TCRLA_Public/120621.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, June 21, 2012, Vol. 13, No. 122


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT LIMITED: Denies Rumors of Plans to Acquire REDjet
STANFORD INT'L: Ex-CIO Pleads Guilty, Willing to Go to Prison


A R G E N T I N A

SUPERVIELLE CREDITOS: Moody's Rates ARS4.8MM Certificates 'Ca.ar'


B R A Z I L

BANCO SANTANDER: Fitch Assigns Issuer Default Rating at 'B+'


C A Y M A N   I S L A N D S

KINGDOM 5-KR-18: Members' Final Meeting Set for July 4
KINGDOM 5-KR-46: Members' Final Meeting Set for July 4
KINGDOM 5-KR-62: Members' Final Meeting Set for July 4
KINGDOM 5-KR-63: Members' Final Meeting Set for July 4
KINGDOM 5-KR-85: Members' Final Meeting Set for July 4

KINGDOM 5-KR-86: Members' Final Meeting Set for July 4
KINGDOM 5-KR-102: Members' Final Meeting Set for July 4
KINGDOM 5-KR-125: Members' Final Meeting Set for July 4
KINGDOM 5-KR-126: Members' Final Meeting Set for July 4
KINGDOM 5-KR-129: Members' Final Meeting Set for July 4

KINGDOM 5-KR-133: Members' Final Meeting Set for July 4
KINGDOM 5-KR-135: Members' Final Meeting Set for July 4
KINGDOM 5-KR-136: Members' Final Meeting Set for July 4
KINGDOM 5-KR-139: Members' Final Meeting Set for July 4
KINGDOM 5-KR-141: Members' Final Meeting Set for July 4

KINGDOM 5-KR-143: Members' Final Meeting Set for July 4
KINGDOM 5-KR-167: Members' Final Meeting Set for July 4
KNOLL SPECIAL: Shareholders' Final Meeting Set for June 28
POMONA IAM: Shareholders' Final Meeting Set for Aug. 20


D O M I N I C O

BANCO DE RESERVA: Fitch Affirms' B' IDRs; Outlook Positive


P U E R T O   R I C O

BMF INC: Plan Offers 20% for Unsecured Creditors in 7 Years
CENTRIN: Workers Continue Protest


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


LIAT LIMITED: Denies Rumors of Plans to Acquire REDjet
------------------------------------------------------
RJR News reports that rumors have surfaced that Leeward Islands
Air Transport, known as LIAT, is considering buying REDjet (Airone
Caribbean/Airone Ventures Limited), because LIAT has been unable
to secure delivery of aircraft for its planned fleet renewal until
2015.

LIAT has reportedly dismissed the rumor stating said there is no
truth to it, according to RJR News.

In 2008, the report recalls, LIAT took over many of the assets of
two rival airlines, Caribbean Star and Caribbean Sun, owned by
Allen Stanford.

RJR News notes that the deal included a transfer of the Caribbean
Star aircraft leases to LIAT.  Planes still bearing the former
competitors branding are part of LIAT's current fleet, RJR News
notes.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


STANFORD INT'L: Ex-CIO Pleads Guilty, Willing to Go to Prison
-------------------------------------------------------------
Jamaica Gleaner reports that Stanford Financial Group former Chief
Investment Officer Laura Pendergest-Holt has agreed to plead
guilty and serve three years in prison for her role in owner
Robert Allen Stanford's US$7 billion Ponzi scheme involving
Antigua-based Stanford International Bank Limited.

Ms. Pendergest-Holt will reportedly plead guilty to a single
charge of obstructing investigators, according to Jamaica Gleaner.
The report relates that Ms. Pendergest-Holt faces trial in
September on charges related to those resulting in Mr. Stanford's
June 14 sentence of 110 years in prison.

Jamaica Gleaner says that Ms. Pendergest-Holt is scheduled to
appear in Houston in a US Federal District Court to formally face
the charges, according to court records.

The report notes that Ms. Pendergest-Holt had told investors and
the firm's financial advisers that she oversaw a stable of
international money managers who were responsible for the bulk of
the SIB's assets, according to court documents.  Jamaica Gleaner
notes that testimony during Mr. Stanford's trial revealed that
Pendergest-Holt might have had authority over as little as 20% of
the bank's assets.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).



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


SUPERVIELLE CREDITOS: Moody's Rates ARS4.8MM Certificates 'Ca.ar'
-----------------------------------------------------------------
Moody's Investors Service rated Supervielle Creditos 62, a
transaction that will be issued by Equity Trust S.A. - acting
solely in its capacity as Issuer and Trustee.

As of June 19, 2012, the securities for this transaction have not
yet been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

- ARS38,400,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 62", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS67,200,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 62", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS9,600,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 62", rated Ba2.ar
   (sf) (Argentine National Scale) and Caa1 (sf) (Global Scale,
   Local Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
   Supervielle Cr‚ditos 62", rated Ca.ar (sf) (Argentine National
   Scale) and Ca (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 20,475 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,000,730.09.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 68% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlosimulations were run, which determines
the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are derived
from the historical performance to date of the Supervielle's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Class B Floating Rate Debt Securities,
15,00% expected loss for Class C Fixed Rate Debt Securities and
62.32% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A and Class B would remain the same. The ratings for Class
C Fixed Rate debt securities and Certificates would be likely
downgraded to C (sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.



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


BANCO SANTANDER: Fitch Assigns Issuer Default Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has assigned a Local Currency Long-Term Issuer
Default Rating (IDR) of 'B+' to Banco Santander Rio (Santander
Rio).  The rating Outlook is Stable.  At the same time, Fitch has
affirmed the rest of Santander Rio's ratings.

Santander Rio's IDR is based on its Viability rating, which
reflects the bank's sound franchise in Argentina, its strong
profitability, its healthy asset quality ratios, ample liquidity
and improved capitalization.  The ratings also take into account
ownership by Spain's Banco Santander (Santander; rated 'BBB+;
Outlook Negative) by Fitch, which has vast experience and ample
expertise, as well as the potentially volatile environment in
Argentina.

Santander Rio's local currency IDR has a Stable Outlook,
reflecting its strong local franchise and track record of sound
performance.  The latter also means that Fitch views its Viability
rating as Stable in the medium term.  Downside risk to Santander
Rio's ratings could stem from a downgrade of the sovereign rating
or a significant decline in the bank's liquidity or asset quality,
which Fitch considers unlikely in the medium term.  Upside to
Santander Rio's ratings currently appears limited but could stem
from an upgrade of the sovereign ratings.

The Argentine economy has grown strongly since 2003.  This has
benefited the operating environment for banks, with deposits and
lending growing very strongly and steadily improving asset
quality.  While the economy is expected to slow down markedly in
2012, lending is expected to continue to grow, albeit at a much
slower pace than in the past two years.

Along with the benign operating environment, Santander Rio's
profitability has been very strong, mainly based on sound interest
and commission income, which have compensated for the increase in
administrative expenses due to the high inflation rate.  Fitch
expects Santander Rio's profitability to remain sound, based on
its solid revenue generation capacity, although it will probably
be under pressure from slower loan growth, rising inflation and
persistent market volatility.

Santander Rio's asset quality is sound. Non-performing loans were
only 0.85% of the total at March 31, 2012, and loan loss reserve
coverage was 179.91%.  Fitch expects Santander Rio's asset quality
ratios to remain healthy in line with the good outlook for the
economy in 2011 and as loan demand is expected to be strong.

Santander Rio's liquidity remains ample and its funding was
comprised primarily of retail deposits.  Its capital base is
adequate and has been supported by its rising profitability; at
March 31, 2012 Fitch Core Capital was a sound 15.05%.  Fitch
expects Santander Rio's capitalization to improve further in the
medium term as loan growth will decelerate and given the recent
restrictions imposed by the Central Bank on dividend payments.

Santander Rio is 99.3% owned by Santander. It is a universal bank,
offering a wide range of financial services through its 318
branches.  It was Argentina's largest private sector bank by loans
and deposits at Feb. 28, 2012.

Fitch has affirmed the following ratings for Santander Rio:

  -- Long-term National Rating at 'AA+'(arg); Stable Outlook;
  -- Short-term National Rating at 'A1+(arg)';
  -- Viability Rating at 'b+';
  -- Support Rating at '5';
  -- National long-term rating on senior unsecured notes at
     'AA+'(arg ); Stable Outlook.



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


KINGDOM 5-KR-18: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-18 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-46: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-46 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-62: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-62 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-63: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-63 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-85: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-85 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-86: Members' Final Meeting Set for July 4
------------------------------------------------------
The members of Kingdom 5-KR-86 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-102: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-102 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-125: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-125 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-126: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-126 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-129: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-129 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-133: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-133 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-135: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-135 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-136: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-136 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-139: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-139 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-141: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-141 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-143: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-143 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-167: Members' Final Meeting Set for July 4
-------------------------------------------------------
The members of Kingdom 5-KR-167 will hold their final meeting on
July 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Royal Bank of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         4th floor, 24 Shedden Road
         Grand Cayman KY1-1110
         Cayman Islands


KNOLL SPECIAL: Shareholders' Final Meeting Set for June 28
----------------------------------------------------------
The shareholders of Knoll Special Opportunities Fund II Master
Fund, Ltd. will hold their final meeting on June 28, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, 42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


POMONA IAM: Shareholders' Final Meeting Set for Aug. 20
-------------------------------------------------------
The shareholders of Pomona IAM Limited will hold their final
meeting on Aug. 20, 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:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands



===============
D O M I N I C O
===============


BANCO DE RESERVA: Fitch Affirms' B' IDRs; Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed the 'B' IDRs of Banco de Reservas de la
Republica Dominicana, Banco de Servicios Multiples' (BANRESERVAS).
The Rating Outlook is Positive for BANRESERVAS' long-term IDRs.
The ratings affirmation reflects the support provided by
BANRESERVAS' shareholder, the Dominican government.  However, the
Dominican Republic's sub-investment grade rating limits the
probability of support.

BANRESERVAS' Viability Rating balances its ample market share,
stable deposit base, and adequate liquidity with its weak
profitability and asset quality metrics relative to both domestic
and similarly rated international peers (emerging market
commercial banks with a Viability Rating of 'b-', 'b' or 'b+').
Furthermore, BANRESERVAS' still high (albeit declining) public
sector exposure on its balance sheet (3.9x equity at year-end
2011) also weighs on its Viability Rating.

Changes in the IDRs are contingent upon sovereign rating actions.
An unexpected deterioration in asset quality or profitability that
pressures the bank's capital ratios could prompt Fitch to
downgrade BANRESERVAS' Viability Rating.  Prospects for an upgrade
to BANRESERVAS' Viability Rating are limited in the medium-term
given important asset and liability concentrations and the bank's
comparatively weaker financial performance.

BANRESERVAS' higher funding cost and lower yield on its loan
portfolio result in a weak net interest margins (NIM) relative to
other private domestic banks.  Increased operating costs and
provisioning expenses led to a decline in the bank's return on
average assets ratio (ROAA) to 1.4% at YE11 from 1.7% at year-end
2010 (YE'10).  This figure is well below the market average and
banks with a similar market share in the region.

Weak private sector asset quality, a heavy operating cost
structure, and a narrower margin will continue to pressure the
bank's profitability over the medium-term.

Private sector loan growth and charge-offs in this portfolio
contributed to a decline in BANRESERVAS' impaired private sector
loans/gross private sector loans ratio to 5.4% at YE'11 from 6.3%
at YE'10.  However, this level remains high relative to both
domestic and international peers.  Reserve coverage of total
impaired loans continues to compare unfavorably with peer medians,
as it declined to 96.0% at YE11 and to 71.1% at end-March 2012.

BANRESERVAS' capital ratios strengthened in 2011, with the bank's
Fitch Core Capital ratio reaching 18.2% at year-end 2011 (11.8% if
public sector loans and private sector loans guaranteed by the
government are weighted at 100%).  This ratio remained relatively
stable in early 2012, reaching 18.1% at end-March.  Nevertheless,
Fitch views the bank's capitalization levels as tight relative to
domestic and international peers given its large public sector
exposure and weaker reserve coverage of problem assets.

As of March 31, 2012, BANRESERVAS was the largest bank out of 15
commercial and multiple service banks, with 30.2% of total system
assets.  The bank is the government's main paying agent and also
has an important share of consumer and corporate markets.

Fitch has affirmed the following ratings:

  -- Foreign currency IDR at 'B'; Outlook Positive;
  -- Local currency IDR at 'B'; Outlook Positive;
  -- Short-term foreign currency IDR at 'B';
  -- Short-term local currency IDR at 'B';
  -- Viability Rating at 'b';
  -- Support Rating at '4';
  -- Support Floor at 'B';
  -- National long-term rating at 'AA-(dom)'; Outlook Stable;
  -- National Short-Term Rating at 'F1+(dom)'.

Additionally, Fitch has assigned a Stable Outlook to BANRESERVAS'
National Long-Term Rating.



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


BMF INC: Plan Offers 20% for Unsecured Creditors in 7 Years
-----------------------------------------------------------
BMF Inc. submitted to the U.S. Bankruptcy Court for the District
of Puerto Rico a a proposed Plan of Reorganization dated May 29,
2012 and an explanatory Disclosure Statement.

The Plan considers full payment of all administrative, secured
creditors and priority claims and a 20% dividend to the general
unsecured creditors within seven years.

According to the Disclosure Statement, the Plan will be
substantially supported by the Debtor's operations.  The Debtor
said it has already implemented strategies to increase the sales
of its most successful lines of water products while phasing out
its less successful products.  The Debtor is also exploring
efficiencies as using its fleet of delivery trucks to deliver
product from other companies that is going to nearby addresses
along with its water deliveries.

The Plan provides for these terms:

      Class 2 Secured Claim -- Banco Popular de Puerto Rico
($4,891,278):  The Debtor will repay the obligation in full in
monthly installments on a 30 year amortization period at an
interest rate of the Prime Rate in effect on the Effective Date of
the Plan

      Class 3 Secured Claim -- First Bank of Puerto Rico
($1,939,493): The Debtor will repay the obligation in full allowed
amount in monthly installments on a 30 year amortization schedule
with interest accumulating at the Prime Rate on the Effective Date
of the Plan.

      Class 4 Secured Claim -- CRIM ($181,968): The Debtor will
repay the obligation in the full allowed amount in monthly
installments within 60 months of the date of the instant
Bankruptcy Petition plus interest or will pay the obligation in
full at the time of any sale of the real property.

      Class 5 Secured Claim -- IRS ($148,412): The Debtor will
repay the obligation in monthly installments over the course of 60
months from the date of the instant Bankruptcy Petition, or if the
subject property id sold, at the time of the sale.

      Class 6 Unsecured Priority Claim -- Alpha Caribe, Inc.
($122,429):  The Debtor will repay the obligation in the full
allowed amount in monthly installments within seven years of the
Effective Date plus interest at the prime rate in effect on the
Effective Date.

      Class 7 Disputed Unsecured Priority Claim subject to
litigation -- Maribel Delgado ($10,000): Nevertheless should any
liability to Me. Delgado be found to exist, the Debtor will repay
the allowed amount of Ms Delgado's claim at the rate of 10% of the
allowed amount within seven years of the Effective Date so long as
the allowed amount does not exceed $10,000.

      Class 8 General Unsecured -- Convenience Class ($58,143):
The Debtor will repay all allowed claims that are part of the
class withing 30 days of the Effective Date at a rate of 20% of
the allowed claim.

      Class 9 General Unsecured Creditors ($1,284,029): The Debtor
will pay outstanding and allowed claims in the class at 20% of the
allowed claim on a monthly basis over the course of seven years
from the Effective Date.

      Class 10 Equity Security and Other Interest Holders:  All
current equity holders of the Debtor will retain their equity
interest under the Plan

The Debtor will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/BMF_INC_ds.pdf

                          About BMF Inc.

BMF Inc. operates a water distillation operation to produce
bottled drinking water.  The Debtor markets the water it distills
-- under the brand Pure H20 -- at various retail chains and
restaurants throughout Puerto Rico and the Caribbean region.

BMF Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No.
12-00658) on Jan. 31, 2012.  Judge Enrique S. Lamoutte Inclan
presides over the case.  BMF disclosed $12.3 million in assets
and $8.9 million in liabilities.


CENTRIN: Workers Continue Protest
---------------------------------
Carolyn Kissoon at Trinidad Express reports that workers of
Trinidad Central Steel Mill (Centrin) continued their protest
against temporary dismissal outside the company's gates on the
Point Lisas Industrial Estate.

The workers are demanding that management rehire them to do
maintenance work on the steel mill, according to Trinidad Express.

Trinidad Express notes that Steel Workers Union of Trinidad and
Tobago (SWUTT) representative Teemul Khan said the union met
management last Friday to discuss workers' concerns.

Mr. Khan said some 100 permanent and casual workers were laid off,
with no definite date to return to work, the report notes.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2012, Trinidad Express reports that Trinidad Central
Steel Mill (Centrin) workers have not accepted letters of
temporary dismissal and are demanding that management find a way
to rehire them.  The company shut down its operations for one
month due to unfavorable market conditions and high inventory of
finished products, according to Trinidad Express.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact:  1-703-739-0800      ;
http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact:  1-703-739-0800
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact:  1-703-739-0800
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *