TCRLA_Public/120510.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 10, 2012, Vol. 13, No. 093


                            Headlines


A R G E N T I N A

CORPORACION LINDLEY: S&P Affirms 'BB+' Corporate Credit Rating
TERMINALES PORTUARIOS: S&P Gives 'BB' Rating on US$110MM Notes
* ARGENTINA: Fitch Affirms Issuer Default Ratings at 'B'


B A R B A D O S

REDJET: Hires Geoffrey O'Byrne White to Manage Firm


B E R M U D A

NT BUTTERFIELD: Fitch Affirms Viability Rating at 'bb+'


B R A Z I L

COSAN SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
SUL AMERICA: Fitch Hikes LT Issuer Default Ratings from 'BB+'


C A Y M A N   I S L A N D S

ARCAPITA INVESTMENT: Placed Under Provisional Liquidation
BLACKSTONE E OFFSHORE: Creditors' Proofs of Debt Due May 28
CRYPTOLEX LTD: Creditors' Proofs of Debt Due May 28
GSW HOLDINGS: Creditors' Proofs of Debt Due June 7
MAN LEGENDS: Creditors' Proofs of Debt Due May 28

MAN LONG: Creditors' Proofs of Debt Due May 28
MAN PENSION: Creditors' Proofs of Debt Due May 28
MAN SANWIN: Creditors' Proofs of Debt Due May 28
SPRING POINT: Creditors' Proofs of Debt Due June 7
SPRING POINT OPPORTUNITY: Creditors' Proofs of Debt Due June 7


J A M A I C A

IBEROSTAR ROSEHALL: Not Offering Any Jobs at This Time
* JAMAICA: Net International Reserves Decline by JM$5.3 Million


M E X I C O

BRHCCB 08-3U: Moody's Retains 'Ca.mx' Rating on Class B Certs.
GRUPO EMBOTELLADOR: S&P Gives 'BB' Corporate Credit Rating
MRS LOGISTICA: S&P Keeps 'B+' Global Scale Corp. Credit Rating


P U E R T O   R I C O

BERWIND REALTY: Section 341(a) Meeting Set for May 14
BERWIND REALTY: Wants to Hire Cuprill as Attorney
BERWIND REALTY: Wants to Employ Carrasquillo as Fin'l Consultant
BERWIND REALTY: Files Schedules of Assets and Liabilities


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Increases Cement Price by 19-21% More


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CORPORACION LINDLEY: S&P Affirms 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and senior unsecured debt ratings on Corporacion Lindley
S.A.  The outlook is stable. "The rating action is part of our
regular review," S&P said.

"The rating on Lindley reflects our view of its satisfactory
business risk profile and significant financial risk profile.
Lindley benefits from strong brands in the Peruvian carbonated
soft drink (CSD) market, a large and diversified product
portfolio, an exclusive distribution network, and high market
penetration. The company became the exclusive Coke bottler in Peru
following The Coca-Cola Co.'s (Coke; A+/Positive/A-1) 1999
acquisition of a 38.5% stake in Lindley and Lindley's 2004
purchase of Embotelladora Latinoamericana S.A. (not rated).
Lindley's current share of the Peruvian CSD market is 67.8%,
stemming from its exclusive right to produce, bottle, and
distribute all of Coke's brands. Lindley's business position has
benefited from its integration with Coke's operating and marketing
system and its alignment with Coke's strategies," S&P said.


TERMINALES PORTUARIOS: S&P Gives 'BB' Rating on US$110MM Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to Peru-based Terminales Portuarios Euroandinos Paita S.A.'s (TPE)
US$110 million senior secured notes due 2037, following receipt
and review of final documentation concerning the terms of the
issuance. The outlook is stable.

"Our 'BB' rating reflects the project's exposure to the volatile
commodity and container trade volumes industry, which we consider
risky in light of the potential decreases in traffic levels and/or
regional production, which could hinder the concessionaire's
revenues," said Standard & Poor's credit analyst Candela Macchi.
"Further, the company has a small scale of operation, compared
with other ports in the region, and it has a relatively
concentrated customer base. As of November 2011, TPE's top-10
clients generated about 77% of its consolidated revenues. It also
has exposure to adverse weather conditions and natural disasters,
such as the El Nino phenomenon, that are beyond the operator's
control. Its back-loaded amortization schedule, with about 55% of
principal amortizing in the last quarter of the bonds' life, is
also a weakness."

