TCRLA_Public/120213.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, February 13, 2012, Vol. 13, No. 030



                            Headlines



B E R M U D A

AMMIN COAL: Placed Under Voluntary Wind-Up
AMMIN COAL: Members' Final Meeting Set for Feb. 24
CUE INSURANCE: Court Appoints Smith as Liquidator
DIVERSITY INSURANCE: Court Appoints Smith as Liquidator
DOMINION PENSION: Placed Under Voluntary Wind-Up

DOMINION PENSION: Members' Final Meeting Set for Feb. 24
DYNASTY FINANCE: Placed Under Voluntary Wind-Up
DYNASTY FINANCE: Members' Final Meeting Set for Feb. 28
EPICOR INTERNATIONAL: Placed Under Voluntary Wind-Up
EPICOR INTERNATIONAL: Members' Final Meeting Set for Feb. 28

HEDDINGTON BROKERS: Placed Under Voluntary Wind-Up
HEDDINGTON BROKERS: Members' Final Meeting Set for Feb. 22
NEW STAR: Placed Under Voluntary Wind-Up
NEW STAR: Members' Final Meeting Set for Feb. 29
SEGRAVE TRUSTEE: Creditors' Proofs of Debt Due Feb. 24

TRANSGLOBAL LIMITED: Placed Under Voluntary Wind-Up
TRANSGLOBAL LIMITED: Members' Final Meeting Set for Feb. 21


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Commences Liquidation Proceedings
CANYON CAPITAL: Commences Liquidation Proceedings
CONSISTENT RETURN: Creditors' Proofs of Debt Due Feb. 17
DELOS FUND: Placed Under Voluntary Wind-Up
DEUTSCHE MANAGED: Commences Liquidation Proceedings

EMERALD INTERNATIONAL: Placed Under Voluntary Wind-Up
GATWICK (FREEHOLD): Commences Liquidation Proceedings
HARTONE ASSOCIATES: Placed Under Voluntary Wind-Up
LIBERO TRADING: Commences Liquidation Proceedings
LION/RALLY CAYMAN: Shareholder Receives Wind-Up Report

MARBRIDGE ENERGY: Placed Under Voluntary Wind-Up
MEINL INVESTMENT: Placed Under Voluntary Wind-Up
NOUNOURS LIMITED: Placed Under Voluntary Wind-Up
OHA SENIOR: Commences Liquidation Proceedings
PAROTRICK LIMITED: Placed Under Voluntary Wind-Up

PGS GLOBAL: Commences Liquidation Proceedings
SAPPHIRE INTERNATIONAL: Placed Under Voluntary Wind-Up
TOURNESOL LIMITED: Placed Under Voluntary Wind-Up
YYC CAPITAL: Commences Liquidation Proceedings


M E X I C O

DESARROLLADORA HOMEX: S&P Withdraws 'B+' Corporate Credit Rating


P U E R T O   R I C O

PICHI'S INC: Has Until March 30 to File Chapter 11 Plan
PUERTO RICO AQUEDUCT: S&P Retains bb+ Stand-Alone Credit Profile
REITTER CORP: Court to Hear Plea on Chap. 7 Conversion on Feb. 14


T R I N I D A D  &  T O B A G O

PETROTRIN: Salary Negotiations Break Down, Workers Decline Offer


X X X X X X X X

* BOND PRICING: For the Week February 6 to February 10, 2012


                            - - - - -


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


AMMIN COAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Jan. 17, 2012, the members of Ammin Coal Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alexander Pace-Bonello
         Anglo American Luxembourg
         48 rue de Brangance, L-1255
         Luxembourg


AMMIN COAL: Members' Final Meeting Set for Feb. 24
--------------------------------------------------
The members of Ammin Coal Investments Limited will hold their
final meeting on Feb. 24, 2012, 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:

         Alexander Pace-Bonello
         Anglo American Luxembourg
         48 rue de Brangance, L-1255
         Luxembourg


CUE INSURANCE: Court Appoints Smith as Liquidator
-------------------------------------------------
On Jan. 19, 2012, the Supreme Court of Bermuda appointed Mark
W.R. Smith as the permanent liquidator of Cue Insurance Limited.


DIVERSITY INSURANCE: Court Appoints Smith as Liquidator
-------------------------------------------------------
On Jan. 19, 2012, the Supreme Court of Bermuda appointed Mark
W.R. Smith as the permanent liquidator of Diversity Insurance
Company Ltd.


