TCRLA_Public/110728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, July 28, 2011, Vol. 12, No. 148

                            Headlines



A R G E N T I N A

FRIGO CANUELAS: Applies for Bankruptcy Protection
IMAGEN FILMS: Creditors' Proofs of Debt Due August 29
JOCONDE SA: Creditors' Proofs of Debt Due September 20
LEVEL 27: Creditors' Proofs of Debt Due September 8
PLASTICA BERNABO: Creditors' Proofs of Debt Due September 15

YPF S.A.: Fitch Affirms Foreign Currency Default Rating at 'BB-'


B E R M U D A

GLOBAL CROSSING: S.D.N.Y. Bankr. Ct. Rules on CCT Contract Rift


C A Y M A N   I S L A N D S

AVCAN LEASING: Members' Final Meeting Set for August 12
BULL CAPITOL: Members' Final Meeting Set for August 12
CLIMATE CHANGE: Members' Final Meeting Set for August 12
CLIMATE CHANGE: Members' Final Meeting Set for August 12
CLIMATE CHANGE: Members' Final Meeting Set for August 12

CREDIT SUISSE: Members' Final Meeting Set for August 12
FURSA OFFSHORE: Members' Final Meeting Set for August 5
KAILUA INVESTMENT: Members Receive Wind-Up Report
SMOKY RIVER: Members' Final Meeting Set for August 12
SMOKY RIVER: Members' Final Meeting Set for August 12

TR PREFERRED: Members' Final Meeting Set for August 12


H A I T I

* HAITI: IDB Provides US$35-Million Grant for Electricity Sector


J A M A I C A

JAMAICA PUBLIC: UCASE Shows Disappointment on Marubeni Stake Sale


M E X I C O

CORPORACION GEO: Assigns 'BB-' Issuer Default Ratings
GRUPO KUO: Fitch Says 'BB' IDR Unchanged by FFI Sale
INDUSTRIAL PERFORADORA: Moody's Assigns 'B1' Local Currency Rating
VITRO SAB: U.S. Units Completes Sale to Sun Capital


P U E R T O   R I C O

GP WEST: Gets Nod to Hire Carrasquillo as Financial Consultant
GP WEST: Obtains OK to Tap Eduardo J. Corretjer Reyes as Attorney
MCS ADVANTAGE: Moody's Affirms Sr. Secured Debt Rating at 'B2'
REITTER CORP: Termination Date of Term Loans Extended to Sept. 1

REITTER CORP: Has Access to Cash Collateral Until Sept. 1


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO to Appeal Trinidad High Court Judgment


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


FRIGO CANUELAS: Applies for Bankruptcy Protection
-------------------------------------------------
Frigo Canuelas SA applied for bankruptcy proctection.

The company defaulted last May 30.


IMAGEN FILMS: Creditors' Proofs of Debt Due August 29
-----------------------------------------------------
The court-appointed trustee for Imagen Films SRL's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Aug. 29, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk No.
12, 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.


JOCONDE SA: Creditors' Proofs of Debt Due September 20
------------------------------------------------------
Jose Maria Larrory, the court-appointed trustee for Joconde SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 20, 2011.

Ms. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 Maria Larrory
         RodrĄguez Pena 231
         Argentina


LEVEL 27: Creditors' Proofs of Debt Due September 8
---------------------------------------------------
Roberto Leibovicius, the court-appointed trustee for Level 27
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 8, 2011.

Mr. Leibovicius will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Roberto Leibovicius
         Tucuman 1585
         Argentina


PLASTICA BERNABO: Creditors' Proofs of Debt Due September 15
------------------------------------------------------------
The court-appointed trustee for Jose Angel Sallon's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 15, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 6, 2012.

The Trustee can be reached at:

         Jose Angel Sallon
         Libertad 860
         Argentina


YPF S.A.: Fitch Affirms Foreign Currency Default Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed the foreign currency Issuer Default
Rating (IDR) of YPF S.A. at 'BB-' and its local currency IDR at
'BB'.  Fitch has also affirmed its national scale long-term rating
at 'AAA(arg)'.  The Outlook for all these ratings is Stable.

The ratings affirmations reflect YPF's solid business profile as
Argentina's dominant integrated oil company and its good credit
ratios.  Key credit concerns center on YPF's upstream operating
measures, a debt profile concentrated in short-term maturities,
and exposure to the Argentinean government's interference risk.

The two-notch foreign currency IDR above the country ceiling of
Argentina is supported by YPF's reliable strong internal cash flow
generation, moderate level of dollar-denominated export revenues
relative to debt maturities, which mitigates its exposure to
currency mismatch, its right to maintain up to 70% of export
revenues offshore which mitigates transfer and convertibility
risk, and the controlling ownership by financially strong Repsol
YPF.  In addition, the company has a good track record of payment
during stressed sovereign scenarios.

In 2010, YPF's oil and gas production continued to decrease to 533
thousand barrels of oil equivalent per day (Mboe/d), but at a
slower rate than in past years.  This trend continued through the
first quarter of 2011, with production at 516 Mboe/d and is mostly
the result of a more intensive use of technology.  As of March
2011, production had decreased 3% compared to 2010, which compares
to a decrease of 5% in 2010 and 8% in 2009.  Fitch expects 2011
production volumes will be affected by the strikes that are
affecting YPF's activities in southern Argentina.

