TCRLA_Public/120427.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 27, 2012, Vol. 13, No. 084


                            Headlines



A R G E N T I N A

LUPATECH SA: S&P Cuts Global/Nat'l. Corp. Credit Ratings to 'SD'
* ARGENTINA: S&P Affirms 'B' Unsolicited Ratings, Outlook Negative


B E R M U D A

LOM (HOLDINGS): Incurs BM$1.47-Million Net Loss Last Year


B R A Z I L

COMPANHIA SIDERURGICA: Moody's Affirms 'Ba1' CFR; Outlook Positive


C A Y M A N   I S L A N D S

EEA EUROPE: Creditors' Proofs of Debt Due May 14
FRANK SOUND: Court Appoints Hopkins as Liquidator
GEORGE WILDE: Creditors' Proofs of Debt Due June 13
LOAN OPPORTUNITIES: Creditors' Proofs of Debt Due May 23
MYTHEN LTD: Moody's Assigns '(P)B2' Rating to Class H Notes

PAC LTD: Commences Liquidation Proceedings
RED BAY: Court Appoints Hopkins as Liquidator
SALT CREEK: Creditors' Proofs of Debt Due May 23
SOLENT CREDIT: Creditors' Proofs of Debt Due May 21
SOLENT RELATIVE: Creditors' Proofs of Debt Due May 21

SOLENT RELATIVE NOTES: Creditors' Proofs of Debt Due May 21
SPEARPOINT ALTERNATIVE: Creditors' Proofs of Debt Due May 23
TRITON 230: Creditors' Proofs of Debt Due May 23
TRITON 240: Creditors' Proofs of Debt Due May 23
TRITON 600: Creditors' Proofs of Debt Due May 23

WATLER HOLDINGS: Court Appoints Hopkins as Liquidator


H A I T I

* HAITI: IDB Grants US$27 Million for Rural Land Tenure Program


J A M A I C A

KOOL FM: Experiencing Financial Woes


P U E R T O   R I C O

LAUSELL INC: Sec. 341 Creditors Meeting Set for May 24
TELEPRO CARIBE: Case Summary & 16 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Awaits New Airplanes, ATRs Coming


                            - - - - -


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


LUPATECH SA: S&P Cuts Global/Nat'l. Corp. Credit Ratings to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global corporate
credit rating on Lupatech S.A. to 'SD' from 'B-' and its national
scale rating to SD from brBB.  "At the same time, we are affirming
our 'CCC' issue rating on Lupatech Finance Ltd.'s guaranteed
perpetual bonds," S&P said.

"The downgrade of the ratings to 'SD' follows the company's
postponement of the annual interest payment on its second private
issuance of convertible debentures due last April 15.  Even though
the indenture of the notes gives the company 30 days to remedy the
non-payment, Standard & Poor's views this incident as a default if
payments are not settled within 5 business days after the due to
provide consistent application of the rating definitions," S&P
said.

"Upon the resolution of this default, we will revaluate the
company's credit quality, taking in consideration the impact of
the capitalization plan on capital structure and liquidity, which
we currently assess as weak. We will also review the company's
business profile, taking into consideration its new backlog
profile, after the recent cancellation of certain contracts with
Petrobras, and the potential combination of business with San
Antonio Brasil," S&P said.


* ARGENTINA: S&P Affirms 'B' Unsolicited Ratings, Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Argentina to negative from stable. "In addition, we
affirmed our 'B' unsolicited long- and short-term ratings and our
'raAA' national scale rating on Argentina.  At the same time,
we affirmed our 'B' transfer and convertibility assessment on
Argentina," S&P said.

"The negative outlook revision stems from policies enacted since
the October 2011 presidential elections that we believe could over
time increase the risk of a deterioration in the country's
macroeconomic framework, put pressure on its external liquidity,
and weaken Argentina's medium-term growth prospects," said
Standard & Poor's credit analyst Roberto Sifon-arevalo.  "These
include rising restrictions to international trade and recent
steps to nationalize the hydrocarbon company Yacimientos
Petroliferos Fiscale (YPF)."

