TCRLA_Public/120709.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

            Monday, July 9, 2012, Vol. 13, No. 135


                            Headlines




A N T I G U A  &  B A R B U D A

STANFORD FINANCIAL: U.S. Agency Won't Pay Defrauded Investors


A R G E N T I N A

ARCOR SAIC: Fitch Withdraws Low-B Rating on $100 Million Notes
BANCO ITAU: Moody's Assigns Ba3 Global Local Currency Debt Rating
CABLEVISION SA: Fitch Affirms 'B+' IDR; Outlook Negative
HSBC BANK: Moody's Assigns Ba3 Global Local Currency Debt Rating
* ARGENTINA: IDB OKs US$36MM for Provincial Management Program


B A R B A D O S

REDJET: Executive Keeps Hope Alive


B E R M U D A

FLETCHER INT'L: Fund Fights Bermuda Liquidation in New York
JUPITER FINANCIALS: Members' Final Meeting Set for Aug. 6
JUPITER HYDE: Members' Final Meeting Set for Aug. 6
MAYFLOWER INSURANCE: Creditors' Proofs of Debt Due July 18
MAYFLOWER INSURANCE: Members' Final Meeting Set for Aug. 7

TAMERLANE INTERNATIONAL: Creditors' Proofs of Debt Due July 18
TAMERLANE INTERNATIONAL: Members' Final Meeting Set for Aug. 7


B R A Z I L

RAIZEN ENERGIA: Fitch Ups Rating on Sr. Notes to 'BBB' From 'BB+'


C A Y M A N   I S L A N D S

KNOLL SPECIAL: Creditors' Proofs of Debt Due Aug. 2
LATINPANEL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 2
NATEDRILL COMPANY: Creditors' Proofs of Debt Due July 31
RILEY PATERSON: Creditors' Proofs of Debt Due July 31
SAKELLI INVESTMENT: Creditors' Proofs of Debt Due July 31

TREASURE FIELD: Creditors' Proofs of Debt Due July 31
VALUE PARTNERS: Creditors' Proofs of Debt Due Aug. 2
VALUE PARTNERS MASTER: Creditors' Proofs of Debt Due Aug. 2


M E X I C O

BENITO JUAREZ: Moody's Confirms 'B2/Ba1' Issuer Ratings
RDS ULTRA-DEEPWATER: S&P Hikes Rating on $270MM Sub. Notes to 'B'
VITRO SAB: Bondholders Request Ability to Seize Assets


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Inflation Increases 12.6 % From 11.8%


V I R G I N   I S L A N D S

DIGICEL GROUP: Abandons Pricing Plan in British Virgin Islands


X X X X X X X X

* BOND PRICING: For the Week July 2 to July 6, 2012




                            - - - - -


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


STANFORD FINANCIAL: U.S. Agency Won't Pay Defrauded Investors
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a U.S. district judge in Washington ruled that
investors defrauded in the R. Allen Stanford Ponzi scheme won't
have their claims paid by the Securities Investor Protection
Corp.

According to the report, the Securities and Exchange Commission
started the equivalent of a lawsuit in December aimed at forcing
SIPC to take over the liquidation of Stanford's brokerage firm,
Stanford Group Co.  Had the SEC prevailed, SIPC would have been
required to cover customers' claims of as much as $500,000 each.

The report relates that U.S. District Judge Robert L. Wilkins
ruled against the SEC in an 18-page opinion on July 3.  Instead
of being paid fully or wholly in a liquidation funded by SIPC,
investors in the $7 billion fraud will be repaid from recoveries
in a receivership pending in a federal court in Texas.

SIPC, the report discloses, argued successfully that its fund
can't be used to pay Stanford's victims because the fraud
involved certificates of deposit issued by a bank in Antigua, not
by a broker in the U.S. that's a member of SIPC.

According to the report, Judge Wilkins also agreed there is no
SIPC coverage since there were no "customers" who gave money or
securities to the Stanford broker for the purpose of safekeeping
or sale.  The money all went directly to the bank, the judge
said.

Although Judge Wilkins said he was "truly sympathetic to the
plight" of Stanford investors, he also said the SEC was
advocating an "extraordinarily broad" interpretation of the
governing statute that "would unreasonably contort the statutory
language."