As of December 2010, YPF's proven (p1) reserves were 982 million
boe, reflecting a 3% decrease compared to 2009, and to a reduction
of 10% in 2009 and 12% in 2008.  Total proven developed reserves
at 76% are near the limit of Fitch's optimal range of 60%-80%.  As
calculated by Fitch, YPF's one-year reserve replacement ratio
(RRR) improved to 84% in 2010 from 43% in 2009, although the
three-year RRR remains low at 53%.  YPF's reserve life of 5.1
years is still well below Fitch's ideal range of 10 years, a
result of its reserves depletion and historical production
decrease rate.  The deceleration in the declining trend of
production is positive, but it is too early to decisively discount
the possibility of further decreases in oil and gas production.

On average, during the last three years YPF has invested USD1.9
billion and has focused on the improvement of its mature field's
efficiency through the use of first-hand technology.  It has also
increased its research on exploration activities pursued to
capitalize on the potential of existing areas.  As an example of
these efforts, YPF's initial drilling campaign in Vaca Muerta
located in Loma de La Lata field was successful and suggests the
existence of significant non-conventional resources.  Preliminary
results indicate the existence of crude oil with a gravity of 42
degrees API.  Up to date, YPF has drilled six exploratory wells in
the area and 17 new wells are expected to be drilled through 2011.
Total investment in these activities is estimated at USD270
million.  Fitch notes that YPF has a large number of upstream
projects that could boost reserves, but timing and the required
investments remain an issue.

In the latest 12-montha (LTM) ended in March 2011, YPF reported an
EBITDA of USD3.7 billion, similar to 2010's, and reflects price
increases of its refined products and the impact of cost-cutting
measures.  Cash from operations continued to be positive at US$2.9
billion and were mostly used to fund capital expenditures for
US$2.3 billion and dividends for US$0.5 billion.  Pursuant to
YPF's shareholder agreement, the company will continue with an
aggressive dividend payment policy (equivalent to 90% of net
income as of date), with the objective of maintaining actual
nominal dividend values.  As of March 2011, consolidated debt was
US$2 billion and the liquidity was US$748 million. Credit metrics
were strong as reflected by net debt-to-EBITDA of 0.3 times (x)
and EBITDA-to-interest of 16.0x.

Fitch projects EBITDA will grow to between US$4 million- US$4.5
billion by 2013 using Fitch's published mid-cycle price deck. Over
the same period, Fitch projects funded debt will remain at
approximately US$3 billion to US$3.5 billion.  Leverage based on
debt to proven reserves is expected to be near US$4.5 per barrel
assuming a deceleration of current production rates.  These
estimates may vary depending o eventual production levels, the
level of proven reserves, inflationary pressures on YPF's cost
structure and, ultimately, crude prices.

Fitch affirms these:

   -- Foreign Currency IDR at 'BB-';

   -- Local Currency IDR at 'BB';

   -- National scale long-term rating at 'AAA(arg);

   -- Debt Issuance Program for US$1 billion (2008) at 'AAA/arg)';

   -- Senior unsecured ARP143 million notes at 'AAA (arg)'-Class
      II;

   -- Senior unsecured US$70 million notes at 'BB-/AAA (arg)'
   -- Class III;

   -- Senior unsecured US$300 million notes at 'BB-/AAA (arg)'
     (exp)' -Class IV;

   -- Senior unsecured ARP100 million notes at 'AAA (arg)'
      -Class V;

   -- Debt Issuance Program for US$1 billion (2002) at 'AAA(arg)';
      Equity Rating at 'Level 1 (arg)'

YPF S.A. is Argentina's largest integrated oil and gas company. It
is controlled by Repsol YPF (rated 'BBB+', Outlook Stable by
Fitch). The Petersen Group has a 25.46% stake in YPF, and Repsol
owns 58.23%.


=============
B E R M U D A
=============


GLOBAL CROSSING: S.D.N.Y. Bankr. Ct. Rules on CCT Contract Rift
---------------------------------------------------------------
Bankruptcy Judge Stuart M. Bernstein granted, in part, and denied,
in part, a motion for partial summary judgment in a contract
dispute between Global Crossing Telecommunications, Inc., and CCT
Telecommunications, Inc.  The parties had entered into a series of
agreements under which Global Crossing agreed to provide
telecommunications services to CCT, which in turn resold the
services to third parties.  After Global Crossing stopped
providing some of the services, it commenced the adversary
proceeding primarily seeking declaratory relief, and CCT
counterclaimed, inter alia, for damages arising from Global
Crossing's alleged breach of contract and its violations of the
Federal Communications Act of 1934, as amended, 47 U.S.C. Sections
151 et seq.  Global Crossing moved for partial summary judgment,
presenting two questions to the Bankruptcy Court: is the
limitation on liability in the parties' contract enforceable, and
if it is, what is the scope of the limitation?

In a July 22, 2011 Memorandum Decision and Order, Judge Bernstein
held that the clause is enforceable with respect to all state law
and Communications Act damage claims, and bars claims for
consequential damages.  The judge, however, held that whether it
also bars claims for general, direct damages is unclear and must
be resolved at trial.

