TCRLA_Public/120425.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

            Wednesday, April 25, 2012, Vol. 13, No. 082


                            Headlines



A R G E N T I N A

AGUAS CLARAS: Asks for Bankruptcy Proceedings
GIRASOLES DEL SUR: Asks for Bankruptcy Proceedings
PRAXIPHARMA SA: Applies for Bankruptcy Protection
RAUL MATAN: Files for Bankruptcy Proceedings
SAMAGO SRL: Creditors' Proofs of Debt Due May 14

YPF SA: Cuba Backs Expropriation by Argentina


B A H A M A S

BAHAMAS PETROLEUM: Value Drops After Prime Minister's Statement


C A Y M A N   I S L A N D S

BIG WING: Creditors' Proofs of Debt Due May 23
CALYPSO NO 1: Creditors' Proofs of Debt Due May 23
CARA LTD: Creditors' Proofs of Debt Due May 23
DIAPASON GLOBAL: Creditors' Proofs of Debt Due May 23
DRYDEN VI-LEVERAGED: Creditors' Proofs of Debt Due May 23

EL PALMAR: Creditors' Proofs of Debt Due May 23
FOREIGN INVESTOR: Creditors' Proofs of Debt Due May 23
MAN LONG SHORT: Creditors' Proofs of Debt Due May 15
MANGOUSTA FUND: Creditors' Proofs of Debt Due May 15
ONCA 2007-1: Creditors' Proofs of Debt Due May 22


J A M A I C A

DIGICEL GROUP: Back in Court as Providers Await Decision


M E X I C O

BANCO DEL BAJIO: Moody's Confirms 'D+' BFSR; Outlook Stable
CREDITO REAL: S&P Raises GS Ratings to 'BB'; Outlook Stable


P U E R T O   R I C O

HACIENDA ANA: Case Summary & 3 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Assures Minister of Enough Cement Supply


                            - - - - -


=================
A R G E N T I N A
=================


AGUAS CLARAS: Asks for Bankruptcy Proceedings
---------------------------------------------
Aguas Claras SA asked for bankruptcy proceedings.

The company defaulted on its payments last June 25, 2011.


GIRASOLES DEL SUR: Asks for Bankruptcy Proceedings
--------------------------------------------------
Girasoles del Sur SA asked for bankruptcy proceedings.

The company defaulted on its payments last Feb. 2, 2012.


PRAXIPHARMA SA: Applies for Bankruptcy Protection
-------------------------------------------------
Praxipharma SA applied for bankruptcy protection.

The company has defaulted on its payments last January 2012.


RAUL MATAN: Files for Bankruptcy Proceedings
--------------------------------------------
Raul Matan SA filed for bankruptcy proceedings.

The company defaulted on its payments last Dec. 15, 2011.


SAMAGO SRL: Creditors' Proofs of Debt Due May 14
------------------------------------------------
Mirta Beatriz Rotman, the court-appointed trustee for Samago
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 14, 2012.

Ms. Rotman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mirta Beatriz Rotman
         Charcas 3040
         Argentina


YPF SA: Cuba Backs Expropriation by Argentina
---------------------------------------------
Caribbean News Now reports that Cuba reiterated on its solidarity
with the Argentinean government's decision to expropriate a 51%
controlling stake in the YPF SA oil company, a subsidiary of the
Spanish group Repsol.

"Cuba reiterates its solidarity with the Republic of Argentina
and that this nation has a permanent sovereign right over all its
natural resources, including hydrocarbons," read a statement from
the Cuban Foreign Ministry, according to Caribbean News Now.

The report relates that the statement noted that "YPF, originally
an Argentinean state company, was one of the many companies
privatized and sold for less than their value by former president
Carlos Saul Menem during his mandate from 1989 to 1999 as part of
a series of neoliberal measures that, at the instance of and in
collusion with the United States, were imposed in Latin America
during that period."

