TCRLA_Public/120412.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, April 12, 2012, Vol. 13, No. 073


                            Headlines



A N T I G U A

LIAT: Cuts 20 Employees at Cargo Department


B A R B A D O S

ALMOND BEACH: Race to Own Resort Heats Up


B R A Z I L

CENTROVIAS SISTEMAS: Moody's Affirms 'Ba2' Issuer Rating


C A Y M A N   I S L A N D S

C12 PROTIUM: Creditors' Proofs of Debt Due May 10
CAPSTONE ALTUM: Creditors' Proofs of Debt Due May 10
CDC CORP: Maples and Calder Approved as Cayman Islands Counsel
DEL MAR: Creditors' Proofs of Debt Due May 10
GENTLE PERSUADER: Creditors' Proofs of Debt Due May 10

HEISENBERG MANAGEMENT: Creditors' Proofs of Debt Due May 2
MSR ASIA: Creditors' Proofs of Debt Due April 30
OUCHY CORPORATION: Creditors' Proofs of Debt Due April 12
PACIFIC MINING: Creditors' Proofs of Debt Due May 10
WESSEX GOLD: Creditors' Proofs of Debt Due May 10

WESSEX NATURAL: Creditors' Proofs of Debt Due May 10


J A M A I C A

LIME JAMAICA: Director & Audit Committee Chairman Resigns


P U E R T O   R I C O

BANCO POPULAR: Moody's Reviews 'D+' BFSR for Downgrade


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Chairman Resigns as Protest Against Government


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A N T I G U A
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LIAT: Cuts 20 Employees at Cargo Department
-------------------------------------------
RJR News reports that more than 20 employees of Leeward Islands
Air Transport, known as LIAT, at its cargo department have been
made redundant.

The Antigua Observer reported that of the 28 employees who
service the Cargo and Quick Pak Department, only three were
spared the plight of redundancy, according to RJR News.  The
employees, the report relates, supposedly received letters
informing that their services would no longer be required as of
April 15, 2012.

RJR News notes that the Cargo and Quick Pak Department has been
outsourced to the Barbados-based Caribbean Airport Services.  The
employees, some of whom have worked with the company for more
than a decade, are expected to meet with their bargaining agent,
the Antigua & Barbuda Workers Union (ABWU), according to the
report.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                             About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


ALMOND BEACH: Race to Own Resort Heats Up
-----------------------------------------
RJR News reports that the Jamaican hotelier Gordon "Butch"
Stewart will face strong competition if he decides to make a
formal bid for one of Barbados' popular hotel resorts.

With the month end deadline for the closure of the Almond Beach
Village fast approaching, two of Barbados' leading businessmen
have added their names to what is shaping up to be a powerful
local and international mix of interests competing for the
31-acre resort, according to RJR News.

The report notes that construction magnate Bjorn Bjerkhamn and
Paul Doyle, owner of the upscale Crane Resort have confirmed
their interest in buying the St. Peter hotel.

RJR News discloses that Barbados Minister of Tourism Richard
Sealy says negotiations with interested parties are at an
advanced stage.

In addition to Sandals Resorts International, he revealed that
top international hotel brand Ritz Carlton was among those making
a strong play for Almond, the report adds.


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


CENTROVIAS SISTEMAS: Moody's Affirms 'Ba2' Issuer Rating
--------------------------------------------------------
Moody's America Latina Ltda upgraded to Aa2.br from Aa3.br the
National Scale Ratings (NSRs) assigned to Centrovias Sistemas
Rodoviarios S.A. and its BRL406 million senior secured debentures
issued in March 2010.  The rating action does not affect the Ba2
ratings on the global scale assigned to Centrovias and its
debentures.  The outlook for all ratings is stable.  Centrovias'
improving operating performance prompted the upgrade, as did its
position of comparing favorably within its peer group of
operating toll road concessions in Brazil.