The case is Global Crossing Telecommunications, Inc., v. CCT
Communications, Inc., Adv. Proc. No. 07-1942 (Bankr. S.D.N.Y.).  A
copy of Judge Bernstein's ruling is available at
http://is.gd/qaVUWhfrom Leagle.com.

In a separate order, Judge Bernstein denied Global Crossing's
request to default CCT, or in the alternative, preclude it from
opposing Global Crossing's motion for summary judgment on damages.

On Jan. 14, 2011, Global Crossing filed the Summary Judgment
Motion arguing that a clause in the parties' contract limited its
liability for the damages sought by CCT in its counterclaims.
CCT's counsel failed to file timely file a response.

A copy of Judge Bernstein's ruling is available at
http://is.gd/hLcikJfrom Leagle.com.

Global Crossing is represented by:

          Robert J. Rosenberg, Esq.
          James Brandt, Esq.
          John D. Castiglione, Esq.
          Elizabeth R. Marks, Esq.
          LATHAM & WATKINS LLP
          885 Third Avenue
          New York NY 10022-4834
          Tel: 212-906-1370
          Fax: 212-751-4864
          E-mail: robert.rosenberg@lw.com
                  james.brandt@lw.com
                  john.castiglione@lw.com
                  betsy.marks@lw.com

               - and -

          George Royle V, Esq.
          DRUMMOND WOODSUM & MacMAHON
          84 Marginal Way, Suite 600
          Portland, ME 04101-2480
          Tel: 207-772-1941 ext. 563
          Fax: 207-772-3627
          E-mail: groyle@dwmlaw.com

Attorney for CCT Communications is:

          James A. Karamanis, Esq.
          ZANE D. SMITH & ASSOCIATES, LTD.
          415 North LaSalle Drive, #300
          Chicago, IL 60610
          Tel: (312) 245-0031
          Fax: (312) 245-0022
          E-mail: james@zanesmith.com

                      About CCT Communications

CCT Communications, Inc., was a common carrier engaged in the
business of buying and reselling telecommunications services.  CCT
filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 07-10210) on
Jan. 29, 2007, represented by Arnold Mitchell, Esq., at Greene
Robinson Brog Leinwand Greene Genovese & Gluck, P.C., at that
time.  Sanford P. Rosen, Esq., at Rosen & Associates, P.C., and
Glenn B. Manishin, Esq., at Duane Morris LLP, also represent the
Debtor.  At the time of the filing, the Debtor disclosed
US$774,047 in assets and debts of US$1,028,249.

CCT filed a Plan of Reorganization on the last possible day --
Nov. 26, 2007 -- to do so as a small business debtor.  The Debtor
intended to fund the plan distributions, at least in part, with
the proceeds generated through adversary proceedings against
Global Crossing Telecommunications, Inc., and Zone Telecom, Inc.
The Honorable Stuart M. Bernstein conducted a two-day evidentiary
hearing, and concluded that CCT is judicially estopped from taking
the position that it is not a small business debtor.  Chief Judge
Bernstein ruled that the case will be dismissed, but the Court
will retain jurisdiction over the adversary proceeding between CCT
and Global Crossing as well as any fee applications by Court-
appointed professionals.

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

                          *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.  S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.

The Company's balance sheet at March 31, 2011, showed US$2.26
billion in total assets, US$2.78 billion in total liabilities and
a US$525 million total shareholders' deficit.


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


AVCAN LEASING: Members' Final Meeting Set for August 12
-------------------------------------------------------
The members of Avcan Leasing Limited will receive on August 12,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


BULL CAPITOL: Members' Final Meeting Set for August 12
------------------------------------------------------
The members of Bull Capitol, Inc. will receive on August 12, 2011,
at 11:40 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLIMATE CHANGE: Members' Final Meeting Set for August 12
--------------------------------------------------------
The members of Climate Change Capital Global Environmental
Opportunities Limited will receive on August 12, 2011, at
9:50 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CLIMATE CHANGE: Members' Final Meeting Set for August 12
--------------------------------------------------------
The members of Climate Change Capital Global Environmental
Opportunities Fund Limited will receive on August 12, 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:

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


CLIMATE CHANGE: Members' Final Meeting Set for August 12
--------------------------------------------------------
The members of Climate Change Capital Global Environmental
Opportunities Master Fund Limited will receive on August 12, 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:

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


CREDIT SUISSE: Members' Final Meeting Set for August 12
-------------------------------------------------------
The members of Credit Suisse Quest US Market Neutral Fund, Ltd.,
will receive on August 12, 2011, at 9:10 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FURSA OFFSHORE: Members' Final Meeting Set for August 5
-------------------------------------------------------
The members of Fursa Offshore Global Event Driven Fund Ltd will
receive on August 5, 2011, at 4:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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


KAILUA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Kailua Investment Limited received on July 26,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SMOKY RIVER: Members' Final Meeting Set for August 12
-----------------------------------------------------
The members of Smoky River CDO LP Co., Ltd. will receive on
August 12, 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:

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


SMOKY RIVER: Members' Final Meeting Set for August 12
-----------------------------------------------------
The members of Smoky River CDO GP CO., Ltd. will receive on
August 12, 2011, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TR PREFERRED: Members' Final Meeting Set for August 12
------------------------------------------------------
The members of TR Preferred Capital Limited will receive on
August 12, 2011, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


==========
H A I T I
==========


* HAITI: IDB Provides US$35-Million Grant for Electricity Sector
----------------------------------------------------------------
The Inter-American Development Bank approved a US$35-million grant
to support Haiti's efforts to modernize its energy sector and
improve the financial and operational management of the state
power company, Electricite d'Haiti (EDH).

