TCRLA_Public/120321.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, March 21, 2012, Vol. 13, No. 058


                            Headlines



A R G E N T I N A

YPF SA: To Consider Cutting Dividend at Board Meeting Today
* ARGENTINA: S&P Puts 'B' Rating on Province of Salta Notes


B A R B A D O S

REDJET: Suspends All Flights to Protect Business Interests


B E R M U D A

BAR ONE: Court to Hear Wind-Up Petition on March 30
EMERGENT ALTERNATIVE: Creditors' Proofs of Debt Due April 17
EMERGENT ALTERNATIVE: Member to Get Wind-Up Report on April 24
EMERALD TREE: Creditors' Proofs of Debt Due March 30
EMERALD TREE: Members' Final Meeting Set for April 18


C A Y M A N   I S L A N D S

ASIAN OPPORTUNITY: Commences Wind-Up Proceedings
AWAS CAYMAN A330-I: Creditors' Proofs of Debt Due April 3
DRV FUND: Creditors' Proofs of Debt Due April 3
FOCUS 100: Creditors' Proofs of Debt Due April 12
FOCUS 150: Creditors' Proofs of Debt Due April 12

FOCUS 350: Creditors' Proofs of Debt Due April 12
FOCUS 600: Creditors' Proofs of Debt Due April 12
GEM DIF 1: Creditors' Proofs of Debt Due April 3
INVESTCORP WHITE: Creditors' Proofs of Debt Due May 28
INVESTCORP WHITE EAGLE: Creditors' Proofs of Debt Due May 28

OUCHY CORPORATION: Creditors' Proofs of Debt Due April 12
PIRARUKU FUND: Creditors' Proofs of Debt Due April 11
SANTA MARGHERITA: Creditors' Proofs of Debt Due April 13
SILVER CREEK: Creditors' Proofs of Debt Due April 12
TAMPONE INVESTMENT: Creditors' Proofs of Debt Due April 13


C O S T A   R I C A

* COSTA RICA: Seeks US$500 Million Bond Sale in Wake of Tax Vote


J A M A I C A

NATIONAL COMMERCIAL: Fitch Affirms Issuer Default Rating at 'B-'


M E X I C O

GRUPO PETROTEMEX: S&P Raises Corp. & Sr. Secured Ratings to 'BB+'


P U E R T O   R I C O

CANADIAN PROPERTIES: Voluntary Chapter 11 Case Summary
RESTAURANT TIERRA: Case Summary & 14 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Struggling to Meet Financial Obligations


                            - - - - -


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


YPF SA: To Consider Cutting Dividend at Board Meeting Today
-----------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that YPF SA will hold
a board meeting today, March 21, 2012, to decide on its dividend
policy after the government pressed the company to reduce
payments and boost spending on production.

The board will weigh options that include cutting the dividend
altogether and redirecting the cash towards investment, as well
as continuing payment at usual levels, a YPF company official
told the news agency in a telephone interview.

YPF SA delayed a decision on the dividend at a March 8 board
meeting after Argentina's government representative on the board,
Roberto Baratta, said the cash should instead be invested in
exploration and production.

The company has paid out 90% of net income in dividends for at
least the past four years, according to Bloomberg data.

The report notes that Mr. Baratta voted against the dividend
payment as the government pressures oil companies to increase
investments in an effort to curb declining production and fuel
imports.

                         About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international
operations are conducted through its subsidiaries, YPF
International S.A. and YPF Holdings Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.


* ARGENTINA: S&P Puts 'B' Rating on Province of Salta Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating and
'raAA' Argentine national scale rating to Province of Salta,
Argentina's US$185 million 9.5% secured amortizing notes due
2022.

"The notes are collateralized by Salta's right to receive 80% of
the hydrocarbon royalties due to it under dedicated concessions.
The secured amortizing notes are Salta's direct, general,
unconditional, and unsubordinated obligations and will be secured
by the underlying collateral," S&P said.

The notes will repay in 34 quarterly installments starting on
Dec. 16, 2013, and interest payments will commence on June 16,
2012. The final legal maturity will be on March 16, 2022.

