TCRLA_Public/110804.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, August 4, 2011, Vol. 12, No. 153

                            Headlines



A R G E N T I N A

BBVA URUGUAY: S&P Raises LT Counterparty Credit Rating to 'BB+'
CITIBANK NA: S&P Raises LT Counterparty Credit Rating to 'BB+'
HSBC ARGENTINA: Moody's Assigns Global LC Debt Rating 'Ba1'


B R A Z I L

DISCOUNT BANK: S&P Raises LT Counterparty Credit Rating to 'BB+'
ROSSI RESIDENCIAL: Moody's Assigns Ba2/A1.br Corp. Family Rating


C A Y M A N   I S L A N D S

CONOCOPHILLIPS LTD: Creditors' Proofs of Debt Due August 15
CONOCOPHILLIPS INDONESIA: Creditors' Proofs of Debt Due August 15
CORNWALL HOLDINGS: Members' Final Meeting Set for August 9
CRYSTAL OPPORTUNITIES: Creditors' Proofs of Debt Due August 17
GOODWILL INVESTMENTS: Creditors' Proofs of Debt Due August 17

LH TAIPAN: Members' Final Meeting Set for August 9
MSREF V KOREAN: Members' Final Meeting Set for August 25
NGFD-EMERGING BOND: Creditors' Proofs of Debt Due August 18
PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 17
PEQUOT TMT: Creditors' Proofs of Debt Due August 17

PEQUOT TMT OFFSHORE: Creditors' Proofs of Debt Due August 17
PROTIUM TRADING: Creditors' Proofs of Debt Due August 17
SSF III ZHIVAGO: Creditors' Proofs of Debt Due August 9
SUNAMERICA (CAYMAN): Creditors' Proofs of Debt Due August 8
TRUCK AND BUS: Creditors' Proofs of Debt Due August 18


E L   S A L V A D O R

* EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB'


J A M A I C A

AIR JAMAICA: NWU Seeks to Represent Workers at Airline & CAL
PALMYRA RESORT: Remains Fully Operational Amid Receivership


P U E R T O   R I C O

POPULAR INC: S&P Raises Counterparty Credit Rating to 'B+/C'


S U R I N A M E

* SURINAME: Fitch Upgrades Foreign Currency IDR to 'B+'


T R I N I D A D   &   T O B A G O

CL FIN'L: Lascelles de Mercado Board to Decide on Takeover Friday
PETROTRIN: Contract Workers Not Getting Benefits, OWTU Says


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


BBVA URUGUAY: S&P Raises LT Counterparty Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Banco Bilbao Vizcaya Argentaria
Uruguay (BBVA Uruguay) to 'BB+' from 'BB' and affirmed the short-
term rating at 'B'.  "We are also raising the national scale rating
to 'uyAAA' from 'uyAA+'.  The outlook is stable," S&P related.

The rating action on BBVA Uruguay followed S&P's July 25, 2011,
upgrade of the Oriental Republic of Uruguay (BB+/Stable/B).  The
upgrade on Uruguay incorporates its growing track record on the
implementation of prudent and consistent economic policies.  The
same direction of economic policies has remained throughout
different administrations of different political origins.

Standard & Poor's expects the current policy mix, combined with an
explicit policy goal of reducing Uruguay's government exposure to
foreign currency debt, could continue to reduce Uruguay's
vulnerabilities and provide additional policy flexibility to
withstand external shocks.

"Our ratings on BBVA Uruguay reflect the bank's low profitability
-- which acquisition costs hamper -- and high dollarization and
low intermediation in the Uruguayan financial system," said
Standard & Poor's credit analyst Delfina Cavanagh.  The bank's
healthy asset quality, good market position, and explicit support
from its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA;
AA/Negative/A-1+), somewhat offset the negative factors.  "We
consider BBVA Uruguay as a strategically important subsidiary of
BBVA, with one notch of support."

"The stable outlook on the global scale ratings reflects our
expectation that the full implementation of the changes stemming
from the recent acquisition will translate into increased
productivity gains and a stronger market position.  We could raise
the ratings on the bank if we raise the sovereign ratings, and if
the bank is able to increase its intermediation level while
maintaining solid fundamentals," S&P related.