DOMINION PENSION: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 18, 2012, the members of Dominion Pension Plan Trustees
(Bermuda) Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DOMINION PENSION: Members' Final Meeting Set for Feb. 24
--------------------------------------------------------
The members of Dominion Pension Plan Trustees (Bermuda) Limited
will hold their final meeting on Feb. 24, 2012, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DYNASTY FINANCE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 18, 2012, the members of Dynasty Finance Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DYNASTY FINANCE: Members' Final Meeting Set for Feb. 28
-------------------------------------------------------
The members of Dynasty Finance Limited will hold their final
meeting on Feb. 28, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EPICOR INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Jan. 13, 2012, the members of Epicor International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EPICOR INTERNATIONAL: Members' Final Meeting Set for Feb. 28
------------------------------------------------------------
The members of Epicor International Ltd. will hold their final
meeting on Feb. 28, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HEDDINGTON BROKERS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 22, 2012, the members of Heddington Brokers Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 1, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeffrey J. Allison
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


HEDDINGTON BROKERS: Members' Final Meeting Set for Feb. 22
----------------------------------------------------------
The members of Heddington Brokers Limited will hold their final
meeting on Feb. 22, 2012, 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:

         Jeffrey J. Allison
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


NEW STAR: Placed Under Voluntary Wind-Up
----------------------------------------
On Jan. 23, 2012, the members of New Star Managed Hedge Fund
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEW STAR: Members' Final Meeting Set for Feb. 29
------------------------------------------------
The members of New Star Managed Hedge Fund Limited will hold
their final meeting on Feb. 29, 2012, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SEGRAVE TRUSTEE: Creditors' Proofs of Debt Due Feb. 24
------------------------------------------------------
The creditors of Segrave Trustee Company Limited are required to
file their proofs of debt by Feb. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 19, 2012.

The company's liquidator is:

         Garth A. Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton


TRANSGLOBAL LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Jan. 16, 2012, the sole member of TransGlobal Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 6, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton, Bermuda


TRANSGLOBAL LIMITED: Members' Final Meeting Set for Feb. 21
-----------------------------------------------------------
The members of TransGlobal Limited will hold their final meeting
on Feb. 21, 2012, 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:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton, Bermuda


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


ANTHRACITE BALANCED: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 20, 2011, the sole subscriber shareholder of Anthracite
Balanced Company (IR-4) Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CANYON CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 12, 2011, the
shareholders of Canyon Capital CDO 2001-1 Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hugh Dickson
         c/o James Drury
         10 Market Street #765, Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: +1 345 769-7219
         Facsimile: +1 345 949-7120
         e-mail: james.drury@uk.gt.com


CONSISTENT RETURN: Creditors' Proofs of Debt Due Feb. 17
--------------------------------------------------------
The creditors of Consistent Return Limited are required to file
their proofs of debt by Feb. 17, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Geoffrey Varga
         Kinetic Partners (Cayman) Limited
         PO Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9900


DELOS FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 22, 2011, the sole shareholder of Delos Fund, Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         Telephone: (345) 945-2187 / (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


DEUTSCHE MANAGED: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 16, 2011, the
shareholders of Deutsche Managed Multi Asset Segregated Portfolio
Company resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Hugh Dickson
         Mike Saville
         c/o James Drury
         10 Market Street #765, Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: +1 345 769-7219
         Facsimile: +1 345 949-7120
         e-mail: james.drury@uk.gt.com


EMERALD INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 21, 2011, the sole member of Emerald International Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alfredo Frohlich
         Telephone: 13058681500
         c/o- Trident Trust
         One Capital Place, Shedden Rd
         PO Box 847 Grand Cayman KY1-1103
         Cayman Islands


GATWICK (FREEHOLD): Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 23, 2011, the shareholder of Gatwick (Freehold) Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Nicola Wright
         Telephone:  345-815-2621/ 345-949-4800
         Facsimile:  345-949-7164/ 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


HARTONE ASSOCIATES: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 21, 2011, the sole shareholder of Hartone Associates Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


LIBERO TRADING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 22, 2011, the
shareholders of Libero Trading International Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LION/RALLY CAYMAN: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of Lion/Rally Cayman 8 received on Jan. 25,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

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


MARBRIDGE ENERGY: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 21, 2011, the sole shareholder of Marbridge Energy
Finance Fund International Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MEINL INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2011, the
shareholder of MEINL Investment Funding II Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Alex Johnston
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


NOUNOURS LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 22, 2011, the sole shareholder of Nounours Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


OHA SENIOR: Commences Liquidation Proceedings
---------------------------------------------
On July 19, 2011, the shareholder of Oha Senior Loan Fund
(Offshore), Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.