The new, fast-disbursing grant is the first of three policy-based
operations the IDB expects to make over three years to help Haiti
develop a reliable and sustainable electricity system.  At
present, about 70% of its population has no access to electricity.
In areas with coverage, service averages 10 hours a day but is
plagued by outages.  Available generation capacity stands at less
than one-third of the estimated 500 megawatt demand.

In coordination with other international donors, the IDB has
provided Haiti grant resources to repair electricity
infrastructure affected by the 2010 earthquake.  The Bank is also
supporting the rehabilitation of the Peligre hydroelectric plant,
the use of solar energy and EDH's efforts to reduce technical and
commercial losses by upgrading its equipment and boosting billing
and collection efficiency.

The policy-based grants will assist the Haitian government in
carrying out a broad reform program aimed at expanding access to
energy for urban and rural households, reducing the country's
reliance on fossil fuels for power generation, improving the
reliability of electricity services and transforming EDH into a
viable utility.  Another goal is to encourage more households to
switch to liquefied petroleum gas from charcoal, the most commonly
used cooking fuel in Haiti.

Combined with public and private investments, these reforms will
enable Haiti to establish a robust regulatory and institutional
framework to promote the expansion of its energy sector.  The
Haitian government is already taking steps to improve EDH's
financial, commercial and operational performance by strengthening
its management.

The IDB is Haiti's leading multilateral donor.  Since last year's
earthquake it has approved more than US$340 million in new grants
and disbursed US$255 million to support recovery and long-term
investments in sectors such as energy, water and sanitation,
transportation, agriculture and education.


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


JAMAICA PUBLIC: UCASE Shows Disappointment on Marubeni Stake Sale
-----------------------------------------------------------------
RJR News reports that The Union of Clerical, Administrative and
Supervisory Employees (UCASE), one of the trade unions
representing Jamaica Public Service Company Limited (JPS) workers,
is expressing disappointment that the employees have again been
left out of the sale of shares in the power company.

As reported in the Troubled Company Reporter on July 22, 2011, RJR
News said that the Jamaican Cabinet granted approval for Marubeni,
the majority owner of 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 related that some 3,000
shareholders own the remaining 0.1% of the shares.

UCASE said that a promise was made in the past to allocate a
portion of JPS shares to the workers under an Employee Share
Ownership Plan (ESOP), according to RJR News.

Robert Harris, UCASE's senior negotiating officer, told the news
agency in an interview the workers are still expecting some equity
in the company.  "Because when the privatization process was in
train, the workers were attuned to the fact that the sale would
involve an ESOP program where they would become owners in the
entity.  That is still outstanding ad we still expect that in the
not too distant future, that will still become a reality," RJR
News quoted Mr. Harris as saying.

RJR News discloses that a formal agreement is to be signed on
July 26.  The report relates that EWP is expected to significantly
improve JPS' operations.
                             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% 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
===========


CORPORACION GEO: Assigns 'BB-' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has assigned a 'A-(mex)' rating to Corporacion Geo,
S.A.B. de C.V.'s (GEO) proposed issuance of up to MXN400 million
as part of a program of Certificados Bursatiles for a total amount
of up to MXN2 billion.

Fitch currently rates GEO:

   -- Local currency Issuer Default Rating (IDR) 'BB-';

   -- Foreign currency IDR 'BB-';

   -- Long-term national scale rating 'A-(mex)';

   -- US$250 Million senior notes due in 2017 'BB-'.

   -- US$250 Million senior notes due in 2020 'BB-'.

The Rating Outlook is Stable.

The ratings reflect GEO's solid market position in the Mexican
homebuilding industry, consistent business strategy oriented
toward the growing low-income housing segment, geographic
diversification, adequate land reserves, sufficient liquidity, and
moderate leverage.  The ratings are constrained by GEO's
aggressive growth strategy and high working capital requirements,
which will limit the company's capacity to generate positive FCF
in the near and medium term.  The Stable Outlook incorporates the
expectation that GEO's credit metrics will remain stable during
2011.

Solid Market Position in the Low-income Segment:

The ratings consider GEO's solid market share position in the
sector, being one of the largest homebuilders in Mexico in terms
of number of units sold, with 57,424 units sold during LTM March
2011, an increase of 11.2% over units sold corresponding to LTM
March 2010 (51,620 units sold).  In addition, the ratings reflect
the company's consistent business strategy to focus in the low-
income segment with average home prices in the MXN307 thousand
(US$25.8 thousand) to MXN374 thousand (US$31.5 thousand) range.
Demand from this market segment has been relatively stable due to
continued mortgage availability.  During the LTM March 2011,
approximately 85% of GEO's sales revenues were generated by sales
to the low-income segment.

