TCRLA_Public/120330.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

              Friday, March 30, 2012, Vol. 13, No. 065


                            Headlines



B R A Z I L

BANCO BMG: To Sell Five-Year Bonds to Yield 9.75%
BANCO BMG: Fitch Lowers Issuer Default Ratings to 'B'
BANCO SOCIETE: Fitch Withdraws Viability Rating at 'BB'


B E R M U D A

ARDRA INSURANCE: Creditors' Proofs of Debt Due April 6
JUPITER HYDE: Creditors' Proofs of Debt Due April 13
MARTIN CURRIE: Members' Final Meeting Set for April 30


C A Y M A N   I S L A N D S

FONTAINEBLEAU ONE: Creditors' Proofs of Debt Due April 26
GARAGE INTERNATIONAL: Creditors' Proofs of Debt Due April 30
HG HOLDINGS: Shareholders' Final Meeting Set for April 27
HG HOLDINGS II: Shareholders' Final Meeting Set for April 27
MAN-GLENWOOD: Creditors' Proofs of Debt Due April 25

RASMALA (SHARIAH): Shareholder to Hear Wind-Up Report on April 16
WAVE ENERGY: Creditors' Proofs of Debt Due April 23
ZS-SAZ I: Creditors' Proofs of Debt Due April 26
ZS-SAZ II: Creditors' Proofs of Debt Due April 26
ZS-SAZ III: Creditors' Proofs of Debt Due April 26


J A M A I C A

CARIBBEAN CEMENT: Strike at Parent Unit Leads to Record Sales


P U E R T O   R I C O

CAO HOLDINGS: Case Summary & Largest Unsecured Creditor
EMPRESAS INTEREX: Court OKs Carrasquillo as Financial Consultant
EMPRESAS INTEREX: Court OKs Cuprill Law Office as Bankr. Counsel


T R I N I D A D  &  T O B A G O

DIGICEL GROUP: Assigns New Executive for Trinidad & Tobago




                            - - - - -


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


BANCO BMG: To Sell Five-Year Bonds to Yield 9.75%
-------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that an
unnamed source said Banco BMG SA plans to sell five-year
dollar-denominated bonds overseas to yield about 9.75%.

The bank hired Barclays Plc (BARC) and BCP Securities LLC to
arrange the sale, according to Bloomberg.

Banco BMG SA is a Brazilian lender that collects payments via
payroll deductions.


BANCO BMG: Fitch Lowers Issuer Default Ratings to 'B'
-----------------------------------------------------
Fitch Ratings has downgraded Banco BMG S.A.'s (BMG) Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'B' from 'BB-'
and its Viability Rating (VR) to 'b-' from 'bb-'.  The Long-term
National Rating was downgraded to 'BBB(bra)' from 'A-(bra)'.
Fitch has removed the ratings from Rating Watch Negative.  The
Rating Outlook on the IDR is Stable.

The downgrade of BMG's ratings reflect the significant pressures
on its capital base after the completion of the acquisition of
Banco Schahin S.A. (Schahin), currently named Banco de Credito e
Varejo S.A. (BCV), and the expected challenges to its
profitability that will limit the bank's ability to replenish its
deteriorated capital ratios.  Further downgrades on its IDRs will
be limited given that those ratings are currently at their
Support Rating Floor.  A downgrade in its VR may be dependent on
further reductions on its already weak capital base or a
deterioration of its liquidity position and funding in general.
A faster than expected recovery in the bank's capitalization
levels and profitability, while its funding remains properly
matched with assets in terms of tenors, currency and cost, may
benefit the bank's VR and IDRs.

After the acquisition of Schahin, BMG's consolidated financial
statements showed a high volume of goodwill in the amount of
BRL1.6 billion, which had a direct impact on Fitch's core capital
ratio.  Fitch's core capital ratio decreased to approximately 6%
as of December 2011, which is one of the lowest when compared the
global peers among the banks evaluated by the agency.  The
goodwill amount was mainly due to BMG's selective exclusion of
Schahin's weak assets during the due diligence process, while BMG
received all its liabilities. This selection process, monitored
by the Brazilian bank regulators, resulted in Schahin's equity
being a negative BRL1.3 billion at the time of the acquisition.
Fitch acknowledges that the acquisitions of Banco GE, currently
named Banco Cifra and Schahin will enlarge the group's
distribution network and potentially increase its operating
revenues.

BMG's Support rating was upgraded to '4' from '5', and a support
rating floor was assigned at 'B' as Fitch believes that there is
now a greater probability of support from the Brazilian
government given the relevancy of BMG in the important
consignment-loan market in Brazil.  The new assigned Support
Floor means that BMG's IDRs would not fall below 'B' as long the
assessment of support does not change.

BMG's VR also considers the high volume of tax credits in the
capital structure and the expected decline in the bank's
profitability, due in part to the expected amortization of
goodwill in the next 10 years.  Furthermore, the business model
change and expected reduction of the use of asset sales should
put pressure on its profitability, since a significant part of
the bank's credit revenues previously were generated from the
initial recognition of the net earnings from asset sales.  With
the regulatory changes which took effect in January 2012, such
net earnings will be amortized throughout the life of the assets
sold, which generally takes place within two to three years,
resulting in a much lower level of initial earnings.  Operating
profitability for 2011 was very weak although the net income
figure benefitted by tax credits.  The weak operating
profitability was due to the combination of factors such as
higher funding costs, higher administrative expenses, and the
greater proportion of the total credit portfolio being held on
BMG's books in anticipation of the accounting change.  Fitch
expects that in terms of profitability, BMG will lag the average
of other comparable banks at least in the short term as Fitch
believes that BMG's ability to generate equity internally will be
limited primarily due to higher funding and administrative
expenses, competition and a combination of other factors.

The downgrade on the ratings of the subordinated notes is driven
by the downgrade on the bank's VR, while the current notching
reflects the subordination of the issuance to all other bank
obligations and the possibility, although unlikely in Fitch's
opinion, of non-performance should the capital fall below the
levels required by the banking regulators. Worth mentioning and
aligned with Fitch's criteria (listed below) on 'Rating Bank
Regulatory Capital and Similar Securities,' Fitch its not certain
that sovereign support will flow through to bank hybrids;
therefore, BMG hybrid ratings will remain linked to the trend of
its VR.

BMG is controlled by the Pentagna Guimaraes family, and
represents the family's core business.  The bank was the pioneer
in payroll deductible loans and currently leads this segment,
with 19% of market share.

Fitch has taken the following rating actions, including removing
the IDRs from Rating Watch Negative and assigning them a Stable
Outlook:

  -- Long-Term Foreign and Local Currency IDRs downgraded to 'B'
     from 'BB-'; Stable Outlook;
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'
  -- Viability Rating downgraded to 'b-', from 'bb-'; removed
     from Rating Watch Negative;
  -- Support Rating upgraded to '4' from '5';
  -- Support Rating Floor revised to 'B' from 'NF';
  -- Long-Term National Rating downgraded to 'BBB(bra)' from 'A-
     (bra)' Stable Outlook; removed from Rating Watch Negative;
  -- Short-Term National Rating downgraded to 'F3(bra)' from
     'F2(bra)'; removed from Rating Watch Negative;
  -- Issuance of subordinated debt in the amount of USD250
     million to mature in 2020, downgraded to 'CCC'/'RR6' from
     'B'; removed from Rating Watch Negative;
  -- Issuance of subordinated debt in the amount of USD300
     million to mature in 2019, downgraded to 'CCC'/'RR6' from
     'B'; removed from Rating Watch Negative.


BANCO SOCIETE: Fitch Withdraws Viability Rating at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and
National Ratings of Banco Societe Generale Brasil S.A. and its
two subsidiaries, Banco Cacique S.A. and Banco Pecunia S.A..

The affirmation of the IDRs and the National Ratings of SGBr,
Cacique and Pecunia reflects the continued support from their
parent Societe Generale (SG, rated long-term IDR 'A+'; Outlook
Negative by Fitch), as demonstrated by the recent capital
injections into its Brazilian subsidiaries totaling BRL353
million in 2011, the high proportion of funding coming from the
parent (70% of total as of fiscal year end [FYE] FYE 2011), as
well as the continuation of the banks' very close supervision by
and integration with SG.  As such, Fitch considers the
probability of support as high.  The IDRs and National Ratings
could be affected by changes in SG's ratings, depending on their
materiality or in its willingness to provide support.

