TCRLA_Public/120329.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 29, 2012, Vol. 13, No. 064


                            Headlines



A R G E N T I N A

ARGENTWIST SRL: Creditors' Proofs of Debt Due April 16
CLIKO SA: Creditors' Proofs of Debt Due April 25
FMWB SA: Creditors' Proofs of Debt Due April 24
PARANA BANCO: S&P Keeps 'BB+' Corp. Credit Rating; Outlook Stable
P.L. RIVERO Y CIA: Applies for Reorganization Proceedings

VITRUVIUS SRL: Creditors' Proofs of Debt Due March 30


B R A Z I L

MAGNESITA FINANCE: Fitch Rates US$200-Mil. Perpetual Bonds 'BB'
MAGNESITA FINANCE: S&P Gives 'BB' Rating to Perpetual Notes
OGX PETROLEO: Fitch to Rate US$1-Bil. Sr. Unsec. Notes at 'B+'


C A Y M A N   I S L A N D S

BLACK'S LINK: Creditors' Proofs of Debt Due April 16
BLACK'S LINK DRIVEN: Creditors' Proofs of Debt Due April 16
BLACK'S LINK EVENT: Creditors' Proofs of Debt Due April 16
BLACKSQUARE: Creditors' Proofs of Debt Due April 26
BULL & BEAR: Creditors' Proofs of Debt Due April 27

CRUTCHFIELD INCORPORATED: Creditors' Proofs of Debt Due April 30
TEKNIKO SPC: Creditors' Proofs of Debt Due April 16
UBP MULTI-STRATEGY: Creditors' Proofs of Debt Due April 27
YF TEKNIKO: Creditors' Proofs of Debt Due April 16


J A M A I C A

JAMAICA PUBLIC SERVICE: Turns to Cash Reserve to Pay Dividend


M E X I C O

UNION DE CREDITO: Moody's Changes Outlook on 'B1' Rating to Neg.


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Seeks 6-Month Extension of Bailout Agreement
TRINIDAD CEMENT: Conciliation Ongoing With OWTU


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
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ARGENTWIST SRL: Creditors' Proofs of Debt Due April 16
------------------------------------------------------
Gustavo Ariel Fizman, the court-appointed trustee for Argentwist
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 16, 2012.

Mr. Fizman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Gustavo Ariel Fizman
         Emilio Mitre 435
         Argentina


CLIKO SA: Creditors' Proofs of Debt Due April 25
------------------------------------------------
Marta Ana Calfun de Bendersky, the court-appointed trustee for
Cliko SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 25, 2012.

Ms. de Bendersky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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:

         Marta Ana Calfun de Bendersky
         Argentina


FMWB SA: Creditors' Proofs of Debt Due April 24
-----------------------------------------------
Jorge Raul Mencia, the court-appointed trustee for FMWB SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 24, 2012.

Mr. Mencia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

         Jorge Raul Mencia
         Rodriguez Pena 350
         Argentina


PARANA BANCO: S&P Keeps 'BB+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
rating on J. Malucelli Seguradora S.A. to 'brAA-' from 'brA-'.

"At the same time, we removed the rating from CreditWatch, where
we had placed it with positive implications on Nov. 5, 2010. The
CreditWatch placement followed the announcement that The
Travelers Cos. Inc. (A/Stable/A-1) had acquired from Brazil-based
Paran  Banco S.A. (BB+/Stable/B) 43.4% of the common stock of the
holding company that fully controls J. Malucelli Seguradora," S&P
said.

The outlook is stable.

"The three-notch upgrade reflected the improvement in the
insurance group's financial profile, which has strengthened with
the capital injection that took place when Travelers became a
shareholder," said Standard & Poor's credit analyst Cynthia Cohen
Freue.

"Our rating on J. Malucelli Seguradora is also based on its
leading position in the surety market, long-standing
relationships with corporate clients, experienced management with
a focus on results, good operating performance supported by its
strong underwriting expertise, strong capitalization, and good
financial flexibility supported by the inclusion of Travelers as
a shareholder," S&P said.

