TCRLA_Public/120420.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, April 20, 2012, Vol. 13, No. 079


                            Headlines



A R G E N T I N A

YPF SA: Billionaire Risk Default As Argentina Takes Firm
TOYOTA COMPANIA: Moody's Assigns Ba1 Global Local-Currency Rating


B E R M U D A

LEHMAN BROTHERS: Bermuda Reinsurance Unit to Sell CLICO for $14MM


B R A Z I L

BANCO INDUSTRIAL: Moody's Issues Summary Credit Opinion
BANCO FINANSUR: Moody's Issues Summary Credit Opinion
CYRELA COMMERCIAL: Fitch Affirms Long-Term IDRs at 'BB'
GAFISA: Moody's Cuts Corp. Family Ratings to 'Ba3,' Outlook Neg


C A Y M A N   I S L A N D S

CR CHINA REAL: Shareholders' Final Meeting Set for May 11
EUCALYPTUS INVEST: Shareholders' Final Meeting Set for May 10
FORTUNE ALLY: Shareholders' Final Meeting Set for May 2
KELUSA ASIAN: Shareholder to Receive Wind-Up Report on May 10
KELUSA ASIAN MASTER: Shareholders' Final Meeting Set for May 10

LINCOLN HOLDINGS: Shareholder to Receive Wind-Up Report on May 8
PROTIUM RESERVE: Shareholders' Final Meeting Set for May 11
SP CPS INVESTMENTS: Shareholders' Final Meeting Set for May 11
TINTO HOLDING: Shareholders' Final Meeting Set for May 10
VOLATILITY RISK: Shareholders' Final Meeting Set for May 11


J A M A I C A

CARIBBEAN CEMENT: Clashes With Auditors Over Future Sales


P U E R T O   R I C O

LAUSELL INC: Voluntary Chapter 11 Case Summary


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Incurs $375MM Net Loss for Year Ended 2011


                            - - - - -


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A R G E N T I N A
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YPF SA: Billionaire Risk Default As Argentina Takes Firm
--------------------------------------------------------
Bloomberg News reports that Argentina's billionaire Eskenazi
family risks default on more than US$2 billion of debt after the
government seized control of oil company YPF SA and said
dividends would probably be reinvested in the company.

The family's Petersen Group, which has 25% of YPF SA, owes
Spanish partner Repsol YPF SA EUR1.45 billion (US$1.9 billion)
after it bought a stake in YPF, the Madrid-based company said,
according to Bloomberg.

The report notes that the Eskenazis counted on YPF dividend
payments of as much as 90% of profit to repay Repsol and about
US$680 million of loans with banks including Citigroup Inc.

"Should the Argentine government cut the dividend at YPF (which
is the most likely scenario); the Petersen Group would default on
its loans . . . .  A dividend payout of less than 90 % triggers a
default," the report quoted Exane BNP Paribas Analysts Alexandre
Marie and Charles Riou as saying.

Bloomberg relates that President Cristina Fernandez de Kirchner
ousted Sebastian Eskenazi as the head of Buenos Aires-based YPF
April 16, appointing Planning Minister Julio de Vido to run the
company and announcing plans to seize a 51% stake in YPF from
Repsol.  The expropriation follows the takeovers of airline
Aerolineas Argentinas SA and a US$24 billion pension fund by
Kirchner since she took office in 2007, Bloomberg relays.

YPF's 2011 profit will not be used to pay dividends this year and
will probably be re-invested, Deputy Economy Minister Axel
Kicillof said in a congressional hearing, Bloomberg discloses.

Spain vowed to retaliate against Argentine exporters and energy
supplies as Repsol demanded US$10.5 billion in compensation and
vowed to use all legal means to win full payment.

                          About YPF SA

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

                         *     *     *

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

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


TOYOTA COMPANIA: Moody's Assigns Ba1 Global Local-Currency Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local currency
debt rating to Toyota Compania Financiera Argentina's sixth
expected issuance worth up to ARS80 million, with a maturity of
21 months.  In addition, Moody's assigned a Aaa.ar national scale
local currency debt rating to the sixth expected issuance.

The outlook for the ratings is stable.