Ratings upgraded:

    Issuer Rating: to Aa2.br from Aa3.br

    BRL286 million Sr. Sec. Debentures due in 2015: to Aa2.br
    from Aa3.br

    BRL120 million Sr. Sec. Debentures due in 2017: to Aa2.br
    from Aa3.br

Ratings affirmed:

    Issuer Rating: Ba2

    BRL286 million Sr. Sec. Debentures due in 2015: Ba2

    BRL120 million Sr. Sec. Debentures due in 2017: Ba2

Ratings Rationale

The global scale rating of Ba2 reflects the mature nature of
Centrovias' concession, as evidenced by its solid historic
performance since 1998 and its strong credit metrics over the
last three years.  Moody's views recent improvement in operating
performance from higher traffic volumes as sustainable given the
evolving economic fundamentals of its service area and
Centrovias' low capital expenditure requirements.  The stable
regulatory environment in the State of Sao Paulo further supports
the ratings.

The upgrade of the Brazilian national scale to Aa2.br reflects
the current standing of Centrovias' ratings in comparison with
those of the other operating toll road concessions in state of
Sao Paulo.  Moody's NSRs are intended as relative measures of
creditworthiness within a narrowly defined peer group in the same
country, as compared to the full universe of Moody's rated
entities, and thus differ from Moody's global scale ratings.

The rather short remaining life of the Centrovias concession,
which expires in less than eight years with little prospects for
renewal or extension, continues to constrain the ratings.  The
ratings are further pressured by the risks associated with the
investment strategy of Centrovias' controlling shareholder, OHL
Brasil.  In Moody's opinion, the parent company is forecasted to
require sizeable dividends and occasional inter-company loans
from its state concession subsidiaries in order to support larger
dividend distribution to its shareholders and new investments in
the Brazilian infrastructure sector.

Centrovias' fourteen-year history of tolled traffic shows that
heavy trucks represent over 60% of the road traffic in terms of
equivalent vehicles.  Commercial vehicle traffic tends to be more
volatile than passenger vehicle traffic and to move in tandem
with the country's GDP.  Measured by equivalent vehicles, tolled
traffic at Centrovias increased 30% in 2010 and 62% 2011,
reflecting changes in the configuration of certain toll plazas so
that they would begin to charge tolls in both directions.  On a
normalized basis, Moody's estimates that Centrovias' toll traffic
increased approximately 13% in 2010, helped by the strong
economic recovery compared to 2009 levels (+7.5% GDP), and
additional 7% in 2011 driven by increases in traffic for
agricultural commodities and increased car ownership, even though
GDP growth in Brazil was just 2.7% last year.  Presumably, the
lower tariffs with toll plazas in both directions also
contributed to additional traffic volumes in certain locations as
they reduced toll evasion.

Toll related revenues in 2011 increased 12.9% compared to 2010,
stemming from the effective 7.0% increase in toll traffic and a
9.77% tariff adjustment granted by ARTESP on July 1st 2011. The
increase was in line with inflation as measured by the general
price index (IGP-M) from June 2010 to May 2011.  ARTESP, the
transportation regulatory agency in the state of Sao Paulo, has
been responsible for the regulation and oversight of
transportation concessions since 2002.  In spite of its
relatively short track record, ARTESP has fostered a transparent
and stable regulatory framework in the state of Sao Paulo, which
Moody's deems as the most supportive regulatory environment for
toll road concessions in Brazil.

Centrovias' credit metrics are currently strong for its rating
category.  The recent improvement in operating performance led to
high cash flow coverage ratios in spite of the significant debt
increase since the issuance of BRL406 million debentures in March
2010.  In 2011, the funds from operations (FFO) to debt ratio
reached 29.2%, while the FFO interest coverage ratio was 3.0
times.  These indicators were moderately above Moody's
expectation.  Moody's conservative assumptions consider further
borrowings and high dividend payments by Centrovias, which will
pressure its key credit ratios in the medium term.  Cash interest
coverage ratio is expected to decrease but remain above 2.5 times
over the next three years, while the FFO to debt ratio is
expected to remain around 20%; such levels are commensurate with
the Ba2 rating category.

The ratings of Centrovias remain constrained by the potential
cash needs of the parent company.  OHL Brasil is forecasted to
require sizeable dividends and occasional inter-company loans
from its state concession subsidiaries in order to support other
new investments in the Brazilian infrastructure sector and larger
dividend distributions to its shareholders.  Additionally, the
existing early maturity clauses in the debentures comprise a
cross default provision with the parent company.