The note added that Argentina's decision is backed by
international law and resolutions approved by the General
Assembly of the United Nations, Caribbean News Now discloses.

                         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.


=============
B A H A M A S
=============


BAHAMAS PETROLEUM: Value Drops After Prime Minister's Statement
---------------------------------------------------------------
Candia Dames at Nassau Guardian News reports that Bahamas
Petroleum Company stock has lost a fourth of its market value on
the heels of a declaration by Prime Minister Hubert Ingraham that
his government would not allow BPC to drill for oil.  The report
relates that the company recently said it would seek to renew its
licenses with The Bahamas government.

BPC wants government approval to drill an oil well in Bahamian
waters by April 2013, according to Nassau Guardian News.

In 2005, the report recalls that BPC began its negotiations with
the Christie administration for its various permits and licenses
to look for oil in the country's territorial waters.  Nassau
Guardian News relays that since then, the company has only done
2D and 3D underwater seismic testing to figure out the best areas
to drill for oil and get a better handle on the country's oil
potential.

BPC lists the law firm Davis & Co., run by PLP deputy leader
Philip Brave Davis, as part of its Bahamian legal team.

Mr. Ingraham also suggested that attorney Sean McWeeney, a former
PLP attorney general, is also tied to BPC, Nassau Guardian News
notes.


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


BIG WING: Creditors' Proofs of Debt Due May 23
----------------------------------------------
The creditors of Big Wing Holdings are required to file their
proofs of debt by May 23, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 2, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CALYPSO NO 1: Creditors' Proofs of Debt Due May 23
--------------------------------------------------
The creditors of Calypso No 1 Limited are required to file their
proofs of debt by May 23, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 2, 2012.

The company's liquidator is:

         Dieter Kindlimann
         Zollikerstrasse 181
         8034 Zurich
         Switzerland
         Telephone: +41 44 384 7740


CARA LTD: Creditors' Proofs of Debt Due May 23
----------------------------------------------
The creditors of Cara Ltd. are required to file their proofs of
debt by May 23, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 3, 2012.

The company's liquidator is:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


DIAPASON GLOBAL: Creditors' Proofs of Debt Due May 23
-----------------------------------------------------
The creditors of Diapason Global Biofuel Index Fund are required
to file their proofs of debt by May 23, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 3, 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


DRYDEN VI-LEVERAGED: Creditors' Proofs of Debt Due May 23
---------------------------------------------------------
The creditors of Dryden VI-Leveraged Loan CDO 2004 are required
to file their proofs of debt by May 23, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EL PALMAR: Creditors' Proofs of Debt Due May 23
-----------------------------------------------
The creditors of El Palmar, Inc. are required to file their
proofs of debt by May 23, 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:

         Mark Goodman
         PO Box 2636
         Strathvale House, 90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


FOREIGN INVESTOR: Creditors' Proofs of Debt Due May 23
------------------------------------------------------
The creditors of Foreign Investor Holdco #3 Ltd. are required to
file their proofs of debt by May 23, 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


MAN LONG SHORT: Creditors' Proofs of Debt Due May 15
----------------------------------------------------
The creditors of Man Long Short Equity Europe (Master) Ltd are
required to file their proofs of debt by May 15, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MANGOUSTA FUND: Creditors' Proofs of Debt Due May 15
----------------------------------------------------
The creditors of Mangousta Fund Limited are required to file
their proofs of debt by May 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

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


ONCA 2007-1: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of Onca 2007-1 Ltd. are required to file their
proofs of debt by May 22, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 30, 2012.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 345 814 8962


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


DIGICEL GROUP: Back in Court as Providers Await Decision
--------------------------------------------------------
Lindsay Kelly at The Royal Gazette News reports that Digicel
Group Limited won a small step in court in their quest to
continue providing long-distance service when Chief Justice Ian
Kawaley approved the company's application to seek judicial
review of the Ministry of Environment, Planning and
Infrastructure's decision to refer matter to the Telecoms
Commission.

