TCRLA_Public/120416.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


              Monday, April 16, 2012, Vol. 13, No. 075



                            Headlines



B R A Z I L

REDE ENERGIA: To Present Restructuring Plan for Celpa on May 5


C A Y M A N  I S L A N D S

DAIRY HOLDINGS: Court Enters Wind-Up Order
FOOD HOLDINGS: Court Enters Wind-Up Order
HIMELSEIN MANDEL: Commences Liquidation Proceedings
KNOLL SPECIAL: Creditors' Proofs of Debt Due May 10
LINCOLN HOLDINGS: Creditors' Proofs of Debt Due April 30

MARATHON OIL: Creditors' Proofs of Debt Due May 10
PROTIUM RESERVE: Creditors' Proofs of Debt Due May 10
SINOPAY.COM HOLDINGS: Creditors' Proofs of Debt Due May 10
SP CPS: Creditors' Proofs of Debt Due May 10
TINTO HOLDING: Creditors' Proofs of Debt Due May 10


J A M A I C A

CARIBBEAN CEMENT: Uses Spanish-Labelled Bags 'Til TCL Strike Ends
DIGICEL GROUP: Reopens Voluntary Separation Programme


M E X I C O

GLOBAL BANK: S&P Puts 'BB+' Issuer Credit Ratings; Outlook Stable
SATELITES MEXICANOS: S&P Affirms 'B' Rating on Sr. Secured Notes


P E R U

DOE RUN PERU: Creditors Reject Plan; Smelter to be Liquidated


P U E R T O  R I C O

CERTENEJAS INCORPORADO: Files for Chapter 11 in Puerto Rico


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Can't Supply Unit Bags Until Union Strike Ends


U R U G U A Y

CITIBANK URUGUAY: S&P Ups Counterparty Credit Ratings From BB+/B
* URUGUAY: DBRS Upgrades Currency Debt Ratings to 'BB(high)'


X X X X X X X X

* BOND PRICING: For the Week April 9 to April 13, 2012


                            - - - - -


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


REDE ENERGIA: To Present Restructuring Plan for Celpa on May 5
--------------------------------------------------------------
Centrais Electricas do Para SA Chief Executive Officer Jorge
Queiroz de Moraes Filho said that Rede Energia SA will present to
debt holders a restructuring plan for Celpa by May 5, Valor
Economico reports.

According to Valor Economico, the plan mainly involves
renegotiating maturities of Celpa's debt. Valor Economico relates
that Celpa has BRL2.4 billion in debt, of which BRL1.7 billion
matures this year.  Rede Energia will seek to extend BRL2 billion
of the debt for five years, Valor Economico says.

Valor Economico relates that Laep Investments Ltd. and Equatorial
Energia SA confirmed an interest in acquiring Celpa.  Mr. Moraes
denied being in talks to sell the company, Valor Economico
states.

Rede Energia SA, headquartered in Sao Paulo, Brazil, is a holding
company with interests mostly in the electricity distribution.
Through majority-owned subsidiaries Companhia de Energia Eletrica
do Estado do Tocantins - Celtins, Centrais Eletricas
Matogrossenses S.A. - Cemat, Centrais Eletricas do Para S.A. -
Celpa and Empresa Energ. do Mato Grosso Sul -- Enersul, the group
operates concessions to distribute electricity in the states of
Tocantins, Mato Grosso, Para and Mato Grosso do Sul,
respectively.


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


DAIRY HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
On April 1, 2005, the Grand Court of Cayman Islands entered an
order to wind up the operations of Dairy Holdings Limited.

The company's liquidator is:

         Gwynn Hopkins
         P.O. Box 1102
         Building 3, 4th Floor, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 946 0081
         Fax: 1 345 946 0082


FOOD HOLDINGS: Court Enters Wind-Up Order
-----------------------------------------
On April 1, 2005, the Grand Court of Cayman Islands entered an
order to wind up the operations of Food Holdings Limited.