"The negative outlook indicates at least a one-in-three chance of
a downgrade this year or next. A worsening external position,
mostly likely from financial outflows (perhaps combined with
weakening terms of trade) or additional policy actions that
further diminish Argentina's growth prospects could lead to a
downgrade.  On the other hand, actions that restore investor
confidence on medium-term prospects for the economy (on the
monetary or structural front), and thus reduce uncertainty over
its external liquidity position, could lead us to change the
outlook back to stable."


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


LOM (HOLDINGS): Incurs BM$1.47-Million Net Loss Last Year
---------------------------------------------------------
Jonathan Kent at The Royal Gazette reports that LOM (Holdings) Ltd
posted a loss of BM$1.47 million in 2011, driven by writedowns of
the value of its stake in the Bermuda Stock Exchange and in a
portfolio management system that failed to work.

With one-off items stripped out, LOM's net loss was BM$120,439,
according to The Royal Gazette.

The report notes that the broker dealer's assets under
administration fell 22% to BM$681 million and revenues fell 5.5%
to BM$8.34 million.

The Royal Gazette notes that total costs rose 7.6% to BM$9.81
million.  The report relates that this increase was dominated by a
charge of $750,558 to reflect the write off of CAMRA, "a portfolio
management system that failed to work and which we purchased to
replace our current portfolio management system."  With the CAMRA
expense stripped out, costs fell 1%, The Royal Gazette says.

The report discloses that the company took a charge of BM$907,948
on its holding of the BSX as a result of the pricing agreed
between the Exchange and the TMX Group, when the Canadian company
took a 16% stake in the Island bourse.

LOM also made a significant write-back of BM$447,231, relating to
Pembrook Resources, an investment "which we were required by our
auditors to write down last year but this year was required to
write up."

In a letter to shareholders, Chief Executive Officer Scott Lines
said: "It is a reality for the LOM group that our brokerage
revenues (at 40% of our total revenues) are extremely sensitive to
the state of the global equity markets . . . .  For revenues to
grow, we generally require an environment of low volatility with
generally rising equity prices. Unfortunately we have for the last
four years been experiencing the exact opposite of such a
scenario. . . . The management has made every effort to grow our
asset management business which is less directly sensitive to
global equity markets.  Though this effort has been successful
with revenues growing 17% last year, it is a long slow process and
cannot in the short term make up for the revenue declines in the
brokerage arm.  Thus, we have concentrated on reducing costs as
much as possible while still attempting attract new business and
to recruit new brokers."

LOM said that the company had reduced staff numbers by four over
the last five months through attrition and now had 25 full-time
staff.


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


COMPANHIA SIDERURGICA: Moody's Affirms 'Ba1' CFR; Outlook Positive
------------------------------------------------------------------
Moody's Investors Service changed the outlook for Companhia
Siderurgica Nacional S.A. ("CSN") and its rated guaranteed
subsidiaries to positive from stable, and affirmed CSN's Ba1
Corporate Family Rating, the Ba1 foreign currency rating for notes
issued by guaranteed subsidiaries and the Aa1.br national scale
rating.

The change in outlook covers the following companies:

Issuer: Companhia Siderurgica Nacional S.A. -- CSN

- Corporate Family Ratings: Ba1 (global scale) and Aa1.br
   (Brazilian national scale)

Issuer: CSN Island VIII Corp. (Cayman Island)

- USD550 million senior unsecured guaranteed notes due 2013: Ba1
   (foreign currency rating)

Issuer: CSN Island IX Corporation (Cayman Island)

- USD400 million senior unsecured guaranteed notes due 2015: Ba1
   (foreign currency rating)

Issuer: CSN Island XI Corporation (Cayman Island)

- USD750 million senior unsecured guaranteed bonds due 2019: Ba1
   (foreign currency rating)

Issuer: CSN Resources S.A. (Luxemburg)

