TCRLA_Public/120308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, March 8, 2012, Vol. 13, No. 049


                            Headlines



A R G E N T I N A

AYACUCHO BS AS: Creditors' Proofs of Debt Due March 26
BIRCHMAN CONSULTORES: Requests Opening of Bankruptcy Proceedings
CODAN ARGENTINA: Creditors' Proofs of Debt Due April 24
DIFCO TRADE: Creditors' Proofs of Debt Due April 24
ESTABLECIMIENTO PAMPA: Creditors' Proofs of Debt Due April 13

ROBERTO ALONSO: Applies for Bankruptcy Protection
SECUENCIA LOGICA: Creditors' Proofs of Debt Due May 16
SEITC SRL: Applies for Bankruptcy Proceedings
SALTA HYDROCARBON: Fitch Affirms Rating on $234-Mil. Notes at 'B'
TEXMOR SA: Creditors' Proofs of Debt Due March 23

TIMUKA SACICI: Asks for Bankruptcy Proceedings
* ARGENTINA: Fitch Puts 'B(exp)' Rating on Salta Province's Note


B E R M U D A

MACQUARIE BERMUDA: Creditors' Proofs of Debt Due March 14
MACQUARIE BERMUDA: Members' Final Meeting Set for April 4


B R A Z I L

CENTRAIS ELECTRICAS: Regulator Denies Plea to Raise Tariff Rates


C A Y M A N   I S L A N D S

ALTERNATIVE FUEL: Creditors' Proofs of Debt Due March 26
ARTEMIS IAM: Creditors' Proofs of Debt Due April 20
ASIA FUND: Creditors' Proofs of Debt Due March 29
DATA SYSTEMS: Creditors' Proofs of Debt Due March 20
DENALI DIRECTIONAL: Creditors' Proofs of Debt Due March 19

DENALI HEDGED: Creditors' Proofs of Debt Due March 19
DERWENT ABSOLUTE: Creditors' Proofs of Debt Due March 27
DERWENT ABSOLUTE RETURN: Creditors' Proofs of Debt Due March 27
KS MASTER: Creditors' Proofs of Debt Due March 28
OIKOS ASIA: Creditors' Proofs of Debt Due March 28

QUANTUM REALTY: Creditors' Proofs of Debt Due March 28
REAL ASSETS: Commences Liquidation Proceedings
SOLUS CORE: Creditors' Proofs of Debt Due March 20
SP BARNES: Creditors' Proofs of Debt Due March 28
U CAPITAL OFFSHORE: Creditors' Proofs of Debt Due March 27


M E X I C O

CORPORACION INTERAMERICANA: S&P Raises Ratings to 'B-'; Off Watch
HIPOTECARIA SU: To Propose Liquidation to Shareholders


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: PCA Gets 6 Formal Complaints From Workers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AYACUCHO BS AS: Creditors' Proofs of Debt Due March 26
------------------------------------------------------
Mario Gustavo Doctorovich, the court-appointed trustee for
Ayacucho Bs As SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 26, 2012.

Mr. Doctorovich will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Mario Gustavo Doctorovich
         Teniente General Juan Domingo Perón 1610
         Argentina


BIRCHMAN CONSULTORES: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------------------
Birchman Consultores (Argentina) SRL requested the opening of
bankruptcy proceedings.

The company has defaulted on its payments last Oct. 2011.


CODAN ARGENTINA: Creditors' Proofs of Debt Due April 24
-------------------------------------------------------
Estudio Postina, the court-appointed trustee for Codan Argentina
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 24, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Estudio Postina, Torralba y Asociados
         Viamonte 2043
         Argentina


DIFCO TRADE: Creditors' Proofs of Debt Due April 24
---------------------------------------------------
Ana Maria Blujerman, the court-appointed trustee for Difco Trade
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 24, 2012.

Ms. Blujerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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:

         Ana Maria Blujerman
         Parana 774
         Argentina


ESTABLECIMIENTO PAMPA: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------------
Norberto Kuperman, the court-appointed trustee for
Establecimiento Pampa SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 13, 2012.

