TCRLA_Public/120430.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Monday, April 30, 2012, Vol. 13, No. 085


                            Headlines



A R G E N T I N A

ARCOR SAIC: Moody's Downgrades CFR to 'B1'; Outlook Stable
ARGENTINA CALLING: Creditors' Proofs of Debt Due June 7
AUTOLUBE SRL: Creditors' Proofs of Debt Due June 4
BANCO COMAFI: Moody's Issues Summary Credit Opinion
BANCO DE INVERSION: Moody's Issues Summary Credit Opinion

BANCO DE GALICIA: Moody's Issues Summary Credit Opinion
BANCO MACRO: Moody's Issues Summary Credit Opinion
BANCO SAENZ: Moody's Issues Summary Credit Opinion
COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Global LC Debt Rating


B R A Z I L

INDEPENDENCIA SA: JBS SA Bids to Pay BRL268 Million for Assets
LUPATECH SA: To Raise Up to US$383 Million


C A Y M A N   I S L A N D S

CAMARGUE EQUITY: Creditors' Proofs of Debt Due May 21
CAMARGUE EQUITY MASTER: Creditors' Proofs of Debt Due May 21
COPPERHEAD HOLDINGS: Creditors' Proofs of Debt Due May 23
ISOMETRIC ASIA: Creditors' Proofs of Debt Due May 21
ISOMETRIC ASIA MASTER: Creditors' Proofs of Debt Due May 14

NORTH RIVER: Creditors' Proofs of Debt Due May 23
PINPOINT RISING: Creditors' Proofs of Debt Due May 22
SALUTE OPPORTUNITY: Creditors' Proofs of Debt Due May 14
SALUTE OPPORTUNITY GENERAL: Creditors' Proofs of Debt Due May 14
TL VENTURES III: Creditors' Proofs of Debt Due May 21


T R I N I D A D  &  T O B A G O

BRITISH AMERICAN: Rescue Plan Makes Firm Look More Attractive
CARIBBEAN AIRLINES: Board Member Expresses Optimism After Meeting


X X X X X X X X

* S&P's 2012 Global Corporate Default Tally Rises to 29
* BOND PRICING: For the Week April 23 to April 27, 2012




                            - - - - -


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


ARCOR SAIC: Moody's Downgrades CFR to 'B1'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has downgraded Arcor's local currency
Corporate Family Rating to B1 from Ba2.  At the same time, Moody's
affirmed the B1 foreign currency rating and the Aa2.ar Argentina
National Scale Rating on Arcor S.A.I.C.'s US$300 million senior
unsecured notes due in 2017. The outlook for all ratings is
stable.

Ratings Rationale

The rating actions reflect Moody's view that Arcor ultimately
cannot be completely de-linked from the credit quality of the
Argentinean government (B3, stable), and thus its ratings need to
more closely reflect the risk that they share with the sovereign.

Moody's believes that there has been no deterioration in the
intrinsic credit quality of Arcor.  However, a weaker sovereign
has the potential to create a ratings drag, and therefore it is
appropriate to limit the extent to which these issuers are rated
higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012.

Arcor remains rated above the sovereign rating at B3 as a
reflection of its stronger credit quality, although the gap has
been reduced.

"In order to be rated significantly above the sovereign, an issuer
needs not only be fundamentally stronger than the sovereign from a
credit perspective, but also demonstrate a degree of insulation
from the domestic macroeconomic and financial disruption, which
generally accompanies a sovereign default," says Veronica
Amendola, a Moody's Vice President, Senior Analyst and Local
Market Analyst for Arcor.

"We continue to take into account Arcor's superior fundamental
credit quality, evidenced by the company's strong track record in
servicing its foreign currency debt obligations during past
Argentine financial crises, adequate backup liquidity available in
the U.S., the company's sizeable international business that
currently generates more than US$1.3 billion in revenues annually
and limited reliance on domestic markets for funding.  Therefore,
we position its rating two notches above the sovereign's rating.
However, we believe de-linking it further from the sovereign is
not appropriate because of the material exposure to domestic
business, banks and counterparties," Ms. Amendola adds.

