TCRLA_Public/120627.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

              Wednesday, June 27, 2012, Vol. 13, No. 126


                            Headlines



A R G E N T I N A

* ARGENTINA: Moody's Downgrades IFS Ratings on Four Insurers


B E R M U D A

SEALEAR LTD: Creditors' Proofs of Debt Due July 6
SEALEAR LTD: Members' Final Meeting Set for July 27


B R A Z I L

GOL LINHAS: Plans to Cut 2,000 Jobs By Year-End, CFO Says
LATAM AIRLINES: Fitch Cuts FC Issuer Default Rating to 'BB+'
SA FABRICA: Moody's Lowers CFR, Unsecured Debt Ratings to 'B2'


C A Y M A N   I S L A N D S

ARCAPITA BANK: Revises Proposed KERP, KEIP and Severance Program
ARCAPITA BANK: Tide Natural Wants to Pursue District Court Action
ENDEAVOR FUNDING: Creditors' Proofs of Debt Due July 19
FORGE ABS: Creditors' Proofs of Debt Due July 19
LAGRANGE SPECIAL: Creditors' Proofs of Debt Due July 10

LAGRANGE SPECIAL MASTER: Creditors' Proofs of Debt Due July 10
LG PROPERTIES: Creditors' Proofs of Debt Due July 11
MIKAN CAYMAN: Creditors' Proofs of Debt Due July 9
MSGI CHINA II: Creditors' Proofs of Debt Due July 18
MSGI CHINA IV: Creditors' Proofs of Debt Due July 18

MSGI CHINA VI: Creditors' Proofs of Debt Due July 18
RADCLIFFE OFFSHORE: Creditors' Proofs of Debt Due July 19


J A M A I C A

DIGICEL GROUP: Heads to Court to Challenge OUR's Powers


M E X I C O

VITRO SAB: Bondholders Opposing Expedited Circuit Appeal


P U E R T O   R I C O

BMF INC: Disclosure Statement Hearing Scheduled for Sept. 4
INTERNATIONAL HOME: Taps Aquino Cordova as External Auditor


T R I N I D A D  &  T O B A G O

CLICO BAHAMAS: Liquidator Blasts $52MM Trini 'Harassment'


                            - - - - -


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A R G E N T I N A
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* ARGENTINA: Moody's Downgrades IFS Ratings on Four Insurers
------------------------------------------------------------
Moody's Investors Service has lowered its global local currency
(GLC) and national scale (NS) insurance financial strength (IFS)
ratings on 4 Argentine insurers:

  ACE Seguros S.A. ("ACE Argentina") -- GLC IFS to B1 from Ba3,
  NS IFS to Aa3.ar from Aa2.ar;

  Caruso Cia. Argentina de Seguros S.A. ("Caruso") -- GLC IFS
  to B2 from Ba3; NS IFS to Aa3.ar from Aa2.ar;

  Chubb Argentina de Seguros S.A. ("Chubb Argentina") --GLC IFS
  to Ba3 from Ba1; NS IFS to Aa1.ar from Aaa.ar;

  Provincia Seguros S.A. ("Provincia") -- GLC IFS to B3 from B2,
  NS IFS to A2.ar from Aa3.ar.

All ratings currently carry stable outlooks.

The rating actions conclude reviews initiated on November 6, 2011
(for Caruso), November 30, 2011 (for Chubb Argentina), December
1, 2011 (for ACE Seguros), and March 20, 2012 (for Provincia
Seguros.) The rating reviews of Caruso, Chubb Argentina and ACE
Seguros were initiated followed the passage of new resolutions by
the Argentine National Insurance Superintendent in 2011 requiring
Argentine insurers to repatriate their foreign investments and
curtailing the direct purchase of reinsurance from international
reinsurers, including from international affiliates.
Subsequently, Moody's initiated an updated assessment of the
linkage between the credit profiles of sovereigns and locally-
domiciled financial institutions globally -- as discussed in the
rating implementation guidance "How Sovereign Credit Quality May
Affect Other Ratings" published on February 13, 2012 -- which
prompted the review of Provincia Seguros and was also a
consideration in resolving the other 3 rating reviews.

According to Moody's, the rating downgrades on the global local
currency scale reflect multiple considerations, as follows: 1) an
incremental weakening of the credit profiles of these insurers'
investment portfolios as a result of the legally mandated
repatriation back to Argentina of higher-quality investments held
outside the country, and reinvestment in the local Argentine
market, which has a much lower investment credit profile (e.g.
Argentine sovereign bonds currently rated B3 ); 2) constraints on
Argentine insurers' reinsurance cessions as mandated by the
revised regulations, which particularly affect insurers that have
relied more heavily on external cessions, including to
international affiliates; 3) the application of the rating
implementation guidance with respect to linkages between the
credit profiles of sovereigns and locally-domiciled financial
institutions; and 4) the application of the revised Ba3 sovereign
GLC ceiling.

Ratings Rationale

ACE Argentina

The downgrade of ACE Argentina's GLC IFS rating to B1 from Ba3
reflects the negative impact of the legally-mandated investment
repatriation on the credit profile on the insurer's asset quality
and, to a lesser degree, its capitalization and risk-adjusted
profitability, and the negative impact of the more restrictive
nature of Argentina's revised reinsurance regulations. Moody's
commented that ACE Argentina previously had allocated a
significant portion of its investments in high-quality assets
outside of Argentina and had in place extensive reinsurance
agreements with its affiliate, ACE Tempest Reinsurance Ltd. --
rated Aa3 for IFS. Although ACEArgentina's stand-alone credit
profile was lowered to B2 from B1, primarily reflecting linkages
with sovereign risk, the published B1 GLC rating continues to
reflect 1 notch of uplift because of parental support (ACE INA
Holdings, Inc. -- backed senior unsecured debt at A3). Moody's
noted that the consideration of parental support reflects ACE
Limited's demonstrated regional commitment in Latin America,
brand-sharing and strategic alignment, as well as continued
substantial -- if somewhat less direct (following revised
Argentine reinsurance regulations) -- prospective affiliated
reinsurance support.

The downgrade of ACE Argentina's NS IFS rating (to Aa3.ar from
Aa2.ar) primarily reflects the company's lower GLC rating, as
well as its comparative profile to other B1-rated firms
in Argentina. ACE Seguros is an indirect wholly-owned subsidiary
of ACE Limited. The company provides insurance coverage for
corporates and individuals in Argentina across a wide range of
personal and commercial lines.

Caruso

The downgrade of Caruso's GLC IFS rating to B2 from Ba3 primarily
reflects the company's high direct investment exposure to
Argentine sovereign bonds and bank deposits, and the rating
agency's view that strong linkages exist between insurers and
sovereigns. Moody's said the required repatriation of foreign
assets into lower-quality domestic investments weakens Caruso's
risk-adjusted capitalization and profitability.