Adequate Geographic Diversification:

The ratings also consider GEO's adequate geographic
diversification with presence in 20 states in Mexico, which
mitigates the inherent risks associated with operating in a
specific region, reducing its dependency on specific local and
municipal governments to secure land and permits.  Further, the
company benefits from large scale and nationwide operations as the
largest homebuilder in Mexico by volume of homes sold, which
allows GEO to obtain economies of scale, better negotiating
position with suppliers, better access to credit markets, and
enhanced relationships with land suppliers.

Consistent Business Model:

The company's growth during the recent years has been primarily a
result of its consistent business strategy to focus on the low-
income segment.

GEO's sales have grown to 57,424 units for the LTM ended March
2011 from 41,811 during 2008, representing a 37% increase.  GEO's
EBITDA levels increased accordingly during this period, from
MXN3.1 billion in 2008 to MXN4.2 billion in LTM March 2011,
resulting in an increase of approximately 35%, while its EBITDA
margin remained stable at approximately 21%/22%.  Like other
Mexican homebuilders, the business growth has put pressure in
GEO's capacity to generate free cash flow, mainly due to an
increase in the company's inventory level to MXN22.1 billion as of
March 2011 from MXN17.2 billion at the end of 2008.  GEO's FCF was
negative MXN1.3 billion for the LTM March 2011.  The ratings
incorporate the view that GEO will continue with its growth
strategy reaching estimated levels in the range of 63,000 to
65,000 units sold, representing an increase of 12% to 15%, during
2011.  This level of growth should increase the company's negative
free cash flow to about MXN1 billion during 2011.  The company's
large land bank should result in continued growth in sales and
continued negative free cash flow through 2014.

Adequate Liquidity & Good Debt Payment Schedule Provide Financial
Flexibility:

GEO had MXN3.9 billion of short-term debt at the end of March
2011. The company's short-term debt is primarily composed by
bridge loans (MXN2.581 million).  This level of short-term debt
compares with MXN9.8 billion of long-term debt and MXN4.2 billion
of EBITDA and MXN2.7 billion of funds from operations (FFO) during
the LTM March 2011.  This capital structure is an improvement from
the one maintained by the company during 2007 and 2008 when short-
term debt exceeded EBITDA.

With MXN1.6 billion in cash, MXN1.2 billion short-term
receivables, and approximately MXN7.3 billion in unused
uncommitted credit lines available at March 31, 2011, the
company's liquidity is currently satisfactory.  Fitch's ratings
incorporate an expectation that GEO's cash position will be
between MXN2 billion during 2011 and that the company's maturity
schedule will remain manageable.  The company's main debt
maturities are the US$250 million unsecured notes due in 2014 and
the US$250 million senior notes due in 2020.

Gross Leverage Expected to Remain Stable in the 2.0x-2.5x Range:

GEO's leverage, as measured by the ratio of total debt/EBITDA, has
remained in the 1.8x to 2.5x range during the last four years.  As
of March 31, 2011, GEO's gross leverage ratio was 2.5x. The
ratings incorporate an expectation that GEO's gross leverage will
be around 2.0x and 2.5x during 2011.

Sound Land Reserves Strategy:

GEO's significant land reserves factor positively into the
company's ratings.  As of March 31, 2011, the company had land
reserves equivalent to 381,971 homes, which represents around five
years of production.  GEO's land reserves have been built up using
different financing alternatives.  They include the company's cash
flow, outsourcing, purchase options, and a joint venture with
Prudential, among other funds.  The diversified funding strategy
has improved the company's financial flexibility by reducing
working capital requirements, allowing it to use cash flow for
other purposes.  Approximately 95% of the company's land reserves
are targeted toward low income housing.  The company's land
reserves are also well diversified geographically with the
Central, Northwest, West, South, Northeast, and Bajio regions
representing 41.2%, 15%, 13.2%, 12.1%, 9.5%, and 9%, respectively.


GRUPO KUO: Fitch Says 'BB' IDR Unchanged by FFI Sale
----------------------------------------------------
Fitch Ratings does not expect an impact on Grupo KUO, S.A.B. de
C.V.'s (KUO) current ratings, following the announcement that its
associated company MegaMex Foods LLC has entered into a definitive
agreement to acquire for an undisclosed amount Fresherized Foods,
Inc. (FF), a Texas based company engaged in the production and
commercialization of avocado and guacamole.  The closing of the
transactions is subject to regulatory approvals and other
conditions.

Fitch believes that FF acquisition is consistent with Herdez Del
Fuerte strategy of growing Megamex's brand and product portfolio
in the U.S.; additionally, the transaction expands the company's
product categories and provides new technology.  In Fitch's view,
KUO has enough flexibility to cover its proportional share of the
transaction while maintaining its credit profile.  For the latest
12 months ended on June 30, 2011, FF registered sales close to
US$140 million; KUO's consolidated revenues for the same period
were US$2 billion.

Megamex is a joint venture (JV) between Herdez Del Fuerte and
Hormel foods Corp., which sells and distributes Mexican food
products in the U.S.  Herdez Del Fuerte is a JV between KUO and
Grupo Herdez, S.A.B. de C.V.