"Partially offsetting these positive factors are the very small
size of the surety market in Brazil, though with good potential
for growth, and the company's focus on a business characterized
by high-severity losses," S&P said.

"The stable outlook reflects our expectation that J. Malucelli
Seguradora will maintain is leading market position in the surety
market in Brazil, and that its financial profile will remain a
strength for its rating," S&P said.


P.L. RIVERO Y CIA: Applies for Reorganization Proceedings
---------------------------------------------------------
P.L. Rivero y Cia. SA called for the opening of reorganization
proceedings.

The company has defaulted on its payments last Feb. 15, 2012.


VITRUVIUS SRL: Creditors' Proofs of Debt Due March 30
-----------------------------------------------------
Estudio Ledesma y Asociados, the court-appointed trustee for
Vitruvius SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 30, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Ledesma y Asociados
         Av. Cordoba 1351
         Argentina


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B R A Z I L
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MAGNESITA FINANCE: Fitch Rates US$200-Mil. Perpetual Bonds 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Magnesita Finance
Ltd's proposed perpetual bonds issuance of approximately USD200
million, which will be unconditionally guaranteed by Magnesita
Refratarios S.A (Magnesita), the parent company of the Issuer,
and certain of its subsidiaries organized under the laws of
Brazil, the United States and Germany.  Fitch has also assigned a
Foreign and Local Currency Issuer Default Rating (IDR) of 'BB' to
Magnesita Finance Ltd, incorporated in the British Virgin
Islands. The Outlook is Stable.

Magnesita's ratings are supported by its position as the world's
third-largest refractory manufacturer with a 5.9% global market
share, its low-cost and vertically integrated business model
backed by long-life mine reserves, geographical diversification,
and sound liquidity.  The company's core business is Refractory
Solutions, comprising 88% of BRL2.3 billion in revenues during
2011, followed by its Services business line (7%), and its
Minerals segment (5%), which has strong growth potential.  The
company's credit profile remains resilient under Fitch's base
case scenario, and is able to generate positive free cash flow
(FCF) after capex and dividends.

The company's ratings are constrained by its customer
concentration in the cyclical steel industry, which accounted for
85% of revenues in 2011, and acquisition event risk due to the
globally fragmented refractory industry.  Magnesita is
diversifying into cement and petro-chemical refractories to
mitigate sector exposure in the medium to long term.  The
company's cost-per-performance (CPP) business model accounts for
33% of its contracts with global steel companies and 70% with
Latin American steel companies in 2011.  Under this model,
Magnesita is paid by steel volumes produced as opposed to being
linked to the price of steel, making its revenue stream less
volatile.

Magnesita has deleveraged following its highly leveraging
acquisition of European subsidiary LWB Refractories during 2008,
with debt ratios trending down through the challenging operating
conditions of 2009.  The company's total and net adjusted debt to
EBITDA ratios in 2008 were 7.0 times (x) and 6.0x, compared to
4.6x and 2.7x by year-end 2011, respectively.  Deleveraging was
aided by the company raising BRL279 million of equity to repay
debt during the first quarter of 2011.  Coverage ratios for the
year were also robust with a funds from operations (FFO) fixed-
charge coverage ratio of 3.5x and EBITDA to gross interest
expense ratio of 2.4x, an improvement on 3.3x and 2.3x in 2010,
respectively.

Magnesita's liquidity position is comfortable for the rating
category, ending 2011 with BRL814 million of cash and marketable
securities compared to short-term debt of BRL126 million.  The
company has a manageable debt amortization schedule of just BRL77
million due in 2012, BRL87 million in 2013, BRL166 million in
2014, and BRL237 million in 2014, in relation to current cash on
the balance sheet.  The next debt amortization is not until the
2020 bullet repayment of BRL400 million.  Liquidity ratios are
solid as a result, with Magnesita's cash to short-term debt ratio
6.5x and cash plus cash FFO to short-term debt ratio of 11.3x for
2011.