The downgrade of Caruso's NS IFS rating (to Aa3.ar from Aa2.ar)
primarily reflects the company's lower GLC rating, as well as its
comparative profile to other B2-rated firms in Argentina. Caruso
is a leading regional company that provides multiline insurance
coverages, although the company's principal business segment is
group life, comprising about 90% of gross premiums written.
Caruso's products are designed mainly for small-to-medium sized
businesses and for medium-to lower-income individuals. The
company's core market is located in the central and northwestern
regions of Argentina.

Chubb Argentina

The downgrade of Chubb Argentina's GLC IFS to Ba3, from Ba1,
reflects the negative impact of the legally-mandated investment
repatriation on the credit profile on the insurer's asset quality
and, to a lesser degree, its capitalization and risk-adjusted
profitability, and the negative impact of the more restrictive
nature of Argentina's revised reinsurance regulations, and the
application of the lower GLC sovereign ceiling for Argentina. If
not for the revised Ba3 (lowered from Ba1) GLC sovereign ceiling,
Chubb Argentina's GLC IFS rating would be a notch higher. Moody's
commented that Chubb Argentina previously had allocated a
significant portion of its investments in high-quality assets
outside of Argentina and had in place extensive reinsurance
agreements with its affiliate, Federal Insurance Company--rated
Aa2 for IFS. Although Chubb Argentina's stand-alone credit
profile was lowered to B1 from Ba1, primarily reflecting linkages
with sovereign risk, the published Ba3 GLC rating reflects a net
uplift of 1 notch, as a result of support from the parent company
(The Chubb Corporation -- senior unsecured debt at A2) which is
ultimately constrained by the revised sovereign ceiling. Moody's
noted that the consideration of parental support reflects The
Chubb Corporation's demonstrated regional commitment in Latin
America, brand-sharing and strategic alignment, as well as
continued substantial -- if somewhat less direct (following
revised Argentine reinsurance regulations) -- prospective
affiliated reinsurance support. Absent the sovereign ceiling
constrain, Chubb Argentina's rating would be a notch higher than
the published Ba3 GLC IFS.

The downgrade of Chubb Argentina's NS IFS rating (to Aa1.ar from
Aaa.ar) primarily reflects the company's lower GLC rating, as
well as its comparative profile -- in the absence of the Ba3
country ceiling -- to other similarly-rated firms in Argentina.
Chubb's Aa1.ar IFS remains the highest NS rating for any insurer
in the country. Chubb Argentina is a property and casualty
insurer active in both personal and commercial lines. It is an
indirect wholly-owned subsidiary of USA-based The Chubb
Corporation (NYSE: CB) and underwrites several business lines
with special focus in surety, general liability, fire and allied
perils and in personal lines for high income customers.

Provincia

The downgrade of Provincia's GLC IFS rating to B3 from B2
reflects the company's very high direct investment exposure to
Argentine sovereign, bank-related and other local assets relative
to capital, in the context of Moody's assessment of the linkages
and correlation between sovereign and financial institutions
credit risk globally. The company's exposure to domestic
sovereign assets and local bank deposits as of March 31, 2012
stood at approximately 300% of the company's equity capital,
indicating a very high correlation between the Argentine
sovereign risk and Provincia's credit profile., Moody's said the
insurer's published IFS rating does not benefit gets no uplift
from its stand-alone B3 credit profile.

The downgrade of the company's NS IFS rating (to A2.ar from
Aa3.ar) primarily reflects the company's lower GLC IFS rating, as
well as its comparative profile to other B3-rated firms
in Argentina. Provincia Seguros is 60% owned by the major
Argentine financial services group, Grupo Banco Provincia S.A.,
which in turn is owned by the second-largest bank in Argentina,
Banco de la Provincia de Buenos Aires. Grupo Banco Provincia S.A.
is engaged in multiple financial services segments and it also
maintains a presence in the life insurance industry through
Provincia Seguros de Vida, and in the mono-line workers'
compensation segment through Provincia Seguros ART.

What Could Move The Ratings Up/Down

As the key drivers of the 4 rating actions are mostly structural
in nature, Moody's considers that upwards rating pressure is
unlikely over the near-term. Beyond the foreseeable future, a
combination of an improving Argentine operating
environment/Argentine sovereign credit risk profile, declining
direct sovereign-risk investment exposures, and cross-border
diversification could exert upwards rating pressure. Conversely,
deterioration in the Argentine operating environment/Argentine
sovereign credit risk profile and/or a weakening of the insurers'
stand-alone financial fundamentals and credit profile could exert
downwards pressure on the ratings.

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



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B E R M U D A
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SEALEAR LTD: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of SeaLear Ltd. are required to file their proofs
of debt by July 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 20, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SEALEAR LTD: Members' Final Meeting Set for July 27
---------------------------------------------------
The members of SeaLear Ltd. will hold their final meeting on
July 27, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 20, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda



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B R A Z I L
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GOL LINHAS: Plans to Cut 2,000 Jobs By Year-End, CFO Says
---------------------------------------------------------
Boris Korby and Drew Benson at Bloomberg News report that Gol
Linhas Aereas Inteligentes SA Chief Financial Officer Leonardo
Pereira said it will cut 2,500 jobs to restore profitability,
twice as many as it had planned last month.

The carrier is firing workers and won't replace those leaving the
company, Mr. Pereira told Bloomberg in an interview.  The company
said as recently as May it would trim about 1,200 positions from
a workforce of about 20,500, according to Bloomberg News.

Bloomberg News notes that Gol Linhas expects to end 2012 with 138
planes, down from 150 to start the year.

A slowdown in economic growth, declines in the currency, and an
inability to raise prices amid increasing competition fueled
losses at the airline in three of the past four quarters,
according to data compiled by Bloomberg.

The company will "most likely" end the year with fewer than
18,000 workers, Mr. Pereir said, Bloomberg News relays.  "That's
a result of not hiring people, not opening new positions.  We are
being very cost conscious," he added.

Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
April 9, 2012, Standard & Poor's Ratings Services lowered its
'BB-' global-scale corporate credit rating on Sao Paulo-based Gol
Linhas Aereas Inteligentes S.A. (Gol) to 'B+'.  S&P also lowered
the 'brA' Brazil national scale rating to 'brBBB'.  The outlook
is negative.


LATAM AIRLINES: Fitch Cuts FC Issuer Default Rating to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded LATAM Airlines Group S.A.'s (LATAM;
formerly known as LAN Airlines S.A.) foreign currency IDR to
'BB+' from 'BBB'.  Fitch has also affirmed LATAM's national
equity rating at Level 2 (Primera Clase Nivel 2).  In addition
Fitch has also upgraded TAM S.A.'s (TAM) foreign and local
currency IDRs to 'BB' from 'B+' and its National long-term rating
to 'A+(bra)' from 'BBB+(bra)'.

The rating actions follow the completion of the LATAM and TAM
combination after the closing of the exchange offer for TAM
shares occurred.  This has resulted in LATAM acquiring indirectly
substantially all of the economic rights and 20% of the voting
rights in TAM, now an affiliate company of LATAM.

Fitch has also upgraded the following ratings:

Tam Linhas Aereas S.A.

  -- Foreign currency to 'BB' from 'B+';
  -- Local currency IDR to 'BB' from 'B+'.

Tam Capital Inc.

  -- Foreign currency IDR to 'BB' from 'B+';
  -- Local currency IDR to 'BB' from 'B+';
  -- USD300 million senior unsecured note due 2017 to 'BB' from
     'B+/RR4'.

Tam Capital Inc. 2

  -- Foreign currency IDR to 'BB' from 'B+';
  -- Local currency IDR to 'BB' from 'B+'; --USD300 million
senior
     unsecured note due to 2020 to 'BB' from 'B+/RR4'.


Tam Capital Inc. 3:

  -- Foreign currency IDR to 'BB' from 'B+';
  -- Local currency IDR to 'BB' from 'B+';
  -- USD500 million senior unsecured note due to 2021 to 'BB'
     from 'B+/RR4'.

Fitch has also assigned the following ratings:

Tam Linhas Aereas S.A.

  -- National long-term rating 'A+(bra)'
  -- BRL600 million debentures due 2017 'A+(bra)'..

Fitch has also withdrawn the ratings for TAM S.A's BRL500 million
debentures as this security has been fully paid off

The Rating Outlook is Stable for all ratings.

LATAM's ratings incorporate its diversified business model,
strong regional market position, its credit profile on a
standalone basis with high EBITDAR margins above the average in
the industry, high gross adjusted leverage, and low liquidity.
During the latest twelve months (LTM) March 2012 period, LATAM's
EBITDAR and EBITDAR margins were USD1.1 billion and 18.5%,
respectively.  LATAM's gross adjusted leverage was 4.7x.

Also incorporated in the ratings is LATAM's track record of
maintaining a relatively stable credit profile through the
economic cycle during the last several years as well as the
deterioration in its credit metrics during the 24 months period
ended in March 2012, this has been driven primarily by the
implementation of its strategic fleet plan.

TAM's ratings reflect its strong market position, business
diversification, volatility in operational results through the
economic cycle, and its credit profile on a standalone basis.
TAM is the leader in Brazil, which represents approximately 50%
of Latin America's total traffic.  TAM's market shares in terms
of available seat kilometers (ASKs) stand at approximately 41%
and 86% of the Brazilian domestic and international segments,
respectively.

During the LTM March 2012 period TAM's EBITDAR, EBITDAR margin
and gross adjusted leverage were USD1.2 billion, 15.6% and 5.7x,
respectively.  By the end of March 2012, TAM's cash position was
adequate at USD1 billion, representing 13.4% of its total LTM
revenues.

The ratings of LATAM and TAM also incorporate the strong credit
linkage between both entities, after the completion of the
proposed combination, reflecting the legal, operational and
strategic ties existing between the two companies.  LATAM's
ratings incorporate -- on a combined basis -- its new competitive
position, business diversification, cost structure and
expectations on its credit profile and future financial
performance through the economic cycle.

Post-closing, cross guarantees and cross default clauses related
to the aircraft financing for both entities are expected to be in
place or start to be actively incorporated during the first year
of combined operations.  Different jurisdictions are not expected
to be an impediment to enforce cross default and guarantee
clauses.  Dividends and intercompany loan restrictions are not
anticipated to exist between both entities and substantially all
dividend flow generated by TAM is expected to be oriented to
LATAM through its non-voting shares in TAM.

In addition, TAM's operations are viewed as integral to LATAM's
core business.  TAM will represent more than 50% of the combined
operations in terms of revenues and EBITDAR.  Fitch believes that
a strong operational tie will exist between both entities.  That
view is further supported by the expectation that the financial
strategy related to the combined capex plan will be primarily
oriented to acquire aircraft assets through LATAM.  Thus, the
entities can take advantage of tax benefits existing in Chile's
legislation, and then sub-lease them to TAM.

Another positive factor in the ratings is the company business
position (after the completion of LATAM and TAM combination) as
the largest carrier in Latin America region with annual levels of
revenues and transported passengers around USD13.6 billion and 60
million, respectively, by the end of March 2012.  The new scale
is expected to allow the company to leverage on economy of scale
and access to joint hubs, network efficiency, and negotiation
power with suppliers and international carriers looking for
access to South America to complement its international
operations.  LATAM and TAM have complementary networks with only
3% overlap which should facilitate the integration process and
achieve important synergies during the next few years.

The Stable Outlook incorporates the view that LATAM (on a
combined basis) will maintain a relatively stable credit profile
in the short to medium term.  Fitch's base case considers LATAM's
combined annual revenues during the 2012-13 period would be
approximately USD15 billion, with EBITDAR margins in the 17% to
19% range.

The ratings also incorporate the expectation that the company
will reduce its combined adjusted gross leverage to levels around
4.5x coupled with adequate liquidity levels (cash plus unused
committed credit lines) in the 10% to 15% range over LTM revenues
by the end of December 2013.  The company's free cash flow (FCF)
margin is expected to remain negative in single digits during the
2012-13 period driven primarily by its fleet capex plan.  Fitch's
FCF calculation considers total cash flow from operations after
interest paid less capex and paid dividends.

Rating Drivers: A negative rating action could be triggered by a
deterioration of the company's credit protection measures due to
sizeable negative FCF funded with additional debt.  Expectations
by Fitch of total adjusted debt to EBITDAR to remain consistently
at or beyond 5x coupled with liquidity deterioration by the end
of 2013 will likely result in a negative rating action.

Conversely, Fitch may take a positive rating action if a
combination of the following factors takes place:

  -- Improvement in the company's gross adjusted leverage at or
     below 3.5x;

  -- Solid liquidity reflected in cash position plus revolving
     committed facilities consistently around 25% of the
     company's LTM revenues;

  -- Coverage above 2.0x times the company's debt payments due
     during the next 24 months; and

  -- Improving FCF generation trending to neutral to positive
     levels.

Synergies Target Realizable: The company is managing the target
to reach synergies of the USD600 million to USD700 million over
the next four years.  Participations at levels of 40%, 40% and
20% are likely to come from passenger revenues, cost, and cargo
revenues, respectively.  Fitch views the company's expected
synergies as attainable.  However, Fitch also acknowledges the
risk of delay in the integration process due to current slowing
macro economy environment affecting the Brazilian economy and the
cargo operations.

Also a factor is a potential further depreciation of the Real
versus the US dollar.  This may reduce profitability from the
Brazilian operations in USD terms.  Additionally, the increasing
competition in Brazil's domestic market resulting in operating
margin trending negative during the last quarters despite
relative healthy traffic.  The ratings incorporate Fitch's view
that approximately 60% of the company's synergies target could be
reached during the 2012-2014 period.  One-time combination costs
of approximately USD170 million, the bulk of which are expected
to be incurred during the first 12 months, should offset
synergies during the first year of operations.

Business Diversification Offers Operational Flexibility: On a
combined basis, LATAM will likely benefit from enhanced revenue
diversification reflected in its capacity to adjust its exposure
to individual markets.  This will likely be accomplished through
fleet reassignments as needed to adjust for demand fluctuations.
The company's portfolio business diversification includes the
international passengers, Brazilian domestic, other regional
domestic passengers, cargo, and the loyalty program businesses,
which represent approximately 34%, 27%, 11%, 17%, and 6%,
respectively, of the company's total revenues.

The new company will maintain a unique business position.  This
is based on broader connectivity in the region resulting from the
combination of its strong presence in domestic markets (intra
South America routes) and the international passenger segment.
The carrier's market position is anticipated to become very
attractive not only to its regional customer base, but also to
global carriers looking for a regional partner to complement its
international routes.

Strategic Capex Plan Incorporated: Overcapacity risk will
increase during the next years as the company maintains a
strategic capex plan that will limit its FCF generation during
the next two years ended in December 2013.  Counterbalancing this
risk is the company's positive track record to properly
anticipate demand and focus on profitability instead of market
share, as well as LATAM's flexibility to adjust fleet size as a
result of the staggered expiration of operating and financial
leases and to reassign aircraft to different markets adjusting
for demand trends.  LATAM's capex related to aircraft equipment
during 2012-2014 periods is expected to reach a total net amount
around USD7.9 billion.  Capex annual levels should come in
between USD2.5 billion and USD2.9 million during the period.
LATAM has already secured certain long-term financing (12-year
tenor on average) from financial institutions.

By the end of December 2011, on a combined basis, LATAM's
consolidated capacity in the passenger and cargo businesses were
125 billion and 5.1 billion of available seat kilometers (ASKs)
and available tone kilometers (ATKs), respectively.  The ratings
consider the company plans to increase capacity at a growth rate
of approximately 7% to 9% per year during the 2012 - 2014 period
for the passenger segment.  In the cargo segment, the company's
capacity is expected to increase significantly during 2013 and
2014.  Also, 2012 cargo combined capacity is expected to grow
(albeit moderately) as the company has recently revised its 2012
target.

High Combined Gross Adjusted Leverage, Expected to Improve by the
end of 2013: The ratings incorporate the company's combined high
gross leverage and the expectation that its leverage metrics will
improve to the end of 2013.  On a proforma basis, LATAM's
combined gross adjusted leverage, measured by the total adjusted
debt to EBITDAR ratio, was 5.2x by the end of March 2012.

Fitch expects to see deterioration in the company's gross
adjusted leverage during second half-2012 reaching levels in the
5.5x to 6x range.  The 2012 capex plan should be supported with
incremental debt.  The company's combined adjusted gross leverage
metrics are expected to improve toward the end of 2013, trending
to levels around 4.5x driven primarily by higher cash flow
generation, measured as EBITDAR, as expected synergies start to
be realized.

On a proforma basis, the company reached combined revenues,
EBITDAR, and EBITDAR margin of USD13.6 billion, USD2.3 billion,
and 16.8% during the LTM March 2012 period.  In addition, the
company had approximately USD12 billion in adjusted total debt by
the end of March 2012.  This debt consists primarily of USD9
billion of on-balance-sheet debt, most of which (approximately
70%) is secured, and an estimated USD3 billion of off-balance-
sheet debt associated with lease obligations with total combined
rentals payments around USD441 million during the period.

Liquidity, Low Cash Position Compensated by Alternative Sources
of Liquidity: Fitch views the company's combined cash position as
low for the rating category and partially compensated by
alternative sources of liquidity.  On a combined basis, the
company maintains a cash position of USD1.3 billion and USD208
million in unused committed credit lines by the end of March
2012.  This level of liquidity, cash plus committed unused credit
lines, represents 11.2% over the company's LTM revenues and 0.9x
of its total short term debt of USD1.7 billion by the end of
March 2012.

Additionally, the company maintains as an additional source of
liquidity the alternative to obtain financing from its aircraft
pre-delivery deposit payments (PDP) own funds of approximately
USD800 million by the end of March 2012.  Fitch does not expect
to see the company improve its cash position during the next 18
months (ended in December 2013).  The company's FCF generation is
anticipated to be limited considering the capex plan being
implemented.  The company's liquidity, measured by cash plus
committed credit lines, is expected to remain in the 10% to 15%
during the near to medium term.


SA FABRICA: Moody's Lowers CFR, Unsecured Debt Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family and senior unsecured debt ratings of Vigor. This concludes
the review that began on February 17, following JBS' (B1 stable)
announcement of a voluntary exchange offering to spin-off the
dairy subsidiary to its shareholders. The rating outlook is
stable.

The following ratings were downgraded:

S.A. Fabrica de Produtos Alimenticios Vigor

- Corporate Family Rating: To B2 from B1 (global scale)

- US$100 million senior unsecured notes due 2017: To B2 from B1
   (foreign currency)

Rating outlook is stable.

Ratings Rationale

"The downgrade was triggered by the conclusion of Vigor's spin-
off from JBS, that will make the company operate independently
without the operating and financial support of its former parent
company", says Moody's analyst Marianna Waltz. Vigor was rated B2
until May 2011, when the rating was raised to B1, the same level
as JBS, reflecting anticipated benefit from JBS' scale and
bargaining power, and access to capital.

The B2 rating is supported by the business profile of the dairy
segment, which can provide higher and more stable margins than
the protein industry. In addition, Vigor has a portfolio of
leading and well recognized brands with focus on value-added
products targeting different social classes. Currently, only
about 8% of the company's sales come from raw milk, with the
balance related to branded products such as yogurts, cream
cheese, margarines and parmesan cheese.

Besides the removal of JBS' support, the downgrade takes into
consideration Vigor's high financial leverage, as measured by
total adjusted Debt/EBITDA of 7.4x as of December 2011, and its
relative small size in a consolidating market that tends to favor
larger players. With annual revenues of BRL 1.2 billion in fiscal
year 2011, the company operates in the competitive dairy business
against well capitalized and larger international and local
peers, including Nestle, Danone and Brasil Foods. Moreover,
although Moody's recognizes Vigor's expansion strategy as a way
to reach geographic diversification and brand strengthening, it
also introduces execution risk that could hurt the company's
credit metrics and high capital investments which will prevent
free cash flow generation over the next several years.

In Moody's view, Vigor's corporate governance standards should
improve with the spinoff, the company will be listed in the Novo
Mercado of BM&FBovespa, the highest level of corporate governance
on the stock exchange. Moreover, the company should benefit from
having a dedicated professional management team, as opposed to
being a minor business segment of JBS. Vigor will also have a
Board of Directors with four independent members and a Fiscal
Council.

