strong Business Position:

Isagen is the third largest electricity generation company in
Colombia based on installed capacity and energy generation. As of
March 31, 2011, the company had 15% of Colombia's total installed
generation capacity, and accounted for 17% of the country's total
generation. Its strong business position is supported by low
marginal costs and diversified portfolio of assets (86% hydro and
14% thermo). Although the company's generation is mainly
hydrologic, its assets are somewhat geographically diverse and
help to mitigate hydrology risks to some extent.

Isagen's commercial strategy is solid and supportive of its
business profile. The company's medium-term contracted position
mitigates pronounced fluctuation in spot market prices and
contributes to revenue stability and predictability. During 2010,
the company has contracted 75.8% of its electricity generation
with market participants and large customers for the next two to
three years and it expects this ratio to increase to nearly 85% in
the coming years.

Sogamoso Project to Increase Leverage:

Isagen's capital expenditure program is mainly underpinned by the
construction of an 820 megawatt (MW) hydroelectric generation
plant (Sogamoso) at an estimated cost of USD2.2 billion. Including
Sogamoso, Isagen's installed capacity will increase to nearly
3,000 MW and the company's total energy generation would be around
14,500 GWh per year (currently, average energy generation is 9,500
GWh per year).

Sogamoso is expected to start commercial operations by December
2013. The company plans to finance 60% of the project with on
balance sheet debt, which will increase leverage to approximately
3.7 times (x) before the project starts commercial operations.
This leverage has been incorporated into the assigned ratings.
Last year, the company took important actions to partially
mitigate some risks related to Sogamoso's development. However,
given the magnitude of the project, inherent implementation risks
still remain.

Growing Cash Flow Generation Relieves Financial Profile to Execute
Expansion Plan:

Isagen has presented a sustained cash generation growth over the
years, which gives the company some space to address its important
investment program for 2011 - 2013. During the last twelve months
(LTM) ended March 2011, Isagen presented USD401 million of EBITDA
and 49.2% of EBITDA margin. These figures represent improvements
from USD296 million of EBITDA and 45.2% of margin in 2009.
Additionally, Isagen's cash flow from operations (CFO) of USD359
million for the LTM ended March 31, 2011 was increased by 21.8%
from the USD257 million of CFO generated in 2009.

Isagen's growth strategy includes investments for approximately
USD2.5 billion to be financed by internal cash generation and
debt. As of March 31, 2011, Isagen had USD836 million of total
debt (USD473 million on Dec. 31, 2009) fully denominated in
Colombian pesos and due between 2011 and 2025. Isagen's current
credit metrics are considered strong for the rating category, yet
they are expected to deteriorate as the company implements its
aggressive growth strategy. As of March 31, 2011, the company
reported a moderate leverage ratio, as measured by total debt-to-
EBITDA of 2.1x. Interest coverage, as measured by EBITDA-to-
Interest expense was solid as of the LTM ended March 31, 2011 at
8.3x.

Robust Liquidity to Properly Support its Investment Plan:
Isagen's liquidity is considered strong and it is supported by a
strong cash flow from operations (of an average of USD313 million
per year), manageable amortization schedule and committed
facilities of USD788 million to fund the expansion plan. As of
March 31, 2010, ISAGEN reported USD534 million of cash and
marketable securities, which together with committed credit lines
will allow the company to meet the USD16 million of short-term
debt and the approximately USD594 million of 2011 capex program.


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


BANCO BHD: Fitch Affirms Issuer Default Ratings at 'B'
------------------------------------------------------
Effective May 27, 2011, Fitch Ratings affirmed the ratings of the
Dominican-based Banco BHD (BHD) and its related entities BHD
Valores Puesto de Bolsa (BHD Valores), Banco de Ahorro y Credito
PyME BHD (PyME BHD), and the Panamanian-based BHD International
Bank (BHDIB), as published previously in a Spanish rating action
commentary.

BHD's ratings reflect its sustained high profitability level, good
liquidity and asset quality management, and sound capital base. A
volatile operating environment and fierce competition remain the
bank's main challenges to preserving its solid financial
performance.

An upgrade of the Dominican Republic's sovereign ratings could
lead to an upgrade of BHD's long term IDR, if the bank preserves
its overall financial performance as observed in recent years. By
contrast, a revision of the sovereign's outlook to Stable or an
unexpected material deterioration in the bank's asset quality or
profitability could lead to a revision of the rating Outlook to
Stable.

BHD Valores, PyME BHD and BHDIB ratings reflect the operational
and financial support provided by BHD and its sole shareholder
Centro Financiero BHD (CFBHD). In Fitch's view, a clear commercial
identification among these entities with BHD and CFBHD, and the
reputation risk at which they would be exposed in the case of
eventual troubles at these entities results in a high probability
of direct or indirect support by BHD and CFBHD, should it be
required.

BHD is the third largest commercial bank in the Dominican
Republic, with a 12.7% market share of total system assets as of
December 2010. BHD is 98% owned by CFBHD and is its largest
subsidiary, with about 89% of combined assets and 76% of net
income before eliminations as of Dec. 2010. Other subsidiaries of
CFBHD are BHD Valores (70% owned), a brokerage company with a
growing investment banking business in the Dominican market; PyME
BHD (100% owned), a bank specializing in small business loans in
the Dominican Republic; BHDIB (100% owned) a bank which operates
under an international license in Panama and offers USD
denominated loans to Dominicans funded with deposits in the same
currency; and other minor financial entities.

CFBHD is owned by Grupo BHD and represents 100% of its
consolidated assets. As of December 2010, a group of Dominican
investors owned 51% of Grupo BHD; with 20% owned by Banco de
Sabadell (long-term IDR of 'A'; Stable Outlook by Fitch), one of
Spain's largest banking groups; 20% owned by Banco Popular de
Puerto Rico (long-term IDR of 'BBB'; Stable Outlook by Fitch); and
9% owned by the IFC, a member of the World Bank Organization
(long-term IDR of 'AAA').

Considering those factors, Fitch has affirmed these ratings:

Banco BHD:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDR) at 'B'; Positive Outlook;

   -- Short-term foreign and local currency rating at 'B';

   -- Individual at 'D';

   -- Support at '5'. --Support Floor at 'NF'.

   -- Long-term National rating at 'AA-(dom)'; Positive Outlook;

   -- Short-term National rating at 'F1+(dom)';

BHD Valores Puesto de Bolsa:

   -- Long-term National rating at 'AA-(dom)'; Positive Outlook;

   -- Short-term National rating at 'F1+(dom)';

   -- Long-term National senior unsecured debt rating at 'AA-
      (dom)'.

Banco de Ahorro y Credito PyME BHD:

   -- Long-term National rating at 'AA-(dom)'; Positive Outlook;

   -- Short-term National rating at 'F1+(dom)';

BHD International Bank:

   -- Long-term National rating at 'AA-(dom)'; Positive Outlook;

   -- Short-term National rating at 'F1+(dom)';


POPULAR BANK: Fitch Affirms National Rating at 'BB+(pan)'
---------------------------------------------------------
Effective May 27, 2011, Fitch Ratings affirmed the ratings of
Banco Popular Dominicano (BPD) and Popular Bank Ltd. Inc (PB), as
published previously in a Spanish rating action commentary. On the
same day, Fitch assigned PB's Dominican Republic national ratings.

BPD's ratings reflect its strong franchise within the Dominican
financial system, adequate asset quality supported by a
conservative risk culture, and stable profitability. The ratings
also incorporate the bank's challenges to enhancing efficiency and
strengthening capitalization.

An upgrade of the Dominican Republic's sovereign ratings could
lead to an upgrade of BPD's long-term national rating if the bank
preserves its overall financial performance. By contrast, a
revision of the sovereign's outlook to Stable or an unexpected
deterioration of the bank's asset quality and profitability that
hinders its Fitch eligible capital ratio below 10% could change
the rating Outlook to Stable.

BPD's long-term national subordinated debt rating in the Dominican
Republic is two notches below its long-term national rating due to
its subordination with respect to the bank's privileged
liabilities of first and second degree.

PB's national ratings reflect the operational and financial
support provided by BPD and its sole shareholder Grupo Popular,
S.A. (GPSA), which also owns 98.5% of BPD. In Fitch's view, a
clear commercial identification between PB with BPD and GPSA, and
the reputation risk at which they would be exposed in case of
eventual troubles of PB results in a high probability of direct or
indirect support, should it be required.

BPD is the largest private bank in the Dominican Republic, with a
significant market share of 23% in terms of total assets at end
2010. BPD is the main subsidiary of GPSA, a holding company for
mostly financial subsidiaries in the Dominican Republic, Panama,
and the U.S. with consolidated assets of more than USD5.9bn at end
2010.

PB operates under an international license in Panama. The bank is
a fully owned subsidiary of GPSA, which is the largest financial
conglomerate in the Dominican Republic. PB's target market is the
Dominican corporate segment, to which it offers USD denominated
loans funded with deposits in the same currency.

Considering those factors, Fitch has taken these rating actions:

Banco Popular Dominicano S.A. Banco Multiple (BPD)

   -- Long-term National rating in the Dominican Republic affirmed
      at 'AA-(dom)'; Outlook Positive;

   -- Short-term National rating in the Dominican Republic
      affirmed at 'F-1+(dom)';

   -- Long-term National subordinated debt rating in the Dominican
      Republic affirmed at 'A(dom)'.

Popular Bank Ltd. Inc (PB):

   -- Long-term National rating in Panama affirmed at 'BB+(pan)';
      Outlook Positive;

   -- Short-term National rating in Panama affirmed at 'B(pan)'.

   -- Long-term National rating in the Dominican Republic assigned
      at 'AA-(dom)'; Outlook Positive;

   -- Short-term National rating in the Dominican Republic
      assigned at 'F-1+(dom)'.


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


* PUERTO RICO: Bankruptcies Dip, Debt Surges
--------------------------------------------
Kevin Mead at Caribbean Business reports that bankruptcy filings
are down slightly so far this year, but the debt associated with
them has skyrocketed.