- USD200 million senior unsecured guaranteed bonds due 2020: Ba1
   (foreign currency rating)

Issuer: CSN Island XII Corporation (Cayman Island)

- USD1,000 million senior unsecured guaranteed perpetual notes:
   Ba1 (foreign currency rating)

Ratings Rationale

The change in outlook reflects the company's competitive position
in the Brazilian steel industry, supported by its vertically
integrated operations and significant self-sufficiency in key
inputs. The positive outlook reflects Moody's expectation that CSN
will continue to report solid operating performance and improving
financial metrics over the next twelve to eighteen months and will
prudently implement and manage large capex expansion plan as well
as its dividend payout levels. The change in outlook also
incorporates Moody's expectation that CSN will not deviate from
its target of reported net debt to EBITDA of 2.5x during the
execution of its capital expenditures directed mainly towards iron
ore expansion, as well as cement and logistics.

CSN's Ba1 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products. Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 40%
range, supported by its solid domestic market position, wide range
of products through different segments and globally competitive
production costs both in steel and iron ore. CSN's operational
efficiency and low costs reflect the large scale of its integrated
steel mill, its own captive iron ore mine and its self-sufficiency
in electricity and 75% self-sufficiency in coke. Also supporting
CSN's high margins are the company's strategic location in the
most industrialized region of Brazil and its proximity to high-
grade iron ore reserves and port terminals, as well as its
efficient logistics.

In the last two years, when most of the domestic peers suffered
significant margin pressure due to the combination of global
excess capacity, weaker performance of the flat steel segment in
Brazil as a consequence of increasing competition from imports and
the stronger Real, CSN was able to continue reporting high
operating margins (supported mostly from healthy margins in the
mining segment) while preserving a strong liquidity position.
During the same time, the company has increased its market share
in Brazil, diversified its business operationally and
geographically reducing the reliance on the flat steel segment and
the domestic market and also has shown some discipline regarding
M&A activities. As a result of the business diversification,
mining operations account for 55% of total EBITDA (35% of total
revenues). With the ongoing and planned investments, mining
operations will remain the key contributor to EBITDA, whereas
steel will have a lower participation (from current levels of
around 38% to around 30%) and cement and logistics will contribute
about 10% of the total. In addition, higher costs of key inputs
for steel production, namely iron ore, coal and coke, in addition
to energy and workforce were partially offset thanks to CSN's
integrated business model, excess iron ore capacity, and
diversified product mix with a considerable contribution from its
high margin tin plate and galvanized products, which currently
accounts for 43% of total steel volumes.

The rating also reflects the company's lower reliance on the steel
segment and the domestic market (due to iron ore exports),
currently responsible for 55% and 60% of revenues from 84% and 77%
in 2007, respectively, as well as improved liquidity position over
the last years. As of December 31, 2011, CSN reported BRL 15.4
billion in cash which was sufficient to cover short term debt by
4.8x and total debt maturities through 2017, translating into a
comfortable schedule to support CSN's large capex program
execution.

Although adjusted gross leverage measured by adjusted debt to
adjusted EBITDA at the end of 2011 was still high for its "Ba1"
rating category, adjusted net leverage (considering a minimum cash
position of USD 2 billion) was 3.3x, a level commensurate to a
"Ba" level.

CSN's ratings could be positively affected if the company
maintains a strong liquidity position and acceptable leverage
during the execution of its large capex program, with net debt
(considering a minimum readily available liquidity cushion of USD
2.0 billion) to EBITDA below 3x. In addition, sustainable cash
from operations less dividends to net debt of at least 20% as well
as a less concentrated operational risk profile would be further
considerations in a rating upgrade.

