TCRLA_Public/120229.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

            Wednesday, February 29, 2012, Vol. 13, No. 043



                            Headlines



A N G U I L L A

CAP JULUCA: Resort to be Sold at Public Auction on May 2


B R A Z I L

SANEPAR: Moody's Raises Rating of BRL55-Mil. 2012 Notes to 'Ba2'


C A Y M A N   I S L A N D S

AI-EVENT DRIVEN: Shareholders' Final Meeting Set for Feb. 29
ARIA CDO I: Shareholder to Receive Wind-Up Report on March 2
BTU POWER: Court Enters Wind-Up Order
DANCREST GLOBAL: Shareholder Receives Wind-Up Report
EMPIRE IAM: Creditors' Proofs of Debt Due April 17

IMPACTOR CREDIT: Shareholder to Receive Wind-Up Report on March 2
INSIGHT IAM: Creditors' Proofs of Debt Due April 17
IP ASIAN: Shareholders' Final Meeting Set for March 30
KALLISTA MASTER: Shareholders' Final Meeting Set for March 5
KCS LIGHTNING: Commences Liquidation Proceedings

LA ATORIAH: Shareholders' Final Meeting Set for March 2
MASDAR-SBI ALTERNATIVE: Creditors' Proofs of Debt Due March 6
MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due March 14
MEDICAL ENTERPRISES EQUITY: Proofs of Debt Due March 14
POLLUX GLOBAL EQUITIES: Placed Under Voluntary Wind-Up

POLLUX GLOBAL LONG: Placed Under Voluntary Wind-Up
RENGAZ HOLDINGS: Placed Under Voluntary Wind-Up
ROSE HOLDINGS: Creditors' Proofs of Debt Due March 16
SUNSPOT IAM: Creditors' Proofs of Debt Due April 17
WHARF INTERNATIONAL: Creditors' Proofs of Debt Due March 6


J A M A I C A

DIGICEL GROUP: Claro Shuts Down, Customers to Migrate to Firm


M E X I C O

MEXICANA AIRLINE: May Resume Operations by April


P U E R T O   R I C O

AES PUERTO RICO: Moody's Lowers Rating on US$194MM Notes to 'Ba1'


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Hardware Dealers Worry Over Strike


                            - - - - -


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A N G U I L L A
===============


CAP JULUCA: Resort to be Sold at Public Auction on May 2
--------------------------------------------------------
The greater part of the real estate comprising the Cap Juluca
resort will be sold at a public auction to be held on Wednesday,
May 2, 2012.  The auction will take place as part of a
restructuring process towards debt obligations owed to the
original developer.

"The opportunity to buy a world-renowned property of this quality
and distinction is very rare," said David M. Kaufman, CCIM and
Principal of DK Realty Partners, LLC, a U.S. and Caribbean-based
real estate auctioneer.  "I fully expect Cap Juluca to draw strong
interest from qualified investors around the world."

"Cap Juluca Resort continues to operate with strong occupancy and
without interruption," Mr. Kaufman added. "The new owner will
clearly want to continue to provide the same high quality of
service and privacy the resort has historically offered."

Due to a default on payments under terms of a settlement agreement
between the current owner of the asset and Charles Hickox, the
original developer of the property, the real estate assets are
being sold at a public auction pursuant to Anguilla law.  The
settlement agreement was entered into in October 2010.  The
auction will have no effect on the operations of the hotel; a
smooth transition is planned.

The auction will take place at 12:00 pm midday Atlantic Time on
Wednesday May 2, 2012.  Bidders are required to deposit a
cashier's check in the sum of US$250,000 with seller's local
counsel, Webster Dyrud Mitchell, and the successful bidder must
bring the total deposit to 10% of the successful high bid within
24 hours of the auction by wire transfer of funds.

                      About DK Realty Partners

DK Realty Partners, LLC, is a full service firm of nationally-
recognized commercial real estate professionals specializing in
auction sales, sealed bid sales and negotiated sales.  Members of
the firm also focus on buyer representation, tenant
representation, leasing, property management, asset management and
real estate consultation.

                         About Cap Juluca

Situated on the southwest coast of Anguilla, Cap Juluca has
become, to the discerning Caribbean vacationer, what the Cipriani
is to Venice, by offering the privacy and exclusivity that its
miles of white sand beach allow.  While only 25 minutes by boat
from St. Maarten/St. Martin and 45 minutes from St. Barths, with
their international flavors in shops, restaurants and gambling,
Cap Juluca remains the essence of romance and tranquillity for a
unique island getaway.