The stable outlook reflects Moody's view that Vigor will be able
to conduct its expansion strategy and possible M&A activity in a
responsible way, while maintaining leverage and profitability
near current levels. The outlook also anticipates a recovery in
the company's profitability following a difficult 2011
performance which saw significant margin contraction.

The ratings can be upgraded if the company is able to increase
and sustain reported EBITDA margins at 11% or higher on a
consistent basis, while keeping leverage measured by adjusted
debt/EBITDA below 4.5x, RCF /net debt above 15% and EBITA to
Interest Expense higher than 2.0x.

A downgrade could result from a deterioration in liquidity or the
inability in keeping operating margins near current levels. More
specifically, the ratings could be downgraded if total adjusted
debt to EBITDA is sustained above 5.5x, RCF/Net Debt less than
12% and EBITA/ interest expense below 1.5x.

The principal methodology used in this rating was Global Packaged
Goods Industry published in July 2009.

Founded in 1917 and headquartered in Sao Paulo, Vigor had annual
revenues of BRL 1.2 Billion as of 2011. The company is a
manufacturer of dairy products and vegetable oils, having under
its portfolio the brands Vigor, Leco, Faixa Azul, Danubio and
Serrabella. About 61% of revenues come from value added dairy
products, while only 8% come from UHT milk. Vigor is a relevant
player in the Southeast of Brazil, with approximately 75% of its
revenues coming from this region, principally from Sao Paulo,
which accounts for 65% of the group's revenues on a standalone
basis.



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


ARCAPITA BANK: Revises Proposed KERP, KEIP and Severance Program
----------------------------------------------------------------
Arcapita Bank B.S.C.(c) and its affiliated debtors made minor
revisions to the proposed Key Employee Retention Program for non-
insider Employees, Key Employee Incentive Plan for insider and
non-insider Employees, and workforce reduction after further
reflection and analysis by the Debtors and their advisors and
discussions with the Official Unsecured Creditors' Committee.

(A) Proposed Modifications to KERP and KEIP

The Committee generally supported the Debtors' plans to
restructure the Arcapita Group workforce and motivate continuing
Employees to deliver superior performance for the benefit of
existing financial stakeholders.  Work remained to be completed,
however, to finalize a few aspects of the Employee Programs, most
notably the KEIP performance goals.

Pursuant to the KEIP, the Debtors' management opted to fashion an
incentive plan which establishes individual metrics for each
individual KEIP participant (rather than link Employee
compensation to one overall metric).  Structuring such a measured
and tailored program, however, required substantial time and
effort. Specifically, time was spent considering the proper goals
for particular KEIP participants.

All post-Filing Date modifications to the KEIP Performance Goals
made the awards harder to attain or otherwise reduced the cost of
the program.  For example, under the current KEIP proposal, all
restructuring based milestones must now be achieved within a
specific time period for the applicable Employee to receive an
award.  Other Employees who previously only had one KEIP
Performance Goal now must satisfy two separate milestones to
receive a full KEIP award.  In addition, after careful
consideration, the Debtors decided to reduce the size of the KEIP
and KERP participant pools by four Employees in aggregate (three
Employees in the KERP and another in the KEIP).  The
modifications
reduced the total pool of KERP participant Employees to 36 non-
insider Employees and KEIP participant Employees to 4 insider and
15 non-insider Employees.  As a result, the total cost of the
KERP and KEIP (at target) has decreased by approximately $10,000.

The Debtors have further clarified how KEIP awards are earned for
the achievement of partial or full achievement of targeted EBITDA
or cost reduction goals.  KEIP participants with Financial KEIP
Performance Goals are ineligible to receive a KEIP award if the
Arcapita Group fails to achieve 90% -- or 80% for one non-insider
Employee whose Financial KEIP Performance Goal is linked to cost
reductions -- of the stated Financial KEIP Performance Goal.  If
the Arcapita Group achieves 90% (or 80% for the one non-insider
Employee) of the stated Financial KEIP Performance Goal, the
applicable KEIP participant may receive 75% of his or her target
KEIP award.  If the Arcapita Group achieves 110% -- or 120% for
the same non-insider -- of the stated KEIP Performance Goal, the
applicable KEIP participant is eligible to receive 125% of his or
her target KEIP award.  Finally, if the Arcapita Group achieves
over 90% -- or 80%, as applicable -- but less than 110% -- or
120%, as applicable -- of the stated KEIP Performance Goal, the
size of the earned KEIP award will be interpolated using straight
line interpolation from a 75% payout to a 125% payout.

A KEIP Participant's KEIP award will be due and payable upon the
earlier of (a) two months after the full or partial achievement
of such KEIP participant's KEIP Performance Goal or (b)
termination without cause (assuming the KEIP Performance Goal has
been or ultimately is achieved).  The Debtors also proposed that
50% of a KERP Participant's KERP award will be due and payable at
the end of the end of the 2012 calendar year and the remaining
50% will be due and payable at consummation of a chapter 11 plan
or liquidation of the estates.  However, if an Employee eligible
for a KERP award is terminated without cause prior to
consummation of a chapter 11 plan or liquidation of the estates,
the award will become immediately due and payable.

The Debtors said the proposed KEIP Performance Goals are designed
to motivate the KEIP participants to maximize value for all of
the Debtors' stakeholders (in particular, creditors) by rewarding
participants for meeting targeted financial performance and
restructuring goals.  Recent modifications to the KEIP
Performance Goals have reinforced the link between Employee
compensation and creditor recoveries by, for example:

     -- incorporating defined six month EBITDA targets for seven
        separate Arcapita Group portfolio companies into certain
        KEIP Performance Goals.  In aggregate, the KEIP
        Performance Goal EBITDA targets are approximately 10%
        higher than the seven portfolio companies' aggregate
        EBITDA for the last two quarters of 2011;

     -- adding KEIP Performance Goals for certain participants
        relating to the Arcapita Group's monetization of specific
        assets, recoveries from which would flow to creditors;

     -- conditioning receipt of awards for accomplishment of
        restructuring milestones on such milestones being
        accomplished by a specific date, to motivate Employees to
        help consummate the Chapter 11 cases quickly, minimizing
        professional costs and other administrative expenses;

     -- establishing a specific cost reduction goal for one KEIP
        participant; and

     -- adding new KEIP Performance Goals for multiple
        participants relating to their preventing their direct
        reports from leaving the Arcapita Group, thereby
        preventing unintended losses of institutional knowledge.

(B) Proposed Modifications to Reduction in Force

If approved, the Severance Program and Global Settlement will
implement a planned Arcapita Group reduction in force.  The
Arcapita Group initially projected that the reduction in force
would consist of 96 Terminated Employees (all terminated without
cause).  The reduction reflected the current reduced scope of
Arcapita Group operations.