Bankruptcy filings were down across the board in May, representing
a second straight monthly drop, the Puerto Rico Boletin, a local
bankruptcy data-gathering service, reported, according to
Caribbean Business.

Caribbean Business notes that the 970 bankruptcy cases lodged last
month brought the total to 4,709 for the year, a 3% drop compared
to the first five months of 2010.  Caribbean Business relates that
Chapter 7 (liquidation) filings totaled 328 cases in May, a 14%
drop from the same month in 2010.  Puerto Rico Boletin said
Chapter 7 cases reached 1,588 for the first five months of 2011,
the report says.

Caribbean Business discloses that Chapter 13 (repayment plan for
individuals) totaled 623 cases in May, a decrease of more than 12
percent compared to the same month last year.  The report relates
that the personal bankruptcy cases totaled 3,025 for the first
five months of 2011.

The report also discloses that the 19 Chapter 11 (reorganization)
filings in May represented a 32 percent decrease over last year.
Caribbean Business notes that the 83 Chapter 11 filings in the
first five months of 2011 represent a 9% decrease over the same
period last year.

Caribbean Business says there were no Chapter 12 (reorganization
for farmers) cases filed in May, compared to four during the same
month last year.  Agricultural filings totaled 13 for the year,
four less than registered during the first four months of 2010,
the report relates.

Still, the debt associated with bankruptcies is far higher so far
this year, according to Puerto Rico Boletin numbers through April,
Caribbean Business states.

Caribbean Business notes that the 913 bankruptcies in April was
11% less than the same month in 2010.

However, Caribbean Business says, total debt associated with
bankruptcies for the fourth-month period through April reached
$805 million, 73.5% more than the $463.8 million registered in the
same period of 2010.

Bankruptcy filings by developers and construction companies have
been the biggest factor in the surging secured and unsecured debt
numbers, accounting for 36% of business debt and 27% of overall
debt, the Puerto Rico Boletin reported through April, Caribbean
Business notes.  The report relates that some 37% of all debt
stems from the 15 largest commercial bankruptcy filings.
Unsecured debt shot up by 79% to $349.7 million through April.
Secured debt totaled $446.6 million, a 71% increase; while
priority debt rose 12.4% to $8.6 million, Caribbean Business adds.

Commercial bankruptcies totaled 284 through April, 32% more than
the 215 lodged in the first four months of 2010, Caribbean
Business notes.   The report relates that total debt of
individuals reached $354.3 million through April -- $228.5 million
of which was secured and $122.4 million unsecured.

Caribbean Business says that total debt of businesses topped
$450.7 million through April, a surge of 244 percent over the
first four months of 2010.  Secured debt accounted for $218.1
million, while unsecured debt reached $227.2 million, Caribbean
Business adds.

Caribbean Business discloses that the biggest 15 commercial
filings so far this year were:

   -- Uranus Development LLC ($51 million);
   -- Four Lions Corp. ($37.8 million);
   -- San Juan Bautista Hospital ($35.2 million);
   -- David Efron ($34.9 million);
   -- Farmacias El Amal ($29.2 million);
   -- Enrique Luigi Sanchez ($17.6 million);
   -- Junco Steel ($16 million);
   -- Pedro Zengotita Pacheco ($15.8 million);
   -- Rodriguez Investment ($14.4 million);
   -- Miramar Real Estate Management ($13.4 million);
   -- Blanco Velez Stores ($8.3 million);
   -- Industrias Areneras B&M ($7.8 million);
   -- Immobliaria La Sierra Corp. ($5.2 million);
   -- La Cima Hotel & Suites ($5.4 million); and
   -- Juan Rodriguez Hernandez ($3.3 million).

The 12 municipalities with the most commercial bankruptcy filings
through April were:

   -- San Juan (56, +55 percent);
   -- Caguas (21, +31 percent);
   -- Bayamon (18, +125 percent);
   -- Mayaguez (11, +120 percent);
   -- Guaynabo (8, +60 percent);
   -- Ponce (8, -39 percent);
   -- Aguadilla (7, +74 percent);
   -- Vega Baja (6, +20 percent),
   -- Cabo Rojo (6, +50 percent);
   -- Cayey (5, 0 percent);
   -- Arecibo (4, -60 percent); and
   -- Barceloneta (3, +33 percent).

The 15 municipalities with the most total bankruptcy filings
through April were:

   -- San Juan (420, +13 percent);
   -- Bayamon (224, -15 percent);
   -- Carolina (215, +12 percent);
   -- Caguas (202, -14 percent);
   -- Ponce (1932, -16 percent);
   -- Guaynabo (92, +12 percent);
   -- Arecibo (86, -18 percent);
   -- Toa Alta (84, +4 percent);
   -- Toa Baja (84, -16 percent);
   -- Trujillo Alto (69, +16 percent);
   -- Yauco (58, +12 percent);
   -- Cidra (55, +62 percent);
   -- Juncos (53, +17 percent);
   -- Cayey (53, +2 percent); and
   -- Cabo Rojo (53, +6 percent).


                            ***********


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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