TCRLA_Public/110722.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, July 22, 2011, Vol. 12, No. 144

                            Headlines



A R G E N T I N A

CIMPS SRL: Creditors' Proofs of Debt Due August 26
COOL SERVICES: Requests Opening of Reorganization Proceedings
ECA COOPERATIVA: Creditors' Proofs of Debt Due September 12
SYNOPSYS SA: Creditors' Proofs of Debt Due August 18
* BUENOS AIRES: Moody's Gives 'B3' Rating to US$250MM Global Bonds


B R A Z I L

BRASKEM AMERICA: Fitch Assigns 'BB+' Rating to Proposed 2041 Notes


C A Y M A N   I S L A N D S

INDUSTRIAL ST: Moody's Assigns 'Ba2' Rating to 2021 Notes
KINGDOM 5-KR-8: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-37: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-49: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-50: Shareholders' Final Meeting Set for August 8

KINGDOM 5-KR-58: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-60: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-61: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-69: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-70: Shareholders' Final Meeting Set for August 8

KINGDOM 5-KR-87: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-88: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-91: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-93: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-95: Shareholders' Final Meeting Set for August 8

KINGDOM 5-KR-97: Shareholders' Final Meeting Set for August 8


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gets US$20MM IDB Loan for Employment Program


J A M A I C A

JAMAICA PUBLIC: Marubeni to Transfer 40% of its Shares to EWP


M E X I C O

CEMEX SAB: S&P Keeps 'B' Rating on US$1BB Secured Notes Due 2018
TUBO DE PASTEJE: Schedules Aug. 25 Plan Confirmation


P U E R T O   R I C O

AUTOS VEGA: Sec. 341 Creditors' Meeting Set for Aug. 15
AUTOS VEGA: Wants to Hire McConnell Valdes as Bankruptcy Counsel
AUTOS VEGA: Wants to Employ L. Carrasquillo Ruiz as Accountant
BORDERS GROUP: To Shut Last Local Store After Failing to Get Bid


                            - - - - -


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


CIMPS SRL: Creditors' Proofs of Debt Due August 26
--------------------------------------------------
Mauricio Rosenblum, the court-appointed trustee for Cimps SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 26, 2011.

Mr. Rosenblum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors

The Trustee can be reached at:

          Mauricio Rosenblum
          Bartolome Mitre 2296
          Argentina


COOL SERVICES: Requests Opening of Reorganization Proceedings
-------------------------------------------------------------
Cool Services SRL requested the opening of reorganization
proceedings by default.


ECA COOPERATIVA: Creditors' Proofs of Debt Due September 12
-----------------------------------------------------------
Jose Luis Iglesias, the court-appointed trustee for ECA
Cooperativa de Credito Limitada's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 12, 2011.

Mr. Iglesias will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors

The Trustee can be reached at:

          Jose Luis Iglesias
          25 de Mayo 577
          Argentina


SYNOPSYS SA: Creditors' Proofs of Debt Due August 18
----------------------------------------------------
Ida Irene Nussenbaum, the court-appointed trustee for Synopsys
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 18, 2011.

Ms. Nussenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors

The Trustee can be reached at:

          Ida Irene Nussenbaum
          Lavalle 2024
          Argentina


* BUENOS AIRES: Moody's Gives 'B3' Rating to US$250MM Global Bonds
------------------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 (Global
Scale, foreign currency) to US$250 million senior unsecured global
bonds issued by the Province of Buenos Aires.  Moody's Latin
America has assigned a rating of A3.ar (Argentina National Scale)
to these bonds.  The bonds are to be offered as a second reopening
of a US$550 million senior unsecured global issue that was sold in
October 2010 (rated B3/A3.ar).  The first reopening was also sold
in October 2010 and comprised US$250 million bonds.  The original
issue and the two subsequent additional offers form together a
single series of US$1.05 billion bonds.

