TCRLA_Public/120528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, May 28, 2012, Vol. 13, No. 105


                            Headlines



A R G E N T I N A

CHAKAY HEALTH: Creditors' Proofs of Debt Due June 15
FORO ARGENTINO: Creditors' Proofs of Debt Due June 25
JUSTO Y GORRITI: Creditors' Proofs of Debt Due June 13
PALAMARU SRL: Creditors' Proofs of Debt Due June 13
PAR SOL LABORATORIOS: Asks for Bankruptcy Proceedings

POLIPEL LAMINADOS: Creditors' Proofs of Debt Due July 4
RUIMA SRL: Creditors' Proofs of Debt Due June 21


B O L I V I A

SEGUROS PROVIDA: Moody's Reviews 'Caa1' GLC IFS Rating


B R A Z I L

CONSTRUTORA NORBERTO: S&P Raises Corp. Credit Rating From 'BB+'
MARFRIG ALIMENTOS: In Talks to Postpone Interest Payment


C A Y M A N   I S L A N D S

COLNE LEASING: Shareholder to Receive Wind-Up Report on June 8
GOUJON AIRCRAFT: Shareholder to Receive Wind-Up Report on June 8
KEA LIMITED: Shareholder to Receive Wind-Up Report on June 8
OFFSHORE WAVE: Shareholders' Final Meeting Set for June 8
RABBIT LEASING: Shareholder to Receive Wind-Up Report on June 8

ROSSENDALE LEASING: Shareholder to Hear Wind-Up Report on June 8
STONY HILL: Shareholder to Hear Wind-Up Report on June 8
VITA CAPITAL III: Shareholder to Hear Wind-Up Report on May 28
WIMBLEDON HDN: Shareholders' Final Meeting Set for June 8


M E X I C O

GRUPO SENDA: S&P Affirms 'B' Global Scale Corp. Credit Rating
* IXTAPALUCA: Moody's Assigns Neg. Outlook on 'B1' Issuer Rating


P A R A G U A Y

* PARAGUAY: IDB Approves US$100MM Loan for Public Administration


P U E R T O  R I C O

INTERNATIONAL HOME: FirstBank Opposes Cash Collateral Use
INTERNATIONAL HOME: FirstBank Wants to Collect Customer Payments
INTERNATIONAL HOME: Can Employ Lugo Mender as Accountant
INTERNATIONAL HOME: May Hire Carmen Conde Torres as Counsel


X X X X X X X X

* BOND PRICING: For the Week May 21 to May 25, 2012




                            - - - - -


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


CHAKAY HEALTH: Creditors' Proofs of Debt Due June 15
----------------------------------------------------
Oscar Alberto Vertzman, the court-appointed trustee for Chakay
Health SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 15, 2012.

Mr. Vertzman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Oscar Alberto Vertzman
         Bartolome Mitre 3120
         Argentina


FORO ARGENTINO: Creditors' Proofs of Debt Due June 25
-----------------------------------------------------
Jose Francisco Ruiz, the court-appointed trustee for Foro
Argentino de Telematica SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 25, 2012.

Mr. Ruiz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, 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:

         Jose Francisco Ruiz
         Av. Corrientes 4264
         Argentina


JUSTO Y GORRITI: Creditors' Proofs of Debt Due June 13
------------------------------------------------------
Juan Roque Treppo, the court-appointed trustee for Justo y
Gorriti SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 13, 2012.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Juan Roque Treppo
         Sarmiento 1138
         Argentina


PALAMARU SRL: Creditors' Proofs of Debt Due June 13
---------------------------------------------------
Marcelo Eduardo Mirasso, the court-appointed trustee for Palamaru
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 13, 2012.

Mr. Mirasso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

         Marcelo Eduardo Mirasso
         Lavalle 16754
         Argentina


PAR SOL LABORATORIOS: Asks for Bankruptcy Proceedings
-----------------------------------------------------
Par Sol Laboratorios SA asked for bankruptcy proceedings.  The
company has defaulted on its payments last March 30.


POLIPEL LAMINADOS: Creditors' Proofs of Debt Due July 4
-------------------------------------------------------
Victor Tomasi, the court-appointed trustee for Polipel Laminados
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 4, 2012.

Mr. Tomasi 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. 37, 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:

         Victor Tomasi
         Bogota 2791
         Argentina


RUIMA SRL: Creditors' Proofs of Debt Due June 21
------------------------------------------------
Julio Jorge Sureman, the court-appointed trustee for Ruima SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 21, 2012.