Different oil and gas producers pay the gas and oil royalties
that secure the amortizing notes to Salta.  These royalties
represent 12% of the oil and gas production value at the wellhead
of dedicated concessionaires in the areas in Argentina: Acambuco,
Agua Blanca, Aguarage, El Vinalar, Palmar Largo, Puesto
Guardi n, Ramos, San Antonio Sur, and Valle Morado. As of Dec.
31, 2010, the dedicated areas accounted for all of Salta's oil
and gas production.

This is Salta's second structured transaction secured by oil and
gas royalties. The company issued its first issuance, Salta
Hydrocarbon Royalty Trust, in March 2001; its performance has
been strong, even during the Argentine sovereign crisis in 2001-
2002. The new issuance will be subordinated to the payment of all
amounts due under Salta Hydrocarbon Royalty Trust, which is
expected to be cancelled on Dec. 28, 2012.

The ratings are based on the transaction's characteristics,
including:

* The solid credit enhancement protection that includes
  overcollateralization and a debt service reserve account equal
  to the next scheduled debt service payment. In addition,
  extraordinary and trigger event prepayment accounts will exist
  to cover any liquidity shortfall in case of a prepayment.

* The pool of highly rated private oil producers/concessionaries
  that support the underlying assets. These entities, which
  currently pay royalties to Salta, will pay directly to an
  Argentine onshore trust for the secured amortizing noteholders'
  benefit. Consequently, the main repayment source for this
  transaction depends on the evolution and performance of the
  royalties or the gas and oil production, not on Salta's
  willingness or capability to pay debt.

* The strength of the underlying collateral (the gas and oil
  royalties), which will be paid directly to an onshore Argentine
  trust and held at Banco Macro S.A.

* Salta's sound fiscal performance and financial flexibility.
  That said, Salta remains materially influenced by the central
  government's policies because it depends significantly on
  federal transfers (federal transfers equal 65% of Salta's total
  revenue).

* The weak business risk profile of Salta's hydrocarbon industry,
  which reflects a challenging institutional and regulatory
  environment and its inability to successfully replace its
  reserves over the past few years mainly due to the decrease in
  oil and gas companies' investments in the industry.

"Salta's royalty generation depends on both the production and
price of the hydrocarbons it produces, especially natural gas.
Even though Salta's production is lower than our original
estimates as a result of the aforementioned decrease in
investments, crude oil prices are considerably higher (despite
export duties) and natural gas prices, which dropped in 2002, are
slowly and slightly recovering. These higher prices have
partially offset the effect of lower production," S&P said.


===============
B A R B A D O S
===============


REDJET: Suspends All Flights to Protect Business Interests
----------------------------------------------------------
Jamaica Gleaner reports that REDjet (Airone Caribbean/Airone
Ventures Limited) has suspended all its flights indefinitely in a
bid to protect the long term interests of the business.

In the email signed by REDjet director Robbie Burns, the airline
outlined a three-week process for travellers to get refunds and
urged travellers to check the company's Web site and call center
for updates, according to Jamaica Gleaner.

The report notes that the airline did not give specific reasons
for the shutdown, but suggested that it was expecting state
assistance to continue operations and blamed "subsidized"
competitors for its troubles.

Jamaica Gleaner discloses that the company said it is hopeful
that it will be given a small part of the state assistance others
receive, as that will allow it to get its recently approved and
exciting new routes established and profitable.  The report
relates that the company said that once this happens, the
airline's shareholders and staff will do their utmost to see that
there is no return to high fares and business as usual.

As reported in the Troubled Company Reporter on Jan. 16, 2012,
Carla Bridglal at Trinidad Express said that REDjet (Airone
Caribbean/Airone Ventures Limited) has denied reports that its
cancellation of more than 50 routes is due to financial troubles.
RJR News said that Redjet has been forced to cancel flights over
the next 11 weeks, after an aggressive expansion in recent
months.  Redjet said it needs US$8 million dollar injection to
continue operations, according to RJR News.  RJR News, citing
Caribbean Media Corporation, noted that it is in possession of an
internal memo from RedJet that revealed Customer Service Manager
Roy Norville advising staff that 56 flights "will not be
operating and have been taken off sale for commercial reasons."
The report disclosed that the company's action will affect four
routes, two of which service Jamaica.

                          About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.  The
privately-owned airline, incorporated in Barbados features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.


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


BAR ONE: Court to Hear Wind-Up Petition on March 30
---------------------------------------------------
A petition to wind up the operations of Bar One Limited will be
heard before the Supreme Court of Bermuda on March 30, 2012, at
9:30 a.m.