Mr. Kuperman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Norberto Kuperman
         Uruguay 1285


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

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


SECUENCIA LOGICA: Creditors' Proofs of Debt Due May 16
------------------------------------------------------
Maria Ines Strusberg, the court-appointed trustee for Secuencia
Logica SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 16, 2012.

Ms. Strusberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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:

         Maria Ines Strusberg
         Av. Cordoba 1367
         Argentina


SEITC SRL: Applies for Bankruptcy Proceedings
---------------------------------------------
SE.I.T.C. SRL applied for bankruptcy protection.

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


SALTA HYDROCARBON: Fitch Affirms Rating on $234-Mil. Notes at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed Salta Hydrocarbon Royalty Trust's
global scale foreign currency rating for its USD$234 million
targeted amortization notes (the existing notes) at 'B'.  The
Rating Outlook is Stable.  This rating level applies to the
timely payment of interest and ultimate payment of principal by
the final maturity date of Dec. 28, 2015. The target maturity
date is Dec. 28, 2012.

The Province of Salta has expressed its intention to place debt
(the new notes) in the local and international capital market to
finance infrastructure projects and public works in the northern
region of the province.  The new issuance will take place under
Law No. 7.691 and will be secured by the province's oil & gas
royalties as well as by the existing notes.

The province owns 100% of the equity interests in the existing
notes and is the legal holder of the ownership certificate.
While the existing notes remain outstanding, the province has
decided to transfer this certificate to the custody of the
Citibank N.A., as trustee of the new notes.  In this way, if the
province receives amounts in excess after payment of interest,
principal and certain other fees and expenses, it will transfer
these amounts to the trustee account under the new notes.

Fitch believes that the new notes will not affect the collateral
of the existing notes, because the latter are senior to the new
notes and benefit from the structure credit enhancements.  Once
the existing notes are fully paid, the ownership certificate will
be cancelled and the specified royalties will return to the
province.

The bonds continue to amortize, with a target-schedule
outstanding balance of USD$42,083,223.  In the last two years,
the collections have been decreasing due to lower oil & gas
production levels that have not been off-set by prices.  In 2011,
oil and gas production of the Province of Salta declined 12.8%
and 12.3%, respectively, while the U.S. dollar royalties were
reduced by 11.7% compared to 2010 figures.

Fitch expects that the royalties will continue to fall as a
result of the depletion of the existing wells and the fact that
they will not be replaced with new reserves, unless there are new
investments or a relevant increase in the level of prices.
Government interference is evidenced through price control and
export taxes, among other items, which affects new investment
decisions.

This situation could mean that the bonds may not reach the target
amortization, extending full amortization of the notes beyond
2012, but always within the legal maturity (December, 2015).
Fitch's rating applies to the legal maturity and it supports the
different stress scenarios analyzed as to the future flow.

The notes have the following credit enhancement:

  -- Liquidity reserve equivalent to six months of interest (as
     of December 2011, USD$2.4 million);

  -- Insurance policy covering timely interest payments by Ace
     Bermuda Insurance Ltd.  The policy covers political risks
     comprising inconvertibility of pesos into dollars and non-
     transferability outside of Argentina in a timely manner;
     expropriation, confiscation, nationalization or other
     discriminatory legislative action depriving the trust of use
     or control of their accounts;

  -- Holdback events that, upon the occurrence and during the
     continuance of each of them, the trustee will retain all
     excess collections.  These holdback events are related to
     production levels, reserves, and debt service coverage
     ratios.  As of December 2011, none of the ratios were
     triggered; nevertheless, the production and the target
     payment coverage ratio are very near to the threshold levels
     of 0.90 and 1.1, respectively.


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 March 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.


* ARGENTINA: Fitch Puts 'B(exp)' Rating on Salta Province's Note
----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term foreign currency
rating of 'B(exp)' to the new note to be issued by the Province
of Salta.  Additionally, Fitch has assigned a long-term foreign
and local currency rating of 'B' to the Province.

The Rating Outlook of the Province is Stable.

