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

              Wednesday, March 7, 2012, Vol. 13, No. 048


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD FINANCIAL: Founder Guilty of US$7-Bil. Ponzi Scheme


A R G E N T I N A

BABO SA: Creditors' Proofs of Debt Due May 5
PASWORD SA: Creditors' Proofs of Debt Due March 20
ROBERTO ALONSO: Applied for Bankruptcy Protection
SE ITC: Asks for Bankruptcy Proceedings
SUCESION DE CESAR: Asks for Bankruptcy Proceedings

TEXMOR SA: Creditors' Proofs of Debt Due March 23
TIMUKA SACICI: Asks for Bankruptcy Proceedings


B R A Z I L

* BRAZIL: Chadbourne & Parke Appoints Two International Partners


C A Y M A N   I S L A N D S

CEDARVIEW LEVERAGED: Creditors' Proofs of Debt Due March 19
CORO VOLTIN: Creditors' Proofs of Debt Due March 28
DGC LONG/SHORT: Creditors' Proofs of Debt Due March 19
EMIRATES TARIAN: Creditors' Proofs of Debt Due March 20
EXCEL CHINA: Shareholders' Final Meeting Set for March 14

FLEX HOLDING: Shareholders Receive Wind-Up Report
FORDEL HOLDINGS: Members' Final Meeting Set for March 19
GEM DIF 2: Creditors' Proofs of Debt Due March 19
IANSA OVERSEAS: Shareholders' Final Meeting Set for March 16
MAN LONG: Creditors' Proofs of Debt Due March 19

MAN LONG EQUITY: Creditors' Proofs of Debt Due March 19
MAN LONG SHORT: Creditors' Proofs of Debt Due March 19
SANMAR IP REPOSITORY: Creditors' Proofs of Debt Due March 28
SHENGLI LIMITED: Creditors' Proofs of Debt Due March 19
VESTA IAM: Creditors' Proofs of Debt Due April 20


J A M A I C A

DIGICEL GROUP: 80% of Claro Customers Migrates to Firm


M E X I C O

VITRO SAB: Moves to Enforce Mexican Reorganization in U.S.


P E R U

BANCO DE CREDITO: Moody's Affirms D+ Bank Finc'l. Strength Rating


P U E R T O   R I C O

CARIBBEAN RESTAURANTS: Moody's Raises CFR to 'B3' from 'Caa2'


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: NWU Says Government Union Did Not Approach Them


                            - - - - -


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


STANFORD FINANCIAL: Founder Guilty of US$7-Bil. Ponzi Scheme
------------------------------------------------------------
A federal jury in Houston, Texas, on Tuesday convicted Robert
Allen Stanford, the former Board of Directors Chairman of
Stanford International Bank, for orchestrating a 20-year
investment fraud scheme in which he misappropriated $7 billion
from SIB to finance his personal businesses.

Following a six-week trial before U.S. District Judge David
Hittner, and approximately three days of deliberation, the jury
found Mr. Stanford guilty on 13 of 14 counts in the indictment.

Mr. Stanford, 61, was convicted of one count of conspiracy to
commit wire and mail fraud, four counts of wire fraud, five
counts of mail fraud, one count of conspiracy to obstruct a U.S.
Securities and Exchange Commission investigation, one count of
obstruction of an SEC investigation and one count of conspiracy
to commit money laundering.  The jury found Mr. Stanford not
guilty on one count of wire fraud.

The Wall Street Journal says the jury comprised of eight men and
four women.

At sentencing, Mr. Stanford faces a maximum prison sentence of 20
years for the count of conspiracy to commit wire and mail fraud,
each count of wire and mail fraud, and the count of conspiracy to
commit money laundering, and five years for the count of
conspiracy to obstruct an SEC investigation and the count of
obstruction of an SEC investigation.

The guilty verdict was announced by Assistant Attorney General
Lanny A. Breuer of the Justice Department's Criminal Division;
U.S. Attorney Kenneth Magidson of the Southern District of Texas;
FBI Assistant Director Kevin Perkins of the Criminal
Investigative Division; Assistant Secretary of Labor for the
Employee Benefits Security Administration Phyllis C. Borzi; Chief
Postal Inspector Guy J. Cottrell; Special Agent in Charge Lucy
Cruz of the Internal Revenue Service-Criminal Investigations
(IRS-CI).