Despite being legal operating subsidiaries of SG in Brazil, the
banks have a significant and growing dependence on their parent
in terms of funding and capital.  Fitch assigns Viability ratings
to subsidiaries which have a meaningful standalone franchise that
could/would exist without the ownership of the parent, and to
those banks which, under normal operating circumstances, are not
substantially dependent on the parent either for customers,
transaction flows, and/or funding.  According to Fitch, the banks
do not meet these conditions.  Furthermore, operations involving
Brazilian clients carried out together with SG are outside the
scope of the agency's analysis.  As such, the agency believes
that the viability ratings of SGBr and its subsidiaries do not
add material informational value to their IDRs and National
Ratings, and thus has decided to withdraw the Viability ratings.

As of December 2011, Cacique and Pecunia registered net losses of
BRL305.6 million and BRL53.6 million respectively.  Cacique's
results were negatively affected by the non-recurring write-off
of deferred tax assets worth BRL161 million in second quarter
2011 (2Q'11, as well as heightened interest expenses due to
repurchases of ceded loan portfolios.  Pecunia's losses are
explained by continued low net interest income generation, still-
high loan impairment charges, as well as the constitution of a
relatively high provision against fiscal contingencies in 3Q'11.
These losses were not compensated by SGBr's individual profit,
which was derived mainly from the treasury area and remained
modest.

According to Fitch, Cacique and Pecunia still do not have
sufficient scale to achieve adequate profitability in the
fiercely competitive retail banking business in Brazil, and
therefore their results will not improve significantly until a
larger scale is attained.  As such, it is expected that
consolidated results will also remain under pressure, but could
gradually benefit from several strategic realignments and the
ongoing improvements in risk management practices.

As of 1H'11, SGBr's individual loan portfolio represented only 8%
of the consolidated loan portfolio, while Cacique and Pecunia's
loans corresponded to 65% and 27% respectively.  During 2011,
SGBr's total individual loan portfolio continued to shrink and
fell to BRL278 million at 3Q'11.  The fall reflects the reduction
in the bank's appetite for risk on the back of the global
financial turbulence, and reduction of risk-weighted assets
globally by SG, as was observed in other European banks. However,
on a consolidated basis, mainly as a result of a strong expansion
in Pecunia's loan book, which focuses on used vehicle loans,
total loans increased to BRL3.5 billion at 1H'11 (BRL3 billion as
of FYE2010).  Cacique, which is principally exposed to payroll
deductible loans, reported a lower increase in its portfolio.

SGBr's own loan portfolio remains exposed to clients with very
low credit risk, but also is highly concentrated.  In contrast,
although their proportion has fallen since the implementation of
more sophisticated risk control tools, the proportion of Cacique
and Pecunia's impaired loans remains high, in the sense that the
pre-impairment profits still do not offset the loan impairment
charge expenses.

SG is the principal provider of funds to SGBr and its
subsidiaries, accounting for 70% of total funding as of FYE2011.
Funding is centralized at SGBr's treasury unit, which manages the
transfer of the resources to Cacique and Pecunia.

During 2011, SGBr received a total of BRL353 million of capital
injection from its parent. BRL293 million of this total was
transferred to the two subsidiaries.  The injections and
reduction in risk-weighted assets as per the relaxation of macro-
prudential rules are expected to improve the consolidated
regulatory capital ratio to 16.6% as of FYE2011 (13.2% and 18.3%
as of 1H'11 and FYE2010, respectively).  The Fitch core capital
ratio, which also has been affected positively from the write-off
of the deferred tax assets should also increase in the same
period (6.9% and 10.0% in 1H'11 and FYE2010, respectively).

Fitch believes that given the expectations for very modest growth
and profitability, the capitalization ratios are likely to remain
more or less stable in the short-run.  Furthermore, the agency
highlights that higher capitalization would be needed for further
growth and cannot rule out the possibility of a further need for
capital in the medium term, but believes that such support would
be forthcoming in case of need.

SGBr, which has operated in the Brazilian wholesale market since
1967, is active in corporate and investment banking.  Cacique and
Pecunia are fully controlled by SGBr.  In the first half of 2011
the management and the operational divisions of Cacique and
Pecunia were consolidated.

The rating actions are as follows:

Banco Societe Generale Brasil S.A. (SGBr)

  -- Foreign Currency Long-term IDR affirmed at 'BBB+', Outlook
     Stable;
  -- Local Currency Long-term IDR affirmed at 'A-', Outlook
     Stable;
  -- Foreign Currency Short-term IDR affirmed at 'F2';
  -- Local Currency Short-term IDR affirmed at 'F1';
  -- Support Rating affirmed at '2';
  -- National Long-term Rating affirmed at 'AAA(bra)', Outlook
     Stable;
  -- National Short-term Rating affirmed at 'F1+(bra)';
  -- Viability Rating affirmed at 'bb' and withdrawn.