Moody's cautions that any downward rating action at the sovereign
level would likely result in negative rating actions at Arcor, as
the agency would seek to maintain the current notching gap in the
absence of any significant change in credit quality at Arcor.

Arcor SAIC, Cordoba , Argentina, is one of the largest
confectionary, cookies and food companies in the country with over
US$3 billion in sales as of the fiscal year ended
Dec. 31, 2011. Arcor's well-known brands include: Butter Toffees,
Bon o Bon, Cofler, Rocklets, Menthoplus, La Campagnola, Poosh,
Topline, Bigtime, Mr. Pop's, Mogul and Sapito.


ARGENTINA CALLING: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
Ana Maria Calzada Perciavale, the court-appointed trustee for
Argentina Calling SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 7, 2012.

Ms. Perciavale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

         Ana Maria Calzada Perciavale
         Sarmiento 2437
         Argentina


AUTOLUBE SRL: Creditors' Proofs of Debt Due June 4
--------------------------------------------------
Alicia Rita Romero, the court-appointed trustee for Autolube SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 4, 2012.

Ms. Romero 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. 28, 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:

         Alicia Rita Romero
         Parana 26
         Argentina


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

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

Senior Unsecured (domestic currency) ratings of Ba3, on review for
downgrade

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

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of D-, on review for downgrade

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

NSR Senior Unsecured (domestic currency) rating s of Aa2.ar, on
review for downgrade

NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar,
on review for downgrade

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

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

Rating Rationale

Moody's maintains a bank financial strength rating (BFSR) of D- to
Banco Comafi S.A. (Comafi).  The BFSR derives from Comafi's
improved financial fundamentals, mainly profitability and
liquidity and its increasing franchise in retail and corporate
sector.  The rating also incorporates its relatively low deposit
market share as well as the risks inherent in the operating
environment.  The current score reflects the bank's challenges:
expanding its franchise, and underpinning core earnings in order
to solidify the bank's competitive position.

Comafi's long-term global local-currency (GLC) deposit rating is
Ba3.  This is based on the bank's Ba3 baseline credit assessment
and also on Moody's view of a moderate probability of systemic
support on its local currency deposit obligations.  The bank's
foreign-currency deposit rating of Caa1 remains constrained by the
Argentine sovereign ceiling for foreign-currency deposits.

Rating Outlook

Comafi's BFSR and local currency deposit and debt ratings are on
review for downgrade.  The outlook on the FC deposit rating is
stable.

What Could Change the Rating - Up

Any upward pressure on Comafi's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade.  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

A decline from its indicator as well as a decline in the
operational environment in which the bank performs its activity
may put downward pressure on the financial strength rating.


BANCO DE INVERSION: Moody's Issues Summary Credit Opinion
---------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
de Inversion y Comercio Exterior S.A. and includes certain
regulatory disclosures regarding its ratings.  The release does
not constitute any change in Moody's ratings or rating rationale
for Banco de Inversion y Comercio Exterior S.A.

Moody's current ratings on Banco de Inversion y Comercio Exterior
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 B1

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 Aa2.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa2.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar

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

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

Rating Rationale

Moody's has assigned a bank financial strength rating (BFSR) of E+
to Banco de InversiOn y Comercio Exterior (BICE).  The rating
reflects BICE's ownership structure and dependence on the National
Government of Argentina, as well as its good franchise as a
development bank.  It was also assessed BICE's good core earnings
generation and sound capitalization.  The rating also reflects
BICE's limited granularity in terms of loans, as well as the
unstable Argentine operating environment.

BICE's long-term global local-currency deposit rating is B1, which
is based on its baseline credit assessment of b1 and takes into
account the high probability of systemic support for its local-
currency deposit obligations given by the government in the event
of stress. In addition, the bank's foreign-currency deposit rating
of Caa1 is constrained by the foreign-currency deposit ceiling for
Argentina.

Rating Outlook

All the ratings have a stable outlook.

What Could Change the Rating - Up

Any upward pressure on BICE's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade.  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

The BFSR would be put under stress if the bank suffered a
substantial deterioration in its asset quality or in its core
earning profile, as well as if the operating environment weakened.
A downgrade of Argentina's deposit ceilings would of course affect
its deposit ratings.


BANCO DE GALICIA: Moody's Issues Summary Credit Opinion
-------------------------------------------------------
Moody's Investors Service issued summary credit opinion on Banco
de Galicia y Buenos Aires 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 de Galicia y Buenos Aires S.A.

Moody's current ratings on Banco de Galicia y Buenos Aires S.A.
are:

Senior Unsecured (foreign currency) ratings of B2

Senior Unsecured MTN (domestic currency) ratings of (P)Ba3, on
review for downgrade

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

Long Term Bank Deposits (foreign currency) ratings of Caa1

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Bank Financial Strength ratings of D-, on review for downgrade

Subordinate (foreign currency) ratings of B2

Short Term Bank Deposits ratings of NP

NSR Senior Unsecured MTN (domestic currency) ratings of Aa2.ar, on
review for downgrade

NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar,
on review for downgrade

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

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

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

NSR Subordinate (foreign currency) ratings of Aa3.ar

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of D- to
Banco de Galicia y Buenos Aires (Galicia), which corresponds to a
baseline credit assessment of ba3. The rating is based on
Galicia's bold franchise in retail and corporate lending, a well-
managed asset quality and good profitability and capitalization
indicators.  On the other hand, the rating also incorporates the
risks inherent in the group's operating environment.  Galicia's
long-term global local-currency deposit rating is Ba3.  While the
rating currently does not benefit from uplift due to systemic
support, it may do so following Moody's ratings review, given
Moody's assessment of a very high probability of systemic support
in case of need.  Galicia's foreign currency deposit rating of
Caa1 is constrained by Argentina's foreign currency ceiling for
deposits and continues with a stable outlook.

Rating Outlook

The BFSR and the local currency deposit and debt ratings were
placed on review for downgrade.  The outlook on the remaining
ratings is stable.

What Could Change the Rating - Up

Any upward pressure on the entity's BFSR and on global local
currency and debt ratings is currently unlikely given the existing
review for downgrade.  The foreign currency deposit rating is
currently constrained by the country ceiling and has 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

The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage to sovereign risk.  The BFSR would
also be put under stress if the bank suffered a substantial
deterioration in its asset quality or in its core earning profile,
as well as if the operating environment weakened.  A downgrade of
the country's deposit ceilings would result in a downgrade in the
bank's foreign currency deposit rating.


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

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

Senior Unsecured (foreign currency) ratings of B2

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

Long Term Bank Deposits (domestic currency) ratings of Ba2, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of D, on review for downgrade

Subordinate (foreign currency) ratings of B2 (hyb)

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

NSR Long Term Bank Deposits (domestic currency) ratings of Aa1.ar,
on review for downgrade

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

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

NSR Subordinate (foreign currency) ratings of Aa3.ar (hyb)

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
Banco Macro S.A. (Macro), which corresponds to a baseline credit
assessment of ba2.  The rating is based on Moody's view that the
bank's acquisition strategy has enhanced the overall potential of
its franchise, particularly in terms of diversifying its revenues,
increasing its access to core funding, and improving economies of
scale.  However, the rating also incorporates the risks inherent
in the group's operating environment.

Macro's long-term global local-currency deposit rating is Ba2.
This is based on the bank's ba2 baseline credit assessment and on
the very high probability of systemic support for the bank's local
currency deposit obligations, should the need arise.  The support
provider's rating of B1 does not provide any lift to Macro's
deposit rating currently, however, it may do so following the
ratings reviews. Macro's foreign currency deposit rating of Caa1
is constrained by Argentina's foreign currency ceiling for
deposits.

Rating Outlook

The BFSR and the LC deposit and debt ratings of Macro and TucumAn
were placed on review for downgrade. The outlook on the FC ratings
is stable.

What Could Change the Rating - Up

Any upward pressure on Macro's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade. 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

The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage of the bank to sovereign risk.
Other negative pressure on Macro's BFSR could ultimately result
from a severe erosion of asset quality and profitability,
exacerbated by the Argentine volatile operating environment.


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

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

Senior Unsecured (domestic currency) ratings of B2

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

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

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

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of E+ to
Banco Saenz S.A (Saenz). The rating derives from the bank's
specialized franchise, its major role within the Fravega group (a
local chain of home appliances), as well as from good
profitability and capitalization indicators.  Key risks include
Saenz's weak asset quality and its higher reliance on wholesale
funding, mainly from securitizations.

The E+ BFSR translates to a Baseline Credit Assessment (BCA) of b2
(currently being reassessed), equal to the global local currency
deposit rating, as the bank's deposit ratings do not benefit from
any systemic support uplift.  Saenz's global foreign currency
deposit rating of Caa1 remains constrained by Argentina's foreign
currency deposit ceiling.

Rating Outlook

All ratings now have a stable outlook.

What Could Change the Rating - Up

Any upward pressure on Saenz's BFSR 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.

What Could Change the Rating - Down

Loan book deterioration might put Saenz's equity at risk and
evaporation of liquidity could affect its financial strength
rating.  The latter could also be downgraded if capitalization
erodes the bank's franchise.  In addition, a lowering of the
sovereign risk ceiling would undermine both the foreign currency
deposit and debt ratings.


COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Global LC Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected sixth issuance of Compania Financiera
Argentina S.A. (CFA)'s up to Ar$200 million to be issued in two
branches under the program of US$250 million.  At the same time,
Moody's Latin America assigned Aa2.ar national scale local
currency debt rating to CFA's issuances.

The outlook of the debt ratings is under review for possible
downgrade, as a result of the action taken on several Argentinean
banks last March 16, 2012.

The following ratings were assigned to Compania Financiera
Argentina S.A.'s issuances:

Sixth Issuance of a maximum amount of Ar$200 million in to two
tranches:

Ba3 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from CFA's Ba3 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Compania Financiera Argentina S.A. is headquartered in Buenos
Aires, Argentina, and reported Ar$2.303 million of total assets
and Ar$934 million of shareholders' equity as of December 31,
2011.


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


INDEPENDENCIA SA: JBS SA Bids to Pay BRL268 Million for Assets
--------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA said it made a
non-binding offer to buy assets from bankrupt Brazilian meatpacker
Independencia SA for BRL268 million in shares and cash, without
assuming any of the company's debt.

JBS's offer includes four slaughterhouses, 2 tanneries and
other assets from Independencia SA, according to a regulatory
filing obtained by the news agency.

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.


LUPATECH SA: To Raise Up to US$383 Million
------------------------------------------
Jeff Fick at MarkerWatch reports that Lupatech SA said that it
would raise much-needed capital through an investment agreement
with the Brazilian National Development Bank (BNDES) and local
pension fund Petros.

Lupatech SA will raise as much as BRL700 million Brazilian
(US$383 million) through a private placement of new shares with
investors, the company said in a filing with local stock
regulators, according to MarkerWatch.  The report relays that the
investment arm of BNDES, BNDESpar, and Petros, the pension fund
for workers at federal oil company Petroleo Brasileiro (Petrobras)
will buy up to BRL300 million of the shares, Lupatech said, the
report notes.

MarkerWatch says that the company reported that it lost BRL241
million in 2011 and canceled an oilfield-services contract with
key client Petrobras because of order delays.  Lupatech SA has
struggled under a heavy debt load after it boosted investment to
meet expected demand from oil companies in need of offshore
services, the report points out.

Petrobras was forced to curtail offshore drilling last year
because of delays in the delivery of new drilling rigs, leading to
lower-than-expected production.

Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments: Energy
Products, Flow Control and Metallurgy.  In the Energy Products
segment, the company provides such products as deepwater platform
anchoring ropes, valves, tools for oil exploration and tube
coating.  In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others.  In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry.  Lupatech SA's
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others.  During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 27, 2012, 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.


