TCRLA_Public/120531.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 31, 2012, Vol. 13, No. 108


                            Headlines



A R G E N T I N A

BANCO CONTINENTAL: Moody's Assigns 'E+' BFSR; Outlook Stable
BANCO CONTINENTAL: S&P Rates Issuer Credit 'BB-'; Outlook Stable


B R A Z I L

CAMIL ALIMENTOS: S&P Affirms 'BB-' Global Scale Rating
DEWEY & LEBOEUF: Files Bankruptcy, Winding Down Offices Worldwide
DEWEY & LEBOEUF: Case Summary & 20 Largest Unsecured Creditors
DEWEY & LEBOEUF: Proskauer Hires London Bankruptcy Team for Firm
ENERGISA SA: Moody's Assigns 'Ba2' Rating to BRL400MM Debentures

KLABIN SA: S&P Affirms 'BB+' Corporate Credit Rating


C A Y M A N   I S L A N D S

ATC FUND: Creditors' Proofs of Debt Due June 15
BULL & BEAR: Members' Final Meeting Set for June 27
COVEPOINT COMMODITY: Creditors' Proofs of Debt Due June 21
COVEPOINT COMMODITY MASTER: Creditors' Proofs of Debt Due June 21
GSO LIQUIDITY: Creditors' Proofs of Debt Due June 21

H.B.D. ASSOCIATES: Creditors' Proofs of Debt Due June 21
HFC JAPAN: Creditors' Proofs of Debt Due June 21
INTERNET ASSETS: Creditors' Proofs of Debt Due June 12
MBA INTERNATIONAL: Creditors' Proofs of Debt Due July 4
RASMALA ISLAMIC: Members' Final Meeting Set for June 19

RASMALA ISLAMIC FUND: Members' Final Meeting Set for June 19
REFLEXION SELECT: Creditors' Proofs of Debt Due June 21
RPM TRADING: Shareholder to Receive Wind-Up Report on June 11
UBP MULTI-STRATEGY: Members' Final Meeting Set for June 27
VENETIAN VENTURE: Creditors' Proofs of Debt Due June 25


C O S T A  R I C A

BANCO INTERNACIONAL: Fitch Affirms Issuer Default Rating at 'BB+'


G U Y A N A

GUYSUCO: Misses Production Target


M E X I C O

XIGNUX SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating
* STATE OF OAXACA: Moody's Publishes Credit Opinion


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Intertek Claim Tossed by Judge
RS YACHT: Banco Popular de Puerto Rico Can Proceed with Lawsuit


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Wet Leasing Plane for London Flight
TRINIDAD CEMENT: First Quarter Loss Tops $73 Million


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
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BANCO CONTINENTAL: Moody's Assigns 'E+' BFSR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating (BFSR) of E+ to Banco Continental S.A.E.C.A. Moody's also
assigned long- and short-term global local-currency deposit
ratings of Ba2 and Not Prime, as well as long- and short-term
foreign-currency deposit ratings of B2 and Not Prime. The outlook
on all the ratings is stable.

The following ratings were assigned to Banco Continental
S.A.E.C.A.:

Bank Financial Strength Rating: E+, with stable outlook.

Long- and short-term global local-currency deposit rating: Ba2
and Not Prime, with stable outlook.

Long- and short-term foreign currency deposit rating: B2 and Not
Prime, with stable outlook.

Ratings Rationale

Moody's said that Continental's BFSR of E+ captures its franchise
as the largest bank in the Paraguayan banking system, with a 16%
market share in terms of deposits, and its well-defined footprint
in the small and medium size enterprises (SMEs) and corporate
lending segment. Continental's nationwide network ensures broad
access to core customer deposits, which are stable and relatively
inexpensive, thus supporting the bank's financial margins.

Moody's noted that a sizable portion of the bank's earnings
derives from a fast growing commercial loan portfolio, which is
focused on the agribusiness sector, as well as from foreign
exchange gains. As a result of continuing robust activity in the
commodities market, Continental's loan book reported year-over-
year growth of 46% in 2011, after a 30% growth in 2010, thus
boosting profitability ratios.

Credit exposures to agriculture and livestock accounted for about
33% of the bank's total loans as of December 2011, a profile that
reflects the importance of the agribusiness sector to the
economic activity in Paraguay. However, Moody's views large
borrower and industry concentrations with concern, because they
may expose the bank's balance sheet to potential risks of sudden
reversals in credit quality and earnings in case of stress.,
Moreover, the reported high loan growth rates over the past two
years suggest management's above-average lending appetite, with
potential for asset quality deterioration as loans season. The
cyclicality associated with the agribusiness sector is another
challenge to the bank's risk management processes. Continental's
non-performing loan ratio was a low 0.8% as of YE 2011, and it is
supported by large reserves, estimated at 262% of total non-
performing loans, and by adequate capitalization ratio of 10.2%.

The rating also captures the highly competitive environment among
Paraguayan banks, and chiefly among the four largest banks in the
system, which together accounted for 61% of the total assets and
60% of the total deposits as of YE2011.

Moody's also highlighted the presence of the IFC (International
Finance Corporation, a member of the World Bank Group) as a
shareholder since March 2009, with a 15.7% stake in Continental's
equity, and with a board representation. Continental's
controlling shareholder is the Espinola family, with around 30%
of equity. The shareholder's support is evidenced by a three-
year, $100 million capitalization plan, which is expected to
provide Continental with a platform to continue expanding its
franchise in the local market, chiefly in the corporate and SME
segment.