The company's liquidator is:

         Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton, HM 11
         Bermuda


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

Sarah Dixon is the company's liquidator.


EMERGENT ALTERNATIVE: Member to Get Wind-Up Report on April 24
--------------------------------------------------------------
The member of Emergent Alternative Fund Limited will receive on
April 24, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Sarah Dixon is the company's liquidator.


EMERALD TREE: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
The creditors of Emerald Tree Foundation are required to file
their proofs of debt by March 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 14, 2012.

The company's liquidator is:

         Amy E. D'Agostino
         30 Rockefeller Plaza
         New York, NY 10112
         U.S.A.


EMERALD TREE: Members' Final Meeting Set for April 18
-----------------------------------------------------
The members of Emerald Tree Foundation will hold their final
meeting on April 18, 2012, at 9:30 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 March 14, 2012.

The company's liquidator is:

         Amy E. D'Agostino
         30 Rockefeller Plaza
         New York, NY 10112
         U.S.A.


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


ASIAN OPPORTUNITY: Commences Wind-Up Proceedings
------------------------------------------------
On Feb. 5, 2008, the members of Asian Opportunity Fund 1998 - I
resolved to voluntarily wind up the company's operations.

Rainier Hok Chung Lam and Anthony Kenneth Boswell were appointed
as liquidators.

The liquidators can be reached at:

         Rainier Hok Chung Lam
         Anthony Kenneth Boswell
         PricewaterhouseCoopers
         Prince's Building, 22nd Floor
         Central Hong Kong


AWAS CAYMAN A330-I: Creditors' Proofs of Debt Due April 3
---------------------------------------------------------
The creditors of Awas Cayman A330-I Ltd. are required to file
their proofs of debt by April 3, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 29, 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


DRV FUND: Creditors' Proofs of Debt Due April 3
-----------------------------------------------
The creditors of DRV Fund are required to file their proofs of
debt by April 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 22, 2012.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


FOCUS 100: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
The creditors of Focus 100 Ltd. are required to file their proofs
of debt by April 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


FOCUS 150: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
The creditors of Focus 150 Ltd. are required to file their proofs
of debt by April 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


FOCUS 350: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
The creditors of Focus 350 Ltd. are required to file their proofs
of debt by April 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


FOCUS 600: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
The creditors of Focus 600 Ltd. are required to file their proofs
of debt by April 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


GEM DIF 1: Creditors' Proofs of Debt Due April 3
------------------------------------------------
The creditors of Gem Dif 1 Ltd. are required to file their proofs
of debt by April 3, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 29, 2012.

The company's liquidator is:

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


INVESTCORP WHITE: Creditors' Proofs of Debt Due May 28
------------------------------------------------------
The creditors of Investcorp White Eagle European Event Driven
Intermediate Fund Limited are required to file their proofs of
debt by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidator is:

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


INVESTCORP WHITE EAGLE: Creditors' Proofs of Debt Due May 28
------------------------------------------------------------
The creditors of Investcorp White Eagle European Event Driven
Master Fund Limited are required to file their proofs of debt by
May 28, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidator is:

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


OUCHY CORPORATION: Creditors' Proofs of Debt Due April 12
---------------------------------------------------------
The creditors of Ouchy Corporation are required to file their
proofs of debt by April 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Mr. Ricardo Novillo Astrada
         Fox & Horan, Camerini LLP
         825 Third Avenue, 12th Floor
         New York
         New York 10022
         United States of America


PIRARUKU FUND: Creditors' Proofs of Debt Due April 11
-----------------------------------------------------
The creditors of Piraruku Fund Limited are required to file their
proofs of debt by April 11, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2012.

The company's liquidator is:

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


SANTA MARGHERITA: Creditors' Proofs of Debt Due April 13
--------------------------------------------------------
The creditors of Santa Margherita Investment Ltd. are required to
file their proofs of debt by April 13, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


SILVER CREEK: Creditors' Proofs of Debt Due April 12
----------------------------------------------------
The creditors of Silver Creek Currency Hedged SPC, Ltd. are
required to file their proofs of debt by April 12, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 29, 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


TAMPONE INVESTMENT: Creditors' Proofs of Debt Due April 13
----------------------------------------------------------
The creditors of Tampone Investment Holding Ltd. are required to
file their proofs of debt by April 13, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


===================
C O S T A   R I C A
===================


* COSTA RICA: Seeks US$500 Million Bond Sale in Wake of Tax Vote
----------------------------------------------------------------
Eliana Raszewski and Bill Faries at Bloomberg News report that
Costa Rica Finance Minister Fernando Herrero said the country
will seek to sell at least US$500 million in bonds abroad this
year to help sustain economic growth and improve the Central
American nation's infrastructure.