Nevertheless, covenants embedded in the debentures limit the
distribution of dividends and a significant leverage increase of
Centrovias.  The covenants limit the maximum amount of net debt
to 3.5 times the annual EBITDA and require cash coverage of short
term debt obligations to be higher than 1.2x.  These covenants
are relatively loose given that the net debt to EBITDA ratio was
0.8x for 2011, while the cash coverage of short-term debt was
3.9x. Moody's projections indicate that coverage under these
covenants will reduce somewhat but remain comfortably achievable
throughout the duration of the debentures.

The stable outlook reflects Moody's opinion that Centrovias'
operational performance will remain solid during the remaining
life of the concession in light of strong credit fundamentals
boosted by the expected continued growth in the Brazilian GDP.
Moody's expects that the payment of dividends and extension of
inter-company loans are likely to continue for the next few years
but also that they will be prudently managed so that the credit
metrics remain within the proposed financial covenants.

The rating or the outlook could be upgraded if the company were
to steadily improve its liquidity profile and produce credit
metrics in line with historical performance so that the FFO to
debt ratio above stays 25% and the interest coverage stays above
3.5x on a sustainable basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 20% and interest coverage ratio
remains below 2.5x for an extended period of time. Deterioration
in the credit quality of OHL Brasil could also prompt a downgrade
rating action.

The last rating action on Centrovias was on March 05, 2010 when
Moody's assigned a Ba2 rating on the global scale and Aa3.br
rating on the Brazilian National scale to BRL406 million senior
secured debentures due in 2015 and 2017.

Centrovias Sistemas Rodoviarios S.A. is an operating subsidiary
of Obrascon Huarte Lain Brasil S.A. (OHL Brasil, unrated). OHL
Brasil is a holding company with approximately 3,226 kilometers
of operating toll roads under concession in Brazil consisting of
four concessions in the state of Sao Paulo and five federal
concessions in the states of Sao Paulo, Minas Gerais, Rio de
Janeiro, Parana and Santa Catarina. Centrovias has a 21-year
concession to operate the toll road services of two small
adjacent roads in the interior of the state of Sao Paulo, which
the state regulatory agency ARTESP granted under a single
concession in 1998.


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C A Y M A N   I S L A N D S
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C12 PROTIUM: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of C12 Protium Value Opportunities Ltd. are
required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 19, 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


CAPSTONE ALTUM: Creditors' Proofs of Debt Due May 10
----------------------------------------------------
The creditors of Capstone Altum Credit Intermediate Fund, Ltd.
are required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 22, 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


CDC CORP: Maples and Calder Approved as Cayman Islands Counsel
--------------------------------------------------------------
The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized CDC Corporation to employ
Maples and Calder as corporate Cayman Islands counsel for limited
purposes and its affiliated services company, Maples Corporate
Services Limited, as registered office provider in the ordinary
course of business to provide services including making filings
with the Cayman Islands Registrar of Companies and related
matters and in connection therewith to pay prepetition and
postpetition claims.

As reported in the Troubled Company Reporter on March 20, 2012,
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes, Ellis &
Nason, P.A., the attorney for Debtor, said that in order to
administer the case in a proper, efficient, and economical
manner, the Debtor needs the services of a registered office
provider in connection with the Cayman Islands corporate
registration requirements.

Prior to the Petition Date, Maples Corporate served as a
registered office provider and provided the registered office,
prepared and filed Annual Returns, maintained statutory records,
including the updating and filing of the register of officers and
directors, and obtained good standing certificates.

Prior to the Petition Date, Maples and Calder acted as Cayman
Islands corporate counsel to the Debtor, CDC Software
Corporation, and several of their affiliates.  In light of the
conflict of interest in connection with this Chapter 11 case,
following the Petition Date, Maples and Calder ceased to act as
Cayman Islands corporate counsel to Debtor in respect of matters
connected with the Chapter 11 case.

Mr. Cifelli said that in order to continue properly to operate as
a company incorporated in the Cayman Islands, the Debtor seeks
specific authority to pay the invoices for legal fees and
administrative services, including in connection with the annual
fees and annual filings which were required in the Cayman Islands
in January of 2012.  In respect of the annual fees for 2012, and
certain other administrative expenses incurred, Maples has issued
an invoice in the amount of $5,180.56.