Mr. Sureman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:

         Julio Jorge Sureman
         Tucuman 1545
         Argentina



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B O L I V I A
=============


SEGUROS PROVIDA: Moody's Reviews 'Caa1' GLC IFS Rating
------------------------------------------------------
Moody's Latin America has lowered its insurance financial
strength (IFS) rating for Seguros Provida on Bolivia's national
scale (NS) to Baa3.bo, from A3.bo, and has placed both its Caa1
global local currency (GLC) IFS rating, and the Baa3.bo NS IFS
rating on review for possible downgrade.

Ratings Rationale

Moody's said the downgrade of Seguros Provida's NS rating
primarily reflects the continued deterioration of the insurer's
economic capital position, profitability and significant
asset/liability mismatch. The company has recently reported
losses related to asset-liability spread compression caused by
the sharp decline in market interest rates in Bolivia since 2010,
combined with inflation-adjusted guarantees and currency mismatch
on its pension liabilities. According to Moody's analyst Diego
Nemirovsky, "Seguros Provida's sustained financial deterioration
-- reflected by a net loss of Bs$ 7 million for 1Q2012 -- could
lead the company into non-compliance with regulatory solvency
requirements (reserve coverage with admitted assets) in the very
near term." The rating agency went on to say that as of March 31,
2012, the company reported a margin on that requirement of just
0.1%.

The review for downgrade for Seguros Provida's IFS ratings
reflects uncertainty about the insurer's ability to restore
compliance with minimum regulatory requirements, should it breach
the minimum coverage of reserves with admitted assets, as
required by the regulator. Should the company maintain or restore
its regulatory position, or in the event that regulators provide
waivers to the company, enabling it to continue to operate
without endangering policyholders' interests, Moody's would
likely confirm its ratings at their current levels. Conversely,
regulatory intervention as a result of breaching the minimum
required by regulation, particularly in the event of a
restructuring of the company's liabilities (e.g. in order to
ensure more equitable treatment of contract/policy-holders) would
likely lead to a downgrade.

Moody's also commented on its concern about the company's ability
to face a sustained period of low market interest rates, given
its recent financial deterioration and ongoing exposure to fixed-
rate guarantees on its run-off annuity portfolio. "Although we do
not assume that this level of low interest rates will necessarily
continue over the long term, there is substantial uncertainty
regarding the timing and extent of any potential interest rate
reversal", said Nemirovsky. Given the insurer's short asset
duration in relation to the long duration of its guaranteed
liabilities, the rating agency warned that the embedded losses
driven by the low interest rate environment and reinvestment risk
suggest that the company's economic capitalization is very weak
and vulnerable to further erosion.

Moody's also cited the following factors constraining the
company's overall credit profile: 1) Seguros Provida's status as
a run-off company and its lack of earnings diversification; 2)
its significant and concentrated investment risk in Bolivian
government bonds and local bank deposits (although this is common
for every Bolivian insurer) which carry low global-scale credit
ratings; and 3) the weak operating environment in Bolivia, which
also applies to all Bolivian insurers.

Among other factors that could lead to a further downgrade of
Seguros Provida's ratings, Moody's indicated the following: 1)
intervention of the company by the regulator, particularly to the
extent that it leads to a restructuring of the company's
liabilities; 2) continued impairment in the company's
capitalization levels, (i.e.: further decrease in its capital
base, or failure to comply with minimum regulatory capital
requirements); and 3) sustained weak profitability and further
spread compression, particularly to the extent that present-value
analysis would indicate a rising probability and/or severity of
ultimate policyholder losses, relative to contract terms.
Conversely, the following could lead to a confirmation of the
company's ratings: 1) measures -- either on the part of the
company or regulators -- leading to a sustainable surplus in the
company's reserve coverage position; or 2) significant
restoration of its capital adequacy and profitability (e.g.
through renewed access to higher-yielding investments of
comparable or better credit quality).

Seguros Provida, which is privately owned, is one of the two
companies that administer run-off annuity funds in the pay-out
phase for pensioners in Bolivia, holding about 25% of the
market's reserves in this segment. The company also distributes
other types of retail life and annuity insurance policies to the
general population in Bolivia.

Based in La Paz, Bolivia, Seguros Provida reported a net loss of
Bs$7 million and revenues of Bs$5 million for the first three
months of 2012. The company reported shareholders' equity of
Bs$115 million as of March 31, 2012.