The company's liquidator is:

         Gwynn Hopkins
         P.O. Box 1102
         Building 3, 4th Floor, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 946 0081
         Fax: 1 345 946 0082


HIMELSEIN MANDEL: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on March 23, 2012, the
members of Himelsein Mandel Offshore Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

         Mark Longbottom
         Geoffrey Varga
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands


KNOLL SPECIAL: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
The creditors of Knoll Special Opportunities Fund II Master 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 5, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: JFL
         Telephone: (+1) 345 949 4123
         Fax: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Fax: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


LINCOLN HOLDINGS: Creditors' Proofs of Debt Due April 30
--------------------------------------------------------
The creditors of Lincoln Holdings (Cayman) Ltd. 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 29, 2012.

The company's liquidator is:

         Lincoln Holdings LLC
         Attn: Mr. Peter A. Hochfelder
         Trust Company Complex
         Ajeltake Road
         Ajeltake Islands
         Majuro
         MH96960
         Marshall Islands
         Telephone: 1 914 253 6688
         E-mail: phochfelder@bccny.com


MARATHON OIL: Creditors' Proofs of Debt Due May 10
--------------------------------------------------
The creditors of Marathon Oil Garnet Limited are required to file
their proofs of debt by May 10, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Y. R. Kunetka
         5555 San Felipe Street
         Houston, Texas 77056
         U.S.A.


PROTIUM RESERVE: Creditors' Proofs of Debt Due May 10
-----------------------------------------------------
The creditors of Protium Reserve 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 28, 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


SINOPAY.COM HOLDINGS: Creditors' Proofs of Debt Due May 10
----------------------------------------------------------
The creditors of Sinopay.Com Holdings 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 23, 2012.

The company's liquidator is:

         Zhang Shenglan
         Michelle R. Bodden-Moxam
         Portcullis TrustNet (Cayman) Ltd.,
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052 Grand Cayman KY1-1203
         Cayman Islands


SP CPS: Creditors' Proofs of Debt Due May 10
--------------------------------------------
The creditors of SP CPS Investments Corp. 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 26, 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


TINTO HOLDING: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
The creditors of Tinto Holding 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 wind-up proceedings on March 20, 2012.

The company's liquidator is:

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


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


CARIBBEAN CEMENT: Uses Spanish-Labelled Bags 'Til TCL Strike Ends
----------------------------------------------------------------
The Jamaica Observer reports that Caribbean Cement Company has
temporarily packaged its product in Spanish-labelled bags,
carrying the brand names Carib Cement OPC and TCL Premium Plus.

According to the Jamaica Observer, Caribbean Cement said on
Thursday that the ongoing industrial action at Trinidad Cement
Limited has prevented supplier Trinidad Packaging Ltd, a Trinidad
Cement Ltd. subsidiary, to send bags.

"In order to supply the market here, we are utilizing the bags we
have in stock," the Jamaica Observer quoted Caribbean Cement
public relations officer Lystra Sharp as saying.  "It's the same
Carib Cement Plus, except that it will be in bags that don't say
Carib Cement Plus.

Caribbean Cement, the Jamaica Observer reports, has assured local
clients that it will revert to normal packaging when industrial
action in Trinidad ends, and that it has an adequate supply of
bags in stock to fill the needs of the domestic market "for at
least a few weeks".  Citing Ms. Sharpe, the report states that
use the alternative packaging has the Bureau of Standards
Jamaica's approval.

Caribbean Cement has already identified an outside supplier that
could provide it with bags should the Trinidad strike continue
for an extended period, the Jamaica Observer relates.

Camille Bethel at the Trinidad Express reports that TCL's general
manager Satnarine Bachew said in a phone interview from TCL's
Claxton Bay plant that TPL's ability to supply Caribbean Cement
with bags wouldn't improve until the strike was over.

                       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.


DIGICEL GROUP: Reopens Voluntary Separation Programme
-----------------------------------------------------
RJR News reports that Digicel Group Limited has reopened its
Voluntary Separation Programme for its Jamaican staff, following
the integration of the Jamaican Claro operations into the
company.