Continental's standalone rating maps to a b1 baseline credit
assessment (BCA), and is aligned to the B1 Paraguayan government
bond rating because of the high correlation between the bank's
creditworthiness and the Paraguayan government's credit strength,
in line with that of other peers within the Paraguayan banking
system.

Moody's Ba2 global local-currency deposit rating incorporates
Continental's baseline credit assessment of b1, as well as
Moody's assessment of the likelihood of very high systemic
support from the government in an event of stress, given the
importance of the bank within the Paraguayan financial system.
Thus, the Ba2 deposit rating incorporates two notches of uplift
from the baseline credit assessment of b1.

The principal methodologies used in rating the bank were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Banco Continental S.A.E.C.A. is headquartered in Asuncion,
Paraguay, and it had assets of $1,9 billion and equity for $174
million as of December 2011.


BANCO CONTINENTAL: S&P Rates Issuer Credit 'BB-'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its global scale 'BB-
' long-term issuer credit rating to Banco Continental SAECA. The
outlook is stable.

"The ratings on Banco Continental reflects the bank's strong
business position in the Paraguayan banking system, weak capital
and earnings, adequate risk position, average funding, and
adequate liquidity. The 'BB-' issuer credit rating on Banco
Continental is the same as its 'bb-' stand-alone credit profile
(SACP), because it does not incorporate external support," S&P
said.



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B R A Z I L
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CAMIL ALIMENTOS: S&P Affirms 'BB-' Global Scale Rating
------------------------------------------------------
Standard & Poor's Ratings Services raised its Brazilian national
ratings on Camil Alimentos S.A. to 'brA+' from 'brA'. The outlook
on this rating is positive. "In addition, we affirmed our 'BB-'
global scale rating and revised the outlook on this rating to
positive from stable," S&P said.

"The upgrade and outlook revision reflect the improvement in the
company's business profile with the acquisition of Docelar, which
will create a more diverse and stronger branded portfolio. We
could upgrade Camil further if it maintains leverage under
control, such as total debt to EBITDA ratio lower than 3.5x, and
an adequate liquidity. Camil has been actively acquiring other
companies in the past three years, but we see funding terms as
adequate, with a combination of debt and equity financings and a
fast deleveraging path," S&P said.


DEWEY & LEBOEUF: Files Bankruptcy, Winding Down Offices Worldwide
-----------------------------------------------------------------
Dewey & LeBoeuf LLP collapsed into Chapter 11 bankruptcy (Bankr.
S.D.N.Y. 12-12321) in Manhattan after failing to save the law
firm amid struggles with high debt and partner defections.

Dewey, based in New York, disclosed debt of US$245 million and
assets of US$193 million in its chapter 11 filing late Monday.

Dewey & LeBoeuf was formed by the 2007 merger of Dewey Ballantine
LLP and LeBoeuf, Lamb, Greene & MacRae LLP.  At its peak, Dewey
employed about 2,000 people with 1,300 lawyers in 25 offices
across the globe.  Only 150 employees are left to complete the
wind-down of the business, according to a court filing.

Dewey & LeBoeuf said in a statement unlike most other Chapter 11
cases, this filing does not anticipate a return to business but
rather a managed wind-down of affairs, followed by liquidation.
Dewey & LeBoeuf expects the most significant portion of the
process to be completed in the next few months. In the interim,
the firm will be operating on a budget and according to a
timetable to be determined by the Court.

"We are proud of the dedication and professionalism that has
characterized Dewey & LeBoeuf over many years, and we intend to
bring the same focus to the unfortunate task of closing out our
affairs," said Stephen J. Horvath, Executive Partner.

The firm has asked the Court for permission to continue to pay
salaries, benefits and Paid Time Off (PTO) in the ordinary course
of business, for current employees, consistent with bankruptcy
laws.  The firm expects permission to be granted within 48 hours
following the filing. The firm will ask approximately 90
employees to remain on staff to assist in the wind-down.

                        Road to Bankruptcy

Following the merger in 2007, the firm sought to further expand
by acquiring partners and practice groups -- the "rainmakers" --
with significant books of business.  The firm entered into
compensation agreements with 100 partners for certain guaranteed
and incentive payments.

But Dewey & LeBoeuf "was formed at the onset of one of the worst
economic downturns in U.S. history," Jonathan A. Mitchell, the
chief restructuring officer, said.  "These negative economic
conditions, combined with the firm's rapid growth and partnership
compensation arrangements, created a situation where the cash
flow was insufficient to cover capital expenses and full
compensation expectations."

To deal with the cash flow problems, the partners cancelled or
deferred income of over US$100 million.  In December 2011 profit
fell US$30 million short for the calendar year.  In January 2012,
the firm was advised not to use the US$25 million of its US$100
million revolving credit facility because the facility was up for
renewal in April 2012.  The resulting contraction of working
capital by US$55 million resulted in a liquidity crisis for the
firm, which contributed to its ultimate demise.

During the first quarter of 2012, the firm was confronted with
liquidity constraints that led to the precipitous resignation of
over 160 of the firm's 300 partners by May 11.