Costa Rica's bonds would probably be 10-year notes, Mr. Herrero
said, without commenting on a target yield for the securities,
according to Bloomberg.

"This will allow us to take advantage of global market conditions
with very low interest rates," Mr. Herrero told the news agency
in an interview.

President Laura Chinchilla's government is requesting
congressional approval for the debt sale after winning initial
support in the legislature this month for the first significant
overhaul of the nation's tax laws since 1995, Mr. Herrero said,
Bloomberg adds.

                           *     *     *

As of March 20, 2012, the country continues to carry "B" foreign
currency short-term debt and short-term foreign currency issuer
default ratings.


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


NATIONAL COMMERCIAL: Fitch Affirms Issuer Default Rating at 'B-'
----------------------------------------------------------------
Fitch Ratings has affirmed National Commercial Bank Jamaica's
(NCBJ) long-term Issuer Default Rating (IDR) at 'B-'.  The Rating
Outlook is Stable.

A strong domestic franchise, solid profitability, and adequate
capitalization support the current ratings of NCBJ.
Nevertheless, NCBJ's ratings remain constrained by the
sovereign's weak credit profile given high exposure to the
Jamaican public sector, lending concentrations, as well as a
challenging operating environment.

The bank's Support rating is constrained by the sovereign's weak
credit profile.  However, the Support floor of 'B-' indicates
Fitch's view that NCBJ's systemic importance makes the
government's propensity to support the bank high although its
capacity may be weak.

The Rating Outlook on the bank's IDRs is Stable and in line with
Fitch's view of the sovereign's creditworthiness.  Future rating
actions will be highly contingent on a change in this view given
the bank's sizable sovereign exposure.  A downgrade of the bank's
ratings could be driven by an unexpected marked deterioration of
asset quality that weakens profitability and/or capitalization.

Although declining, investments and loans to the Jamaican
government, public entities and entities with a Jamaican
government guarantee continued to represent a high proportion of
NCBJ's assets at 52%, or about 3.1 times (x) its equity, in the
fiscal year ended September 2011 (FYE11).  The bank's exposure to
the public sector remains high as private sector credit demand
has yet to substantially recover.  Fitch Ratings remains
concerned about this high asset concentration given Jamaica's low
sovereign rating (long-term issuer default rating (IDR) of 'B-'
with a Stable Outlook).

A still high lending concentration, albeit declining, contributes
to volatile asset quality indicators as illustrated by the
increase in the bank's non-performing loans (NPLs)/gross loans
ratio to 7.1% at FYE11 from 3.2% at FYE10.  At FYE11, the 20
largest exposures by economic groups represented 36% of total
lending (40% at FYE10) and 58% of total equity (73% at FYE10).
Fitch expects concentrations to continue declining as exposure to
the retail sector increases.

Adequate spreads and the growing importance of non-interest
income combined with controlled credit and operating costs
benefit NCBJ's profitability and support internal equity
generation, trends Fitch expects to continue over the medium-
term.

During the last four fiscal years, the bank's return on average
assets ratio (ROAA) has averaged 3.4% comparing favorably to
similarly rated peers (emerging market commercial banks rated 'B-
/B/B+').  Despite declining interest rates and increased
operating expenses, gains on foreign currency activities, non-
recurring investment income and strong net insurance income
growth benefited NCBJ's net income in FY11, contributing to an
increase in the bank's ROAA to 3.77% at FYE11 from 3.44% at
FYE10.

Solid internal equity generation combined with low dividend
distributions and single-digit asset growth boosted NCBJ's
equity/assets ratio to 17.4% at FYE11 from 14.6% at FYE10, also
comparing favorably to similarly rated peers. At 36.7% as of
FYE11, the bank's Fitch core capital/weighted risks ratio is also
high relative to peers. However, in light of important asset
concentrations Fitch views NCBJ's capitalization as adequate.

NCBJ is the largest bank in the system in terms of assets with
more than 30% of market share in recent years. In 2002, the
Jamaican government sold a majority stake in the bank to
Advantage Investment Corporation (AIC), one of Canada's largest
privately held mutual fund management companies.

Fitch has affirmed NCBJ's ratings as follows:

--Long-term foreign and local currency Issuer Default Ratings
   (IDR) at 'B-';
--Short-term foreign and local currency IDR at 'B';
--Viability Rating at 'b-'
--Support Rating at '5';
--Support floor at 'B-'.
--Show quoted text -a


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


GRUPO PETROTEMEX: S&P Raises Corp. & Sr. Secured Ratings to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Rating Services raised its corporate credit
ratings on Mexico-based chemical producer Grupo Petrotemex S.A.
de C.V. "We raised these ratings to 'BB+' from 'BB' on the global
scale, and to 'mxA+' from 'mxA' on the national scale. The
outlooks are stable," S&P said.

"At the same time, based on this upgrade and our updated recovery
analysis, we raised the rating on the company's senior unsecured
$275 million fixed-rate notes due 2014 to 'BB+' (the same as the
corporate credit rating on the company). The recovery rating on
these notes remained unchanged at '4', indicating our expectation
of average (30% to 50%) recovery in the event of a payment
default," S&P said.

"The one-notch upgrade acknowledges Petrotemex's improved sales
and EBITDA generation as a result of adequate consolidation of
acquired assets and its enhanced debt maturity profile," said
Standard & Poor's credit analyst Francisco Gutierrez.

"The upgrade also reflects our expectation that the company will
maintain its main financial ratios commensurate with our
assessment of its financial risk profile as 'significant', and
its moderate financial policy despite debt-financed
acquisitions," S&P said.

"Petrotemex also has consolidated its leadership in the North
American Free Trade Agreement (NAFTA) region with the
acquisitions of Eastman Chemical Co. (BBB/Stable/A-2) PET and PET
assets and Wellman Inc. (not rated)," S&P said.

"We assess Petrotemex's business risk profile as 'fair' and its
financial profile as 'significant."

The outlooks are stable, underpinned mainly by Petrotemex's
moderate financial policies.

Petrotemex is a Mexico-based producer of purified terephthalic
acid (PTA), polyethylene terephtalate (PET), and polyester staple
fibers (PSF). It is the largest player in the NAFTA region and a
significant one globally. Its products sell mainly to the food,
beverage, and textile industries.


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


CANADIAN PROPERTIES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Canadian Properties Incorporated
        1251 Ponce De Leon Ave
        San Juan, PR 00908

Bankruptcy Case No.: 12-01908

Chapter 11 Petition Date: March 14, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: David A Carrion Baralt, Esq.
                  DAVID CARRION BARALT LAW
                  P.O. Box 364463
                  San Juan, PR 00936
                  Tel: (787) 724-8166
                  E-mail: davidcarrionb@aol.com

Scheduled Assets: US$1,650,000

Scheduled Liabilities: US$1,530,726

The Debtor did not file a list of its largest unsecured creditors
together with its petition.

The petition was signed by Karla Haakensen, president.


RESTAURANT TIERRA: Case Summary & 14 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Restaurant Tierra Santa Inc.
        248 Ave F D Roosevelt
        San Juan, PR 00918

Bankruptcy Case No.: 12-01939

Chapter 11 Petition Date: March 15, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Scheduled Assets: US$1,520,433

Scheduled Liabilities: US$1,745,247

A list of the Company's 14 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb12-01939.pdf

The petition was signed by Hani A. Saba, president.


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


CARIBBEAN AIRLINES: Struggling to Meet Financial Obligations
------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.

Trinidad Express said CAL enjoys a seven-day credit facility for
aviation fuel from the company, according to RJR News.

However, the report relates that the airline has not been able to
pay the full amount when invoiced and instead has been issuing
partial payments to sustain the account.  RJR News notes that
Trinidad Express reported that the arrears were built up over the
last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.

Additionally, RJR News says that it has been revealed that
Caribbean Airlines has not paid its promised US$5 million to the
Trinidad Prime Minister's pet project, the Children's Life Fund.

The airline had promised to raise the money by donating US$5 paid
on every passenger flight ticket, the report says.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.


                            ***********


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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