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

            Friday, July 6, 2012, Vol. 13, No. 134


                            Headlines



B A R B A D O S

REDJET: Bankruptcy Protection Expires


B E R M U D A

FLETCHER INT'L: Sues Bermuda Liquidators in U.S.


C A Y M A N   I S L A N D S

AES CEMIG: Shareholders' Final Meeting Set for July 11
CAPSTONE CONVEXITY: Shareholders' Final Meeting Set for July 20
CAPSTONE CONVEXITY INTERMEDIATE: Shareholders to Meet on July 20
CAPSTONE CONVEXITY MASTER: Shareholders' Meeting Set for July 20
CCPMF CAYMAN: Shareholders' Final Meeting Set for July 20

CLP CAYMAN: Shareholders' Final Meeting Set for July 20
CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10
GGICO MIDDLE: Shareholders' Final Meeting Set for July 23
GIH HF I: Shareholders' Final Meeting Set for July 23
GREEN LEAF: Shareholders' Final Meeting Set for July 23

HIGHVIEW GLOBAL: Shareholder Receives Wind-Up Report
PSW NYC: Shareholders' Final Meeting Set for July 20
SG MICRO: Shareholders' Final Meeting Set for July 16


C O L O M B I A

* COLOMBIA: IDB Provides US$100MM Loan for Fiscal Stability


P U E R T O   R I C O

EMPRESAS MARTINEZ: Puerto Rico Court Rules on Chevron Funds
EMPRESAS PLAYA: Case Summary & 9 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Taps Clint Williams as Public Relations Officer


                            - - - - -


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B A R B A D O S
===============


REDJET: Bankruptcy Protection Expires
-------------------------------------
RJR News reports that it is not yet known if troubled air carrier
Airone Caribbean/Airone Ventures Limited will be seeking an
extension of bankruptcy protection, which expires July 4, 2012.

The airline last month had filed for bankruptcy protection and
will not be liable to pay any debts for at least 30 days,
according to RJR News.

The report relates that the company did not declare how much it
owed but said when the period of bankruptcy protection ends.  RJR
News relays that the airline may apply for further extensions
until a proposal to pay creditors is completed.

However it said on completion, creditors owed $US250 dollars or
more, including passengers who purchased tickets which could not
be honored because of the grounding of the airline on
March 16, will be invited to make claims, RJR News notes.

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.

Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News related that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.  REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.



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B E R M U D A
=============


FLETCHER INT'L: Sues Bermuda Liquidators in U.S.
------------------------------------------------
Fletcher International, Ltd., on Monday filed a complaint in
Bankruptcy Court against the Bermuda liquidators of its affiliated
hedge funds seeking temporary, preliminary and permanent
injunctive relief.  Fletcher said the defendants are seeking
improperly to exercise control over property of the Debtor's
estate, including control over all of the Debtor's assets for
purposes of complete liquidation, in violation of the automatic
stay provisions of the Bankruptcy Code.

The complaint named as defendants:

     -- Robin Lee McMahon and Roy Bailey, the Joint Official
        Liquidators of:

        (a) Fletcher Income Arbitrage Fund In Voluntary
            Liquidation, a Cayman Islands corporation, which owns
            83% of the common shares and is a majority shareholder
            of Fletcher International;

        (b) FIA Leveraged Fund-In Official Liquidation, a
            Cayman Islands corporation; and

     -- Tammy Fu and Jenna Wise, the Joint Official Liquidators of
        Fletcher Fixed Income Alpha Fund Ltd.-In Official
        Liquidation, a Cayman Islands corporation

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.

According to The Wall Street Journal's Steve Eder and Josh
Barbanel, the hedge fund is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

                   About Fletcher International

Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan.  The Bermuda exempted company estimated assets and
debts of $10 million to $50 million.  The bankruptcy documents
were signed by its president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.



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


AES CEMIG: Shareholders' Final Meeting Set for July 11
------------------------------------------------------
The shareholders of AES Cemig Empreendimentos II, Ltd. will hold
their final meeting on July 11, 2012, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Bradley Smith
         Zafar Hasan
         Citco Trustees (Cayman) Limited
         89 Nexus Way
         PO Box 31106 Grand Cayman
         Cayman Islands


CAPSTONE CONVEXITY: Shareholders' Final Meeting Set for July 20
---------------------------------------------------------------
The shareholders of Capstone Convexity Fund, Limited will hold
their final meeting on July 20, 2012, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAPSTONE CONVEXITY INTERMEDIATE: Shareholders to Meet on July 20
----------------------------------------------------------------
The shareholders of Capstone Convexity Intermediate Fund, Limited
will hold their final meeting on July 20, 2012, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CAPSTONE CONVEXITY MASTER: Shareholders' Meeting Set for July 20
----------------------------------------------------------------
The shareholders of Capstone Convexity Master Fund, Limited will
hold their final meeting on July 20, 2012, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CCPMF CAYMAN: Shareholders' Final Meeting Set for July 20
---------------------------------------------------------
The shareholders of CCPMF Cayman Holdco Ltd. will hold their final
meeting on July 20, 2012, at 9:30 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


CLP CAYMAN: Shareholders' Final Meeting Set for July 20
-------------------------------------------------------
The shareholders of CLP Cayman Holdco Ltd. will hold their final
meeting on July 20, 2012, at 9:45 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


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


GGICO MIDDLE: Shareholders' Final Meeting Set for July 23
---------------------------------------------------------
The shareholders of GGICO Middle East Equity Fund 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


GIH HF I: Shareholders' Final Meeting Set for July 23
-----------------------------------------------------
The shareholders of GIH HF I 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


GREEN LEAF: Shareholders' Final Meeting Set for July 23
-------------------------------------------------------
The shareholders of Green Leaf Holdings 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


HIGHVIEW GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Highview Global Macro, Ltd. received on June 8,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PSW NYC: Shareholders' Final Meeting Set for July 20
----------------------------------------------------
The shareholders of PSW NYC Holdings, Inc. will hold their final
meeting on July 20, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SG MICRO: Shareholders' Final Meeting Set for July 16
-----------------------------------------------------
The shareholders of SG Micro Limited will hold their final meeting
on July 16, 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:

         Susan Fan
         Zhonghai Fuyuan Residential Area
         Room 12D, Unit One, Building 4
         Haidian District, Beijing
         P R China
         Telephone: 15901439906



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C O L O M B I A
===============


* COLOMBIA: IDB Provides US$100MM Loan for Fiscal Stability
-----------------------------------------------------------
Colombia will continue to strengthen its subnational fiscal
stability through more effective use of public resources, improved
quality of information on revenues and expenditures, and increased
subnational tax revenues, with the support of a US$100 million
loan from the Inter-American Development Bank.

The program aims to strengthen systems for promoting the best use
of public resources and accountability to consolidate the process
of decentralization and fiscal capacity.

The operation the second in a series of two will put in place a
strategy for monitoring, follow-up, and control of the General
Participation System through its application in at least 32
departments and 31 municipal capitals.  The strategy will result
in the adoption of a single system of sectoral indicators for
rating risk events in the use of resources by subnational
entities.

Another program objective is the inclusion of a section on fiscal
sustainability in at least 20 municipal capitals for the
evaluation of fiscal and financial risks of subnational
decentralized entities.

The IDB loan has a repayment period of 20 years, a five-year grace
period, and an interest rate based on LIBOR.



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


EMPRESAS MARTINEZ: Puerto Rico Court Rules on Chevron Funds
-----------------------------------------------------------
In the case, EMPRESAS MARTINEZ VALENTIN CORP., Plaintiff, v.
CHEVRON OF PUERTO RICO, LLC, Defendant(s), Adv. Proc. No. 11-00178
(Bankr. D. P.R.), Bankruptcy Judge Edward A. Godoy ruled that the
motions in compliance with the Court's order to show cause dated
June 15, 2012, filed by Chevron of Puerto Rico, LLC, and the
Debtor do not establish cause for the consignment of funds in the
adversary proceeding with the Court, since the parties agree that
all funds being deposited belong to the Debtor.  Therefore, the
funds shall be returned to Chevron.  To the extent that Chevron
acknowledges that the amounts deposited are owed to the Debtor,
Chevron will make such payments, and any future payments, directly
to the Debtor.  The acceptance of such payments by the Debtor will
not be deemed to constitute a waiver of the Debtor's right to
challenge the amounts owed by Chevron for rent under the lease
agreement.  A copy of the Court's July 2, 2012 Opinion and Order
is available at http://is.gd/9YQBOafrom Leagle.com.

Sabana Grande, Puerto Rico-based Empresas Martinez Valentin, Corp.
-- aka Bronze & Metal Works and Supermercado El Tabonuco -- filed
for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-07018) on
Aug. 19, 2011.  Carmen D. Conde Torres, Esq., at C. Conde &
Associates, serves as the Debtor's counsel.  The Debtor scheduled
$4,256,600 in total assets and $2,442,518 in total liabilities.
The petition was signed by Angel Javier Martinez Valentin,
president.  Mr. Martinez Valentin also filed for Chapter 11
(Bankr. D. P.R. Case No. 11-06321) on July 28, 2011.


EMPRESAS PLAYA: Case Summary & 9 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Empresas Playa Joyuda, Inc.
        dba Perichi's Hotel Restaurant
        HC-02 Box 16310, Joyuda
        Cabo Rojo, PR 00623

Bankruptcy Case No.: 12-05243

Chapter 11 Petition Date: July 1, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Edward A. Godoy

Debtor's Counsel: Angel Miguel Roman Ongay, Esq.
                  B-45 Ext La Concepcion
                  Cabo Rojo, PR 00623
                  Tel: (787) 265-8270
                  E-mail: mitchroman@hotmail.com

Scheduled Assets: US$1,973,542

Scheduled Liabilities: US$2,567,489

A copy of the Company's list of its nine largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/prb12-05243.pdf

The petition was signed by Julio Perez Perichi, president.



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


CARIBBEAN AIR: Taps Clint Williams as Public Relations Officer
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that Caribbean Airlines
Limited has recalled a former BWIA Public Relations Officer to
head up its Corporate Communications Department.

Clint Williams returned to Iere House, Piarco to start his new
stint at the airline, according to Trinidad and Tobago Newsday.

The report notes that the airline has been without a Corporate
Communications Manager since the departure of Laura Asbjornsen
some nine months ago.

The report relates that Mr. Williams worked as head of Corporate
Communications for BWIA in the early 2000s during the time Conrad
Aleong was CEO.

Trinidad and Tobago Newsday, citing a press release, relays that
Mr. Williams was described as being a communications specialist
for some 20 years with a B.SC in Communications from the Florida
International University (FIU) and has worked in several
countries, including Jamaica.

The press release said that Mr. Williams is a member of the Board
of the Heroes Foundation, a youth development NGO in Trinidad and
Tobago, Trinidad and Tobago Newsday adds.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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