By April the firm had drawn about US$75 million of a US$100
million credit line from banks including JPMorgan Chase & Co. and
Citigroup Inc., and was trying to collect money owed by clients
to pay bankers, Bloomberg News said, citing two people familiar
with Dewey's finances.

On April 27, the firm learned the Manhattan District Attorney's
office was investigating allegations of wrongdoing by Steven
Davis, the firm's sole chairman.  Two days later, Mr. Davis was
removed from all his leadership roles.

According to Mr. Mitchell, following unsuccessful negotiations
with other law firms and as a result of the continuing defaults
under its credit facilities, and the inability to renew or secure
alternative financing, the Debtor decided that it would be in the
best interests of its clients, creditors, employees and other
parties for the Debtor to wind-down its business.

                           Wind Down

Faced with the potential acceleration of US$225 million in
principal amount of prepetition secured debt, the firm promptly
issued notices under the applicable Worker Adjustment and
Retraining Notification statutes on May 4, 2012, to notify its
employees that the vast majority of them would likely be
terminated.

The firm on May 11 appointed a committee comprised of (a) Janis
M. Meyer, a partner and general counsel; and (b) Stephen J.
Horvath III, Esq., the executive partner, to oversee the wind-
down.

An agreed upon budget for the wind-down contemplates funding (i)
for the remaining 150 employees in the U.S. from May 15 through
May 31, and (ii) a reduced wind-down staff of 90 employees in the
U.S. from June 1, 2012 onward.

The firm's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in
process of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed. Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo is being prepared for
closure and the liquidation of the firm's local affiliate.  The
partners of the firm in the Johannesburg office are planning to
wind down the practice.

The firm's ownership interest in its practice in Warsaw was sold
to the firm of Greenberg Traurig PA on May 11 for US$6 million.
The Pension benefit Guaranty Corp. took US$2 million of the
proceeds as part of a settlement.

                       Accounts Receivable

As of the Petition Date, the Debtor's assets consist principally
of US$13 million in cash, accounts receivable and work-in-
progress with a face amount of approximately US$255 million
generated by the firm's U.S. offices, various pieces of artwork,
approximately US$11 million invested in an insurance consortium,
as well as potential estate claims and causes of action against
partners and other third parties.

Liabilities include US$225 million in obligations to secured
lenders, US$50 million in obligations to secured personal
property lessors, US$40 million in accounts payable, pension and
deferred compensation claims, and claims by employees for accrued
paid time

As of the Petition Date, it is estimated that there was
approximately US$255 million in face amount of uncollected
accounts receivable and work-in-process generated by the firm's
U.S. offices.  The firm intends to use cash collateral to
facilitate the collection of its accounts receivable and continue
the orderly wind-down.


DEWEY & LEBOEUF: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Dewey & LeBoeuf LLP
        1301 Avenue of the Americas
        New York, NY 10019

Bankruptcy Case No.: 12-12321

Type of Business: Dewey & LeBoeuf was formed by the 2007 merger
                  of Dewey Ballantine LLP and LeBoeuf, Lamb,
                  Greene & MacRae LLP.  At its peak, Dewey
                  employed about 2,000 people -- roughly 1,000
                  lawyers in 25 offices across the globe and the
                  other half support staff including legal
                  secretaries, mailroom clerks and paralegals.

Chapter 11 Petition Date: May 28, 2012

Court: U.S. Bankruptcy Court
       Southern District of New York

Debtor's
Counsel:    Albert Togut, Esq.
            TOGUT, SEGAL & SEGAL LLP
            One Penn Plaza
            Suite 3335
            New York, NY 10119
            Tel: (212) 594-5000
            Fax : (212) 967-4258
            E-mail: alcourt@teamtogut.com

Debtor's
Claims and
Noticing
Agent:      EPIQ BANKRUPTCY SOLUTIONS LLC

Estimated Assets: US$100 million to US$500 million

Estimated Debts:  US$100 million to US$500 million

The petition was signed by Jonathan A. Mitchell, chief
restructuring officer.

Dewey & LeBoeuf LLP's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim   Claim Amount
        ------                     ---------------   ------------
Pension Benefit Guaranty           Pension Claim    US$80,000,000
Corporation
1200 K Street, N.W.
Washington, DC 20005
Tel: (202) 326-4020
E-mail: Wagner.Scott@pbgc.gov

1301 Properties Owner LP           Property Taxes/     $3,778,350
1633 Broadway, Suite 1801          May Rent
New York, NY 10019
Tel: (212) 237-3105
E-mail: VMessina@paramount-group.com

Thompson Reuters                   Library Services-   $2,362,869
610 Opperman Drive                 Legal Research
Eagan, MN 55123
Tel: (651) 848-7836
E-mail: Chris.Cartrett@thomsonreuters.com

Bank of America                    Credit Card         $2,142,000
CA5-7055-08-01555
555 California Street, 8th Fl.
San Francisco, CA 94104
Tel: (415) 622-9688
E-mail: Daniel.Weiss@bankofamerica.com

HireCounsel                        Outsourced          $1,557,371
575 Madison Ave.                   Staffing
New York, NY 10022
Tel: (646) 356-0510
E-mail: LMestel@mestel.com

Lexis-Nexis                        Library Services-   $1,412,966
125 Park Ave.                      Legal Research
Suite 2200
New York, NY 10017
Tel: (212) 309-8100
E-mail: Carolyn.Ullerick@lexisnexis.com

Corrao Miller                      Outsourced          $1,325,000
Wiesenthal Legal Search            Staffing
Consultants, Inc.
845 Third Ave.
New York, NY 10022
Tel: (212) 328-6182
E-mail: rmiller@cmwsearch.com

1101 New York Holding LLC          May Rent             $830,789
c/o Louis Dreyfus Properties
LLC
1101 New York Ave NW,
Suite 909
Washington, DC 20005
Tel: (201) 470-4700
E-mail: DHapp@pgp.us.com

Diamond Personnel, LLC             Outsourced           $740,519
352 Seventh Avenue, 3rd Fl.        Staffing
New York, NY 10001
Tel: (212) 631-7520
E-mail: RSamlin@diamondjob.com

Flik International Corp.           Dining Services      $673,310
Compass Group Usa
3 International Drive, #200
Rye Brook, NY 10573
Tel: (914) 935-5361
E-mail: Scott.Davis@compass-usa.com

HBR Consulting LLC                 Consulting          $656,683
311 South Wacker Drive, 22nd       Services
Fl.
Chicago, IL 60606
Tel: (312) 201-8400
E-mail: CPetrini-Poli@hbrconsulting.com

CCH Incorporated/Wolters           Library Services-   $653,059
Kluwer Law & Business              Legal Research
2700 Lake Cook Rd.
Riverwoods, IL 60015
E-mail: mike.sabbatis@wolterskluwer.com

McMorrow & Saverese                Recruiting          $635,000
7299 Happy Canyon Road             Services
Santa Ynez, CA 93460
Tel: (805) 693-0043
E-mail: ralphs@mcmsav.com

Williams Lea                       Outsourced          $550,393
1 Dag Hammarskj”ld Plaza,          Staffing/
8th Fl.                            Equipment
New York, NY 10017
Tel: (212) 351-9000
E-mail: Ken.Amman@williamslea.com

Commerzbank AG                     May Rent            $512,063
2 World Financial Center, 31st
Fl.
New York, NY 10281
Tel: (212) 266-7200
E-mail: robert.vassallo@commerzbank.com

Shook, Hardy & Bacon LLP           Services            $473,696
Kansas City, MO 64108
Tel: (816) 474-6550
E-mail: JMurphy@shb.com

Adams Grayson Corporation          Outsourced          $422,696
1625 Eye Street, NW., Suite 600    Staffing
Washington, DC 20006
Tel: (202) 828-1112
E-mail: PGronvall@adamsgrayson.com

Emily L. Saffitz                   Severence           $416,667
82 Washington Place, 2B            Arrangement
New York, NY 10011
Tel: (212) 751-3171
E-mail: Emily.Saffitz@tklaw.com

Swiss Post Solutions               Outsourced          $392,601
10 E. 40th Street, 9th Floor       Staffing/
New York, NY 10016                 Equipment
Tel: (212) 204-0990
E-mail: art.tatge@swisspost.com

GE Asset Management                Refund for Legal    $362,171
1600 Summer Street, #3             Services
Stamford, CT 06905
Tel: (203) 326-2300
E-mail: Matthew.Simpson@ge.com


DEWEY & LEBOEUF: Proskauer Hires London Bankruptcy Team for Firm
----------------------------------------------------------------
Proskauer Rose LLP disclosed the hiring in London of a team of
restructuring and insolvency lawyers led by Partners Mark
Fennessy and Hazel Miller, who join from Dewey & LeBoeuf, where
Mr. Fennessy headed the European Restructuring Practice.

Mr. Fennessy and Ms. Miller's focus are in corporate
restructuring, special situations (involving financial
restructuring mandates, including advice on funds-based,
structured products and leveraged financing transactions) and
insolvency litigation.  The two have advised on many of the major
restructurings of the past few years, ranging from structured
investment vehicles and leveraged buyout restructurings, to major
financial and corporate mandates, including MF Global, Lehman
Brothers, Wind Hellas, General Motors and several commercial
mortgage-backed securities restructurings.

"This is a first-class group of London-based restructuring
lawyers who will combine with our U.S. team to provide clients
with global service on restructuring and bankruptcy matters,"
said Proskauer Chairman Joseph M. Leccese.

"I had the pleasure of working previously with Mark and Hazel and
have great respect and admiration for them.  We are excited that
our clients will benefit from the experience of our group as we
continue to build out our capabilities globally," said Proskauer
Partner Martin Bienenstock.

"We are delighted to be joining such a dynamic firm working
alongside Proskauer's excellent team of lawyers.  This is an
excellent fit for our Group," said Mr. Fennessy.

                         About Proskauer

Founded in 1875, Proskauer Rose LLP -- http://www.proskauer.com/
-- is a global law firm widely recognized for its leadership in a
variety of legal services provided to clients worldwide from
offices in Beijing, Boca Raton, Boston, Chicago, Hong Kong,
London, Los Angeles, New Orleans, New York, Newark, Paris, Sao
Paulo and Washington, DC.


ENERGISA SA: Moody's Assigns 'Ba2' Rating to BRL400MM Debentures
----------------------------------------------------------------
Moody's Investors Service assigned the Ba2 rating on the global
scale, and the Aa3.br Brazilian National Rating Scale ("NRS") to
BRL400 million, senior unsecured debentures, which will be issued
by Energisa S.A. in up to two tranches (five and seven years). In
December 2011, Moody's upgraded ENERGISA's Corporate Family
Rating ("CFR") to Aa3.br from A1.br on the NRS, while maintaining
its Ba2 CFR on the global scale. The outlook is stable for both
the CFR and the debentures ratings. The proceeds of the issuance
will be used to partially finance ENERGISA's investment program,
according to the communication filed at the Comissao de Valores
Mobiliarios (CVM) on March 14, 2012.

Ratings Rationale

Moody's has assigned the Ba2/Aa3.br rating to ENERGISA's senior,
unsecured debentures based on the Company's solid credit metrics,
strong electricity sales growth in the concession areas in the
States of Paraiba and Sergipe, healthy liquidity position, and
the stable cash flows derived from the electricity distribution
business.

The stable rating outlook reflects Moody's opinion that: (i) the
Company will continue to produce solid credit metrics for its
rating category;(ii) although ENERGISA will remain largely
focused on the electricity distribution business, its growing
generation fleet will provide important asset diversification,
thus offsetting the expected negative impact of the third
periodic tariff review, which will take place between 2012 and
2013; (iii) the corporate risk management policies, which were
implemented in early 2009 and updated in February 2011, will
continue to minimize cash flow and earnings volatility; and (iv)
the Company will be able to secure long-term financing at
adequate terms to fund all of its generation projects.

ENERGISA's sizeable capital expenditure program, which will
increase ENERGISA's participation in the unregulated electricity
generation business, is currently a constraint on the ratings.
From 2012 to 2014, ENERGISA, on a consolidated basis, plans to
invest approximately BRL1.6 billion in the expansion of its
electricity assets (of which BRL927 million have been earmarked
for renewable energy projects), to meet performance targets set
by the regulator for its distribution business, and to reduce
energy losses. In 2012, ENERGISA plans to invest BRL391 million
in its generation business, which represents about 60% of its
overall CAPEX to be invested in 2012. ENERGISA's generation
projects are eligible for long-term financing from the Brazilian
National Development Bank (BNDES). Once these generation projects
become operational, Moody's estimates that the distribution
business will still represent more than 75% of the Company's
consolidated cash flow.

Additional constraints on ENERGISA's ratings are related to the
evolving Brazilian regulatory framework, and its future financial
performance, given the past volatility of the derivative
transactions in 2009; however, Moody's expects that ENERGISA's
evolving risk management policies will reduce future volatility
of financial results.

It should also be noted that the Company's distribution
subsidiaries, ENERGISA SERGIPE (ESE) and ENERGISA PARAIBA (EPB),
have benefited from fiscal incentives, which reached
approximately BRL33 million in 2011. The Brazilian Federal
Government, through specific legislation, has introduced tax
incentives to foster private-sector investment in Brazil's North
and Northeast (where EPB and ESE are located), which have
historically lagged behind the most developed regions of the
country.

ANEEL, in the context of the third periodic tariff review of
other distribution companies operating in the Northeast, has
factored these tax incentives into its calculation of the WACC.
The application of a lower WACC could result in a further
reduction in tariffs to end-consumers. Although the affected
distribution companies have challenged ANEEL's methodology in
court, a final decision on this matter has not been reached yet.

In light of the November 2010 upgrade of ENERGISA's CFR on the
global scale and the large capital investment program, near-term
prospects of a rating upgrade on the global scale are somewhat
limited. The rating could be downgraded if: (i) the Company is
not able to secure the financing for its generation projects at
adequate terms; (ii) material delays and/or cost-overruns in the
construction of the generation projects are incurred which would
impact negatively cash flow and costs; and/or (iii) the Company
chooses to finance its growth strategy with higher than
anticipated leverage. Quantitatively, a downgrade could result if
the ratio of retained cash flow to debt were to drop below 9%,
and its cash flow interest coverage falls below 2.2x for an
extended period of time.

Headquartered in Cataguases, in the State of Minas Gerais,
ENERGISA is a holding company that controls five electricity
distribution utilities in four Brazilian states (ParaĦba,
Sergipe, Minas Gerais and Rio de Janeiro), serving approximately
2.5 million consumers. In 2011, total electricity distributed by
ENERGISA was 9,955.8 GWh, an increase of 7.5% over 2010. In the
twelve-month period ended on March 31, 2012, ENERGISA posted net
sales (excluding construction revenues) of BRL2,234 million
(US$1,314 million), operating profit of BRL457 million (US$269
million), and net profit of BRL242 million (US$142 million).
ENERGISA is listed on the Brazilian stock market (BM&FBOVESPA),
and is controlled by the Botelho family.


KLABIN SA: S&P Affirms 'BB+' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Klabin
S.A. to positive from stable. "At the same time, we affirmed our
'BB+' global scale and 'brAA+' corporate credit ratings on the
company," S&P said.

"The outlook revision reflects our opinion that we may raise the
ratings on Klabin if it maintains a strong liquidity, gradually
reduces gross debt, and adequately funds its potential growth
projects. We assume the company will keep improving its operating
performance in the next few years as a result of the recent cost
cutting and operating efficiency initiatives, maintain a
competitive position in the comparatively more stable packaging
paper market, and potentially improve product diversification in
the next few years. We could upgrade Klabin if the funding for a
new pulp is adequate both in terms of its equity and debt
components, which reflects fairly prudent financial policies. But
we also recognize there are currently some uncertainties," S&P
said.