"As Maples served as the provider of the Debtor's registered
office in the Cayman Islands prior to the bankruptcy case and the
firm filed the required annual reports and other filings with the
Cayman Islands Registrar of Companies prior to the bankruptcy
case, it is necessary and appropriate for the Debtor to pay the
prepetition amounts owing to Maples so that Maples can continue
to act on behalf of the Debtor without any change in the Debtor's
registered office.  This is the best way to streamline and insure
that the Debtor can obtain good standing certificates on a timely
basis so as to be able to close the sale contemplated by the sale
motion scheduled to be heard by the Court at the hearing on
March 20, 2012.  The only possible alternative would be to
attempt to identify (and pay) a different registered office
provider in the Cayman Islands -- which would likely result in
additional costs and delays occasioned by an unnecessary hand-
over," Mr. Cifelli says.

The Debtor sought authorization to retain and compensate Maples
without the necessity of formal fee applications.  The Debtor
sought authority to pay the invoices for 2012 registration
matters and to pay Maples in the ordinary course of business for
future necessary filings with the Cayman Islands Registrar of
Companies and related matters.  The services of Maples and Calder
as corporate Cayman Islands counsel for the Debtor are expected
to be limited to providing advice with regard to necessary
corporate updates and filings and related matters and will not be
duplicative of the services performed by the firm of Solomon
Harris.  Maples and Calder is owed $38,793.75 for professional
services rendered prior to the Petition Date.

Maples and Calder is further owed $5,793.75 for professional
services rendered after the Petition Date.  Debtor seeks
authority to pay these invoices.

Matthew Gardner, associate partner at Maples, assures the Court
that his firm does not hold or represent interest adverse to the
Debtors' estates, and that it is a "disinterested person" under
Section 101(14) of the Bankruptcy Code.

                          About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC
Corporation is represented by Troutman Sanders.  The Committee
tapped Morgan Joseph TriArtisan LLC as its financial advisor.


DEL MAR: Creditors' Proofs of Debt Due May 10
---------------------------------------------
The creditors of Del Mar Index Opportunities Intermediate Fund
Ltd. are required to file their proofs of debt by May 10, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 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


GENTLE PERSUADER: Creditors' Proofs of Debt Due May 10
------------------------------------------------------
The creditors of The Gentle Persuader Fund are required to file
their proofs of debt by May 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2012.

The company's liquidator is:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman, KY1-1102
         Facsimile: (345) 949 8499
         Telephone: (345) 949 8455


HEISENBERG MANAGEMENT: Creditors' Proofs of Debt Due May 2
----------------------------------------------------------
The creditors of Heisenberg Management Ltd. are required to file
their proofs of debt by May 2, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 22, 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


MSR ASIA: Creditors' Proofs of Debt Due April 30
------------------------------------------------
The creditors of MSR Asia Acquisitions IV, Inc. are required to
file their proofs of debt by April 30, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2012.

The company's liquidator is:

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

         Ezequiel A. Camerini
         Fox & Horan, Camerini LLP
         825 Third Avenue
         12th Floor
         New York
         New York 10022
         United States of America


PACIFIC MINING: Creditors' Proofs of Debt Due May 10
----------------------------------------------------
The creditors of Pacific Mining Limited are required to file
their proofs of debt by May 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2012.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


WESSEX GOLD: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Wessex Gold Fund Limited are required to file
their proofs of debt by May 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2012.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


WESSEX NATURAL: Creditors' Proofs of Debt Due May 10
----------------------------------------------------
The creditors of Wessex Natural Resources Fund Limited are
required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2012.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


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J A M A I C A
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LIME JAMAICA: Director & Audit Committee Chairman Resigns
---------------------------------------------------------
RJR News reports that LIME Jamaica Limited (formerly Cable &
Wireless Jamaica Limited) has advised that one of its directors
has resigned.

Andrew Cocking stepped down from the Board effective April 3,
according to RJR News.  The report relates that Mr. Cocking also
served as Chairman of the Audit Committee.