"We could lower the ratings on the bank with a sovereign downgrade
or if the bank deteriorates its credit fundamentals," S&P added.


CITIBANK NA: S&P Raises LT Counterparty Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Citibank N.A. (Uruguay Branch) to
'BB+' from 'BB' and affirmed the short-term rating at 'B'.  The
outlook is stable.

"The rating action on Citibank Uruguay followed our July 25, 2011,
upgrade of the Oriental Republic of Uruguay (BB+/Stable/B).  The
upgrade on Uruguay incorporates its growing track record on the
implementation of prudent and consistent economic policies.  The
same direction of economic policies has remained throughout
different administrations of different political origins," S&P
related.

Standard & Poor's expects the current policy mix, combined with an
explicit policy goal of reducing Uruguay's government exposure to
foreign currency debt could continue to reduce Uruguay's
vulnerabilities and provide additional policy flexibility to
withstand external shocks of different sources.

"Our ratings on Citibank Uruguay reflect sovereign risk and the
bank's status as a branch of New York-based Citibank N.A.
(A+/Negative/A-1)," said Standard & Poor's credit analyst Delfina
Cavanagh.  "We assume that without the sovereign's direct
intervention, the parent company would ensure full and timely
payment of the Uruguayan branch's obligations."

The sovereign credit ratings on Uruguay constrain the ratings on
Citibank Uruguay.  The national scale ratings on the bank exclude
sovereign intervention risk and indicate the bank's position
relative to other financial institutions.

The stable outlook reflects the outlook on the sovereign credit
ratings on Uruguay.


HSBC ARGENTINA: Moody's Assigns Global LC Debt Rating 'Ba1'
-----------------------------------------------------------
Moody's Latin America assigned an Aaa.ar national scale local
currency senior unsecured debt rating to HSBC Bank Argentina's
(HSBC Argentina) expected third issuance up to an amount of ARS150
million under the bank's ARS1 billion global medium-term note
program.  At the same time, Moody's Investors Service assigned a
Ba1 global local-currency debt rating to the expected third
issuance.

The outlook for all ratings is stable.

The following ratings were assigned to HSBC Argentina S.A.'s debt:

Ba1 Global Local Currency Debt Rating, with stable outlook

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from HSBC Argentina's Ba1 global local currency
deposit rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

HSBC Bank Argentina S.A. is headquartered in Buenos Aires, and
reported assets of ARS24.3 billion and loans of ARS12.4 billion as
of March 2011.


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


DISCOUNT BANK: S&P Raises LT Counterparty Credit Rating to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Discount Bank Latin America S.A.
(Discount Bank) to 'BB+' from 'BB' and affirmed the short-term
rating at 'B'.  "We are also affirming the national scale rating at
'uyAA+.'  The outlook is stable," S&P related.

"The rating action on Discount Bank followed our July 25, 2011,
upgrade of the Oriental Republic of Uruguay (BB+/Stable/B).  The
upgrade on Uruguay incorporates its growing track record on the
implementation of prudent and consistent economic policies.  The
same direction of economic policies has remained throughout
different administrations of different political origins," S&P
said.

Standard & Poor's expects the current policy mix, combined with an
explicit policy goal of reducing Uruguay's government exposure to
foreign currency debt, could continue to reduce Uruguay's
vulnerabilities and provide additional policy flexibility to
withstand external shocks.

"Standard & Poor's Ratings Services' ratings on Discount Bank
reflect its relatively small presence in the country and limited
potential for growth based on low financial intermediation there,"
said Standard & Poor's credit analyst Ricardo Brito.  The ratings
also consider the bank's volatile profitability, which depends on
international interest rates.  Discount Bank's good asset-quality
indicators, conservative management, and low implicit risk in its
business partially offset the weaknesses.  The ratings also
incorporate the flexibility that the bank's strategic foothold in
Uruguay provides for Israel Discount Bank Ltd. (BBB-/Stable/A-3),
its ultimate holding company.