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B R A Z I L
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SANEPAR: Moody's Raises Rating of BRL55-Mil. 2012 Notes to 'Ba2'
----------------------------------------------------------------
Moody's America Latina upgraded the ratings of BRL55 million
senior unsecured debentures due 2012 issued by Companhia de
Saneamento do Parana to Ba2 from Ba3 on global scale and to A1.br
from A3.br on the Brazilian national scale.  The review was
prompted by the announcement of a 16.5% tariff increase on
Sanepar's water and sewage services that will be implemented next
month.  The outlook for the ratings is stable.

Rating Rationale

Sanepar's Ba2/A1.br ratings reflect its strong cash generation
arising from its monopoly rights to operate regulated water and
sewage services through public concessions in attractive areas in
the South of Brazil.  Sanepar's strong credit metrics have been
historically characterized by relatively low leverage and
predictable operating margins. Nevertheless, a track record of
political interference by the Parana state government resulting
from a tariff freeze initiated in 2005 have been constraining the
ratings.  "This upgrade reflects Moody's favorable assessment of
Sanepar's operations and the decreasing concerns over the level of
support from the Parana state government following the recent rate
reliefs" said Moody's analyst Cristiane Spercel.

Additionally, at the end of 2008, Sanepar's debt profile
deteriorated sharply after the board of directors decided to
convert into debt certain advances that were originally intended
for future capital increases (AFACs).  In Moody's opinion, this
decision was a result of a long judicial dispute between the State
of Parana and the minority shareholder Domino with respect to a
Shareholders' Agreement to control Sanepar. This event created
uncertainties over the potential impact of existing BRL917 million
in liabilities on the company's cash flow and liquidity position
in the near term. "Going forward, Moody'sexpects the state
government to continue to be supportive of Sanepar's operations
and work constructively with minority shareholders to resolve the
AFAC issues" added Cristiane.

On Feb. 16, 2012, the Water's Institute of the Parana, a
regulatory entity associated with the state government, approved a
16.5% increase for Sanepar's water and sewage services that will
be implemented next month for bills due after March 19.  This was
the second consecutive tariff adjustment approved by the state in
seven years.  In February 2011, the state government approved a
rate relief of 16% breaking the cycle of a prolonged tariff
freeze.  In addition to the pass through of annual inflation, each
of these recent adjustments embedded an additional tariff increase
of approximately 10% deemed to provide some margin recovery and to
support Sanepar's future investments.  As a
result, Moody's expects the company's FFO to Net Debt ratio to
improve from 17% in 2010 to 25% in 2012, while the interest
coverage ratio improves from 3.5x to more than 4.5x during the
same period.

Sanepar remains committed with a large investment program to
maintaining high coverage of water services, to reducing current
water losses and to expanding its current installed sewage
capacity.  At the end of 2011, the company announced a BRL1.9
billion investment program in public services from 2012 through
2014 that includes investments to expand the coverage of sewage
services from 63% to 72% of the population in its concession area.
Historically, the execution of Sanepar's investment programs have
been subject to the availability of subsidized long-term loans
provided by federal institutions, such as, Caixa Economica Federal
and Banco Nacional de Desenvolvimento Economico e Social, which
has translated into a conservative financial strategy. Management
has stated that there are currently about BRL1.1 billion of long-
term loans approved by the BNDES and CEF to support its BRL1.9
billion investment plan from 2012-2014.

The ratings remain constrained by the regulatory framework for
water utilities in Brazil, which is in the early state of
development.  While the approval of the Basic Sanitation Law
11,445 in January 2007 added some clarity to the regulatory
framework for sanitation companies in the region; however, the new
regulation hasn't clearly separated the responsibilities between
state and municipal authorities.  Sanepar operates pursuant to
long-term concession and program agreements with 345
municipalities granted by those city governments.  Although the
Basic Sanitation Law includes some provisions for annual tariff
adjustments, the rates are set by a state regulatory agency that
is not completely independent from political interference. Water
utilities require a well-established regulatory framework to
ensure stable and predictable levels of income and cash flows
supportive of its capital-intensive activities.

The company's stable rating outlook factors in the continued
execution of its expansion plan.  Moody's expects that Sanepar
will manage its capital structure prudently and finance capital
expenditures and dividends in a manner that keeps the company's
credit metrics compatible with the Ba2 rating category.  The
stable outlook also incorporates Moody's expectation of a
constructive solution over the designation of the existing BRL917
million in advances for future increase in capital, which is key
to maintaining the company's adequate debt maturity profile and
solid liquidity position.

