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

              Thursday, June 28, 2012, Vol. 13, No. 127


                            Headlines



A N T I G U A

* ANTIGUA: IMF Overturns Suspension of Funds


A R G E N T I N A

AMERICAN BUILDING: Creditors' Proofs of Debt Due June 28
GRUPO LAPRIDA: Creditors' Proofs of Debt Due July 31
WIN GRAPHIC: Creditors' Proofs of Debt Due Aug. 2
* ARGENTINA: Vulture Funds Lose U.S. Supreme Court Battle


B R A Z I L

* BELIZE: Could be Heading to a Debt Default


B R A Z I L

BANCO FIBRA: Moody's Downgrades BFSR; to 'D-'; Outlook Stable


C A Y M A N   I S L A N D S

ARCAPITA BANK: Files 5-Week Budget Thru Aug. 4
ARCAPITA BANK: Questions Committee's Need for 2 Finc'l Advisors
ARCAPITA BANK: Creditor Proposes Protocol for Securities Trading
DIAMOND NOTCH: Creditors' Proofs of Debt Due July 19
DRV ASSET: Placed Under Voluntary Wind-Up

HSYD HOLDINGS: Creditors' Proofs of Debt Due July 31
MILLENIUM INVESTMENT: Placed Under Voluntary Wind-Up
MSGI CHINA VII: Creditors' Proofs of Debt Due July 18
MSGI CHINA VIII: Creditors' Proofs of Debt Due July 18
PSB LTD: Creditors' First Meeting Set for July 4

QT ALTERNATIVES: Creditors' Proofs of Debt Due July 31
SKYLAN HOLDINGS: Placed Under Voluntary Wind-Up
STG CAPITAL: Creditors' Proofs of Debt Due July 19


C O S T A   R I C A

* COSTA RICA: Gets $250 Million Funding for Electricity Sector


B O L I V I A

COEUR D'ALENE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
* BOLIVIA: Moody's Says Banking System Outlook Remains Stable


M E X I C O

VINTE VIVIENDAS: Moody's Rates Proposed Bond Issuance 'Ba1'


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Defends Suspension of 55 Workers


                            - - - - -


=============
A N T I G U A
=============


* ANTIGUA: IMF Overturns Suspension of Funds
--------------------------------------------
Caribbean360 News reports that the International Monetary Fund has
reinitiated its multi-million dollar Standby Arrangement (SBA)
with Antigua and Barbuda after suspending it over concern about
the use of the funds.  In 2010, the Antigua and Barbuda government
entered into a US$110.4 million standby arrangement with the
Washington-based financial institution, the report relates.

However, Caribbean360 News notes that the IMF suspended the
program last July immediately following a move by the Baldwin
Spencer administration to join with the Eastern Caribbean Central
Bank (ECCB) in the takeover of the struggling Antigua and Barbuda
Investment Bank (ABIB).

News reports revealed that the intervention into the ABIB's
affairs created a fiscal contingency for the country which was not
immediately clear to the government, the ECCB or the IMF,
Caribbean360 News says.



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


AMERICAN BUILDING: Creditors' Proofs of Debt Due June 28
--------------------------------------------------------
Horacio Fernando Crespo, the court-appointed trustee for American
Building Group SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 28, 2012.

Mr. Crespo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Horacio Fernando Crespo
         Maipu 464
         Argentina


GRUPO LAPRIDA: Creditors' Proofs of Debt Due July 31
----------------------------------------------------
Monica Aquim, the court-appointed trustee for Grupo Laprida SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 31, 2012.

Ms. Aquim will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Monica Aquim
         Uruguay 662


WIN GRAPHIC: Creditors' Proofs of Debt Due Aug. 2
-------------------------------------------------
Ernesto Horacio Garcia, the court-appointed trustee for Win
Graphic SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 2, 2012.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ernesto Horacio Garcia
         Sarmiento 1587
         Argentina


* ARGENTINA: Vulture Funds Lose U.S. Supreme Court Battle
---------------------------------------------------------
The Buenos Aires Herald reports that the U.S. Supreme Court
rejected on June 25 an appeal presented by two vulture funds and
confirmed a ruling of a New York's Appeal court revoking a 100
million dollars embargo ordered by US Judge Thomas Griesa on
Argentina's Central Bank funds deposited at the US Federal Reserve
Bank in New York.