Banco Cacique S.A.

  -- Foreign Currency Long-term IDR affirmed at 'BBB+', Outlook
     Stable;
  -- Local Currency Long-term IDR affirmed at 'A-', Outlook
     Stable;
  -- Foreign Currency Short-term IDR affirmed at 'F2';
  -- Local Currency Short-term IDR affirmed at 'F1';
  -- Support Rating affirmed at '2';
  -- National Long-term Rating affirmed at 'AAA(bra)', Outlook
     Stable;
  -- National Short-term Rating affirmed at 'F1+(bra)';
  -- Viability Rating affirmed at 'b-' and withdrawn.

Banco Pecunia S.A.

  -- Foreign Currency Long-term IDR affirmed at 'BBB+', Outlook
     Stable;
  -- Local Currency Long-term IDR affirmed at 'A-', Outlook
     Stable;
  -- Foreign Currency Short-term IDR affirmed at 'F2';
  -- Local Currency Short-term IDR affirmed at 'F1';
  -- Support Rating affirmed at '2';
  -- National Long-term Rating affirmed at 'AAA(bra)', Outlook
     Stable;
  -- National Short-term Rating affirmed at 'F1+(bra)';
  -- Viability Rating affirmed at 'b-' and withdrawn.


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


ARDRA INSURANCE: Creditors' Proofs of Debt Due April 6
------------------------------------------------------
The creditors of Ardra Insurance Company Ltd. are required to
file their proofs of debt by April 6, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen E. Lowe
         Ardra Insurance Company Ltd.
         c/o KRyS Global
         PO Box 671 Hamilton HM CX
         Bermuda


JUPITER HYDE: Creditors' Proofs of Debt Due April 13
----------------------------------------------------
The creditors of Jupiter Hyde Park Hedge Fund Limited are
required to file their proofs of debt by April 13, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Wanda Mello
         Rob McMahon
         3 Bermudiana Road
         Hamilton HM 08
         Bermuda


MARTIN CURRIE: Members' Final Meeting Set for April 30
------------------------------------------------------
The members of Martin Currie Omnium Fund Limited will hold their
final meeting on April 30, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Wanda Mello is the company's liquidator.


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


FONTAINEBLEAU ONE: Creditors' Proofs of Debt Due April 26
---------------------------------------------------------
The creditors of Fontainebleau One Investment Company Ltd. 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 14, 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


GARAGE INTERNATIONAL: Creditors' Proofs of Debt Due April 30
------------------------------------------------------------
The creditors of Garage International Ltd. are required to file
their proofs of debt by April 30, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793


HG HOLDINGS: Shareholders' Final Meeting Set for April 27
---------------------------------------------------------
The shareholders of HG Holdings Ltd. will hold their final
meeting on April 27, 2012, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HG HOLDINGS II: Shareholders' Final Meeting Set for April 27
------------------------------------------------------------
The shareholders of HG Holdings II Ltd. will hold their final
meeting on April 27, 2012, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MAN-GLENWOOD: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Man-Glenwood Lexington Tei, LDC are required to
file their proofs of debt by April 25, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 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


RASMALA (SHARIAH): Shareholder to Hear Wind-Up Report on April 16
-----------------------------------------------------------------
The shareholder of Rasmala (Shariah) GP Ltd. will receive on
April 16, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 5, 2012.

The company's liquidator is:

         E. Andrew Hersant
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


WAVE ENERGY: Creditors' Proofs of Debt Due April 23
---------------------------------------------------
The creditors of Wave Energy Investments Limited are required to
file their proofs of debt by April 23, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 15, 2012.

The company's liquidator is:

         Stichting Liquidation
         c/o Amicorp Switzerland Baarerstrasse 75
         CH- 6300, Zurich
         Switzerland
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


ZS-SAZ I: Creditors' Proofs of Debt Due April 26
------------------------------------------------
The creditors of ZS-SAZ I Limited are required to file their
proofs of debt by April 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


ZS-SAZ II: Creditors' Proofs of Debt Due April 26
-------------------------------------------------
The creditors of ZS-SAZ II Limited are required to file their
proofs of debt by April 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


ZS-SAZ III: Creditors' Proofs of Debt Due April 26
--------------------------------------------------
The creditors of ZS-SAZ III Limited are required to file their
proofs of debt by April 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


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


CARIBBEAN CEMENT: Strike at Parent Unit Leads to Record Sales
------------------------------------------------------------
RJR News reports that Caribbean Cement Company Limited said it
has achieved record export sales following shipments to Trinidad
and Tobago which is still trying to recover from the effects of a
five-week old strike at its main cement manufacturer.