RJR News notes that the company said Mr. Cocking's resignation
was not related to any disagreement in respect to accounting
principles or practices, financial statement disclosure or any
other material issue impacting the Audit Committee or his ability
to properly carry out the functions delegated by the Board.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union,
LIME Jamaica union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.  The University and Allied
Workers Union and the Jamaica Telephone Company (JTC) Executive
and Allied Staff Association made a similar call, according to
RJR News.  The report noted that the unions said the proposed
legislation will bring benefits for the workers at LIME and, by
extension, consumers.  The report related that LIME, which has
been losing billions of dollars, stated that while an agreement
has not yet been reached among the players in the industry.

                        About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than JM$17
billion.  Concurrently, its equity base has diminished to JM$2
billion on its December 2011 unaudited balance sheet, reflecting
book value of two cents per share, the report added.


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


BANCO POPULAR: Moody's Reviews 'D+' BFSR for Downgrade
------------------------------------------------------
Moody's Investors Service placed on review for downgrade certain
ratings of three Puerto Rican banks, including Banco Santander
Puerto Rico (BSPR), Banco Bilbao Vizcaya Argentaria Puerto Rico
(BBVAPR), and Popular, Inc. The actions reflect the adverse
effects of Puerto Rico's ongoing recession on the island's banks,
as well as the weak prospects for a sustainable recovery in the
coming years.

The following ratings were placed on review:

- BSPR's standalone bank financial strength rating (BFSR) of C-,
   which maps to baa1 on the long-term scale

- BBVAPR's standalone BFSR of C-, which maps to baa2 on the
   long-term scale

- The long- and short-term ratings of Popular, Inc. and its
   subsidiaries (collectively referred to as 'Popular'),
   including Banco Popular de Puerto Rico's (the lead bank)
   standalone BFSR of D+, which maps to baa3 on the long-term
   scale

BSPR's long- and short-term ratings and BBVAPR's long-term
ratings were previously placed on review for downgrade on
February 22, 2012, reflecting the potential adverse effects of
any weakening of their Spanish parents on their capacity and/or
willingness to support their North American subsidiaries.

Additionally, Moody's affirmed the ratings of FirstBank Puerto
Rico (standalone BFSR of E+, which maps to B2 on the long-term
scale) and Doral Financial Corporation (senior unsecured debt at
Caa1).

Ratings Rationale

Moody's said the rating reviews of the three Puerto Rican banks
are driven by the island's difficult operating environment.
Puerto Rico is in the midst of a deep, protracted recession that
began in 2006.  Although some signs of stabilization have emerged
recently, the prospects for a sustainable recovery are
constrained by the commonwealth's poor finances, which are
characterized by severely underfunded retirement systems and an
increasingly heavy debt load.  Actions to address these issues in
the coming years will likely put additional stress on Puerto
Rico's already weak economy.

Moody's added that the weak operating environment, which is
characterized by high unemployment and depressed real estate
values, continues to threaten banks' asset quality.  The banks'
problem assets remain extremely high and could lead to
significant losses if the recession continues.

Expected Outcome of Reviews

At the conclusion of the rating reviews, the standalone baseline
credit assessments (that is, the standalone BFSRs mapped to the
long-term scale) of BSPR, BBVAPR, and Popular could be downgraded
by 1-2 notches.  In the interim, the deposit and debt ratings of
BSPR and BBVAPR will be influenced by the conclusion of the
rating reviews on their Spanish parents because of Moody's
parental support assumptions.  Those reviews are expected to
conclude the week of April 23.  The deposit and debt ratings will
also be influenced by the FDIC's cross-indemnification provisions
because both banks have banking affiliates in the US mainland
that are stronger than their Puerto Rican affiliates on a
standalone basis.



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


CARIBBEAN AIR: Chairman Resigns as Protest Against Government
-------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited Chairman George
Nicholas has again resigned to protest statements about his
performance by Trinidad's Transport Minister Devant Maharaj.

Trinidad's Express newspaper reported that unlike his resignation
last August, which was done via e-mail to Mr. Maharaj and the
Caribbean Airlines' board Mr. Nicholas ended his 16-month
stewardship via a letter to Finance Minster Winston Dookeran,
according to RJR News.

RJR News notes that Mr. Dookeran said he was in the dark on the
reason for Mr. Nicholas' resignation.  The report relates that
Mr. Nicholas' previous resignation was triggered by a
disagreement regarding the acquisition of two aircraft for
Caribbean Airlines.

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.

                      *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said 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 related 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.


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


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

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.


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