"Several strengths counterbalance these weaknesses, including a
favorable concession agreement with a clear mechanism of tariff
adjustment, service quality, and mandatory investments, with a
detailed time schedule and triggers properly defined in terms of
capacity reached. The company also has adequate structural
protections in place, with a six-month debt service reserve
account (DSRA), the need to comply with a minimum 1.5x debt
service coverage ratio (DSCR) to make restricted payments, and a
three-year concession tail. It also has a fixed-price; turnkey;
and date-certain engineering, procurement, and construction
contract that is backed by letters of credit from investment-grade
financial institutions (covering 10% of the aggregate amount). Its
adequate minimum and average DSCR of 1.3x and 2.8x under Standard
& Poor's base-case scenario reflects positively on the project,"
S&P said.

"In September 2009, TPE was awarded a concession contract to
design, build, finance, operate, and transfer the port of Paita,
in the Piura Region of northern Peru, for 30 years. The port
handles about 152,000 20-foot-equivalent units yearly, mainly
exports of regional agricultural and hydrobiological products,"
S&P said.

"The concession is governed by compliance with mandatory and
additional investments, which total nearly US$270 million and are
divided into four stages. The concessionaire plans to issue up to
US$110 million in senior secured notes to prefund the construction
of a mandatory new container berth of 300 meters and 12 hectares
of yard and the dredging to a depth of 13 meters, and to acquire
and install a dock gantry, two patio gantry cranes, and two mobile
cranes. These investments will make up stage one and part of the
additional works, and will be funded with proceeds from the
issuance, and an upfront equity contribution of about US$53
million from its sponsors Portugal-based Tertir Terminais de
Portugal S.A. (not rated; 40%), Peru-based Mota Engil Peru S.A.
(not rated; 10%), and Cosmos SAC (not rated; 50%)," S&P said.

"The stable outlook reflects our expectation that TPE will show
adequate operating performance, benefiting from improving traffic
fundamentals, which would be fueled by prosperous economic
conditions in the northern region of Peru. This would help TPE to
maintain its credit metrics. An upgrade on the ratings would most
likely depend on further consolidation of TPE's business position.
This could mean, for example, increasing its number of clients and
revenue sources or raising its participation in the Peruvian
export market. We could lower the ratings if traffic decelerates
at the port or volume handled decreases, adding unexpected
pressure on liquidity," S&P said.


* ARGENTINA: Fitch Affirms Issuer Default Ratings at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and
Country Ceiling for Argentina as follows:

  -- Foreign currency IDR at 'B';
  -- Local currency IDR at 'B';
  -- Foreign currency short-term IDR at 'B';
  -- Country ceiling at 'B'.

The Rating Outlook remains Stable.

Argentina's 'B' ratings are supported by the country's strong
structural factors, reflected in its high per capita income and
social indicators.  Balanced external current account and adequate
international reserves position help the ratings as well.

Argentina's ratings are constrained to the 'B' category, due to
the sovereign's weak repayment record, limited financing
flexibility and an inconsistent macroeconomic policy mix that has
increased the country's inflation rate and macroeconomic
volatility.  Fitch notes that Argentina data transparency is
relatively weak and has continued to deteriorate.

The incumbent's landslide victory in October 2011 presidential
elections intensified the concentration of power in the office of
the president, a risk for further unpredictable economic policies.

'Policy uncertainty in Argentina remains high as shown by the
recent measures to tighten capital controls and nationalize YPF,'
said Lucila Broide, Director at Fitch Ratings' Sovereign group

There are some mitigating rating factors that are likely to
continue to support Argentina's 'B' ratings.  For example, the
near 50% of government debt that is held by intra-public sector
institutions reduces rollover risk.  Also, debt dynamics have
benefited from primary surpluses and a strategy to repay external
debt and increase holdings of local currency denominated
obligations at negative real rates.

According to Fitch, growth is expected to slow to 4% on average
over the next two years from 8.9% 2011(as reported by INDEC).  An
expansionary fiscal and monetary stance and high soy prices will
uphold the economy as consumption loses dynamism and the economy
struggles with tighter capital controls.

Fitch expects the inflation rate to remain high without tighter
macroeconomic policies. While the recent modification to the
central bank charter has temporarily relaxed the financing
constraints of the sovereign, it increases the likelihood of
protracted high inflation going forward.

Argentina's external accounts remain vulnerable to terms of trade
and confidence shocks.  However, 'Fitch believes that authorities
have the capacity to manage currency pressures as long as soy
prices remain supportive and capital and import controls are
effective in stabilizing international reserves,' added Broide.

A significant erosion of international reserves, sustained loss of
growth momentum and a more challenging fiscal and financing
outlook would increase downward pressures on the rating.
Conversely, Fitch will positively view improvements in the overall
policy stance that leads to sustainable growth and greater
financing flexibility.  Transparency of official data and
normalization of relations with creditors and multilaterals would
also buttress confidence.


===============
B A R B A D O S
===============


REDJET: Hires Geoffrey O'Byrne White to Manage Firm
---------------------------------------------------
RJR News reports that the Daily Nation newspaper in Barbados
published that REDjet (Airone Caribbean/Airone Ventures Limited)
has hired Geoffrey O'Byrne White, former chief executive officer
of the Irish regional airline CityJet, to manage the day-to-day
operations of the airline.