Conversely, the rating could suffer downward pressure should CSN's
operating margins weaken significantly and dividends remain high
such that cash from operations less dividends to net debt is
consistently negative, or in the case of a substantive
deterioration of its liquidity position, an inability to cover
130% of short-term debt with readily available liquidity and free
cash flow. Downward pressure could also affect the ratings or
outlook if consolidated net debt (considering a minimum readily
available liquidity cushion of US$2.0 billion) to EBITDA remains
above 3.5x for an extended time period. In addition, a significant
increase in consolidated secured debt or debt benefiting from
claim priority could negatively affect the ratings or outlook for
CSN's senior unsecured debt.

The principal methodology used in rating CSN was the Global Steel
Industry Methodology published in January 2009.

Companhia Siderurgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel benefiting from a
diversified business model through mining, logistics, cement and
energy. In 2011, CSN reported consolidated net revenues of BRL16.5
billion (approximately US$9.9 billion, converted by the average
exchange rate).


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


EEA EUROPE: Creditors' Proofs of Debt Due May 14
------------------------------------------------
The creditors of EEA Europe Long Short Fund are required to file
their proofs of debt by May 14, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2012.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


FRANK SOUND: Court Appoints Hopkins as Liquidator
-------------------------------------------------
On March 29, 2012, the Grand Court of Cayman Islands appointed
Gwynn Hopkins as liquidator of Frank Sound Estate Limited.

The company commenced liquidation proceedings on May 22, 2009.

The company's liquidator is:

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


GEORGE WILDE: Creditors' Proofs of Debt Due June 13
---------------------------------------------------
The creditors of George Wilde are required to file their proofs of
debt by June 13, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 27, 2012.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Sydney J. Coleman
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


LOAN OPPORTUNITIES: Creditors' Proofs of Debt Due May 23
--------------------------------------------------------
The creditors of Loan Opportunities Fund Offshore Feeder GP I,
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 11, 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


MYTHEN LTD: Moody's Assigns '(P)B2' Rating to Class H Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
following classes of notes to be issued by Mythen Ltd., a Cayman
Islands exempted company:

U.S. $50,000,000 Series 2012-1 Class A Principal At-Risk Variable
Rate Notes due April, 2015 (the "Class A Notes"), Assigned (P)Ba3
(sf);

U.S. $100,000,000 Series 2012-1 Class E Principal At-Risk Variable
Rate Notes due April, 2015 (the "Class E Notes"), Assigned (P)Ba3
(sf);

U.S. $250,000,000 Series 2012-1 Class H Principal At-Risk Variable
Rate Notes due April, 2015 (the "Class H Notes"), Assigned (P)B2
(sf).

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

Ratings Rationale

Moody's bases its provisional ratings of the Notes primarily on
the expected loss posed to noteholders.  The provisional ratings
reflect the risks relating to certain US hurricane and European
windstorm events that occur in the covered areas during the three-
year risk period, the transaction's legal structure, the credit
strength of the risk transfer counterparty and the underlying
collateral.

Mythen Ltd. is a catastrophe bond program sponsored by Swiss
Reinsurance Company Ltd. ("Swiss Re"), and the Notes will be the
program's first issuance.

The program will issue three classes of notes, the Class A Notes,
the Class E Notes and the Class H Notes, each with its own
separate risk exposures. The Class A Notes will provide protection
to Swiss Re, covering US hurricane events on a per occurrence
basis and based on the industry loss estimates provided by
Property Claim Services ("PCS") for a three-year period. The Class
E Notes will provide protection to Swiss Re for second and
subsequent US hurricanes for three one-year risk periods, on a per
occurrence basis and based on industry loss estimates by PCS. The
qualifying first event must occur during any given one-year risk
period in order to activate the protection against certain
hurricanes for the remaining one-year risk period. The Class H
Notes will provide coverage for a three-year period to Swiss Re
against two perils, European windstorms on a per occurrence basis
and linked to PERILS industry loss estimates and second and
subsequent US hurricane events on a per occurrence basis and
linked to PCS's industry loss estimates. The qualifying first US
hurricane event needs to occur only once during the three-year
risk period to activate the protection against certain US
hurricanes.

