TCRLA_Public/120604.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, June 4, 2012, Vol. 13, No. 110


                            Headlines



A R G E N T I N A

CENTRAIS ELECTRICAS: S&P Cuts CCR to 'SD' on Failure to Pay Debt


B E R M U D A

B+H OCEAN CARRIERS: Files for Chapter 11 in Manhattan


B R A Z I L

* BRAZIL: Moody's Says Steelmakers Adjust Business Model


C A Y M A N   I S L A N D S

ATC FUND: Shareholder to Receive Wind-Up Report on June 22
BEAR STEARNS: Shareholders' Meeting Set for June 25
CLEAR VISION: Members' Final Meeting Set for June 14
COVEPOINT COMMODITY: Shareholders' Final Meeting Set for June 22
COVEPOINT COMMODITY MASTER: Shareholders' Meeting Set for June 22

CV DISTRIBUTION: Shareholder to Receive Wind-Up Report on July 11
GSO LIQUIDITY: Shareholders' Final Meeting Set for June 22
H.B.D. ASSOCIATES: Shareholder to Hear Wind-Up Report on June 25
HERCULES INTERNATIONAL: Shareholders' Meeting Set for June 22
HFC JAPAN: Shareholders' Final Meeting Set for June 22

INTERNET ASSETS: Shareholders' Final Meeting Set for June 14
MANMAR LIMITED: Members' Final Meeting Set for June 14
MARNAY INVESTMENTS: Shareholders' Final Meeting Set for June 22
MBA INTERNATIONAL: Shareholder to Hear Wind-Up Report on July 11
RINCON LEASING: Shareholders' Final Meeting Set for June 22


J A M A I C A

BREEZES TRELAWNY: To Close Old Business, 200 to be Made Redundant
CARIBBEAN CEMENT: Cement Prices Up by 9%


M E X I C O

BANCA MIFEL: Weak Performance Cues Fitch to Affirm Ratings
COLUMBUS INT'L: Moody's Says Increased Leverage Credit Negative
ELEMENTIA SA: Fitch Affirms Issuer Default Rating at 'BB+'
GRUPO PAPELERO: Moody's Downgrades CFR to 'B1'; Outlook Stable
MEXICANA AIRLINES: MRO Operation to Remain Revenue Generator


P U E R T O   R I C O

HOME SAFETY: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Ministry Refers Dispute to Industrial Court


X X X X X X X X

* BOND PRICING: For the Week May 28 to June 1, 2012


                            - - - - -


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A R G E N T I N A
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CENTRAIS ELECTRICAS: S&P Cuts CCR to 'SD' on Failure to Pay Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Centrais Eletricas
Matogrossenses S.A. (Cemat) to 'SD' from 'CCC'. "At the same time,
we downgraded Companhia de Energia Eletrica do Estado do Tocantins
(Celtins) to 'CC' from 'CCC'. We removed both ratings from
CreditWatch with negative implications where we place them on
March 1, 2012. The outlook on Celtins is negative. Celtins and
Cemat are electric energy distribution companies owned by Brazil-
based group Rede Energia S.A.," S&P said.

"The downgrade follows Cemat's postponement of the payment of
R$448.5 million debt (representing 30% of its total adjusted
debt), as part of the request for debt restructuring with all its
creditors. In accordance with our criteria, and because we believe
no appropriate compensation with respect to the obligations that
were deferred has been provided, we view the restructuring as
tantamount to default.  The ratings on Cemat will remain at 'SD'
until the obligations are subsequently restructured," S&P said.


"As we have noted in our previous reports, we view Centrais
Eletricas do Pará S.A.'s judicial reorganization filing as
increasing the refinancing risk of Rede Group's other
subsidiaries. The downgrade of Celtins reflects our view that the
company won't be compliant with its debt obligations because of
still disappointing operating performance, very limited access to
additional funding, and weak liquidity position," S&P said.



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B E R M U D A
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B+H OCEAN CARRIERS: Files for Chapter 11 in Manhattan
-----------------------------------------------------
Hamilton, Bermuda-based B+H Ocean Carriers, along with affiliates,
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
12-12356) in Manhattan on May 30, 2012.

The Company said that it intends to restructure its balance sheet
and emerge as a recapitalized shipowning business, continuing to
specialize in the transportation of refined petroleum products and
dry bulk commodities.

B+H Ocean Carriers disclosed $4.52 million in assets and $46.1
million in liabilities.  Debts include $9.64 million owed to Bank
of Nova Scotia Asia Ltd. under a loan facility agreement, $3.98
million to Bank of Scotland under a revolving credit facility, and
18.8 million to Nordea Bank, as agent for a bank lending group.

A meeting of creditors under 11 U.S.C. Sec. 341(a) is scheduled
for June 29 at 2:30 p.m.

Judge Shelley C. Chapman has been assigned to the case.

The Company stated that going forward, its operations will
continue as in the past, with no interruption of service. It also
said that it has had ongoing discussions with several of its
lenders regarding further cooperation and support during the
reorganization.

"There continue to be challenges in the current market for freight
rates and vessel values which, combined with the state of global
ship finance, has made it exceedingly difficult to accomplish the
recapitalization outside of a court-supervised reorganization,"
B+H Ocean saind in a statement.

B+H Ocean Carriers Ltd. is an international ship-owning and
operating company that owns, through subsidiaries, a fleet of four
product-suitable Panamax combination carriers capable of
transporting both wet and dry bulk cargoes, along with a 50%
interest in an additional combination carrier.



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B R A Z I L
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* BRAZIL: Moody's Says Steelmakers Adjust Business Model
---------------------------------------------------------
Fundamental changes in the Brazilian steel market, led by a rise
in imports and in key input costs, have meant steel producers need
increasing investments in self-sufficiency to become more
competitive to grow market share, says Moody's Investors Service
in its new special comment "Brazil's Steelmakers Adjust Business
Model Amid Changes in Industry Conditions."

"Historically, Brazilian steel producers have benefited from
Brazil's abundant raw materials, relatively low cost structures, a
robust domestic market and long-term client relationships," says
Barbara Mattos, a Moody's Assistant Vice President -- Analyst and
author of the report. "However, increased competition from imports
and weaker fundamentals in the global market have forced Brazilian
steelmakers to compete by lowering prices to international
levels."

Steel prices are also dampened by the weak domestic demand from
automotive and appliance-makers as well as by global overcapacity
which has kept steel imports into Brazil at high levels.
Profitability contracted significantly during the first quarter of
2012, due to these lower steel prices combined with higher costs
for iron ore, coking coal and energy and labor.

Alleviating the pressure from high input costs will be key for
Brazilian steelmakers. These rising costs mean steelmakers must
become more self-sufficient in iron ore and electricity in the
near- and medium-term, says Moody's. CSN is already self-
sufficient but Gerdau and Usiminas have much farther to go.

Domestic steel's price premium over international prices have
vanished, says Moody's, noting that Brazil's steel imports, with
about 45% coming from Asia, surged to 21% of apparent consumption
in 2010, from 11% in 2009 and returned to 13-14% in 2011 to 2012.

Brazilian steelmakers hit hard include Usinas Siderurgicas de
Minas Gerais (Usiminas, Ba2 stable), Companhia Siderúrgica
Nacional (CSN, Ba1 positive), both of which produce flat steel,
and Gerdau (Baa3 stable), which produces long and specialty steel,
says the report.



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


ATC FUND: Shareholder to Receive Wind-Up Report on June 22
----------------------------------------------------------
The shareholder of ATC Fund Services (Cayman) Limited will receive
on June 22, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BEAR STEARNS: Shareholders' Meeting Set for June 25
---------------------------------------------------
The shareholders of Bear Stearns Global Lending Limited will hold
their final meeting on June 25, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Timothy J. Smith
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Island


CLEAR VISION: Members' Final Meeting Set for June 14
----------------------------------------------------
The members of Clear Vision Limited will hold their final meeting
on June 14, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


COVEPOINT COMMODITY: Shareholders' Final Meeting Set for June 22
----------------------------------------------------------------
The shareholders of Covepoint Commodity Currency Overseas Fund,
Ltd. will hold their final meeting on June 22, 2012, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         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


COVEPOINT COMMODITY MASTER: Shareholders' Meeting Set for June 22
-----------------------------------------------------------------
The shareholders of Covepoint Commodity Currency Master Fund, Ltd.
will hold their final meeting on June 22, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         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


CV DISTRIBUTION: Shareholder to Receive Wind-Up Report on July 11
-----------------------------------------------------------------
The shareholder of CV Distribution Services Ltd. will receive on
July 11, 2012, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Benjamin Greenspan
         Greenspan Law Office
         620 Laguna Road, Mill Valley
         California 94941
         USA
         Telephone: +1 (415) 381-3283
         Facsimile: +1 (415) 738-5371


GSO LIQUIDITY: Shareholders' Final Meeting Set for June 22
----------------------------------------------------------
The shareholders of GSO Liquidity Partners (Cayman) Limited will
hold their final meeting on June 22, 2012, at 9:50 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


H.B.D. ASSOCIATES: Shareholder to Hear Wind-Up Report on June 25
----------------------------------------------------------------
The shareholder of H.B.D. Associates Ltd will receive on June 25,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


HERCULES INTERNATIONAL: Shareholders' Meeting Set for June 22
-------------------------------------------------------------
The shareholders of Hercules International Limited will hold their
final meeting on June 22, 2012, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


HFC JAPAN: Shareholders' Final Meeting Set for June 22
------------------------------------------------------
The shareholders of HFC Japan Tactical Alpha Strategy will hold
their final meeting on June 22, 2012, at 9:40 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


INTERNET ASSETS: Shareholders' Final Meeting Set for June 14
------------------------------------------------------------
The shareholders of Internet Assets, Inc. II will hold their final
meeting on June 14, 2012, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MANMAR LIMITED: Members' Final Meeting Set for June 14
------------------------------------------------------
The members of Manmar Limited will hold their final meeting on
June 14, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


MARNAY INVESTMENTS: Shareholders' Final Meeting Set for June 22
---------------------------------------------------------------
The shareholders of Marnay Investments will hold their final
meeting on June 22, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


MBA INTERNATIONAL: Shareholder to Hear Wind-Up Report on July 11
----------------------------------------------------------------
The shareholder of MBA International Investments, Inc. will
receive on July 11, 2012, at 3:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Bradley Kruger
         Telephone: (345) 815-1877
         Facsimile: (345) 949-9877


RINCON LEASING: Shareholders' Final Meeting Set for June 22
-----------------------------------------------------------
The shareholders of Rincon Leasing Ltd. will hold their final
meeting on June 22, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands



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J A M A I C A
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BREEZES TRELAWNY: To Close Old Business, 200 to be Made Redundant
-----------------------------------------------------------------
RJR News reports that Breezes Trelawny Resort and Spa is scheduled
to close today ahead of a change in ownership.

Superclubs said in March that the resort will be taken over by an
overseas operator, according to RJR News.  The report relates that
the positions of 200 workers will be made redundant.

Head of Superclubs, John Issa, said job opportunities may arise
with the new operator, RJR News notes.

Although not giving details, Mr. Issa explained that the sale was
a welcomed option based on the plans the new operators have for
the property, and the potential benefit for the area, RJR News
discloses.


CARIBBEAN CEMENT: Cement Prices Up by 9%
----------------------------------------
RJR News reports that Caribbean Cement Company Limited will
implement a 9% price increase.

The company explains that having critically reviewed all
strategies that affect its performance, it is left with no choice
but to institute the price adjustment, according to RJR News.

Following a rebound in sales towards the end of last year, Carib
Cement says its domestic market is again on the downturn, the
report notes.

A statement from the company said the uptick has not been
maintained and the market is contracting, RJR News discloses.

Added to this, RJR News notes that Carib Cement said in the first
four months of this year, oil prices continued to rise.  The
report relays that it said this translated into a 9% increase in
electricity costs.

According to Carib Cement the increase directly impacts on mining,
manufacturing and distribution costs, RJR News notes.

Carib Cement said its situation is not very different from other
manufacturers in the region which have also been adjusting their
prices in the face of escalating costs, RJR News says.  It adds
that despite the price adjustment, its ex-factory price will still
be the lowest among cement manufacturing countries such as Mexico,
Columbia, the Dominican Republic, Barbados and Trinidad, the
report relays.

                      About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.



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M E X I C O
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BANCA MIFEL: Weak Performance Cues Fitch to Affirm Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel's ratings as follows:

  -- Long-term Issuer Default Rating (IDR) at 'BB-';
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB-';
  -- Short-term local currency IDR at 'B';
  -- Viability rating at 'bb-';
  -- Support rating at '5';
  -- Support rating floor at 'NF';
  -- USD100 million perpetual non-cumulative junior subordinated
     callables notes at 'B-';
  -- USD150 million cumulative subordinated preferred notes at
     'B';
  -- National scale long-term rating affirmed at 'A-(mex)';
  -- National scale short term rating affirmed at 'F2(mex)'.

The Rating Outlook is Stable.

Mifel's ratings are driven by its moderate financial condition and
weak operating performance, relatively modest franchise, and a
business model that is gradually positioning Mifel as a strong
competitor among its peers in commercial lending.  The ratings
also reflect the reasonable asset quality of its loan portfolio,
its sound funding profile, and modest liquidity that has
deteriorated slightly in recent periods.  A recent improvement of
Mifel's capital adequacy was also a key factor supporting its
affirmation and Stable Outlook, since the stronger capital base
partially compensates for its weak earnings generation and
declining loan loss reserve coverage.

The Stable oOutlook is driven by its improved capitalization
metrics, following capital injections completed during first
quarter 2012 (1Q'12), and which will be even higher during the
next quarter (at the total regulatory and eligible capital
levels), following a the new hybrid issued in May 2012.  In
Fitch's view, Mifel's ratings could benefit in the medium term by
its the higher loss absorption capacity derived from this
capitalization, if coupled with an adequate growth of its loan
portfolio (high quality) and material improvements of in its core
profitability drivers.  On the other hand, further deteriorations
of the bank's liquidity profile, tighter core operating
profitability, and worsening of impairment and loan reserve
levels, could pressure the bank's ratings downward.

After reporting negative operating results during 2008 and 2009
arising from the branch network growth and the adverse economic
environment, Mifel has been able to improve its financial
performance, although its operating results are still weak, mainly
as a result of tight net interest margins and poor operating
efficiency.  In Fitch's opinion, higher credit and non-interest
costs, as well as the smaller sub-national loan portfolio, are the
main drivers of Mifel's low profitability.

Mifel's franchise is relatively modest, and its business model,
which focuses on middle middle-market commercial loans and
deposits from upper-middle and upper-income segments, still has
some challenges to consolidate during 2012, primarily to improve
the overall credit quality of its loan portfolio.  Also, related
party loans have been, in Fitch's opinion, historically high for
Banca Mifel, although these have been gradually declining, in line
with more stringent local regulations, although Fitch considers
that such regulations are still weak relative to international
standards.

Mifel's loan portfolio declined in 2011, since due to athere was a
reduction of sub-national lending,. Fitch considers this reduction
as positive, as this particular sector has been increasingly
challenging recently.  The loan portfolio exhibits geographic and
sector concentrations, as well as higher than peers impairment
ratios, explained mainly by the agribusiness and mortgage sectors,
as well as by low charge-offs.  While asset quality seems to be
improving in 1Q'12, these trends still need to be tested once
Mifel resumes lending more actively.

A sound funding profile remains a major strength, as Mifel has
access to considerable amounts of retail deposits and has proven
been able to create a recurring and stable customer deposit base,
which funds the bank's entire loan portfolio. Nevertheless, these
deposits are concentrated on term accounts (87% at 1Q'12), and
most of these are in the form of money market deposits.  In
Fitch's opinion, Mifel's liquidity profile exhibits room for
improvement, especially in view of ample asset-liability tenor
mismatches.

Capital levels were strengthened significantly at 1Q'12, in
response to capital injections during the first months of 2012 by
the International Finance Corporation (IFC), together with
additional contributions from previous and new local shareholders
for a total amount of MXN509 million.  Mifel will show even higher
regulatory and eligible capitalization ratios during the next
quarter, due to the new hybrid issue.  Nevertheless, in Fitch's
view, this will be temporary, but when lending resumes, Fitch
expects the regulatory and eligible capital ratios to be slightly
above 15%, while the Fitch core capital ratio will likely be
around 10% of total risk weighted assets.