Thus, the report notes, the American Supreme Court confirms its
ruling favouring the Argentine Republic on regards the
multimillionaire embargo asked in 2005 and ordered by Judge Griesa
in 2010 in favour of vulture funds EM Ltd. (a Cayman Islands'
society controlled by Kenneth Dart) and NML Capital Ltd. (also
based in the Cayman Islands and controlled by Elliot International
L.P.)

The Buenos Aires Herald recounts that last year, the US government
requested a Court of Appeals to reverse the ruling of Judge Thomas
Griesa in favour of a vulture fund, which forced Argentina on
February 2011 to pay the interest on the debt of bonds exchanges
carried out 2005 and 2010, sources said.



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


* BELIZE: Could be Heading to a Debt Default
--------------------------------------------
Caribbean360.com reports that more than half of Belize's large
bondholders have formed a creditors committee out of concern that
the Caribbean country will become the next sovereign to default on
its debts.

The Financial Times reported that this committee represents almost
half of the holders of a US$547 million bond due in 2029,
according to Caribbean360.com.  The report notes that the
creditors, who hold more than US$200 million of the debt
reportedly became alarmed when informed by the Belize government
that it might "amend certain terms" of the bond.

Caribbean360.com notes that Belize Prime Minister Dean Barrow
revealed that the government was in talks to restructure the large
bond before an interest payment of US$23.5 million is due in
August, after the interest rate stepped up to 8.5% this year.

Caribbean360.com says that reports revealed that the bond has been
trading at a subdued price for some time, as investors have widely
expected a debt restructuring.  Moody's this month cut Belize's
credit rating for a second time this year, down to Ca, citing a
likely restructuring and the country's weak economic growth,
Caribbean360.com says.

Caribbean360.com recalls that the bond was approved in 2007 in an
effort to consolidate the country's debt, which totals about
US$1 billion, more than 70% of Belize's $1.4 billion gross
domestic product, according to the central bank.

Mr. Barrow told the media that restructuring talks were going well
and the government's debt restructuring team had met with
officials from the International Monetary Fund and the Inter-
American Development Bank and feedback had been positive,
Caribbean360.com says.  However, the report relays that the
representatives from the creditors' ad hoc committee appear far
more concerned than government reports would suggest.

Greylock Capital was one of the hedge funds that sat on Greece's
creditors committee this year, Caribbean360.com says.

Belize's creditors committee is advised by BroadSpan Capital, a
Latin America-focused investment banking boutique that also
advised international creditors to Saint Kitts and Nevis, the
Caribbean island federation, in debt restructuring this year,
Caribbean360.com adds.



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


BANCO FIBRA: Moody's Downgrades BFSR; to 'D-'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service downgraded Banco FIBRA S.A.'s bank
financial strength rating (BFSR) to D-, from D, as well as its
long-term global local and foreign currency deposit ratings to
Ba3, from Ba2. At the same time, Moody's downgraded Fibra's
Brazilian national scale deposit ratings to A2.br and BR-2, from
Aa3.br and BR-1, long- and short-term, respectively. The bank's
long-term foreign currency subordinated debt rating was lowered to
B1, from Ba3. The Not Prime short-term global local and foreign
currency deposit ratings were not affected.

The outlook on all the ratings is stable.

Rating Rationale

The downgrade of Fibra's standalone BFSR to D-, mapping to ba3 on
the long-term scale, reflects Moody's view that the bank's
business model remains under pressure due to the combination of
(a) declining profitability caused by high credit and operating
costs; (b) continuing contraction in the bank's market share for
loans and deposits, (c) weak asset quality indicators in the
context of deceleration, also for consumer loan growth. Moreover,
Moody's noted that potential pressure on financial margins due to
increasing funding costs and to narrowing credit spreads will
continue to challenge Fibra's profitability and its ability to
increase capital through income retention in an increasingly
competitive environment.

Accordingly, the ratings incorporate the strategic repositioning
of Fibra's business model, as management refocuses on the bank's
commercial lending expertise, and limits its consumer finance
exposure, mainly to car finance, to about one third of the loan
book. Management is confident about the earnings potential of the
consumer business, nonetheless, its has embarked on reducing the
bank's operating structure and cleaning up poor performing assets,
including substantial provisioning, while reviewing credit
origination standards and controls. These efforts, while
supportive of Fibra's performance over the medium-term, will
continue to challenge results and the quality of the bank's
revenues in the short-term, also reflecting less favorable
economic conditions.

Moody's notes that Fibra's shareholders have been forthcoming in
contributing capital to face the higher provisioning needs and in
support of the bank's refocusing and execution of its growth
plans. In that regard, a recent capital increase has resulted in
the nearly doubling of IFC's minority shareholding in the bank.

The last rating action on Banco Fibra S.A. occurred on 29 April,
2011, when Moody's changed to stable, from positive, the outlook
on the following ratings of Banco Fibra S.A.(Fibra)'s: the bank
financial strength rating (BFSR) of D; the long-term global local-
and foreign-currency deposit rating of Ba2; as well as the senior
unsecured and subordinated debt ratings of Ba2 and Ba3,
respectively. At the same time, Moody's changed the outlook on
Fibra's Aa3.br long-term national scale deposit rating. The Not
Prime short term local- and foreign-currency deposit ratings and
BR-1 short-term national scale rating remained unchanged.

The principal methodologies used in rating Fibra were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007, and Mapping Moody's National Scale Ratings to Global Scale
Ratings published in August 2010.

Banco Fibra S.A. is headquartered in Sao Paulo, Brazil, and had
total consolidated assets of R$11.02 billion (US$5.9 billion) and
shareholders' equity of R$994 million (US$533 million), as of
December 31, 2011.

The following ratings of Fibra were downgraded:

Bank Financial Strength Rating: to D- from D, stable outlook

Long-term Global Local Currency Deposit Rating: to Ba3 from Ba2,
stable outlook

Long-term Foreign Currency Deposit Rating: to Ba3 from Ba2,
stable outlook

Senior Unsecured MTN Program (foreign currency) rating: to
(P)Ba3, from (P)Ba2

Long-term Foreign Currency Subordinate Debt Rating: to B1 from
Ba3, stable outlook

Long-term Brazilian National Scale Deposit Rating: to A2.br from
Aa3.br, stable outlook

Short-term Brazilian National Scale Deposit Rating: to BR-2 from
BR-1

The following ratings were not affected:

Short-term Global Local Currency Deposit Rating: Not Prime

Short-term Foreign Currency Deposit Rating: Not Prime



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


ARCAPITA BANK: Files 5-Week Budget Thru Aug. 4
----------------------------------------------
Arcapita Bank B.S.C.(c) and its affiliated chapter 11 debtors
filed a proposed budget for the period from the July 1 through
Aug. 4, 2012.  Arcapita projects net cash flow, on a consolidated
basis, of negative $21,534,000 during the five-week period.  The
bank expects disbursements of $12,435,000, exceeding projected
cash receipts of $912,000.  Arcapita said it would end the period
with a $62,367,000 balance.

Arcapita also separately filed an operating report for the month
of May.  Arcapita posted a net loss of $14,878,020 for May.
Arcapita had total income of $90,824 and total expenses of
$7,154,210.  At the end of May, it had total assets of
$4,220,390,677 against total liabilities of $3,244,515,539.

Meanwhile, Standard Chartered Bank has lodged a fourth limited
objection and reservation of rights to Arcapita's request to
continue using the Debtors' existing cash management system.
Standard Chartered is the Debtors' sole secured creditor and the
beneficiary of an express trust under its Equitable Mortgages with
certain of the Debtors and Cayman Islands law.  Standard Chartered
and the Debtors have not resolved the issues set forth in Standard
Chartered's previous objections, including the Debtors' attempted
use of property required to be held in an express trust for the
sole benefit of Standard Chartered.  Standard Chartered objects to
the extent the form of order and interim budget are not acceptable
to Standard Chartered.  It reserves its rights to make additional
objections at the hearing and reserves its rights to object to the
entry of any further interim orders or a final order that would
permit disbursements of funds from the subsidiary guarantors and
their non-Debtor subsidiaries to AIHL or Arcapita Bank for the
benefit of structurally subordinated unsecured creditors.

Standard Chartered is represented in the case by:

          Michael J. Sage, Esq.
          Brian E. Greer, Esq.
          Nicole B. Herther-Spiro, Esq.
          1095 Avenue of the Americas
          DECHERT LLP
          New York, NY 10036-6797
          Telephone: (212) 698-3500
          Facsimile: (212) 698-3599
          E-mail: michael.sage@dechert.com
                  brian.greer@dechert.com
                  nicole.herther-spiro@dechert.com

                       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: Questions Committee's Need for 2 Finc'l Advisors
---------------------------------------------------------------
Arcapita Bank B.S.C.(c) and certain of its affiliated debtors
object to the request of the Official Committee of Unsecured
Creditors to retain FTI Consulting, Inc. as financial advisor; and
Houlihan Lokey Capital, Inc., as financial advisor and investment
banker, arguing that there is substantial overlap in the services
that FTI and Houlihan will perform for the Committee.  Although
the Committee represents that Houlihan and FTI have and will
continue to coordinate closely to avoid duplication of services,
the Debtors said the Committee's assurances provide insufficient
comfort given the overlap in the scope of services.