The initial underlying collateral securing the Notes will be the
unsecured notes issued by the International Bank for
Reconstruction and Development, which may redeem its notes at par
on any coupon payment date after the first year. The issuer will
use three separate collateral accounts to segregate the collateral
for each class of notes respectively.

Moody's bases its quantitative analysis of the transaction
primarily on the risk analysis performed by AIR Worldwide, the
calculation agent.  Taking the exceedance probability curves
generated and provided by AIR for the covered events in the
covered areas as direct inputs to Moody's model, Moody's simulated
the occurrence of the covered events, determined whether the
calculated index value exceeded the trigger level and losses to
the notes had occurred, and calculated the expected loss to the
noteholders. Moody's used the following trigger, exhaustion and
activation levels in its analysis for the provisional ratings:

Class A Notes

Trigger: 830

Exhaustion: 1085

Class E Notes

Trigger: 161

Exhaustion: 200

Activation: 182

Class H Notes

Hurricane Trigger: 329

Hurricane Exhaustion: 376

Hurricane Activation: 350

Windstorm Trigger: 594

Windstorm Exhaustion: 759

Moody's conducted both qualitative and quantitative analysis when
analyzing the counterparty and collateral default risks.

V Score

The V Score for this transaction is Medium/High, driven by
Performance Variability and Analytic Complexity. While there
exists more than 100 years of US hurricane occurrence data and
more than 60 years of European windstorm occurrence data, future
events or the magnitude of loss caused by such events are
difficult to predict or forecast. It is uncertain whether historic
performance data is a good indicator of future performance. The
analytical complexity of modeling hurricane risks also adds to
uncertainty and variability around the modeled parameters.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination. The V Score ranks
transactions by the potential for significant rating changes owing
to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modeling and the transaction governance that
underlie the ratings. V Scores apply to the entire transaction,
rather than individual tranches.

Parameter Sensitivity

For parameter sensitivity, Moody's analyzed scenarios stressing
the key model input assumption to determine the potential model-
indicated ratings impact.  The key model input is the exceedance
probability and the associated PCS or PERILS index values. Moody's
increased such index values by 10% and 20% for US hurricanes and
Europe Windstorms.  Using such, the model-indicated rating output
for the Notes did not change.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial ratings process differed.  The analysis
assumes that the deal has not aged. Parameter Sensitivities do not
measure how the rating of the security might migrate over time,
but rather, how the initial rating of the security might differ as
certain key parameters vary.  Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint. Moody's takes qualitative factors into
consideration in the ratings process, so the actual ratings
Moody's assigns in each case could vary from the information
presented above.


PAC LTD: Commences Liquidation Proceedings
------------------------------------------
On April 12, 2012, the sole shareholder of Pac Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

         Eleanor Grace Fisher
         John Howard Batchelor
         Bruno Arboit
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


RED BAY: Court Appoints Hopkins as Liquidator
---------------------------------------------
On March 29, 2012, the Grand Court of Cayman Islands appointed
Gwynn Hopkins as liquidator of Red Bay Estates Limited.

The company commenced liquidation proceedings on May 22, 2009.

The company's liquidator is:

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


SALT CREEK: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Salt Creek High Yield CSO 2005-2 Ltd. are
required to file their proofs of debt by May 23, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

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


SOLENT CREDIT: Creditors' Proofs of Debt Due May 21
---------------------------------------------------
The creditors of Solent Credit Opportunities Master Fund are
required to file their proofs of debt by May 21, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 765, Grand Cayman KY1- 9006
         Cayman Islands
         Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


SOLENT RELATIVE: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of Solent Relative Credit Fund are required to file
their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2009.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 765, Grand Cayman KY1- 9006
         Cayman Islands
         Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


SOLENT RELATIVE NOTES: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------------
The creditors of Solent Relative Credit Notes Fund are required to
file their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2009.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 765, Grand Cayman KY1- 9006
         Cayman Islands
         Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


SPEARPOINT ALTERNATIVE: Creditors' Proofs of Debt Due May 23
------------------------------------------------------------
The creditors of Spearpoint Alternative Investment Fund 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 12, 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


TRITON 230: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Triton 230 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 wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TRITON 240: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Triton 240 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 wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TRITON 600: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Triton 600 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 wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


WATLER HOLDINGS: Court Appoints Hopkins as Liquidator
-----------------------------------------------------
On March 29, 2012, the Grand Court of Cayman Islands appointed
Gwynn Hopkins as liquidator of Watler Holdings Limited.