"The outlook is stable, reflecting our expectation that Discount
Bank will gradually increase its intermediation in Uruguay while
maintaining high liquidity.  We could raise our ratings on the bank
if we raise the sovereign rating and if the bank's credit
fundamentals, especially its profitability, improve.  We could
lower the ratings if the bank's liquidity, asset quality, or
capitalization deteriorates significantly," S&P said.


ROSSI RESIDENCIAL: Moody's Assigns Ba2/A1.br Corp. Family Rating
----------------------------------------------------------------
Moody's America Latina has assigned a Ba2 local currency and A1.br
Brazil national scale corporate family ratings to Rossi
Residencial S.A. ("Rossi").  The outlook for the ratings is stable.

Ratings Assigned:

- Corporate Family Ratings: Ba2/A1.br

Ratings Rationale

"Rossi's Ba2 rating reflects its position among Brazil's largest
vertically integrated homebuilders with a nationwide footprint,
moderate diversity in terms of product offering between the low,
middle and high income segments as well as the commercial building
segment", said Moody's Analyst, Marcos Schmidt.  "The rating also
incorporates the company's high degree of controls, management's
experience with long track record in the lower income construction
segment as well as leverage that is commensurate with the Ba2
rating category", added Schmidt.

On the other hand, Rossi's rating is constrained by its limited
internal cash flow generation which has been strongly pressured by
working capital requirements as a consequence of rapid growth.
Rossi's moderate concentration in the lower income segments and on
the government's Minha Casa Minha Vida low-income housing program
also limits the rating since Moody's views homebuilders that focus
on the low-income government sponsored programs as having higher
risk than more diversified players.  The weaker than average
corporate governance standards especially regarding the
appointment of independent board members and fiscal council
members is also a rating constraint.

Rossi, founded in 1980, experienced strong growth levels during
the last couple of years, thanks to its firm presence in the low
income segment (50% of 2010 launches) which has been supported by
the Federal Government's MCMV program as well as by Brazil's solid
macroeconomic indicators such as relatively stable inflation,
higher GDP growth levels, low unemployment rates, increasing
purchasing power, lower interest rates and longer-term credit
availability.  The company has delivered more than 40,000 units in
this segment.  With an average growth rate of 52% from 2007 to the
1Q11 (LTM) Rossi currently ranks among the six largest Brazilian
homebuilding companies with 1Q11 (LTM) revenues of BRL2.66 billion
(US$1.53 billion converted at the average exchange rate).

The company benefits from its good diversity in terms of geography
with operations in 91 cities across 19 states plus the Federal
District.  In addition to the low income residential construction
that currently represents 41% of the land bank, Rossi operates in
the middle income (36%) with units priced up to BRL 500 thousand,
high income (11%) with units priced above BRL 500 thousand,
commercial buildings (9%) and lots (3%), which somewhat reduces
the reliance on a single market providing staying power through
the cycles.

The company's land bank has a potential sales value of BRL18
billion, which would be enough to built 134 thousand units across
316 construction sites in 90 cities.  There is concentration in the
low income segment with 41% of the PSV as well as in the state of
Sao Paulo with 38%.  On the other hand Sao Paulo alone represents
around 45% of the Brazilian real estate market and 34% of the
country's GDP, while the lower income segment is still the one
with greater growth prospects over the coming years.

Rossi, like other homebuilders that have recently tapped the
equity markets, has grown rapidly since its follow-on equity
offering that raised BRL1.0 billion in 2006 and another BRL1.0
billion in 2009.  The growth was achieved mostly organically and
the company has been able to maintain an adequate capital
structure and interest coverage with total adjusted Debt to Book
Capitalization of 44.1% in March 2011 and EBIT to Interest of 3.1
times, respectively.  Leverage will keep increasing going forward
to around 54% in the end of 2013 as the company withdraws from its
SFH and commercial bank lines to finance the construction of its
launched projects.

Since 77% of the units in Rossi's land bank are priced below BRL
500 thousand they can benefit from cheaper government-sponsored
SFH funds during the construction and SFH and Fundo de Garantia do
Tempo de Servico funded mortgages for homebuyers.  FGTS is a
mandatory employee's severance fund.  The employer makes a monthly
deposit at Caixa Economica Federal equivalent to 8% of the
employee's monthly salary.  The funds can be withdrawn for
retirement or to acquire an eligible house.  Around 41% of the
units in Rossi's land bank are in the low income segment, of which
75% are eligible for the MCMV government program where the
homebuyer is subsidized in the property value and can also benefit
from special mortgage rates that can go as low as 5% p.a.

Given high commitments in the beginning of the construction phase,
Brazilian homebuilders generally have substantial working capital
requirements before construction financing kicks in, 20% of the
construction costs on average.  This 20% is a use of the company's
working capital, funded mostly through client's down payments or
internal cash generation from finished projects being delivered.
In the case of Rossi, around 31% of the land bank projects are
eligible for MCMV government program.  These projects are financed
through "credito associativo" loans, the company receives the
financing on a percentage of completion basis, but in this case
for the unit's final price instead of the construction cost as in
a regular project.  Client risk is transferred to Caixa Economica
Federal at the moment the contract is signed reducing risk and
working capital consumption when compared to standard financed
projects.  According to the company's delivery schedule and Moody's
estimates Rossi will probably start generating free cash flow at
some point in 2012 and for the full year in 2013.

On the other hand, these projects increase the company's
dependency on CEF and government sponsored loans and its
willingness to keep on going with the programs and subsidies to
make them affordable to lower income homebuyers.  MCMV is in its
second phase and should last until 2014 with the objective of
delivering up to 2.6 million homes with BRL72.6 billion in
subsidies from the government's budget and FGTS plus BRL53.1
billion in mortgages.

At the end of March, 2011 Rossi had BRL 802 million in cash and
marketable securities on its balance sheet.  The cash balance, plus
adequate availability under the company's SFH lines, and BRL 966
million in receivables from finished units on its balance sheet
put the company in a comfortable position to meet its adjusted ST
debt maturity commitments of around BRL694 million. Adjusted ST
debt are mostly SFH loans for construction that will be self
liquidated with the delivery of the units to the respective
homebuyers.  Working capital requirements that have consumed around
BRL670 million a year over the past 4 years should turn positive
at some point in 2012 and for the full year in 2013 with the
delivery of an estimated BRL1.4 billion of PSV in finished units
over the next 24 months.  BRL18 billion land bank that had a book
value of BRL 746 million as of March 2011, could also be used as
an alternative source of liquidity if needed.

The stable outlook takes into consideration that Rossi will
continue to acquire sufficient land bank in a timely fashion and
maintain adequate liquidity on its balance sheet to execute its
launched projects and growth plans, preserving a minimum cash
balance to face weaker economic environments and honor its debt
obligations through the cycles in the industry.

Rossi's rating or outlook could experience upward pressure if the
company is able to strengthen corporate governance standards,
improve its product diversification beyond government programs and
at the same time reduce its leverage metrics through positive free
cash flow (FCF) generation and increase in capitalization.
Quantitatively, positive pressure could arise from total debt to
capitalization below the mid 40% range (44.1% in the end of March
2011), and interest coverage (EBIT to Interest expense) above 4.5
times (3.1 times for the last twelve months ended in March 2011)
on a sustainable basis.

Rossi's ratings would likely be downgraded if Total Debt to
Capitalization increased above the mid 50% range (44.1% in the end
of March 2011) on a sustainable basis or if the company were to
face a significant deterioration in its liquidity profile due to a
downturn in the homebuilding industry, an excessive dividend
payout or an inability to turn positive FCF over the next year.
Negative pressure could arise if the company's cash balance
decreases to a level that would not be sufficient to meet the
company's short term financial obligations and minimum working
capital requirements.

The principal methodology used in rating Rossi was the Global
Homebuilding Industry Methodology published in March 2009.

Headquartered in Sao Paulo state, Rossi Residencial S.A. is one of
Brazil's largest vertically integrated homebuilders with
nationwide footprint (operations in 91 cities from 19 states and
the Federal District) and some diversity in terms of product price
offering between low and conventional income segments as well as
commercial buildings.  Rossi has currently 184 projects under
development which are expected to be delivered between 2011 and
2014.  During the last twelve months ended March 31, 2011, the
company reported net sales of BRL2.66 billion (US$1.53 billion
converted at the average exchange rate).


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


CONOCOPHILLIPS LTD: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------------
The creditors of Conocophillips (East Indonesia) Ltd. are required
to file their proofs of debt by August 15, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS INDONESIA: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------------------
The creditors of Conocophillips Indonesia Ventures Ltd. are
required to file their proofs of debt by August 15, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road George Town
         Grand Cayman KY1-1103
         Cayman Islands


CORNWALL HOLDINGS: Members' Final Meeting Set for August 9
----------------------------------------------------------
The members of Cornwall Holdings Limited will hold their final
meeting on August 9, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ho Ka Kin
         Telephone:  +852 2485 5218
         Facsimile: +852 2401 0549
         CARD Corporate Services Ltd.
         P.O. Box 709 Zephyr House
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


CRYSTAL OPPORTUNITIES: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------------
The creditors of Crystal Opportunities Fund Offshore II, 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 7, 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 KY1-9002/9005
         Cayman Islands


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

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


LH TAIPAN: Members' Final Meeting Set for August 9
--------------------------------------------------
The members of LH Taipan Macro Fund Ltd. will hold their final
meeting on August 9, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MSREF V KOREAN: Members' Final Meeting Set for August 25
--------------------------------------------------------
The members of MSREF V Korean Investments Ltd will hold their
final meeting on August 25, 2011, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands


NGFD-EMERGING BOND: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------------
The creditors of NGFD-Emerging Bond Trading Ltd. are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 17
------------------------------------------------------------
The creditors of Parco International Corp are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


PEQUOT TMT: Creditors' Proofs of Debt Due August 17
---------------------------------------------------
The creditors of Pequot TMT 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 July 7, 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 KY1-9002/9005
         Cayman Islands


PEQUOT TMT OFFSHORE: Creditors' Proofs of Debt Due August 17
------------------------------------------------------------
The creditors of Pequot TMT 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 July 7, 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 KY1-9002/9005
         Cayman Islands


PROTIUM TRADING: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------
The creditors of Protium Trading 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 7, 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 KY1-9002/9005
         Cayman Islands


SSF III ZHIVAGO: Creditors' Proofs of Debt Due August 9
-------------------------------------------------------
The creditors of SSF III Zhivago Holding, Ltd. 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 4, 2011.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SUNAMERICA (CAYMAN): Creditors' Proofs of Debt Due August 8
-----------------------------------------------------------
The creditors of Sunamerica (Cayman) Company, Ltd. are required to
file their proofs of debt by August 8, 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:

         N. Scott Gillis
         c/o Willis Management (Cayman) Ltd.
         Governors Square
         62 Forum Lane, 3rd Floor
         Camana Bay
         P.O. Box 30600 Grand Cayman KY1-1203
         Cayman Islands
         Telephone: (345) 949 6039
         Facsimile: (345) 949 6621


TRUCK AND BUS: Creditors' Proofs of Debt Due August 18
------------------------------------------------------
The creditors of Truck and Bus Finance Corp. are required to file
their proofs of debt by August 18, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Helmut Kohler
         Av. Luis Pasteur 5842, Ofic. 301
         Vitacura
         Santiago, Chile


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB'
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on the Issuer Default
Ratings (IDRs) and Country Ceiling for Rating:

   -- Foreign currency IDR affirmed at 'BB';

   -- Local currency IDR affirmed at 'BB';

   -- Foreign currency short-term IDR affirmed at 'B';

   -- Country ceiling affirmed at 'BBB-'.

The Rating Outlook is revised to Stable from Negative.

The Outlook revision reflects the government's progress in terms
of fiscal consolidation efforts, the expected broad stabilization
of public debt burden as well as its strong commitment to comply
with the precautionary IMF Stand-by Agreement, which should
deliver further fiscal consolidation in 2011.

Fitch also notes that financing constraints have been materially
reduced over the past two years due to liability management and
that the government enjoys continued strong support from
multilaterals.  The country has not had to tap IMF Stand-by
resources highlighting the stability of the financial system
despite the unfavorable economic conditions.  On the other hand,
low growth, fiscal rigidities and a relatively high debt burden
constrain El Salvador's ratings.

"Over the past two years, the Funes administration has made
progress in reducing financing pressures through multilateral
support and access to international capital markets as well as
appropriately managing the increased fiscal challenges," said
Erich Arispe Director in Fitch's Sovereign Group.

The NFPS recorded a deficit of 4.2% of GDP in 2010, significantly
lower than the 5.6% 2009 deficit and below the 4.8% benchmark set
under the IMF's SBA.

Continued revenue growth and some expenditure restraint have aided
the fiscal consolidation process. Fitch expects El Salvador to
achieve its deficit target (3.5% of GDP) under the IMF program in
2011.  However, Fitch notes that in light of modest growth, a
narrow revenue base and continued social pressures, tax revenues
would need to increase further over time to ensure a sustained
fiscal consolidation process.

The NFPS debt rose to 50.8% of GDP, significantly above the 38.4%
'BB' median, and could increase further to 51.6% in 2011 before
declining slightly in 2012, according to Fitch's base case.
Nevertheless, the sovereign has a manageable amortization profile
over the forecast period (averaging 1.4% of GDP in 2012 and 2013).
In addition, the present administration has been able to reduce
short-term debt significantly.

'Weak growth prospects and relatively high public debt burden make
the country's fiscal and government debt trajectories quite
vulnerable to external and domestic shocks,' added Arispe.

In comparison to the region, the Salvadoran economy was slow to
recover in 2010.  Growth prospects at 2.2% in average during the
2011-2013 period appear weaker than those of most peers in the
'BB' category, mainly as a result of the country's narrow export
base, high crime rate, low investment levels and weak
productivity.

In addition, while the Funes administration has been able to
secure a legislative majority to support its reforming agenda,
limited advances on security and crime reduction, together with a
high level of political polarization are affecting private
investment and growth prospects.  While the government has
developed long-term growth initiatives, their impact on economic
growth would likely take time to materialize.

Renewed pressure on public debt dynamics, emergence of financing
constraints, and political gridlock that would derail fiscal
consolidation could undermine creditworthiness.  On the contrary,
El Salvador's ratings could improve in the event of a sustained
and significant reduction in public debt burden as well as a
greater growth momentum.


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


AIR JAMAICA: NWU Seeks to Represent Workers at Airline & CAL
------------------------------------------------------------
RJR News reports that the National Workers Union (NWU) is eyeing
at least two groups of employees at Air Jamaica Limited, which is
now controlled by Trinidadian air carrier Caribbean Airlines
Limited.

NWU Vice President Granville Valentine said that the union is in
the process of submitting claims to represent the workers,
according to RJR News.  "We are going through the process and we
are looking forward to representing Air Jamaica workers again, we
are presently fine tuning and doing the finalization to those
claims."

Mr. Valentine, the report discloses, said the union will also be
seeking to recover retroactive salaries which he says are due to
former Air Jamaica employees.  "We called on the Minister of Labour
and Finance to outline the situation as it relates to the workers.
The schedule has come out for Government workers in general, but
we understand that the workers (Air Jamaica) were not named as
being entitled and we are pretty much aware that they are
entitled" Mr. Valentine added.

                       About Air Jamaica

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

                         *     *     *

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

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


PALMYRA RESORT: Remains Fully Operational Amid Receivership
-----------------------------------------------------------
travelweekly reports that The Palmyra Resort and Spa Development's
management said the resort remains fully operational despite being
placed into receivership.

Kenneth Tomlinson, chief executive of Business Recovery Services,
who has been appointed to oversee the receivership, said "normal
continued operations are a priority" for the resort, according to
travelweekly.  The report relates that Mr. Tomlinson said there is
no change in management or staff, and that the travel trade should
"have confidence" in booking The Palmyra.

"With the appointment of Mr. Tomlinson, funding will continue for
the resort's operational needs," travelweekly quoted resort
General Manager Lester Scott as saying.

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.


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


POPULAR INC: S&P Raises Counterparty Credit Rating to 'B+/C'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty credit
rating on Puerto Rico-based financial company Popular Inc. to
'B+/C' from 'B/C'.  The outlook is positive.  "At the same time, we
raised the rating on the company's primary subsidiary,
Banco Popular de Puerto Rico, to 'BB-/B' from 'B+/B'," S&P
related.

"The rating action mainly results from our revised expectation
that Popular may remain profitable throughout 2011 and 2012, aided
by lower loan-loss provisions," said Standard & Poor's credit
analyst Robert Hansen, CFA.  "The rating action follows our full
review of the bank's recent financial performance, capital levels,
and liquidity position.  Popular Inc.'s financial performance in
recent quarters has modestly exceeded our expectations.
Specifically, net earnings have increased and capital ratios have
risen.  Therefore, the company's results under our credit stress-
testing methodology have improved.  However, loan performance has
not improved much, in our opinion, which continues to weigh on the
rating."

"We believe Popular's earnings improvement has stemmed from
reserve releases, the acquisition of Westernbank, and the large
mark-down of nonperforming loans in fourth-quarter 2010 (in
advance of their expected sale).  We expect net interest margins to
remain high and we foresee a modest rebound in loan demand, but
think a potential improvement in loan performance will be only
gradual in the near term.  Net operating losses have been large in
recent years, which we also consider in our assessment," S&P said.

"The rating action also results from the increase in capital
ratios in recent quarters and our expectations that they could
trend higher, aided by earnings retention.  Specifically, capital
ratios benefited from the big gain on the sale of EVERTEC in
third-quarter 2010. To illustrate, the company's Tier 1 common
equity-to-risk-weighted assets ratio was 11.5% as of June 30, 2011
-- much higher than in recent years. Despite the increase, the
company still fares slightly worse than many other regional U.S.
banks in our risk-adjusted capital framework after considering
diversification," S&P related.

The outlook is positive.  "However, we believe loan performance may
improve only gradually throughout 2011 and in 2012. If the company
remains consistently profitable and sees considerable improvement
in loan performance (factors that we think could increase the
likelihood of the company redeeming its preferred shares sold to
the Treasury), then we could raise the rating.  More specifically,
the rating could be raised if adjusted NPAs, by our calculation,
fall below 8%, which suggests that the rating is unlikely to move
substantially higher in the near term without significant
improvement in loan performance," S&P said.


===============
S U R I N A M E
===============


* SURINAME: Fitch Upgrades Foreign Currency IDR to 'B+'
-------------------------------------------------------
Fitch Ratings has taken these rating actions on the Issuer Default
Ratings (IDRs) and Country Ceiling of Suriname:

   -- Foreign currency (FC) IDR upgraded to 'B+' from 'B';

   -- Local currency IDR affirmed at 'B+';

   -- Country ceiling upgraded to 'B+'.

The Rating Outlook is revised to Stable from Positive.

Suriname's upgrade reflects its comparatively strong external
credit metrics, structural improvements in balance of payments
dynamics, and positive growth momentum. Moreover, authorities are
committed to clearing the outstanding external arrears with the
United States, US$32 million (1% of GDP) in overdue principal,
interest and penalty payments, thus improving the sovereign's debt
repayment record.

Suriname's creditworthiness is also underpinned by its
comparatively richer economy in relation to peers as evidenced by
high GDP per capita and advanced standards of living.  The
country's governance indicators surpass the 'B' median in terms of
political stability, rule of law and government effectiveness.  On
the other hand, weaknesses in the macro policy framework that
result in high inflation volatility, limited fiscal financing
flexibility and high commodity dependence are chief credit
constraints for Suriname.

'An increasingly diversified export basket has enhanced the
capacity of the economy to generate larger and more resilient
current external receipts, thus strengthening the sovereign's
external solvency and liquidity indicators,' said Erich Arispe,
Director in Fitch's Sovereign Group.

Suriname presently is among the largest net sovereign external
creditors among 'B'-rated sovereigns.  In addition, external
liquidity has strengthened considerably, reaching 937% in 2010,
significantly above the 'B' median, thus partly mitigating risks
related to commodity dependence and high financial dollarization.

Inflationary pressures have risen significantly in 2011 as a
result of higher international commodity prices, a 70% rise in the
fuel tax, increased public spending and the devaluation of the
official exchange rate in January 2011.