The following ratings were assigned to Toyota Compania Financiera
Argentina's ARS80 million issuance:

Global Local-Currency Debt Rating: Ba1

National Scale Local-Currency Debt Rating: Aaa.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota's Ba1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Toyota Compania Financiera Argentina is headquartered in Buenos
Aires, Argentina, and it had assets of ARS718.1 million and
equity of ARS72.6 million as of December 2011.


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B E R M U D A
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LEHMAN BROTHERS: Bermuda Reinsurance Unit to Sell CLICO for $14MM
-----------------------------------------------------------------
Lehman Brothers Holdings Inc.'s Bermuda reinsurance unit is
seeking bankruptcy court approval to close on the sale of
Congress Life Insurance Co. for about US$14 million, Royal
Gazette reported.

Court filings show Tennessee Farmers Life Insurance Co., the
buyer in the deal, wants the U.S. Bankruptcy Court in Manhattan
to approve the deal to ensure none of Lehman's liabilities haunt
them.

The Lehman reinsurance unit bought Congress Life from an
affiliate of JPMorgan Chase & Co. in 2007 for about US$9.1
million.  It provided US$50 million in capital to Congress Life,
which was supposed to strengthen Lehman's reinsurance business.

Congress Life is one of the assets caught up in Lehman's court
fight with Magnetar Capital's Pulsar Re Ltd.  The proceeds of the
sale and an additional US$45 million used to capitalize Congress
Life will be held in a segregated account until there is a ruling
or settlement in the dispute, Royal Gazette reported.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC, and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


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B R A Z I L
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BANCO INDUSTRIAL: Moody's Issues Summary Credit Opinion
-------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Industrial e Comercial S.A. (Bicbanco) and includes certain
regulatory disclosures regarding its ratings. This release does
not constitute any change in Moody's ratings or rating rationale
for Banco Industrial e Comercial S.A. (Bicbanco) and its
affiliates.

Moody's current ratings on Banco Industrial e Comercial S.A.
(Bicbanco) and its affiliates are:

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of D+

Subordinate (foreign currency) ratings of Ba1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

NSR Long Term Bank Deposits (domestic currency) ratings of Aa1.br

NSR Short Term Bank Deposits (domestic currency) ratings of BR-1

Banco Industrial e Comercial S.A., Cayman

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of D+ (D
plus) to Banco Industrial e Comercial S.A. (BICBANCO) that
translates into a Baseline Credit Assessment (BCA) of baa3.  The
bank's BFSR derives from an operation traditionally on the
segment of middle-market lending and from a long track record of
both adequate profitability and asset quality, which are
supported by disciplined controls that underpin good credit
fundamentals.

Moody's also recognizes that the high turnover of BICBANCO's
credit portfolio, largely supported by self-liquidating
collaterals, has proven an important tool to manage liquidity in
times of economic downturn. In addition, the bank has been
pursuing a more diversified funding structure; one enhanced
through international capital-markets incursions and multilateral
sources.  In October 2007, the capital increase achieved through
its IPO supported the bank's capacity to increase credit
activities, gradually enhancing penetration in its core segment.

Conversely, there are limitations related to BICBANCO's franchise
and market share in a highly competitive landscape.  Another
credit restraint is the entrance of universal players into the
middle market lending arena. BICBANCO's capital base has been
consistently adequate for the bank's strategy and risk appetite.
It would, however, constrain growth in a situation where margins
were lower and competition harsher. The ratings also reflect the
bank's intrinsic vulnerability to market-sensitive wholesale
investors, a feature common to midcap niche players.

In Moody's opinion, BICBANCO would not be eligible for systemic
support in light of its modest presence in the retail deposits
market, which must be added to the fact that Brazil is a low-
support country.  Hence, Moody's assigns a global local currency
(GLC) deposit rating of Baa3 for BICBANCO; there is no notch-
lifting from the bank's BCA.

Rating Outlook

All ratings carry a stable outlook.

What Could Change the Rating - Up

The bank's ability to diversify funding sources in a sustained
manner could prove to be a positive factor for ratings. Improving
or sustainable profitability ratios would indicate management's
success in expanding operations within its defined strategy
against mounting competition and potentially lower interest
rates.

What Could Change the Rating - Down

Negative pressure on BICBANCO's ratings would derive from rapid
loan book expansion should the expansion affect asset quality
and, ultimately, capital. Significant losses resulting from a
sizeable increase in nonperforming loans would exert downward
pressure on ratings. Funding pressures then would force expensive
and volatile funding alternatives; these, in turn, could also
constrain upward rating movements. Additional negative pressure
could derive from margin compression as a result of intense
competition.


BANCO FINANSUR: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Finansur S.A. and includes certain regulatory disclosures
regarding its ratings. This release does not constitute any
change in Moody's ratings or rating rationale for Banco Finansur
S.A..

Moody's current ratings on Banco Finansur S.A. are:

Senior Unsecured (domestic currency) ratings of B1

Senior Unsecured MTN Program (domestic currency) ratings of (P)B1

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of B2

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aa3.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aa3.ar

NSR Senior Unsecured MTN Program (foreign currency) ratings of
A1.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's assigned a bank financial strength rating (BFSR) of E+ to
Banco Finansur S.A. The rating is explained by the bank's small
franchise, focused on small and medium-sized companies, and
retail banking, mainly through factoring. On the one hand, the
bank's segments ensure an ability to generate recurring earnings;
on the other hand, it faces significant competition.

In addition, the rating reflects the bank's modest market share,
financials that include improving overall profitability, and
Moody's assessment of its risk management practices. The rating
is restricted, however, by limitations to the bank's corporate
governance, which arise from its family ownership and lack of
board independence.

Finansur's long-term global local-currency (GLC) deposit rating
is B2. This is based on the bank's b2 baseline credit assessment
and also on Moody's view of a moderate probability of systemic
support on its local currency deposit obligations. On the other
hand, the bank foreign currency deposit rating of Caa1 remains
constrained by Argentina's foreign currency deposit ceiling.

Rating Outlook

All ratings have stable outlooks.

What Could Change the Rating - Up

Any upward pressure on Finansur's BFSR and GLC ratings is
currently unlikely given the existing reassessment of the BCA.
The foreign currency deposit and senior unsecured debt ratings
are currently constrained by the country ceilings of the
respective instruments and have a stable outlook aligned to the
outlook of the ceilings. These ratings could be upgraded
following an upgrade of the ceilings.

What Could Change the Rating - Down

Deterioration in portfolio quality might put the bank's equity at
risk and push down the financial strength rating. If the low
capitalization erodes the bank's franchise, a downgrade might
follow. In addition, a slip in the sovereign risk rating would
undermine deposit and debt ratings.


CYRELA COMMERCIAL: Fitch Affirms Long-Term IDRs at 'BB'
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cyrela Commercial
Properties S.A. Empreendimentos e Participacoes (CCP), as
follows:

-- Foreign Currency Long-term Issuer Default Rating (IDR) at
    'BB';

-- Local Currency Long-term IDR at 'BB';

-- Long-term National Scale at 'AA-(bra)';

-- Long-term National Scale rating of the BRL204.4 million
    second debenture issuance, due 2017 at 'AA-(bra)'.

The Outlook for the corporate ratings is Stable.

The affirmation of CCP's ratings considers the company's
aggressive growth strategy for the next four years, which should
lead to a substantial increase of its leverage, when compared to
its conservative historical levels. This growth strategy will
require a higher debt volume to finance the high investments
scheduled for the next four years and will require financial
discipline as to avoid pressure on its ratings. Fitch believes
that CCP will preserve a satisfactory liquidity level and,
mainly, an adequate debt profile, based on the intensive use of
long-term real estate credit lines, linked with the future cash
flow from the projects, and lower use of corporate debt. These
factors should restrict, in a satisfactory manner, the effects of
a higher leverage and limit refinancing pressures in the short
and medium terms.

CCP's ratings reflect its stable business base and growing
operational cash generation. The ratings also reflect its
diversified portfolio of assets with economic value significantly
superior to its debt, which positions CCP as one of the leading
companies in the leasing of high-standard corporate buildings in
Brazil. Historically, CCP has shown residual vacancy and
delinquency rates, and high margins in its businesses. The
ratings also contemplate the expectation that CCP will
successfully manage a higher level of long-term debt to finance
its strong expansion, and that the company should preserve a
satisfactory financial profile, supported by adequate liquidity
and considerable financial flexibility, since a large portion of
its assets were unencumbered at end-2011. The higher leverage
expected associated with the expectation of negative free cash
flow (FCF) over the next few years limits the ratings, as well as
the fact that CCP's businesses are strongly dependent on the
fluctuations of the domestic economy, as well as the availability
of long-term credit lines.

The rating also takes into account CCP's strong brand, and the
operational synergies and integration with Cyrela Brazil Realty
Empreendimentos Imobiliarios S.A. (Cyrela; (rated with a foreign
and local currency IDR of 'BB', and long-term national scale
rating of 'AA-(bra)' by Fitch, with a Negative Outlook for the
corporate ratings) - one of Brazil's largest real estate
construction companies.

Fitch also considered in its assessment the current relatively
favorable country environment and the expansion cycle of the
industry, as well as CCP's experience and the competitive
advantage of its integrated business model within a highly
fragmented industry. This permits the company to manage and
develop high-standard assets, with strategic location and strong
demand

Diversified Portfolio of Commercial Properties CCP is a leading
company in the domestic market of leasing high-standard corporate
buildings in the Sao Paulo market and benefits from its
integrated business model. At Dec. 31, 2011, the company owned 18
commercial properties, with an estimated BRL2.1 billion market
value and gross leasable area (GLA) of 195.5 thousand square
meters (sqm). Around BRL1.3 billion (62%) of the portfolio market
value corresponds to 12 corporate buildings. The diversified
portfolio also includes two shopping malls, two distribution
centers and two office centers. CCP has an aggressive growth
strategy and currently has 14 projects under development. These
projects should add a total GLA of 333,3 thousand of sqm,
expected to be delivered between 2012 and 2015, with a total of
scheduled investments of BRL778 million. CCP's high-quality
portfolio and its access to long-term credit lines support its
strong market position, considered sustainable in the medium
term.

Predictable and Growing Cash Generation Capacity in the Lease
Business

CCP's cash flow generation from its lease agreements is
predictable and growing. In 2011, total net revenue evolved 28%,
compared to 2010, to BRL309 million. This increase reflected the
renewals and closing of new leases as well the relevant revenues
from property sales and development of BRL140 million in 2011. In
2011, the company reported gross revenue of BRL321 million, which
included BRL140 million of asset sales and development. Net
operating income (NOI), considering only lease revenues, was
BRL150 million, in comparison with BRL132 million in 2010.

EBITDA grew consistently since 2007. In 2011, CCP reported BRL180
million of EBITDA and an EBITDA margin of 58.3%, against BRL156
million and 64.4% in 2010, respectively. High EBITDA margins are
characteristic of the segment, since operating costs are low when
compared to lease revenues. The volatility of EBITDA margin
results from asset sales, which carry lower and volatile margins
when compared with the recurring revenues of lease agreements.

CCP's cash flow generation capacity also evolved. In 2011, funds
from operations (FFO) was BRL218 million and the cash flow from
operations (CFFO) BRL86 million. These figures compare favorably
with the BRL127 million and BRL46 million recorded in 2010,
respectively. With capex of BRL5 million and dividends of BRL33
million, CCP's FCF was BRL48 million. CCP's aggressive capex plan
of around BRL778 million over the period 2012-2015 should result
in negative FCF over the period 2012-2014, not considering
possible future asset sales. Fitch expects that the company can
assure long-term real estate construction financing for its
projects, with amortizations based on the proceeds from the
leased assets, so as to preserve its cash flow.

Leverage Should Increase Due to Expansion

CCP's expansion of operations is capital intensive and highly
dependent on availability of long-term credit lines and access to
capital markets. Leverage, measured by total debt/EBITDA, was
adequate at 3.9 times (x) at end-2011, compared with 3.8x at end-
2010, while net leverage was 1.9x, compared to 1.6x over the same
period. CCP's net leverage should increase significantly in 2012
to around 4.5x, and should continue to be high in 2013, since
part of the high investment should be financed with long-term
real estate construction financing.

The company's predictable cash generation and the increased
participation of long-term construction financing partially
mitigates the expected leverage increase. These financings should
reach between 50% and 60% of CCP's total debt in 2012 to 2013.

When compared with the company's market value of properties, the
leverage is low. The loan to value ratio (net debt/estimate
market value) was 16% at end-2011, without considering the
projects under development. This ratio should increase to between
40% and 50% over the period 2012-2015, considering the expansion
of the property portfolio based on asset-secured construction
financing. The leverage increase, combined with a downturn in the
domestic economy, could pressure the company's ratings.

Adequate Liquidity for Debt Maturing in the Short Term

CCP's liquidity position is satisfactory for the debt maturities
due in 2012. At Dec. 31, 2011, total cash and equivalents
amounted to BRL353 million and the total debt was BRL697 million.
The company had relatively high short-term debt of BRL279
million, which was partially increased with the proceeds from the
second debenture of BRL204.4 million issued in February 2012. CCP
shows reduced debt maturities of BRL70 million in 2013 and BRL66
million in 2014.

CCP also counts on good financial flexibility since around 75% of
the estimated market value of its assets were unencumbered in
December 2011. At Dec. 31, 2011, the market value of unencumbered
assets covered about 5.3x its corporate net debt. Fitch expects
CCP to continue to manage its liquidity conservatively and
preserve a long-term debt amortization profile.

Satisfactory History of Operating Performance

CCP has reported a satisfactory operating performance since 2007.
The company has shown reduced turnover of leases and vacancy at
residual rates. In 2011, both physical and financial vacancies
were at 0.8%. The lease maturity profile is well distributed,
with 3% maturing in 2012 and 22% in 2013. CCP has a concentration
of tenants; the 20 largest accounted for 90% of the total monthly
revenue from corporate buildings in 2011. This risk is partially
mitigated by the high quality of the tenants and the portfolio,
as well as by the country's favorable environment and, in
addition, the strong demand and low vacancy rates in Sao Paulo
and Rio de Janeiro.

Potential Rating or Outlook Drivers

CCP's ratings can be negatively affected if the company does not
manage its liquidity carefully and weakens the coverage of its
short-term debt; by an increase in leverage above Fitch's
expectations; by the weakening of the debt maturity profile to
finance the high-capex plan; by cost increases above budgets of
projects or other factors that can intensely weaken the company's
cash generation. An adverse economic environment can also lead to
a negative rating action. Positive rating actions are considered
unlikely given the increased challenges associated with the
expected increase of CCP's leverage.


GAFISA: Moody's Cuts Corp. Family Ratings to 'Ba3,' Outlook Neg
---------------------------------------------------------------
Moody's America Latina downgraded Gafisa's corporate family
ratings to Ba3 from Ba2 on its global scale and to A3.br from
A1.br on its national scale.  At the same time, the company's BRL
600 million senior secured debentures were downgraded to
Ba2/A1.br from Ba1/Aa2.br while its BRL300 million senior
unsecured debentures were downgraded to B1/Baa2.br from
Ba2/A1.br. The ratings outlook is negative.

Ratings downgraded:

Gafisa S/A

- Corporate Family Rating: to Ba3 from Ba2 (global scale); to
A3.br from A1.br (national scale);

- BRL600 million senior secured debentures due in 2014: to Ba2
from Ba1 (global scale); to A1.br from Aa2.br (national scale);

- BRL300 million senior unsecured debentures with final maturity
in 2016: to B1 from Ba2 (global scale); to Baa2.br from A1.br
(national scale);

Ratings Rationale

The downgrade in Gafisa's ratings reflect i) the dissolution of
contracts at Tenda and the resulting deterioration in the
company's credit metrics, especially leverage, during 2011; ii)
the low likelihood that credit metrics and margins will recover
before 2013 iii); BRL441 million impact from cost overruns both
at Tenda's and Gafisa's projects; iv) the inability to promptly
identify problems at Tenda which was acquired in 2009.