Digicel Group was initially denied this request in February by
the former Chief Justice Richard Ground, requesting to have their
case heard in court rather than decided by a commission and the
Ministry, according to The Royal Gazette News.

The report notes that the dispute over Digicel Group /Transact
international long distance was sent to the Telecoms Commission,
which has yet to report its findings to the Ministry, despite
completing its inquiry in February, on whether the new ILD
service offered by Digicel Group /Transact is in compliance with
the two companies' licenses.  The Royal Gazette News relays that
the company has been offering long distance service since
December.

The Royal Gazette News notes that the Chief Justice deferred
ruling on the company's legal bid to have the court stay any
decision from the Ministry of Infrastructure.

The report says that Digicel Group requested a 'pre-emptive
prohibitive interim injunction' allowing the Chief Justice to
suspend any Ministry decision, pending appeal, because they felt
that there is evidence the Ministry has already come to a
conclusion on the case.

Digicel Group argued that the Ministry officials, through sworn
affidavits, stated that their opposition to Transact's ILD
service and also in a letter dated March 9, 2012 to BTC stating
that they could not provide connectivity to Transact on the
grounds that they opposed the service, The Royal Gazette News
says.

Based on this evidence, Digicel Group argued that the Ministry
had clear bias and if a decision was rendered that stopped them
from offering the service until they could appeal, it would cause
"considerable damage," The Royal Gazette News discloses.

In court, Chief Justice also ruled that Digicel could seek
judicial review of the March 9 letter, the report adds.

                     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
===========


BANCO DEL BAJIO: Moody's Confirms 'D+' BFSR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service confirmed its ratings for Banco del
Bajio, S.A., Institucion de Banca Multiple (BanBajio). These
include the D+ bank financial strength rating, the long term
local and foreign currency deposit ratings of Baa3, and the short
term local and foreign currency deposit ratings of Prime-3. At
the same time, Moody's de Mexico confirmed BanBajio's long term
Mexican National Scale deposit rating of Aa3.mx and short term
Mexican National Scale deposit rating of MX-2. All ratings have a
stable outlook. This rating action concludes Moody's review for
downgrade of BanBajio's rating initiated on October 18, 2011.

Ratings Rationale

Moody's said that the confirmation of the ratings of BanBajio
incorporates its growth strategy that is focused on its main area
of expertise of commercial loans, and which supports recurrent
and robust earnings generation and asset quality. Moody's noted
that the bank's high capitalization ratio appears to be an
adequate cushion against the volatility in asset quality or
earnings that BanBajio's large single credit exposures could
bring.

BanBajio's growth plans include a de novo branch expansion to
other areas of Mexico beyond its regional focus, and have
resulted in loans to small and medium sized entities (SMEs)
growing by 18% in 2011, with expectations that growth in 2012
will remain well above the system's. The bank's portfolio
continues to be dominated by commercial loans, which account for
67% of total loans, followed by loans to states and
municipalities (17%), most of which are supported by federal tax
participations. Moody's nevertheless notes that states and
municipalities continue to represent a sizable 62% of total top
20 exposures, despite amortizations that reduced outstanding by
2% on a year-over-year basis. As a result of its loan mix,
BanBajio's asset quality has been good, underscored by a low past
due loan ratio of less than 3%.

Moody's rating action also incorporates BanBajio's profitability
metrics, including an ample and stable net interest margin at
levels of 4.4% in 2011, which benefits from a strong market
positioning in the Bajio region, where it is a major commercial
and mortgage lender with a growing deposit base. The bank's
operating efficiency has been hurt as a result of its expansion
project over the last two years, which has brought the cost to
income ratio to 66%, up from 54% three years ago.

Moody's notes the continued challenge of BanBajio's high single
concentrations to states and municipalities, as measured against
earnings and Tier 1 capital, which could expose the bank to tenor
mismatches and potentially rapid asset quality deterioration.
BanBajio nevertheless continues to maintain capitalization levels
that are resilient against scenarios of stress within both the
states and municipalities and traditional portfolio as well as
within its investment securities holdings.

