TCRLA_Public/120503.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

              Thursday, May 3, 2012, Vol. 13, No. 088


                            Headlines



B A R B A D O S

LIAT: Executive Resigns, Firms Searchers for New Leader


B E R M U D A

MAN LEVERAGED: Creditors' Proofs of Debt Due May 11
MAN LEVERAGED: Member to Receive Wind-Up Report on June 1


C A Y M A N   I S L A N D S

CAMARGUE EQUITY: Shareholders' Final Meeting Set for June 22
CAMARGUE EQUITY MASTER: Shareholders' Meeting Set for June 22
GEORGE WILDE: Shareholders' Final Meeting Set for June 27
ISOMETRIC ASIA: Shareholders' Final Meeting Set for June 14
ISOMETRIC ASIA MASTER: Shareholders' Meeting Set for June 14

PINPOINT RISING: Members' Final Meeting Set for May 29
SALUTE OPPORTUNITY: Shareholders' Final Meeting Set for May 16
SALUTE OPPORTUNITY GENERAL: Shareholders' Meeting Set for May 16
SEIRYU ASSET: Shareholders' Final Meeting Set for June 8
SPEARPOINT ALTERNATIVE: Shareholders' Meeting Set for May 25


M E X I C O

GRUPO EMBOTELLADOR: Fitch Assigns 'BB' Issuer Default Rating


T R I N I D A D  &  T O B A G O

REPUBLIC BANK: Temporarily Closed a Number of Branches


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B A R B A D O S
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LIAT: Executive Resigns, Firms Searchers for New Leader
-------------------------------------------------------
RJR News reports that Leeward Islands Air Transport aka LIAT
Chief Executive Officer Brian Challenger stepped down from his
post.  The report relates that the airline is currently looking
for a new executive to replace him.

Mr. Challenger stepped down officially on June 30 ending three
years of being at the helm of an airline which has had to stave
off region-wide industrial action and economic challenges,
according to RJR News.  The report notes that Mr. Challenger, who
led the carrier back to profitability after several years of
consecutive losses, served as LIAT's acting CEO since Mark
Darby's contract ended in April 2009.

Chief Financial Officer Julie Reifer-Jones will act in the
interim, RJR News says.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.


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B E R M U D A
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MAN LEVERAGED: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
The creditors of Man Leveraged Notes Ltd are required to file
their proofs of debt by May 11, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 26, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


MAN LEVERAGED: Member to Receive Wind-Up Report on June 1
---------------------------------------------------------
The member of Man Leveraged Notes Ltd will receive on June 1,
2012, at 9:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 26, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


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


CAMARGUE EQUITY: Shareholders' Final Meeting Set for June 22
------------------------------------------------------------
The shareholders of Camargue Equity Fund Limited will hold their
final meeting on June 22, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAMARGUE EQUITY MASTER: Shareholders' Meeting Set for June 22
-------------------------------------------------------------
The shareholders of Camargue Equity Master Fund Limited will hold
their final meeting on June 22, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GEORGE WILDE: Shareholders' Final Meeting Set for June 27
---------------------------------------------------------
The shareholders of George Wilde will hold their final meeting on
June 27, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         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


ISOMETRIC ASIA: Shareholders' Final Meeting Set for June 14
-----------------------------------------------------------
The shareholders of Isometric Asia Catalyst Fund I will hold
their final meeting on June 14, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ISOMETRIC ASIA MASTER: Shareholders' Meeting Set for June 14
------------------------------------------------------------
The shareholders of Isometric Asia Catalyst Master Fund will hold
their final meeting on June 14, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PINPOINT RISING: Members' Final Meeting Set for May 29
------------------------------------------------------
The members of Pinpoint Rising Commodity Fund will hold their
final meeting on May 29, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SALUTE OPPORTUNITY: Shareholders' Final Meeting Set for May 16
--------------------------------------------------------------
The shareholders of Salute Opportunity Fund Inc. will hold their
final meeting on May 16, 2012, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


SALUTE OPPORTUNITY GENERAL: Shareholders' Meeting Set for May 16
----------------------------------------------------------------
The shareholders of Salute Opportunity General Partner Ltd. will
hold their final meeting on May 16, 2012, at 2:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


SEIRYU ASSET: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of Seiryu Asset Management (Cayman) Ltd. will
hold their final meeting on June 8, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Summit Management Limited
         c/o John Cullinane
         Telephone: (345) 916 6001
         Governors Square, Suite # 3-213
         P.O. Box 32311 Grand Cayman KY1-1209
         Cayman Islands


SPEARPOINT ALTERNATIVE: Shareholders' Meeting Set for May 25
------------------------------------------------------------
The shareholders of Spearpoint Alternative Investment Fund
Limited will hold their final meeting on May 25, 2012, at 10:20
a.m., to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


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


GRUPO EMBOTELLADOR: Fitch Assigns 'BB' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned 'BB+' foreign and local currency
Issuer Default Ratings (IDRs) to Grupo Embotellador Atic S.L.
(Atic).  In conjunction with these rating actions, Fitch has
assigned an expected rating of 'BB+' to Ajecorp B.V.'s (Ajecorp)
proposed USD 300 million senior unsecured notes issuance.

The Rating Outlook for Atic is Stable.

Ajecorp is a wholly owned subsidiary of Atic and is incorporated
in the Netherlands as a limited liability company.  The USD 300
million notes to be issued by Ajecorp are unconditionally
guaranteed by Atic and some of its subsidiaries.  Proceeds from
the notes are expected to be used for general corporate purposes,
including the repayment of existing debt.  The expected ratings
of Ajecorp's notes have been directly linked to that of its
parent company, Atic, through Fitch's parent and subsidiary
methodology.

Atic's 'BB+' ratings are supported by the geographic
diversification of its operations within Latin America and
Thailand, the defensive nature of the beverage industry and the
strong free cash flow characteristics of the industry.  Atic's
sound positions within the 'B' brand segments of most of the
markets in which it operates, as well as its moderate levels of
leverage, also support the ratings.

Strong competition within the beverage industry and the
volatility of raw material costs are among the factors that limit
Atic's ratings to 'BB+'.  The company's corporate structure is
also considered a credit weakness.  Atic's controlling
shareholders, the Ananos family, directly own the formulas for
the beverages produced by the company, which results in the
transfer of some operating profits to the shareholders in the
form of royalty payments.  The controlling shareholders also own
another beverage company, Callpa Limited, which produces and
sells beverages in several Asian countries.  The shareholders may
have to support the nascent operations of Callpa Limited, which
could indirectly impact the credit quality of Atic.

Strong Geographic Diversification

During 2011, Peru represented 34% of Atic's consolidated EBITDA.
This market is especially strong for the company, as historically
it has been a non-cola market.  This benefits 'B' brand
producers, which rely heavily upon non-cola products.  Atic's
next most important markets in terms of EBITDA contribution are
Colombia (28%), Thailand (16%), Venezuela (16%), and Mexico
(11%).  The Central America region represents another 16% of
EBITDA.  Atic's geographic diversification should increase in the
future due to the company's recent entrance into the Brazilian
market.  The high level of geographic diversification mitigates
to a degree the company's exposure to markets such as Venezuela,
where economic and political uncertainty is high.

Target Markets Have Price Sensitive Consumers

Atic has a relatively small presence in each country with market
shares below 20%.  Its key brands are 'Big Cola' and 'Kola Real'.
The company faces strong competition from Coca-Cola and Pepsi in
each market it operates.  Atic prices its products approximately
30% to 40% lower than the Coca-Cola's products and competes
directly against other producers of non-branded products in the
'B' brand segment of the market.  The company's targeted
customers are price sensitive consumers in the lower economic
classes.  Atic's distribution model varies across countries.  In
Peru and Thailand, Atic primarily operates its own distribution
network.  In Colombia, Central America and Venezuela, the company
relies more heavily on third parties.  Nearly 90% of its
consolidated sales occur at mom-and-pop stores.

Volatile Raw Material Costs and Competitive Environment

Atic generated USD 105 million of consolidated EBITDA during
2011, a decrease from USD 118 million during 2010.  The decline
is primarily due to the weak performance of the company's
operations in Mexico, rising raw material costs and the startup
of operations in Brazil.  Improvement of profitability will be
challenging, especially in the highly competitive Mexican market.
Other markets performed favorably despite the rise in raw
material costs, as the company was able to transfer rising costs
to higher prices.

Bond Issuance to Extend Debt Maturities

As of Dec. 31, 2011, Atic had EUR 241 million (USD 313 million)
of consolidated debt, of which EUR 160 million (USD 208 million)
is classified as long-term.  Atic faces an amortization schedule
relatively concentrated in 2012, when EUR 81 million matures. The
company faces equal amortizations of about EUR 43 million per
year during 2013, 2014 and 2015.  About 73% of consolidated debt
is U.S. dollar denominated and approximately 48% of its
consolidated debt is secured.  The purpose of the bond issuance
is to extend debt maturities.  After the USD 300 million bond
issuance, consolidated debt should increase to about USD 370
million. As of Dec. 31, 2011, the company had EUR 17 million of
cash and marketable securities.

Credit Metrics Deteriorated Due to High Investments & Working
Capital Requirements

Atic's total debt-to-Ebitda ratio during 2011 was 3.2 times (x),
and its net debt-to-Ebitda ratio was 3.0x.  These credit metrics
are weaker than the average ratios maintained by the company
during the prior three years of 2.0x and 1.8x, respectively.  The
deterioration of credit metrics is mainly the result of an
increase in debt due to higher working capital requirements and
the financing of investments in Brazil, Colombia and Central
America.  Looking forward these investments should improve
operating cash flows and lead to improved credit metrics.
Management's financial strategy targets a debt-to-Ebitda ratio of
between 2.0x and 2.5x, which Fitch believes will be difficult to
achieve in the near term absent a turnaround of its Mexican
operations.


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T R I N I D A D  &  T O B A G O
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REPUBLIC BANK: Temporarily Closed a Number of Branches
------------------------------------------------------
Trinidad Express reports that Republic Bank temporarily closed a
number of branches after staff members stayed away from work.

The bank diverted employees from other branches to maintain
operations at the ones where staff members were absent, according
to Trinidad Express.  The report, citing a statement, relates
that the bank confirmed that its Marabella, Mayaro and Fyzabad
branches were closed because of absentee staff, while its Glencoe
and Grand Bazaar branches were closed to allow staff members to
provide support at other branches.

Trinidad Express notes that Republic Bank advised that all other
branches, ATMs and online and telephone services remained
operational.  The report relays that the bank said that it was
currently in negotiations with the Banking, Insurance and General
Workers' Union for a new collective agreement, and speculated the
"unusual staff absences" may have been linked to these.

Union representative for Republic Bank workers Jason Brown said
that the bank's offer of 7.5% was "disrespectful . . . . in face
of its continuous billion-dollar profits."


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X X X X X X X X
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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact:             1-703-739-0800                  ;
http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact:             1-703-739-0800
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact:             1-703-739-0800
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/


                            ***********


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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