In 2011, the company reported BRL2,941 million in net revenues,
14% lower than 2010 chiefly driven by revenue reversals of BRL
1.2 billion and adjustments related to cost overruns at Tenda and
Gafisa.  These adjustments caused a negative impact of around BRL
890 million on the company's 4Q'11 results, with 83% of this
impact being recognized in 2011 and the remaining in 2010.  The
company, however, expects to recover 60% of the revenue reversals
through the sale of returned units while 34% will be recognized
through PoC (Percentage of Completion) of the related projects,
the remaining 6% is irrecoverable.  Tenda accounted for
approximately 70% of the adjustments.

During the 1Q'12 around 40% of Tenda's units that were returned
due to contract dissolution had already been resold to qualified
homebuyers, and the sales agreements were immediately transferred
to Caixa Economica Federal for cash disbursements to the company.
Going forward Tenda will only sell units whose sales agreements
can be immediately transferred to CEF.

Gafisa brand segment accounted for 62% of net revenues, whereas
AlphaVille accounted for 23% and Tenda for 15%, aligned with the
company's strategy to cease Tenda's launches until the entire
inventory is sold.  Adjusted gross margin declined to 14.5% from
31.8% in 2011, while adjusted EBITDA margin was -5.3% vs 20.1% in
2010, also a reflection of the dissolution of contracts and costs
overruns.

The losses, dissolution of contracts and provisioning also
impacted the company's leverage measured by debt to book
capitalization, that increased to 61.5% in 2011 from 50.9% in
2010 as shareholders' equity was negatively impacted by the BRL
890 million loss during the 4Q'11, while total adjusted debt
increased to BRL 4,514 million.

Gafisa's guidance for 2012 includes launches between BRL2.7
billion and BRL 3.3 billion (around 14% lower than the BRL3.5
billion in 2011), deliveries between 22,000 and 26,000 units and
positive generation of cash flow of between BRL500 million and
BRL700 million. In addition, the company announced its intentions
to focus on fewer regions, narrowing its geography
diversification.  Moody's sees the cash generation expectation as
feasible.  The increased geographic concentration could be seen
as negative as it exposes the company to regional cyclical events
and stronger competition in more developed areas such as Sao
Paulo and Rio.  On the other hand it decreases the number of
joint ventures and local partners that are required to operate in
regions where the company does not have the local expertise.
These joint ventures and associations with local partners were
the main reasons for the cost overruns experienced during 2010
and 2011.

Gafisa's Ba3 rating continues to reflect its strong market share
position, its diversified product portfolio with a strategic land
bank position, and good access to capital.  The rating is further
supported by Gafisa's strong brand name in the Brazilian
homebuilding sector and long track record of operations that
started in 1954, thus having managed through a number of economic
crises.  On the other hand, the rating is constrained by Gafisa's
higher leverage when compared to its rated local peers as well as
weaker results in 2011, higher than expected cost overruns and
dissolution of Tenda's contracts.

The rating uplift of one notch on the global scale and two
notches on the Brazilian national scale on the BRL600 million
senior secured debentures due 2014 over the corporate family
ratings result from Moody's expectation that debenture holders
would have above average principal recovery prospects in the
event of a default.  The proposed debentures benefit from a first
priority perfected security interest under Brazilian law
("alienacao fiduciaria") comprised of: a) unfinished residential
real estate receivables, b) the Centralizing Account and Debt
Service Payment Account, c) the shares of SPVs that will hold new
real estate projects including the associated land, or mortgage
of the land and, d) a floating corporate guarantee. The issuer is
committed to guarantee that at any time the ratio between a) the
aggregate amount of the face value of the pledged Eligible
Receivables and b) the total outstanding debenture amount less
the sum of the amounts deposited in the Central account and in
the Debt Service Payment Account, must be equal to or greater
than 120%. Gafisa is obligated to cede new collateral to the
transaction as necessary in order to maintain the required
overcollateralization ratio of at least 120%.

Moody's views the BRL300 million senior unsecured debentures due
in 2016 at the same seniority level as Gafisa's unsecured debt
but effectively subordinated to Gafisa's secured indebtedness
that are secured by the pledge of receivables related to the
construction of specific projects.  For this reason, the
debentures are rated below Gafisa's CFR on both the global scale
and the Brazilian national scale.

The negative outlook reflects Moody's opinion that Gafisa's
operating performance and deteriorated credit metrics, especially
leverage, will not significantly recover until 2013.  Despite the
good performance in already having sold 40% of the returned units
form Tenda, the company will need to invest in reselling a
significant number of units for 2012 creating additional risk on
the timing and likelihood for the company to cash in these
receivables.