Ratings Rationale

This second additional bond issuance has been authorized by the
provincial executive branch of the province and approved by the
Argentine Ministry of Economy.  The bullet-maturity bonds, which
constitute direct, unconditional, unsecured and unsubordinated
obligations of the province, are denominated in US dollars and
will pay a fixed annual interest rate of 11.75% on a semi-annual
basis, beginning in October 2011.

"The ratings assigned to the bonds are in line with the province's
issuer ratings (B3/A3.ar), which reflect structural fiscal
imbalances and ongoing spending pressures facing the province.
This has been reflected in the province's weaker financial
performance since 2005", said Moody's Analyst Patricio Esnaola.
"The ratings also take into account the province's financial
dependence on the federal government (rated B3, stable), including
both the importance of federal transfers in the provinces' revenue
stream as well as its reliance on federal debt financing to pay
off debt as it matures", said Mr. Esnaola.

This additional bond issuance represents less than 2% of the
province of Buenos Aires' total debt and has already been factored
into the province's rating, as has Moody's expectation that the
province will borrow up to an additional ARS4 billion this year.
According to the 2011 fiscal year budget, the province has been
authorized to contract debt up to the amount of ARS8.1 billion
(equivalent to approximately 15% of total debt as of December
2010), of which approximately ARS3 billion was issued in January
of this year.  The current offer will account for approximately
another ARS1 billion, leaving an additional ARS4 billion in
authorized borrowing.  Moody's will closely monitor the impact of
any further debt increases in the province's credit profile.

The ratings are also constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services.  At the same time, nearly all rely heavily on
automatic federal transfers of tax share revenues, which limits
their fiscal flexibility.


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B R A Z I L
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BRASKEM AMERICA: Fitch Assigns 'BB+' Rating to Proposed 2041 Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Braskem America
Finance Company proposed notes issuance of approximately US$500
million due 2041, which will be unconditionally guaranteed by
Braskem S.A. The guarantee will rank pari passu with other
unsecured and unsubordinated obligations of Braskem. This issuance
proceeds will be used to repay Sunoco's acquisition loan and other
debt repayment. Fitch has also assigned a Foreign and Local
Currency Issuer Default Rating (IDR) of 'BB+' to Braskem America
Finance Company.

Fitch currently rates Braskem and its subsidiaries:

   -- Long-term foreign Issuer Default Rating (IDR) 'BB+';

   -- Long-term local currency IDR 'BB+';

   -- National scale rating 'AA(bra)'.

The Rating Outlook is Positive.

Braskem was assigned a Positive Outlook on Jan. 11, 2011,
reflecting Fitch's expectation of ongoing improvements in
Braskem's operating cash generation, which should result in a
leverage reduction trend while maintaining strong liquidity,
sufficient to cover debt scheduled amortizations in the next two
years.  Fitch expects a more robust EBITDA as a result of
synergies from Quattor's integration, estimated by the company at
around BRL377 million in 2011 and BRL495 million in 2012 on a
recurring basis.  Historically, Braskem has been successful in
identifying and capturing synergies from acquired operations and
investments and in most of the cases has reached the expected
additional cash generation in a shorter time frame.

In addition, the Positive Outlook incorporates that Braskem will
prioritize the reduction of its net leverage, opposing its track
record of aggressive growth strategy, and that the new green field
projects will be financed through non-recourse project-finance
debt.  Fitch expects that Braskem's improved leverage profile will
be maintained in the long term.

Braskem has consistently reduced its leverage since the Quattor
acquisition in early 2010.  Over the last year, Quattor has shown
an increase in its operating margins, partially due to better
stability of raw material supply and the maturation of investments
that came on line in 2009.  In addition, the new management at the
business and the implementation of practices similar to those
adopted at Braskem have led to a continuous strengthening in
profitability.

Business Profile Favorably Compares with Global Peers:

Braskem's ratings reflect its dominant position in the Brazilian
and Latin American petrochemical sector. Integration of its
activities gives Braskem a competitive advantage within the
region's petrochemical industry.  Braskem presents a track record
of strong and less volatile margins when compared to its global
peers.  The company's positive free cash flows through the cycle
also benefits its credit profile.  Quattor's acquisition allowed
Braskem to become the sole thermoplastic resin producer in Brazil
and to geographically diversify its production plants in Brazil.
The stronger partnership with Petrobras, which is its major
supplier and now also has a strategic position in Braskem's voting
capital (47%), as well as higher raw material diversification
further favors its business profile and cost structure.  The
company's ratings are also supported by its strong liquidity and
extended debt profile that allows it to mitigate the volatility
inherent to the cyclical petrochemical industry.

High Exposure to Domestic Market Performance:

Braskem's performance is strongly focused on the Brazilian
economy, as approximately 70% of its revenues are generated in the
local market, although its prices are benchmarked to the
international market.  For 2011 and 2012, Fitch expects that the
Brazilian economy will grow 4% and 4.5%, respectively.  The
favorable environment for the domestic market should further
benefit the company's cash generation combined with an expected
recovery of the global petrochemical industry cycle.

Improvements in Quattor's Financial Profile:

Braskem successfully managed to refinance Quattor's riskier debt
profile and to balance it with its own financial standards.
Braskem used the proceeds obtained through an equity injection
(BRL3.7 billion) from its shareholders to prepay a portion of
Quattor's debt.  Braskem also accessed the international capital
markets to refinance part of the remaining obligations. As of
March 31, 2011, Braskem has extended its debt scheduled
amortizations and reduced its financial costs.  Braskem's total
debt was BRL14.2 billion, and cash and marketable securities was
BRL2.9 billion, with amortizations of BRL2,7 billion until 2012,
including the tax rescheduling program (Refis).  Braskem's pro
forma EBITDA for the last twelve months period ended on March 31,
2011 was BRL4.1 billion.

Further Leverage Reduction Expected Ahead:

Braskem's credit metrics are expected to strengthen reflecting
higher operating cash generation.  The company's ability to
support and to improve its main credit metrics will be key to
support an upgrade. As Fitch expected, Braskem posted a net
debt/EBITDA ratio in 2010 below 3.0 times (x) and it should move
closer to 2.0x going forward in 2011 and 2012.  On a pro forma
basis, incorporating 12 months of operations of Quattor and
Sunoco, Braskem's net adjusted leverage ratio was 2.9x compared to
5.0x at the end of 2009.  Braskem's main challenges are related to
its ability to maintain a balanced capital structure in case of
another acquisition abroad.  Fitch also factors in Braskem's
ratings the financial and operative support from its main
shareholders, Odebrecht Group and Petrobras.

Strong Liquidity is Key:

Braskem's liquidity remains robust, with BRL2.9 billion in cash
and marketable securities at March 31, 2011.  In addition, Braskem
has US$350 million of an undrawn stand-by credit line due to 2013,
without finance restrictive clauses for neither draw-downs nor
acceleration, that further enhance its liquidity.  In the past
five years, the company has maintained strong liquidity vis-a-vis
its obligations, reporting an average cash/short-term debt ratio
of around 1.4x, which in turn has allowed it to mitigate the
volatility inherent to the cyclical petrochemical sector.


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


INDUSTRIAL ST: Moody's Assigns 'Ba2' Rating to 2021 Notes
---------------------------------------------------------
Moody's Investors Service has assigned a Ba2 foreign currency
subordinated debt rating to the proposed issuance of ten year
notes due 2021 by Industrial Subordinated Trust (Industrial ST).
Industrial ST is a Cayman Islands-based trust established for the
sole purpose of acquiring a 100% participation interest in an
unsecured subordinated loan made by Bank of America to Guatemala's
Banco Industrial S.A. to secure the note issuance.  Industrial ST
will therefore provide a pass through of both interest and
principal cash flows on the Industrial loan to the Industrial ST
noteholders.  The proposed notes are, therefore, guaranteed by
Banco Industrial (rated D for financial strength, with positive
outlook, Baa3 for local currency deposits, and Ba2 for foreign
currency deposits), subject to certain conditions.

This rating was assigned to Industrial Subordinated Trust:

Foreign currency subordinated debt: Ba2

Under the terms of the proposed offering memorandum, the notes
will pay interest semi-annually in arrears equivalent to the
amount due and owing from Industrial under the subordinated loan.
The loan will be junior in right of payment to all of Banco
Industrial's existing and future senior indebtedness and will rank
senior only to Banco Industrial's capital stock or any other
instrument that may qualify as Tier 1 capital.  The subordinated
loan is expected to receive Tier 2 capital treatment for Banco
Industrial.

Ratings Rationale

Moody's said that the Ba2 foreign currency subordinated debt
rating assigned to Industrial ST is based on Banco Industrial's
Ba2 local currency equivalent, and incorporates the support of the
bank's unsecured subordinated obligations.  The rating reflects a
two-notch differential from Industrial's Baa3 local currency
deposit rating and as such reflects the limited recourse of the
note obligations under the transaction's legal structure that may
serve to subordinate the proposed debt issuance to any senior
subordinated debt issued directly by the bank.

The rating agency also said that Industrial ST noteholders have no
direct recourse to Banco Industrial S.A. for non-payment because
the noteholders are unable to accelerate the notes as the notes
contain no events of default.  Instead, the Industrial ST
noteholders would have to rely on Bank of America to enforce its
remedies under the subordinated loan agreement after the Trustee
enforces its rights under the loan participation agreement.

Moody's also noted that under the terms of the note indenture and
loan participation agreement, the guarantee provided by Banco
Industrial S.A. does not cover any amounts already paid by it in
its capacity as borrower under the subordinated loan with Bank of
America, regardless of whether or not those amounts were
ultimately passed through to Industrial ST or the Trustee.

Industrial Subordinated Trust is a Cayman Islands special purpose
trust established by Walkers SPV Limited, a Cayman Islands limited
liability corporation that provides corporate and trustee services
to a wide variety of clients.  Banco Industrial, S.A. was the
largest bank in Guatemala as of March 31, 2011, reporting total
consolidated assets of US$6.6 billion and shareholders' equity of
US$462.3 million.


KINGDOM 5-KR-8: Shareholders' Final Meeting Set for August 8
------------------------------------------------------------
The shareholders of Kingdom 5-KR-8, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-37: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-37, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-49: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-49, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-50: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-50, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-58: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-58, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-60: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-60, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-61: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-61, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-69: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-69, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-70: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-70, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-87: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-87, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-88: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-88, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-91: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-91, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-93: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-93, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-95: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-95, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-97: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-97, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
          c/o Kingdom Holding Company
          Kingdom Center-Floor 66
          P.O. Box 1 Riyadh 11321
          Saudi Arabia
          Telephone: +966 1 211 1111 (ext. 1211)
          e-mail: alwaleed@kingdom.net


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


* DOMINICAN REPUBLIC: Gets US$20MM IDB Loan for Employment Program
------------------------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to support the National Employment System (NES) of the Ministry of
Labor of the Dominican Republic.  The key component of the project
is its third generation of the Youth and Employment Program, which
will benefit 24,000 socially vulnerable youth at an expected
employment rate of at least 80% after the completion of the
program.

The loan will help improve the employability of the most
vulnerable population in the labor market, especially at-risk
youth, for a quality and better paying job in the formal market.
The financing will support the NES expand its labor intermediation
and training service coverage and effectiveness as well as
strengthen the labor data system for policy-making.

Based on impact evaluation of the previous programs, the new
employment program seeks to enhance its effectiveness by
redesigning the training modules to double the hours of life
skills training and incorporate practical technical-vocational
skills to provide skilled labors for the competitive industrial
sectors such as trading services and hotels and restaurants in the
country.  The initiative is aimed at poor at-risk youth aged 16-29
years, who are out of school and lack a regular job.

The IDB has supported the program since its inception, later
joined by the World Bank, and provided technical support and a
total financing of $26 million as part of its support for the
Dominican labor markets and social transfer in 1999 and 2005.

The IDB loan is granted for a term of 25 years to be disbursed in
5 years with a grace period of 5 years and an interest rate based
on LIBOR.  Local counterpart funds totals US$2 million.


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J A M A I C A
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JAMAICA PUBLIC: Marubeni to Transfer 40% of its Shares to EWP
-------------------------------------------------------------
RJR News reports that the Jamaican Cabinet granted approval for
Marubeni, the majority owner of Jamaica Public Service Company
Limited (JPS), to off load half its shares in the company to Korea
East West Light and Power Company Limited (EWP).

The new ownership arrangement means that the government will owe
19.9% of the shares in JPS, Marubeni will own 40%, and EWP another
40%, according to RJR News.  The report relates that some 3,000
shareholders own the remaining 0.1% of the shares.

RJR Notes that EWP is expected to significantly improve JPS'
operations.

Meanwhile, RJR News relates that Jamaican Mining and Energy
Minister Clive Mullings revealed the re-negotiations of additional
amendments to the JPS license.  RJR News relates that Mr. Mullings
said a suggestion that the government should renegotiate the JPS
license for competition in transmission and distribution of
electricity is not a viable option at this time.

                             About JPS

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of more than 1,600 employees.  The
Company owns and operates 28 generating plants, 54 substations,
and roughly 14,000 kilometers of distribution and transmission
lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


CEMEX SAB: S&P Keeps 'B' Rating on US$1BB Secured Notes Due 2018
----------------------------------------------------------------
Standard & Poor's Ratings Services' 'B' senior secured debt rating
on Cemex S.A.B de C.V.'s US$1 billion senior secured notes due
2018 remains unchanged, following the company's US$650 million
add-on.  Through this reopening, Cemex increased the notes'
outstanding amount to US$1.65 billion.  The recovery rating on
this debt also remains unchanged at '3', indicating the
expectation for meaningful (50-70%) recovery in the event of a
payment default.  "At the same time, we are withdrawing our 'B'
rating assigned to the proposed issuance of up to US$650 million
in long-term notes due 2019, given the company's decision not to
issue it," S&P related.

"The group's highly leveraged financial risk profile, reflecting
high debt and a less-than-adequate liquidity, in our view,
constrain our ratings on Cemex and its key subsidiaries -- Cemex
Inc. (B/Stable/--), Cemex Mexico S.A. de C.V. (global scale:
B/Stable/--; national scale: mxBB+/Stable/mxB), and Cemex Espania
S.A. (B/Stable/--).  The ratings also reflect the relatively high
concentration of its cash flow generation in a few key operating
markets despite geographic diversification.  A satisfactory
business risk profile based on the group's leading position in the
global cement, concrete, aggregates, and ready-mix businesses;
proved operating turnaround experience; and operating efficiency
partially mitigate the negative factors.  We have assigned the
same 'B' ratings to Cemex Mexico, Cemex Inc., and Cemex Espa?a
because of the strategic importance of each of these subsidiaries
to the group," S&P stated.

As of March 31, 2011, the company's cash position was US$655.6
million.  The company faces no significant debt amortizations this
year.  Debt maturities in 2012 and 2013 are $390 million and $762
million.  Through the recent bond reopening, Cemex will refinance
the bulk of its 2012 maturities and about US$200 million of its
2013 financing agreement's maturities, avoiding a 50-basis-point
margin step-up.

"The stable outlook reflects our expectation that Cemex's cash
flow generation and key financial ratios will remain relatively
weak in 2011, as reflected in adjusted total debt-to-EBITDA and
FFO-to-total debt ratios of 8.3x and 6.6%, posting a gradual
recovery in 2012," S&P said.

Ratings List

Cemex S.A.B. de C.V.
Corporate Credit Rating
  Global Scale                            B/Stable/--
  National Scale                          mxBB+/Stable/mxB

Ratings Remain Unchanged
US$1.65 Billion Secured Notes Due 2018    B
  Recovery Rating                         3

Ratings Withdrawn
Senior Secured                           B
  Recovery Rating                         3


TUBO DE PASTEJE: Schedules Aug. 25 Plan Confirmation
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the bankruptcy judge on July 18 granted approval to
the disclosure statement explaining the full-payment bankruptcy
plan for Tubo de Pasteje SA de CV and subsidiary Cambridge-Lee
Holdings Inc.  The hearing for approval of the plan will take
place Aug. 25.

Mr. Rochelle relates that although noteholders are to be paid in
full, they are permitted to vote on the plan because the terms of
the notes are being changed.  Holders of US$200 million in 11.5%
senior notes due 2016 are to receive new secured notes for the
full amount owed plus interest.  The noteholders can vote on the
plan.  The notes last traded on July 13 at 89.5 cents on the
dollar, according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority.

According to Mr. Rochelle, holders of US$66.2 million in other
secured debt will have their obligations reinstated and thus
aren't entitled to vote.  Similarly, US$41.7 million in unsecured
claims, if not already paid, will be reinstated.  They likewise
aren't voting. Existing shareholders would retain the stock.

                      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
=====================


AUTOS VEGA: Sec. 341 Creditors' Meeting Set for Aug. 15
-------------------------------------------------------
The United States Trustee in Puerto Rico will hold a meeting of
creditors pursuant to 11 U.S.C. Sec. 341 in the bankruptcy case of
Autos Vega, Inc., on August 15, 2011, at 10:30 a.m. at 341 Meeting
Room, Ochoa Building, 500 Tanca Street, First Floor, in San Juan,
Puerto Rico.

The last day to file proofs of claim for non-governmental entities
is on Nov. 14, 2011.  Governmental entities are required to submit
proofs of claim by Jan. 3, 2012.

The Debtors' representative must be present at the meeting to be
questioned under oath by the trustee and by creditors.  Creditors
are welcome to attend, but are not required to do so.  The meeting
may be continued and concluded at a later date without further
notice.

                        About Autos Vega

Autos Vega, Inc., is a car dealer and automotive parts wholesaler
based in San Juan, Puerto Rico.  The Company filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on
July 6, 2011.  The case has been assigned to Judge Sara E. De
Jesus Kellogg.  The Debtor estimated its assets and debts at US$10
million to US$50 million.

Antonio A. Arias-Larcada, Esq., at McConnell Valdes LLC, in San
Juan, Puerto Rico -- aaa@mcvpr.com -- serves a counsel to the
Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.


AUTOS VEGA: Wants to Hire McConnell Valdes as Bankruptcy Counsel
----------------------------------------------------------------
Autos Vega, Inc., seeks permission from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ McConnell Valdes LLC as
its bankruptcy counsel.

Ramon Vega Diaz, the Company's president, informed the Court that
the Debtor has retained McV on the basis of a $15,000 retainer,
which was advanced by the Debtor, against which the Firm will bill
on these hourly rates for work performed or to be performed by
these professionals:

       Antonio A. Arias-Larcada     US$270
       Yarilyn C. Perez-Colon       US$155
       Cecilia M. Suau              US$130
       Paralegals                   US$125

The Debtor will also reimburse McV for the firm's reasonable
expenses.

Other than non-bankruptcy prepetition legal representation of the
Debtor and Euroclass Motors, Inc. in a labor dispute, which is the
main reason of the filing of the bankruptcy petition, McV and its
members do not have any connection with the Debtor, Antonio A.
Arias-Larcada, Esq., a capital member of McV, assures the Court.
He attests that McV and its members are disinterested persons as
defined under Section 101(14) of the Bankruptcy Code.

                         About Autos Vega

Autos Vega, Inc., is a car dealer and automotive parts wholesaler
based in San Juan, Puerto Rico.  The Company filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on
July 6, 2011.  The case has been assigned to Judge Sara E. De
Jesus Kellogg.  The Debtor estimated its assets and debts at US$10
million to US$50 million.

Antonio A. Arias-Larcada, Esq., at McConnell Valdes LLC, in San
Juan, Puerto Rico -- aaa@mcvpr.com -- serves a counsel to the
Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.


AUTOS VEGA: Wants to Employ L. Carrasquillo Ruiz as Accountant
--------------------------------------------------------------
Autos Vega, Inc. seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Luis R. Carrasquillo
Ruiz, CPA, as its accountant.

Mr. Carrasquillo Ruiz will provide the Debtor with strategic
counseling and advice, pro forma modeling preparation, and
financial/business assistance, and will prepare documentation that
is related to and has an effect on the Debtor, as well as
recommendations and financial/business assessments.

The Debtor has provided Mr. Carrasquillo Ruiz with a US$20,000
advance, against which he has billed and will bill for work
performed or to be performed by him and his firm, CPA Luis R.
Carrasquillo & Co., P.S.C., at these standard hourly billing
rates:

      Luis R. Carrasquillo Ruiz          US$160
      Marcelo Gutierrez                  US$125
      Other CPAs                         US$90 to $125
      Lionel Rodriguez Perez             US$85
      Carmen Callejas Echevarria         US$75
      Omara Torres Ortiz                 US$75
      Sandra Zavala Diaz                 US$50
      Janet Marrero                      US$35
      Iris L. Franqui                    US$35

Mr. Carrasquillo Ruiz assures the Court that he is a disinterested
person as defined under Section 101(14) of the Bankruptcy Code.

                          About Autos Vega

Autos Vega, Inc., is a car dealer and automotive parts wholesaler
based in San Juan, Puerto Rico.  The Company filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on
July 6, 2011.  The case has been assigned to Judge Sara E. De
Jesus Kellogg.  The Debtor estimated its assets and debts at US$10
million to US$50 million.

Antonio A. Arias-Larcada, Esq., at McConnell Valdes LLC, in San
Juan, Puerto Rico -- aaa@mcvpr.com -- serves a counsel to the
Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.


BORDERS GROUP: To Shut Last Local Store After Failing to Get Bid
----------------------------------------------------------------
Caribbean Business reports that Borders Group is seeking court
approval to liquidate its 399 stores, including its lone remaining
location in Puerto Rico, after it failed to receive any bids that
would keep the 40-year-old chain in operation and canceled an
auction process.

Liquidation sales could start as soon as July 22, according to
Caribbean Business.  The report relates that the U.S. Bankruptcy
Court of the Southern District of New York is set to approve the
move on July 21.

Caribbean Business notes that Borders Group currently operates one
store in Puerto Rico, a two-story outlet in prime space at Plaza
Las Americas, the Caribbean's biggest shopping center.  The report
notes that Borders Group closed its two other island stores in
Carolina and Mayaguez in the wake of its Chapter 11 bankruptcy
filing earlier this year.

The changing book industry and the economy hastened the chain's
demise, Borders President Mike Edwards said in a statement
obtained by the news agency.

Caribbean Business discloses that Borders Group had been seeking a
new white knight bidder after a US$215 million bid by private-
equity firm Najafi Cos. dissolved late last week.  Creditors and
lenders argued the chain would be worth more if it liquidated
immediately, Caribbean Business relays.

Hilco Merchant Resources and Gordon Brothers Group will liquidate
the chain under terms of the agreement.

                       About Borders Group

Borders Group operates book, music and movie superstores and mall-
based bookstores.  At Jan. 29, 2011, the Debtors operated 642
stores, under the Borders, Waldenbooks, Borders Express and
Borders Outlet names, as well as Borders-branded airport stores in
the United States, of which 639 stores are located in the United
States and 3 in Puerto Rico.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed total
of 6,100 full-time employees, 11,400 part-time employees, and
approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

Lowenstein Sandler represents the official unsecured creditors
committee for Borders Group.  Bruce S. Nathan and Bruce Buechler,
members of Lowenstein Sandlers' Bankruptcy, Financial
Reorganization & Creditors' Rights Group, are leading the team.

The Debtor disclosed US$1.28 billion in assets and US$1.29 billion
in liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


                            ***********


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, 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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