The Jamaica Observer relates that Digicel Group started cutting
jobs on Thursday, offering enhanced packages to its 1,170
Jamaican staff if they resign voluntarily.  Digicel Group, the
Jamaica Observer reports, said that under its Voluntary
Separation Programme, permanent, temporary and part-time workers
are eligible to receive enhanced packages based on years of
service as well as extended health cover, pro rata bonuses and
career change advisory sessions.  The program runs until April
26, the report states.

Digicel Jamaica CEO, Mark Linehan in a press statement, "Now is
the time to review our operations to ensure we are well
positioned to meet the opportunities that are ahead of us and
that we have the right people with the right skills in the right
jobs."

Voluntary Separation Programme was first offered successfully to
Digicel employees in 2009, the Jamaica Observer states.

                       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.


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


GLOBAL BANK: S&P Puts 'BB+' Issuer Credit Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Rating Services assigned its global scale 'BB+'
long-term and 'B' short-term issuer credit ratings to Global Bank
Corporation y Subsidiarias (GBC). The outlook on the ratings is
stable.

"The ratings on GBC reflect its 'adequate' business position in
the highly competitive Panamanian banking system, our expectation
of a 'moderate' risk-adjusted capital ratio with 'moderate'
earnings capacity, and an 'adequate' risk position that's based
on average credit losses and good asset quality metrics. GBC's
funding base is well diversified, composed mainly of stable
deposits. However, the bank has a higher-than-peers' loan-to-
deposit ratio. The bank's stand-alone credit profile is 'bb+'
which is the same of its issuer credit rating, reflecting no
external support," S&P said.


SATELITES MEXICANOS: S&P Affirms 'B' Rating on Sr. Secured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
rating on Satelites Mexicanos S.A. de C.V. (Satmex). "At the same
time, we affirmed our 'B' issue rating on Satmex's senior secured
notes following the $35 million add-on. In addition, a recovery
rating of '3', indicating our expectation of meaningful (50% to
70%) recovery for debt holders in the event of a payment default,
remains unchanged. The outlook is stable," S&P said.

"The ratings on Satmex reflect its highly leveraged financial
risk profile, our expectation of negative free operating cash
flow in 2012, the company's weak business risk profile as a
result of strong competition from regional and global satellite
companies in the same markets where it operates, its limited
fleet, its customer concentration risk, and operational risks
related to the
launch of Satmex 8. Partially mitigating these factors are some
features inherent to the fixed satellite services industry, such
as high barriers of entry given the scarcity of licenses for
orbital slots (with Satmex holding three orbital locations); the
high cost of building, insuring, launching, and operating
satellites; attractive orbital locations and elevation angles
that
provide robust coverage to 90% of the population of the Americas;
high utilization rates; and favorable growth opportunities in the
region as demand for data applications continue to grow. Dollar-
denominated contracts mitigate foreign-exchange risk," S&P said.


=======
P E R U
=======


DOE RUN PERU: Creditors Reject Plan; Smelter to be Liquidated
-------------------------------------------------------------
Doe Run Peru Vice President Jose Mogrovejo said on Thursday that
creditors unanimously rejected a debt restructuring plan and will
seek the liquidation of its closed zinc smelter in La Oroya, Alex
Emergy at Bloomberg News reports.

Bloomberg News relates that the creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said that the creditors have a 30-day
"window" to take a final decision, Bloomberg News reports.

Carlos Galvez, chief financial officer at precious metals miner
Buenaventura, said that the plan was rejected because creditors
found that it lacked clear financing commitments from parent
company Renco Group Inc. and a timetable for a $160 million
environmental clean-up, Bloomberg News states.

Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica relates that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

Mineweb says Renco Doe Run suggested that the Peruvian government
take responsibility for third-party claims and the costs of
litigation filed against Renco in U.S. courts.  As part of Doe
Run Peru's 1997 privatization agreement, the government agreed to
assume responsibility for third-party claims related to
contamination in La Oroya until the company had completed its
environmental clean-up program.

The plan would have implied the resumption of operations without
Doe Run Peru having completed an environmental clean-up program,
putting the level of pollution in the area well above legal
limits, Mining.com relates, citing Diego Calmet, president of the
creditors board.

According to Bloomberg News, Mr. Mogrovejo said in a telephone
interview, "The board of creditors chose an ongoing liquidation."
Bloomberg News relates that Mining & Energy Ministry legal
representative Rosario Patino told reporters outside the
creditors meeting in Lima that a liquidator will be appointed to
reopen and operate the smelter to repay $160 million to creditors
and retain all 3,700 of the smelter's workers.

Legal representative of the ministry, Rosario Patino, explained
that Doe Run Peru was placed in a process of operational
liquidation, which allows the company to continue operating while
the board of creditors further analyzes its situation and makes a
final decision, Cecilia Jamasmie at Mining.com reports.  Mr.
Calmet told Peruvian newspaper La Republica that the smelter will
remain closed, while operations at Doe Run Peru's Cobriza mine
may continue.

Doe Run Peru has one year to submit a new plan, Mining.com
reports.

Citing union officials, Bloomberg News reports that workers plan
protests in La Oroya.  Union official Luis Castillo, Bloomberg
News states, said that workers may block the central Andean
highway, which is used to transport food and minerals from half-
a-dozen companies to Lima, to protest the decision.

According to Bloomberg News, Mr. Castillo said in a telephone
interview, "It's a lie to say the workers won't lose out, because
in the end, all of us will be laid off."

                         About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


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


CERTENEJAS INCORPORADO: Files for Chapter 11 in Puerto Rico
-----------------------------------------------------------
Certenejas Incorporado filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April
11, 2012.

The Debtor disclosed $27.68 million in assets and $45.29 million
in debts as of the Chapter 11 filing.

Banco Popular de Puerto Rico is owed $40.42 million on account of
secured bank loans with mortgages over the Debtor's properties.
According to the schedules, the unsecured portion of the claim is
$14.01 million.

The Debtor owns these motels or short-term guest houses:

(1) Hotel Flor Del Valle in Cidra, Puerto Rico, valued at
     $6.8 million.

(2) Motel El Eden at Juana Diaz, Puerto Rico, valued at
     $4.45 million.

(3) Motel Molino Azul at Vega Baja, Puerto Rico, valued at
     $3.47 million.

(4) Motel Molino Rojo at Vega Baja, Puerto Rico, valued at
     $2.79 million.

(5) Motel Las Palmas, in Rio Grande, Puerto Rico, valued at
     $4.25 million.

(6) Motel El Rio, in Rio Grande, Puerto Rico, valued at
     $3.33 million.

The Debtor also owns a parcel of land in Rio Grande, Puerto Rico,
valued at $1.45 million.

A copy of the schedules filed with the petition is available for
free at http://bankrupt.com/misc/prb12-02806.pdf


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


TRINIDAD CEMENT: Can't Supply Unit Bags Until Union Strike Ends
---------------------------------------------------------------
Trinidad Cement Limited general manager Satnarine Bachew said in
a phone interview from the company's Claxton Bay plant that the
ability to supply Caribbean Cement Company with bags wouldn't
improve until the strike was over, Camille Bethel at the Trinidad
Express reports.

The Jamaica Observer relates that Caribbean Cement has
temporarily packaged its product in Spanish-labelled bags,
carrying the brand names Carib Cement OPC and TCL Premium Plus.

According to the Jamaica Observer, Caribbean Cement said on
Thursday that the ongoing industrial action at Trinidad Cement
Limited has prevented supplier Trinidad Packaging Ltd, a Trinidad
Cement Ltd. subsidiary, to send bags.

"In order to supply the market here, we are utilizing the bags we
have in stock," the Jamaica Observer quoted Caribbean Cement
public relations officer Lystra Sharp as saying.  "It's the same
Carib Cement Plus, except that it will be in bags that don't say
Carib Cement Plus.

Caribbean Cement, the Jamaica Observer reports, has assured local
clients that it will revert to normal packaging when industrial
action in Trinidad ends, and that it has an adequate supply of
bags in stock to fill the needs of the domestic market "for at
least a few weeks".  Citing Ms. Sharpe, the report states that
use the alternative packaging has the Bureau of Standards
Jamaica's approval.

Caribbean Cement has already identified an outside supplier that
could provide it with bags should the Trinidad strike continue
for an extended period, the Jamaica Observer relates.

                     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.


=============
U R U G U A Y
=============


CITIBANK URUGUAY: S&P Ups Counterparty Credit Ratings From BB+/B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty credit
ratings on Citibank N.A. (Uruguay Branch) to 'BBB-/A-3' from
'BB+/B', while affirming the national scale counterparty credit
rating at 'uyAAA'. The outlooks are stable.

The rating action on Citibank Uruguay followed Standard & Poor's
April 3, 2012, upgrade of the Oriental Republic of Uruguay to
'BBB-/A-3' from 'BB+/B'.

"We based our rating action on Uruguay on the country's sound
economic growth prospects and improving external and fiscal
indicators," said Standard & Poor's credit analyst Joaqu¡n Meda.
"Foreign direct investment has strengthened and improved its
economic diversification."

Standard & Poor's ratings on Citibank Uruguay reflect sovereign
risk and the bank's status as a branch of New York-based Citibank
N.A. (A/Negative/A-1).

"We assume that, in a stressed scenario, without the sovereign's
direct intervention, the parent company would ensure full and
timely payment of its Uruguayan branch's obligations," Mr. Meda
added.

"We cap our global scale ratings on Citibank Uruguay with the
sovereign credit ratings on Uruguay," S&P said.

The national scale ratings on the bank exclude sovereign
intervention risk and reflect the bank's position relative to
other financial institutions in that country.

The stable outlook on Citibank Uruguay reflects that on the
sovereign.


* URUGUAY: DBRS Upgrades Currency Debt Ratings to 'BB(high)'
------------------------------------------------------------
DBRS, Inc. has upgraded the ratings on the long-term foreign and
local currency debt of the Oriental Republic of Uruguay to BB
(high) from BB, and maintained the Positive trends on both
ratings.  The reasons for the upgrade are: (1) sustained high
rates of economic growth driven by investment, exports and a
structural transformation of the agriculture sector, (2) very low
rollover risk, and (3) larger financial buffers.  These factors
have improved public debt dynamics and enhanced the resilience of
the economy to adverse shocks.  The Positive trends reflect
DBRS's assessment that the ratings could be raised to investment
grade if fiscal discipline is sustained and public debt ratios
continue on a downward trajectory.

From 2006 to 2011, Uruguay expanded at an average annual rate of
5.8%. Supply and demand factors contributed to this strong
economic performance.  On the supply side, the agriculture sector
has undergone a structural transformation, supported by large FDI
inflows and technological advances, that has significantly
expanded and diversified production.  Higher investment rates
overall have also increased the economy's productive capacity.
Positive demand factors include favorable terms of trade and
strong regional demand for tourism services.  This solid growth
performance has been accompanied by a rising employment rate and
substantial real wage gains.  The economy expanded 5.7% in 2011
and is expected to grow 4.0% in 2012, indicating resilience
during a period of weak global economic growth.

This strong economic performance combined with persistent primary
surpluses and proactive debt management has led to a significant
improvement in the level and composition of Uruguay's debt
profile.  Gross public debt declined from 100.8% of GDP in 2003
to 55.6% of GDP in 2011.  The government aims to reduce debt-to-
GDP to 40% by 2015, which DBRS views as a realistic baseline
scenario.  Net public sector debt - which deducts liquid
financial assets from gross debt - declined to 27.3% of GDP in
2011.  Debt management operations have also substantially reduced
vulnerabilities, including refinancing and exchange rate risks.
The average maturity of central government debt is 12.3 years,
and the share denominated in local currency increased from 11% in
2005 to 49% in 2011.

Fallout over sovereign debt and financial fragility in the Euro
area or a sharp deceleration in China present downside risks to
Uruguay's growth outlook, principally through the terms of trade
channel.  Agricultural products account for more than 60% of
Uruguay's merchandise exports and therefore are exposed to
fluctuations in world agricultural prices.  Moreover, first round
effects from a terms of trade shock could be amplified by reduced
demand from Uruguay's commodity-producing neighbors, particularly
Argentina.  Trade disruptions or an economic downturn in the
region would likely have a negative effect on economic activity
in Uruguay, principally through weaker demand for tourism
services.

