TCRLA_Public/120509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, May 9, 2012, Vol. 13, No. 092


                            Headlines



A R G E N T I N A

BANCO SUPERVIELLE: Moody's Issues Summary Credit Opinion
DESMAR SA: Creditors' Proofs of Debt Due May 14
FERVI AR SA: Requests Opening of Bankruptcy Proceedings
NET ALLIANCE: Creditors' Proofs of Debt Due May 11
PSA FINANCE: Moody's Assigns 'Ba3' Senior Debt Rating


B E R M U D A

ELECTRON INSURANCE: Creditors' Proofs of Debt Due May 18
ELECTRON INSURANCE: Members' Final Meeting Set for June 7
LONE STAR: Creditors' Proofs of Debt Due May 15
LONE STAR: Member to Receive Wind-Up Report on June 5
LSP INVESTMENT: Creditors' Proofs of Debt Due May 15

LSP INVESTMENT: Members' Final Meeting Set for June 5
UNIVERSAL MARINE: Creditors' Proofs of Debt Due May 22
WHEELS CYCLES: Cuts Five More Jobs, Holds 30%-Off Sale


B R A Z I L

BR MALLS: S&P Raises Global Scale Ratings to 'BB'; Outlook Stable
* BRAZIL: Companies Still Largely Dependent on Banks for Funding


J A M A I C A

LIME JAMAICA: Welcomes New Telecoms Act


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Back in Business Despite Ongoing Protest



                            - - - - -


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


BANCO SUPERVIELLE: Moody's Issues Summary Credit Opinion
--------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Supervielle 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 Supervielle S.A..

Moody's current ratings on Banco Supervielle S.A. and its
affiliates are:

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

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

Subordinate (foreign currency) ratings of B2

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

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

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 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

Cordial Compania Financiera S.A.

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

Senior Unsecured MTN Program (domestic currency) ratings of
(P)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 E+

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

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

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

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

Rating Rationale

Moody's maintained a bank financial strength rating (BFSR) of D-
to Banco Supervielle S.A.. The D- BFSR rating translates into a
Baseline Credit Assessment (BCA) of ba3. This rating derives from
the position of the bank as a universal bank with a broad client
base, which has been enhanced after the merger with Banco Banex.
Supervielle's long-term global local-currency (GLC) deposit
rating is Ba3, which is based on the bank's ba3 baseline credit
assessment.

In November 2011, Moody's placed Supervielle's BFSR and global
local currency deposit and debt ratings on review for downgrade.
The decision was based on the increasing likelihood that the
Argentine government's recent macroeconomic measures will
pressure the banks' asset quality metrics, funding dynamics and
earnings generation. In the same rating action, the LC issuer and
debt rating of Grupo Supervielle were placed on review for
downgrade for the same reason. The rationale for this action on
the group is based on the fact that Banco Supervielle is the main
investment of the group. On the other hand, the global foreign
currency (FC) deposit ratings of Caa1/NP remain constrained by
Argentina's deposit country ceiling.

On October 25, 2010, Moody's assigned a (P)Ba3 and a (P)B2 global
local and foreign currency debt ratings to Supervielle's global
debt program in the amount of US$200 million, as well as a B2
global foreign currency subordinated debt rating to the first
issuance under that program, amounting to US$50 million.

Rating Outlook

Supervielle's BFSR and local currency deposits and debt ratings
were placed on review for downgrade. The outlook on the FC is
stable.

What Could Change the Rating - Up

Both the LC ratings and the BFSR could be pushed up if the bank's
franchise continue growing and its financial fundamentals remain
strong. An improvement in the country's risk environment could
also lift the BFSR. The foreign currency deposit rating would
rise with an upgrade of the foreign currency deposit ceiling.

What Could Change the Rating - Down

The BFSR could be downgraded if the fundamentals of the bank
(particularly asset quality) or the operating environment
deteriorate. In addition, a slip in the sovereign risk rating
would undermine the foreign currency deposit rating.


DESMAR SA: Creditors' Proofs of Debt Due May 14
-----------------------------------------------
Liliana Mabel Oliveros Peralta, the court-appointed trustee for
Desmar SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 14, 2012.

Ms. Peralta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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:

         Liliana Mabel Oliveros Peralta
         Viamonte 1337
         Argentina


FERVI AR SA: Requests Opening of Bankruptcy Proceedings
-------------------------------------------------------
Fervi Ar SA requested the opening of bankruptcy proceedings by
default.