Judge Wilkins pointed out that the SEC made an about-face in the
Stanford case. For the prior 30 years, Wilkins said, the SEC
interpreted the Securities Investor Protection Act to mean that
clients of introducing brokers aren't "customers."

The judge made technical rulings as well, Mr. Rochelle points
out.  The judge said that the SEC needed to show by a
"preponderance of the evidence" that SIPC was required to take
over the liquidation.  Even if the lesser standard of "probable
cause" applied, the SEC also would lose, Judge Wilkins ruled.

The case is Securities and Exchange Commission v.
Securities Investor Protection Corp., 11-mc-00678, U.S. District
Court, District of Columbia (Washington).

                 About Stanford International Bank

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

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



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


ARCOR SAIC: Fitch Withdraws Low-B Rating on $100 Million Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of Arcor S.A.I.C's USD100
million expected issuance as it has been suspended by Arcor's
Board until better financial market conditions arise.

Fitch rates Arcor as follows:

  -- USD100 million Senior Unsecured 'B+/RR', AA+(arg)';
  -- Foreign Currency Issuer Default Rating (IDR) 'B+';
  -- Local Currency IDR 'BB-'; and
  -- National Long Term Rating 'AA+(arg)'.

Ratings Outlook is Stable for all ratings.


BANCO ITAU: Moody's Assigns Ba3 Global Local Currency Debt Rating
-----------------------------------------------------------------
Moody's Latin America assigned a Aa1.ar national scale local-
currency senior unsecured debt rating to Banco Itau Argentina's
(Itau Argentina) expected second issuance up to the amount of
Ar$50 million which will due in 12 months, and to the third
expected issuance up to an amount of Ar$125 million which will be
due in 21 months, both under the bank's U$S 250 million global
medium-term note program. At the same time, Moody's Investors
Service assigned a Ba3 global local-currency debt rating to both
expected issuances.

The outlook for all ratings is stable.

The following ratings were assigned to Banco Itau Argentina
S.A.'s debt:

Ar$50 million senior unsecured debt

Aa1.ar Argentina National Scale Local Currency Debt Rating

Ba3 Global Local Currency Debt Rating, with stable outlook

Ar$125 million senior unsecured debt

Aa1.ar Argentina National Scale Local Currency Debt Rating

Ba3 Global Local Currency Debt Rating, with stable outlook

Rating Rationale

Moody's explained that the local-currency senior unsecured debt
rating derives from Itau Argentina's Ba3 global local currency
deposit rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Itau Argentina S.A. is headquartered in Buenos Aires, and
reported assets of Ar$8.5 billion and equity of Ar$687 million as
of March 2012.


CABLEVISION SA: Fitch Affirms 'B+' IDR; Outlook Negative
--------------------------------------------------------
Fitch Ratings affirms Cablevision S.A.'s long-term foreign
currency Issuer Default Rating (IDR) at 'B' and its local
currency IDR at 'B+'.  Fitch has also affirmed the 'B'/'RR4'
ratings on Cablevision's senior unsecured notes.  The issue and
Recovery Ratings apply to USD80.3 million of outstanding notes
due 2016.  Fitch has revised the company's Rating Outlook to
Negative from Stable.

The revised Outlook stems from the weakened operating position as
a result of the existing restrictions to import key products and
materials in a still adverse regulatory environment.  As a result
of the weak operating environment, the company has limited
headroom to improve its operational performance.  Fitch believes
that the company's credit quality is likely to come under
pressure, should the unfavorable regulatory and operating
environment persists.  Fitch points out that event risks related
to the nullification of the merger with Multicanal and the
implementation of the broadcasting law approved in October 2009
could trigger a downgrade.

Central to the affirmation of Cablevision's ratings is Fitch's
expectation that the company will maintain a conservative capital
structure to mitigate the existing operational and regulatory
risks.  As of March 31, 2012, total consolidated debt was
US$648 million, similar to year-end 2011.  Also factored into the
ratings are Cablevision's favorable maturity schedule and a track
record of stable operating profile, characterized by steady
operating margins and consistent capital intensity levels.  In
the short term, the above-mentioned restrictions to trade would
cause credit protection metrics to strengthen, as capex is
delayed from previous forecasts, with net leverage trending below
1 time (x) and gross leverage around 1.5x.

Cablevision's ratings take into consideration high regulatory
risk and political interference within the domestic media
industry.  Other credit concerns include the evolving competitive
landscape, currency mismatch between peso- denominated cash flow
generation and dollar-denominated debt and costs pressures
derived from double digit inflation environment.  Cablevision's
FC IDR is capped by Argentina's country ceiling of 'B', while its
Recovery Rating of 'RR4' is constrained by the soft cap of 'RR4'
for bonds issued by Argentine corporates.

Cablevision's cash flow stability is supported by a solid
business position derived from a comparatively stronger
subscriber clustering profile and service penetration rates.
However, Cablevision's ability to maintain its competitive
position relative to the joint service offered by incumbents and
direct broadcast satellite operators is endangered by its
restricted access to import key products as well as the law that
intends to nullify the merger with Multicanal.  Fitch
acknowledges that the requirement to divest is on stand still due
to a judicial action 'medida cautelar' that protects the company
until December 2012, when a decision by the court should be
expected.  Cablevision and Multicanal merger was completed at the
end of 2006 and approved by law one year later.

Fitch considers that the ongoing weak and hostile regulatory
framework has already prevented the company to achieve its goals
in terms of service clustering and triple play offering,
affecting its business model and growth potential.  Nevertheless,
Cablevision has leveraged its scale by offering various digital
services coupled with strategic bandwidth initiatives that helped
it improve average revenue per user (ARPU), maintain operating
margins and subscriber loyalty, while lowering subscriber churn
levels.  The company generated USD 411 million of revenues and
USD135 million of EBITDA for the three-month period ended
March 31, 2012.  These figures compare with USD359 million of
revenues and USD133 million of EBITDA for the 3-month period
ended March 31, 2011 and USD 1,525 million revenues and
USD478 million EBITDA for the fiscal year-end period as of
December 2011 that compared to USD 1,248 million revenues and
USD454 million EBITDA as of Dec 2010.

The political climate in Argentina continues to present
challenges for media and entertainment companies.  Besides the
potential impact of the application of the Broadcasting law
approved in Oct 2009, there are various regulatory and legal
actions undergoing through a judicial process, ie threatens to
regulate cable TV prices and to nullify Cablevision's merger with
Multicanal S.A.  Fitch will continue monitoring the evolution of
these actions and judicial processes and will eventually react
upon a high probability of damage to Cablevision's credit
quality.

As of March, 2012, liquidity included USD156 million in cash.  At
the same date, total consolidated financial debt was USD 648
million, which includes a USD400 million private placement due
2018 at Cablevision, USD 120 million Senior Unsecured note due
2014 and USD 80 million bullet Note due 2016 issued by Multicanal
back in 2005.  The USD 400 million private placement agreement
contains a leverage covenant of 2.25x and interest coverage of
3.00x.  Fitch does not believe the company is at risk of
breaching these covenants.

Cablevision's maturities include USD 72 million in 2013,
approximately USD128 million in 2014, USD 95 million in 2015, USD
170 million in 2016 and USD 120 million in 2017 and beyond.
Fitch estimated a negative free cash flow (FCF) for the latest 12
months (LTM) of USD 107 million.  Fitch expects FCF to be
approximately USD 50 to USD100 million for the fiscal years ended
2012 and 2013, subject to the evolution of the exchange rates and
the level of capital expenditures.  Fitch factors in
Cablevision's ratings a manageable maturity profile and capital
intensity of approximately 15% of revenues.


HSBC BANK: Moody's Assigns Ba3 Global Local Currency Debt Rating
----------------------------------------------------------------
Moody's Latin America assigned an Aaa.ar national scale local-
currency senior unsecured debt rating to HSBC Bank Argentina's
(HSBC Argentina) expected fifth issuance up to an amount of
AR$150 million which will be due in 2 years, under the bank's
AR$1 billion global medium-term note program. At the same time,
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected fifth issuance.

The outlook for all ratings is stable.

The following ratings were assigned to HSBC Argentina S.A.'s
debt:

AR$150 million senior unsecured debt

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ba3 Global Local Currency Debt Rating, with stable outlook

Rating Rationale

Moody's explained that the local-currency senior unsecured debt
rating derives from HSBC Argentina's Ba3 global local currency
deposit rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

HSBC Bank Argentina S.A. is headquartered in Buenos Aires, and
reported assets of AR$28.9 billion and equity of AR$3.2 billion
as of March 2012.


* ARGENTINA: IDB OKs US$36MM for Provincial Management Program
--------------------------------------------------------------
The Inter-American Development Bank approved a loan for
US$36 million to Argentina to fund a second operation in the
Program for Productive Institutional Strengthening and Provincial
Fiscal Management.

The program will strengthen the capacity of the Ministry of
Economy and other public institutions to make decisions based on
performance and results at the national and subnational levels.
Its specific objectives are to modernize financial and budget
management of the National Public Administration and strengthen
management for results in sub-national public and public/private
entities.

In one component, the program will strengthen the Ministry of
Finance by developing the technological framework needed to
support the modernization of financial management and
implementation of budgeting based on results in the national
government.

A second component seeks to strengthen public and/or
public/private institutions to improve the quality of services
and goods produced, with a greater focus on results.

The program's first phase established the methodological,
institutional, and technological foundation for moving toward
performance- and results-based management.

"This second program, in addition to continuing to strengthen
public performance in sub-national issues, seeks to promote
management that goes beyond executing public budgets, and
increasingly moves towards achieving goals and results," said
Pablo Valenti, the IDB's project team leader.

The IDB loan of US$36 million has a 25 year-term with a five-year
grace period and an interest rate based on LIBOR.  Local
counterpart funds will total US$9 million.



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


REDJET: Executive Keeps Hope Alive
----------------------------------
RJR News reports that the Chief Executive Officer of Airone
Caribbean/Airone Ventures Limited (REDjet) is still optimistic
that the airline will return to the skies.

Ian Burns said the vision to bring affordable air transportation
to the region remains alive, according to RJR News.

RJR News notes that Mr. Burns said that in the coming months when
conditions are ideal, REDjet will resume operations but it may be
in another part of the Caribbean.

Mr. Burns disclosed that two of the planes belonging to REDjet's
fleet have been sold and the remaining ones have been sent to the
US, the report relates.

Mr. Burns adds that when the need arises, the fleet will be
replenished, the report says.

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.



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


FLETCHER INT'L: Fund Fights Bermuda Liquidation in New York
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a master fund named Fletcher International Ltd. is
giving a New York bankruptcy judge an opportunity to decide
whether hedge funds that incorporate abroad can use U.S.
Bankruptcy Court to stop investors when they seek liquidation in
places like Bermuda or the Cayman Islands.

According to the report, Fletcher International describes itself
as a master fund in a structure including feeder funds.
Incorporated in Bermuda, Fletcher International says it's run out
of New York.  Money invested in the feeder funds in turn was
invested in illiquid and complex investments made by the master
fund, Fletcher International said after filing a Chapter 11
petition.  Fletcher International intends to use the New York
bankruptcy to stop an attempted liquidation in Bermuda.

Mr. Rochelle relates that Fletcher International explained in
court filings how investors in feeder funds sought redemption of
their investments and initiated liquidations in the Cayman
Islands of two companies that are the indirect owners of most of
Fletcher International.  Fletcher International is appealing the
initiation of the liquidations in the Caymans.

The Cayman liquidators, the report adds, are now seeking the
liquidation of Fletcher International in Bermuda.  After filing
under Chapter 11, Fletcher International started a lawsuit in
bankruptcy court on July 2 asking U.S. Bankruptcy Judge Robert E.
Gerber to enjoin the Cayman liquidators from moving ahead with
the attempted liquidation in Bermuda.

Fletcher International contends that the liquidators lack the
knowledge or experience to liquidate complex investments.

                   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.

Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

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.


JUPITER FINANCIALS: Members' Final Meeting Set for Aug. 6
---------------------------------------------------------
The members of Jupiter Financials Hedge Fund Limited will hold
their final meeting on Aug. 6, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Wanda Mello is the company's liquidator.


JUPITER HYDE: Members' Final Meeting Set for Aug. 6
---------------------------------------------------
The members of Jupiter Hyde Park Hedge Fund Limited will hold
their final meeting on Aug. 6, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Wanda Mello is the company's liquidator.


MAYFLOWER INSURANCE: Creditors' Proofs of Debt Due July 18
----------------------------------------------------------
The creditors of Mayflower Insurance Company Ltd. are required to
file their proofs of debt by July 18, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 28, 2012.

The company's liquidator is:

         J. Anthony (Tony) Bibbings
         Swan Building, 26 Victoria Street
         Hamilton
         Bermuda


MAYFLOWER INSURANCE: Members' Final Meeting Set for Aug. 7
----------------------------------------------------------
The members of Mayflower Insurance Company Ltd. will hold their
final meeting on Aug. 7, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 28, 2012.