The investigation was conducted by the FBI's Houston Field
Office, the U.S. Postal Inspection Service, the IRS-CI and the
U.S. Department of Labor, Employee Benefits Security
Administration.  The case was prosecuted by Deputy Chief William
Stellmach of the Criminal Division's Fraud Section, Assistant
U.S. Attorney Gregg Costa of the Southern District of Texas and
Trial Attorney Andrew Warren of the Criminal Division's Fraud
Section.

Daniel Gilbert and Tom Fowler, writing for The Wall Street
Journal, report that Mr. Stanford faces a maximum of 230 years in
prison.  WSJ relates Mr. Stanford's attorneys, while still under
a court order to not discuss the case, told reporters they would
appeal but didn't specify on what grounds.  Prosecutors declined
to comment.

According to WSJ, the end of Mr. Stanford's criminal case, which
dragged on for nearly three years, could allow investors to
attempt to recover hundreds of millions of dollars from his
accounts and the assets of Stanford Financial Group.  A judge has
placed on hold the civil suit brought against him by the
Securities and Exchange Commission while the criminal case is
pending.  An appeal of the verdict, however, may delay investors'
recovery efforts, the report notes.

WSJ also notes that after the verdict, jurors began to hear the
case on the Justice Department's efforts to seize funds in bank
accounts controlled by Mr. Stanford, estimated to hold more than
$300 million.  The SEC, in a separate civil action, could ask a
judge for permission to move forward with its case if it believes
there are additional assets to recover.

WSJ recounts Mr. Stanford has been jailed since June 2009 because
he was judged to be a flight risk.  In prison, Mr. Stanford was
beaten in September 2009 by a fellow inmate.  Mr. Stanford
complained of memory loss from the head trauma, and a court found
that he was so addicted to his prescribed painkillers that he
wasn't competent to stand trial. In December 2011, a judge found
him competent and the trial commenced in January.

WSJ also recounts that in 2008, before his downfall, Mr. Stanford
was the 205th richest American with a net worth of $2.2 billion,
according to Forbes magazine.  His holdings in Antigua, where he
held a dual citizenship, included banks, airlines and the
country's biggest newspaper.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


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


BABO SA: Creditors' Proofs of Debt Due May 5
--------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Babo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 5, 2012.

Ms. Clos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4
in Buenos Aires, with the assistance of Clerk No. 8, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ines Etelvina Clos
         Sarmiento 943
         Argentina


PASWORD SA: Creditors' Proofs of Debt Due March 20
--------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Pasword SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 20, 2012.

Mr. Scheinkopf will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Scheinkopf
         Avenida Pueyrredon 468
         Argentina


ROBERTO ALONSO: Applied for Bankruptcy Protection
-------------------------------------------------
Roberto Alonso SA applied for bankruptcy protection.

The company has defaulted on its payments last Jan. 30.


SE ITC: Asks for Bankruptcy Proceedings
---------------------------------------
SE ITC SRL asked for bankruptcy proceedings.

The company has defaulted on its payments last Dec. 29, 2011.


SUCESION DE CESAR: Asks for Bankruptcy Proceedings
--------------------------------------------------
Sucesion de Cesar Carlos Iguna asked for bankruptcy proceedings.

The company has defaulted on its payments last Nov. 4, 2010.


TEXMOR SA: Creditors' Proofs of Debt Due March 23
-------------------------------------------------
Ines. B. Petrone, the court-appointed trustee for Texmor SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 23, 2012.

Ms. Petrone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ines. B. Petrone
         Mercedes 313
         Argentina


TIMUKA SACICI: Asks for Bankruptcy Proceedings
----------------------------------------------
Timuka SACICI y F asked for bankruptcy proceedings.

The company has defaulted on its payments last Jan. 9.


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


* BRAZIL: Chadbourne & Parke Appoints Two International Partners
----------------------------------------------------------------
The international law firm of Chadbourne & Parke disclosed that
it made six new appointments.  Alejandro Landa and Daniel Spencer
have been appointed International Partners in Mexico City and Sao
Paulo respectively, Jeff Browne has been appointed International
Counsel in Moscow, while Daniel Scott, Joseph Giannini and Kessar
Nashat have been promoted to Counsel in the New York office.

"I would like to congratulate Alejandro, Jeff, Joseph, Kessar,
Daniel Spencer and Daniel Scott on their appointments," said
Chadbourne Managing Partner Andrew Giaccia.  "These outstanding
lawyers reflect the breadth of practice and diverse experience
that we offer our global clients. Their appointments are an
acknowledgement of the Firm's appreciation of their legal talent,
and their commitment to client service."

Alejandro Landa, based in Chadbourne's Mexico City office,
counsels companies and financial institutions on a broad range of
legal issues with a particular emphasis on financial, securities
and corporate transactions including public bids, mergers and
acquisitions, joint ventures financings, asset backed
securitizations and future flow transactions. Mr. Landa also has
extensive experience advising clients in connection with
structured loans, bridge financings, and the design and
implementation of financing structures for real estate,
hospitality and infrastructure projects.  Mr. Landa earned his
B.S. (Industrial and Systems Engineer) from the Instituto
Tecnologico y de Estudios Superiores de Monterrey in 2002.  He
received his Law Degree from Instituto Tecnologico Autonomo de
Mexico in 2004 and his LL.M from Columbia Law School in 2008.

Daniel Spencer, based in Chadbourne's Sao Paulo office, advises
financial institutions and corporations with respect to their
Latin American finance and commercial transactions.  His practice
areas include project finance, structured finance, trade finance,
bank finance and general commercial contract work.  He has
extensive experience in the energy (including oil and gas),
infrastructure and agribusiness sectors, particularly in Brazil
(where he has been based for over six years) and Peru. Mr.
Spencer received his L.L.B from the University of Exeter where he
graduated with first class honors. He received his L.P.C from BPP
Law School in London.

Jeff Browne, based in Chadbourne's Moscow office has great depth
of experience in complex cross-border and domestic finance and
corporate transactions, with particular emphasis on structured
finance, capital markets and derivatives, acquisition finance,
syndicated lending, and project finance.  He also advises on
cross-border M&A, joint venture, and general commercial matters.
Mr. Browne's recent experience includes representing lenders,
borrowers and arrangers on all forms of finance, including
secured and unsecured transactions, capital markets and tax-
driven structured finance, as well as advising leading
international financial institutions on various derivatives and
structured products. He earned his LL.B, with honors, from Bond
University in 2002.

Daniel Scott practices trusts and estates and tax law out of
Chadbourne's New York office.  Mr. Scott's practice focuses on
domestic and international estate, tax and wealth planning for
high net worth individuals and their families and businesses.  In
addition to the preparation of wills and trusts, Mr. Scott
advises on the structuring, administration and transfer of
closely held businesses, including family offices and private
trust companies, and other assets.  He also counsels
international clients on cross-border planning, pre-immigration
tax planning, U.S. tax and reporting issues, and offshore grantor
and non-grantor trust issues.  Mr. Scott has published numerous
articles and has lectured on the personal planning needs of
entertainers and athletes.  Mr. Scott earned his B.A., summa cum
laude, from Manhattan College in 1999, where he was Valedictorian
of his class, and is a 2002 graduate, magna cum laude, of St.
John's University, School of Law.

Joseph Giannini, based in Chadbourne's New York office, focuses
his practice on representing domestic and international clients
in connection with banking, finance and related corporate
transactions.  Mr. Giannini has extensive experience representing
both international financial institutions and borrowers across
various industries in connection with a wide range of secured and
unsecured lending transactions, including asset-based lending,
working capital facilities, structured finance and bankruptcy-
related matters.  Some of his recent experiences include
representing syndicates of banks in connection with a
US$1 billion guaranteed revolving credit facility for a major
Mexican industrial group, various working capital facilities for
a Russian oil company (and its domestic subsidiaries) and a
US$250 million senior secured credit facility for a U.S. based
investment company.  Mr. Giannini received his B.A. from Drew
University in 1999, cum laude, and his J.D. from Georgetown
University Law Center in 2002.