Redjet has been inactive since March 16, according to RJR News.

The report notes that the developments come as REDjet officials
actively lobby the Barbados Government for financial support for a
new plan of action aimed at getting it back into the skies.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.  REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.


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


NT BUTTERFIELD: Fitch Affirms Viability Rating at 'bb+'
-------------------------------------------------------
Fitch Ratings has affirmed Bank of N.T. Butterfield & Son
Limited's (BNTB) long-term Issuer Default Ratings (IDR) at 'A-'
and Viability Rating (VR) at 'bb+'.  The Rating Outlook remains
Stable.  The affirmation of BNTB's IDR reflects BNTB's Support
Rating Floor of 'A-' due to its systemic importance, and
demonstrated support from the Bermudian government given its
guarantee on the principal and interest payments of BNTB's
outstanding preferred stock.

The affirmation of BNTB's VR reflects its liquid balance sheet,
strong capital levels, diversified revenue stream and return to
profitability, offset by significant product concentration in
residential lending and geographic concentration in Bermuda.
Further, given BNTB's market position, the company has some large
exposures in its commercial loan portfolio.  Macro indicators
reflect that Bermuda's economy has been contracting, unemployment
levels remain high and the housing market has experienced price
depreciation with an expected decline for 2012.

Although the company is facing some asset quality pressures, Fitch
believes that the level of net losses from its loan portfolios
should remain manageable.  Fitch notes that BNTB's non-performing
assets (NPAs) remain high at 3.46% for year-end 2011 compared to
the company's normalized levels of NPAs, which is typically below
1%.  Nonetheless, the elevated level of non-performers has not
translated into heavy losses as net charge-offs (NCOs; as
calculated by Fitch) remain relatively low at 47 basis points
(bps) for year-end 2011.

Fitch believes BNTB has returned to a sustainable level of
profitability after being recapitalized in 2010 following
significant losses in its investment securities portfolio.  More
recently, management has divested non-core business lines and
subsidiaries, while shifting its focus on expansion in the UK and
Guernsey to clients with ties to Bermuda.  The company has also
invested in its information technology infrastructure which should
provide operating efficiencies and cost savings in future periods.
Although execution of its strategies is ongoing, Fitch positively
views these changes, which should result in BNTB reducing
concentration risks, enhancements to interest and fee-based
revenue streams from other jurisdictions, and cost-saves.

Although Fitch's view includes a strong probability of support in
determining BNTB's IDRs, these ratings could be adversely affected
if the willingness and/or capacity of the Bermudian government to
support BNTB in the event of need were to change.

Fitch would consider an upgrade of the VR if BNTB improves and
maintains its return on assets (ROA) at roughly 75 bps in the
medium term, exits or redeems its government guaranteed preferred
stock program while maintaining strong capital levels.
Conversely, a downgrade of the VR could occur in the event of
significant deterioration of financial performance, a rise in NCOs
due to asset quality pressures, and an increase to the risk level
of the balance sheet mix.

BNTB is the leading local bank in Bermuda with total assets of
just under US$9 billion.  BNTB's core strategy is to provide
community banking services in Bermuda, Barbados and Cayman as well
as wealth management services including asset management, private
banking and trust services. Assets under management totaled $5.6
billion, while Trust Assets under Administration were US$40.7
billion and Custody & Other Assets under administration were US$31
billion.

Fitch affirms the following ratings as indicated:

Bank of N.T. Butterfield & Son
--Long-term IDR at 'A-';
--Short-term IDR at 'F1';
--Viability Rating at 'bb+'
--Preferred stock at 'AA+';
--Subordinated debt at 'BBB+';
--Support rating at '1';
--Support Floor at 'A-'


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


COSAN SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and issue ratings on Cosan Ltd. and its Brazilian
subsidiary, Cosan S.A. Industria e Comercio. "At the same time, we
affirmed the 'BB' issue rating at the Cosan S.A. Industria e
Comercio level. The outlook on the corporate credit rating remains
stable," S&P said.

"The 'BB' issue ratings on Cosan subsidiaries' bonds remain on
CreditWatch positive. Because we believe that the joint venture
could have a higher rating than that on Cosan, and we expect that
the bonds of the subsidiaries we rate will become Raizen's debt,
we will keep the issue ratings on CreditWatch with positive
implications until we are able to assess the credit quality of the
joint venture," S&P said.