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


CAMARGUE EQUITY: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of Camargue Equity Fund Limited 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 March 28, 2012.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


CAMARGUE EQUITY MASTER: Creditors' Proofs of Debt Due May 21
------------------------------------------------------------
The creditors of Camargue Equity Master Fund Limited 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 March 28, 2012.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


COPPERHEAD HOLDINGS: Creditors' Proofs of Debt Due May 23
---------------------------------------------------------
The creditors of Copperhead Holdings 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 wind-up proceedings on April 11, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


ISOMETRIC ASIA: Creditors' Proofs of Debt Due May 21
----------------------------------------------------
The creditors of Isometric Asia Catalyst Fund I 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 April 13, 2012.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


ISOMETRIC ASIA MASTER: Creditors' Proofs of Debt Due May 14
-----------------------------------------------------------
The creditors of Isometric Asia Catalyst Master 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 liquidation proceedings on April 13, 2012.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


NORTH RIVER: Creditors' Proofs of Debt Due May 23
-------------------------------------------------
The creditors of North River 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 wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949-8666
         Facsimile: 949-0626


PINPOINT RISING: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Pinpoint Rising Commodity Fund are required to
file their proofs of debt by May 22, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Wang Qiang
         Two International Finance Centre, Level 33
         8 Finance Street, Central
         Hong Kong
         Telephone: +852 25235990


SALUTE OPPORTUNITY: Creditors' Proofs of Debt Due May 14
--------------------------------------------------------
The creditors of Salute Opportunity Fund Inc. 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 3, 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


SALUTE OPPORTUNITY GENERAL: Creditors' Proofs of Debt Due May 14
----------------------------------------------------------------
The creditors of Salute Opportunity General Partner Ltd. 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 3, 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


TL VENTURES III: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of TL Ventures III Offshore Ltd. are required to
file their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 One Capital Place
         Shedden Road George Town
         Grand Cayman KY1-1103
         Cayman Islands


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


BRITISH AMERICAN: Rescue Plan Makes Firm Look More Attractive
-------------------------------------------------------------
Caribbean360.com reports that a decision taken to recapitalize the
eastern Caribbean operations of the collapsed British American
Insurance Company (BAICO) has made it more attractive to
investors.

Dr. Denzil Douglas, prime minister and minister of finance for St
Kitts and Nevis, reported that the decision to pump US$30 million
from the Liquidity Support Fund into recapitalizing BAICO's
traditional insurance business and preparing it for sale was
bearing fruit, according to Caribbean360.com.

The report relates that Dr. Douglas said a number of bidders had
demonstrated an interest in purchasing the recapitalized
portfolios of BAICO's business, and they were now being engaged
with a view to concluding the sale transaction during the course
of the current year.  Caribbean360.com relays that the
recapitalization decision was taken by the governments of the
Eastern Caribbean Currency Union (ECCU), led by the Eastern
Caribbean Central Bank (ECCB), to assist policy-holders who
suffered immensely as a consequence of BAICO's collapse.

The report notes that Dr. Douglas reported that 18,700 policy-
holders would benefit from this important step taken by the
governments of the ECCU, with St Kitts and Nevis having 3,960
beneficiaries, the second largest number of beneficiaries in any
one country in the ECCU.  In assessing the kinds of insurance
policies which were to be recapitalized and sold, traditional
policies including whole life, endowments and term life policies
were identified, Caribbean360.com says.

However, Home Life Service, Ordinary Life and Universal Life
policies have also been included, Mr. Douglas noted,
Caribbean360.com adds.

The Liquidity Support Fund derived from the CARICOM Petroleum Fund
that was established by Trinidad and Tobago in 2004 to provide
relief to CARICOM Member States experiencing economic hardship
resulting from persistently high international prices for crude
oil and petroleum products.

                           About BAICO

British American Insurance Company is a Bahamian company, which
is owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray
Robinson in Miami, Fla.  At the time of the filing, the
liquidator estimated British American Isle of Venice (BVI), Ltd's
asset at less than US$10 million and its debts at more than
US$100 million.  Two affiliates -- British American Insurance
Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British
American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-
35888) -- are also subject to the jurisdiction of the U.S.
Bankruptcy Court.