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


ATC FUND: Creditors' Proofs of Debt Due June 15
-----------------------------------------------
The creditors of ATC Fund Services (Cayman) Limited are required
to file their proofs of debt by June 15, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2012.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         PO Box 1350
         Clifton House, 75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


BULL & BEAR: Members' Final Meeting Set for June 27
---------------------------------------------------
The members of Bull & Bear Investment Ltd. will hold their final
meeting on June 27, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Ryan Pull
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3306


COVEPOINT COMMODITY: Creditors' Proofs of Debt Due June 21
----------------------------------------------------------
The creditors of Covepoint Commodity Currency Overseas Fund, Ltd.
are required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 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


COVEPOINT COMMODITY MASTER: Creditors' Proofs of Debt Due June 21
-----------------------------------------------------------------
The creditors of Covepoint Commodity Currency Master Fund, Ltd.
are required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 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


GSO LIQUIDITY: Creditors' Proofs of Debt Due June 21
----------------------------------------------------
The creditors of GSO Liquidity Partners (Cayman) Limited are
required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 1, 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


H.B.D. ASSOCIATES: Creditors' Proofs of Debt Due June 21
--------------------------------------------------------
The creditors of H.B.D. Associates Ltd are required to file their
proofs of debt by June 21, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 7, 2012.

The company's liquidator is:

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


HFC JAPAN: Creditors' Proofs of Debt Due June 21
------------------------------------------------
The creditors of HFC Japan Tactical Alpha Strategy are required
to file their proofs of debt by June 21, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 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


INTERNET ASSETS: Creditors' Proofs of Debt Due June 12
------------------------------------------------------
The creditors of Internet Assets, Inc. II are required to file
their proofs of debt by June 12, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


MBA INTERNATIONAL: Creditors' Proofs of Debt Due July 4
-------------------------------------------------------
The creditors of MBA International Investments, Inc. are required
to file their proofs of debt by July 4, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 7, 2012.

The company's liquidator is:

         Ogier
         c/o Bradley Kruger
         Telephone: (345) 815-1877
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RASMALA ISLAMIC: Members' Final Meeting Set for June 19
-------------------------------------------------------
The members of Rasmala Islamic Mena Equity Opportunity Ltd will
hold their final meeting on June 19, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


RASMALA ISLAMIC FUND: Members' Final Meeting Set for June 19
------------------------------------------------------------
The members of Rasmala Islamic Mena Equity Opportunity Fund will
hold their final meeting on June 19, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


REFLEXION SELECT: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of Reflexion Select Investments SPC are required to
file their proofs of debt by June 21, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 7, 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


RPM TRADING: Shareholder to Receive Wind-Up Report on June 11
-------------------------------------------------------------
The shareholder of RPM Trading Limited will receive on June 11,
2012, at 9:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 11, 2012.

The company's liquidator is:

         E. Andrew Hersant
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


UBP MULTI-STRATEGY: Members' Final Meeting Set for June 27
----------------------------------------------------------
The members of UBP Multi-Strategy Alpha Fund Ltd. will hold their
final meeting on June 27, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Ryan Pull
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3306


VENETIAN VENTURE: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
The creditors of Venetian Venture Development Intermediate I are
required to file their proofs of debt by June 25, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2012.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362



==================
C O S T A  R I C A
==================


BANCO INTERNACIONAL: Fitch Affirms Issuer Default Rating at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional de Costa Rica's
(BICSA) Issuer Default Rating (IDR) at 'BB+'.  The Rating Outlook
remains Stable.

BICSA's IDRs and national ratings reflect the support it would
receive from its main shareholder, Banco de Costa Rica (BCR,
rated 'BB+' with a Stable Outlook by Fitch), should it be
required.  In turn, its viability rating (VR) considers the
bank's conservative risk management, strong asset quality,
adequate capital position, and enhanced earnings capacity.
However, high funding and credit concentrations -- inherent to
the bank's corporate orientation and relative small size in the
Panamanian banking system -- continue to limit the bank's
individual creditworthiness.

The Stable Outlook reflects Fitch's expectation of no substantial
changes in BICSA's risk profile in the foreseeable future.
However, changes in BCR's capacity or willingness to support
BICSA would affect the bank's national ratings and IDRs.
Similarly, a decline in the bank's capital position above Fitch's
expectations, a decrease in profitability, or significant asset
quality deterioration could trigger a VR downgrade.  By contrast,
a significant increase in diversification of loans and funding
sources could improve the bank's VR in the long run.

BICSA has maintained low delinquency ratios (below 1% over the
past five years), controlled restructured loans and a low level
of loans rated among the highest risk categories according to
local regulations.  This reflects the bank's tempered risk
appetite, good credit controls and increasing geographic and
economic sector diversification.  Additionally, the bank
maintains above-average reserve coverage of past-due loans
relative to domestic and international peers (emerging market
commercial banks with a VR of 'b-', 'b' and 'b+').

BICSA's profitability ratios are in line with its corporate
orientation, while also reflecting the conservative risk profile
of its assets.  Over the past few years, financial performance
has kept capital accumulation below asset growth, resulting in
declining but still adequate capital ratios.  BICSA's capital
position could decrease as a result of asset growth, but Fitch
believes it would remain at an adequate level.

Influenced by its corporate nature, BICSA's main funding source
of deposits is highly concentrated and could limit financial
flexibility under a stress scenario.  However, diversification
has improved with the addition of bank loans and bond issuances.
At the same time, the bank uses additional mechanisms to control
concentration risk, such as maintaining higher liquidity levels.

BICSA is a general licensed bank established in Panama as a
subsidiary of the two largest Costa Rican state-owned banks.
BICSA, founded in 1976, maintains a strong focus in corporate
loans and market presence in all Central American countries
through representative offices located in Costa Rica, Nicaragua,
Guatemala and El Salvador, and has a branch in Miami, Florida.

Fitch affirmed BICSA's ratings as follow:

International ratings

  -- Long-term IDR at 'BB+'; Outlook Stable;
  -- Short-term IDR at 'B';
  -- Viability Rating at 'bb';
  -- Support Rating at '3';

National ratings

  -- Long-term national rating at 'AA-(pan)'; Outlook Stable;
  -- Short-term national rating at 'F1+(pan)';
  -- Long-term senior unsecured bonds at 'AA-(pan)';
  -- Long-term senior unsecured bonds at 'AA+(slv)';
  -- Commercial Paper at 'F1+(pan)'.



===========
G U Y A N A
===========


GUYSUCO: Misses Production Target
---------------------------------
RJR News reports that the Guyana Sugar Corporation reported first
crop production falling significantly short of its target.

It blamed labor problems and above average rainfall for the poor
results, according to RJR News.  The report relates that the
projected target was 101,800 tonnes based on the availability of
the canes at the beginning of the crop.

RJR News notes that the actual figure for the crop is reportedly
1,100 tonnes of sugar.

The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweeteners.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 18, 2009, Caribbean Net News said sugar workers at all
sugar estates across Guyana went on strike in protest of a 3% pay
increase they are set to receive from the Guyana Sugar
Corporation for 2009, which will be paid in 2010.  According to
the report, an arbitration panel ruled that the workers should
receive the 3% increase that they are demanding.  However, the
report related, the corporation said it cannot make the payments.



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


XIGNUX SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global
scale and 'mxA+' local scale corporate credit ratings on Xignux
S.A. de C.V. The outlook remains stable.

"The affirmation follows the company's recent announcement of its
acquisition of Cables de Energia y Telecomunicaciones, S.A.
(CENTELSA) and our review of Xignux's financial information and
planned funding of the transaction. The proposed acquisition is
still subject to the approval of the Colombian authorities. The
estimated amount of the transaction is not public yet and about
80% of it will be funded through bank debt and the remainder with
Xignux's own cash," S&P said.

The ratings affirmation also reflects:

- S&P's expectation for Xignux to maintain its cash-flow
   protection and leverage ratios at levels commensurate with our
   assessment of its 'significant' financial risk profile despite
   currently adverse industry conditions and pressure on
   margins;

- Adequate cash-flow generation;

- Moderate financial policy;

- Strong liquidity coupled with a comfortable debt maturity
   profile;

- Significant market shares; and

- Product and geographic diversity.

"In our view, the ratings are constrained by the cyclicality of
most of the company's end markets, exposure to raw materials
price volatility, and single-digit operating margins," S&P said.


* STATE OF OAXACA: Moody's Publishes Credit Opinion
---------------------------------------------------
In its most recent report on the State of Oaxaca, Moody's
Investors Service says that the Mexican state's issuer ratings of
A2.mx (Mexico National Scale) and Ba2 (Global Scale, local
currency) reflect low debt levels and uneven consolidated fiscal
results due to volatility of capital expenditures. Assigned
ratings also take into account comprehensive management practices
supporting a positive trend in own-source revenues and a strong
liquidity position.

The State of Oaxaca has registered consolidated fiscal deficits
in three of the last five years, leading to modest borrowing
requirements. From 2007-2012 consolidated fiscal result averaged
-1.8% of total revenues, in line with other Moody's Ba rated
Mexican states. Own-source revenues have grown significantly at a
compound annual growth rate of 13.1% from 2007 to 2011. However
the narrow economic base continues to produce weak own-source
revenues which represent on average 3.9% of total revenues, below
the median of Moody's Ba rated Mexican states. The state has been
able to maintain a relatively strong liquidity position, which is
considered a credit strength as it increases its internal
capacity to absorb unforeseen shocks.

Oaxaca has registered roughly stable debt levels over the last
five years. As of December 2011, the stock of Oaxaca's net direct
and indirect debt stood at MXN 6.5 billion, which includes two
bonds and one bank loan. While the state issued new debt in 2011,
part of the proceeds were used to pay the outstanding balances of
other loans, therefore net direct and indirect debt ratio
decreased to 13.6% in 2011 from 14.5% recorded in 2010.

As a result of the recent law reform regarding pensions pushed by
the current administration, Oaxaca faces relatively low unfunded
pension liabilities with respect to other Mexican rated states by
Moody's. According to the administration, preliminary results of
a 2012 independent actuarial study show that unfunded pension
liabilities were cut to 26% of 2011 total revenues from 70%.

The rating agency's report is an update to the markets and does
not constitute a rating action.

The principal methodologies used in these ratings 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.