The company's improved operating performance in 2011 vis-a-vis
2009 should enable it to reduce leverage and improve its debt
profile by negotiating better terms and conditions with current
or new lenders in the debt and capital markets.  Magnesita's
proven access to export credit lines could also be an alternative
source of future funding if required.  However, the company may
incur higher financial costs if it takes this approach, due to
the recent measures taken by the Brazilian government to increase
tax on financial transactions through the Imposto Sobre Operacoes
Financeiras tax.

Steel sector cyclical risk is to some extent alleviated by the
company's consistent cash flow generation ability.  Magnesita has
exhibited positive FCF generation consistently since 2008, ending
2011 with FCF of BRL384 million after capex of BRL216 million and
dividends of BRL9.4 million.  This was a significant improvement
on FCF of BRL290 million in 2009.  The company's dividend policy
has also remained conservative, with only BRL9.4 million to be
paid in 2012, the first time following the LWB acquisition in
2008.

The strong FCF resulted from a robust FFO of BRL444 million in
2011, compared to BRL456 million in 2010.  CFFO increased to
BRL609 million in 2011 due to a large working capital inflow of
BRL165 million resulting from an improvement in number of days in
the company's cash conversion cycle, compared to CFFO of BRL365
million in 2010.

Magnesita is one of the lowest-cost and most profitable producers
of refractory products in the world due to its vertical
integration into magnesite and dolomite, along with other
minerals.  It also owns one of the largest and highest quality
reserves of magnesite, graphite and talc in the world.  In 2011,
the company's operating EBITDA margin was 18.4%, a decline on
20.3% in 2010 due to increased labor and energy costs.  This
compares very well to the operating EBITDA margins of its peers,
the largest of which is Vesuvius with a 10.5% global market
share, followed by RHI with 9.2%.  The company is currently
around 70% vertically integrated with plans to increase internal
raw material supply to 90% in 2014.

Magnesita benefits from strong future growth potential through
its nascent Minerals segment.  China accounts for 80% of world
production of graphite and has recently imposed export
restrictions.  As a result, Magnesita is strategically placed to
take advantage in the growing market for graphite driven mostly
by the global uptake trajectory for rechargeable batteries.
Magnesita is also the leading operator in refractory products in
Brazil and South America and maintains long-standing
relationships with all the leading steel and cement producers in
Brazil, a position developed since 2008.

Foreign exchange risk for the company is mitigated due to its
geographic diversification resulting in approximately 46% of its
2011 EBITDA being generated in foreign currency compared to 80%
of its debt being denominated in USD.  Magnesita's total debt
adjusted for post-employment benefits in 2011 was just under BRL2
billion, close to 40% of which is made up of its USD400 million
bond due 2020.  The company's financial strategy is to diversify
its funding base using capital markets, and to seek protection
from foreign exchange risk by balancing foreign exchange debt
with foreign exchange cash generation.

A downgrade or Negative Outlook could take place following a
downturn in the steel and cement markets that hampers production
volumes globally.  Another potential negative driver would be
large debt-funded acquisition, driving leverage up and increasing
refinancing risks.  A positive rating action could be driven by
faster than expected growth in the company's Minerals segment,
and sustained improvement in debt and coverage ratios alongside
growth in the company's scale.


MAGNESITA FINANCE: S&P Gives 'BB' Rating to Perpetual Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured rating to the perpetual notes to be issued by Magnesita
Finance Ltd., a wholly owned subsidiary of Magnesita Refratarios
S.A. (Magnesita; BB/Stable/--).

The rating on the notes reflects the credit quality of Magnesita,
which irrevocably and unconditionally guarantees the notes. The
notes will rank equal to Magnesita's other unsecured and
unsubordinated debts.

"The rating on Magnesita reflects our expectation that
Magnesita's capital structure will continue to improve as its
total debt reduces further and its cash flow increases when it
concludes its capital expenditures on further integration
intended to reduce costs. The ratings also reflect the risks that
the company faces as a business with great exposure to the
cyclicality of its main customers, in the steel and cement
industries, and the recent increase in raw material prices,
including magnesite sinter and graphite," S&P said.

"The outlook is stable, reflecting our expectation that Magnesita
will be able to sustain strong liquidity and improve its
operating profitability gradually, even amid more challenging
operating conditions in the near term. Prospects for the
company's credit metrics in the intermediate term are positive,
in our view, given its improving market position outside of
Brazil, its increasing vertical integration, and the positive
demand for refractories. We could lower the ratings if liquidity
deteriorates because of market or cost conditions, or if credit
metrics weaken, for instance, to a sustained adjusted total debt
to EBITDA of more than 5.0x and a funds from operations to
adjusted total debt of less than 12%. An upgrade is unlikely in
the near term, because

we have already incorporated in our ratings the company's margin
recovery and deleveraging trend," S&P said.

Ratings List

Magnesita Refratarios S.A.
Corporate Credit Rating                   BB/Stable/--

Magnesita Finance Ltd.
Senior Unsecured                          BB


OGX PETROLEO: Fitch to Rate US$1-Bil. Sr. Unsec. Notes at 'B+'
--------------------------------------------------------------
Fitch Ratings expects to assign a 'B+(exp)/RR4' rating to OGX
Petroleo e Gas Participacoes S.A.'s (OGX) US$1.1 billion proposed
senior unsecured notes issuance due in 2022.  The 'RR4' Recovery
Rating on the issuance reflects an average expected recovery in
the event of default.  The notes will be issued through its
wholly owned subsidiary, OGX AUSTRIA GMBH and will be
unconditionally and irrevocably guaranteed by OGX, OGX Petroleo e
Gas Ltda. and OGX Campos Petroleo e Gas S.A.  The company expects
to use the proceeds from the issuance to fund its capital
expenditure program and for general corporate purposes.  OGX has
a Fitch foreign and local currency Issuer Default Rating (IDR) of
'B+', and a long-term national scale rating of 'BBB(bra)'.
The Rating Outlook is Stable.

OGX's ratings reflect the company's sizable and diversified oil
and gas resources, its experienced management team, and its
ability to execute the start-up of production from its shallow
water Campos blocks using standard and proven technology.
Primary concerns include the potential for a delay in
incorporating proven reserves, unforeseen production delays that
could result from delays in critical equipment delivery and
lower-than-expected ramp-up of production volumes, and exposure
to contracted, yet unlocked leasing fees for key production
equipment.  These factors could result in the need for additional
financing for OGX over the medium term.  Initially, production
risk is mitigated to some extent as key equipment has been
secured and procurement for additional equipment to meet
production targets is in an advanced stage.

OGX is in the production start-up phase of the Campos basin -
Waimea Complex, whose first oil was delivered on Jan. 31, 2012
through an extended well test (EWT).  Production from this field
was initially expected for October 2011, but production began
within Fitch's expectations.  OGX expects production volume at
its first well to stabilize at approximately 10,000 to 13,000
barrels per day (bpd).  Production volume is expected to ramp up
to 40,000 bpd following the connection of two additional
horizontal wells during the second half of 2012, after the
declaration of commerciality for Waimea by the Brazilian National
Oil Agency (ANP).  Waimea's declaration of commerciality is
expected during the first half of 2012.  The initial production
volume of up to 1.2 million barrels is to be sold to Shell in two
shipments, at a USD5.5 discount to Brent, and are expected to be
delivered in March 2012.

The company expects production to begin in a second area in
Campos called Waikiki in the second half of 2013.  By 2013, the
company expects to have approximately 11 horizontal production
wells, each producing approximately 10,000 - 20,000 barrels of
oil equivalent per day (boe/d).  OGX has secured the critical
equipment needed, including six offshore rigs under contract and
three floating, production, storage and off-loading facilities
(FPSOs) to meet these goals.  The first FPSO has been connected
to Waimea's first producing well.  The two additional FPSOs, OSX-
2 and OSX-3, will be constructed in Singapore and are expected to
be delivered in 2013.  OSX-2 will be installed in the Waimea
Complex, and OSX-3 will be installed in Waikiki.

While unproven production volumes and the start-up phase of oil
production greatly add to OGX's business risk, the company's
initial drilling campaign was highly successful and was focused
on several of the Campos basin blocks.  OGX's first drill stem
test (DST) in the Santos basin was successful and indicated the
presence of condensates that were not originally envisioned.  The
company plans to evaluate different alternatives to monetize the
condensates for a potential positive impact in OGX's long-term
cash flow, although it is difficult to quantify at this stage.
In addition, the company recently confirmed the existence of a
pre-salt reservoir in the shallow waters of the Santos basin,
which further highlights the potential of this area.

Thus far, the exploratory campaign in the Espirito Santo basin
was unsuccessful, with two dry wells, but OGX estimates there is
potential in other parts of this area.  The company has also
begun its first DST in Parnaiba, where it is expected to ramp-up
exploratory drilling in 2012, as the exploration period expires
in March 2014.  The company will also begin seismic shooting of
its Colombian blocks.  Following the completion of 83 exploration
wells over the last four years, the overall success rate has been
approximately 85% in all basins.

OGX has a very aggressive growth strategy that envisions growing
production from 10,000 to 13,000 bpd today to over 730 thousand
boe/d in approximately five years.  This growth plan will require
large capital investments to bring production on line.  OGX's
total investment program is sizable, ranging from USD3.5 billion
to USD4.2 billion between 2012 and 2013. In its base case
scenario, Fitch expects OGX to report negative free cash flow
over the next three years.  Future investment activities will be
financed with USD3 billion of liquidity as of December 2011,
USD0.3 billion from OGX Maranhao financing (concluded in January
2012), plus proceeds from the proposed USD1.1 billion debt
issuance.  The company's initial exploration, development and
production activities have been fully financed with the proceeds
from two equity issuances in 2007 and 2008 that totaled USD5.4
billion, and proceeds from a USD2.6 billion debt issuance in June
2011.

As of January 2012, OGX's pro forma debt was USD2.9 billion and
includes a USD2.6 billion bond issued last June and USD320
million of OGX Maranhao financing.  Following the proposed debt
issuance, pro forma debt would increase to approximately USD3.9
billion, which is higher than initially anticipated by the
company but is within Fitch's base case scenario.  The
incremental debt is related to changes in Waimea and Waikiki
ramp-up strategy, and the potential to appraise Santos Basin
shallow water pre-salt discoveries while maintaining a cash
cushion.  Fitch's net adjusted debt for operating leases will
increase total adjusted obligations to slightly greater than
USD10 billion by 2016.  Leverage based on debt to proven reserves
is expected to be below USD3 per barrel assuming 4 billion boe
are proved out over the next few years.  These estimates may vary
depending on eventual production rates/levels, the level of
proven reserves, and ultimately, crude prices.

Fitch estimates that as production ramps through 2013, leverage
as measured by total adjusted debt to EBITDA, will decrease from
non-meaningful levels today (no operating cash flow) to levels in
the high single digits.  Fitch expects leverage should
substantially decline to below 4.0 times (x) after adjusting debt
for operating leases in 2014 and 2015 as production comes on line
and operating cash flow increases.  Fitch also expects the vast
majority of incremental total adjusted debt will be associated
with operating leases for production equipment with affiliate
company, OSX.  Fitch projects EBITDA will grow to between USD6
billion-USD8 billion by 2015 using Fitch's published mid-cycle
price deck and by applying significant discounts to management's
production targets; Fitch's base case is significantly lower than
management's expectations.

Catalysts for a negative rating action include a significant
delay in bringing production online, coupled with lower than
expected discovery levels and incorporating reserves, which could
result in increased funding needs and a deterioration OGX's
credit quality.  A positive rating action could result from
satisfactory production volumes, coupled with lower uncertainties
regarding reserves.

OGX is a Brazilian Oil and Gas company created in 2007, 61.2%
owned by EBX Group.  OGX has a portfolio of 35 blocks, of which
30 are located in Brazil (22 are offshore) and five onshore
blocks are in Colombia, covering an area of 44,000 square
kilometers.  In Brazil, OGX's blocks are located in the Campos,
Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins -
covering an area of 31,500 square kilometers.


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C A Y M A N   I S L A N D S
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BLACK'S LINK: Creditors' Proofs of Debt Due April 16
----------------------------------------------------
The creditors of Black's Link Asia OC Offshore Fund Limited are
required to file their proofs of debt by April 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2012.

The company's liquidator is:

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


BLACK'S LINK DRIVEN: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------------
The creditors of Black's Link Asia Event Driven Offshore Fund
Limited are required to file their proofs of debt by April 16,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2012.

The company's liquidator is:

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


BLACK'S LINK EVENT: Creditors' Proofs of Debt Due April 16
----------------------------------------------------------
The creditors of Black's Link Asia Event Driven Fund Limited are
required to file their proofs of debt by April 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2012.

The company's liquidator is:

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


BLACKSQUARE: Creditors' Proofs of Debt Due April 26
---------------------------------------------------
The creditors of Blacksquare (General Partner) Inc. are required
to file their proofs of debt by April 26, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 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


BULL & BEAR: Creditors' Proofs of Debt Due April 27
---------------------------------------------------
The creditors of Bull & Bear Investment Ltd. are required to file
their proofs of debt by April 27, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Ryan Pull
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3306
         Facsimile: +1 (345) 949 8258


CRUTCHFIELD INCORPORATED: Creditors' Proofs of Debt Due April 30
----------------------------------------------------------------
The creditors of Crutchfield Incorporated are required to file
their proofs of debt by April 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 7, 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


TEKNIKO SPC: Creditors' Proofs of Debt Due April 16
---------------------------------------------------
The creditors of Tekniko SPC are required to file their proofs of
debt by April 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 16, 2012.

The company's liquidator is:

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


UBP MULTI-STRATEGY: Creditors' Proofs of Debt Due April 27
----------------------------------------------------------
The creditors of UBP Multi-Strategy Alpha Fund Ltd. are required
to file their proofs of debt by April 27, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


YF TEKNIKO: Creditors' Proofs of Debt Due April 16
--------------------------------------------------
The creditors of YF Tekniko Fund SPC are required to file their
proofs of debt by April 16, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 16, 2012.

The company's liquidator is:

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


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J A M A I C A
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JAMAICA PUBLIC SERVICE: Turns to Cash Reserve to Pay Dividend
-------------------------------------------------------------
RJR News reports Jamaica Public Service Company Limited plans to
tap its US$9.7 million in cash reserves to pay a dividend to
shareholders on April 16.

The company said that out of that amount it will pay out a total
of US$5 million in dividends, to be shared chiefly among three
shareholders, according to RJR News.

The report notes that Japan's Marubeni and Korea's East West
Power, which own 40% of the company's shares respectively, will
each receive US$2 million of the amount, or about JM$172 million
each.  RJR News relays that the government will get about US$85
million of the total because of its 19.9% holding in the company.

                             About JPS

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80% of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers
who are served by a workforce of more than 1,600 employees.  The
Company owns and operates 28 generating plants, 54 substations,
and roughly 14,000 kilometers of distribution and transmission
lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


UNION DE CREDITO: Moody's Changes Outlook on 'B1' Rating to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of the B1 long term local currency deposit rating of
Union de Credito Agricultores de Cuauhtemoc, S.A. de C.V.
Organizacion Auxiliar de Credito (UCACSA). At the same time,
Moody's de M‚xico changed to negative from stable the outlooks on
UCACSA's long term Mexican National Scale deposit rating of
Baa3.mx and short term Mexican National Scale deposit rating of
MX-3. Moody's also affirmed UCACSA's E+ bank financial strength
rating (BFSR) UCACSA's, which maps to a baseline credit
assessment of B1.  The short term global local currency deposit
rating of Not Prime was also affirmed with a stable outlook.

The following ratings had their outlook changed to negative from
stable:

Long term global local currency deposit rating of B1

Long term Mexican National Scale deposit rating of Baa3.mx

Short term Mexican National Scale deposit rating of MX-3

The following ratings were affirmed:

Bank financial strength rating of E+, stable outlook

Short term global local currency deposit rating of Not Prime

Ratings Rationale

Moody's changed the outlook on UCACSA's deposit ratings to
negative from stable based on its view that the decision to
restrict the admission of new members both as borrowers and
depositors could have a negative effect on the future growth,
profitability, and asset quality of the credit union's franchise.
The agency noted that this decision could also lead to an
increasing reliance on more expensive and less stable market-
based funding in lieu of funding from new customers as well as
potentially limiting the credit union's asset growth. Funding
concentrations from existing customers would also rise, leading
to less pricing flexibility and therefore higher funding costs.

UCACSA is restricting funding from new associates (also
shareholders), which tend to be a source of more stable,
granular, and low cost funding relative to market-based funding.
As a result, the credit union will have to increase its reliance
on credit lines from commercial banks and Mexican development
banks to fund loan growth. Moody's believes that an increase in
market funding could have a negative effect on the credit union's
margins and overall profitability, while at the same time
increasing its exposure to repricing risk.

Asset quality could also be compromised if single borrower
concentrations were to increase as a proportion of total loans,
capital, and earnings, as the credit union restricts lending to
existing shareholders.

The negative outlook also reflects the competitive challenges the
credit union faces as a niche player in Mexico's relatively
concentrated financial system, particularly in light of this
development, said Moody's.

The last rating action regarding UCACSA occurred on 17 December
2008, when Moody's assigned first-time ratings.

UCACSA is a Mexican credit union headquartered in Cuauhtemoc,
Chihuahua, with MXN2.9 billion (US$211 million) in total assets,
MXN2.1 billion in loans, and MXN445 million in shareholders'
equity as of Dec. 31, 2011.


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


CL FIN'L: CLICO Seeks 6-Month Extension of Bailout Agreement
------------------------------------------------------------
Jamaica Gleaner reports that Colonial life Insurance Company
(CLICO) Chairman Gerald Yetming has announced said the company is
hoping to extend by another six months a shareholders' agreement
its parent company, CL Financial Group Limited, has with the
Trinidad and Tobago government.

Mr. Yetming said he expects the agreement, which expires in June,
to be further extended by the six months, according to Jamaica
Gleaner.

"I would expect within the next month we shall have an agreement
that will extend that agreement for a further period to allow for
the discussions to take place between the government and the
shareholders, relative to how we would treat with the outstanding
amounts that would be due to the government," Mr. Yetming told
the Trinidad Express newspaper in an interview, the report notes.

"There is no risk or no danger, as far as I am concerned, with
respect to the expiry of that agreement in June 2012," Mr.
Yetming told the newspaper, adding that he is anticipating that
the six-month extension would "allow some flexibility with time .
. . to have those discussions," Jamaica Gleaner relays.

The report discloses that Finance Minister Winston Dookeran said
a statement on whether an extension would be granted would be
made "in due time".

Mr. Yetming said he expected the audited accounts for the year
ending Dec. 31, 2010, to be made public within the next month,
the report adds.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


TRINIDAD CEMENT: Conciliation Ongoing With OWTU
-----------------------------------------------
Trinidad and Tobago Newsday reports that mediation is continuing
between the management of Trinidad Cement Limited and the
Oilfields Workers' Trade Union to arrive at a resolution.

Labour Minister Errol McLeod said he was not yet prepared to use
Section 65 of the Industrial Relations Act to halt the strike by
workers which was in its 30th day, according to Trinidad and
Tobago Newsday.

The report notes that Mr. McLeod said he continued to talk to
both parties and would continue to do so.

Trinidad and Tobago Newsday notes that Section 65 (1) makes
provision for the minister to get an ex-parte injunction from the
Industrial Court where "industrial action is threatened or taken,
whether in conformity with this Act or otherwise, and the
Minister considers that the national interest is threatened or
affected thereby."

There have been calls for Mr. McLeod to use this section of the
law to put an end to the strike at TCL especially with incidents
of worker intimidation, the report relays.

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 Trinidad Cement

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 * * *