The company commenced liquidation proceedings on Nov. 28, 2008.

The company's liquidator is:

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


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H A I T I
=========


* HAITI: IDB Grants US$27 Million for Rural Land Tenure Program
---------------------------------------------------------------
The Inter-American Development Bank disclosed that the approval of
a US$27 million grant for a pilot program to improve land tenure
security in rural areas in northern and southern Haiti.

Agriculture is a predominant economic activity in Haiti, where
approximately 60% of the population lives in rural areas.
Landholdings average less than 1.7 hectares (about 4.2 acres) and
are generally of poor quality. By some estimates, nearly two-
thirds of 1.5 million rural parcels have no property title.

Land tenure informality is widely considered to hinder
agricultural productivity, limiting rural incomes.  According to
this view, the lack of clarity in property rights blocks
investments, access to credit and transfers that could lead to
more efficient use of land and conservation of natural resources.
However, Haiti's land administration system, which functioned
reasonably well during the first century and a half of
independence, deteriorated over the past decades.

These problems are compounded by a stunted institutional capacity.
Less than 5% of Haiti's territory is covered by a cadaster and the
national positioning network needed to make geo-reference readings
is incomplete.  Surveyors use outdated methods and deeds are
transcribed manually, which makes it difficult to retrieve and
verify information. Titling procedures are long and expensive,
particularly for smallholders.

In order to start redressing this state of affairs, the program
will be carried out in two pilot areas covering the Grand Riviere
du Nord watershed in the north and the Ravine du Sud and Cavaillon
watersheds in the south, where Haiti's Agriculture Ministry is
carrying out several investment projects funded by the IDB and
other donors.  There are some 40,000 rural households in these
areas, which have a variety of ecological conditions and land
tenure situations.

The program will finance work to clarify private property rights
and identify public lands in the two areas, leading to the
registration of all parcels in a basic land registry and the
identification of their owners and occupants.  As a pilot project
within this component, the program will finance the registration
of deeds to some 1,000 parcels, in order to measure the
incremental impact of formal land titling on rural productivity.

In parallel, the program will finance activities to improve the
quality and efficiency of land administration services provided by
various government agencies under the Finance Ministry and the
National Cadastre Office as well as by other stakeholders,
including surveyors, notaries, lawyers, court clerks and judges.
Among other investments, it will modernize Haiti's geodetic
infrastructure in order to improve land surveying and mapping. One
of the goals is to reduce the average time to register rural
properties to 60 days from 300 days at present and to cut the
average cost of the procedures to US$150 from about US$600 per
parcel.

The executing agency of the program will be the Executive
Secretariat of the Interministerial Committee for Territorial
Planning (CIAT), a body of the Prime Minister's Office responsible
for national land use policies.

The program draws lessons from other land tenure programs financed
by the IDB in Latin America and the Caribbean, as well as from its
extensive experience in Haitian rural development programs.  In
addition, the program is closely coordinated with a French-
supported land tenure program focused on urban and peri-urban
areas.  CIAT's Executive Secretariat is also receiving technical
assistance from the World Bank.

As part of its monitoring and evaluation plan, the program will
carry out randomized tests to analyze which aspects of land tenure
regularization contribute more to higher productivity and better
natural resource management.


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


KOOL FM: Experiencing Financial Woes
------------------------------------
RJR News reports that government-owned radio station KOOL FM is in
financial trouble.