Moody's Insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.



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


CONSTRUTORA NORBERTO: S&P Raises Corp. Credit Rating From 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Construtora Norberto Odebrecht S.A. (CNO) to 'BBB-'
from 'BB+' and national scale corporate credit rating to 'brAAA'
from 'brAA+' on parent company Odebrecht S.A. (ODB). The outlook
is stable.

"The upgrade reflects our expectations that CNO will maintain a
prudent financial profile in the next several years, which now
supports our view of an 'intermediate' financial profile. It also
reflects our opinion that CNO's operating performance will remain
strong, due to intense activity for infrastructure projects in
Brazil, Peru, Colombia, Venezuela, Panama, and Dominican
Republic, allowing it to keep bidding for higher-margin projects.
We believe the company's strong position in engineering and
construction (E&C) market, a solid and well-diversified backlog,
and sound operating track record support our view of a
'satisfactory' business profile. Revenue and cash flow generation
will be strong based on its existing project backlog. Finally, we
believe CNO's cash contributions to ODB to meet required equity
contributions in its new businesses will continue to diminish in
the next few years, allowing CNO to preserve its strong liquidity
and conservative financial metrics even in a scenario of stress,"
S&P said.


MARFRIG ALIMENTOS: In Talks to Postpone Interest Payment
--------------------------------------------------------
Boris Korby and Drew Benson at Bloomberg News, citing Valor
Economico, reports that Marfrig Alimentos SA is in talks to
postpone an interest payment to Brazil's state-owned development
bank.

Valor Economico said that Marfrig SA is seeking to delay a
payment of as much as BRL270 million (US$134 million) due in July
until 2015, according to Bloomberg News.

Bloomberg News notes that Ricardo Florence, a Marfrig SA investor
relations director, said on a May 15 conference call that the
company was seeking to renegotiate interest payments on
convertible bonds when asked whether there had been negotiations
with the state development bank.

"Marfrig SA has significant debt and it's causing concern among
investors," Bloomberg News quoted Flavio Combat, an economist at
Concordia Corretora in Rio de Janeiro as saying.  A possible debt
payment postponement "is a bad sign that confirms the perception
that the market had.  What happens now depends on the
government," he said, Bloomberg News notes.

The loan terms haven't changed, BNDES, as the development bank is
known, said in an e-mailed response to questions obtained by
Bloomberg News.

Marfrig SA, which is looking to shed assets to curtail surging
debt, completed the sale of U.S. and European distribution units
to Illinois-based Martin-Brower Co. for US$400 million, Bloomberg
News notes.

                     About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                         *     *     *

As of March 3, 2012, the company continues to carry Moody's "B1"
long-term rating and long-term family rating.   The company also
continues to carry Moody's long-term issuer credit ratings.



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


COLNE LEASING: Shareholder to Receive Wind-Up Report on June 8
--------------------------------------------------------------
The shareholder of Colne Leasing Limited will receive on June 8,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


GOUJON AIRCRAFT: Shareholder to Receive Wind-Up Report on June 8
----------------------------------------------------------------
The shareholder of Goujon Aircraft Leasing Limited will receive
on June 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


KEA LIMITED: Shareholder to Receive Wind-Up Report on June 8
------------------------------------------------------------
The shareholder of Kea Limited will receive on June 8, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


OFFSHORE WAVE: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------
The shareholders of Offshore Wave Fund, Ltd. will hold their
final meeting on June 8, 2012, at 11:10 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


RABBIT LEASING: Shareholder to Receive Wind-Up Report on June 8
---------------------------------------------------------------
The shareholder of Rabbit Leasing Limited will receive on June 8,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ROSSENDALE LEASING: Shareholder to Hear Wind-Up Report on June 8
----------------------------------------------------------------
The shareholder of Rossendale Leasing Limited will receive on
June 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


STONY HILL: Shareholder to Hear Wind-Up Report on June 8
--------------------------------------------------------
The shareholder of Stony Hill CDO II (Cayman) Ltd. will receive
on June 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


VITA CAPITAL III: Shareholder to Hear Wind-Up Report on May 28
--------------------------------------------------------------
The shareholder of Vita Capital III Ltd will receive on May 28,
2012, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Beverly Bernard
         Alex Johnston
         c/o Beverly Bernard
         Telephone: 949-7755
         Facsimile: 949-7634


WIMBLEDON HDN: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------
The shareholders of Wimbledon HDN Fund Ltd. will hold their final
meeting on June 8, 2012, at 10:50 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
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GRUPO SENDA: S&P Affirms 'B' Global Scale Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its national-scale
long-term 'mxBBB-' and short-term 'mxA-3' corporate credit
ratings to Grupo Senda Autotransporte, S.A. de C.V.  "We also
assigned our 'mxA-3' short-term issue rating to the company's
proposed MXN200 million program of certificados bursatiles. In
addition, we affirmed our global-scale 'B' ratings on the
company. The outlook is stable," S&P said.