NET ALLIANCE: Creditors' Proofs of Debt Due May 11
--------------------------------------------------
Daniel Ruben Moiron, the court-appointed trustee for Net Alliance
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 11, 2012.

Mr. Moiron will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

         Daniel Ruben Moiron
         Av. Santa Fe 1821
         Argentina


PSA FINANCE: Moody's Assigns 'Ba3' Senior Debt Rating
-----------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
seventh bond issuance for an amount up to ARS70 million, which
will be due in 21 months, as well as to the eighth issuance for
an amount of ARS30 million, which will be due in 9 months. At the
same time, on the National Scale, Moody's assigned Aa2.ar local
currency debt rating to both issuances.

The outlook of the global 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 PSA Finance Argentina
Compania Financiera S.A.:

ARS70 million senior unsecured debt issuance:

Ba3 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

ARS30 million senior unsecured debt issuance:

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 PSA Finance's Ba3 global local currency
deposit rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

PSA Finance Argentina Compania Financiera S.A. is headquartered
in Buenos Aires, Argentina, with assets of ARS1,333 million, and
equity of ARS144 million as of December 2011.


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


ELECTRON INSURANCE: Creditors' Proofs of Debt Due May 18
--------------------------------------------------------
The creditors of Electron Insurance Ltd. are required to file
their proofs of debt by May 18, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 1, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ELECTRON INSURANCE: Members' Final Meeting Set for June 7
---------------------------------------------------------
The members of Electron Insurance Ltd. will hold their final
meeting on June 7, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 1, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LONE STAR: Creditors' Proofs of Debt Due May 15
-----------------------------------------------
The creditors of Lone Star U. S. Thrift Management Co., Ltd are
required to file their proofs of debt by May 15, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 1, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LONE STAR: Member to Receive Wind-Up Report on June 5
-----------------------------------------------------
The member of Lone Star U. S. Thrift Management Co., Ltd. will
receive on June 5, 2012, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LSP INVESTMENT: Creditors' Proofs of Debt Due May 15
----------------------------------------------------
The creditors of LSP Investment Partners, Ltd. are required to
file their proofs of debt by May 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 1, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LSP INVESTMENT: Members' Final Meeting Set for June 5
-----------------------------------------------------
The members of LSP Investment Partners, Ltd. will hold their
final meeting on June 5, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


UNIVERSAL MARINE: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of Universal Marine Insurance Company Limited are
required to file their proofs of debt by May 22, 2012, to be
included in the company's third and final dividend distribution.

Garth Calow is the company's liquidator.


WHEELS CYCLES: Cuts Five More Jobs, Holds 30%-Off Sale
------------------------------------------------------
Marina Mello at The Royal Gazette reports that Wheels Cycles
Hamilton Ltd has made five more jobs redundant due to continuing
economic downturn.

The business laid off three staff last November when it closed
its Front Street location, according to The Royal Gazette.  The
report relates that long-serving, senior employees were among
those let go last year and among the recent layoffs.

"Due to the economic downturn in the Bermuda economy, Wheels
Cycles Hamilton had to make five positions redundant. . . . The
company has been downsizing since September of 2011 when Wheels
Cycles Astwood Ltd (on Front Street) was closed, and this is
another phase in our downsizing," the report quoted a spokesman
as saying.  "The closure of our Front Street branch left us with
excessive inventory and we are now in the process of reducing
inventory that was carried over to our Dundonald Street Branch by
having a 30% sale reduction," the spokesman added, the report
relates.

The Royal Gazette notes that a person who knew one of those laid
off said some of the staff had served up to 20 years with Wheels
and also now stood to lose their health insurance.

Wheels Cycles Hamilton Ltd is a cycle livery and bike sales
business.


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


BR MALLS: S&P Raises Global Scale Ratings to 'BB'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
ratings to 'BB' from 'BB-' and national scale ratings to 'brAA'
from 'brA+' on BR Malls Participacoes S.A. The outlook is stable.

"The upgrade reflects our opinion that BR Malls' expansion risk
will be outweighed by its sizable and diversified property
portfolio and resulting stable and predictable cash flows. In our
view, this positive factor allows the company to tolerate a
relatively higher-than-expected debt. In addition, construction
cost overruns on new projects have not been significant and pre-
rental levels are comfortable, which will increase cash flows in
the next few years as these properties are become operational. We
also project that BR Malls will be able to keep expanding its
bargaining power with tenants, which is already quite strong, in
order to expand rent revenues above inflation. In addition, we
assume the company will keep capturing operating cost reductions
as new properties, currently under construction, will start
generating results," S&P said.