Fitch currently rates KUO:

   -- Issuer Default Rating (IDR) 'BB';

   -- Local Currency IDR 'BB';

   -- National Long Term Rating 'A(mex)';

   -- Senior Unsecured Notes due 2017 'BB';

   -- MXN700 million Certificados Bursatiles issuance due 2015
      'A(mex)'.

The Rating Outlook is Stable.


INDUSTRIAL PERFORADORA: Moody's Assigns 'B1' Local Currency Rating
------------------------------------------------------------------
Moody's de Mexico, S.A. de C.V. assigned a B1 global local
currency corporate family rating to Industrial Perforadora de
Campeche, S.A. de C.V. (IPC).

IPC is the largest member of Grupo R, a conglomerate of privately-
held oil services and drilling companies owned by Jose Ramiro
Garza Cantu and Jose Ramiro Garza Vargas (the Garza family).  IPC
is participating in a consortium with a newly-formed affiliate,
Grupo R Servicios Integrales, S.A. De C.V., to bid on service
contracts under the current PEMEX Round to re-develop fields in
the southern region of Mexico.

Ratings Rationale

The B1 rating reflects the relatively small scale of IPC's
operations and its almost total dependence on PEMEX with a limited
number of contracts generating its revenues.  IPC acts as an
operator and service provider of land rigs under drilling
contracts with PEMEX E&P in the southern region of Mexico and a
large Integrated Drilling Services contract for non-associated
natural gas in the Burgos Basin.  Another 50% owned joint venture
operates a Multi-Service contract in the Burgos Basin, which
provides dividend income to IPC.  It also operates the
Bicentenario semi-submersible rig, which began drilling in July
2011 in the offshore deepwater Gulf of Mexico under a five year
contract with PEMEX.  IPC's operations are financed by bank lines
issued in behalf of the specific projects and guaranteed by IPC,
as well as under corporate facilities with IPC as the direct
borrower.

The B1 rating also factors in expected future revenues under one
of two potential PEMEX Round contracts that IPC is bidding on.
Revenues and debt service coverage under the PEMEX contracts are
exposed to production risk, with levels of reimbursement tied to
the achievement of enhanced production from these mature fields.
Under the contracts, PEMEX is invoiced monthly, with reimbursement
of a stated level of operating expenses under a minimum work and
investment plan to be approved by PEMEX.  PEMEX also retains the
right to verify all expenses eligible for reimbursement under the
contracts.

The relatively short tenor and rollover risk of IPC's contracts
will be partly mitigated by the potential 25 year life of the new
PEMEX Round contracts.  In addition, IPC's existing land rig
contracts have stable margins.  For the new contracts, the need to
draw under bank lines and debt service requirements are expected
to peak early in the intensive investment phase of the contract,
with field operations becoming self-financing within in a
relatively short period after the early years.  IPC's consolidated
debt service is expected to be thin but adequate under its
existing contracts as well as the new PEMEX Round contracts.

IPC's B1 corporate family rating benefits from its ownership by
the Garza family and role as one of the leading companies in Grupo
R. Grupo R's operations include onshore and offshore drilling,
construction, maintenance, transportation services and project
engineering.  It has long-standing experience in the oil services
sector in Mexico, providing services to PEMEX for more than twenty
years.  Grupo R also provides services to Comision Federal de
Electricidad (CFE).

Moody's acknowledges that IPC plans to bid on one of two fields in
the following PEMEX Round: Licitacion Publica Internacional
abierta numero 18575062-512-11.  The impact of projected revenues
and costs from these field contracts is incorporated into the B1
corporate family rating.

IPC is part of Grupo R, a conglomerate owned by the Garza family.
It is headquartered in Mexico City.


VITRO SAB: U.S. Units Completes Sale to Sun Capital
---------------------------------------------------
The investment banking firm of Morgan Joseph TriArtisan LLC
disclosed that Vitro America, LLC, a leading fabricator,
distributor and installer of architectural glass and aluminum
products, has completed a sale of substantially all of its assets
pursuant to Section 363 of the Bankruptcy Code.  The purchaser of
the Vitro America assets is American Glass Enterprises, LLC, an
affiliate of Sun Capital Partners.

Morgan Joseph's Financial Restructuring Group served as the
exclusive investment banker to Vitro America on the transaction,
which also involved raising approximately US$35 million in debtor-
in-possession financing.

Vitro America, LLC, through its three business units -- Vitro
America Architectural Products, Binswager Glass, and Super Sky
Products --  serves more than 4,000 customers in the construction
and automotive replacement markets from approximately 100
locations throughout the United States.  The company had generated
consistent revenue and profit in the 2000's, but due to an
unprecedented downturn in new residential and commercial
construction following FY 2008, as well as the dislocation in the
credit markets that led to elimination of attractive financing for
construction projects, the business contracted precipitously.

Over a very compressed time period, the Morgan Joseph team worked
with Vitro America to secure a stalking horse bid from an
affiliate of Grey Mountain Partners, a private equity firm based
in Boulder, Colorado.  Subsequently, Morgan Joseph thoroughly
marketed the Vitro America assets, resulting in a very robust
auction where the ultimate purchase price offered by American
Glass Enterprises was approximately 40% higher than the original
stalking horse bid.

"With the help of the Morgan Joseph team, we were able to obtain a
stalking horse bid by the time the company filed bankruptcy, which
was absolutely imperative to operating the business on a
reasonably steady basis during the pendency of our bankruptcy
case.  Morgan Joseph also played a key role in attracting several
serious bidders to the auction which allowed us to achieve a much
higher price for the company, maximizing value for all
stakeholders in this process," said Ricardo Maiz, Chief Financial
Officer of Vitro America.

                        About Vitro America

Headquartered in Memphis, Tennessee, Vitro America is a leading
fabricator, distributor, and installer of glass in the
construction, automotive replacement, and furniture markets.  The
company serves more than 40,000 customers from more than 100
locations throughout the United States.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).

Vitro defaulted on its debt in 2009 and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                     Chapter 11 Proceedings

A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange.  Together, they held US$75 million, or approximately
6% of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


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


GP WEST: Gets Nod to Hire Carrasquillo as Financial Consultant
--------------------------------------------------------------
GP West, Inc., obtained approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ CPA Luis R.
Carrasquillo & Co. P.S.C. as its financial consultant.

As reported in the July 5, 2011 edition of the Troubled Company
Reporter, Carrasquillo, as financial consultant, will assist
GP West in the financial restructuring of its affairs by providing
advice in strategic planning and the preparation of a plan of
reorganization, disclosure statement and business plan,
determination of its assets, and participating in its negotiations
with creditors and parties-in-interest.

Carrasquillo has also been appointed as financial consultant in
the Chapter 11 case of Swiss Chalet, Inc., GP West's affiliate.

                           About GP West

GP West, Inc., based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-04954) on June 9, 2011.
In its schedules, the Debtor disclosed US$13,384,251 in assets and
US$132,825,590 in liabilities.  The petition was signed by Jose
Teixidor Mendez, president.  Eduardo J. Corretjer Reyes, Esq.,
serves as the Debtor's attorney.


GP WEST: Obtains OK to Tap Eduardo J. Corretjer Reyes as Attorney
-----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico authorized GP West, Inc., to
employ Eduardo J. Corretjer Reyes, Esq., as its attorney in its
Chapter 11 case.

Mr. Reyes is an associate at Bufete Roberto Corretjer Piquer,
which served as pre-bankruptcy outside general counsel for GP
West, its affiliate Swiss Chalet Inc., GP West's shareholder,
Camape S.E., and GP West's director, Pedro Feliciano Benitez,
according to the July 20, 2011 edition of the Troubled Company
Reporter.

The Court held that Mr. Reyes is a "disinterested person" and that
his employment is in the best interest of the Debtor's estate.

                            About GP West

GP West, Inc., based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-04954) on June 9, 2011.
CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial
consultant.  In its schedules, the Debtor disclosed US$13,384,251
in assets and US$132,825,590 in debts.  The petition was signed by
Jose Teixidor Mendez, president.


MCS ADVANTAGE: Moody's Affirms Sr. Secured Debt Rating at 'B2'
--------------------------------------------------------------
Moody's Investors Service has affirmed Medical Card System, Inc.'s
(MCS, senior secured debt at B2) credit ratings and changed the
outlook to negative from stable.

Ratings Rationale

Moody's said that the change in outlook reflects the possible
termination of MCS's Medicaid contracts in Puerto Rico and the
uncertainty around the resolution of the dispute over funds owed
to the company by the Puerto Rico Heath Administration, as well as
the potential impact on the company's operations from any adverse
publicity.

MCS is a privately-owned company incorporated and headquartered in
Puerto Rico.  Through its three insurance operating subsidiaries,
the company offers Medicare, Medicaid and commercial healthcare
coverage and products to the residents of Puerto Rico.  According
to the rating agency, the company's contracts with the MiSalud
(Medicaid program in Puerto Rico) program currently account for
approximately 43% of the company's premium revenue.  Citing a
number of financial pressures on this business--recently awarded
to MCS after a bidding process--including increased utilization
and low reimbursement rates, MCS notified the administrator of
MiSalud that unless new reimbursement rates could be agreed to for
the new contract period beginning July 1st, it was terminating its
contracts with MiSalud effective June 30, 2011.

Moody's noted that despite MCS's large and profitable Medicare
segment, the loss of the Medicaid business would have a negative
impact on the company's revenue and earnings diversity.  In
addition, the company would be excluded from the growth
opportunity expected from the expansion of this segment in 2014
under healthcare reform.  It is also unclear how this dispute with
the government might damage the reputation of MCS with the
provider community and members.  The rating agency added that the
difference between what MCS claims it is owed and the amount the
government states it owes amounts to approximately US$64 million,
which is significant if it could not be recouped by MCS.

Moody's stated that if MCS's Medicaid contracts are terminated or
if MCS is unable to recoup the funds it claims it is owed, the
ratings could be downgraded.  Additionally, Moody's stated that
the ratings could be lowered if there were a loss of Medicare
membership of 10% or more in any year, if the company's
consolidated RBC ratio falls below 50% of company action level, or
if net margins fall below 1% .

Moody's noted that there is unlikely to be upward ratings movement
until the issues surrounding the Medicaid contract are settled;
however, the outlook could be changed back to stable if MCS
resolves the financial issues with MiSalud and renews its Medicaid
contracts without suffering reputational damage.