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


CARIBBEAN PETROLEUM: Intertek Claim Tossed by Judge
---------------------------------------------------
Peg Brickley at Dow Jones' Daily Bankruptcy Review reports that a
judge tossed Intertek USA Inc.'s claim for payment in the
bankruptcy of Caribbean Petroleum Corp., which was filed to deal
with damage claims from a 2009 explosion in Puerto Rico.

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq, of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to
sell its business to Puma Energy International for US$82 million.
Puma obtained Capeco's entire retail network, which consists of
157 locations, gasoline, diesel and other fuel storage facilities
as well as undeveloped land and a private deep water jetty.

The Fourth Amended Joint Plan of Liquidation for Caribbean
Petroleum and its debtor affiliates became effective on June 3,
2011.


RS YACHT: Banco Popular de Puerto Rico Can Proceed with Lawsuit
---------------------------------------------------------------
Banco Popular de Puerto Rico won a partial victory in the Chapter
11 case of RS Yacht Services Inc.  The bankruptcy judge in Puerto
Rico granted, in part, the bank's request to lift the automatic
stay so it may continue an in personam breach of contract and
collection action against the Debtor before the Puerto Rico Court
of First Instance, San Juan Part, and an in rem action against
the Debtor's property before the United States District Court for
the District of Puerto Rico, but only up to the entry of
judgment.

At the hearing on the bank's request, Banco Popular and the
Debtor agreed that the total liens on the property exceed the
value of the property, such that there is no equity available to
the Debtor.  The Debtor's primary property is subject to an
arrest order, issued by the U.S. District Court for the District
of Puerto Rico on March 29, 2012.

According to Bankruptcy Judge Brian K. Tester, because the arrest
order prevents the Debtor from using and even having access to
the vessel, it is not available to the Debtor for reorganization
purposes at this time.  Therefore, the Court finds that an
effective reorganization, based upon the proposed use of the
property, is not possible.  The Court also finds unlikely that
the Debtor's situation will change within the next 30 days. As
such, there is no reasonable likelihood that the Debtor would
prevail if a final hearing on the request for relief from
automatic stay is held.

A copy of the Court's Opinion and Order dated May 29, 2012, is
available at http://is.gd/GYC5POfrom Leagle.com.

                     About RS Yacht Services

Based in San Juan, Puerto Rico, RS Yacht Services, Inc., aka My
Seascape, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case
No. 12-03193) on April 26, 2012.  Eduardo J. Corretjer Reyes,
Esq., at Bufete Roberto Corretjer Piquer, serves as the Debtor's
counsel.  In its petition, the Debtor estimated $500,001 to $1
million in assets and $1 million to $10 million in debts.  The
petition was signed by Pedro Ray, president.



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


CARIBBEAN AIRLINES: Wet Leasing Plane for London Flight
-------------------------------------------------------
Vernon Khelawan at Trinidad and Tobago Newsday reports that
Caribbean Airlines Limited is going to London on June 14 as
planned.

However, the airline would not be using the two B-767-316ER,
twin-engined aircraft it had originally hoped to operate the
service, according to Caribbean Airlines Limited.  The report
relates that CAL has leased those planes from South American
airline Lan Chile. Instead CAL has been forced to wet lease a
similar aircraft from Omni Leasing, an aircraft leasing company
in the United States.

Trinidad and Tobago Newsday notes that reason for the last minute
switch is not because of any bungling by the airline's
management, but rather a situation which has developed regarding
oversight by the local Civil Aviation Authority, which is
awaiting an audit of its performance.

Unfortunately, the audit would not be carried out until July, and
as a result, certification of the two planes is being affected.
Both aircraft, already painted in CAL's colours and the
impressive humming bird logo would now have to sit at the Benito
Juarez International airport in Mexico, where they were painted,
until the situation is resolved, Trinidad and Tobago Newsday
says.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


TRINIDAD CEMENT: First Quarter Loss Tops $73 Million
----------------------------------------------------
RJR News reports that Trinidad Cement Limited is sinking deeper
in the red after being crippled by a 90-day strike.

TCL has declared a first quarter loss of US$73 million, which is
significantly more than the $28 million loss it suffered during
the corresponding period last year, according to RJR News.  The
report relates that revenue declined 13.5 million dollars to 365
million which the company said was due mainly to lower cement
sales as a consequence of the general strike by workers which
started on February 27.

RJR News notes that TCL was also impacted by the 23% lower
production of clinker as the plants in Jamaica and Barbados
experienced operating challenges due to a lack of spares arising
from inadequate working capital.

As reported in the Troubled Company Reporter - Latin America on
May 24, 2012, Trinidad and Tobago Newsday said that Trinidad
Cement Limited management officials are keeping their options
open as the 90-day strike action at the company's Claxton Bay and
Mayo facilities is scheduled to come to an end at the weekend.
Strike action began February 27 after the Oilfields Workers Trade
Union (OWTU) served notice of strike action following a breakdown
of negotiations between the OWTU and the company, according to
Trinidad and Tobago Newsday.  A few days later, the company
responded by locking out the workers, the report related.  TCL
General Manager Satnarine Bachew observed that should either
the union or the company refer the dispute to the Ministry of
Labour which would then refer the issue to the Industrial Court,
the industrial action would then be halted, Trinidad and Tobago
Newsday notes.

                       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.


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