Moody's will continue to monitor the bank's expansion outside of
the Bajio, where the bank will compete against much larger and
more diversified commercial banks with long track records of
operation in these geographic areas. The robust planned expansion
of its loan book and the prospects of lending beyond its regional
footprint are additional concerns for the ratings going forward,
as they could potentially change the bank's risk profile.
Management is challenged to execute its growth strategy by
achieving breakeven at its new branches without negative effects
on the bank's profitability and asset quality.

On 30 March 2012, BanBajio announced Banco Sabadell's (C-/Baa2
review for downgrade; A3 review for downgrade) intention to sell
its 20% ownership in the bank to Temasek Holdings (Private)
Limited (Aaa stable), which is to acquire 13.3%, and existing
Mexican shareholders. Regulatory approvals are still pending.

The expected swap is credit positive for BanBajio because it
incorporates a new shareholder with a strong fundamental credit
profile. The inclusion of Temasek comes at an auspicious time for
BanBajio, given that Banco Sabadell's attention is back in Spain.
In addition to Temasek's expected 13.3% ownership, another highly
rated shareholder, the International Finance Corporation (IFC,
Aaa stable), holds a 10% ownership.

BanBajio's standalone credit assessment of ba1 benefits from one
notch of uplift that results in a global local currency deposit
rating of Baa3, based on the assumption of a moderate probability
of systemic support from the Mexican government in case of need
given the bank's important regional market shares in loans and
deposits in the Bajio.


CREDITO REAL: S&P Raises GS Ratings to 'BB'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its global-scale
ratings on Credito Real S.A.P.I. de C.V. SOFOM E.N.R. (Credito
Real) to 'BB' from 'BB-' and national-scale counterparty credit
and debt ratings to 'mxA' from 'mxA-'.  "We also raised the
rating on the company's $210 million five-year senior unsecured
notes to 'BB' from 'BB-'. At the same time, we affirmed our 'mxA-
2' short-term national scale rating. The outlook is stable," S&P
said.

"The upgrade on Credito Real is based on rising profitability
levels and adequate asset quality despite the significant growth
of its portfolio in 2011.  In that year, the company acquired a
minority stakes in two of its distributors of payroll loans and
signed the exclusivity and noncompete agreements with them. We
believe that these agreements will support the growth of Credito
Real's portfolio and bolster income generation. The company has
positioned itself as one of the main consumer finance entities in
the country,particularly in the payroll discount lending sector
in Mexico," S&P said.


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


HACIENDA ANA: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Hacienda Ana Coffe Estate Inc.
        Carr. 143, Km 11.0 Bo. Jauca
        Sector La Pico
        Jayuya, PR 00664

Bankruptcy Case No.: 12-03001

Chapter 11 Petition Date: April 20, 2012

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

Judge: Brian K. Tester

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  254 San Jose St., Suite 3
                  San Juan, PR 00901
                  Tel: (787) 520 6002
                  Fax: (787) 520 6003
                  E-mail: lcdamslozada@gmail.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$500,001 to US$1,000,000

A copy of the Company's list of its three largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/prb12-03001.pdf

The petition was signed by Angel R. Santiago Colon,
president/owner.


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


TRINIDAD CEMENT: Assures Minister of Enough Cement Supply
---------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Labor Minister Errol McLeod has been assured by the Trinidad
Cement Limited (TCL) that there is sufficient cement available to
prevent any major disruption within the construction sector.

This assurance was contained in a statement issued by the Labour
Ministry after a meeting between Mr. McLeod and TCL officials at
the ministry's head office at Tower C of the Port-of-Spain
International Waterfront Centre, according to Trinidad and Tobago
Newsday.

The report relays that TCL Managing Director Satnarine Bachew
said Mr. McLeod was satisfied with plans outlined by the company
to improve the overall performance of the TCL Group of Companies.

                   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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