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


PAROTRICK LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 22, 2011, the sole shareholder of Parotrick Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


PGS GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 23, 2011, the shareholder of PGS Global Diversified Fund
SPC Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Warren Keens
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


SAPPHIRE INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 21, 2011, the sole member of Sapphire International Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alfredo Frohlich
         Telephone: 13058681500
         c/o- Trident Trust
         One Capital Place, Shedden Rd
         PO Box 847 Grand Cayman KY1-1103
         Cayman Islands


TOURNESOL LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 22, 2011, the sole shareholder of Tournesol Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


YYC CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 20, 2011, the
shareholders of YYC Capital Partners Healthcare Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


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


DESARROLLADORA HOMEX: S&P Withdraws 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings withdrew its 'B+' corporate credit
rating on Mexico-based homebuilder Desarrolladora Homex S.A.B. de
C.V., at the company's request. "The outlook was stable at the
time of the withdrawal. We also withdrew the 'B+' issue ratings
on the company's two issuances of senior unsecured notes in the
amount of US$250 million each, due 2015 and 2019," S&P said.


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


PICHI'S INC: Has Until March 30 to File Chapter 11 Plan
-------------------------------------------------------
The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico extended until March 30, 2012, Pichi's
Inc.'s time to file a Chapter 11 plan and disclosure statement.

                        About Pichi's Inc.

Pichi's Inc. owns and operates the Best Western Pichi's Hotel in
Guayanilla, Puerto Rico.  Pichi's filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011.  Judge
Mildred Caban Flores initially presided over the case, which has
recently been reassigned to the Hon. Edward A. Godoy.  Charles A.
Cuprill, Esq., at Charles A. Cuprill, P.S.C., Law Offices, in San
Juan, Puerto Rico, serves as the Debtor's bankruptcy counsel.
CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial
consultants.

The petition was signed by Luis A. Emmanuelli Gonzalez,
president.

In its schedules, the Debtor disclosed US$31,402,359 in assets
and $36,619,020 in liabilities.

Luis C. Marini, Esq., and Ubaldo M. Fernandez, Esq. at O'Neill &
Borges, in San Juan, Puerto Rico, represents Banco Popular de
Puerto Rico as counsel.


PUERTO RICO AQUEDUCT: S&P Retains bb+ Stand-Alone Credit Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating to
Puerto Rico Aqueduct & Sewer Authority's (PRASA) series 2012A and
series 2012B senior-lien revenue bonds. The outlook is stable. In
addition, Standard & Poor's affirmed its 'BBB-' rating and stable
outlook on the authority's senior-lien obligations currently
outstanding. "We are also affirming our 'BBB' rating and stable
outlook on the authority's bonds guaranteed by the full faith and
credit pledge of the commonwealth of Puerto Rico (BBB/Stable),"
S&P said.

"The ratings on the senior-lien bonds include a one-notch lift
from the authority's 'bb+' stand-alone credit profile, based on
the application of our criteria for government-related entities
(GREs)," S&P said.

"In accordance with our criteria for GREs, our view of a high
likelihood of extraordinary government support reflects our
assessment of PRASA's very strong link with the government of
Puerto Rico, and our assessment of PRASA's important role as the
provider of water and sewer services in the island," said
Standard & Poor's credit analyst Horacio Aldrete-Sanchez. The
assessment also reflects the history of support Government
Development Bank for Puerto Rico provides, and its stated
intentions to continue to support the authority as required.

Factors that constrain the rating include the authority's:

   Relatively fragmented water and wastewater system, which
   coupled with significant deferred capital needs, has resulted
   in a high level of operational deficiencies; and

   Historically poor financial performance, stemming from
   unwillingness to raise rates, deficient billing and collection
   systems, and low levels of liquidity, all of which
   historically constrained the utility from generating
   consistent operating   surpluses. PRASA has, however, made
   significant strides over the past two years to restore the
   system's financial operations.

Factors that moderate these credit limitations include:

   Continued liquidity support from the Commonwealth of Puerto
   Rico through lines of credit provided by the Government
   Development Bank for Puerto Rico (GDB). These revolving credit
   lines totaled approximately US$1.1 billion at the end of
   fiscal 2011; and

   A supportive regulatory environment in which PRASA does not
   require legislative action to implement rate adjustments, and
   has full authority to cut off service to delinquent
   accounts.