The ratings could be upgraded if financial performance improves
such that there is a sustainable ratio of FFO to Net Debt in
excess of 25% and interest coverage above 4.5x, which will depend
heavily on increased visibility with regard to future tariffs and
capital expenditures. Continued evidence of increased support from
the state government could also positively affect the ratings.

The ratings could be downgraded if financial performance
deteriorates such that FFO to Net Debt falls below 15% and
interest coverage declines to less than 3.5x for an extended
period or if the company's liquidity position deteriorates as a
result of inadequate funding for its current BRL1.9 billion
capital expenditure program. The ratings could also be negatively
affected by a downward revision of the assumed level of support of
the Parana state government.

The last rating action on Sanepar was on February 04, 2011 when
Moody's affirmed all ratings and changed the outlook to stable
from negative.

Headquartered in Curitiba, Brazil, Companhia de Saneamento do
Parana - Sanepar provides water treatment and distribution to 9.5
million consumers, and sewage service to 6.0 million consumers in
344 municipalities in the state of Parana and one municipality in
the state of Santa Catarina.  In the last twelve months ending
Sept. 30, 2011, Sanepar reported net earnings of BRL217 million
(US$128 million) on BRL1,658 million (US$975 million) in net
revenues.


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


AI-EVENT DRIVEN: Shareholders' Final Meeting Set for Feb. 29
------------------------------------------------------------
The shareholders of AI-Event Driven Strategies Fund, Ltd. will
hold their final meeting on Feb. 29, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Figaro Advisors, Ltd.
         Telephone: (441) 295 5588
         Facsimile: (441) 295 5578
         2 Reid Street
         Hamilton HM 11
         Bermuda


ARIA CDO I: Shareholder to Receive Wind-Up Report on March 2
------------------------------------------------------------
The shareholder of Aria CDO I (Cayman Islands) Ltd will receive on
March 2, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


BTU POWER: Court Enters Wind-Up Order
-------------------------------------
On Jan. 26, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of BTU Power Company.

The company's liquidators are:

         Michael Penner
         Stuart Sybersma
         Deloitte & Touche
         PO Box 1787, Grand Cayman KY1-1109
         Cayman Islands


DANCREST GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Dancrest Global Equity Fund, Ltd. received on
Feb. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         James Keyes
         101 Front Street
         Hamilton HM12
         Bermuda


EMPIRE IAM: Creditors' Proofs of Debt Due April 17
--------------------------------------------------
The creditors of Empire IAM Limited are required to file their
proofs of debt by April 17, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


IMPACTOR CREDIT: Shareholder to Receive Wind-Up Report on March 2
-----------------------------------------------------------------
The shareholder of Impactor Credit Fund Limited will receive on
March 2, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


INSIGHT IAM: Creditors' Proofs of Debt Due April 17
---------------------------------------------------
The creditors of Insight IAM Limited are required to file their
proofs of debt by April 17, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


IP ASIAN: Shareholders' Final Meeting Set for March 30
------------------------------------------------------
The shareholders of IP Asian Equity Long-Short Fund will hold
their final meeting on March 30, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Jiffriy Chandra is the company's liquidator.


KALLISTA MASTER: Shareholders' Final Meeting Set for March 5
------------------------------------------------------------
The shareholders of Kallista Master Fund Limited will hold their
final meeting on March 5, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Hugh Dickson is the company's liquidator.


KCS LIGHTNING: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 25, 2012, the shareholder of KCS Lightning Opportunity
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Steinhardt
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


LA ATORIAH: Shareholders' Final Meeting Set for March 2
-------------------------------------------------------
The shareholders of La Atoriah Leasing Limited will hold their
final meeting on March 2, 2012, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MASDAR-SBI ALTERNATIVE: Creditors' Proofs of Debt Due March 6
-------------------------------------------------------------
The creditors of Masdar-SBI Alternative Energy Fund Ltd. are
required to file their proofs of debt by March 6, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 24, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------------
The creditors of Medical Enterprises Finance Ltd. are required to
file their proofs of debt by March 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 26, 2012.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 2232 2096


MEDICAL ENTERPRISES EQUITY: Proofs of Debt Due March 14
-------------------------------------------------------
The creditors of Medical Enterprises Equity Ltd. are required to
file their proofs of debt by March 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 26, 2012.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 2232 2096


POLLUX GLOBAL EQUITIES: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Jan. 25, 2012, the sole shareholder of Pollux Global Equities
Fund passed a resolution that voluntarily winds up the company's
operations.

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

The company's liquidator is:

         Ogier
         c/o Lorna Walton
         Telephone: (345) 815-1847
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


POLLUX GLOBAL LONG: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 25, 2012, the sole shareholder of Pollux Global Long Only
Fund passed a resolution that voluntarily winds up the company's
operations.

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

The company's liquidator is:

         Ogier
         c/o Lorna Walton
         Telephone: (345) 815-1847
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RENGAZ HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 22, 2011, the shareholders of Rengaz Holdings Limited
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         PO Box 1350 Clifton House
         75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


ROSE HOLDINGS: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------
The creditors of Rose Holdings Limited are required to file their
proofs of debt by March 16, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 31, 2012.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Sydney J. Coleman
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SUNSPOT IAM: Creditors' Proofs of Debt Due April 17
---------------------------------------------------
The creditors of Sunspot IAM Limited are required to file their
proofs of debt by April 17, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


WHARF INTERNATIONAL: Creditors' Proofs of Debt Due March 6
----------------------------------------------------------
The creditors of Wharf International Investments Limited are
required to file their proofs of debt by March 6, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 27, 2012.

The company's liquidator is:

         Tan Ling Ling
         501 Orchard Road, #11-01 Wheelock Place
         Singapore 238880
         Telephone: +011 65 6731 1850
         Facsimile: +011 65 6735 8231
         501 Orchard Road, #11-01 Wheelock Place
         Singapore 238880


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


DIGICEL GROUP: Claro Shuts Down, Customers to Migrate to Firm
-------------------------------------------------------------
RJR News reports that Digicel Group Limited, which last year
acquired Claro Jamaica's operations from America Movil, has issued
an advisory to customers reminding them that the Claro network
will be shut down on March 1.

Digicel Group said Claro customers will need to migrate to the
Digicel network by Wednesday in order to keep their Claro numbers
and any remaining balance on their account, according to RJR News.

The report notes that Digicel Group's rival LIME has also been
trying to attract some of the migrating Claro customers to its
network.

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2012, The Gleaner said that the Office of Utilities
Regulation is set to meet with Digicel Group after it was revealed
that the previous administration had removed a key condition it
had imposed in approving the company's merger with Claro Jamaica.
When then Prime Minister Bruce Golding approved the merger in
August, he insisted Digicel Group must continue operating two
separate networks, according to Jamaica Gleaner.  However, the
report relates that OUR revealed that just weeks into his tenure
as prime minister, Andrew Holness withdrew the two-network
requirement.

                        About Digicel Group

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

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

                       *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


MEXICANA AIRLINE: May Resume Operations by April
------------------------------------------------
Anthony Harrup at Dow Jones' Newswires reports that Compania
Mexicana de Aviacion or Mexicana Airlines said Friday it expects
to start flying again in April after spending the past 18 months
grounded in bankruptcy.

A bankruptcy judge gave the green light for Med Atlantica, a
private company led by Spanish businessman Christian Cadenas, to
invest US$300 million in the airline's operations, according to
Dow Jones' Newswires.

Mexicana Airlines would only begin operating with seven planes,
but hopes to grow to 44 planes by the end of the year, Adolfo
Castro, Mexicana's vice president of customer service and
corporate communications, told the news agency in an interview.

Mr. Castro, Dow Jones' Newswires discloses, said Med Atlantica has
said it will invest US$300 million for the airline, US$300 million
in hotels that can be packaged along with air travel, and set
aside US$50 million for contingencies.

The report notes that Med Atlantica will acquire the holding
company for Mexicana Airline and several subsidiaries including
regional and low-cost carriers Mexicana Click and Mexicana Link.

The company has prior agreements that were reached with unions for
pilots, flight attendants and ground staff, as well as non-
unionized workers, which involve compensation for layoffs, Dow
Jones' Newswires relays.

Once Mexicana recovers authorization to fly from aeronautical
authorities, which was suspended because of the bankruptcy
proceedings, it will be able to recover slots for domestic and
international flights that were temporarily ceded to other
airlines during its absence, Mr. Castro said, the report
discloses.

Dow Jones' Newswires relates that Mr. Castro said Mexicana
Airlines has been ready to resume flying for more than a year, and
has the pilots, flight attendants and ground staff ready to start
working.

The report notes that the restructuring agreement needs to be
finalized, for which Mexicana has at least 65% of creditors in
agreement.

The total debt to be restructured was MXN17 billion (US$1.32
billion) and average write-downs are on the order of 85%, Mr.
Castro added, Dow Jones' Newswires relates.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


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


AES PUERTO RICO: Moody's Lowers Rating on US$194MM Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service downgraded approximately $194 million of
secured bonds issued by the Puerto Rico Industrial, Tourist,
Educational, Medical, and Environmental Control Facilities
Financing Authority on behalf of AES Puerto Rico L.P. (AES PR) to
Ba1 from Baa3. The outlook is stable.