CARIBBEAN AIRLINES: Board Member Expresses Optimism After Meeting
-----------------------------------------------------------------
RJR News reports that a member of the Board of Caribbean Airlines
Limited is expressing optimism that a meeting held addressed the
concerns of pilots in Jamaica who are in the process of being
rehired by the Trinidadian air carrier.

Officials of Caribbean Airlines met with members of the Jamaica
Airline Pilots Association, JALPA, following an announcement that
the local subsidiary which employed them is to be closed,
according to RJR News.  The report relates that more than 60
pilots will be offered new employment contracts.

The report notes that CAL Director Dennis Lalor said the meeting
was a cordial one.

As reported in the Troubled Company Reporter-Latin America on
April 24, 2012, Trinidad Express said that Caribbean Airlines
Limited said it will offer new contracts to the Jamaican pilots
that were recently made redundant following the closure of
Caribal Ltd, the subsidiary of CAL which was the employment
company for the pilots in Jamaica.  Caribal was responsible for
the recruitment processes of the airline in Jamaica.  CAL said it
informed the Jamaican Airline Pilots Association and the pilot
body of its intention to offer contracts of employment with CAL,
according to Trinidad Express.


                     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.


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


* S&P's 2012 Global Corporate Default Tally Rises to 29
-------------------------------------------------------
The 2012 global corporate default tally increased by one last week
after Brazil-based Lupatech S.A. selectively defaulted, said an
article published April 26 by Standard & Poor's Global Fixed
Income Research, titled Global Corporate Default Update (April 19
-- 25, 2012).

On April 23, Standard & Poor's Ratings Services lowered the
ratings on the capital goods company to 'SD' after it postponed
its debentures' interest payment due on April 15, 2012.  This
raises the global corporate default tally to 29 so far in 2012.

Of the total defaulters this year, 18 were based in the U.S., six
in the emerging markets, three in Europe, and two in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, last year, only 13 issuers -- seven based in the U.S.,
two in New Zealand, two in the emerging markets, one in Europe,
and one in Canada -- defaulted during the same period (through
April 25).

So far this year, missed payments accounted for 12 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential. Of
the remaining defaults, one was the result of a notice of
acceleration by the issuer's lender, one was due to the company's
placement under regulatory supervision, and the last was due to a
judicial organization filing.

In 2011, 21 issuers defaulted because of missed interest or
principal payments, and 13 because of bankruptcy filings -- both
of which were among the top reasons for defaults in 2010.
Distressed exchanges -- another top reason for default in 2010 --
followed with 11 defaults in 2011.  Of the remaining defaults, two
issuers failed to finalize refinancing on bank loans, two were
subject to regulatory action, one had its banking license revoked
by its country's central bank, one was appointed a receiver, and
two were confidential.


* BOND PRICING: For the Week April 23 to April 27, 2012
-------------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS               8.28     12/31/2033    USD        70.75
ARGENT-$DIS               8.28     12/31/2033    USD        63.87
ARGENT-$DIS               8.28     12/31/2033    USD        67.25
ARGENT- DIS               4.33     12/31/2033    JPY           42
ARGENT- PAR               0.45     12/31/2038    JPY           15
ARGENT- PAR&GDP           0.45     12/31/2038    JPY            8
ARGENT- DIS               7.82     12/31/2033    EUR           59
ARGENT- DIS               7.82     12/31/2033    EUR           65
ARGENT- DIS               7.82     12/31/2033    EUR           56
ARGENT-PAR                1.18     12/31/2038    ARS        40.68
ARGNT BOGAR                  2     2/4/2018      ARS          117
ARGNT-BOCON PRE9             2     3/15/2014     ARS         71.5
BANCO MACRO SA            9.75     12/18/2036    USD         72.1
BANCO MACRO SA            9.75     12/18/2036    USD         72.1
BANCO MACRO SA            9.75     12/18/2036    USD        75.05
CAPEX SA                    10     3/10/2018     USD        72.75
CAPEX SA                    10     3/10/2018     USD           77
EMP DISTRIB NORT          10.5     10/9/2017     USD           95
EMP DISTRIB NORT          9.75     10/25/2022    USD         57.5
EMP DISTRIB NORT          9.75     10/25/2022    USD        57.63
PROV BUENOS AIRE         9.375     9/14/2018     USD        69.99
PROV BUENOS AIRE         9.375     9/14/2018     USD        69.75
PROV BUENOS AIRE        10.875     1/26/2021     USD        70.86
PROV BUENOS AIRE        10.875     1/26/2021     USD        70.85
PROV BUENOS AIRE         9.625     4/18/2028     USD        64.52
TRANSENER                 9.75     8/15/2021     USD        71.25
TRANSENER                 9.75     8/15/2021     USD        66.38


BRAZIL
------

BANCO CRUZEIRO           8.875     9/22/2020     USD           70
BANCO CRUZEIRO           8.875     9/22/2020     USD           70
REDE EMPRESAS           11.125                   USD         52.5
REDE EMPRESAS           11.125                   USD        51.25
REDE EMPRESAS           11.125                   USD        38.02


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

BANCO BPI (CI)            4.15     11/14/2035    EUR        58.13
BCP FINANCE BANK          5.31     12/10/2023    EUR         51.5
BCP FINANCE BANK          5.01     3/31/2024     EUR        49.13
CAM GLOBAL FIN            6.08     12/22/2030    EUR        66.88
CHINA AUTOMATION          7.75     4/20/2016     USD        74.88
CHINA FORESTRY           10.25     11/17/2015    USD        50.25
CHINA FORESTRY           10.25     11/17/2015    USD           56
CHINA SUNERGY             4.75     6/15/2013     USD           52
EFG ORA FUNDING            1.7     10/29/2014    EUR        58.54
ESFG INTERNATION         5.753                   EUR           35
GOL FINANCE               8.75                   USD           81
HOME INNS                    2     12/15/2015    USD        74.97
HOME INNS                    2     12/15/2015    USD        76.26
JINKOSOLAR HOLD              4     5/15/2016     USD        52.25
LDK SOLAR CO LTD          4.75     4/15/2013     USD        50.96
LDK SOLAR CO LTD          4.75     4/15/2013     USD        50.96
LDK SOLAR CO LTD          4.75     4/15/2013     USD        85.32
LDK SOLAR CO LTD            10     2/28/2014     CNY        48.05
LUPATECH FINANCE         9.875                   USD        73.38
LUPATECH FINANCE         9.875                   USD           79
PUBMASTER FIN            5.943     12/30/2024    GBP        73.02
PUNCH TAVERNS            4.767     6/30/2033     GBP        72.03
RENHE COMMERCIAL         11.75     5/18/2015     USD        60.51
RENHE COMMERCIAL         11.75     5/18/2015     USD        60.75
RENHE COMMERCIAL            13     3/10/2016     USD         60.5
RENHE COMMERCIAL            13     3/10/2016     USD           60
SOLARFUN POWER H           3.5     1/15/2018     USD         65.9
SOLARFUN POWER H           3.5     1/15/2018     USD         66.5
SUNTECH POWER                3     3/15/2013     USD        67.78
SUNTECH POWER                3     3/15/2013     USD           67

CHILE
-----

AGUAS NUEVAS               3.4     5/15/2012     CLP        1.648
CGE DISTRIBUCION          3.25     12/1/2012     CLP        20.15
ESVAL S.A.                 3.8     7/15/2012     CLP         12.6
MASISA                    4.25     10/15/2012    CLP        9.993
QUINENCO SA                3.5     7/21/2013     CLP        25.52

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

PUERTO RICO CONS           6.5     4/1/2016      USD        69.47
PUERTO RICO CONS           6.2     5/1/2017      USD        56.63


VENEZUELA
---------

ELEC DE CARACAS            8.5     4/10/2018     USD        76.74
PETROLEOS DE VEN         5.375     4/12/2027     USD        61.25
PETROLEOS DE VEN           5.5     4/12/2037     USD        59.58
VENEZUELA                    6     12/9/2020     USD         74.5
VENEZUELA                    7     3/31/2038     USD         70.5
VENEZUELA                    7     3/31/2038     USD        71.09


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


                   * * * End of Transmission * * *