'The rating affirmation reflects our view that the recent
acquisitions of Companhia de Gas de Sao Paulo and America Latina
Logistica S.A. have improved Cosan's business profile and should
enable the company to absorb a higher debt burden without
affecting its creditworthiness,' said Standard & Poor's credit
analyst Flavia Bedran. "Cosan should benefit from the greater
stability of Comgas' cash flow, with Brazilian real (R$) 510
million of cash flow and positive free cash flow in 2011.
Additionally, we expect the company to benefit from the growth of
the sugar and ethanol business at Raizen and from a larger
logistics operation with ALL and Rumo."

"Although leverage, which we measure by total adjusted debt
(including leasing and refinancing taxes) to EBITDA, will peak at
more than 4.5x with the acquisitions of Comgas and ALL, we believe
Cosan will be able to reduce leverage to less than 4x in one to
two years with debt payment and stronger internal cash flows.
Additionally, Cosan has already negotiated adequate funding terms
for the acquisitions, keeping a long-term debt maturity and
'adequate' liquidity profiles (as our criteria define the term),"
S&P said.

"We consider Cosan's business profile as 'fair,' but we expect to
reassess the business risk of Cosan and Raizen individually,
considering Raizen on a stand-alone basis and Cosan's
consolidation of its recent acquisitions. Although Cosan will have
more limited access to the cash generated by its profitable sugar,
ethanol, cogeneration, and fuel distribution from the subsidiary
Raizen, it will ultimately benefit from the joint venture's
stronger business risk profile. At the same time, Cosan has been
able to diversify into more stable, cash-generative businesses
such as logistic operations and, now, gas distribution with
Comgas," S&P said.

"We assess Cosan's financial risk profile as 'significant,'
reflecting our expectations of Cosan's stronger and more stable
cash flows and long-term debt profile. We also view the company's
track record of integrating acquisitions as a positive, although
we assess the company's acquisitive growth strategy as very
aggressive. Our assessment of Cosan considers the consolidation of
50% of Raizen's debt, the expected long-term loan to fund the
Comgas acquisition, and leasing and refinancing taxes on Cosan and
Raizen. Comgas will contribute to Cosan's results with about R$718
million in EBITDA and R$1.9 billion in debt as of December 2011,"
S&P said.

"The stable outlook reflects our expectation that Cosan will
benefit from more stable cash flows from the gas distribution
operation in Comgas and from the positive growth fundamentals for
its sugar and ethanol business, which will improve cash dividends
from Raizen," said Ms. Bedran. "Although leverage likely will
increase somewhat from what we expect for a 'BB' rating, we
believe Cosan will reduce leverage to less than 4x in a short
period (up to 18 months) and keep it at a sustainable level. We
could raise the ratings if Cosan is able to deleverage faster,
with higher internal cash generation leading to total debt to
adjusted EBITDA of less than 3x in the coming years. We could also
consider an upgrade if the company's business profile improves,
bringing consistently stable cash flow. On the other hand, we
could take a negative rating action if the company fails to
deleverage from the peak of 4.5x after the acquisition of Comgas.
The consolidation of Comgas and the benefits from cash flow
diversification should take one to two years, and further
increases in leverage could lead us to lower the rating."


SUL AMERICA: Fitch Hikes LT Issuer Default Ratings from 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded the international and national ratings
of Sul America S.A. (SASA) as follows:

  -- Foreign and Local Currency Long-Term Issuer Default Ratings
     (IDRs) upgraded to 'BBB-' from 'BB+', Outlook Stable;

  -- Foreign and Local Currency Short-Term IDRs upgraded to 'F3'
     from 'B';

  -- National Long-Term Rating upgraded to 'AA+(bra)' from
     'AA(bra)', Outlook Stable;

  -- BRL500 million debentures due February 2017 National Long-
     Term Rating upgraded to 'AA(bra)' from 'AA-(bra)'.
     Fitch has also affirmed SASA's National Short-Term Rating at
     'F1+(bra)'.

The upgrade of the ratings reflects SASA's strong franchise led by
a significant presence in the health and auto segments, its
consistent and favorable operating performance throughout economic
cycles, good liquidity, adequate and stable capitalization and the
continued enhancements in its risk management practices.

A further upgrade of SASA's ratings will be limited in the near
term and depend on its ability to further consolidate the recently
expanded distribution network, to diversify its premium base and
to lower its leverage as measured by the liabilities to capital
ratio.  A sustained deterioration of the company's operating
performance, capitalization or a significant reduction on its
liquidity may negatively affect the ratings depending on the
materiality.

SASA, the holding company of the Brazilian insurance group Sul
America Seguros (SAS), is a multi-line insurer, with a strong
presence in the health and auto segments in Brazil, where it was
the second and the fourth largest insurer as at December 2011.  It
has maintained its market share in both segments during 2011,
despite the 2010 sale of its participation in Brasilveiculos
Companhia de Seguros S.A. (Brasilveiculos), which contributed to
44% of auto premiums in 2009.  The stable growth trend is expected
to remain in place, even considering higher competition.

Although loss ratios have increased in both core segments in 2011
similar to a number of competitors in the market, SASA has
reported adequate loss and combined ratios for the year at 74.7%
and 99.6% respectively.  Bottom line results, as exemplified by an
ROA of 3.4%, were positively affected by increased efficiency and
enhanced cost management, and also by the continuation of healthy
financial income.  Projections for 2012 point to a stable
performance.

SASA's comfortable liquidity was further boosted in the first
quarter of 2012 with the issue of five-year debentures worth
BRL500 million.  The proceeds were partially used to pay back the
USD200 million Eurobonds, whose total outstanding value was
approximately BRL350 million as at December 2011 and which expired
in February 2012.  SASA may use its liquidity to make acquisitions
if and when opportunities arise.  However, even in such a
scenario, liquid assets are expected to remain adequate.

The capitalization of SASA is considered as adequate, although
leverage ratios are slightly higher than peers.  However, Fitch
believes that leverage will be kept under control in the medium
term, given the stable results and prudent dividend policy.

SASA adheres to a solid risk management framework based on best
international practices.  The conservative approach is reflected
in the investment portfolio which is largely made up of government
bonds, the stringent asset and liability management strategies, as
well as the implementation of advanced techniques for capital and
reserves adequacy calculations in the recent years.

SASA counts on a wide broker network through which the bulk of its
premiums are written.  Since 2010 it has also been strengthening
the number of its partnerships, mainly with financial institutions
and retailers allowing it to gradually and partially compensate
for its lack of a proprietary banking distribution channel.

SASA is 32.8% controlled by Sulasapar Participacoes (Sulasapar),
21.2% by ING Insurance International BV (ING), 6.8% by
individuals, 1.6% by the treasury of the company and a further
37.6% of the shares are in market float.  In 2010, ING announced
that as part of its review of its global business strategy, it
would sell its insurance, pension and asset manager operations
throughout the world.  To this end, it has sold all its stakes in
insurance companies based in Latin America, except Brazil, to
Grupo Suramerica.  Fitch is monitoring the progress of changes in
SASA's shareholder composition and the possible impacts on its
ratings, even though the benefit of ING's support has not been
incorporated into the ratings.


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C A Y M A N   I S L A N D S
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ARCAPITA INVESTMENT: Placed Under Provisional Liquidation
---------------------------------------------------------
On March 20, 2012, the Grand Court of the Cayman Islands entered
an order to place Arcapita Investment Holdings Limited under
provisional liquidation.

The company's provisional liquidator is:

         Gordon Macrae
         c/o Jenna Wise
         Telephone: 345 946 0081
         e-mail: jenna.wise@zolfocooper.ky
         Zolfo Cooper
         PO Box 1102
         Building 3, 4th Floor
         Dr Roy's Drive, George Town
         Grand Cayman KY1-1102
         Cayman Islands


BLACKSTONE E OFFSHORE: Creditors' Proofs of Debt Due May 28
-----------------------------------------------------------
The creditors of Blackstone E Offshore Fund Ltd. are required to
file their proofs of debt by May 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2012.

The company's liquidator is:

         Sean Flynn
         Gardenia Court, 2nd Floor, 45 Market Street
         Camana Bay, George Town
         Grand Cayman KY1-1104
         Cayman Islands


CRYPTOLEX LTD: Creditors' Proofs of Debt Due May 28
---------------------------------------------------
The creditors of Cryptolex Ltd. are required to file their proofs
of debt by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 17, 2012.

The company's liquidator is:

         Clovis Najm
         101 24416A St
         SW Calgary, AL
         Canada T2T 4K5
         Telephone: 1 778 588 7659
         Facsimile: 1 800 776 3589


GSW HOLDINGS: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of GSW Holdings Limited are required to file their
proofs of debt by June 7, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 23, 2012.

The company's liquidator is:

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


MAN LEGENDS: Creditors' Proofs of Debt Due May 28
-------------------------------------------------
The creditors of Man Legends EUR (Feeder) SPC are required to file
their proofs of debt by May 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2012.

The company's liquidator is:

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


MAN LONG: Creditors' Proofs of Debt Due May 28
----------------------------------------------
The creditors of Man Long Short Equity US (Master) Ltd are
required to file their proofs of debt by May 28, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2012.

The company's liquidator is:

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


MAN PENSION: Creditors' Proofs of Debt Due May 28
-------------------------------------------------
The creditors of Man Pension Fund Dynamic CHF (Feeder) Ltd. are
required to file their proofs of debt by May 28, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2012.

The company's liquidator is:

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


MAN SANWIN: Creditors' Proofs of Debt Due May 28
------------------------------------------------
The creditors of Man Sanwin CHF (Feeder) Ltd. are required to file
their proofs of debt by May 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2012.

The company's liquidator is:

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


SPRING POINT: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of Spring Point Contra Offshore Fund are required to
file their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

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


SPRING POINT OPPORTUNITY: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------------
The creditors of Spring Point Opportunity Offshore Fund are
required to file their proofs of debt by June 7, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

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


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J A M A I C A
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IBEROSTAR ROSEHALL: Not Offering Any Jobs at This Time
------------------------------------------------------
RJR News reports that the Iberostar Rosehall Hotels is cautioning
the public to be on the lookout for persons who are falsely and
fraudulently soliciting money in exchange for employment at the
Iberostar Rose Hall Hotels.

The hotel issued a statement noting that in furtherance of this
fraudulent misrepresentation, individuals were instructed to
report to the Hotels for work on May 7 to fill an alleged 300
vacancies, according to RJR news.  The report relates that
Iberostar Rosehall states emphatically that the persons soliciting
members of the public in this manner are acting fraudulently and
do not represent Iberostar Rosehall.

Iberostar Rosehall adds that there are no vacancies at the Hotels
at this time, RJR News notes.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2010, RadioJamaica related that the dispute between the
Iberostar Rose Hall Beach Hotel and the University and Allied
Workers Union has been referred to the Industrial Disputes
Tribunal.  The dispute surrounds the dismissal of more than 2,000
employees.  According to the report, the UAWU and the management
of Iberostar have been at odds since August 2009, when the
hotel's management closed down operations, citing a downturn in
the global economy.  The report noted that as a result, the
position of all the employees in the bargaining unit represented
by the UAWU were made redundant.

TCR-LA reported on Sept. 1, 2009, RadioJamaica related that the
IBEROSTAR Hotels & Resorts, one of three hotels on the Spanish
chain's property in Montego Bay, closed Sept. 1 due to low
occupancy. IberoStar opened in 2007.

                About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com/-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance
to ensure full guest satisfaction.  With a star as its symbol,
the chain has managed to win over customers with its philosophy
and values, and its efficient, professional staff.


* JAMAICA: Net International Reserves Decline by JM$5.3 Million
---------------------------------------------------------------
RJR News reports that Jamaica's Net International Reserves (NIR)
continue to inch down.

The information released by the Bank of Jamaica (BoJ) revealed
that the NIR declined by US$5.3 million last month, according to
RJR News.  The report relates that the NIR now amounts to US$1.7
billion.

RJR News says that despite the drop it is still estimated at 23
weeks of imports.

                          *     *     *

As of March 3, 2012, the country continues to carry Moody's "C"
currency short-term debt ratings.


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


BRHCCB 08-3U: Moody's Retains 'Ca.mx' Rating on Class B Certs.
--------------------------------------------------------------
Moody's de Mexico has placed on review for downgrade the ratings
on the BRHCCB 08U Class A1 certificate that HSBC Mexico, S.A.
Institucion de Banca Multiple, Grupo Financiero HSBC, Division
Fiduciaria, acting solely as trustee, has issued.

The complete rating action is as follows:

Originator: Hipotecaria Su Casita, S.A. de C.V. Sociedad
Financiera de Objeto Multiple E.N.R.

Servicer: Patrimonio, S.A. de C.V. Sociedad Financiera de Objeto
Limitado, SOFOL.

Issuer: HSBC Mexico, S.A. Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

-- Class A1 BRHCCB 08U, ratings of Aa2.mx (sf) (Mexican National
Scale) and Baa3 (sf) (Global Scale, Local Currency) placed on
review for downgrade.

Rating Rationale

The recent interest payment default on the BRHCCB 08U Class A1
certificate is the reason for the rating action. Moody's used the
rating implementation guidance "Moody's Approach to Rating
Structured Finance Securities in Default," published in November
2009, in its decision to place the ratings on review.

The April 2012 interest payment default on Class A1 BRHCCB 08U was
the result of several factors:

1) A considerable decline in mortgage collections following the
servicing transfer to Patrimonio: March collections were 25% lower
than the January collections just prior to the transfer

2) A nearly 28% rise in expenses that the servicer nets from total
collections in March, following the servicing transfer

3) The fact that the March mortgage payment due date of April 1
fell on a weekend: According to Patrimonio, it received a sizeable
amount of collections on April 2 that were not available for the
April 2012 distribution

4) Transaction provisions that increase liquidity risk: The
transaction currently allocates all principal collections towards
amortization of the Class A1 certificate and does not allow
principal collections to cover any interest shortfalls

5) The mortgage portfolio's high level of delinquencies: Nearly
41% of the pool is either more than 90 days past due or in real-
estate-owned status, which adds to liquidity risk, because less
interest is available to distribute.

Although these factors create liquidity risk for the Class A1
certificate, Moody's notes that it benefits from a strong level of
credit enhancement of 82% in the form of over-collateralization
and subordination from the Class A2 and B certificates, neither of
which receive payments until the Class A1 pays down in full. As a
result of this feature, approximately 63% of the original Class A1
balance has paid down to date.

In its review, Moody's will evaluate the level at which
collections and pool expenses normalize to determine if further
interest payment defaults on Class A1 are likely. In the event of
recurring missed interest payments, Moody's is likely to downgrade
the rating on Class A1 to below investment-grade, despite its
strong credit enhancement. However, if interest payment defaults
are temporary and resolution takes place quickly, Moody's would
confirm the existing ratings.

Moody's will also consider whether investors approve any
amendments to modify the transaction to allow the use of principal
collections to make interest payments, which would increase the
likelihood of timely interest payments on Class A1.

Moody's had already downgraded the ratings on the Class A1
certificate to Aa2.mx (sf) from Aaa.mx (sf) and to Baa3 (sf) from
Baa1 (sf) on October 18, 2011. The downgrades, which preceded the
then-pending transfer of servicing from Su Casita, reflected the
heightened risk of a temporary default on interest payments.
Patrimonio took over servicing in February 2012.

Moody's also rates two other certificates in the transaction that
experienced interest payment defaults in April 2012: Class A2
BRHCCB08-2U, rated Ba2.mx (sf) and B2 (sf) and Class B BRHCCB 08-
3U, rated Ca.mx (sf) and Ca (sf). However, Moody's has not taken
rating action on these certificates because their low ratings
already signal their potential exposure to extended interest
payment defaults over time.


GRUPO EMBOTELLADOR: S&P Gives 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Grupo Embotellador Atic S.L. (Grupo
Atic). The outlook is stable.

"At the same time, we assigned our preliminary 'BB' issue-level
rating to Ajecorp B.V.'s proposed US$300 million senior unsecured
notes," S&P said.

"Our 'BB' corporate credit rating on Grupo Atic reflects our
assessment of the company's 'fair' business risk profile,
'significant' financial risk profile, and 'adequate' liquidity,"
said Standard & Poor's credit analyst Luis Manuel Martinez.

"The stable outlook reflects our expectation that Grupo Atic will
focus on consolidating its operations in the markets where it
operates, which would contribute to maintaining credit measures in
line with the rating, despite competitive pressures over the near
term. The outlook also reflects our belief that management will
actively pursue the improvement of the company's operating
efficiencies to deliver double-digit EBITDA margins by the end of
2012. We expect top-line growth to exceed 5.5% during the next two
years, and debt to EBITDA in the mid-2x area and interest coverage
in the 4x area by the end of 2013, in line with the 'BB' rating,"
S&P said.

"We could upgrade Grupo Atic to the extent the company improves
its EBITDA margin by 350-400 bps following a lower cost structure,
increased market share in core markets that support sustained
volume sales growth, and higher cash flow generation that
contributes to a rapid improvement in the company's leverage
ratios," S&P said.

"We could lower the ratings if operating performance in 2012 is
weaker than our current expectations with single-digit EBITDA
margins, resulting in leverage ratios above 3.0x, or if Grupo Atic
suffers a steep loss in market share in its core markets that
significantly affects volume sales growth. We could also lower the
preliminary issue rating if we identify shortcomings in the
enforceability of the guarantee package that could limit the
potential claims of bondholders," S&P said.


MRS LOGISTICA: S&P Keeps 'B+' Global Scale Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'brAA+' national-
scale rating on Brazil-based railroad company MRS Logistica S.A.'s
upcoming debentures issuance of up to R$300 million due 2018. "We
expect the company to use the proceeds to improve its debt
profile," S&P said.

"Our 'BB+' global-scale and 'brAA+' national scale corporate
credit ratings on MRS reflect our expectations that the company
will continue benefiting from resilient operating cash flows and
strong profitability in the next several years, which results from
a favorable tariff model and contract terms with its captive
clients; take-or-pay clauses even under an adverse market
conditions for its clients; and its strategic importance to its
shareholders who are also the company's main clients. Furthermore,
we project MRS to report strong and stable financial metrics, with
fairly low debt, even with its sizable expenditure plans for the
next few years. Also, our base case scenario expects fundamentals
for Brazil's exports of iron ore--MRS's main cargo--to remain
favorable, though reliant on increasing demand from China. We also
expect that railroad-transported volumes will continue to increase
in line with capacity expansions of its main clients," S&P said.

RATINGS LIST

MRS Logistica S.A.
  Corporate credit rating
   Global scale                                B+/Stable/--
   National scale                              brAA+/Stable/--

Rating Assigned

MRS Logistica S.A.
  R$300 million subordinated debentures        brAA+


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


BERWIND REALTY: Section 341(a) Meeting Set for May 14
-----------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of creditors
of Berwind Realty, LLC, on May 14, 2012, at 3:00 p.m.  The
meeting will be held at 341 meeting room, Ochoa Building, 500
Tanca Street, First Floor, San Juan.

Creditors are requested to file their proofs of claim by Aug. 13,
2012, for non-governmental units and Oct. 9, 2012, 2012, for
governmental units.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                        About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of US$53.8
million and liabilities of US$58.1 million.  Saleh Yassin signed
the petition as president.  The Debtor is represented by Charles
Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Offices.


BERWIND REALTY: Wants to Hire Cuprill as Attorney
-------------------------------------------------
Berwind Realty, LLC, seeks permission from the Bankruptcy Court to
employ Charles A. Cuprill, Esq., P.S.C., Law Offices, as its
counsel.

The Debtor has retained Cuprill as its attorneys on the basis of
US$25,000 retainer, against which the law firm will bill on the
basis of US$350 per hour, plus expenses, for work performed or to
be performed by Charles A. Cuprill-Hernandez, US$250 per hour for
any senior associate, US$125 for junior associates, and US$85 per
hour for paralegals.

The Debtor assures the Court that Cuprill is a disinterested
person as defined in Section 101(14) of the Bankruptcy Code.

                        About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of US$53.8
million and liabilities of US$58.1 million.  Saleh Yassin signed
the petition as president.  The Debtor is represented by Charles
Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Offices.


BERWIND REALTY: Wants to Employ Carrasquillo as Fin'l Consultant
----------------------------------------------------------------
Berwind Realty, LLC, seeks permission from the Bankruptcy Court to
employ Luis R. Carrasquillo & Co., P.S.C., as financial
consultant.  The Debtor tells the Court it is in need of an
accountant to assist its management in the financial restructuring
of its affairs by providing advice in strategic planning and the
preparation of the Debtor's plan of reorganization, disclosure
statement and business plan, and participate in the Debtor's
negotiations with creditors.

The Debtor assures the Court that Carrasquillo and the members of
the accounting firm are disinterested persons as defined in
Section 101(14) of the Bankruptcy Code.

The firm's current hourly rates are:

          Professional                    Rate/Hour
          ------------                    ---------
          Luis R. Carrasquillo           US$160
          Marcelo Gutierrez                $125
          Other CPA's                    $90-$125
          Lionel Rodriguez Perez           $85
          Carmen Callejas Echevarria       $75
          Omara Torres Ortiz               $75
          Sandra Zavala Diaz               $50
          Janet Marrero                    $35
          Iris L. Franqui                  $35

Carrasquillo received US$15,000 advance retainer from the Debtor.

                        About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of US$53.8
million and liabilities of US$58.1 million.  Saleh Yassin signed
the petition as president.  The Debtor is represented by Charles
Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Offices.


BERWIND REALTY: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Berwind Realty LLC filed with the Bankruptcy Court its schedules
of assets and liabilities disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               US$52,431,410
  B. Personal Property            $1,402,936
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               US$55,291,646
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $11,806
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $2,823,145
                                  -----------     -----------
        TOTAL                    US$53,834,346    US$58,126,598

A copy of the filing is available for free at:

             http://bankrupt.com/misc/BERWIND_sal.pdf

                       About Berwind Realty

Berwind Realty, LLC, a real estate firm, filed a Chapter 11
petition (Bankr. D. P.R. Case No. 12-02701) in Old San Juan,
Puerto Rico, on April 5, 2012.  Saleh Yassin signed the petition
as president.  The Debtor is represented by Charles Alfred
Cuprill, Esq., at Charles A Cuprill, PSC Law Offices.


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


TRINIDAD CEMENT: Increases Cement Price by 19-21% More
------------------------------------------------------
RJR News reports that contractors in Trinidad are reportedly
paying 19-21% more for cement after local producer Trinidad Cement
Ltd increased prices again.

RJR News, citing Trinidad Express, relates that that a May 2 TCL
circular to contractors outlined the price increases on all types
of cement.  It is a move that contractors said came as a shock to
a construction industry that is already reeling from two price
hikes in the past four months, according to RJR News.

RJR News notes that Executive Chairman of the Coosal Group of
Companies Sieunarine Coosal told the Trinidad Express that the
increase will affect the entire construction industry.

RJR News notes that Mr.Coosal said in March, as the company was
affected by strike action at its Claxton Bay and Mayo facilities,
the price of bulk cement was increased by 40%.

The latest price adjustments mean that contractors who purchase
cement in bulk quantities are paying as much as JM$220 more for a
ton of product, almost 20% more than at the beginning of the year,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbabos,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                     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.


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


* 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.


                   * * * End of Transmission * * *