The Province will issue a 10-year note for up to USD220 million
secured by its oil and gas royalties.  The note will accrue a
fixed interest rate to be established at the time of placement.
Principal and interest debt services will be payable on a
quarterly basis each of which will be equivalent to 2.94% of the
principal amount to be issue, with a 21-month period of grace for
principal.  Proceeds from the note will be used for capital
expenditure financing in the northern region of the Province.

Although the note is guaranteed by oil and gas royalties, the
rating is based on the issuer's creditworthiness since in the
event of insufficient funds to meet debt services payments the
ultimate obligor is the Province of Salta.  Nevertheless, the
creditworthiness of the guarantee has been evaluated.

Fitch assessed the fact that the oil and gas royalties will not
be assigned as guarantee while the note issued under the 'Salta
Hydrocarbon Royalty Trust' (the existing note) is still
outstanding; thus, during that time, debt services on the new
note will be subordinated.  However, even when the royalties have
effectively been assigned to guarantee the note, these funds
could be insufficient to repay some debt services, in which case
it would be necessary to resort to the Province's Treasury.
Thus, Fitch considered that the guarantee is not strong enough to
detach the new notes rating from the Province's inherent
creditworthiness.  An improvement on Argentina's hydrocarbon
sector conditions would enable Fitch to review its assumptions
under the base case scenario and reassess the notes
creditworthiness.

Any change in the Province's rating could have an impact on the
notes rating in a similar direction.  An improvement in the
levels of coverage of the debt service and a full reserve account
could also have a positive impact on the rating although it will
always be limited to the sovereign risk.

In recent years, like all Argentinean provinces, Salta's
expenditure structure has become more concentrated on operating
expenditure and exposed to inflation and wages pressure.
However, the Province has proven its ability to post adequate and
stable operating margins, by adjusting the evolution of its
operating spending to its revenues.

Its solid budgetary performance and the refinancing of part of
its debt in 2010 enabled the Province to improve its leveraging
and debt payback ratio: as of September 2011, Salta's debt
amounted to ARS1.796 billion, equivalent to 23.7% of its current
revenue and a 1.6 times (x) its current balance.  Salta's debt is
expected to rise to ARS3.300 billion, equivalent to 37% of
current revenue and 3.4x current balance.  Notwithstanding this
deterioration, Salta's debt profile will continue to be above
provincial median and in line with the rating assigned.

Even in higher-than-expected stressed scenarios, Fitch considers
that provincial administration has the capacity and political
room to take austerity measures to maintain its good financial
performance.

Salta is one of the 24 Argentinean provinces, located in the
northwestern region of the country. Salta's population is
estimated at 1.2 million, accounting for 3% of Argentina's whole
population.  The Province's per capita GDP in 2010 represented
32.5% of national median, driven by a low developed provincial
economy and relatively weak socio-economic indicators.  The
current Governor is Mr. Juan Manuel Urtubey, who is running his
second mandate in a row with majority in the provincial Assembly.
Mr. Urtubey's government aims to widen coverage of social
services and public investment, combined with strong incentives
for private activity.


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B E R M U D A
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MACQUARIE BERMUDA: Creditors' Proofs of Debt Due March 14
---------------------------------------------------------
The creditors of Macquarie Bermuda Investments Limited are
required to file their proofs of debt by March 14, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2012.

The company's liquidator is:

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


MACQUARIE BERMUDA: Members' Final Meeting Set for April 4
---------------------------------------------------------
The members of Macquarie Bermuda Investments Limited will hold
their final meeting on April 4, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Feb. 23, 2012.

The company's liquidator is:

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



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


CENTRAIS ELECTRICAS: Regulator Denies Plea to Raise Tariff Rates
----------------------------------------------------------------
Arnaldo Galvao at Bloomberg News relates that Agencia Nacional de
Energia Eletrica (ANEEL), Brazil's energy regulatory agency,
denied Centrais Eletricas do Para SA's request to increase energy
tariffs by 2%.

Bloomberg cites a statement posted on ANEEL's Web site where the
regulator said, "The current financial-economic unbalance alleged
by the concessionaire is not due to the tariffs level . . . .  It
depends on actions to improve management and increase resources
by its shareholders."

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.

                           *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


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


ALTERNATIVE FUEL: Creditors' Proofs of Debt Due March 26
--------------------------------------------------------
The creditors of Alternative Fuel Resources Inc. are required to
file their proofs of debt by March 26, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 30, 2011.

The company's liquidator is:

         Philip Mosely
         Cayman Management Ltd.
         Harbour Centre, Ground Floor
         PO Box 1569, George Town
         Grand Cayman   KY1-1110
         Cayman Islands
         Telephone: +1 345 949 4018
         Facsimile: +1 345 949 7891


ARTEMIS IAM: Creditors' Proofs of Debt Due April 20
---------------------------------------------------
The creditors of Artemis 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


ASIA FUND: Creditors' Proofs of Debt Due March 29
-------------------------------------------------
The creditors of Asia Fund Ltd. are required to file their proofs
of debt by March 29, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Peter Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


DATA SYSTEMS: Creditors' Proofs of Debt Due March 20
----------------------------------------------------
The creditors of Data Systems Consulting International (Cayman)
Co., Ltd. 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. 10, 2012.

The company's liquidator is:

         Chen, Chien-Yung
         5th Floor., No. 10-1, Aly. 1, Lane 77, Dongming Rd.
         Sinyi Dist., Keelung City, Taiwan, R.O.C.
         Telephone: +886-2-911-1688 # 2285
         Facsimile: +886-2-2912-7809


DENALI DIRECTIONAL: Creditors' Proofs of Debt Due March 19
----------------------------------------------------------
The creditors of Denali Directional Equity Fund 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 Jan. 31, 2012.

The company's liquidator is:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street
         PO Box 32021 Grand Cayman KY1-1208
         Cayman Islands


DENALI HEDGED: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------
The creditors of Denali Hedged U.S. Equity Fund 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 Jan. 31, 2012.

The company's liquidator is:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street
         PO Box 32021 Grand Cayman KY1-1208
         Cayman Islands


DERWENT ABSOLUTE: Creditors' Proofs of Debt Due March 27
--------------------------------------------------------
The creditors of Derwent Absolute Return Fund Limited are
required to file their proofs of debt by March 27, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 8, 2012.

The company's liquidator is:

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


DERWENT ABSOLUTE RETURN: Creditors' Proofs of Debt Due March 27
---------------------------------------------------------------
The creditors of Derwent Absolute Return Master Fund Limited are
required to file their proofs of debt by March 27, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 8, 2012.

The company's liquidator is:

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


KS MASTER: Creditors' Proofs of Debt Due March 28
-------------------------------------------------
The creditors of KS Master Fund 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. 3, 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


OIKOS ASIA: Creditors' Proofs of Debt Due March 28
--------------------------------------------------
The creditors of Oikos Asia Fund 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. 8, 2012.

The company's liquidator is:

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


QUANTUM REALTY: Creditors' Proofs of Debt Due March 28
------------------------------------------------------
The creditors of Quantum Realty (R) 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. 9, 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


REAL ASSETS: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 14, 2012, the members of Real Assets Investments Limited
passed a resolution that voluntarily liquidates the company's
business.

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

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Citigroup Fund Services (Cayman), Ltd.
         27 Hospital Road
         Cayman Corporate Centre, Fifth Floor
         George Town
         Grand Cayman KY1-1003
         Cayman Islands
         c/o Schell Stubbs
         Telephone: (242) 302-8714


SOLUS CORE: Creditors' Proofs of Debt Due March 20
--------------------------------------------------
The creditors of Solus Core Opportunities Fund II Ltd 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. 7, 2012.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SP BARNES: Creditors' Proofs of Debt Due March 28
-------------------------------------------------
The creditors of SP Barnes 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. 9, 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


U CAPITAL OFFSHORE: Creditors' Proofs of Debt Due March 27
----------------------------------------------------------
The creditors of U Capital Offshore, Ltd. are required to file
their proofs of debt by March 27, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


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M E X I C O
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CORPORACION INTERAMERICANA: S&P Raises Ratings to 'B-'; Off Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Corporacion Interamericana de Entretenimiento S.A.B. de C.V.
(CIE) to 'B-' from 'CCC'. "At the same time, we removed the
ratings from CreditWatch with positive implications, where we
placed them on Aug. 18, 2011. The '4' recovery rating on the
company's $200 million senior unsecured notes remained unchanged.
Outstanding debt on these notes was $13.7 million as of Dec. 31,
2011. The outlook is developing," S&P said.

"The upgrade is based on CIE's improved capital structure and the
anticipated payment of its 2012 debt maturities through the
proceeds of the sale of an additional 35.8% of its CIE Las
Americas division. The sale provided CIE with additional
flexibility, as its next debt amortization payments will be due
by the second half of 2013 and in 2014, which represent a total
of MXN2.1 billion. We believe that if the company is able to
refinance these debt amortization payments in the next six
months, we would upgrade the company by one to two notches. If
CIE is unable to refinance its debt maturity profile by year-end,
we believe the company's cash sources wouldn't be sufficient to
cover the debt payments in 2013 and 2014 and, therefore, we could
downgrade it," S&P said.


HIPOTECARIA SU: To Propose Liquidation to Shareholders
------------------------------------------------------
Jose Enrique Arrioja and Jonathan Levin at Bloomberg News report
Hipotecaria Su Casita SA said its board will propose liquidating
the company during a shareholders meeting on March 16.

"Despite having gone through a financial restructuring during
2011, we don't have the credit lines that are indispensable to
give viability to the business plan of Hipotecaria Su Casita,"
Chief Executive Officer Arturo D'Acosta was quoted as saying in
an e-mailed statement obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2011, Thomas Black at Bloomberg News said that
Hipotecaria Su Casita SA said 95% of creditors accepted an
exchange offer for MXN2.3 billion and US$59 million.  The company
will proceed with the exchange, Su Casita said in a statement to
the Mexican stock exchange, according to Bloomberg.  The Wall
Street Journal related that holders of the company's peso-
denominated notes will receive MXN2.32 billion in new seven-year
guaranteed notes plus equity of 36.7% of the company while
holders of about US$136 million in dollar-denominated notes will
receive US$59 million in new 7.5% seven-year notes and 11.6% of
the company's shares.  The company said the creditors should have
the new notes within six days and the shares within 30 days,
according to the Journal.   Hipotecaria Su had threatened to file
bankruptcy if the debt swap were unsuccessful, in which case the
company warned that the recovery rate for investors would be
significantly less than that which they could achieve via the
swap, the Journal added.

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of
extending mortgage loans financed by monies from SHF to low
income individuals -- an important role in the low-income housing
market, as there is no rental market in Mexico.  It is 40% owned
by Spanish bank Caja Madrid.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2012, Standard & Poor's Ratings Services placed its
ratings on three construction loan securitizations originated and
serviced by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R., on
CreditWatch with negative implications.  The affected deals are:
Hipotecaria Su Casita-Bursatilizaciones de Creditos Puente II's
series HSCCICB 06 and HSCCB 08, and the mezzanine notes from the
Hipotecaria Su Casita Construction Loan Trust series 2005-1.


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


TRINIDAD CEMENT: PCA Gets 6 Formal Complaints From Workers
----------------------------------------------------------
Reshma Baal at Trinidad and Tobago Newsday reports that the
Police Complaints Authority has received six formal complaints
from workers of Trinidad Cement Limited.

PCA director Gillian Lucky said the PCA was in the process of
conducting investigations into the allegations of the use of
excessive force by police officers on striking TCL employees,
according to T&T Newsday.

The report notes that officials from the Oilfields Workers Trade
Union, (OWTU) served strike notice at TCL and its sister company,
TCL Packaging, as negotiations between both parties reached a
stalemate.   However, it was reported that some workers were
outside the gate of TCL's Claxton Bay plant, walking around and
singing when police officers pushed, shoved, beat, cracked their
guns and threatened workers outside of the gate, T&T Newsday
relates.

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.


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


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

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
  Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
  Contact:             1-703-739-0800      ;
http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
  Contact:             1-703-739-0800      ;
http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
  Contact:             1-703-739-0800      ;
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
  Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
  Contact:             1-703-739-0800      ;
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
  Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
  Contact: http://www.turnaround.org/


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, 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 * * *