* BRAZIL: Companies Still Largely Dependent on Banks for Funding
----------------------------------------------------------------
While corporate liquidity in Brazil has improved modestly over
the last year, practices continue to lag global standard and
companies remain more reliant on banking relationships rather
than the international capital markets when compared to Mexico
and the U.S., says a new special comment by Moody's Investors
Service.

"Market improvement over the past year allowed a number of
companies to tap the capital markets and extend debt maturities,"
said Filippe Goossens, a Moody's Senior Vice President and an
author of the report.

Moody's concluded that 59% of the 39 rated companies, excluding
homebuilders, have adequate or good liquidity, compared to the
81% observed in Mexico.  Moody's defines the degree of liquidity
risk by considering each company's cash needs to fund debt
maturities from December 31, 2011 until December 31, 2013 against
available cash sources.

Brazilian companies remain exposed to varied liquidity risks
including potential credit market disruptions, the ongoing
sovereign crisis in Europe, a potential hard landing in China,
the fragile global economy and foreign exchange volatility, says
Moody's.

Companies in Brazil often rely heavily on bank financing and
government-owned financial institutions, although few companies
have committed bank lines of credit. Moody's notes that this is a
common practice in Latin America as companies prefer to maintain
high cash balances to cover upcoming maturities and retain
flexibility. Foreign exchange volatility also remains a key issue
for companies with high levels of foreign currency denominated
debt.

The report is entitled "Corporate Liquidity in Brazil: A Market
Still Largely Dependent on Bank Financing".


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


LIME JAMAICA: Welcomes New Telecoms Act
---------------------------------------
RJR News reports that the passing of Jamaica's new telecoms Act
giving the Office of Utilities Regulation (OUR) added power to
regulate the industry is goods news for LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) because it will allow
for greater competition in the telecoms industry.

However, despite the support given to the legislation by Lime,
its competitor Digicel Group Limited has raised concerns,
according to RJR News.

RJR News notes that Digicel Group said it was concerned the
government had given the OUR unfettered power, not seen anywhere
else in the world, but said it hopes the OUR will exercise this
power in a responsible manner to the benefit of customers and
Jamaica.  The report relates that the immediate impact is
expected to be a reduction in telecoms rates.

The Act now goes before the Senate and is expected to be passed
and signed into law, RJR News adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union,
LIME Jamaica union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.  The University and Allied
Workers Union and the Jamaica Telephone Company (JTC) Executive
and Allied Staff Association made a similar call, according to
RJR News.  The report noted that the unions said the proposed
legislation will bring benefits for the workers at LIME and, by
extension, consumers.  The report related that LIME, which has
been losing billions of dollars, stated that while an agreement
has not yet been reached among the players in the industry.

                        About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than
JM$17 billion.  Concurrently, its equity base has diminished to
JM$2 billion on its December 2011 unaudited balance sheet,
reflecting book value of two cents per share, the report added.


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


TRINIDAD CEMENT: Back in Business Despite Ongoing Protest
---------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
moved a step closer to becoming fully operational despite the
continued protest by some of its workers with the restarting of
its Kiln Number 4 at the company's Claxton Bay plant.

Production Manager Keith Ramjitsingh said the restart of the kiln
was a major hurdle for the company in the production of klinker,
an intermediate product in the manufacture of cement, according
to Trinidad and Tobago Newsday.  The report relates that Mr.
Ramjitsingh said the kiln converts lime stone produced at Mayo
into klinker.

Trinidad and Tobago Newsday notes that Mr. Ramjitsingh said the
kilns were the last two pieces of equipment to restart.  The
report relays that Mr. Ramjitsingh said kiln number 3 is due to
restart soon.  "Eighty percent of the plant is up and running.
The only thing left to start is kiln three," he added, the report
relates.

Trinidad and Tobago Newsday notes that when asked about personnel
to operate the kiln, given the limited number of workers due to
strike action, Mr. Ramjitsingh said staff that are willing to
work in the face of the protests are being trained to work the
kiln.

Mr. Ramjitsingh added the restarting of kiln 4 meant TCL would
have a lesser dependence on its subsidiaries in Jamaica and
Barbados, to supply the local market, the report says.

                      About Trinidad Cement

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

                        *     *     *

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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *