TCRLA_Public/120705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 5, 2012, Vol. 13, No. 132


                            Headlines



A R G E N T I N A

ACEITES LA CRIOLLA: Creditors' Proofs of Debt Due Aug. 2
COBRANTIA COLLECTION: Creditors' Proofs of Debt Due Aug. 2
INFOFIN SA: Applies for Bankruptcy Protection
LOS DESTINOS: Creditors' Proofs of Debt Due Aug. 27
METROGAS SA: Posts ARS18 Million Net Loss in Q1 2012

SOLUCIONES IMPRESAS: Requests Opening of Bankruptcy Proceedings
TOTAL NET: Creditors' Proofs of Debt Due Aug. 7
TU TAXI: Creditors' Proofs of Debt Due Aug. 7


B E R M U D A

WHITE & SONS: IBC Files Petition to Wind Up Firm


B A H A M A S

BAICO: Sagicor to Acquire BAICO Life Business


B R A Z I L

BROOKWATER VENTURES: Brazilian Unit Receives Notice of Default
COSAN SA: Fitch Affirms Low-B IDR; Rating Outlook Stable
OGX PETROLEO: Moody's Affirms 'B1' Rating; Outlook Negative
OGX PETROLEO: Low Production Volumes Cue Fitch to Lower Ratings


C A Y M A N   I S L A N D S

1908 HOLDINGS: Members' Final Meeting Set for July 20
CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10
DB KAMCHATKA: Shareholders' Final Meeting Set for July 23
LF CAPITAL: Members' Final Meeting Set for July 9
PARKWOOD HOLDINGS: Members' Final Meeting Set for July 19

QT ALTERNATIVES: Shareholders' Final Meeting Set for July 31
REMITTANCE LTD: Shareholders' Final Meeting Set for July 20
SPARE GROUP: Shareholders' Final Meeting Set for July 13
YELLOW HAMMER: Shareholders' Final Meeting Set for July 23
ZEBRA FINANCE: Shareholders' Final Meeting Set for July 23


M E X I C O

CEMEX SAB: Presents Refinancing Proposal to Lenders
CEMEX SAB: S&P Puts B- GS Rating on CreditWatch Negative
CI CASA DE BOLSA: Moody's Corrects June 29 Ratings Release
CIMENTO TUPI: S&P Affirms 'B' Global Scale Rating


P U E R T O   R I C O

ADVANCED COMPUTER: Wants to Employ Cuprill as Bankruptcy Counsel
ADVANCED COMPUTER: Taps Carrasquillo as Financial Consultant


U R U G U A Y

BANK LATIN AMERICA: S&P Affirms 'BB+/B' Global Scale IDR


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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ACEITES LA CRIOLLA: Creditors' Proofs of Debt Due Aug. 2
--------------------------------------------------------
Maria Cecilia Mori, the court-appointed trustee for Aceites la
Criolla SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 2, 2012.

Ms. Mori will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10
in Buenos Aires, with the assistance of Clerk No. 20, 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:

         Maria Cecilia Mori
         Joaquin V. Gonzalez 3156
         Argentina


COBRANTIA COLLECTION: Creditors' Proofs of Debt Due Aug. 2
----------------------------------------------------------
Guillermo Ruiz, the court-appointed trustee for Cobrantia
Collection Services SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Aug. 2, 2012.

Mr. Ruiz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 43, 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:

         Guillermo Ruiz
         Olavarria 939
         Argentina


INFOFIN SA: Applies for Bankruptcy Protection
---------------------------------------------
Infofin SA applied for bankruptcy protection.  The company has
defaulted its payments last May 3.


LOS DESTINOS: Creditors' Proofs of Debt Due Aug. 27
---------------------------------------------------
Zulma Gloria Ghigliano, the court-appointed trustee for Los
Destinos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 27, 2012.

Ms. Ghigliano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Zulma Gloria Ghigliano
         Pasaje Cipolletti 554
         Argentina


METROGAS SA: Posts ARS18 Million Net Loss in Q1 2012
----------------------------------------------------
MetroGAS S.A. reported a net loss of ARS18.0 million on
ARS256.6 million of sales for the three months ended March 31,
2012, compared with a net loss of ARS26.3 million on
ARS233.3 million of sales for the same period of 2011.

The Company's balance sheet at March 31, 2012, showed total assets
of ARS2.533 billion, total liabilities of ARS1.796 billion,
minority interest of ARS1.7 million, and shareholders' equity of
ARS734.8 million.

                       Going Concern Doubt

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern, following the Company's 2011 results.
The independent auditors noted of the uncertainties related to the
suspension of the original regime for tariff adjustments and the
Company's petition for voluntary reorganization in an Argentine
Court on June 17, 2010.

In its limited review report to the shareholders, President and
directors of the Company, Price Waterhouse cited, among other
things, that the changes in the economic conditions in Argentina
and the changes to the License under which the Company operates
made by the Argentine National Government, mainly related to the
suspension of the original regime for tariff adjustments, have
affected the Company's economic and financial equation.
Management is in the process of renegotiating certain terms of the
License with the Argentine National Government to counteract the
negative impact caused by the above mentioned circumstances.

The adverse financial conditions that MetroGAS faces as a result
of the situation mentioned above led to MetroGAS' Board of
Directors to approve the Company's filing of a petition for
voluntary reorganization (concurso preventivo) in an Argentine
court on June 17, 2010, which was decreed by such court hearing
the case on July 15, 2010.  This circumstance generated an event
of default under the Negotiable Obligation Issue Program of the
Company which resulted in the automatic acceleration of the
outstanding financial debt obligations.  Nevertheless, upon the
reorganization filing, an automatic stay was put into place on the
payment of principal and interest on its outstanding debt
obligations.

A copy of the Company's unaudited consolidated interim financial
statements for the three months ended March 31, 2012, is available
for free at http://is.gd/cXvpK9

                          About MetroGas

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.

Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the area
of the Federal Capital and southern and eastern Greater Buenos
Aires, by operating the assets allocated to the Company by GdE for
a 35 year period from the Takeover Date (Dec. 28, 1992).  This
period can be extended for an additional 10 year period under
certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A. ("Gas
Argentino") who holds 70% of the Common Stock of the Company.  The
20%, which was originally owned by the National Government, was
offered in public offering and the remaining 10% is under the
Employee Stock Ownership Plan ("Programa de Propiedad Participada"
or "PPP").


SOLUCIONES IMPRESAS: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------------------
Soluciones Impresas SA requested the opening of bankruptcy
proceedings.  The company defaulted its payments last Nov. 16,
2011.


TOTAL NET: Creditors' Proofs of Debt Due Aug. 7
-----------------------------------------------
Omar Sergio Luis Vazquez, the court-appointed trustee for Total
Net SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 7, 2012.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Omar Sergio Luis Vazquez
         Bartolome Mitre 1970
         Argentina


TU TAXI: Creditors' Proofs of Debt Due Aug. 7
---------------------------------------------
Moises Gorelik, the court-appointed trustee for Tu Taxi SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Aug. 7, 2012.

Mr. Gorelik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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:

         Moises Gorelik
         Lavalle 1675
         Argentina



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B E R M U D A
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WHITE & SONS: IBC Files Petition to Wind Up Firm
------------------------------------------------
The Royal Gazette reports that shipping and courier company IBC
Ltd filed a petition with the Supreme Court to wind up troubled
White & Sons.

An official with IBC had no comment on the legal action, or how
much money it was owed by White's, saying it was in the hands of
lawyers, according to The Royal Gazette.

The report notes that the petition will be heard in the Supreme
Court at 9:30 a.m. on July 20 when any other creditors can come
forward to make their case.

Sources in the food industry say White's may be able to find the
cash to pay off creditors-via bank financing or other means- which
could possibly keep the company going, the report notes.

Earlier this month, The Roygal Gazette recalls that Pitt & Company
Ltd and BGA Ltd took out writs against White's "carrying on
business as White & Sons Supermarket, Southside Supermarket and
Haywards Supermarket".



=============
B A H A M A S
=============


BAICO: Sagicor to Acquire BAICO Life Business
---------------------------------------------
Jamaica Gleaner reports that the governments of the Organization
of Eastern Caribbean States have struck a deal with Barbados-based
Sagicor Life Inc, which will acquire the traditional life
insurance business of British American Insurance Company (BAICO).

The sub-regional group said the agreement was reached with the
court appointed BAICO judicial managers to sell the life insurance
sector of the Trinidad-based financially strapped company to
Sagicor, according to Jamaica Gleaner.

The report relates that the Governments of the Eastern Caribbean
Currency Union (ECCU) will provide funding of up to US$38 million
to assist in restoring value to the transferring policies.

There were initially seven interested investors, four of which
were shortlisted, the group said, the report notes.

Jamaica Gleaner says that the business being sold spans comprises
group pensions and traditional life policies issued by BAICO in
Anguilla, Antigua, Dominica, Grenada, Montserrat, St Lucia, St
Kitts and Nevis and St Vincent and the Grenadines as well as
universal life, term life, whole life, endowment and home service
life policies.

The deal will affect approximately 17,500 policyholders and is
expected to restore the policy values for nearly two in every
three BAICO policyholders, Jamaica Gleaner discloses.

"It should be noted that under the terms of the sale, all valid
and in-force life policies as at the Scheme Effective Transfer
Date will be transferred to Sagicor without any amendment or
change to the respective policy, allowing policyholders to benefit
from the terms they historically agreed with BAICO . . . . The
life insurance business will be transferred to Sagicor once all
necessary approvals for the scheme of transfer from the relevant
courts and insurance regulators in The Bahamas (where BAICO is
incorporated) and throughout the ECCU countries are received,"
said a statement obtained by the news agency.

Sagicor Life Inc is a wholly owned subsidiary of Sagicor Financial
Corporation.

The report notes that the regional governments said that the
approvals for all countries will take three to six months at which
point the transfer of the business can be finalized.

Policyholders who need clarity on the status of the policies are
advised to contact their local BAICO office, the report adds.

                           About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.



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B R A Z I L
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BROOKWATER VENTURES: Brazilian Unit Receives Notice of Default
--------------------------------------------------------------
Brookwater Ventures Inc. disclosed that its wholly owned
subsidiary, Agua Grande Exploracao e Producao de Petroleo Ltda.,
has been issued a notice of default from the operator of Block 166
in the Reconcavo Basin in Brazil for its failure to pay
outstanding cash calls related to the farmout agreement and joint
operating agreement within the period of time specified under the
JOA.

Under the terms of the JOA, Brookwater has 60 days to remedy the
default by paying the full amount of the outstanding balance to
the operator. In the event that the default continues for more
than 60 days, the operator has the option to require that
Brookwater withdraw its interest in the JOA and Block 166.
Brookwater is working with the operator to resolve the default and
satisfy the outstanding cash calls.

Brookwater Ventures Inc. is a Canadian independent oil exploration
company focused on growing its asset base primarily in Brazil. The
Company believes that a tremendous opportunity exists in Brazil,
where only approximately 6% of the sedimentary basins have been
titled for exploration and development. The country remains
underexploited and the Company believes that to capitalize on
these opportunities requires investing in and leveraging a
domestic team with basin knowledge, technical expertise and a
network of relationships to optimize risk adjusted returns.


COSAN SA: Fitch Affirms Low-B IDR; Rating Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Cosan S.A.
Industria e Comercio (Cosan) and its subsidiary Cosan Overseas
Limited (Cosan Overseas):

Cosan:

  -- Foreign and local currency Issuer Default Ratings (IDRs) at
     'BB+';
  -- National scale rating at 'AA-(bra)'.

Cosan Overseas:

  -- Foreign currency at IDR 'BB+';
  -- Perpetual notes at 'BB+'.

Fitch has also removed the Rating Watch Negative for Cosan, Cosan
Overseas, the subsidiary Cosan Lubrificantes e Especialidades
(CLE) and for the perpetual notes issued by Cosan Overseas.

The Rating Outlook of the corporate ratings is Stable.

In conjunction with these rating actions, Fitch has withdrawn the
ratings of CLE due to the lack of public interest (including the
foreign and local currency IDR's at 'BB+' and national scale
rating at 'AA-').  Fitch will no longer provide analytical view on
this issuer.

The rating actions reflect Fitch's expectations that Cosan will
present a gradual de-leveraging trend and a return to credit
indicators more consistent with its rating category within a
medium term horizon.  Cosan's robust liquidity position and
manageable debt profile further supports this rating action.
Currently, Cosan shows weak credit metrics for the rating category
as a result of the acquisition of 60.1% of the shares of Companhia
de Gas de Sao Paulo (Comgas)'s acquisition, occurred in May 2012
and which involved BRL3.4 billion, being BRL3.3 billion debt-
funded.  Should net leverage exceed Fitch expectations and remain
above 3.5 times (x) on a recurring basis, it should trigger a
negative rating action.

The ratings are strongly supported by Cosan's increasing
contribution of a more diversified asset portfolio and more
predictable cash flow businesses on a consolidated basis, in order
to partially soften the impacts of the volatility of the sugar and
ethanol industry.  Cosan's ratings fundamental has been positively
enhanced by the creation of a joint-venture with Shell Brazil
Holdings BV (Raizen), under conservative financial terms, and it
is strongly linked to Raizen's credit profile, given the relevance
of this joint venture compared to Cosan's consolidated performance
(55% of 2013 EBITDA, as per Fitch estimates).  Fitch estimates
Cosan 2013 EBITDA breakdown by segment as follows: 35% natural gas
distribution, 32% sugar and ethanol, 19% fuel distribution, 8%
logistics, 4% cogeneration and 2% lubes.  The high volatile sugar
& ethanol industry fundamentals, exposure to climatic conditions
and challenges related to the ethanol's industry dynamics in
Brazil, currently strongly linked to gasoline regulated prices and
governmental policies related to this issue, are further
incorporated into the ratings.

Broader Business Diversification, Reducing Exposure To The
Volatility Of The Sugar and Ethanol Industry:

Comgas' acquisition is strategically positive for Cosan, as it
contributes to broader business diversification and should lessen
its cash flow volatility.  This transaction would also enhance
Cosan's presence in the energy segment, which, together with
logistics, are the main focus on the company's business plan going
forward.  As per Fitch estimates, the contribution of more stable
business for Cosan's cash flow should range from current 52% to
the 65%-75% range in the next three years, depending on the sugar
and ethanol prices behavior and speed of planned expansion
projects.

Robust Liquidity Is Also Essential To Support The Ratings:

Cosan has maintained robust liquidity.  As of March 31, 2012, its
consolidated cash position amounted to BRL1.6 billion and covered
its short-term debt of BRL704 million by 2.3x. Considering also
cash flow from operations (CFFO), the cash+CFFO/short-term debt
ratio would be strong at 5.1x. Debt maturity profile was
adequately distributed, with concentration in the long term.

Fitch expects that Cosan will continue to adequately manage its
short-term debt maturities and to preserve a robust liquidity, in
order to be prepared for occasional market downturns.  The
favorable terms of the new financing line obtained to finance the
Comgas acquisition, characterized by a eight-year tenor with a
two-year grace period, as well as the last tranche of Shell's cash
contributions related to Raizen's creation which is scheduled for
the first half of 2013 and will be proportionally consolidated by
Cosan (USD270 million equivalent) were also positively factored in
the ratings.

Leverage To Be Gradually Reduced:

As of March 31, 2012, Cosan's leverage on a consolidated basis,
measured by total debt/adjusted EBITDA and net debt/adjusted
EBITDA, excluding the non-recurring accounting effects of creation
of Raizen (BRL3.2 billion), was 3.2x and 2.5x, similar to the 3.0x
and 2.5x reported in the previous year, as per Fitch criteria.

After the acquisition of Comgas' shares occurred in May 2012,
Cosan's pro forma net debt/EBITDA considering the acquired
company's respective debt and cash generation as well as excluding
the non-recurring effect of the creation of Raizen in Cosan's
EBITDA, would be 3.7x. Fitch calculations also consider
rescheduled taxes and intercompany loans.  This ratio was
negatively affected by lower than historical EBITDA margins of
Comgas in the latest 12 months (LTM) period ended in March 2012,
due to some cost mismatches to be passed through its tariffs.
Considering a normalized EBITDA for Comgas and Cosan's
proportional cash contribution of Shell, expected for March 2013,
Cosan's pro forma net leverage on a consolidated basis would be
around 3.3x.

As per Fitch financial projections, Cosan should be able to
gradually reduce its leverage levels. Considering the mid-point of
the sugar and ethanol price cycle, the agency estimates that Cosan
should maintain its net leverage around 3.0x while preserving a
robust liquidity position to reduce the risks related to the
inherent cyclicality of some of its businesses.

Pending Negotiations On The Acquisition Of ALL Shares:

Cosan is also negotiating the purchase of a 5.7% stake on America
Latina Logistica - ALL, for BRL896.5 million, which was not
incorporated in Fitch's financial projections.  The transaction is
still dependent upon the approval of other signatories of ALL's
shareholders agreement and also from the Brazilian Transport
Regulatory Agency (ANTT) and the Brazilian Antitrust Council
(CADE).  In case the acquisition is concluded, Fitch estimates
that Cosan's consolidated net debt/EBITDA ratio on a pro forma
basis would reach around 3.6x, compared to 3.3x without this
effect.

Key Rating Drivers:

Any action related to Raizen's ratings could have an impact on
Cosan's ratings.  Factors that could lead to a negative rating
action include further acquisitions or investments not
contemplated in the current business plan that could result in
leverage levels beyond expectations and material refinancing
needs.  A positive rating action is unlikely in the medium term
horizon considering current high leverage levels.  Later on, it
could be driven by lower than expected leverage, coupled with the
maintenance of more stable and predictable cash flows.


OGX PETROLEO: Moody's Affirms 'B1' Rating; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service affirmed the B1 ratings of OGX Petroleo
e Gas Participacoes S.A. (OGX) and OGX Austria GmbH and changed
the rating outlook to negative from stable.

"The negative rating outlook reflects lower than expected
performance from OGX's first two producing wells, negatively
impacting cash flows and capital productivity," commented Gretchen
French, Moody's Vice President. "OGX's latest setback follows
higher debt levels and moderate project delays and cost increases
incurred over the past year, which had already diminished
flexibility within the B1 rating."

Ratings Rationale

OGX recently announced the results of extended well tests on its
first two production wells in the Tubarao Azul field (formerly
known as the Waimea Accumulation). The production flow rate of the
two wells, OGX-26 and OGX-68, have been restricted to 5,000
barrels of oil equivalent per day (boe/d), which is materially
below management's original estimated range of 10,000 - 20,000
boe/d. The lower well performance highlights one of the many risks
of bringing contingent oil and gas resources onto production. The
main reason for the lower well productivity is a weaker than
expected water drive in the reservoir and significant well
interference between these first two wells. The compartmentalized
and unpredictable nature of the carbonate reservoir could
contribute to increased costs to fully develop the field.

OGX's position as an owner of world class hydrocarbon resources
remains strong. However, the company's growth rates and returns
have been negatively affected by reduced production rates from the
initial wells, which will result in lower cash flow and debt
capacity for future projects. Furthermore, if OGX is not able to
successfully manage its funding needs, cash levels could
materially decline by the end of 2013, resulting in constrained
liquidity and potentially further reliance on debt funding.

A key consideration will be the results of the drilling of its
third producing well in the Tubarao Azul field. Field-wide
production is estimated to reach around 15,000 boe/d by year end
2012, far short of the previous expectations of nearly 40,000
boe/d. To address the expected cash flow shortfall, the company is
reducing its exploration capital spending in 2013 and 2014 by
about $2.1 billion, which will entail reducing its drilling rig
commitments to three rigs from six currently and reducing seismic
spending. However, the expected reduction in the drilling rig
program will not be complete until the fourth quarter of 2013.

OGX's B1 rating could be downgraded if production levels decline,
liquidity becomes constrained or debt levels materially rise in
order to fund cash flow shortfalls. While unexpected over the
near-term given the negative outlook, the B1 rating could be
upgraded if OGX is successful in growing production (to over
20,000 barrels of oil equivalent per day) and has made substantial
progress on the construction of the two additional FPSOs and
wellhead platforms.

The principal methodology used in rating OGX was the Global
Independent Exploration and Production Industry Methodology
published in December 2011.

Based in Rio de Janeiro, Brazil, OGX is one of the largest
independent exploration and production companies in Latin America.


OGX PETROLEO: Low Production Volumes Cue Fitch to Lower Ratings
---------------------------------------------------------------
Fitch Ratings has downgraded OGX Petroleo e Gas Participacoes
S.A.'s (OGX) foreign and local currency Issuer Default Rating
(IDR) to 'B' from 'B+' and its long-term national scale rating to
'BBB-(br)' from 'BBB(br)'.  Fitch has also downgraded the rating
of its USD2.6 billion and USD1.1 billion notes to 'B/RR4' from
'B+/RR4 and 'BBB(br)', respectively. OGX's wholly owned
subsidiary, OGX AUSTRIA GMBH, is the issuer of both notes.  These
notes are unconditionally and irrevocably guaranteed by OGX, OGX
Petroleo e Gas Ltda. and OGX Campos Petroleo e Gas S.A.
The Rating Outlook is Stable.

The rating downgrade reflects the recent announcement by the
company that production volumes will be significantly lower than
initially projected, which will delay OGX from becoming cash flow
positive and will prolong its deleveraging process.  The projected
cuts are consistent with downgrade guidelines set in one of
Fitch's original stress scenarios.  Positively, OGX has pre-funded
and secured the equipment for its capex program which should allow
it to achieve production volumes consistent with its highly
speculative rating.

OGX is now forecasting a production volume of 5,000 barrels of oil
equivalent per day (boepd) for its first two wells in Tubarao Azul
field (previously known as Waimea), which is well below the
10,000-13,000 boepd initially projected.  The adjustment in the
ideal targeted production volumes reflects the identification of
natural fractures in the reservoir that connect the first two
wells, which reduces the optimal level of pressure at each
individual well.

As a result, the ramp-up curve of the initial production volume is
anticipated to be well below OGX's initial expectations.
Following the addition of two producing wells and two injections
wells to FPSO OSX-1, the new production volumes are now expected
to be approximately 20,000-25,000 boepd compared to the 40,000
boepd initially planned.  By 21013, OGX is expected to have
approximately 8 production wells, each producing approximately
6,000-8,000 boepd, which is below the initially projected 10,000-
20,000 boepd.  Within the next five years, OGX's production is
expected to be below one-half of the initially projected volumes
of 730,000 boepd by 2016.

As a result of lower production volume prospects, Fitch has
reduced its EBITDA projection to approximately USD 2 billion by
2015 from approximately USD6 billion, using Fitch's published mid-
cycle price deck.  The company has also reduced its capital
investments to approximately USD3.3 billion in 2012 and 2013, and
is expected to be to below USD1 billion from 2014.  Should
production volumes materialize at the new indicated level, Fitch
expects OGX to report negative free cash flow over the next three
years.  Cash deficits are expected to be funded with current
liquidity with no material increases in debt levels.

As of June 2012, OGX's liquidity was USD3.6 billion and its pro
forma debt was USD3.9 billion, and includes the USD2.6 billion
bond issued last June, USD320 million of OGX Maranhao financing
and USD1.1 billion recently issued.  Fitch's net adjusted debt for
operating leases will increase total adjusted obligations to
slightly greater than USD10 billion by 2016.

Fitch expects leverage should substantially decline to below 4.0x
after adjusting debt for operating leases in 2015 as production
comes on line and operating cash flow increases.  Fitch also
expects the vast majority of incremental total adjusted debt will
be associated with operating leases for production equipment with
affiliate company, OSX.  Leverage based on debt to proven reserves
is expected to be below USD3 per barrel assuming 4 billion boe are
proved out over the next few years.  These estimates may vary
depending on eventual production rates/levels, the level of proven
reserves, and ultimately, crude prices.

Catalysts for a negative rating action include a significant delay
in bringing production online, coupled with lower than expected
discovery levels and incorporating reserves, which could result in
increased funding needs and a deterioration in OGX's credit
quality.  A positive rating action could result from satisfactory
production volumes, coupled with lower uncertainties regarding
reserves.

OGX is a Brazilian oil and gas company created in 2007, 61.2%
owned by EBX Group.  OGX has a portfolio of 35 blocks, of which 30
are located in Brazil (22 are offshore) and five onshore blocks in
Colombia, covering an area of 44,000 square kilometers.  In
Brazil, OGX's blocks are located in the Campos, Santos, Espirito
Santo, Para-Maranhao and Parnaiba Basins -- covering an area of
31,500 square kilometers.



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1908 HOLDINGS: Members' Final Meeting Set for July 20
-----------------------------------------------------
The members of 1908 Holdings Ltd will hold their final meeting on
July 20, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7555


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

The company's liquidator is:

         Clovis Najm
         101 24416A St
         SW Calgary, AL
         Canada T2T 4K5
         Telephone: 1 778 588 7659
         Facsimile: 1 800 776 3589


DB KAMCHATKA: Shareholders' Final Meeting Set for July 23
---------------------------------------------------------
The shareholders of DB Kamchatka Limited will hold their final
meeting on July 23, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


LF CAPITAL: Members' Final Meeting Set for July 9
-------------------------------------------------
The members of LF Capital Holdings Ltd. will hold their final
meeting on July 9, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PARKWOOD HOLDINGS: Members' Final Meeting Set for July 19
---------------------------------------------------------
The members of Parkwood Holdings Ltd will hold their final meeting
on July 19, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7555


QT ALTERNATIVES: Shareholders' Final Meeting Set for July 31
------------------------------------------------------------
The shareholders of QT Alternatives, LLC will hold their final
meeting on July 31, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


REMITTANCE LTD: Shareholders' Final Meeting Set for July 20
-----------------------------------------------------------
The shareholders of Remittance, Ltd. will hold their final meeting
on July 20, 2012, at 9:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SPARE GROUP: Shareholders' Final Meeting Set for July 13
--------------------------------------------------------
The shareholders of Spare Group Limited will hold their final
meeting on July 13, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


YELLOW HAMMER: Shareholders' Final Meeting Set for July 23
----------------------------------------------------------
The shareholders of Yellow Hammer Limited will hold their final
meeting on July 23, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ZEBRA FINANCE: Shareholders' Final Meeting Set for July 23
----------------------------------------------------------
The shareholders of Zebra Finance Company Limited will hold their
final meeting on July 23, 2012, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands



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


CEMEX SAB: Presents Refinancing Proposal to Lenders
---------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that during the meetings with its
lenders to be held in New York and in Madrid on July 2, 2012,
CEMEX will outline a refinancing proposal to its full syndicate of
lenders under the Financing Agreement, dated as of August 14,
2009, as amended. The Proposed Transaction had been previously
discussed and negotiated with a number of CEMEX's banks which hold
approximately 50% of the existing exposures under the Existing
Financing Agreement. The principal terms of the Proposed
Transaction, which includes an exchange offer and a consent
request, are as follows:

Exchange Offer and Exchanging Participating Creditor Fee: CEMEX is
proposing that creditors exchange their existing exposures under
the Existing Financing Agreement into one or a combination of the
following:

(a) new loans (the "New Loans") or, for private placement notes,
     new private placement notes (the "New USPP Notes"), or

(b) up to U.S.$500 million in new high yield notes (the "New HY
     Notes") to be issued by CEMEX, bearing interest at an annual
     rate of 9.5% and maturing in June 2018, having terms
     substantially similar to those of senior secured notes
     previously issued by CEMEX and/or its subsidiaries. The New
     HY Notes will be callable in 2016 and will be guaranteed by
     CEMEX Mexico, S.A. de C.V., CEMEX Espana, S.A., CEMEX Corp.,
     CEMEX Concretos, S.A. de C.V., Empresas Tolteca de Mexico,
     S.A. de C.V., New Sunward Holding B.V. and the New Guarantors
     referred to below. In the case of over-subscription, New HY
     Notes will be allocated pro rata, and the remaining balance
     of any subscription would be re-allocated to New Loans or New
     USPP Notes, as applicable. There will be priority allocation
     for tenders received within a 10 business day early tender
     period, and if, as a result of over-subscription due to
     tenders submitted during the early tender period, a tendering
     holder was not allocated at least 75% of its requested
     subscription to the New HY Notes, it will have the option to
     revoke its tender. The Exchange Offer will remain open for 30
     business days.

Creditors that participate in the Exchange Offer will receive an
exchange fee of 80 basis points calculated on the amount of their
existing exposures under the Existing Financing Agreement
exchanged for New Loans or New USPP Notes.

New Maturity, Initial Paydown, Springing Maturities and
Intermediate Amortizations: The Proposed Transaction effectively
treats the exposures of accepting participating creditors who
elect to receive New Loans or New USPP Notes as being extended
from Feb. 14, 2014 to February 14, 2017 under a new facilities
agreement. In addition, the New Facilities Agreement will have the
following required amortization payments: (i) U.S.$500 million on
February 14, 2014, (ii) U.S.$250 million on June 30, 2016 and
(iii) U.S.$250 million on Dec. 16, 2016. If CEMEX does not paydown
U.S.$1.0 billion by March 31, 2013, the maturity date of the New
Facilities Agreement will revert to February 14, 2014. CEMEX may,
with a..." participating creditor approval under the New
Facilities Agreement, obtain a 90-day extension of the March 31,
2013 milestone date. In addition, the Feb. 14, 2017 maturity date
will be reset to earlier dates if any capital markets debt of
CEMEX and/or its subsidiaries maturing prior to February 14, 2017
is not entirely refinanced prior to the maturity of such capital
markets debt.

CEMEX has stated that sources for the initial U.S.$1.0 billion
paydown may include select asset sales. CEMEX has identified a
number of assets that could be sold for this purpose, including
the potential sales of: (i) a minority stake in CEMEX operations
in select countries; (ii) selected U.S. assets; (iii) selected
European assets; and/or (iv) other non-core assets. The option to
engage in any of these potential asset sales will be at the sole
discretion of CEMEX.

In addition, if at any date after April 1, 2015 the volume
weighted average closing sale price of CEMEX's ADS's listed on the
New York Stock Exchange exceeds U.S.$14.50 during the preceding
90-day period, the holders of the New Loans and the New USPP Notes
will be entitled to an additional cash fee, payable 120 days after
such date and at the end of each quarter thereafter, equal to
0.50% of the new exposures under the New Facilities Agreement held
by them at the time. If the New Facilities Agreement Exposures
have been repaid in an aggregate amount equal to (or exceeding)
U.S.$2.0 billion and up to U.S.$3.0 billion prior to the date of
payment, such fee will be reduced pro rata based on the amount
between U.S.$2.0 billion and U.S.$3.0 billion by which the New
Facilities Agreement Exposures have been repaid, with no fee being
payable at any time total exposures have been reduced by at least
U.S.$3.0 billion.

New Guarantors and Security Package: The New Facilities Agreement
will benefit from guarantees on the same terms and from the same
CEMEX companies as under the Existing Financing Agreement, which
guarantees will remain in place, and, in addition, will also
receive (together with the New HY Notes and all other senior
capital markets debt issued or guaranteed by CEMEX other than the
notes issued in connection with the perpetual securities)
guarantees from the following subsidiaries (the "New Guarantors")
owned directly or indirectly by CEMEX Espana, S.A.: CEMEX Research
Group AG, CEMEX Shipping B.V., CEMEX Asia B.V., CEMEX France
Gestion, CEMEX UK and CEMEX Egyptian Investments B.V. The 2014
Eurobonds and the Existing Financing Agreement will not benefit
from guarantees from the New Guarantors.

The New Facilities Agreement and the New HY Notes (together with
all other senior capital markets debt issued or guaranteed by
CEMEX, the notes issued in connection with the perpetual
securities and long-term Certificados Bursatiles) will also
benefit from a security package consisting of a first-priority
security interest in (a) substantially all the shares of CEMEX
Mexico, S.A. de C.V.; Centro Distribuidor de Cemento, S.A. de
C.V.; Corporacion Gouda, S.A. de C.V.; Mexcement Holdings, S.A. de
C.V.; New Sunward Holding B.V.; CEMEX Trademarks Holding Ltd. and
CEMEX Espana, S.A. (the "Collateral"), and (b) all proceeds of
such Collateral.

Intercompany Claims: In the event of any insolvency or similar
proceeding in relation to CEMEX, any amount payable under any
intercompany claim by an obligor under the New Facilities
Agreement will be subordinated to claims under the New Facilities
Agreement and all other senior debt of such obligors.

In addition, the New Facilities Agreement will also benefit from a
Mexican-law regulated voting trust mechanism, whereby intercompany
claims of CEMEX entities incorporated in Mexico at any time would
be voted in a concurso mercantil proceeding by a trustee
instructed by the lenders under the New Facilities Agreement (the
"New Facilities Agreement Lenders").

Prepayments: The New Facilities Agreement will contain different
prepayment provisions from those contained in the Existing
Financing Agreement. CEMEX will be permitted to refinance debt
maturing prior to Feb. 14, 2017 or after such date by issuing new
indebtedness that has the same security and obligors (including
2014 Eurobond refinancing with senior secured debt) as the debt
being refinanced and will be permitted to refinance its
subordinated optional convertibles with similar securities or
equity-like instruments. After $1.5 billion is paid under the New
Facilities Agreement, certain proceeds from asset sales, debt and
equity issuances, securitizations and excess cash flows can be
used to reduce capital markets debt of CEMEX and/or its
subsidiaries maturing prior to February 14, 2017. After such
indebtedness has been repaid or refinanced, certain of such funds
may be used to reduce indebtedness maturing after February 14,
2017 or for other purposes as permitted under the New Financing
Agreement.

Revised financial and other covenants: The New Facilities
Agreement will contain revised financial covenants, including the
requirement that CEMEX maintain a consolidated leverage ratio not
to exceed 7.00x through Dec. 31, 2013, reducing to 4.25x by
Dec. 31, 2016 and a consolidated coverage ratio of at least 1.50x
through June 30, 2014, increasing to 2.25x by December 31, 2016.

With respect to other covenants, the New Facilities Agreement will
generally contain the same covenants and exceptions as the
Existing Financing Agreement, with some amendments, including
amendments to accommodate the potential sale of minority stakes
mentioned above and the refinancing of all capital markets debt of
CEMEX and/or its subsidiaries maturing prior to February 14, 2017.

Consent Request and Participating Creditor Amendment Fee: The
proposed Consent Request includes: (A) the consent of the majority
participating creditors (under the Existing Financing Agreement)
(66.67%) to certain amendments to the Existing Financing
Agreement, including deletion of all mandatory prepayment
provisions, representations, information and general undertakings,
financial covenants and covenant reset date provisions, and events
of default other than payment, insolvency and insolvency
proceedings; and (B) the consent of the super majority
participating creditors (under the Existing Financing Agreement)
(85%) and the super majority instructing group (under the existing
intercreditor agreement) (85%) to release, on the date of closing
of the Proposed Transaction, all of the security created or
granted in favor of the secured parties under the Existing
Financing Agreement documentation.

Participating creditors that consent to the proposed amendments in
the Consent Request will receive a consent fee equal to 20 basis
points calculated on the amount of their existing exposures under
the Existing Financing Agreement. In the event that at least one
holder of existing private placement notes provides the consent to
the proposed amendments in the Consent Request, all holders of
existing private placement notes will receive the Participating
Creditor Amendment Fee as required under the Existing USPP Note
Purchase Agreement.

Conditions to the Proposed Transaction: Completion of the Proposed
Transaction will be subject to the satisfaction or waiver of,
among others, the following conditions: (A) the requisite consent
levels for the proposed amendments under the Consent Request being
obtained from the participating creditors; and (B) participating
creditors representing at least 95% of existing exposures
accepting the Exchange Offer.

The Proposed Transaction includes an offering of securities that
is being conducted pursuant to Section 4(2) of the U.S. Securities
Act of 1933, as amended (the "Securities Act"), and applicable
exemptions under the laws of foreign jurisdictions. Participation
in the Proposed Transaction is limited: (a) in the United States,
to persons who are "qualified institutional buyers" (as defined in
Rule 144A under the Securities Act or institutional "accredited
investors" as that term is defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act, and (b) outside the United States,
to persons other than "U.S. persons" in reliance upon Regulation S
under the Securities Act and who are "qualified investors" (within
the meaning given at Article 2 of Directive 2003/71/EC (the
Prospectus Directive)) or hold an equivalent status under
applicable local laws and regulations. The securities to be
offered have not been and will not be registered under the
Securities Act and may not be offered or sold in the United States

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.


CEMEX SAB: S&P Puts B- GS Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B-' global scale and 'mxBB/mxB' national scale corporate
credit ratings, on CEMEX S.A.B. de C.V. and its key operating
subsidiaries -- CEMEX Espana S.A., CEMEX Mexico S.A. de C.V.,
Cemex Corp. and CEMEX Inc. -- on CreditWatch with negative
implications.

The CreditWatch listing follows the company's recently announced
proposal to refinance its financing agreement--the $7.25 billion
debt--due February 2014. The proposal includes a three-year
extension of the 2014 maturity and an initial $1 billion payment
to lenders by March 31, 2013. Sources of payment may include
select asset sales.

"If lenders approve the proposal, in our view, CEMEX would face a
tight schedule for raising the required resources, before the
company faces an increase in short-term risk related to the March
2013 payment, which would pressure the ratings downward," S&P
said.

The announcement confirms Standard & Poor's expectations that
CEMEX management would focus on pursuing refinancing alternatives
to its financing agreement.

"In our view, the refinancing proposal on the $7.25 billion due
2014 under that agreement is crucial for CEMEX to avoid a default.
However, the proposed payment in 2013 could add significant short-
term risks to the company as it is mostly dependent on the
completion of asset sales, because discretionary cash flow that we
estimate at about $200 million during 2012 would not be sufficient
to meet the 2013 proposed payment.

"We believe that CEMEX is committed to raising the required
resources, but volatile market conditions due to the eurozone debt
crisis make it uncertain if the company can successfully fulfill
it," S&P said.

The refinancing proposal considers that if CEMEX does not pay down
$1 billion by March 31, 2013, the maturity date of the new
financing agreement will revert to Feb. 14, 2014. Also, under the
new agreement CEMEX may, with a two-thirds participating creditor
approval, obtain a 90-day payment extension.

"If lenders agree with the refinancing proposal, we will maintain
the CreditWatch listing for approximately three months--a period
during which we expect the company to put forward its asset sales
plan. If we have very clear evidence by the fourth quarter of this
year that CEMEX will be able to raise the resources needed to meet
the proposed 2013 payment, we will affirm our ratings on the
company. However, if we are still uncertain about its capacity to
successfully raise the required resources, which may include the
implementation of an asset sales plan, we will downgrade CEMEX by
two or more notches, as the likelihood of default under our
criteria would increase significantly,"  S&P said.

"Also, if lenders decide not to accept CEMEX's proposal and the
financing agreement retains its original conditions, we will
affirm the issuer rating at 'B-' and assign a negative outlook to
reflect the significant challenge that the company would face to
meet its 2014 maturity," S&P said.


CI CASA DE BOLSA: Moody's Corrects June 29 Ratings Release
----------------------------------------------------------
Moody's Investors Service issued a correction to the June 29, 2012
ratings release of to CI Casa de Bolsa, S.A de C.V.

Moody's assigned long and short term B3/Not Prime global local
currency issuer ratings CI Casa de Bolsa. At the same time,
Moody's de M‚xico assigned long and short term Mexican National
issuer ratings of B1.mx and MX-4, respectively. The outlook for
all ratings is stable.

The following ratings were assigned to CI Casa de Bolsa:

- Long term global local currency issuer rating of B3

- Short term global local currency issuer rating of Not Prime

- Long term Mexican National Scale issuer rating of B1.mx

- Short term Mexican National Scale issuer rating of MX-4

Ratings Rationale

CI Casa de Bolsa's B3 issuer rating takes into account a
standalone credit assessment (BCA) of b3. The ratings reflect the
company's very short track record of operations. Though the
brokerage house began operations in 2007, it has been only seven
months since its new owner management has taken control,
initiating a corporate reorganization. Management's goal is to
shift CI Casa de Bolsa's business away from its historic focus on
FX trading-- an activity that has in the past experienced serious
control problems and losses - and to diversify the operation into
agency trading in the money and capital markets.

Moody's noted that risk management, risk infrastructure and
controls represent key areas for improvement because of the firm's
track record of weak risk controls that resulted in significant
losses and extraordinary regulatory penalties. Management's
efforts to implement new risk management practices remain largely
untested, and could expose the firm to , execution, trading, and
operational risks.

The ratings are also constrained by CI Casa de Bolsa's limited
business scope. The brokerage house is a one-product firm that
expects to develop a low-risk, fee-based agency trading business
in the money and capital markets. CI Casa de Bolsa's operations
are still small in absolute and relative terms as reflected by a
market share of less than 0.05% of the industry's assets under
management. Therefore, achieving scale remains another important
ongoing challenge, more so in light of CI Casa de Bolsa's poor
market reputation, weak brand name and highly competitive
environment.

CI Casa de Bolsa's financial metrics still reflect its startup
profile. Its poor operating efficiency is the result of high
initial operating costs as well as of large regulatory fines,
onerous employee layoff processes and the restructuring of risk
management and controls systems. The firm's still weak and
unstable earnings generation, in line with its developing
franchise, reflects in operating losses, and show high dependence
on non-core, extraordinary events (e.g. expenses and tax refunds);
which also limit CI Casa de Bolsa's ratings. The brokerage house's
modest capital base and weak liquidity profile also constrain its
financial profile overall.

Moody's noted that CI Casa de Bolsa may benefit from potential
synergies with its sister bank CI Banco (unrated), particularly in
terms of sharing of infrastructure, systems, client base, and more
importantly, risk management practices; these should facilitate
business development. Yet, Moody's also notes that CI Banco's
track record is in turn short and its intrinsic strength limited,
resulting in a limited support capacity.

CI Casa de Bolsa is headquartered in Mexico City. As of March 2012
it had US$2.81 million in equity.


CIMENTO TUPI: S&P Affirms 'B' Global Scale Rating
-------------------------------------------------
Standard & Poor's Ratings Services its 'B' global scale and
'brBBB-' national scale corporate credit ratings and its 'B' issue
rating on Cimento Tupi S.A. (Tupi). The outlook is stable.

The ratings on Tupi reflect its aggressive financial profile, with
a relatively high debt and less-than-adequate liquidity stemming
from its expansion strategy. The ratings also reflect Tupi's
vulnerable business profile due to the company's limited scope of
operations in a highly competitive industry. The partly offsetting
factors are Tupi's well-known brand in regional markets and the
positive industry fundamentals in Brazil for the next couple of
years, despite the recent economic slowdown in the country.



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


ADVANCED COMPUTER: Wants to Employ Cuprill as Bankruptcy Counsel
----------------------------------------------------------------
Advanced Computer Technology, Inc., seeks permission from the
Bankruptcy Court to employ Charles A. Cuprill, P.S.C., Law
Offices, as its counsel.  The Debtor has retained Cuprill on the
basis of a $35,000 retainer, against which the law firm will bill
on the basis of $350 per hour, plus expenses, for work performed
or to be performed by Charles A. Cuprill-Hernandez, Esq.  The
firm's other professionals are billed at $225 per hour for senior
associates, $150 per hour for junior associates and $85 per hour
for paralegals.

The firm can be reached at:

                  Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515

The Debtor believes that Cuprill is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.

San Juan, Puerto Rico-based Advanced Computer Technology, Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in
Old San Juan on June 6, 2012.  The Debtor, an information system
consulting firm, disclosed $10.34 million in assets and $6.176
million in liabilities in its schedules.  It said software and
licenses rights are worth $6.30 million.  The value of its 100%
ownership of Sprinter Solutions, Inc., is unknown.

Bankruptcy Judge Brian K. Tester presides over the case.  Charles
Alfred Cuprill, PSC Law Office, serves as the Debtor's counsel.
The petition was signed by Osvaldo Karuzic, chief executive
officer.


ADVANCED COMPUTER: Taps Carrasquillo as Financial Consultant
------------------------------------------------------------
Advanced Computer Technology, Inc., seeks permission from the
Bankruptcy Court to employ CPA Luis R. Carrasquillo & Co., PSC, as
its financial consultant.  The duties of Carrasquillo will consist
of strategic counseling advice, pro forma modeling preparation,
financial/business assistance, preparation of documentation as
requested for and during the Debtor's Chapter 11 case, as well as
recommendation and financial/business assessments regarding issues
related to the Debtor.

The Debtor has retained Carrasquillo on the basis of $20,000
advance, against which Carrasquillo will bill as per the firm's
hourly billing rates.

The Debtor believes that Carrasquillo and its members are
"disinterested persons" as defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

          CPA LUIS R. CARRASQULLO RUIZ
          28th Street, # TI-26
          Turabo Gardens Ave.
          Caguas, P.R. 00725
          Tel: 787-746-4555,787-746-4556

San Juan, Puerto Rico-based Advanced Computer Technology, Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in
Old San Juan on June 6, 2012.  The Debtor, an information system
consulting firm, disclosed $10.34 million in assets and $6.176
million in liabilities in its schedules.  It said software and
licenses rights are worth $6.30 million.  The value of its 100%
ownership of Sprinter Solutions, Inc., is unknown.

Bankruptcy Judge Brian K. Tester presides over the case.  Charles
Alfred Cuprill, PSC Law Office, serves as the Debtor's counsel.
The petition was signed by Osvaldo Karuzic, chief executive
officer.



=============
U R U G U A Y
=============


BANK LATIN AMERICA: S&P Affirms 'BB+/B' Global Scale IDR
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale issuer credit rating (ICR) on Discount Bank Latin America
S.A. (DBLA). The outlook is stable.

"At the same time, we raised the bank's stand-alone credit profile
(SACP) to 'bb' from 'bb-'. We have raised the bank's SACP to 'bb'
from 'bb-' following our revision of Uruguay Banking Industry
Country Risk Assessment to group '7' from '8' which resulted in an
improvement in our anchor for commercial banks operating only in
Uruguay to 'bb' from 'bb-'," S&P said.

"Our bank criteria use our BICRA economic risk and industry risk
scores to determine a bank's anchor SACP, the starting point in
assigning an ICR. Our anchor SACP for a commercial bank operating
only in Uruguay is 'bb'. Our economic risk assessment reflects our
opinion that rapid economic growth, prudent macroeconomic
policies, and greater political consensus have helped reduce many
of Uruguay's historical vulnerabilities. At the same time, the
likelihood of an economic imbalance has decreased, given the
reduction of net external debt and the expectation that foreign
direct investment inflows will keep exceeding current account
deficits. However, the persistent high dollarization still imposes
high credit risks on the financial system. The Uruguayan banking
system's delays in implementing Basel II and International
Financial Reporting Standards increase the industry risk," S&P
said.

Partially mitigating this is the central bank's close monitoring
of the banking system's liquidity and its quality of information.
Uruguay has a profitable and competitive financial system with
some market distortions given the public sector's relatively large
presence. The undiversified funding of the system is one of the
main weaknesses, because we regard customer deposits as a
potentially unstable funding source based on past runs on
deposits.

"We believe there are few alternative funding sources in the
country," S&P said.



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


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

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

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

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

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

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



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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


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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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