"The ratings on Senda reflect a 'highly-leveraged' financial risk
profile that's based on its sizable debt relative to its cash
generation-despite improvement--and our assessment of a 'less
than adequate' liquidity. It also reflects Senda's significant
exposure to economic and market conditions that could rapidly
erode its cash flow generation, resulting in volatile credit
metrics. Senda's 'weak' business risk profile reflects the highly
competitive Mexican bus transportation market, the industry's low
growth, and the company's somewhat small size relative to some of
its competitors. These weaknesses are offset by Senda's strong
position in northeastern and central Mexico, Texas, and Illinois,
a below-industry average fleet age of 9.5 years, and improving
revenue diversification as it has successfully expanded into
personnel transportation," S&P said.


* IXTAPALUCA: Moody's Assigns Neg. Outlook on 'B1' Issuer Rating
----------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Ixtapaluca's
issuer ratings to Baa3.mx (Mexican National Scale) from Baa2.mx
and assigned a negative outlook from stable. Moody's has also
assigned a negative outlook to the B1 global scale issuer rating.
Debt rating of the MXN 120 million loan, contracted with Banorte,
remains unaffected at A2.mx (Mexican National Scale) and Ba2
(Global Scale, local currency).

Ratings Rationale

The downgrade reflects a worse than anticipated deterioration in
Ixtapaluca's gross operating balances and consolidated financial
performance, coupled with a structurally narrow liquidity
position. Driven by personnel spending pressures and a weak
economic base that generates low own-source revenues,
Ixtapaluca's gross operating balances declined to -11.3% of
operating revenues in 2011 from -10.9% in 2010. Between 2007 and
2011, own-source revenues have been equivalent to 21.3% of
operating revenues; a level below the median for B rated Mexican
municipalities. According to Moody's analyst Rodolfo Torres, "The
recent deterioration signals a structural misalignment in the
growth rate of operating revenues and operating expenditures, and
represents a credit challenge for the municipality".

On a consolidated basis, after taking into account capital
earmarked revenues and capital expenditures, Ixtapaluca posted a
significant cash financing requirement equivalent to -20.4% of
total revenues in 2011. This negative result was caused by a
large increase in capital expenditures in that year that was
financed with new debt contracted in late 2010. Moody's expects
that both operating spending pressures, as well as the limited
own-source revenue base of Ixtapaluca will translate in cash
financing requirements that may result in even higher debt levels
in the future.

The negative outlook reflects Moody's expectation that the recent
fiscal deterioration will continue in the following years and
result in even lower liquidity levels and higher debt. The
outlook also reflects the uncertainty surrounding the ability of
the new municipal administration, that will take office in
January 2013, to face the above mentioned fiscal imbalances.

While Ixtapaluca's debt levels, at 34% of operating revenue in
2011, are currently in line with the median for B rated Mexican
municipalities, "we expect that net direct and indirect debt will
increase as a consequence of expected decline in financial
results along with higher debt service payments, exerting
downward pressure on the ratings" added Mr. Torres.

What Could Change The Rating Up/Down

Although Moody's does not anticipate upward pressure over the
near to medium term, an increase in operating revenues and
spending restraint, leading to a sustainable correction of the
negative operating and consolidated results, and a positive
liquidity position could stabilize the outlook.

Larger than expected increases in operating expenditures, leading
to further cash financing requirements and a weaker liquidity
position could exert additional downward pressure on the ratings.

The debt ratings assigned to the MXN 120 million loan reflect
Moody's assessment that the loan enhancements continue to provide
a two notch uplift from the issuer global scale rating.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008 and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008 and Enhanced Municipal and
State Loans in Mexico published in January 2011.



===============
P A R A G U A Y
===============


* PARAGUAY: IDB Approves US$100MM Loan for Public Administration
----------------------------------------------------------------
Paraguay will improve the efficiency and quality of public
expenditures with support from a US$100 million policy-based loan
approved by the Inter-American Development Bank.

The project will provide support to the Paraguayan authorities
for modernizing key systems and processes related to public
expenditures and ensure macroeconomic stability and the proper
administration of central government resources.

The financing will support reforms in government economic
management and prioritization of social spending, and in the
modernization of budgetary, public investment, treasury,
procurement, and payroll systems.

"With this program, Paraguay will ensure its fiscal
sustainability and improve efficiency in the allocation and
execution of public spending that will benefit the majority of
the population," said IDB project team leader Carlos Pimenta.

This is the second in a series of programmatic policy-based loans
the IDB has approved for Paraguay's Public Management
Modernization Program.  The first was approved in 2009.

The new funding, totaling US$100 million, consists of a loan from
the IDB's Ordinary Capitalfor US$51.6million for a 30-year term,
with a grace period of six years and an interest rate based on
LIBOR; a second loan from the Ordinary Capital's Flexible
Facility for US$35.5 million for a 16-year term, with a grace
period nine of years and an interest rate based on LIBOR; and a
third loan from the Fund for Special Operations for US$12.9
million for a 40-year term, with a grace period of 40 years and
an annual interest rate of 0.25 percent.



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


INTERNATIONAL HOME: FirstBank Opposes Cash Collateral Use
---------------------------------------------------------
FirstBank-Puerto Rico asks the Bankruptcy Court to prohibit
International Home Products, Inc., from using the bank's cash
collateral.

The Debtor has filed an urgent motion seeking the Court's
authorization to pay $82,744.78 to its employees.  The Bank noted
the Debtor does not state in either of its motions, but the cash
in its accounts is subject to a lien by First Bank to guarantee
over $40,000,000 in debt currently owed to the Bank.  The Debtor
has listed the Bank's debt as both secured and unsecured, when
the Bank's collateral extends to all the Debtor's assets,
including the cash in the bank accounts.

The Debtor currently generates cash from the sale of property
such as inventory, merchandise and goods.  The Bank's prepetition
lien on the proceeds extends to both prepetition and postpetition
proceeds.  Cash may also be generated by Debtor from the sale of
other properties given in collateral by the Debtor to secure
payment obligations to the Bank and from other sources, all of
which cash serves as Cash Collateral.

First Bank said the Debtor's use of the Bank's Cash Collateral
without an agreement to that effect has left the Bank without
adequate protection given the risk of decrease, or permanent
loss, of the value of its collateral.  Accordingly, the Bank
requests that the Court to protect its security interests and
condition the use of the Bank's Cash Collateral by Debtor.

The Bank is represented by:

         Manuel Fernandez-Bared, Esq.
         Jane Patricia Van Kirk, Esq.
         TORO, COLON, MULLET, RIVERA & SIFRE, P.S.C.
         P.O. Box 195383
         San Juan, PR 00919-5383
         Tel: (787) 751-8999
         Fax: (787) 763-7760
         E-mail: mfb@tcmrslaw.com

                About International Home Products

International Home Products, Inc., filed for Chapter 11
bankruptcy protection (Bankr. P.R. Case No. 12-02997) on April
19, 2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.


INTERNATIONAL HOME: FirstBank Wants to Collect Customer Payments
----------------------------------------------------------------
First-Bank Puerto Rico asks the Bankruptcy Court to order
International Home Products, Inc., once the Bank provides it with
the list of customers whose contracts were foreclosed
prepetition, to comply with a Security Agreement and instruct
those customers to make their payments directly to the Bank, and
remit to the Bank any payments received from contracts that have
been foreclosed.

First-Bank also requests that the Court order the Debtor to
instruct American Enterprises International, Inc., to make any
payments due to the Debtor under the parties' agreement directly
to the Bank.  It also seeks to deny the Debtor's motion to assume
its agreement with American.

FirstBank-Puerto Rico asserts a perfected lien on substantially
all of the Debtor's property, including contracts and proceeds
from contracts and inventory.  The Bank said the Security
Agreement entitles the Bank to foreclose on the Debtor's
Contracts and request the Debtor to notify parties with which it
has Contracts that its rights have been assigned to the Bank, and
establishes an obligation for the Debtor to give notice to its
clients and debtors that the Contracts have been assigned, if the
Bank so requests.

Pursuant to the rights and remedies provided under the Credit
Agreement upon the existence of an Event of Default, the Bank
exercised its right to collect the payments due.  On April 4,
2012, the Bank notified the debtor that it was in default and
informed the Debtor's clients of its obligation to send to the
Bank any payments due or that become due to the Debtor.  On
April 5, 2012, the Bank gave notice to American Enterprises that
it was foreclosing on its assigned collateral under the Security
Agreement and Financing Statement.  The Bank also gave notice to
Preferred Credit, Inc., who has an agreement with Debtor for the
purchase of accounts receivables from retail installment sales
contracts, that it was foreclosing on its collateral.

The Bank had also foreclosed on its lien over the rent of some of
the Debtor's real estate properties prior to the petition, which
are currently being paid directly to the Bank.  The Bank's
prepetition foreclosure over the Debtor's accounts receivable
effectively extinguished the Debtor's interest in these payments.

The Bank said the payments on the Contracts that were noticed to
the Debtor's customers are not part of the estate and may not be
collected by the Debtor.

On April 26, 2012, the Debtor filed a motion to assume the
American Agreement, stating that American was granted a security
interest over reserve accounts created with a portion of the
account's sales price that is retained by American, the contracts
sold, the equipment sold and the proceeds of the contracts.  The
Debtor's request to assume the American Agreement should be
denied, inasmuch as it would allow Debtor to receive payments
from American on account of its purchase of accounts receivable
from the Contracts, because the property was foreclosed by the
Bank.

Additionally, the reserve accounts and inventory in existence
prior to the petition are subject to the Bank's lien and may not
be used by the Debtor without the Bank's consent.  The Bank also
opposes the Debtor's request that the transaction also be
approved pursuant to the provisions of Section 364 of the
Bankruptcy Code, in the event that the Court deems that due to
the recourse rights granted in the Contract, these ordinary
course of business sales are tantamount to the granting of
secured credit.

                  Debtor Opposes FirstBank's Claim

International Home Products asks the Bankruptcy Court to declare
that First Bank's interests against the Debtor's personal
property were unperfected as of the Petition Date.  The Debtor
also asks the Court to confirm the assumption of its contract
with American Enterprises.

Carmen Conde Torres, Esq., tells the Court that the core of the
dispute between the Debtor and First Bank is the validity and
status of First Bank's asserted "security interest."  According
to First Bank, its actions were based on its resubmission to the
Puerto Rico Department of State of an expired finance statement
in July 2011.  What is undisputed, however, is that the
Department of State registered a Termination Statement regarding
the July 2011 filing on Feb. 16, 2012.

First Bank alleges that its actions to foreclose on its asserted
collateral occurred between April 5, 2012 and the date of the
Bankruptcy Petition, April 19, 2012.  While First Bank claims
that the Termination Statement is erroneous, First Bank, fully
aware of the Termination Statement, never took corrective action
prior to the Bankruptcy petition.  Indeed, the Termination
Statement was filed with a supporting affidavit authenticated by
a Notary Public.  The Termination Statement as registered and
filed is valid under the law and is the law of the case as of the
date of the Bankruptcy Petition.

The Debtor contends the legal effect of a registered and filed
Termination Statement is that it "releases a secured creditor's
lien against property."  The filed and registered Termination
Statement causes First Bank's asserted lien to be fully
extinguished and whatever obligation it has against the Debtor is
unsecured.  Therefore, any and all collection efforts by First
Bank to claim property on an unsecured obligation are voidable,
Ms. Conde Torres contends.

As a second matter, First Bank contests the assumption of the
Debtor's contract with American Enterprises alleging that these
accounts are part of First Bank's collateral.  First Bank,
however, does not disclose to the Court that First Bank itself
registered a liberation statement with the Puerto Rico Department
of State regarding the Debtor's sale of consumer contracts to
AEI, Ms. Conde Torres points out.

                About International Home Products

International Home Products, Inc., filed for Chapter 11
bankruptcy protection (Bankr. P.R. Case No. 12-02997) on April
19, 2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.


INTERNATIONAL HOME: Can Employ Lugo Mender as Accountant
--------------------------------------------------------
The Bankruptcy Court for the District of Puerto Rico authorized
International Home Products, Inc., to employ Wigberto Lugo
Mender, CPA, as its accountant.

The Debtor will rely on Wigberto Lugo Mendel, CPA, for general
accounting and financial counseling services in connection with
its bankruptcy filing.  The firm will perform these services:

     A. furnish financial advice regarding the effect of the
        Chapter 11 proceedings;

     B. assist the company in all matters relating to court
        transactions;

     C. permit the use of the firm in connection with any
        negotiations or related matters; and

     D. assist the Debtor, the Law Offices of Carmen D. Conde
        Torres and any professional during the course of these
        proceedings.

The Firm's professionals will be paid at these hourly rates:

     Wigberto Lugo-Mender, CPA         $265 per hour
     Accounting Supervisor             $150 per hour
     Staff Accountant & Assistants     $100 per hour

The Firm will also be paid actual out of pocket expenses incurred
in the case.  The Firm received a $15,000 retainer.

To the best of the Debtor's knowledge, Wigberto Lugo Mendel, CPA,
is a "disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code.

                About International Home Products

International Home Products, Inc., filed for Chapter 11
bankruptcy protection (Bankr. P.R. Case No. 12-02997) on April
19, 2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.


INTERNATIONAL HOME: May Hire Carmen Conde Torres as Counsel
-----------------------------------------------------------
The Bankruptcy Court for the District of Puerto Rico authorized
International Home Products, Inc., to employ the Law Firm of
Carmen D. Conde Torres as its attorney to:

     A. advise the Debtor with respect to its duties, powers and
        responsibilities in this case under the laws of the
        United States and Puerto Rico in which the Debtor
        conducts its operations, do business, or is involved in
        litigation;

     B. advise the Debtor in connection with a determination
        whether a reorganization is feasible and, if not, helping
        debtor in the orderly liquidation of its assets;

     C. assist the Debtor with respect to negotiations with
        creditors for the purpose of arranging the orderly
        liquidation of assets and/or for proposing a viable plan
        of reorganization;

     D. prepare on behalf of the Debtor the necessary complaints,
        answers, orders, reports, memoranda of law and/ or any
        other legal papers or documents;

     E. appeal before the bankruptcy court, or any court in which
        the Debtor asserts a claim interest or defense directly
        indirectly related to this bankruptcy case;

     F. perform such other legal services for the Debtor as may
        be required in these proceedings or in connection with
        the operation off and involvement with debtor's business,
        including notarial services; and

     G. employ other professional services, if necessary.

The Firm will be paid at these rates:

     Carmen D. Conde Torres (Senior Attorney)     $300 per hour
     Associates                                   $275 per hour
     Junior Attorney                              $250 per hour
     Paralegal                                    $150 per hour

Carmen D. Conde Torres had received a non-refundable retainer of
$50,000 which was paid by the Debtor's President, Andrew Bert
Foti.

To the best of the Debtor's knowledge, the Law Firm of Carmen D.
Conde Torres is a "disinterested person," as that term is defined
under Section 101(14) of the Bankruptcy Code.

                About International Home Products

International Home Products, Inc., filed for Chapter 11
bankruptcy protection (Bankr. P.R. Case No. 12-02997) on April
19, 2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.



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


* BOND PRICING: For the Week May 21 to May 25, 2012
---------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS           8.28         12/31/2033    USD        68.3
ARGENT- PAR           1.18         12/31/2038    ARS        39.5
ARGENT- DIS           7.82         12/31/2033    EUR        57.9
ARGENT- DIS           7.82         12/31/2033    EUR        57.3
ARGENT- DIS           7.82         12/31/2033    EUR        59.5
ARGENT- DIS           4.33         12/31/2033    JPY          42
ARGENT- PAR           0.45         12/31/2038    JPY          15
ARGENT- PAR&GDP       0.45         12/31/2038    JPY           8
ARGNT BOGAR              2         2/4/2018      ARS         145
ARGNT-BOCON PRE9         2         3/15/2014     ARS        71.9
BANCO MACRO SA        9.75         12/18/2036    USD          72
BANCO MACRO SA        9.75         12/18/2036    USD        70.4
BANCO MACRO SA        9.75         12/18/2036    USD        70.4
CAPEX SA                10         3/10/2018     USD          71
CAPEX SA                10         3/10/2018     USD        71.9
EMP DISTRIB NORT      9.75         10/25/2022    USD        56.5
EMP DISTRIB NORT      9.75         10/25/2022    USD          57
EMP DISTRIB NORT      10.5         10/9/2017     USD        65.1
PROV BUENOS AIRE     9.625         4/18/2028     USD        63.8
PROV BUENOS AIRE     9.375         9/14/2018     USD        69.1
PROV BUENOS AIRE    10.875         1/26/2021     USD        69.1
PROV BUENOS AIRE     9.375         9/14/2018     USD          68
PROV BUENOS AIRE    10.875         1/26/2021     USD        69.8
TRANSENER             9.75         8/15/2021     USD        59.5
TRANSENER             9.75         8/15/2021     USD        70.4


BRAZIL
------

ANCO BONSUCESSO      9.25          11/3/2020     USD        74.4
BANCO BONSUCESSO      9.25         11/3/2020     USD        70.9
BANCO CRUZEIRO       8.875         9/22/2020     USD        68.9
BANCO CRUZEIRO       8.875         9/22/2020     USD        68.4
BANCO CRUZEIRO        8.25         1/20/2016     USD          75
REDE EMPRESAS       11.125                       USD          40
REDE EMPRESAS       11.125                       USD          38
REDE EMPRESAS       11.125                       USD        47.8


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

BANCO BPI (CI)        4.15           11/14/2035   EUR        59.1
BCP FINANCE BANK      5.01           3/31/2024    EUR          50
BCP FINANCE BANK      5.31           12/10/2023   EUR        52.5
BCP FINANCE CO       5.543                        EUR        32.7
BCP FINANCE CO       4.239                        EUR        33.2
BES FINANCE LTD       5.58                        EUR        43.2
BES FINANCE LTD        4.5                        EUR        51.2
CAM GLOBAL FIN        6.08           12/22/2030   EUR        66.9
CHINA AUTOMATION      7.75            4/20/2016   USD        75.3
CHINA FORESTRY       10.25           11/17/2015   USD          50
CHINA FORESTRY       10.25           11/17/2015   USD        48.1
CHINA SUNERGY         4.75           6/15/2013    USD          52
EFG ORA FUNDING        1.7           10/29/2014   EUR        53.5
ESFG INTERNATION     5.753                        EUR        34.9
GOL FINANCE           8.75                        USD        77.8
GOL FINANCE           8.75                        USD          75
HOME INNS                2           12/15/2015   USD        74.5
HOME INNS                2           12/15/2015   USD        73.2
JINKOSOLAR HOLD          4            5/15/2016   USD        51.8
LDK SOLAR CO LTD        10            2/28/2014   CNY        45.7
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61.6
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61
LUPATECH FINANCE     9.875                        USD        74
LUPATECH FINANCE     9.875                        USD        71.1
PUBMASTER FIN        6.962            6/30/2028   GBP
PUBMASTER FIN         8.44            6/30/2025   GBP
PUBMASTER FIN        5.943           12/30/2024   GBP        73
PUNCH TAVERNS        4.767            6/30/2033   GBP        72.4
RENHE COMMERCIAL     11.75            5/18/2015   USD        58.6
RENHE COMMERCIAL        13            3/10/2016   USD        60
RENHE COMMERCIAL        13            3/10/2016   USD        58.8
RENHE COMMERCIAL     11.75            5/18/2015   USD        58.9
SOLARFUN POWER H       3.5            1/15/2018   USD        67.3
SOLARFUN POWER H       3.5            1/15/2018   USD        66.8
SUNTECH POWER            3            3/15/2013   USD        68.8
SUNTECH POWER            3            3/15/2013   USD        69.4

CHILE
-----

CGE DISTRIBUCION      3.25            12/1/2012    CLP       20.2
COLBUN SA              3.2            5/1/2013     CLP       49.4
ESVAL S.A.             3.8            7/15/2012    CLP       12.6
MASISA                4.25            10/15/2012   CLP         10
QUINENCO SA            3.5            7/21/2013    CLP       25.6
PROV BUENOS AIRE
BANCO SANTANDER        6.1            6/1/2032     USD       62.8
BANCO SANTANDER        6.3            6/1/2032     USD       67.8


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

PUERTO RICO CONS       6.2            5/1/2017     USD       56.6
PUERTO RICO CONS       6.5            4/1/2016     USD       69.5


VENEZUELA
---------

ELEC DE CARACAS        8.5            4/10/2018    USD       73.8
PETROLEOS DE VEN       5.5            4/12/2037    USD       57.5
PETROLEOS DE VEN     5.375            4/12/2027    USD       57
PETROLEOS DE VEN      5.25            4/12/2017    USD       73
VENEZUELA                7            3/31/2038    USD       68
VENEZUELA                7            3/31/2038    USD       69
VENEZUELA                6            12/9/2020    USD       72
VENEZUELA             7.65            4/21/2025    USD       74


                            ***********


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 * * *