Established in 1993, Mifel is the largest entity of Grupo
Financiero Mifel, which also has factoring, leasing and mutual
fund management companies.  The bank has traditionally targeted
SMEs and medium-sized real estate developers, and more recently
government related entities, although the relative contribution of
the latter is declining.


COLUMBUS INT'L: Moody's Says Increased Leverage Credit Negative
---------------------------------------------------------------
On May 31, 2012, Moody's Investors Service commented on
Columbusannouncement, on the same date, that it had recently
entered into a US$225 million 9.50% Senior Guaranteed Unsecured
Notes Facility due 2017 (the "Notes Facility" and the notes issued
thereunder, the "Notes"). The company has initially drawn US$82
million from the Notes Facility. Additional amounts under the
Notes Facility are available to Columbus until May 21, 2013 so
long as its remains in compliance with the covenants of both its
2014 Senior Secured Notes Indenture and the Note Purchase
Agreement which governs the Notes Facility; both limit the company
from incurring additional debt beyond 4 times debt/EBITDA. The
Notes bear annual interest at rate of 9.50%, paid quarterly, and
are callable after 2.5 years and in other limited circumstances
described in the Note Purchase Agreement. Columbus intends to use
the net proceeds from the Notes to accelerate the completion of
current capital plans, fund potential future acquisitions, enhance
balance sheet liquidity and flexibility and for general corporate
purposes.

Rating Rationale

The new Notes Facility is credit negative to Columbus since it
increases its leverage while free cash flow remains negative. As
of March 31, 2012,Columbus' leverage was 3.9 times adjusted debt
to EBITDA and for the end of 2012 Moody's had expected that it
would be well below 4 times. In turn, free cash flow to adjusted
debt in the last twelve months ended in March 2012 was a negative
2.8%. Moody's now expects, proforma for the new Notes Facility,
that the company's adjusted leverage will decline but remain
around 4 times for another couple of years. On the positive side,
the Notes Facility may provide for additional liquidity if its
proceeds are not entirely used to fund acquisitions or accelerate
capex. It is also positive that operating results in 1Q12 were
strong in terms of revenue growth (5.5% QoQ and 19% YoY) and
adjusted EBITDA margin (49.7% in 1Q12 from 48.2% in 1Q11).

Columbus' B2 ratings reflect the company's modest size and cash
flow generation; high leverage; limited operating track record;
and high business risk derived from being a small telecom operator
in Central America and theCaribbean. In addition, the company's
free cash flow generation is dependent upon its ability to grow
revenues, sustain margins and reduce capital expenditures. These
risks are mitigated by significant availability of capacity in
Columbus' state-of-the-art sub-sea network, which offers room to
grow revenues with limited competitive risk. In addition, ratings
consider the upside growth potential for its cable TV and telecom
business in broadband and the company's solid market shares in its
coverage areas.

The principal methodology used in rating Columbus was the Global
Communications Infrastructure Industry Methodology published in
June 2011.

Columbus International Inc. is a privately held telecommunications
and cable TV company based in Barbados. Columbus provides digital
cable television, broadband Internet, digital landline telephony
and corporate data services inTrinidad, Jamaica, Grenada and
Curacao. Through its wholly owned subsidiary, Columbus Networks,
the company provides capacity and IP services, corporate data
solutions and data center hosting throughout 23 countries in the
greaterCaribbean, Central American and Andean region. Through its
ringed submarine fiber optic network spanning close to 18,000 km
and its 21,000 km terrestrial fiber and coaxial network, Columbus'
1,900 employees provide telecom services to a diverse residential
and corporate client base of close to 500,000 customers. Columbus'
customer base is comprised of leading telecom companies such as
Sprint International, Telmex, CanTV, Telefonica, AT&T, Telgua
(fixed line operator in Guatemala and owned by America Movil) and
ETB (fixed line operator in Bogotá, Colombia).


ELEMENTIA SA: Fitch Affirms Issuer Default Rating at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed Elementia, S.A. de C.V.'s (Elementia)
ratings as follows:

  -- Long-term Issuer Default Rating (IDR) at 'BB+';
  -- Long-term Local Currency IDR at 'BB+';
  -- Long-term National Scale Rating at 'A+(mex)'.

The Rating Outlook is Stable

In addition, Fitch has affirmed Elementia's Local Certificados
Bursatiles due in 2015 at 'A+(mex)'.

Elementia's ratings reflect its solid business profile
characterized by geographic and product line diversification,
leading market shares in the regions where it has presence,
supported by highly recognized brands and a well developed
distribution network, positive cash generation and its
shareholders' strength. Factors that limit Elementia's ratings are
the company's current high leverage, industry cyclicality, input
costs volatility and environmental regulation.

High Leverage Main Credit limitation:

At Dec. 31, 2011 Elementia's leverage measured by total debt to
EBITDA was high at 3.1x in dollar terms, above the company's
management long term target of total debt to EBITDA at or below
2.0x and Fitch's previous expectations of leverage in the upper
range of 2.5x-3.0x.  The company is in the process of completion
of a new cement plant that is estimated to begin commercial
operations at the end of this year and contributing in 2013 to the
company's results.  Fitch anticipates that Elementia will continue
funding its future growth through a combination of internally
generated cash and external financing.  Fitch estimates that
Elementia has flexibility to continue financing its growth
strategy; however further deterioration in leverage ratios and
debt financed acquisitions could put pressure on the company's
credit profile.

Positive Cash Generation Supports the Ratings:

During 2011, Elementia generated positive Free Cash Flow (FCF)
that was used primarily in capex and to strengthen its cash
balance.  Increased revenues across business segments in
conjunction with management's strict cost and expenses control and
working capital optimization initiatives allowed Elementia to
increase its cash position at the end of 2011 to USD254 million
from USD122 million in the past year.  The company's Net Debt to
EBITDA ratio improved to 1.4x from 2.8x in 2010. Fitch estimates
for 2012 that the company's Net Debt to EBITDA will be in a range
of 1.5x-2.0x.

Continued Business Diversification:

The company's business position is supported by its diversified
revenue base.  In 2011 the company generated consolidated revenues
and EBITDA of USD1.17 billion and USD149 million, respectively.
The metal division (mainly copper products) represented
approximately 66% of consolidated sales and 44% of EBITDA,
building systems (including fiber cement) contributed with 30% of
sales and approximately 50% of EBITDA and plastics represented 4%
and 6% respectively.  Elementia's cash flow is supported by its
pricing strategy, especially in the metal segment, where the
company applies a cost-plus margin formula, allowing it to pass-
through metal price variations to end customers.  The company's
strategy will continue to be focused in growth current operations
and through acquisitions.

Strong Liquidity and Low Refinancing Risk:

Liquidity and refinancing risk is low. At Dec. 31, 2011 the
company had a cash balance of USD254 million, short-term debt of
USD12 million and total debt of USD461 million.  During 2011
Elementia refinanced the bank debt through a club deal with
Mexican banks for approximately MXN2.7 billion.  As of March 2012
the company's short-term debt was minimal, and major maturities
start in 2015 when MXN3 billion in Certificados Bursatiles come
due.  In 2010 the company received an equity injection of
approximately USD43 million to strengthen its balance sheet.

Environmental Regulations Could Limit Operations:

The company uses chrysotile fibers (the sole form of asbestos
still in use) for part of its production of fiber-cement products,
which are sold locally where permitted in the North and South
American regions.  Products that are exported to the United States
are manufactured using other fibers such as cellulose fiber and
polyvinyl alcohol (PVA).  The use of this fiber is in line with
international standards and local environmental regulations.
However, if authorities (labor, health or environmental) limit the
use of this raw material in the future, or restrictions to the
transport and imports of chrysotile are imposed, Elementia could
face supply disruptions affecting selling volumes.  Even though
Elementia has not been subject to legal claims regarding the use
of chrysotile in its products, future claims cannot be ruled out,
resulting in uncertain litigation risk.


GRUPO PAPELERO: Moody's Downgrades CFR to 'B1'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded Grupo Papelero Scribe,
S.A. de C.V.'s (Scribe) corporate family rating to B1 from Ba3. At
the same time Moody's has downgraded the rating of the USD300
million senior unsecured notes due 2020 to B1 from Ba3. The
ratings outlook is stable.

Ratings Rationale

"The downgrade reflects the company's weakened credit profile over
the last nine months driven by higher debt incurred to finance the
acquisition of the Colombian notebook business from Kimberly
Colpapel, S.A. combined with weak EBITDA generation resulting in
high leverage and low interest coverage" said Alonso Sánchez
Rosario, an Assistant Vice President at Moody's. As of December
31, 2011, Moody's adjusted Debt/EBITDA was 7.7x and interest
coverage (EBITDA/Interest expense) was 1.5x in 2011. Moody's
estimates that for the first quarter of 2012 debt/EBITDA will
improve but remain high at levels around 6.5x as EBITDA increases
due to the absence of extraordinary expenses combined with
relatively lower average foreign exchange rate and pulp prices.

Scribe's B1 ratings reflects the company's material financial
leverage, modest interest coverage, its moderate operating scale
and business diversification compared to international paper
industry peers, and the exposure to commodity input costs
(primarily pulp and energy) and foreign exchange risk, which can
cause significant earnings volatility. The rating also takes into
account the seasonality of the company's notebook business, which
results in significant intra-year working capital swings. The
rating is supported by the company's leading presence in the
Mexican printing and writing paper and notebook markets with
branded and consumer-oriented product content. The rating also
reflects Scribe's adequate liquidity, its broad nationwide
distribution system and the significant industry experience of its
senior management team.

Scribe's margins are largely affected by commodity price
volatility and exchange rates. The company's profitability depends
heavily on pulp and energy prices. Pulp alone represents a high
percentage of the company's cost of goods sold and is largely
obtained at international prices, while energy and water account
for another important part of the cost. Scribe has some vertical
integration in the pulp and paper value chain as it produces
internally about 30% of its pulp needs.

During the second half of 2011, the company achieved savings from
lower pulp prices which were offset by the 13% depreciation of the
Mexican peso during the year. As a result, gross margins remained
essentially flat at 16.5% in 2011. However, operating margin
declined from 5.6% in 2010 to 4.4% in 2011 due to increased
advertising, sales and marketing expenses to re-launch cut sized
paper "Scribe-Alebrije" brand combined with extraordinary expenses
related to the acquisition of its notebook business in Colombia.
Scribe's reported EBITDA was MXN690 million in 2011 compared to
MXN734 million in 2010. Going forward, Moody's anticipates that
Scribe's margins could benefit from expected lower pulp prices
over the next 12-18 months.

Moody's foresees that Scribe will be able to improve its margins
as a result of lower pressure on its cost structure due to lower
pulp prices expected during the next several months. Credit
metrics should largely continue to follow earnings trends with
limited potential for improvement from debt reduction as the
USD300 million notes due 2020 represent essentially all of the
company's long-term debt and cannot be called before 2015.

Moody's could consider an upgrade of the ratings if operating
margin improves while maintaining limited margin volatility and
adequate liquidity. To be considered for an upgrade free cash flow
should be positive and EBITDA generation should increase such that
debt/EBITDA declines below 4.5x on a sustained basis.

Ratings could come under pressure because of weaker than
anticipated trends in operating margin and credit metrics, for
example because of a combination of higher pulp costs and a
depreciation of the peso, such that adjusted Debt/EBITDA remains
above 6x and EBITDA/Interest Expense remains at 2x or below for a
prolonged period of time. Rating pressure could also emerge if
free cash flow remains negative and liquidity deteriorates.

The principal methodology used in rating Grupo Papelero Scribe was
the Global Paper and Forest Products Industry Methodology
published in September 2009.

Scribe, headquartered in Mexico City, is Mexico's largest producer
of printing and writing paper and notebooks based on sales volume,
with MXN5,656 million of revenues in 2011. The company operates
four mills with an installed capacity of 395 thousand tons for
paper (including tissue) and 97 thousand tons for wood pulp.
Scribe was formed in 2006 and is currently owned by Impulso de
Desarrollos Estratégicos, S.A. de C.V. (Impulso), a privately-held
Mexican company, and Eton Park Capital Management, LP, a US-based
financial investor. Impulso and Eton Park together control 100% of
Corporacion Scribe, S.A.P.I de C.V., Scribe's parent company.


MEXICANA AIRLINES: MRO Operation to Remain Revenue Generator
------------------------------------------------------------
Aviation Daily reports that Med Atlantica, which recently
purchased Mexicana de Aviacion, has signaled its intent to retain
Mexicana MRO Services, the carrier's maintenance, repair and
overhaul operation, but structured it as a subsidiary of the
airline.

The MRO provider has remained open since the airline ceased
operating in August 2010, and has been the only revenue generator
for the company as it restructured under bankruptcy court
protection, according to Aviation Daily.

"MRO Services is an integral part of Mexicana, and revenues
generated by it are included in Mexicana's new business plan . . .
. There are no plans to sell it," Aviation Daily quoted an unnamed
spokesman as saying.  The MRO operation is a guarantor of
Mexicana's total debt, which precludes its sale to an outside
buyer, he added.

Aviation Daily notes that before Med Atlantica's investment,
industry observers speculated that rival Aeromexico would acquire
Mexicana's maintenance division.

Aviation Daily discloses that while Mexicana's revival is planned
for August, Med Atlantica has more immediate concerns with its MRO
division as the facility's lease with the airport authority
Aeropuerto Internacional de la Ciudad de Mexico due to expire
today.  The report relates that the airline's unions have joined
with management seeking for a lease extension without increased
payment terms, although a source close to the airline says that
should the lease talks fail the federal government has the
authority to shutter the MRO facility after May 31.

Mexicana MRO Services is a narrowbody airframe specialist, but
also has widebody capabilities. With facilities at the
international airports of Mexico City and Guadalajara, the company
can service up to 10 narrowbodies and two widebodies
simultaneously.  It outsources landing gear and engine
maintenance. The airline accounted for about 60% of Mexicana MRO
Services' business before suspending operations, with third-party
airlines comprising the other 40%.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.



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


HOME SAFETY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Home Safety Awareness Corp.
        aka Casa Segura
        PMB 117
        P.O. Box 4956
        Caguas, PR 00726

Bankruptcy Case No.: 12-04107

Chapter 11 Petition Date: May 28, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Maria Mercedes Figueroa Y Morgade, Esq.
                  FIGUEROA Y MORGADE LEGAL ADVISORS
                  3415 Alejandrino Avenue, Apartment 703
                  Guaynabo, PR 00969-4956
                  Tel: (787) 234-3981
                  E-mail: figueroaymorgadelaw@yahoo.com

Scheduled Assets: $0

Scheduled Liabilities: $1,900,654

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:

           http://bankrupt.com/misc/prb12-04107.pdf

The petition was signed by Juan Carlos Ruiz Rodriguez, president.



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


TRINIDAD CEMENT: Ministry Refers Dispute to Industrial Court
------------------------------------------------------------
Caribbean360.com reports that Ministry of Labor, Small and Micro
Enterprise Development Minister Errol McLeod said that the dispute
between Trinidad Cement Limited and the Oilfield Workers' Trade
Union has been referred to the Trinidad and Tobago Industrial
Court.

Mr. McLeod revealed that this move had come about after more than
a dozen meetings between the two parties, mediated by his
ministry, failed to bring about an end to the ongoing industrial
dispute that began in January this year and culminated in strike
action at the end of February, according to Caribbean360.com.
The report relates that the industrial dispute results from the
OWTU's attempts to force TCL to budge from its wage offer of 6.5%
over a retroactive three-year period to the over 600 workers
represented by the union in favor of the OWTU's request for a 12%
increase.

During a press conference on the new development, McLeod explained
that he referred the matter to the Industrial Court under Section
61 (d) of the Industrial Relations Act. Section 61 (d) said that
the minister shall refer an unresolved dispute to the court where
a period of three months of continuing industrial action has
elapsed and a request is made to the minister by either party to
refer to the court for final determination, Caribbean360.com
notes.

Caribbean360.com says that the Ministry had first held
conciliatory meetings with TCL and the OWTU since Jan. 31, 2012
and five other conciliatory meetings had followed.  The report
discloses that the last such meeting was held on February 23 and
after that the Union served notice that it was taking strike
action.  The strike began on February 27.

Caribbean360.com says that TCL responded with a lock out and
started offering individual employment contracts to workers as of
March 5.

"Notwithstanding many efforts following the commencement of
industrial action, in holding ten separate meetings with the
parties during March 13 to April 19, 2012, their positions
remained polarized," the report quoted Mr. McLeod as saying.

                      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
===============


* BOND PRICING: For the Week May 28 to June 1, 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 * * *