TCRLA_Public/110801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 1, 2011, Vol. 12, No. 150

                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Staff's Continued Strike Causes More Flight Cancellations


B E R M U D A

ARGYLL II: Creditors' Proofs of Debt Due August 3
ARGYLL II: Members' Final Meeting Set for August 24
KE APOLLO: Creditors' Proofs of Debt Due August 3
KE APOLLO: Members' Final Meeting Set for August 23
PARRISH BERMUDA: Creditors' Proofs of Debt Due August 3

PARRISH BERMUDA: Members' Final Meeting Set for August 23
PRINCIPALS INVESTMENT: Creditors' Proofs of Debt Due August 3
PRINCIPALS INVESTMENT: Members' Final Meeting Set for August 23


B E R M U D A

DIGICEL: Wins Court Injunction to Stop APUA From Blocking Calls


B R A Z I L

VEPLAN HOTEIS: Court Approves Sale of Rio Palace to BHG S.A.


C A Y M A N   I S L A N D S

3G LOW: Creditors' Proofs of Debt Due August 10
3G LOW: Shareholders' Final Meeting Set for August 12
3G LOW: Creditors' Proofs of Debt Due August 10
3G LOW: Shareholders' Final Meeting Set for August 12
CARNAUBA FUND: Creditors' Proofs of Debt Due August 31

COOLUM FUND: Creditors' Proofs of Debt Due August 17
COOLUM MASTER: Creditors' Proofs of Debt Due August 17
EPIC CAPITAL: Creditors' Proofs of Debt Due August 17
GEMS ORIENTAL: Commences Liquidation Proceedings
LANTERNE ARRAN: Creditors' Proofs of Debt Due August 3

LONGSHORE CDO: Creditors' Proofs of Debt Due August 17
ONEWAVE INC: Creditors' Proofs of Debt Due August 9
ONEWAVE LIMITED: Creditors' Proofs of Debt Due August 9
PAN CHINA: Creditors' Proofs of Debt Due August 9
PEQUOT COSMOS: Creditors' Proofs of Debt Due August 17

PEQUOT COSMOS: Creditors' Proofs of Debt Due August 17
PONTIS LTD: Creditors' Proofs of Debt Due August 17


D O M I N I C A N   R E P U B L I C

EMPRESA GENERADORA: Fitch Upgrades Issuer Default Ratings to 'B'


J A M A I C A

PALMYRA RESORT: Rose Hall Chairman Denies Partnership With Firm


M E X I C O

AMERICAS MINING: S&P Affirms Credit Facility Rating at 'BB+'


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles de Mercardo Former Boss Leads Firm Takeover


X X X X X X X X

* BOND PRICING: For the Week July 25, to July 29, 2011


                            - - - - -


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


LIAT: Staff's Continued Strike Causes More Flight Cancellations
---------------------------------------------------------------
Caribbean360.com reports that LIAT has given notice of more
cancellations as strike action by its employees in Grenada
continues into a third day.

LIAT's services in and out of Grenada have been affected ever
since workers went on a 'go-slow' on July 26, protesting the
company's failure to pay outstanding amounts owed since 1983,
according to Caribbean360.com.

The report notes that the airline has told customers affected by
the disruptions who wish to rebook for a later date that they will
be allowed to do so without charge for a period of one week from
the date of their scheduled travel.

Grenada's Labor Minister Glynis Roberts is seeking a meeting with
LIAT's management and the Technical and Allied Workers Union,
which represents the striking workers, to try to bring the impasse
to an end, Caribbean360.com notes.

Headquartered in Antigua and Barbuda, LIAT --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.


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


ARGYLL II: Creditors' Proofs of Debt Due August 3
-------------------------------------------------
The creditors of Argyll II Limited are required to file their
proofs of debt by August 3, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2011.

The company's liquidator is:

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


ARGYLL II: Members' Final Meeting Set for August 24
---------------------------------------------------
The members of Argyll II Limited will hold their final meeting on
August 24, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 15, 2011.

The company's liquidator is:

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


KE APOLLO: Creditors' Proofs of Debt Due August 3
-------------------------------------------------
The creditors of KE Apollo Leasing Ltd. are required to file their
proofs of debt by August 3, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


KE APOLLO: Members' Final Meeting Set for August 23
---------------------------------------------------
The members of Ke Apollo Leasing Ltd. will hold their final
meeting on August 23, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PARRISH BERMUDA: Creditors' Proofs of Debt Due August 3
-------------------------------------------------------
The creditors of Parrish Bermuda Limited are required to file
their proofs of debt by August 3, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PARRISH BERMUDA: Members' Final Meeting Set for August 23
---------------------------------------------------------
The members of Parrish Bermuda Limited will hold their final
meeting on August 23, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


PRINCIPALS INVESTMENT: Creditors' Proofs of Debt Due August 3
-------------------------------------------------------------
The creditors of Principals Investment Fund II Ltd. are required
to file their proofs of debt by August 3, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


PRINCIPALS INVESTMENT: Members' Final Meeting Set for August 23
---------------------------------------------------------------
The members of Principals Investment Fund II Ltd. will hold their
final meeting on August 23, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


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


DIGICEL: Wins Court Injunction to Stop APUA From Blocking Calls
---------------------------------------------------------------
Caribbean360.com reports that Digicel has won a High Court
injunction to get the state-owned Antigua Public Utilities
Authority (APUA) to stop blocking calls from the telecoms
provider's customers.

The injunction granted compels APUA to "take all necessary steps
to fully restore the interconnection links as between Digicel's
network and APUA's network", Digicel said in a statement obtained
by the news agency.

Caribbean360.com relates that the Digicel said the interconnection
link was severed on July 25, causing widespread disruption to
telecommunications services in Antigua and Barbuda.

Earlier this week, APUA denied that it was in no way responsible
for the current failure of the competition's mobile network, the
report discloses.  Caribbean360.com relates APUA said that the
outage was brought about by a complete failure of Digicel
equipment.  Digicel needed APUA to restore the connection, but
still owed the government-owned utilities company more than
US$4 million, APUA added.

The report notes that Digicel claimed that it has been seeking
meetings with APUA in an effort to resolve all outstanding matters
since late last year but "APUA has refused to engage substantively
with Digicel in these matters which has led to the current wholly
unsatisfactory situation."

                        About Digicel Group

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

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

                         *     *     *

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


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


VEPLAN HOTEIS: Court Approves Sale of Rio Palace to BHG S.A.
------------------------------------------------------------
BHG S.A. - Brazil Hospitality Group disclosed that the approval by
unanimous decision of the Registered Instrument of Promise of
Purchase and Sale established on August 26, 2010, and amended on
September 2, 2010, between BHG and Veplan Hoteis e Turismo S.A., a
company in bankruptcy reorganization (Chapter 11) for the
acquisition of the Hotel Rio Palace (currently operated with the
"Sofitel" brand).

The acquisition received the approval of the Creditors Committee,
duly authorized in the bankruptcy reorganization proceedings of
Veplan, at a meeting held on September 3, 2010.

Considered one of the city's most relevant hotels, the Rio Palace
has a total built area of 57,811 square meters, 388 suites with
balcony, 10 event rooms for up to 2,000 persons, 13 meeting rooms
in the Business Center, two restaurants, a bar, a gym and
underground parking.

"This is one of BHG's most significant achievements, and it will
guarantee to the Company an excellent return.  The Rio Palace, in
addition of having easy access to the Santos Dumont Airport, is
located between the two most famous beaches in Rio de Janeiro:
Copacabana and Ipanema.  With this, we will have excellent
opportunities for business tourism and receptive tourism," notes
Pieter Jacobus F. van Voorst Vader, President of BHG S.A - Brazil
Hospitality Group.

With the acquisition of this property, BHG reaches 1,530 rooms in
the State of Rio de Janeiro, under 3, 4 and 5 stars hotels, and 40
event rooms.

BHG S.A. - Brazil Hospitality Group is one of Brazil's main hotel
companies, with hotels of its own and those it manages divided
into 3, 4 and 5-star categories.  The company is responsible for
the Golden Tulip brand in South America.

BHG is a public company whose shares are traded on the Novo
Mercado of BM&FBovespa with the ticker symbol BHGR3.


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


3G LOW: Creditors' Proofs of Debt Due August 10
-----------------------------------------------
The creditors of 3G Low Volatility Euro Fund Partners Ltd. are
required to file their proofs of debt by August 10, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


3G LOW: Shareholders' Final Meeting Set for August 12
-----------------------------------------------------
The shareholders of 3G Low Volatility Euro Fund Partners Ltd. will
hold their final meeting on August 12, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


3G LOW: Creditors' Proofs of Debt Due August 10
-----------------------------------------------
The creditors of 3G Low Volatility Euro Offshore Fund Ltd. are
required to file their proofs of debt by August 10, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


3G LOW: Shareholders' Final Meeting Set for August 12
-----------------------------------------------------
The shareholders of 3G Low Volatility Euro Offshore Fund Ltd. will
hold their final meeting on August 12, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


CARNAUBA FUND: Creditors' Proofs of Debt Due August 31
------------------------------------------------------
The creditors of The Carnauba Fund-Class E are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


COOLUM FUND: Creditors' Proofs of Debt Due August 17
----------------------------------------------------
The creditors of Coolum Fund Limited are required to file their
proofs of debt by August 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 29, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601 / +1 345-949-4800
         Facsimile: +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


COOLUM MASTER: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
The creditors of Coolum Master Fund Limited are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 29, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601 / +1 345-949-4800
         Facsimile: +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


EPIC CAPITAL: Creditors' Proofs of Debt Due August 17
-----------------------------------------------------
The creditors of Epic Capital Offshore Inc. are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 30, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


GEMS ORIENTAL: Commences Liquidation Proceedings
------------------------------------------------
Gems Oriental and General Fund II Limited commenced liquidation
proceedings on June 30, 2011.

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

The company's liquidator is:

         David Van Oppen
         General Enterprise Management Services (International)
         Limited


LANTERNE ARRAN: Creditors' Proofs of Debt Due August 3
------------------------------------------------------
The creditors of Lanterne Arran Fund are required to file their
proofs of debt by August 3, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


LONGSHORE CDO: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
The creditors of Longshore CDO Funding 2006-1, Ltd. are required
to file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 5, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


ONEWAVE INC: Creditors' Proofs of Debt Due August 9
---------------------------------------------------
The creditors of Onewave Inc. are required to file their proofs of
debt by August 9, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 6, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


ONEWAVE LIMITED: Creditors' Proofs of Debt Due August 9
-------------------------------------------------------
The creditors of Onewave Limited are required to file their proofs
of debt by August 9, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         Sun Yilang
         Telephone: (86 21) 6142 1822
         Facsimile: (86 21) 6181 8388
         Mirae Asset Tower, 6th Floor
         No. 166, Lujiazui Ring Rd.
         Shanghai, PRC 200120


PAN CHINA: Creditors' Proofs of Debt Due August 9
-------------------------------------------------
The creditors of Pan China Land (Holdings) Corporation are
required to file their proofs of debt by August 9, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 6, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


PEQUOT COSMOS: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
The creditors of Pequot Cosmos Offshore Fund, Ltd. are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


PEQUOT COSMOS: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
The creditors of Pequot Cosmos Master Fund, Ltd. are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


PONTIS LTD: Creditors' Proofs of Debt Due August 17
---------------------------------------------------
The creditors of Pontis Ltd. are required to file their proofs of
debt by August 17, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 5, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


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


EMPRESA GENERADORA: Fitch Upgrades Issuer Default Ratings to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded Empresa Generadora de Electricidad
Itabo's (ITABO) foreign currency and local currency Issuer Default
Ratings (IDRs) to 'B' from 'B-'.  The company's Rating Outlook has
been revised to Positive from Stable.

These rating actions follow the Rating Outlook revision during the
month of January 2011 to Positive from Stable, of the Dominican
Republic's Sovereign ratings as well as the positive impact of
recent policy changes.  Over the past year, the Dominican Republic
government has implemented changes aimed at strengthening the
operational and financial viability of the electricity sector in
the country.  The ratings of Dominican generating companies
(Gencos) in general, and ITABO's in particular, reflect recent
positive operational and financial results stemming from sector
policy implementation that signals the beginning of what is
expected to be a gradual recovery to self-sustainability.


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


PALMYRA RESORT: Rose Hall Chairman Denies Partnership With Firm
---------------------------------------------------------------
Jamaica Observer reports that Rose Hall Development Chairman
Michele Rollins said her company is not a financial partner in the
Palmyra Resort and Spa, which was placed in receivership by local
banks.

Jamaica Observer notes that in response to the story that Rose
Hall is one of the developers behind the resort, Ms. Rollins told
the Observer in a recent interview that: "We were a part-owner at
the start," but said that the company sold its remaining interest
in the venture by March 2009.  We have no financial interest in
the Palmyra and are not part of the receivership."

As reported in the Troubled Company Reporter-Latin America on
Julian Richardson at Jamaica Observer reports that local banks
placed the Palmyra Resort and Spa into receivership on July 22,
2011, and appointed Business Recovery Services Chief Executive
Officer Kenneth to oversee the resort's receivership.  Jamaica
Gleaner, citing information filed with the Companies Office of
Jamaica, reports that businessman Robert Trotta has at least a
US$22 million loan with RBC Royal Bank Jamaica (fka RBTT), and a
US$88 million loan with National Commercial Bank secured by
debenture dated 2007 amounting to US$110 million.  The size of the
outstanding debts was not ascertained.  Mr. Trotta headed the
U.S.-based Resort Properties Group, which is one of the developers
of the resort.  The second developer is Michelle Rollins' Rose
Hall Developments.

The Palmyra Resort and Spa Development, located at Rose Hall in
Montego Bay, is Jamaica's first luxury beachfront residential
community.


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


AMERICAS MINING: S&P Affirms Credit Facility Rating at 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to positive
from stable and affirmed its 'BBB-' corporate credit ratings on
Grupo Mexico S.A.B. de C.V. and its mining subsidiaries Americas
Mining Corp. (AMC), Southern Copper Corp. (SCC), and Minera Mexico
S.A. de C.V. (MM).  "We also affirmed our 'BBB-' issue ratings on
SCC and MM's senior notes and our 'BB+' issue rating on AMC's
credit facility," S&P said.

"The outlook revision reflects Grupo Mexico's financial
improvement and our expectations that specific policy proposals
from the new Peruvian government would not affect its mining
operations in the Republic of Peru (foreign currency: BBB-
/Positive/A-3; local currency: BBB+/Stable/A-2) and that the
group will continue to post a robust financial performance," said
Standard & Poor's credit analyst Bernardo Gonzalez.

"Our ratings on Grupo Mexico and its mining subsidiaries are
aligned given the importance of the group's mining operations to
the consolidated figures.  The ratings reflect our assessment of a
satisfactory business risk profile that is a result of the group's
low cash cost structure, geographic diversity, its position as the
world's sixth-largest copper producer, vertical integration,
and long-life reserves.  Our assessment of an intermediate
financial risk profile reflects Grupo Mexico's low financial
leverage and its strong liquidity.  The ratings also reflect the
cyclical and volatile copper prices, labor risk in the Mexican
mining industry, and limited product diversification," S&P
related.

Higher volumes and strong metals prices, especially copper prices,
supported Grupo Mexico and its mining subsidiaries' solid
financial performance in 2010 and first-quarter 2011.  For the 12
months ended March 31, 2011, its total debt-to-EBITDA, funds from
operations (FFO)-to-total debt, and interest coverage ratios were
about 1.0x, 74.2%, and 13.1x.  "Considering our base-case
assumptions of an average price per pound of US$3.25 and US$3.00
for copper in 2011 and 2012, respectively, we believe the group
will continue to post a solid performance with a total debt-to-
EBITDA and FFO-to-total debt ratios of about 0.9x and 78% in 2011,
and 0.8x and 81% in 2012," S&P said.

The positive outlook reflects the possibility of a one-notch
upgrade over the next 12 months if specific policy proposals from
the new government don't affect Grupo Mexico's mining operations
in Peru and, at the same time, it continues to post robust
results, including a total debt-to-EBITDA ratio of less than 2.0x
and an FFO-to-total debt ratio of more than 70%, and maintains
strong liquidity.  "We could revise the outlook to stable if we
believe Grupo Mexico's operating performance could weaken because
of aggressive policy proposals from the Peruvian government," S&P
related.

A negative rating action is possible if Grupo Mexico's large
capital expenditures program coincides with an unexpected decline
in copper prices or an operating disruption, contributing to a
free cash burn that consumes its strong liquidity and increases
its debt-to-EBITDA ratio to more than 3.0x with weak prospects for
improvement.


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


CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the settlement and release agreement dated May 17, 2011, among
Caribbean Petroleum Corporation and its debtor affiliates, Puma
Energy Caribe, LLC, Puerto Nuevo Development Corp., Jupiter
Property Management, LLC, and Jupiter Property Management, Inc.