"The stable outlook on the senior bonds reflects Standard &
Poor's expectation that management will continue to demonstrate a
willingness to address the identified operational, financial, and
capital challenges currently facing PRASA.  The stable outlook on
the guaranteed bonds reflects the rating outlook on Puerto Rico's
GO debt. The outlook on both the senior bonds and the guaranteed
bonds also reflects our view of PRASA's very strong link with the
government of Puerto Rico, and our expectation of the
government's continued strong liquidity support. The adoption of
legislation that limits PRASA's ability to implement the
necessary rate increases to address its capital and operational
needs would cause downward pressure on the rating. Conversely,
consistently positive financial operations could result in upward
pressure on the rating," S&P said.


REITTER CORP: Court to Hear Plea on Chap. 7 Conversion on Feb. 14
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has set
a hearing on the conversion of Reitter Corporation's Chapter 11
case to one under Chapter 7 on Feb. 14, 2012, at 2:00 p.m.

Judge Enrique S. Lamoutte Inclan has noted that the Debtor has
failed to file its disclosure statement.

As reported in the Troubled Company Reporter on Dec. 9, 2012,
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico on Nov. 23, 2011 granted Reitter
Corporation's request for a 28-day extension to file an amended
disclosure statement and respond to objections to claims.

The TCR also reported on Dec. 1, 2011 that the Debtor asked the
Court to extend until Dec. 16, 2011, its time to file its Amended
Disclosure Statement and to file stipulations or oppositions to
the proofs of claims filed by Treasury and IRS.

The Debtor related that it has entered into a new contract with
LBA Medical Services, Inc., which will increase its revenues and
allow it to have a feasible plan.  The Debtor submitted this
information to CPA Luis Carrasquillo in order to include
these additional revenues in the projections.  As such, the
Debtor said it needs additional time to file its amended
disclosure statement, including the feasibility report.

                    About Reitter Corporation

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


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


PETROTRIN: Salary Negotiations Break Down, Workers Decline Offer
----------------------------------------------------------------
http://www.trinidadexpress.com/business/Petrotrin_salary_talks_br
eak_down-139135759.html
Sue-Ann Wayow at Trinidad Express reports that salary
negotiations between state-owned Petroleum Company of Trinidad
and Tobago (Petrotrin) and the Oilfields Workers' Trade Union
broke down at the Labor Ministry in San Fernando, with union
president-general Ancel Roget warning of strike action should
there be no remedy.

Mr. Roget said it was now up to Labor Minister Errol McLeod to
intervene and prevent a shutdown of Petrotrin, according to
Trinidad Express.  The report relates that Mr. Roget said that
the 5% increase offered by the government would not be accepted.

"We are not prepared to go back into a new collective agreement
period with the same terms and conditions," the report quoted Mr.
Roget as saying.

Trinidad Express notes that Mr. Roget said the union informed
that it would continue talks only if Petrotrin is willing to move
beyond its 5% offer.  "You don't have to say to us what your
final figure might be.  But if we must have meaningful
negotiations, you must tell us here and now in spite of the fact
things are hard.  We are prepared, for settlement sake, to amend
our proposal.  But you must be able to tell us that you are
willing to go beyond five for any talk to make sense."

Mr. Roget, Trinidad Express notes, said he was told that the
company can give no such guarantee and, therefore, "The time for
talking has abruptly come to an end."

The report discloses that Mr. Roget said Mr. McLeod has been
given three days to intervene.  If he does not, workers will send
a strike notice to their employers on Feb. 14, and if after one
week, if workers and employers still can't come to an agreement,
a strike for 90 days will begin, Mr. Roget added, Trinidad
Express relays.

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


* BOND PRICING: For the Week February 6 to February 10, 2012
------------------------------------------------------------


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

ARGENTINA
---------

ARGENT- DIS               8.28    12/31/2033      USD       71.58
ARGENT- AR                1.18    12/31/2038      ARS       46.27
ARGENT- DIS               7.82    12/31/2033      EUR          55
ARGENT- DIS               7.82    12/31/2033      EUR       59.25
ARGENT- DIS               7.82    12/31/2033      EUR          56
ARGENT- DIS               4.33    12/31/2033      JPY          42
ARGENT- PAR               0.45    12/31/2038      JPY          15
ARGENT- PAR&GDP           0.45    12/31/2038      JPY           8
PROV BUENOS AIRE         9.625    4/18/2028       USD       71.28