These ratings were affirmed with a negative outlook:

Medical Card System, Inc. -- B2 senior secured debt rating; B2
corporate family rating;

MCS Advantage, Inc. -- Ba2 insurance financial strength rating.

Medical Card System, Inc. is headquartered in San Juan, Puerto
Rico.  For the full calendar year 2010 MCS reported total revenues
of approximately US$2 billion.  Medical membership as of Dec. 31,
2010 was approximately 1.1 million members (excluding Medicare
Part D stand alone membership).

Moody's insurance financial strength ratings (IFSR) are opinions
about the ability of insurance companies to punctually pay senior
policyholder claims and obligations.


REITTER CORP: Termination Date of Term Loans Extended to Sept. 1
----------------------------------------------------------------
Reitter Corporation, dba Hospital San Gerardo, and Banco Popular
de Puerto Rico seek approval from the U.S. Bankruptcy Court for
the District of Puerto Rico of a stipulation amending the loan
agreement between the two parties.

The loan agreement is amended to extend the termination date of
the certain tranches of term loans to Sept. 1, 2011.

Banco Popular has a secured claim for US$10,182,258.

The Debtor's proposed Chapter 11 plan provides that Banco Popular
will be paid in full at a 25 year amortization rate accruing a per
annum interest rate of 5% with a balloon payment of the
outstanding balance on April 30, 2014.  The bank will retain
unaltered its first mortgage on Reitter's realty and its lien over
almost all of Reitter's assets.

                     About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
US$20,440,765 in total assets and US$17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., in San Juan, P.R., represents the
Debtor as counsel.


REITTER CORP: Has Access to Cash Collateral Until Sept. 1
---------------------------------------------------------
Reitter Corporation, dba Hospital San Gerardo, Banco Popular de
Puerto Rico and the U.S. Internal Revenue Service seek approval
from the U.S. Bankruptcy Court for the District of Puerto Rico a
stipulation allowing the Debtor's continued use of cash
collateral.

In exchange for the Debtor's use of cash collateral securing its
indebtedness to the IRS, the Debtor will make monthly payments to
the IRS in the amount of US$25,000 and the Debtor will grant
postpetition replacement liens and security interests to the IRS.

The Debtor, under the stipulation, is authorized to use cash
collateral securing its indebtedness to BPPR from the period
commencing June 1, 2011, and ending on September 1, 2011, or upon
the occurrence of an event of default.  In return, the Debtor will
continue to deposit the proceeds from the sale of any of the
Debtor's inventory to accounts with BPPR.  BPPR has consented to
adjust the applicable interest to 6.75% as of August 10, 2010, not
to exceed a fixed monthly amount of US$60,000 for all Debtor's
obligations with BPPR under the Loan Documents.

BPPR is also granted a replacement lien and a postpetition
security interest on all of the assets and collateral of the
Debtor.  The Debtor will also pay US$60,000 to BPPR every month.

BPPR is represented by:

   Jose R. Gonzalez-Irizarry, Esq.
   jrgi@mcvpr.com
   Monique J. Diaz-Mayoral, Esq.
   mjd@mcvpr.com
   MCCONNELL VALDES LLC
   PO Box 364225
   San Juan, PR 00936-4225
   Telephone: (787)250-5636 / 5681
   Facsimile: (787) 759-2787 / 2783

The IRS is represented by:

   Andrew C. Strelka, Esq.,
   Trial Attorney, Tax Division
   U.S. Department of Justice
   Post Office Box 227
   Ben Franklin Station
   Washington, D.C. 20044
   Telephone: (202) 616-8994
   Fax: (202) 514-6866
   E-Mail: andrew.c.strelka@usdoj.gov

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
US$20,440,765 in total assets and US$17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., in San Juan, P.R., represents the
Debtor as counsel.


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: CLICO to Appeal Trinidad High Court Judgment
----------------------------------------------------------
Caribbean News Now reports that the Trinidad and Tobago Ministry
of Finance has advised that Colonial Life Insurance Company
(Trinidad) Limited (CLICO) intends to appeal the July 22 High
Court judgment against the company.  CLICO is a subsidiary of CL
Financial Limited.

The judgment arose out of claims brought against CLICO by the
following claimants:

   -- St. Christopher and Nevis Social Security Board;
   -- Alvin Fitzpatrick;
   -- Darryl Goede and Nancy Goede;
   -- Lesley-Ann Lucky-Samaroo;
   -- Vindra Amar; and
   -- David Knott

The High Court found that, while the six claims were different in
form, they substantially related to the repayment or return of
monies paid by the claimants to CLICO under CLICO's Executive
Flexible Premium Annuity Plans (the EFPA agreements), according to
Caribbean News Now.  Madam Justice Rajnauth-Lee issued a judgment
in favor of each of the claimants and against CLICO in respect of
the EFPAs, the report relates.

Caribbean News Now discloses that the Ministry of Finance said it
has reviewed the said judgment and is of the view that there are
grounds for appeal.   Caribbean News Now notes that CLICO is
currently engaged in discussions with its lawyers with a view to
filing an appeal against the judgment.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, 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.


                   * * * End of Transmission * * *