Ratings Rationale

The downgrade for AES PR considers the project's operational and
financial performance, which has been dampened by the challenges
of meeting aggressive availability and heat rate guarantees
incorporated in the PPA in addition to generally increased costs
for operations and maintenance. As a result, over the next several
years, Moody's anticipates debt service coverage ratios will
generally remain in a range of 1.30 -- 1.40 times.

Although AES PR has undertaken various maintenance activities and
capital projects intended to improve the reliability and
efficiency of the plant, to date, these efforts have met with
mixed success. Recent availability factors have generally been in
the range of the 90% required for the plant to receive its full
capacity payment; however efforts to improve the plant's
efficiency have been only partially successful, and though
reduced, the project's heat rate remains over 300 BTU/kWh higher
than the rate incorporated in its power purchase agreement. As a
result, Moody's anticipates the project's under-recovery of fuel
costs will continue, and could be exacerbated by the generally
elevated cost of coal in the current market.

AES PR's Ba1 senior secured rating also reflects the stability of
revenues that are generated by its long-term power sales agreement
for capacity and energy, the solid credit quality of its power
purchaser, the competitive cost structure of its power purchase
agreement, the limited competition in a resource-constrained
service area, and AES's significant experience operating coal-
fired power plants. The rating also considers the back-ended
amortization profile of the bonds, which increases their exposure
to longer term uncertainties, and the declining schedule of
capacity payments, which reduces the amount of financial cushion
available to protect against uncertainty.

The outlook for AES Puerto Rico is stable reflecting Moody's view
that over the next several years debt service coverage ratios are
likely to be maintained in a range of 1.30 -- 1.40 times, with
some potential modest upside as a result of the AES PR's new five-
year agreement for the sale of 14 MWs of as available energy;
however, Moody's does not anticipate debt service coverage ratios
will remain in the range 1.50 times -- which would likely be
required for upward pressure to develop on the rating. The outlook
also reflects Moody's view that the project will be able address
the upcoming 2012 maturities of its letter of credit and reserve
commitment through extension or replacement, and recognizes that
any draws on these commitments would be repaid over the life of
the existing Tranche A loans (currently 5 years remaining).

We do not anticipate the rating will be revised over the near-to-
medium term. Longer term, the rating could rise if the project is
able to demonstrate debt service coverage above 1.50 times on a
sustainable basis. The rating could face downward pressure if the
project sees continued operating difficulties which result in
reductions to its capacity payments or increases in unrecovered
operating and/or capital costs cause debt service coverage ratios
to remain below the 1.30 -- 1.40 times range for an extended
period. In the event PREPA were to be downgraded by three or more
notches, there could be negative pressure on the rating.

The principal methodology used in this rating was Power Generation
Projects published in December 2008.

AES PR, an indirect wholly owned subsidiary of AES Corp.(AES: Ba3
Corporate Family Rating, stable), owns and operates a 454 megawatt
(MW) coal-fired cogeneration facility located on the southeastern
coast of Puerto Rico. The project sells all of its firm energy and
capacity pursuant to a 25-year power purchase agreement to the
Puerto Rico Electric Power Authority (PREPA: A3 revenue bonds,
negative), a public corporation and governmental agency of the
Commonwealth of Puerto Rico. The project began operating in 2002.


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


TRINIDAD CEMENT: Hardware Dealers Worry Over Strike
---------------------------------------------------
Trinidad & Tobago Newsday reports that Hardware Dealers
Association President Joseph Callender, has described strike
action at Trinidad Cement Limited as "most unfortunate" saying the
construction industry, businesses and consumers would be badly
affected by any prolonged strike.

The Oilfields Workers' Trade Union (OWTU) served strike notice at
TCL and its sister company, TCL Packaging plants, as negotiations
between both parties reached a stalemate, according to T&T
Newsday.  The action allows workers to engage in strike action for
a period of 90 days.

The report notes that Mr. Callender noted that while the
association had been aware of ongoing negotiations between both
parties he said they prefer to adopt a "wait and see approach" to
the evolving industrial dispute.

"It is most unfortunate.  We knew that they were in negotiations
to resolve the issue and people need their money but any strike
would be very bad for businesses, consumers and the economy," T&T
Newsday quoted Mr. Callender as saying.

Newsday discloses that Mr. Callender noted that unlike other
products, cement could not be hoarded by consumers.

Asked whether the country may have to resort to the importation of
cement from extra-regional sources, Mr. Callender said, "We don't
know what the situation at this time is, but we can only hope that
no shortages are allowed to develop because of this impasse,"
Newsday relays.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


                            ***********


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.


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