The settlement will resolve the disputes related to the ownership
of a strip of approximately six acres of land located on the south
side of Interstate PR-22 and the claims related to the subject
property.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq, of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.


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


CL FIN'L: Lascelles de Mercardo Former Boss Leads Firm Takeover
---------------------------------------------------------------
RJR News reports that Lascelles de Mercardo former boss William
McConnell is leading a takeover of the company from CL Financial
Group.  Lascelles de Mercado & Company is a subsidiary of CL
Financial Limited.

Mr. McConnell is to lead the takeover through a company called
"Black Sand," according to RJR News.  The report relates that
Black Sand said it's seeking to take over the company because it
believes the future of the company is in serious jeopardy.

RJR News notes that the aim of the group is to buy no less than
90% of Lascelles de Mercado's 96 million ordinary stocks.

Black Sands is bidding US$3.86 for the ordinary stocks, RJR News
notes.  Black Sands says it wants all the preference shares, the
report adds.

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


* BOND PRICING: For the Week July 25, to July 29, 2011
------------------------------------------------------


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


ARGENTINA
---------

ARGENT- DIS           5.83     12/31/2033     ARS             161
ARGENT- PAR           1.18     12/31/2038     ARS              59
ARGENT- DIS           7.82     12/31/2033     EUR            71.5
ARGENT- DIS           7.82     12/31/2033     EUR              70
ARGENT- DIS           4.33     12/31/2033     JPY              42
ARGENT- PAR&GDP       0.45     12/31/2038     JPY               8
BANCO MACRO SA       10.75      6/7/2012      USD            70.5
BODEN 2014             2        9/30/2014     ARS            34.3
BOGAR 2018             2         2/4/2018     ARS           33.25
PRO12                  2         1/3/2016     ARS           116.1


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

BCP FINANCE CO         5.543                   EUR           41.82
BCP FINANCE CO         4.239                   EUR           41.42
BES FINANCE LTD        5.58                    EUR           40.66
BES FINANCE LTD        4.5                     EUR           42.61
CHINA MED TECH         4        8/15/2013      USD           69.75
EFG ORA FUNDING        1.7     10/29/2014      EUR           53.67
ESFG INTERNATION       5.75                    EUR            41.7
IMCOPA INTL CAYM      10.38    12/19/2014      USD           36.15
PUBMASTER FIN          6.96     6/30/2028      GBP           55.51
PUBMASTER FIN          8.44     6/30/2025      GBP           58.16
REG DIV FUNDING        5.25     1/25/2036      USD            56.5
REG DIV FUNDING        5.25     1/25/2036      USD            56.5
SOLARFUN POWER H       3.5      1/15/2018      USD           70.97

CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP           0.841
CGE DISTRIBUCION        3.25    12/1/2012      CLP           29.66
ESVAL S.A.              3.8     7/15/2012      CLP           24.83
LA POLAR SA             3.8     10/10/2017     CLP            50.2
MASISA                  4.25    10/15/2012     CLP              29
QUINENCO SA             3.5      7/21/2013     CLP           24.73


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

PUERTO RICO CONS         6.2    5/1/2017       USD           53.16
PUERTO RICO CONS         6.5    4/1/2016       USD           68.16


VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD           49.26
PETROLEOS DE VEN         5.3    4/12/2027      USD           52.01
PETROLEOS DE VEN         5.1   10/28/2016      USD            64.2
PETROLEOS DE VEN         5.2    4/12/2017      USD           64.83
PETROLEOS DE VEN         5     10/28/2015      USD           69.12
VENEZUELA                7      3/31/2038      USD            58.5
VENEZUELA                7      3/31/2038      USD           59.36
VENEZUELA                6      12/9/2020      USD           62.65
VENEZUELA                7.65   4/21/2025      USD            63.9
VENEZUELA                8.2   10/13/2024      USD              67
VENEZUELA                9.25   5/7/2028       USD              70
VENEZUELA                9      5/7/2023       USD            71.6
VENEZUELA                7     12/1/2018       USD            70.5
VENEZUELA                7.7   10/13/2019      USD           71.85
VENEZUELA                9.25   9/15/2027      USD           74.82
VENZOD - 189000          9.3    1/13/2034      USD           71.25


                            ***********


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 * * *