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

BANCO BPI (CI)            4.15    11/14/2035      EUR       42.13
BCP FINANCE BANK          5.01    3/31/2024       EUR       42.75
BCP FINANCE BANK          5.31    12/10/2023      EUR       44.75
BCP FINANCE CO           5.543                    EUR          29
BCP FINANCE CO           4.239                    EUR       29.67
BES FINANCE LTD           5.58                    EUR       35.33
BES FINANCE LTD            4.5                    EUR          44
CAM GLOBAL FIN            6.08    12/22/2030      EUR       60.25
CHINA FORESTRY           10.25    11/17/2015      USD       59.85
CHINA FORESTRY           10.25    11/17/2015      USD       58.13
CHINA HUIYUAN JU             4    4/29/2016       USD          74
CHINA MED TECH               4    8/15/2013       USD       19.88
CHINA SUNERGY             4.75    6/15/2013       USD          46
EFG ORA FUNDING            1.7    10/29/2014      EUR        49.3
ESFG INTERNATION         5.753                    EUR       36.25
FANTASIA HOLDING            14    5/12/2015       USD       74.38
FANTASIA HOLDING            14    5/12/2015       USD        74.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
JINKOSOLAR HOLD              4    5/15/2016       USD       51.43
LDK SOLAR CO LTD          4.75    4/15/2013       USD          60
LDK SOLAR CO LTD          4.75    4/15/2013       USD       63.25
LDK SOLAR CO LTD          4.75    4/15/2013       USD          80
LDK SOLAR CO LTD            10    2/28/2014       CNY       66.05
LUPATECH FINANCE         9.875                    USD          74
LUPATECH FINANCE         9.875                    USD       72.25
MBPS FINANCE             11.25    11/15/2015      USD          73
MBPS FINANCE             11.25    11/15/2015      USD       73.88
POWERLONG RE HLD         13.75    9/16/2015       USD          74
POWERLONG RE HLD         13.75    9/16/2015       USD       74.18
PUBMASTER FIN             8.44    6/30/2025       GBP          58
PUBMASTER FIN            5.943    12/30/2024      GBP       67.92
PUNCH TAVERNS            4.767    6/30/2033       GBP       66.88
SOLARFUN POWER H           3.5    1/15/2018       USD       62.28
SOLARFUN POWER H           3.5    1/15/2018       USD          60
SPG LAND HOLDING          13.5    4/8/2016        USD          68
SUNTECH POWER                3    3/15/2013       USD          73
SUNTECH POWER                3    3/15/2013       USD        72.2
YUZHOU PROPERTIE          13.5    12/15/2015      USD       75.25

CHILE
-----
AGUAS NUEVAS               3.4    5/15/2012       CLP       0.878
CGE DISTRIBUCION          3.25    12/1/2012       CLP       19.85
COLBUN SA                  3.2    5/1/2013        CLP       74.33
ESVAL S.A.                 3.8    7/15/2012       CLP       12.51
MASISA                    4.25    10/15/2012      CLP       20.13
QUINENCO SA                3.5    7/21/2013       CLP       25.24

PANAMA
------

NEWLAND INT PROP           9.5    11/15/2014      USD          51

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

BANCO SANTANDER            6.1    6/1/2032        USD       63.72
BANCO SANTANDER            6.3    6/1/2032        USD       72.79
PUERTO RICO CONS             6    12/15/2034      USD        0.01
PUERTO RICO CONS           6.3    11/1/2033       USD        0.01
PUERTO RICO CONS           6.2    5/1/2017        USD          53
PUERTO RICO CONS           6.5    4/1/2016        USD       68.71

VENEZUELA
---------

ELEC DE CARACAS            8.5    4/10/2018       USD       63.44
PETROLEOS DE VEN           5.5    4/12/2037       USD       51.92
PETROLEOS DE VEN         5.375    4/12/2027       USD       53.96
PETROLEOS DE VEN          5.25    4/12/2017       USD       71.61
PETROLEOS DE VEN         5.125    10/28/2016      USD       73.26
PETROLEOS DE VEN             9    11/17/2021      USD       74.58
VENEZUELA                    7    3/31/2038       USD       63.61
VENEZUELA                    7    3/31/2038       USD       63.36
VENEZUELA                    6    12/9/2020       USD        67.5
VENEZUELA                 7.65    4/21/2025       USD       68.75
VENEZUELA                 8.25    10/13/2024      USD          74


                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                   * * * End of Transmission * * *