'A tighter fiscal policy as well as phasing out central bank
financing to the central government would support bringing
inflation expectations under control and improving macroeconomic
stability,' added Arispe.

While deficits have increased in recent years (4.1% of GDP in
2010), government indebtedness in gross and net terms -- at 26%
and 21% of GDP, respectively -- as well as interest payments as a
share of total revenue are lower than the 'B' medians.  Moreover,
debt amortizations are manageable, thus further reducing
refinancing risks.

Fitch notes, though, that the relatively weak budgetary
institutional framework could pose risks to fiscal consolidation
over the forecast period.

Greater confidence in the ability of the new government to ensure
sustained growth in the context of broad macroeconomic stability
would be positive for creditworthiness.  Fitch would also view
positively reforms designed to strengthen the monetary and fiscal
policy framework. Conversely, significant fiscal slippage and
policy mismanagement that lead to macroeconomic and financial
instability would negatively affect the sovereign's ratings.


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


CL FIN'L: Lascelles de Mercardo Board to Decide on Takeover Friday
------------------------------------------------------------------
RJR News reports that Lascelles de Mercardo & Company minority
shareholders should know by Friday, August 5, if the company's
board is in favor of St. Lucia-registered Black Sand Acquisition's
takeover bid for the company's shares.  Lascelles de Mercado is
controlled by CL Spirits, a subsidiary of CL Financial Limited.

RJR News, citing Trinidad's Guardian newspaper, Lascelles de
Mercado Chairman Gerald Yetming said the company's Board will
issue a formal response to the offer after it receives advice from
a team of  legal and independent financial experts.

The Lascelles takeover offer was formally launched on July 29, and
will close on September 19.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Trinidad Express said that Black Sand plans to
acquire 90% of Lascelles de Mercardo's ordinary shares, all its 6%
preference shares and its 15% preference shares.  Lascelles de
Mercardo's shares are traded on the Jamaican Stock Exchange.  In a
statement from Jamaica-based Pan Caribbean Financial Services Ltd,
the principal broker of the bid, Black Sand said Lascelles
shareholders US$3.86 each for ordinary shares and US$0.29 for its
6% preference shares and US$0.23 for its 15% preference shares,
according to Trinidad Express.  TCRLA noted that RJR News said
Lascelles de Mercardo former boss William McConnell will lead
Black Sand in the takeover.  RJR News related that Black Sand said
it's seeking to take over the company because it believes the
future of the company is in serious jeopardy.  CL Spirits defaulted
on US$342 million of notes issued in Trinidad and Tobago and
Jamaica that are secured by a pledge of CL Financial's shares in
Lascelles de Mercardo, Black Sand said in a statement obtained by
Trinidad Express.

                        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.


PETROTRIN: Contract Workers Not Getting Benefits, OWTU Says
-----------------------------------------------------------
Trinidad & Tobago Newsday reports that Oilfields Workers' Trade
Union (OWTU) President General Ancel Roget said Petroleum Company
of Trinidad and Tobago (Petrotrin) contract workers are not
receiving any benefits even if they have worked for the company
for years.

"What they are doing is setting the contract for one price to
which workers 'wages' would be tied, then renegotiating for a high
bid through the back door.  The OWTU is calling on Petrotrin to
reveal all contracts that are 80% higher than the original amount
agreed on," T&T Newsday quoted Mr. Roget as saying.

The issues raised regarding terms and conditions of contract
workers, would be addressed by the company, Gillian Friday,
Petrotrin corporate communications manager, said in a statement
obtained by the news agency.

However, T&T Newsday relates that Mr. Roget said the issue of the
contract workers would be the catalyst for mobilizing public
sector employees for strike action over the stalemate in wage
negotiations with Government.  Union leaders stood firm in opposing
any 5% settlement from State enterprises, he added.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established in
1993 by the merger of Trintopec and Trintoc, two state-owned oil
companies.  Petrotrin's main holdings are extensive, mature onshore
fields located across southern Trinidad.  Large areas have been
leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, giving it
higher labor costs.  The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that the
company was experiencing serious financial difficulties resulting
in high cost overruns of its refinery upgrade.   The situation was
exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


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


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

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 * * *