Since the strike by workers at Trinidad Cement Limited, Carib
Cement has sent 8,000 tons of the commodity to the twin island
republic, according to RJR News.

The report relates that Caribbean Cement General Manager Anthony
Haynes said it has helped the company record its highest monthly
sales figure.

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 Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


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


CAO HOLDINGS: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------
Debtor: CAO Holdings, Inc.
        P.O. Box 11375
        Caparra Heights Sta.
        San Juan, PR 00922

Bankruptcy Case No.: 12-02082

Chapter 11 Petition Date: March 21, 2012

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

Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Georgetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: (787) 758-3606
                  Fax: (787) 753-5317
                  E-mail: ldfglaw@coqui.net

Scheduled Assets: US$4,558,000

Scheduled Liabilities: US$1,998,377

In its list of 20 largest unsecured creditors, the Company placed
only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Departamento De Hacienda                         US$1,000
Seccion De Quiebras
P.O. Box 9024140
San Juan, PR 00902

The petition was signed by Andres Otero Rivera, president.


EMPRESAS INTEREX: Court OKs Carrasquillo as Financial Consultant
----------------------------------------------------------------
Empresas Interex Inc. sought and obtained permission from the
U.S. Bankruptcy Court to employ CPA Luis R. Carrasquillo & Co.,
P.S.C. as financial consultant.  The Debtor said it needs a
financial consultant to assist management in the financial
restructuring of its affairs by providing advice in strategic
planning and the preparation of the Debtor's plan of
reorganization, disclosure statement and business plan, and
participating in the Debtor's negotiations with creditors.

The Debtor paid Carrasquillo US$12,000 in advance.

With the exception that Carrasquillo has acted as financial
consultant in other bankruptcy cases in which Charles A. Curpill,
Esq., the Debtor's counsel, has or is representing debtors, the
firm has no other prior connections with Debtor, its officers,
directors, and insiders, any creditor, or other party-in-
interest, their respective attorneys and accountants, the U.S.
trustee or any person employed in the office of the U.S.

The firm's rates are:

    Professional                        Rate
    ------------                     -----------
    Partner                          US$160
    Senior CPA                         $125
    Other CPA's                         $90-$125
    Senior Accountant                   $75- $85
    Junior Accountant                   $50
    Administrative support              $35

San Juan, Puerto Rico-based Empresas Interex Inc. filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on
Dec. 7, 2011.  Bankruptcy Judge Mildred Caban Flores presides
Over the case.  The company posts $11,412,500 in assets and
US$9,335,561 in liabilities.


EMPRESAS INTEREX: Court OKs Cuprill Law Office as Bankr. Counsel
----------------------------------------------------------------
Empresas Interex Inc. sought and obtained permission to employ
the Charles A. Curpill, PSC Law Office as bankruptcy counsel.

The Debtor will pay Charles A. Cuprill-Hernandez, Esq., US$350
per hour; senior associates US$225; junior associates US$150; and
paralegals US$85.  The Debtor will also reimburse the firm for
actual necessary expenses.  The Debtor has provided the firm with
US$15,000 as retainer.

Mr. Cuprill-Hernandez attests that his firm is a "disinterested
person" as defined in 11 U.S.C. Sec. 101(14).

San Juan, Puerto Rico-based Empresas Interex Inc. filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on
Dec. 7, 2011.  Bankruptcy Judge Mildred Caban Flores presides
Over the case.  The company posts US$11,412,500 in assets and
US$9,335,561 in liabilities.


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


DIGICEL GROUP: Assigns New Executive for Trinidad & Tobago
----------------------------------------------------------
Trinidad Express reports that Digicel Group Limited has appointed
John Delves as the company's new chief executive officer of its
Trinidad operations.

Mr. Delves, who assumes the position in April, will replace Niall
Dorrian, who has held the post since 2007, according to Trinidad
Express.

The report notes Mr. Delves is currently Digicel Group's OECS
north general manager -- a role he has held since coming to the
Caribbean in 2010 from Digicel Fiji, where he was chief executive
officer.  Prior to that, Mr. Delves was chief executive officer
of Digicel Vanuatu.

                        About Digicel Group

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

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

                       *     *     *

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


                            ***********


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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