A report tabled in Parliament revealed that entity racked up a
deficit of JM$13.5 million in the 2010/2011 financial year,
according to RJR News.  The report relates that Aerotel, which
broadcast KOOL, made a pre-tax profit of JM$14.8 dollars but
recorded a loss after tax of JM$12.6 twelve million.

Aerotel Chairman Maurice Henry said that the impending transfer of
broadcasting facilities to the Public Broadcasting Corporation of
Jamaica continues to impact staff  morale negatively, RJR News
notes.  The report says that Mr. Henry added that employment
contracts at the station were now  limited to three months.

The report notes that Manager Tomlin Ellis stated that the radio
station was prevented from employing more sale representatives,
issuing normal staff contracts and engaging in promotional
activities.  RJR News relates that Mr. Ellis added that the
impending transfer to PBCJ has caused logistical problems as the
yellow page listing showed the station located at South Odeon
Avenue.

Mr. Ellis said that this resulted in packages being sent to that
location and persons going to the radio station to find them, the
report discloses.


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


LAUSELL INC: Sec. 341 Creditors Meeting Set for May 24
------------------------------------------------------
The U.S. Trustee in San Juan, Puerto Rico, will convene a meeting
of creditors under 11 U.S.C. Sec. 341(a) in the Chapter 11 case of
Lausell, Inc., on May 24, 2012, at 2:30 p.m. at 341 Meeting Room,
Ochoa Building, 500 Tanca Street, First Floor, San Juan.

Proofs of claim are due by Aug. 22, 2012.  Government Proofs of
Claim are due by Oct. 15, 2012.

Lausell, Inc., filed a bare-bones Chapter 11 petition (Banrk.
D.P.R. Case No. 12-02918) on April 17, 2012 in Old San Juan,
Puerto Rico.  The Bayamon, Puerto Rico-based company disclosed
$37.7 million in assets and debts of US$24.5 million.  Lausell,
also known as Aluminio Del Caribe, is a manufacturer of windows
and doors.

Bankruptcy Judge Mildred Caban Flores oversees the case.  Charles
Alfred Cuprill, Esq., at Charles A. Curpill, PSC, serves as
counsel to the Debtor.


TELEPRO CARIBE: Case Summary & 16 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Telepro Caribe, Inc.
        P.O. Box 1393
        Saint Just, PR 00978

Bankruptcy Case No.: 12-02933

Chapter 11 Petition Date: April 17, 2012

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

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  LUGO MENDER & CO
                  Centro Internacional De Mercadeo
                  Carr 165 Torre 1 Suite 501
                  Guaynabo, PR 00968
                  Tel: (787) 707-0404
                  E-mail: wlugo@lugomender.com

Scheduled Assets: US$2,669,372

Scheduled Liabilities: US$4,337,400

A copy of the Company's list of its 16 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-02933.pdf

The petition was signed by Jose R. Mora Nazario, president.


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


CARIBBEAN AIRLINES: Awaits New Airplanes, ATRs Coming
-----------------------------------------------------
Trinidad and Tobago Newsday reports that Caribbean Airlines
Limited will continue to take possession of the remainder of its
nine-plane order which it placed with French manufacturer Avion de
Transporte Regionale (ATR) early 2011.

Up to last week, there was serious concern about the status of the
order because of the financial constraints now being experienced
by the State-owned airline, according to T&T Newsday.  The report
relates that at present, there are four ATR-72-600 turbo prop
aircraft sitting at the manufacturers in Toulouse, France. CAL
took delivery of two of the 68-seater planes last November and
December.

The report says that a high-powered two-man team from the French
airplane manufacturer arrived in Trinidad and held talks with CAL
and Government officials.  Informed sources reveal that a decision
had been made to approach an international bank, with ties in
Trinidad and Tobago to work out a funding arrangement, T&T Newsday
relays.

This is happening at the same time that the Ministry of Finance is
preparing a preliminary report of an audit it conducted on
Caribbean Airlines, which is expected to reach line minister
Senator Devant Maharaj, the report adds.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


                            ***********


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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