Previously Arcapita Group Employees worked to manage and maintain
current Arcapita Group investments and portfolio companies and
search out new investment opportunities.  Since the Petition
Date, however, the Debtors have restricted operations to managing
and monetizing their interests in current Arcapita Group
investments. As a result, many jobs have been rendered redundant
or otherwise superfluous.

Tthe Debtors have continued to refine the proposed workforce
reduction. Currently, the Debtors intend to terminate 94
Employees without cause soon after entry of an order approving
the Severance Program and Global Settlement.  This modification
to the pool of Terminated Employees, has caused these changes to
the original proposal:

     -- The projected run rate savings to the Arcapita Group in
        wages and other benefits approximates to $770,000 per
        month (compared with the $830,000 estimate in the
        original;

     -- The projected cash cost of the Severance Program and the
        Global Settlement (in each case, for the Terminated
        Employees) is $4.1 million (compared with the $4.5
        million estimate in the original.  The projected cash
        cost has decreased on account of slight changes in the
        makeup of the Employee population included in the
        Severance Program and the Employee Loans;

     -- The projected cash "payback period" for the workforce
        reduction equals approximately 5.3 months -- compared
        with the five and one-half month "payback period" in the
        original -- and the Debtors expect to generate savings of
        approximately $5.2 million in cash over the next 12
        months;

     -- The Debtors estimate that the Terminated Employees
        account for approximately $3.65 million of total
        outstanding obligations under the IPP/IIP and $83,000 of
        the Net Obligations (calculated as the shortfall in total
        obligations less the estimated fair value of the shares
        returned to the Arcapita Group via the Global Settlement)
        (compared with the $4.76 million of total obligations and
        $46,000 of Net Obligations estimates in the original).

(C) Proposed Treatment of Additional Employee Loans

Prior to the Petition Date, certain Employees received from the
Arcapita Group interest-free loans, including upon a showing of
need.  The Employee Loans were incorporated into the calculation
of any termination payments owed to Employees upon termination
without cause.  Specifically, pursuant to the Severance Program,
if an Employee owes an Arcapita Group entity value under an
Employee Loan, at termination, Notice and Severance Payments and
any other payments (including vacation payout and/or payout of
private pension amounts) due the Employee will be reduced by the
outstanding principal amount of such loan.

The Debtors said additional due diligence uncovered the existence
of additional Employee Loans relating to one specific real
property project.  All of the incremental Employee Loans were
advanced approximately 6 years ago.  Taking the additional
Employee Loans into account, at the Petition Date, (a) 12
Terminated Employees collectively owed the Arcapita Group
$581,000 of Employee Loans and (b) Employee Loans for continuing
Employees approximated to $4.0 million.  The Debtors continue to
propose to reduce from any Notice and Severance Payments owed a
Terminated Employee the amount of any outstanding Employee Loans
under the Severance Program; provided that, after taking into
account all deductions, no Terminated Employee will have net
obligations to the Arcapita Group under the Severance Program.

                    Committee Supports Programs

The Official Committee of Unsecured Creditors expressed its
support to Arcapita Bank's request to implement the employee
programs and global settlement of claims. The Committee said it
believes that the parties have reached a workable construct for
this workforce reduction that appropriately safeguards the
interests of the Debtors' stakeholders, while enhancing the value
of the Debtors' estates for the benefit of unsecured creditors.

The Committee said that in reviewing the Debtors' proposal, it
"most squarely focused" on the Global Settlement.  The Committee
pointed out the Global Settlement could result in the forgiveness
of $15.49 million in obligations owed to the Debtors by their
employees under the IPP/IIP.  In return, the Debtors propose that
for employees who agree to be bound by the Global Settlement,
Notice and Severance Payments will be capped at four months'
salary.

The Committee said it struggled with this proposal.  First, such
a program contemplates the Debtors forgiving valid obligations
owing to them, in favor of "doubling down" on some of the same
investments that contributed to the Debtors' need to seek chapter
11 protection.  Second, the proposal permits employees to
participate in the program at their option, so employees are
likely to participate only if they believe the amount of their
outstanding obligations is greater than the value of the equity
interests they hold pursuant to the IPP/IIP.

However, the Committee said it recognized the benefits that the
Global Settlement provides to the Debtors' estates.  For a number
of employees, particularly those who are long-term, the
limitation of Notice and Severance Payments to four months'
salary will provide significant savings to the Debtors' estates.
Additionally, the Debtors will receive equity interests in the
portfolio companies from any employees who elect to participate
in the Global Settlement.  The Global Settlement also
contemplates that, to the extent employees have received the 25%
relief from any loan given to all employees with at least five
years of service with the Arcapita Group, but such employees have
not yet fully satisfied the related loans, then a pro rata
portion of that 25% of the loan is treated as outstanding for the
purpose of calculating the amount of shares the Debtors will take
back as part of the Global Settlement.

Although the Committee believes that the employee obligations
under the IPP/IIP are enforceable, the reality is that the
enforcement could (a) involve substantial expense, (b) result in
judgments on which the Debtors would have difficulty realizing
(for instance, if the relevant employee has insufficient assets
to satisfy the judgment), and (c) engender discontent among
current employees, were the Debtors to take legal action against
current or former employees under what was intended to be an
incentive program.  The Committee is also sensitive to the
reality that the Debtors' employees are acutely interested in
loan forgiveness, to the point that it may be damaging to the
morale of continuing employees if they are not offered the same
loan forgiveness as Terminated Employees.

The Committee negotiated several additional protections for the
Debtors' estates, including that (a) to receive loan forgiveness,
continuing employees electing to participate in the Global
Settlement must remain employed with the Debtors for 120 days
after entry of an order approving the Employee Settlement Motion;
(b) the Debtors' seven most senior executives will not be
eligible to participate in any aspect of the relief; (c) the cap
on notice and severance obligations at four months' salary
applies to continuing employees who elect to participate in the
Global Settlement should they be terminated without cause in the
future, even after the Debtors' reorganization is effective; (d)
the Global Settlement will be available to employees for a 120-
day opt-in period after entry of an order approving the Employee
Settlement Motion, by which time employees with outstanding loan
obligations under the IPP/IIP must determine whether they will
participate; and (e) no employees may receive loan forgiveness if
they are at any time terminated for cause.

                    U.S. Trustee's Objections

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Arcapita Bank BSC will face opposition from the U.S.
Trustee at a June 26 hearing for approval of a bonus program
benefiting 20 managers.  The U.S. Trustee is also against making
a secret of the amounts of the bonuses.  The U.S. Trustee, the
Justice Department's bankruptcy watchdog, faults the bonus motion
for failing to set out the standards of performance that must be
met to dole out $3 million or more in bonuses.  The bonuses will
equal three months to a year's wages, the company said in court
papers.  Details of the Debtors' bonus motion were reported in
the June 14 edition of the Troubled Company Reporter.

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March
19, 2012.  The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ARCAPITA BANK: Tide Natural Wants to Pursue District Court Action
-----------------------------------------------------------------
Tide Natural Gas Storage I, LP and Tide Natural Gas Storage II,
LP, ask the Manhattan Bankruptcy Court to lift the automatic stay
in the Chapter 11 cases of Arcapita Bank B.S.C.(c), et al., and
Falcon Gas Storage Co., Inc., so that Tide can seek to liquidate
its claims against Falcon and Arcapita Bank in Cause No. 10-CIV-
5821 in the U.S. District Court for the Southern District of New
York.

The District Court Action has been pending for almost two years,
the Honorable Judge Kimba Wood has issued substantive rulings in
the case, fact discovery was underway, and the case was set for
trial in September 2012 when the Debtors filed for bankruptcy
protection last March 2012.

Tide said Falcon is a non-operating entity with no employees and
no cash flow.  It has no business to reorganize and no employees
to protect.  Other than an intercompany receivable owed to it by
its parent Arcapita, Falcon has one significant asset -- a
disputed interest in $70 million in escrow which is the subject
of the District Court Action -- no secured creditors, no priority
creditors, and a single general unsecured creditor -- in the
amount of $536.30 -- that is not listed as "contingent,"
"unliquidated," or "disputed."  Tide added that Falcon exists
only as a shell company to continue existing litigation,
including the District Court Action pending before Judge Wood in
the Southern District of New York.  That litigation will
determine, among other things, the ownership of $70 million
currently in escrow.

Arcapita is also a defendant in the District Court Action.
Following Arcapita's chapter 11 filing, Tide moved to sever
Arcapita from the District Court Action so that the District
Court Action could proceed against Falcon and the remaining non-
debtor defendants.  Falcon then filed for bankruptcy protection,
stating that its filing "was intended to prevent 'piecemeal
litigation' [of the claims in the District Court Action] and to
ensure that the resolution and liquidation of any claims as to
Falcon was coordinated as to those same claims against Arcapita
Bank."

According to the Debtors, the "coordination will insure that the
prevention of piecemeal resolution of litigation -- a well-
recognized purpose of chapter 11 -- is observed."

Tide said if its claims against the Debtors are to be decided in
a single forum, the District Court is the appropriate forum.
Tide also said relief from the automatic stay as to Arcapita and
Falcon would, among other things, result in complete resolution
of the dispute regarding ownership of the Escrow Funds, determine
the viability of proceeding with the Falcon bankruptcy case,
benefit all creditors, and further judicial economy and
economical resolution of the issues.  However, to the extent that
the Bankruptcy Court finds that relief from the automatic stay as
to Arcapita is not appropriate at this time, then Tide requests
that relief as to Falcon be granted so that ownership of the
Escrow Funds may be determined by the District Court.

Tide also noted that John M. Hopper, et al., have filed Adversary
No. 12-01662 in the bankruptcy case and have named Falcon, but
not Tide, as a defendant.  In the Hopper Adversary Case, Tide
recounted, the Hopper Parties claim that right, title and
interest in $8.25 million of the Escrow Funds has vested in
Falcon and has been assigned to the Hopper Parties.  The Hopper
Parties seek immediate payment of the $8.25 million.  However,
ownership of all of the Escrow Funds is currently at issue
between Tide and Falcon in the District Court Action, where Judge
Wood has ruled that none of the escrow funds can be released at
this juncture.  Tide said the relief sought in the Hopper
Adversary is barred by existing orders in the District Court and
the Hopper Adversary cannot be decided until ownership of the
$70 million in escrow is decided in the District Court Action.

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March
19, 2012.  The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ENDEAVOR FUNDING: Creditors' Proofs of Debt Due July 19
-------------------------------------------------------
The creditors of Endeavor Funding Ltd. are required to file their
proofs of debt by July 19, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 28, 2012.

The company's liquidator is:

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


FORGE ABS: Creditors' Proofs of Debt Due July 19
------------------------------------------------
The creditors of Forge ABS High Grade CDO I, Ltd. are required to
file their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2012.

The company's liquidator is:

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


LAGRANGE SPECIAL: Creditors' Proofs of Debt Due July 10
-------------------------------------------------------
The creditors of Lagrange Special Situations Yield Fund, Ltd. are
required to file their proofs of debt by July 10, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


LAGRANGE SPECIAL MASTER: Creditors' Proofs of Debt Due July 10
--------------------------------------------------------------
The creditors of Lagrange Special Situations Yield Master Fund,
Ltd. are required to file their proofs of debt by July 10, 2012,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


LG PROPERTIES: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
The creditors of LG Properties (Cayman) Ltd. are required to file
their proofs of debt by July 11, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2012.

The company's liquidator is:

         Donna Lloyd George
         340 Royal Poinciana Way
         Suite 321
         Palm Beach, FL 33480
         USA
         Telephone: 561-835-1352
         Facsimile: 561-835-1371


MIKAN CAYMAN: Creditors' Proofs of Debt Due July 9
--------------------------------------------------
The creditors of Mikan Cayman Holdings Limited are required to
file their proofs of debt by July 9, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2012.

The company's liquidator is:

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


MSGI CHINA II: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
The creditors of MSGI China II Limited are required to file their
proofs of debt by July 18, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 30, 2012.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949 4544
         Facsimile: (345) 949 8460
         Charles Adams Ritchie & Duckworth
         PO Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA IV: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
The creditors of MSGI China IV Limited are required to file their
proofs of debt by July 18, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 30, 2012.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949 4544
         Facsimile: (345) 949 8460
         Charles Adams Ritchie & Duckworth
         PO Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA VI: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
The creditors of MSGI China VI Limited are required to file their
proofs of debt by July 18, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 30, 2012.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949 4544
         Facsimile: (345) 949 8460
         Charles Adams Ritchie & Duckworth
         PO Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


RADCLIFFE OFFSHORE: Creditors' Proofs of Debt Due July 19
---------------------------------------------------------
The creditors of Radcliffe Offshore Investors SPC, Ltd. are
required to file their proofs of debt by July 19, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 25, 2012.

The company's liquidator is:

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



=============
J A M A I C A
=============


DIGICEL GROUP: Heads to Court to Challenge OUR's Powers
-------------------------------------------------------
RJR News reports that Digicel Group Limited's lawyers were to
return to the Supreme Court Monday, June 25, to seek leave for
judicial review to challenge the powers of the Office of
Utilities Regulation (OUR) to set rates in the market.

Digicel Group filed the action in the Supreme Court two weeks ago
after its competitor, LIME, slashed its mobile call rates,
according to RJR News.  The report relates that the matter was
slated to be heard but was adjourned after LIME and the Fair
Trading Commission, FTC, intervened in the impasse.

RJR News notes that Digicel Group has asked the Supreme Court to
review the OUR's move to set rates under the amended Telecoms
Act.

Digicel Group said it is supportive of constructive change in the
sector but insists that the OUR must do so through consultations,
RJR News relates.  Digicel will be applying for an injunction
blocking the new rates until its challenge is heard, the report
relays.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.  Digicel is based in Jamaica.
It has operations in 31 markets worldwide.  Its Caribbean and
Central American markets comprise Anguilla, Antigua & Barbuda,
Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos.  The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.

                      *     *     *

As of June 25, 2012, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.



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


VITRO SAB: Bondholders Opposing Expedited Circuit Appeal
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB bondholders told the U.S. Court of Appeals
in New Orleans Monday that Mexican glassmaker should be denied an
expedited appeal from a ruling by the bankruptcy judge on June 13
refusing to enforce the Mexican reorganization plan in the U.S.

The report recounts that the bankruptcy judge in Dallas ruled
that the Mexican reorganization violated U.S. law and public
policy by reducing the liability of non-bankrupt Vitro
subsidiaries on their guarantees of $1.2 billion in defaulted
bonds.  The bankruptcy judge recommended that the 5th Circuit
permit a direct appeal to avoid an intermediate appeal in the
federal district court in Dallas.

According to the report, the bondholders are opposing an
expedited appeal even though they may soon be able to start
seizing assets of Vitro and its subsidiaries.  Bondholders argue
that the subsidiaries can file their own bankruptcies to avoid
having their assets attached.  The bondholders want the usual 30
days to file their brief on appeal after Vitro submits its
papers. Vitro would have the bondholders brief filed within 10
days.

Mr. Rochelle notes that in deciding that the Vitro reorganization
won't be enforced in the U.S., the bankruptcy judge in Dallas
said his ruling won't take effect until June 29.  After that, any
injunction halting seizure of assets must be granted by an
appellate court, the bankruptcy judge said.  There will be a
hearing in district court on June 28 to decide whether
bondholders will be precluded from seizing assets while the case
is processed in the appeals court.

The appeal is Vitro SAB de CV v. Ad Hoc Group of Vitro
Noteholders (In re Vitro SAB de CV), 12-90055, 5th U.S. Circuit
Court of Appeals (New Orleans). Vitro's motion in district court
for a stay pending appeal is In re Vitro SAB de CV, 11-3554,
U.S. District Court, Northern District of Texas (Dallas). The
suit in bankruptcy court where the judge decided not to enforce
the Mexican reorganization in the U.S. is Vitro SAB de CV v. ACP
Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy
Court, Northern District of Texas (Dallas).

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.



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


BMF INC: Disclosure Statement Hearing Scheduled for Sept. 4
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
scheduled a hearing for Sept. 4, 2012, at 10:00 a.m., to consider
and rule on the adequacy of the Disclosure Statement explaining
the proposed Plan of Reorganization of BMF Inc. dated May 29,
2012, and to consider objections to the 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.

                           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.


INTERNATIONAL HOME: Taps Aquino Cordova as External Auditor
-----------------------------------------------------------
International Home Products, Inc., asks the U.S. Bankruptcy Court
for the District of Puerto Rico for permission to employ Jorge
Aquino Barreto and the firm of Aquino, Cordova, Alfaro & Co.,
LLP, as external auditor.

The firm will, among other things:

   -- audit the financial statements for the year ending Dec. 31,
      2011, including balance sheets, statements of operations,
      retained earning and statements of cash flows; and

   -- prepare the corporate returns for the year ending Dec. 31,
      2011.

The total fee of the firm is estimated at $20,100 plus the
reimbursement of out-of-pocket expenses.  Also the total amount
pending for payment related to the audit services as of Dec. 31,
2010, is $4,952.

To the best of the Debtor's knowledge, the firm is a
"disinterested person" as that term is defined under Section
101(14) of the Bankruptcy Code.

                About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

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



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


CLICO BAHAMAS: Liquidator Blasts $52MM Trini 'Harassment'
--------------------------------------------------------
Neil Hartnell at Tribune242 reports that CLICO (Bahamas) Limited
liquidator Craig A. 'Tony' Gomez, the Baker Tilly Gomez
accountant and partner, has blasted the information demand served
on himself by the insolvent insurer's Trinidad affiliate, as
"harassment", describing it as "utterly meritless" and a "blatant
effort to circumvent" Bahamian court proceedings.

Documents filed in the U.S. Bankruptcy Court for south Florida on
June 22, which have been obtained by Tribune Business, disclose
that Mr. Gomez is seeking an order barring CLICO Insurance
Company (Trinidad) from the examination and document discovery it
is seeking in relation to its $52 million claim against CLICO
Enterprises, according to Tribune242.

CLICO Enterprises is the wholly owned, Bahamian-domiciled
subsidiary of CLICO (Bahamas).  Mr. Gomez and his U.S. attorneys
are arguing that CLICO (Trinidad) should be making its demands in
the Bahamian court system -- where CLICO Enterprises is being
liquidated -- rather than in the US, Tribune242 notes.

The report says that the U.S. is the forum for the liquidation of
Wellington Preserve, the Florida-based real estate project in
which CLICO Enterprises invested $73 million on CLICO (Bahamas)
behalf, and Mr. Gomez is alleging that allowing the Trinidadian
discovery request would only result in increased costs - reducing
recovery for the Bahamian insurer's policyholders and creditors.

The documents also disclose that Mr. Gomez has not accepted, and
is disputing, CLICO (Trinidad's) claim to be a CLICO Enterprises
creditor, Tribune242 relays.  To date, some $23 million has been
realized from real estate sales at Wellington Preserve, some $10
million of which has come back to the Bahamas for the ultimate
benefit of CLICO (Bahamas) creditors, the report discloses.  That
$23 million is equivalent to 41.8% of the property's purchase
price, the report notes.

Tribune242 notes that setting out their case, and in a bid to
recover costs associated with defending CLICO (Trinidad's)
demand, Mr. Gomez and his attorneys said they were seeking
sanctions against it "by reason of its blatant effort to
circumvent an existing case in which it is involved in the
Bahamas, through seeking discovery - to which it is not entitled
to - in this case."  The report says that they are also seeking a
US court Order for "reimbursement of fees and costs by reason of
CLICO (Trinidad's) utterly meritless effort".

Mr. Gomez also pointed out that his attorneys, Callender's & Co,
via a May 25, 2012, letter, had notified CLICO (Trinidad's) US
legal counsel that claims in CLICO Enterprises' liquidation had
been requested in relation to the latter's winding-up in the
Bahamian Supreme Court, the report discloses.

Noting that less than two weeks later CLICO (Trinidad) filed its
discovery demands in the US, Mr. Gomez and his attorneys are
alleging that it has "no claim" in the Wellington Preserve
liquidation, and should instead be putting its issues before the
Bahamas' Supreme Court, Tribune242 adds.

Clico (Bahamas) Limited (previously known as British Fidelity
Assurance Limited) operates branches in the Bahamas, Belize and
the Turks and Caicos.  Its parent company is Clico Holdings
(Barbados) Limited, though the ultimate parent company is CL
Financial Limited.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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