A stabilization of Gafisa's rating outlook would require the
company to improve its credit protection metrics through debt
reduction and better operating performance including healthy
gross margins and free cash generation that are more aligned with
Gafisa's rating category.

Gafisa's ratings would likely be further downgraded if the
company is not successful in selling Tenda's returned units in a
timely fashion in order to generate cash and reduce leverage.
Quantitatively the ratings could be downgraded if Total Debt to
Capitalization stays consistently above 60%, if gross margins
don't recover to at least 28% during 2012, or if the company were
to face a significant deterioration in its liquidity profile
resulting in a cash balance below BRL750 million.

Headquartered in Sao Paulo, Brazil, and founded in 1954, Gafisa
is one of the largest fully integrated homebuilders in Brazil,
and also one of the most diversified in terms of product offering
to different income levels. During 2011, Gafisa had net revenues
of BRL 2.9 billion. Gafisa brand accounted for 62% of 2011 net
revenue, AplhaVille for 23% and Tenda contributed for the
remaining 15%.


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


CR CHINA REAL: Shareholders' Final Meeting Set for May 11
---------------------------------------------------------
The shareholders of CR China Real Estate Capital Partner II
Limited will hold their final meeting on May 11, 2012, at
10:50 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, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EUCALYPTUS INVEST: Shareholders' Final Meeting Set for May 10
-------------------------------------------------------------
The shareholders of Eucalyptus Invest (Cayman) Limited will hold
their final meeting on May 10, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


FORTUNE ALLY: Shareholders' Final Meeting Set for May 2
-------------------------------------------------------
The shareholders of Fortune Ally Limited will hold their final
meeting on May 2, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Paul Mitchell
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong
         c/o Veronica Dang/ Samuel Wan
         Telephone: +852 2913 2504/ +852 2140 2306
         Facsimile: +852 2869 7357
         Alexandra House, 27th Floor
         18 Chater Road
         Central, Hong Kong
         Telephone: +852 2140 2888
         Facsimile: +852 2869 7357


KELUSA ASIAN: Shareholder to Receive Wind-Up Report on May 10
-------------------------------------------------------------
The shareholder of Kelusa Asian Discipline Offshore Fund, Ltd.
will receive on May 10, 2012, at 4:00 p.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


KELUSA ASIAN MASTER: Shareholders' Final Meeting Set for May 10
---------------------------------------------------------------
The shareholders of Kelusa Asian Discipline Master Fund, Ltd.
will hold their final meeting on May 10, 2012, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


LINCOLN HOLDINGS: Shareholder to Receive Wind-Up Report on May 8
----------------------------------------------------------------
The shareholder of Lincoln Holdings (Cayman) Ltd. will receive on
May 8, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


PROTIUM RESERVE: Shareholders' Final Meeting Set for May 11
-----------------------------------------------------------
The shareholders of Protium Reserve Ltd. will hold their final
meeting on May 11, 2012, at 10:20 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, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SP CPS INVESTMENTS: Shareholders' Final Meeting Set for May 11
--------------------------------------------------------------
The shareholders of SP CPS Investments Corp. will hold their
final meeting on May 11, 2012, at 10:30 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, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TINTO HOLDING: Shareholders' Final Meeting Set for May 10
---------------------------------------------------------
The shareholders of Tinto Holding Ltd. will hold their final
meeting on May 10, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VOLATILITY RISK: Shareholders' Final Meeting Set for May 11
-----------------------------------------------------------
The shareholders of Volatility Risk Premium Fund Ltd. will hold
their final meeting on May 11, 2012, at 10:40 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, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


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


CARIBBEAN CEMENT: Clashes With Auditors Over Future Sales
---------------------------------------------------------
Jamaica Gleaner reports that auditors Ernst & Young has
criticized the inclusion of future sales under the PetroCaribe
agreement by the Caribbean Cement Company Limited in its 2011
financial report which, if excluded, would wipe out the company's
shareholders' equity and worsen its loss position to JM$3.3
billion.

At the same time, it has emerged that Carib Cement's parent,
Trinidad Cement Limited, made a US$62 million (TT$384.4 million)
loss for its financial year ending December 2011, 405% higher
than the US$12.2 million (TT$76 million) recorded a year earlier,
according to Jamaica Gleaner.  The report relates that the
company blamed rising costs for its deepening troubles.

Jamaica Gleaner notes that Carib Cement's management accounted
for the future sales by reducing the impairment of its plant
assets by over JM$760 million, its auditors stated in an
accompanying notice to the financials dated April 12.

The report says that impairment of asset refers to a situation
where a company's asset is worth less on the market than the
value listed on the company's balance sheet.

Jamaica Gleaner points out that the auditor's opinion puts CCCL,
already in a debt restructuring negotiation, into the arguable
position of negative equity in which its liabilities exceed its
assets.

The report says that CCCL General Manager Anthony Haynes,
however, disagrees with the auditors' opinion, arguing that the
proposed contract encompasses the private sector trade benefits
under the existing PetroCaribe oil agreement with Venezuela.

Jamaica Gleaner notes that the benefit includes government
forgoing payment of interest for goods supplied to Venezuela. In
turn, the Jamaican government would pay CCL for the exports.

The report relates that Ernst & Young wants evidence of the
agreement, which Haynes said CCL expects to sign "within eight
months".  Jamaica Gleaner relays that CCCL believes it can
increase sales of cement by up to 50% with the Venezuelan
contract, based on the demand in that country, Haynes reasoned.

During the year, the report notes the company recorded impairment
losses pertaining to plant and machinery and deferred tax assets
totaling JM$193.2 million and JM$618.39 million, respectively,
the auditors stated, Jamaica Gleaner says.

"These impairment losses were determined based on management's
projections, which assumed that the group will generate
significant revenue from exports to a certain market under a
proposed agreement currently under active negotiation, for which
the terms and conditions have not been agreed as at the date of
this audit report . . . .  We have not obtained sufficient
appropriate audit evidence to support the inclusion of the cash-
flows from these exports," the report quoted Ernst & Young as
saying.

Jamaica Gleaner says that Ernst & Young added that had management
excluded those cash flows from its projections, the group would
have recognized an additional impairment loss of JM$764.88
million in the statement of comprehensive income for the year
ended 2011.

"Additionally, the group would have recorded a shareholders'
deficiency amounting to JM$355.69 million and net loss after tax
of JM$3.37 billion as at 31 December 2011," the auditors stated,
the report adds.

                    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
=====================


LAUSELL INC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Lausell, Inc.
          aka Aluminio Del Caribe
          dba ALCA
        P.O. Box 938
        Bayamon, PR 00960-0938

Bankruptcy Case No.: 12-02918

Chapter 11 Petition Date: April 17, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

About the Debtor: Lausell, also known as Aluminio Del Caribe,
                  is a Bayamon, Puerto Rico-based manufacturer
                  of windows and doors.

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A. CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Scheduled Assets: $37,659,951

Scheduled Liabilities: $24,489,414

The Company did not file a list of creditors together with its
petition.

The petition was signed by Alberto M. Recio, president.


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


TRINIDAD CEMENT: Incurs $375MM Net Loss for Year Ended 2011
-----------------------------------------------------------
RJR News reports that Trinidad Cement Limited's consolidated
audited financial report for the year ended Dec. 31, 2011 showed
the group had recorded net losses of $375 million.

Company General Manager Satnarine Bachew said that while the TCL
Group sustained losses, the plant at Claxton Bay remains
profitable, according to RJR News.

The report notes that Trinidad's Labor Minister Errol McLeod told
the Trinidad Newsday in an interview that the audited financial
statements for TCL do not paint a very good picture for the
group.

In light of ongoing industrial action at the plant which began on
February 27, Mr. McLeod said it was necessary to analyze how this
action will impact on the TCL's operations and its overall
financial performance, RJR News says.  The report relates that
there seems to be no end to the strike, which is now in its 51++
day.

RJR News adds that if there is no resolution by June 5 the matter
will be referred to the Industrial Court and TCL will be able to
resume full operations at Claxton Bay.

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 Barbados,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                     About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


                            ***********


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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