However, low rollover risk, high international reserves and
economic diversification bolster the economy's defenses to
potential negative shocks.  The government, with limited debt
maturing and $2.5 billion (5.4% of GDP) in precautionary savings,
has ample resources to cover gross financing needs over the next
twelve months.  Contingent credit lines totaling $1.1 billion
(2.4% of GDP) from the World Bank, CAF and FLAR offer additional
financial cushion.  On the external front, high FDI provides the
economy with a stable source of financing.  Annual FDI inflows
averaged 5.9% of GDP from 2005 to 2011, among the highest in
Latin America, and several large projects are underway or in the
process of negotiation, suggesting this trend will continue.  In
addition, international reserves rose to $11.3 billion (24.0% of
GDP) in March 2012, up $3.5 billion from a year prior, further
strengthening the economy's liquidity position.

Economic diversification and prudent financial regulation have
reduced Uruguay's exposure to regional volatility.  While
benefiting from its comparative advantage in traditional products
such as beef, Uruguay has expanded into new agricultural markets,
such as soy, dairy and wheat.  With more exports destined for
global markets, Uruguay has reduced its exposure to country-
specific shocks, particularly from Argentina.  The share of
merchandise exports destined for Argentina was 7% in 2011, down
from 18% in 2000.  Furthermore, the share of non-resident
deposits in the Uruguayan banking system, primarily from
Argentina, account for just 15% of total deposits, down from 41%
in 2001.

However, in the event of an adverse shock DBRS believes Uruguay
has very limited fiscal space to provide expansionary policy.
The debt burden, though declining, is still high compared to most
investment grade sovereigns in the region, and the fiscal
accounts are in a modest deficit position, despite above-trend
growth in 2010 and 2011.  Moreover, inflation has remained near
or above the upper limit of the Central Bank of Uruguay (BCU)
target range for the last five years.  With tight labor market
conditions and rising real salaries, continued vigilance will be
needed to anchor inflation expectations within the target range.
Moreover, the high level of financial dollarization creates
balance sheet vulnerabilities throughout the economy which carry
exchange rate and liquidity risks.  Measures that enhance the
credibility of monetary policy could facilitate de-dollarization
and increase policy flexibility.

Sound macroeconomic management, a stable political environment
and strong public institutions have provided a foundation for
economic growth and social development in Uruguay. Weakened
political commitment to debt reduction or a change in policy that
reduces the resiliency of the economy to adverse shocks could
result in a stabilization of the ratings at the current level.
On the other hand, continuing prudent fiscal management alongside
solid growth prospects - in line with DBRS's baseline
expectations - could result in an upgrade of the ratings.


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


* BOND PRICING: For the Week April 9 to April 13, 2012
------------------------------------------------------


Issuer               Coupon      Maturity    Currency      Price
------               ------     --------     --------      -----

ARGENTINA
---------

ARGENT-USDDIS           8.28   12/31/2033    USD          65.44
ARGENT-USDDIS           8.28   12/31/2033    USD           69.5
ARGENT-USDDIS           8.28   12/31/2033    USD             72
ARGENT-PAR              1.18   12/31/2038    ARS           41.7
ARGENT-EURDIS           7.82   12/31/2033    EUR             56
ARGENT-EURDIS           7.82   12/31/2033    EUR             65
ARGENT-EURDIS           7.82   12/31/2033    EUR             60
ARGENT-JPYDIS           4.33   12/31/2033    JPY             42
ARGENT-JPYPAR           0.45   12/31/2038    JPY             15
ARGENT-JPYPAR&GDP       0.45   12/31/2038    JPY              8
ARGNT BOGAR                2   2/4/2018      ARS            144
ARGNT-BOCON PRE9           2   3/15/2014     ARS           74.3
EMP DISTRIB NORT        9.75   10/25/2022    USD             60
EMP DISTRIB NORT        9.75   10/25/2022    USD             58
PROV BUENOS AIRE       9.625   4/18/2028     USD          64.07
PROV BUENOS AIRE       9.375   9/14/2018     USD          69.66
PROV BUENOS AIRE       9.375   9/14/2018     USD          69.97
PROV BUENOS AIRE      10.875   1/26/2021     USD           70.9
TRANSENER               9.75   8/15/2021     USD             79


BRAZIL
------

BANCO CRUZEIRO         8.875       9/22/2020    USD         80
REDE EMPRESAS         11.125                    USD         54
REDE EMPRESAS         11.125                    USD         52.88
REDE EMPRESAS         11.125                    USD         38.02


CAYMAN ISLAND
-------------

BANCO BPI (CI)          4.15   11/14/2035    EUR          56.25
BCP FINANCE BANK        5.01   3/31/2024     EUR          51.13
BCP FINANCE BANK        5.31   12/10/2023    EUR          53.63
BCP FINANCE CO         5.543                 EUR          30.33
BCP FINANCE CO         4.239                 EUR          32.83
BES FINANCE LTD        6.625                 EUR          91.75
BES FINANCE LTD         5.58                 EUR          43.75
BES FINANCE LTD          4.5                 EUR          53.12
CAM GLOBAL FIN          6.08   12/22/2030    EUR             68
CHINA AUTOMATION        7.75   4/20/2016     USD           75.5
CHINA FORESTRY         10.25   11/17/2015    USD             56
CHINA FORESTRY         10.25   11/17/2015    USD           50.5
CHINA SUNERGY           4.75   6/15/2013     USD             52
EFG ORA FUNDING          1.7   10/29/2014    EUR          55.79
ESFG INTERNATION       5.753                 EUR          35.33
JINKOSOLAR HOLD            4   5/15/2016     USD          50.87
LDK SOLAR CO LTD          10   2/28/2014     CNY          49.04
LDK SOLAR CO LTD        4.75   4/15/2013     USD          49.67
LDK SOLAR CO LTD        4.75   4/15/2013     USD          49.67
LDK SOLAR CO LTD        4.75   4/15/2013     USD          85.32
LUPATECH FINANCE       9.875                 USD          73.25
LUPATECH FINANCE       9.875                 USD          74.63
PUBMASTER FIN          5.943   12/30/2024    GBP          73.37
PUNCH TAVERNS          4.767   6/30/2033     GBP             72
RENHE COMMERCIAL       11.75   5/18/2015     USD          62.03
RENHE COMMERCIAL          13   3/10/2016     USD             65
RENHE COMMERCIAL       11.75   5/18/2015     USD          62.88
RENHE COMMERCIAL          13   3/10/2016     USD           61.5
SOLARFUN POWER H         3.5   1/15/2018     USD           63.2
SOLARFUN POWER H         3.5   1/15/2018     USD          64.34
SPG LAND HOLDING        13.5   4/8/2016      USD          75.25


CHILE
-----

AGUAS NUEVAS             3.4   5/15/2012     CLP          1.521
CGE DISTRIBUCION        3.25   12/1/2012     CLP          20.13
ESVAL S.A.               3.8   7/15/2012     CLP          12.59
MASISA                  4.25   10/15/2012    CLP             10
QUINENCO SA              3.5   7/21/2013     CLP          25.51


PUERTO RICO
-----------

BANCO SANTANDER          6.1   6/1/2032      USD          74.64
PUERTO RICO CONS         6.2   5/1/2017      USD          59.38
PUERTO RICO CONS         6.5   4/1/2016      USD          69.47


VENEZUELA
---------

ELEC DE CARACAS          8.5   4/10/2018     USD           72.5
PETROLEOS DE VEN         5.5   4/12/2037     USD          57.39
PETROLEOS DE VEN       5.375   4/12/2027     USD             57
PETROLEOS DE VEN        5.25   4/12/2017     USD           71.5
PETROLEOS DE VEN       5.125   10/28/2016    USD          74.99
VENEZUELA                  7   3/31/2038     USD          67.56
VENEZUELA                  7   3/31/2038     USD           67.5


                            ***********


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 * * *