The Debtors recounted that the Committee had opposed the Debtors'
own request to employ KPMG LLP as valuation advisor, saying the
retention of multiple financial advisors "raises the spectre of
duplication and inefficiency," and accordingly such applications
must "be subjected to careful scrutiny and considered not only
independently but collectively as well."  The Debtors said they
agree with the Committee that the estates have limited resources
that should be directed towards supporting the value of their
assets and businesses for all stakeholders.  Yet, the Committee
fails to apply the same level of scrutiny to its own professionals
as it demands for the Debtors' professionals.

The Debtors also object to the proposed indemnification provisions
in the Houlihan Application, which the Debtors find are more
favorable than those allowed to the Debtors' own professionals.
While the Houlihan Application states that it is not entitled to
indemnification in the event that there is a judicial
determination of bad faith, gross negligence, or willful
misconduct, the Engagement Letter is not accordingly limited.

The Debtors also dispute the proposed "Deferred Fee" payable to
Houlihan.  The Debtors said the Committee will have an additional
burden to prove that Houlihan is indeed entitled to a Deferred
Fee.  Given that the Committee has advocated for the vigilant
policing of the Debtors' cash, the Debtors expect the Committee to
demonstrate the propriety of any Deferred Fee and that Houlihan
was a primary contributor to the confirmation of any chapter 11
plan of reorganization or liquidation.

                       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: Creditor Proposes Protocol for Securities Trading
----------------------------------------------------------------
VR Global Partners LP, which has been appointed to the Official
Committee of Unsecured Creditors in the Chapter 11 cases of
Arcapita Bank B.S.C.(c) and its affiliated debtors, will appear
before the Bankruptcy Court on June 29, at 2:30 p.m. to seek
permission to continue trading in the Debtors' securities upon the
establishment of an ethical wall and information blocking
procedures.

VR Global said it holds so-called "Covered Claims" or claims
against the Debtors, including (i) "Securities" as defined in
Section 2(a)(1) of the Securities Act of 1933 (including stocks,
notes, bonds, debentures, participation in, or derivatives based
upon or relating to, any of the Debtors' debt obligations or
equity interests) and (ii) bank debt.  VR Global said it is
engaged in the trading of securities or claims for others or for
its own account as a  regular part of its business.

VR Global wants the Court to declare it will not violate its
fiduciary duties as a member of the Committee by trading in the
Covered Claims during the pendency of the Debtors' Chapter 11
cases, provided that it establishes, effectively implements, and
adheres to the information blocking policies and procedures that
are approved by the Office of the United States Trustee.

The term "Screening Wall" refers to a procedure established by an
institution to isolate its trading activities from its activities
as a member of an official committee of unsecured creditors in a
chapter 11 case.  A Screening Wall includes, among other things,
features as the employment of different personnel to perform
certain functions, physical separation of the office and file
space, procedures for locking committee related files, separate
telephone and facsimile lines for certain functions, and special
procedures for the delivery and posting of telephones messages.
The procedures will prevent VR Global's trading personnel from use
or misuse of non-public information obtained by its personnel
engaged in Committee related activities, and also will preclude
Committee Personnel from receiving inappropriate information
regarding its trading in the Covered Claims in advance of those
trades.

Although members of the Committee owe fiduciary duties to the
creditors of these estates, VR Global said it also has fiduciary
duties to maximize returns to its clients through trading
securities.  Thus, if it is barred from trading the Covered Claims
during the pendency of these bankruptcy cases because of its
duties to other creditors, it may risk the loss of a beneficial
investment opportunity for itself and/or its clients and,
moreover, may breach its fiduciary duty to its clients.

In-House Counsel for VR Global Partners is:

          Peter L. Clateman, Esq.
          VR GLOBAL PARTNERS, LP
          400 Madison Avenue 15th Fl.
          New York, New York 10017
          Telephone: (646) 571 1870
          Facsimile: (646) 571-1879
          E-mail: pclateman@vr-capital.com

                       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.


DIAMOND NOTCH: Creditors' Proofs of Debt Due July 19
----------------------------------------------------
The creditors of Diamond Notch Opportunities Fund, 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 June 1, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


DRV ASSET: Placed Under Voluntary Wind-Up
-----------------------------------------
On May 29, 2012, the sole shareholder of DRV Asset Management
passed a resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt by
July 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


HSYD HOLDINGS: Creditors' Proofs of Debt Due July 31
----------------------------------------------------
The creditors of HSYD Holdings Limited are required to file their
proofs of debt by July 31, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 4, 2012.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         Road Town
         Tortola British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 279-5832


MILLENIUM INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
On June 5, 2012, the sole member of Millenium Investment Fund, SPC
passed a resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt by
July 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MSGI CHINA VII: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------
The creditors of MSGI China VII 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 VIII: Creditors' Proofs of Debt Due July 18
------------------------------------------------------
The creditors of MSGI China VIII 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


PSB LTD: Creditors' First Meeting Set for July 4
------------------------------------------------
The creditors of PSB Ltd will hold their first meeting on July 4,
2012.

The company commenced wind-up proceedings on May 31, 2012.

The company's liquidators are:

         Hugh Dickson
         Michael Saville
         Grant Thornton Specialist Services (Cayman) Ltd
         c/o John Royle
         Telephone: (345) 769 7206
         Facsimile: (345) 949 7120
         10 Market Street, PO Box #765 Camana Bay
         Grand Cayman KY1- 9006
         Cayman Islands


QT ALTERNATIVES: Creditors' Proofs of Debt Due July 31
------------------------------------------------------
The creditors of QT Alternatives, LLC are required to file their
proofs of debt by July 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 5, 2012.

The company's liquidator is:

         Lisa Clarke
         c/o Lisa Clarke or Jane Fleming
         Telephone: (345) 945-2187
         Facsimile: (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


SKYLAN HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 5, 2012, the sole member of Millenium Investment Fund, SPC
passed a resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt by
July 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STG CAPITAL: Creditors' Proofs of Debt Due July 19
--------------------------------------------------
The creditors of STG Capital Fund, 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 wind-up proceedings on June 2, 2012.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands



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


* COSTA RICA: Gets $250 Million Funding for Electricity Sector
--------------------------------------------------------------
The Inter-American Development Bank (IDB) approved US$250 million
in financing to strengthen the development of Costa Rica's
electricity sector to help meet the country's growing electricity
demand, increase competitiveness, and raise living standards.

Costa Rica's installed electricity capacity in 2011 was 2,650 MW,
of which 77 percent was from renewable sources.  Although the
present installed capacity meets current demand of 1,545 MG, the
country's electric energy expansion plan foresees 5.1 average
annual increases in demand.  The plan proposes to meet these
increases between 2012 and 2024 by adding 1,714 MW of installed
capacity, of which 98 percent will be from renewable sources.

Nearly $98 million of the Bank's financing will co-finance the
Reventazon Hydroelectric Project (PHR), which will go online in
2016.  The PHR will have an installed capacity of 305 MW, which
includes a 13.5 MW mini generating plant at the base of the dam,
and an annual production of 1,407 GWh.

The Costa Rican Electricity Institute (ICE) began the Reventazon
Hydroelectric Project in September 2009.  The project includes a
130-meter-high dam that will create an eight-square-kilometer
reservoir.  The IDB is studying additional non-sovereign guarantee
financing for the PHR.

The remaining IDB resources will be directed at strengthening
ICE's electric generation, transmission, and distribution
capacity. Investments in generation will be made in renewable
energy and plant modernization to improve efficiency and lengthen
their useful life.  In addition, the financing will be used to
improve and strengthen transmission and regulation of electric
energy to meet quality, security, and reliability requirements to
supply different regions of the country as well as the Regional
Electricity Market.

The program will help to improve the quality of energy supplied
throughout the country's distribution system, electricity coverage
in rural areas, and efficiency in consumption.  These improvements
will include strengthening the present distribution network,
expanding rural supply with 500 photovoltaic installations for
isolated communities, and increasing energy efficiency.

The first operation in the IDB's conditional line of credit, also
for $250 million, was approved in 2007.  These resources financed
preliminary investments, modernization of hydroelectric plants,
maintenance of reservoirs, infrastructure for electric
transmission and regulation, and electricity distribution and
equipment to promote energy efficiency.

The IDB financing has a term of 25 years, with a grace period of 5
years, and an interest rate based on LIBOR.  The local
contribution of $41.7 brings the overall project cost to $291.7
million.



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


COEUR D'ALENE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Coeur
d'Alene Mines Corporation, including a corporate family rating of
B2, a probability of default rating of B2, and a B3 rating to the
company's proposed $350 million of guaranteed senior unsecured
notes. At the same time, Moody's assigned a speculative grade
liquidity rating of SGL-2. The outlook is stable.

Assignments:

  Issuer: Coeur d'Alene Mines Corporation

     Corporate Family Rating, Assigned B2

     Probability of Default Rating, Assigned B2

     Speculative Grade Liquidity Rating, Assigned SGL-2

     Senior Unsecured Regular Bond/Debenture, Assigned B3,
     73 - LGD5

Outlook Actions:

  Issuer: Coeur d'Alene Mines Corporation

     Outlook, Stable.

Ratings Rationale

Coeur's B2 corporate family rating reflects its modest size and
high concentration in two mines, relatively short reserve life,
exposure to political risk in Bolivia, and uncertainties over
potential new investments that the company may make to boost its
reserves and productive capacity.

The company's properties consist of Kensington gold mine in
Alaska, Rochester silver and gold mine in Nevada, Palmarejo silver
and gold mine in Mexico, Endeavor silver mine in Australia, Martha
silver and gold mine in Argentina, San Bartolome silver mine in
Bolivia and 51% interest in Joaquin silver project in Argentina.
Most of the company's production comes from Palmarejo and San
Bartolome. Martha mine is at the end of its life and will not
contribute to production beyond first half of 2012. Joaquin
project is in early stages of development and will not contribute
to the company's production in Moody's rating horizon, or require
substantial capital investments in the next eighteen months.

With roughly 19.1 million ounces of silver and 220,000 ounces of
gold produced in 2011, Coeur represents a small portion of the
global supply of silver and gold. In addition, approximately 70%
of the company's silver production comes from its Palmarejo and
San Bartolome mines, increasing the risk that operational or
geological issues encountered at one of them would significantly
impact the company. That said, positive factors for the rating
include the company's diversification in two metals and production
stream from five operating mines in diverse locations.

At December 31, 2011, proven and probable reserves at currently
operating mines represented approximately twelve years of
production at current production levels. Given the relatively
short reserve lives at its existing mines, Coeur will need to
continue to be successful in development of its reserves to
maintain existing production levels. The ratings reflect the
uncertainties over the nature and extent of capital investments
that Coeur may make in the medium term to ensure adequate reserves
in the long term.

While Moody's acknowledges that the company has been able to
generate healthy margins in the twelve months ended December 31,
2011, this was in large part attributable to the run-up in gold
and silver prices, which are the price levels Moody's views as
unsustainable over the medium-term. The company's margins are less
favorable than some of its peers, and in a less favorable pricing
environment, the company could experience EBIT margin pressures.

Moody's also expects that in 2012 and 2013 the company will
experience declining production levels at Palmarejo and declining
silver recovery rates at San Bartolome, which could potentially
increase costs at Coeur's two largest operating mines. Declining
production volumes as the mines approach the end of their lives
also have the potential to pressure margins over medium term.

Although Moody's expects total metal production in 2012 to remain
fairly consistent with 2011, as a result of increasing silver
production from Rochester following mine expansion at the end of
2011, Moody's notes that this leach pad operation incurs high cash
costs and as such, could become uneconomic if silver prices
decline. Kensington gold mine, responsible for over 40% of the
company's gold production, is also relatively high cost, even
though at currently high gold prices, is expected to be
profitable. In November 2011, management instituted a six months
reduction in ore processing to implement several operating
efficiency improvement initiatives. As such, production levels are
expected to be suppressed and costs elevated in the first half of
2012, normalizing to the range of $900 - $1000 per ounce of gold
after that. High cost production at some of the mines further
increases the risk that the company's margins would experience
pressure in a less favorable price environment, and highlight the
need for the company to continue developing its reserves.

The fact that one of Coeur's largest mines, San Bartolome, is
in Bolivia, is a negative factor for the rating. Moody's considers
the event risk surrounding the government's attitude to
nationalization, revision of mining contracts and increasing
royalty payment requirements to be high. The government
of Bolivia has recently moved to nationalize a number of foreign
assets, and is in process of drafting a new mining law which may
redefine the structure of mining contracts in Bolivia. Any issues
with property nationalization or material limitations on the
company's mining operations could have a significant detrimental
impact on the company's results and would put negative pressure on
the ratings, given that San Bartolome is responsible for
approximately quarter of the company's revenues.

As noted above, Coeur's continued success is dependent on its
ability to develop its resources. That said, Moody's expects the
company to generate a reasonable amount of operating cash flows,
which, in conjunction with the revolving credit facility and
existing cash, should provide it with adequate liquidity to
support these requirements over the rating horizon.

SGL-2 rating reflects Moody's expectation that the company will
have good liquidity, pro-forma for the proposed issuance. As of
March 31, 2012, the company had $153 million in cash, which, pro-
forma for the issuance, is expected to be $418 million. The
company is also expected to enter into $100 million secured
revolver agreement, the entire amount of which is expected to be
available. The revolver is expected to contain financial
maintenance covenants, and Moody's expects the company to be in
compliance over the next twelve months.

The B3 rating on senior unsecured notes reflects their junior
position in the capital structure relative to the revolver.

The stable outlook reflects Moody's expectation that market
conditions and prices for precious metals over the next twelve to
fifteen months will remain favorable.

Going forward, the ratings could be lowered if Coeur experiences
any significant operational difficulties, its capital requirements
escalate, political risk increases, or if its liquidity position
deteriorates. A downgrade would be considered if Debt/ EBITDA, as
adjusted, is expected to exceed 5x on a sustainable basis, or if
(CFO - Dividends)/ Debt is expected to fall below 9%. Upward
rating pressure is limited at this time due to investments needed
to diversify company's operations and increase reserves. That
said, ratings could be upgraded once the company expands its
productive capacity and increases diversification with new mines
coming online.


* BOLIVIA: Moody's Says Banking System Outlook Remains Stable
-------------------------------------------------------------
The outlook on Bolivia's banking system remains stable, as
sustainable economic growth, decreasing unemployment, and moderate
inflation continue to support expansion among the banks in the
country, says Moody's Investors Service in its new Banking System
Outlook on Bolivia. The declining financial dollarization
in Bolivia is also helping profitability, liquidity and asset
quality at the banks.

Moody's says that economic stability has improved credit
conditions in Bolivia and contributed to record low non-performing
loans at the banks in 2011. Banks have also cleaned up their
balance sheets of legacy loans from Bolivia's last financial
crisis. Moody's expects their asset quality to remain stable.

The favorable conditions for banks, however, are partly offset by
the effects of Bolivia's still sizeable informal economy and low
investor confidence in the banking system, along with a
potentially adverse political environment, all of which may hinder
the demand for credit, says Moody's.

Moody's expects Bolivia's gross domestic product to grow by 4.5%
in 2012, in line with its performance over the past seven years.
Growth has been driven mainly by hydrocarbon and mining prices,
and by a surge in public investments that has been boosting
domestic consumption.

Because Bolivia's economy remains small and dependent on
hydrocarbons, it remains vulnerable to commodity price shocks.
High levels of foreign reserves and increasing government savings,
however, somewhat offset these negatives, says Moody's.

Moody's notes that the continuing financial de-dollarization of
the Bolivian economy has lowered the share of dollar deposits in
the banking system to 36% as of December 2011, down from 93% in
2002, a positive development for the banks that reflects
increasing depositor confidence in the Bolivian currency and
banks.

The outlook expresses Moody's expectations for the fundamental
credit conditions in the banking system over the next 12-18
months.


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


VINTE VIVIENDAS: Moody's Rates Proposed Bond Issuance 'Ba1'
-----------------------------------------------------------
Moody's de Mexico has assigned a Aa3.mx national scale rating to
the proposed bond issuance of Vinte Viviendas Integrales, S.A.P.I.
de C.V. Ba1 global scale, local currency). In addition, Moody's
has affirmed the company's Baa3.mx national scale issuer rating
(B2 global scale, local currency) and the Aa3.mx national scale
bond rating partially guaranteed by the International Finance
Corporation (IFC) (Ba1 global scale, local currency). The rating
outlook is stable.

The following rating was assigned:

Vinte Viviendas Integrales, S.A.P.I. de C.V.

- Ba1 / Aa3.mx to the proposed bond rating

The following ratings were affirmed:

- B2 / Baa3.mx issuer rating

- Ba1 / Aa3.mx bond rating partially guaranteed by the IFC

Ratings Rationale

Vinte proposes to issue MXN$200 million from its five-year, MXN$1
billion MTN ("Certificados Bursatiles") program. The notes will
have a maturity of three years and will carry a 50% partial credit
enhancement (PCE) from the Inter-American Development Bank (IDB,
LT issuer rating Aaa/Stable). The IDB will guarantee the lesser of
MXN$100 million pesos or 50% of the outstanding amount on the
notes. The IDB guarantee is backed by a first priority claim on a
pool of assets, which must be maintained at an appraised value of
1.3x the PCE. Proceeds from this issuance will be used to
refinance debt as well as for working capital. Vinte's debt
maturity schedule is well laddered with no more than $186 million
pesos in debt coming due over the next 24 months.

The Ba1 rating of the proposed issuance is, on the global scale,
four notches above Vinte's issuer rating. The proposed bond rating
reflects several factors including Vinte's underlying issuer
rating, the rating of the IDB, the term of the issuance and the
size of the guarantee and how these factors improve the expected
recovery values of the transaction.

The stable rating outlook continues to reflects Vinte's sound
management team, strong execution of internal controls,
construction expertise and efficient methods. Moody's believes
that Vinte has a well thought out strategic plan and has done a
good job of executing on it since operations began. The stable
outlook also reflects Moody's expectation that Vinte will at least
maintain its fixed charge coverage ratio and leverage at current
levels and continue to improve efficiencies in land development.
Furthermore, Moody's also expects that Vinte will continue to
focus on targeting its current product mix, while maintaining high
quality construction.

The B2/Baa3.mx issuer rating continues to reflect Vinte's position
as a niche player in the Mexican homebuilding sector, focused on
the construction of sustainable urban communities in high-growth
areas. Over the past 18 months Vinte has made strides in
diversifying its lender base to include institutions with strong
credit profiles. In addition, the company has strayed away from
construction lending in favor of secured working capital lines,
which provide more flexibility in the planning and financing of
current and future projects allowing the company to continue to
grow profitably. Moody's also notes that Vinte has begun to
diversify its footprint outside of the State
of Mexico to Queretaro, Hidalgo and Quintana Roo. The company has
had stable earnings growth with a solid fixed charge coverage,
coupled with efficient controls and construction expertise. The
IFC is a major shareholder and holds the right to a seat on the
company's Board of Directors. The company now also benefits from
important lending relationships with four major development banks
(the IFC, the Inter-American Investment Corporation (IIC), the IDB
and the DEG).

These positive factors are offset by the high investment costs of
land and infrastructure as well as some speculative homebuilding.
The company also has substantial geographic concentration in the
State of Mexico as well as considerable concentrations in several
large projects. Other challenges include the business's reliance
on the Mexican government's support for housing, Mexico's economic
and political environment in addition to funding concentration for
low-income housing.

Rating improvements will be difficult in the medium-term, but
would be predicated upon Vinte increasing its size in total assets
while at least maintaining its solid credit statistics. Rating
improvements also could result from bringing Total Debt/Total
Assets closer to 30%, while at a minimum having EBITDA margins in
the low to mid 20% range. Downward rating pressure would result
from substantial missteps in its growth strategy as evidenced by
consistent negative free cash flow generation. In addition,
downward rating movements will be predicated upon bringing total
debt to total asset levels closer to 50%, with EBITDA margins
sustained below 20% and fixed charge coverage falling consistently
below 2x. Increased costs of land and land development would also
result in negative rating pressure, as would an adverse shift in
Mexican governmental housing policy.

The principal methodology used in this rating was Global
Homebuilding Industry rating methodology published in March, 2009.

Vinte Viviendas Integrales, S.A.P.I. de C.V., based in Mexico
City, Mexico, is a fully integrated, diversified homebuilder
engaged in the design, development, construction, marketing,
commercialization and delivery of economic/affordable entry-level,
middle-class and upper-income housing developments in Mexico. As
of March 31, 2012, Vinte reported approximately $1.7 billion
Mexican pesos in assets and $0.7 billion Mexican pesos in
shareholders' equity.

The date of the last Credit Rating Action was 19 March 2011.


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


TRINIDAD CEMENT: Defends Suspension of 55 Workers
-------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Ltd
defended the suspensions of 55 workers saying the company is
conducting an investigation into whether they engaged in acts of
violence during a 90-day strike.

TCL Ggeneral Manager Satnarine Bachew said no more workers are to
be suspended, according to Trinidad and Tobago Newsday.

The report notes that Mr. Bachew said the 55 suspended workers
were identified based on evidence collected by the company and an
inquiry into the reports of misconduct and violence will be
carried out by an independent team.

The report notes that the workers have been suspended with full
pay pending the investigation and are free to seek union
representation, Bachew said.  Trinidad and Tobago Newsday says
that the Oilfield Workers Trade Union (OWTU), which represents TCL
workers, is considering legal action on the suspensions, according
to executive member Ozzi Warwick.

TCL branch president Lawrence Renaud said more persons may be
suspended since a number of workers who have undergone an
orientation process have not been asked to report for duty, the
report notes.

                    About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


                            ***********


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 * * *