Kessar Nashat, based in Chadbourne's New York office, has
extensive experience advising public and private companies on a
broad range of corporate legal matters, with a particular
emphasis on mergers and acquisitions, spin-offs and other
divestitures, joint ventures and debt and equity offerings.  In
addition to his transactional experience, Mr. Nashat routinely
advises public companies on corporate and securities matters,
including with respect to SEC filings, corporate governance and
board matters, public disclosures, trading by insiders, takeover
defenses and equity-based compensation plans.  Kessar has also
written on securities reform, shareholder rights plans and the
U.S. financial bailout.  He received his B.A., with distinction,
from Cornell University in 1999 and his J.D., cum laude, from New
York University School of Law in 2002.

                       About Chadbourne & Parke

Chadbourne & Parke LLP, -- http://www.chadbourne.com/--  an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
venture capital and emerging companies, energy/renewable energy,
communications and technology, commercial and products liability
litigation, arbitration/IDR, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance
and reinsurance, environmental, real estate, bankruptcy and
financial restructuring, executive compensation and employee
benefits, employment law, trusts and estates and government
contract matters.  Major geographical areas of concentration
include Russia, Central and Eastern Europe, Turkey, the Middle
East and Latin America.  The Firm has offices in New York,
Washington DC, Los Angeles, Mexico City, Sao Paulo, London,
Moscow, Warsaw, Kyiv, Almaty, Istanbul, Dubai and Beijing.


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


CEDARVIEW LEVERAGED: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------------
The creditors of Cedarview Leveraged Opportunities MA II, Ltd.
are required to file their proofs of debt by March 19, 2012, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 2012.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


CORO VOLTIN: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Coro Voltin Fund Limited are required to file
their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 6, 2012.

The company's liquidator is:

         Gavin Lowe
         Turner & Roulstone Management Ltd.
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


DGC LONG/SHORT: Creditors' Proofs of Debt Due March 19
------------------------------------------------------
The creditors of DGC Long/Short Ltd. are required to file their
proofs of debt by March 19, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 7, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


EMIRATES TARIAN: Creditors' Proofs of Debt Due March 20
-------------------------------------------------------
The creditors of Emirates Tarian Special Situations Asia Fund are
required to file their proofs of debt by March 20, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 8, 2012.

The company's liquidator is:

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


EXCEL CHINA: Shareholders' Final Meeting Set for March 14
---------------------------------------------------------
The shareholders of Excel China Investments Limited will hold
their final meeting on March 14, 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:

         Christophe D'orey
         C.K. Lam & Co.
         Fourseas Building, Unit 704
         208-212 Nathan Road
         Kowloon, Hong Kong
         Telephone: (852) 2866 2116
         Facsimile: (852) 2866 2203


FLEX HOLDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Flex Holding Ltd received on Feb. 24, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Ronald Fuccillo is the company's liquidator.


FORDEL HOLDINGS: Members' Final Meeting Set for March 19
--------------------------------------------------------
The members of Fordel Holdings Inc. will hold their final meeting
on March 19, 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:

         Dana Hepburn
         14 Rosebank Close, Fairfax Road
         Teddington, Middlesex
         England
         Telephone: 0208 943 1158


GEM DIF 2: Creditors' Proofs of Debt Due March 19
-------------------------------------------------
The creditors of Gem Dif 2 Ltd. are required to file their proofs
of debt by March 19, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


IANSA OVERSEAS: Shareholders' Final Meeting Set for March 16
------------------------------------------------------------
The shareholders of Iansa Overseas Limited will hold their final
meeting on March 16, 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:

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


MAN LONG: Creditors' Proofs of Debt Due March 19
------------------------------------------------
The creditors of Man Long Short Equity Japan (Master) Ltd. are
required to file their proofs of debt by March 19, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MAN LONG EQUITY: Creditors' Proofs of Debt Due March 19
-------------------------------------------------------
The creditors of Man Long Short Equity Asia Exjapan (Master) Ltd.
are required to file their proofs of debt by March 19, 2012, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MAN LONG SHORT: Creditors' Proofs of Debt Due March 19
------------------------------------------------------
The creditors of Man Long Short Equity Emerging Markets (Master)
Ltd are required to file their proofs of debt by March 19, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


SANMAR IP REPOSITORY: Creditors' Proofs of Debt Due March 28
------------------------------------------------------------
The creditors of Sanmar IP Repository Ltd are required to file
their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 2, 2012.

The company's liquidator is:

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


SHENGLI LIMITED: Creditors' Proofs of Debt Due March 19
-------------------------------------------------------
The creditors of Shengli Limited are required to file their
proofs of debt by March 19, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 7, 2012.

The company's liquidator is:

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


VESTA IAM: Creditors' Proofs of Debt Due April 20
-------------------------------------------------
The creditors of Vesta Iam Limited are required to file their
proofs of debt by April 20, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 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


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


DIGICEL GROUP: 80% of Claro Customers Migrates to Firm
------------------------------------------------------
RJR News reports that in the face of ongoing complaints from
Claro Jamaica dealers and customers about the impending shutdown
of the Claro network, Digicel Group Limited said over 80% of the
Claro Jamaica subscriber base has migrated to its network.

The company, however, said it's attempting to respond to the
outstanding concerns of Claro Jamaica subscribers and dealers,
according to RJR News.

The report notes that Digicel Jamaica Head of Consumer Sales
Patrick King responded to complaints from some Claro customers
that with the looming closure of the Claro network, they have
been given Digicel sim cards and not Digicel phones.   RJR News
notes that Mr. King admitted that Digicel Group has had some
complaints from dealers and customers but he said they have been
dealt with on a case by case basis.

As reported in the Troubled Company Reporter-Latin America on
Feb. 29, 2012, RJR News related that Digicel Group, 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 in order to
keep their Claro numbers and any remaining balance on their
account, according to RJR News.  The report noted that Digicel
Group's rival LIME has also been trying to attract some of the
migrating Claro customers to its network.

                        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.


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


VITRO SAB: Moves to Enforce Mexican Reorganization in U.S.
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB began the process of finding out whether
courts in the U.S. will uphold and enforce the Mexican
glassmaker's bankruptcy reorganization plan, which was approved
by a court in Monterrey, Mexico, and implemented last month.

According to the report, Vitro filed papers on March 2 in U.S.
Bankruptcy Court in Dallas asking the judge to enforce the
Mexican reorganization plan and halt suits by bondholders aimed
at collecting on the defaulted bonds.  The first opportunity for
U.S. Bankruptcy Judge Harlin "Cooter" Hale to rule could come
quickly because Vitro filed a motion for a temporary restraining
order to halt the bondholders' legal actions in the U.S.  No
hearing date has been set as of yet.

Vitro, the report relates, argues that the reorganization should
be enforced in the U.S. because bondholders were given full due
process rights in the Mexican courts.  The company contends that
the Mexican court's proceedings should be enforced because they
weren't "manifestly contrary to the public policy of the U.S."
Vitro told Hale that U.S. courts enforced Mexican reorganizations
on six prior occasions.

Vitro in February said it has implemented the reorganization plan
approved by a judge in Monterrey, Mexico.  The reorganization in
Mexico was fought unsuccessfully by holders of some of the
US$1.2 billion in defaulted bonds.

The reorganization was being fought by holders of some of the
US$1.2 billion in defaulted bonds.  Bondholders were in
opposition based on an argument that the company created US$1.9
billion in debt owing by the parent to subsidiaries and used the
affiliates' debt to vote down opposition from bondholders.
Bondholders also opposed the plan because it wouldn't pay their
debt in full, although shareholders would retain ownership.

Vitro characterized the ad hoc bondholder group as "vulture
investors" who have "an established pattern of highly litigious
behavior."

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

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

            Concurso Mercantil & Chapter 15 Proceedings

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

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

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

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court
in Monterrey.  The approval vote was evidently obtained using
claims of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49% to 54% of creditors' claims.

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

                      Chapter 11 Proceedings

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

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

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

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

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

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

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

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.


=======
P E R U
=======


BANCO DE CREDITO: Moody's Affirms D+ Bank Finc'l. Strength Rating
----------------------------------------------------------------
Moody's Investors Service affirmed all of Banco de Credito del
Peru (BCP)'s ratings including its D+ bank financial strength
rating (BFSR), Baa2/Prime-2 long and short term local currency
deposit ratings, and Baa3/Prime-3 long and short term foreign
currency deposit ratings.  At the same time, Moody's affirmed the
Baa3 local currency subordinated debt rating and the Baa2 and
Baa3 ratings of the foreign currency senior and subordinated debt
issued via its Panamanian Branch.

All the ratings have a stable outlook, with the exception of the
foreign currency deposit rating, which has a positive outlook, in
line with the positive outlook of the sovereign ceiling for
foreign currency deposits in Peru.

The following ratings were affirmed:

Banco de Credito del Peru:

  Bank financial strength rating: D+, stable
  Long term local currency deposit rating: Baa2, stable
  Short term local currency deposit rating: Prime-2
  Long term foreign currency deposit rating: Baa3, positive
  Short term foreign currency deposit rating: Prime-3

Banco de Credito del Peru -- Panama Branch

  Foreign currency senior debt rating: Baa2, stable
  Foreign currency subordinated debt rating: Baa3, stable
  Local currency subordinated debt rating: Baa3, stable

Ratings Rationale

The affirmation of BCP's ratings reflects the bank's growing core
profitability, increasing business diversification, well managed
asset quality and liquidity, and improving capitalization.  BCP
continued to expand during 2011 and was able to slightly increase
its lending market shares amid intensifying competition from both
international and regional players.  Moody's notes the bank's
earnings continued to benefit from healthy growth of net interest
income and fees during 2011, helping to offset the strong rise in
operating and provisioning expenses due to business expansion.

Moody's notes this growth is not without its challenges, however.
BCP's net interest margin (NIM) has come under pressure in recent
years due in part to its largely corporate loan mix, which yields
lower spreads, and the addition of a large amount of term debt to
support the bank's longer term mortgage and commercial lending
portfolios. Dampening margins across the system call into
question the risk-reward opportunities in corporate banking and
point to further shifts towards higher yielding business by the
banks in Peru.

BCP is looking to further expand its already extensive retail
franchise, but with greater emphasis on retail and consumer
lending, including mortgages and credit cards, as well as on
small business lending (SME) and microfinance.  At the same time,
high growth in the higher risk consumer and SME lending segments
could change the bank's asset quality profile.  On the positive
side, greater emphasis on these business lines should boost fee
capture and provide increased cross-selling opportunities.

On the corporate side, challenges include BCP's relatively high
and increasing single borrower concentrations, as well as the
bank's increasing appetite for corporate finance and investment
banking transactions, in Peru and in the region.  While the bank
and the group have shown a disciplined approach to this business
so far, the recent acquisition of Colombia's brokerage house
Correval (which is pending of regulatory approval) exposes the
bank to the potential for greater asset quality risks and
earnings volatility.  At this juncture, the bank's strong
earnings, reserve coverage and capitalization provide adequate
buffer to absorb unexpected losses, said Moody's.

BCP's Baa2 local currency deposit rating reflects one notch of
uplift as a result of Moody's assessment of a very high
probability of systemic support for the bank's obligations if
needed.  The Baa3 foreign currency deposit rating remains
constrained by the Peruvian country ceiling for deposits, and has
a positive outlook in line with that of the ceiling.

Based in Lima, Peru, Banco de Credito del Peru reported US$25.5
billion in consolidated assets, US$2.3 billion in equity and
US$534 million in net income as of Dec. 31, 2011.  It was the
country's largest bank, with a 33% market share of loans and 34%
of deposits.  BCP is the largest subsidiary of Credicorp Ltd.
(97.41% owned), a leading Peruvian financial services holding
company.

The last rating action on BCP was on March 21, 2011, when Moody's
affirmed the Baa3 long term foreign currency deposit rating and
changed the outlook to positive from stable.


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


CARIBBEAN RESTAURANTS: Moody's Raises CFR to 'B3' from 'Caa2'
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Caribbean
Restaurants LLC -- the borrowing entity of the company's pre-
existing debt obligations, including its Corporate Family Rating
(CFR) to B3 from Caa2 and Probability of Default Rating to Caa1
from Caa2, due to the completion of the refinancing as expected
per Moody's press release on January 27, 2012. In addition, the
upgraded CFR and PDR have been moved and assigned to Restaurant
Holding Company, LLC ("Caribbean" or "NewCo")-- the borrower
under the new credit facilities.  Moody's also affirmed the B3
rating of new $217.5 million senior secured credit facilities
after the company completed the execution of the credit agreement
under the credit facilities. The rating outlook is stable.

The action concludes the review for possible upgrade that was
initiated on January 27, 2012.  All the ratings at the OldCo will
be withdrawn subsequently.

The rating action is as follows:

Restaurant Holding Company, LLC

- Corporate Family Rating -- assigned B3
- Probability of Default Rating -- assigned Caa1
- US$22.5 million senior secured revolving credit facility due
      2016 -- B3 (LGD3, 31%), affirmed
- US$195 million senior secured term loan due 2017 -- B3 (LGD3,
      31%), affirmed

Caribbean Restaurants, LLC

- Corporate Family Rating -- upgraded to B3 from Caa2 and will
     be withdrawn
- Probability of Default Rating -- upgraded to Caa1 from Caa2
     and will be withdrawn
- $147 million senior secured second lien notes due June 2012 --
     Caa1 (LGD3, 39%) will be withdrawn

Ratings Rationale

The assignment of B3 CFR and affirmation of B3 rating on the bank
credit facilities reflect the timely execution of the refinancing
which provides the company with a more manageable debt maturity
schedule and improved liquidity.  The refinancing eliminated the
2012 maturities related to Caribbean's previous bank facility and
senior secured notes.  The rating action also reflects a modest
improvement in financial leverage and cash flow generation due to
reduced debt level and anticipated interest savings as a result
of the transaction.  Positive rating consideration was also given
to the strong name recognition and leading position of the Burger
King brand in the Puerto Rico QSR segment, the seasoned
management team and the company's exclusive development agreement
within Puerto Rico.

"However, we continue to recognize Caribbean's earnings
vulnerability to consumer spending, its small scale, geographic
concentration in Puerto Rico and the still weak local economy,"
explained Moody's lead analyst John Zhao.

The stable rating outlook incorporates Moody's view that the near
term negative pressure on revenue and earnings will persist so
that Caribbean's earnings could likely decline.  However, Moody's
anticipates any decline in earnings will likely be modest and
free cash flow slightly negative at worst, given management's
track record in maintaining steady profitability in a
recessionary yet inflationary environment.  Moody's anticipates
the debt/EBITDA (excluding preferred equity adjustment) will not
rise materially above 6.5x in the coming year.

Caribbean's rating and stable outlook could face downward
pressure if its operating metrics such as same store sales and
operating profit declined, resulting in sustained debt/EBITDA
(excluding preferred equity adjustment) approaching 7.0x or
negative free cash flow.

Positive ratings momentum is not expected in the near term, but
could occur if the company is able to increase its scale and
diversification, as well as demonstrate an ability to sustain
debt-to-EBITDA below 5.0x.

The refinancing has shifted the company's debt structure to a
primarily all first-lien bank loan construct from previous
bond/bank structure, resulting in an improved family recovery
assumption to 65% from 50% according to the loss given default
methodology. This in turn has resulted in a Caa1 PDR, one notch
below the CFR.

Caribbean, through an exclusive territorial development agreement
with Burger King Corporation, is the sole franchisee of Burger
King restaurants in Puerto Rico with approximately 177 units as
of July 2011. The company also owns four Firehouse Subs
franchisee restaurants through a recent acquisition. Caribbean is
a wholly-owned subsidiary of BKH Acquisition Corp., which in turn
is majority-owned by Castle Harlan Partners, a private equity
firm that purchased the company in 2004.


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


TRINIDAD CEMENT: NWU Says Government Union Did Not Approach Them
----------------------------------------------------------------
RJR News reports that the National Workers Union (NWU) said it
has not been approached by any of its counterparts in Trinidad
and Tobago regarding a move to stall the export of supplies by
Caribbean Cement to its parent company in the twin island
republic.

Trinidadian media reported that the Oilfields Workers' Trade
Union (OWTU) had contacted trade unions in Jamaica to ask that no
cement be sent during the duration of the strike at Trinidad
Cement Limited, according to RJR News.  The report relates that
TCL was arranging to get supplies from Jamaica as the strike by
its workers had led to a shortage of cement in Trinidad and
Tobago.

However, RJR News notes that the NWU which represents
administrative, supervisory and production workers at Caribbean
Cement said it's not aware of the request by the Trinidadian
trade union.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbabos,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                          About TCL

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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