The company's liquidator is:

         J. Anthony (Tony) Bibbings
         Swan Building, 26 Victoria Street
         Hamilton
         Bermuda


TAMERLANE INTERNATIONAL: Creditors' Proofs of Debt Due July 18
--------------------------------------------------------------
The creditors of Tamerlane International Ltd. are required to
file their proofs of debt by July 18, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 3, 2012.

The company's liquidator is:

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


TAMERLANE INTERNATIONAL: Members' Final Meeting Set for Aug. 7
--------------------------------------------------------------
The members of Tamerlane International Ltd. will hold their final
meeting on Aug. 7, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 3, 2012.

The company's liquidator is:

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



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


RAIZEN ENERGIA: Fitch Ups Rating on Sr. Notes to 'BBB' From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BBB' Foreign and Local Currency
Issuer Default Ratings (IDR) and an 'AAA(bra)' National Scale
Rating to Raizen Energia Participacoes S.A. (Raizen Energia) and
Raizen Combustiveis S.A. (Raizen Combustiveis).

Fitch has also taken the following rating actions on Raizen
Energia's and Raizen Combustiveis' related companies:

CCL Finance Limited (CCL Finance):

  -- FC IDR upgraded to 'BBB' from 'BB+';
  -- Senior Unsecured Notes due in 2014 upgraded to 'BBB' from
     'BB+'.

Cosan Finance Limited (Cosan Finance):

  -- FC IDR upgraded to 'BBB' from 'BB+';
  -- Senior Unsecured Notes due in 2017 upgraded to 'BBB' from
     'BB+'.

The existing corporate ratings have been removed from Rating
Watch Positive.  The Outlook of all Ratings is Stable.

Fitch analyses Raizen Energia and Raizen Combustiveis as a
combined entity (Raizen), given the mutual financial support and
cross guarantees provided within the joint venture composed of
these operational companies.

Raizen's 'BBB' rating incorporates Fitch's expectation that the
company is likely to receive relevant financial support from its
shareholders, Shell in particular. (Shell Brazil Holdings BV, is
a subsidiary of Royal Dutch Shell Plc, with a Fitch IDR of 'AA').
Fitch also expects that Raizen will continue to maintain a
conservative capital structure in the coming years, keeping its
disciplined financial strategy and low leverage while adequately
managing its businesses' growth.

The ratings also reflect the strength of Raizen's business
profile on a combined basis, with a diversified asset base, a
sizeable scale in most of its markets, and a relevant
contribution of its businesses with more predictable cash flow.
The fuel distribution and energy cogeneration activities together
currently represent approximately 38% of Raizen's EBITDA and
reduce its cash flow volatility associated with the sugar and
ethanol industry.  Raizen's strong market position is also
factored into the ratings.  The company is the leading global
sugar and ethanol producer, with a 10.7% market share in Brazil
in terms of effective sugar cane crushing in a very fragmented
market.  Raizen is also the top 3 fuel distributor in Brazil and
the largest biomass energy generator in the country.

Like all players in this industry, Raizen's sugar and ethanol
businesses are volatile and exposed to the climatic conditions
and challenges related to the ethanol industry's dynamics in
Brazil.  Currently, ethanol prices are strongly correlated to the
regulated gasoline prices in the country and the governmental
policies related to this issue.  These business risks are
partially mitigated by its solid capital structure.

The upgrade of CCL Finance and Cosan Finance's ratings reflect
the transfer of unconditional payment guarantees of the notes
issued by these companies to Raizen Combustiveis for the former
and Raizen Energia, Raizen Combustiveis and Raizen Energia
Participacoes S.A. (REP) for the latter.  The guarantees were
previously granted by Cosan Combustiveis e Lubrificantes
(currently Cosan Lubrificantes e Especialidades) and Cosan
Industria e Comercio S.A., respectively (Cosan rated 'BB+'/'AA-
(bra)').

Strategic Importance of Raizen to its Shareholders Reinforces
Financial Support

Raizen represents around 10% of Shell's capital employed in its
global downstream business and it is also one of Shell's main
vehicles for growth in the renewable energy sector.  Although
Raizen operates as an independent entity, its strategic
importance for Shell, which owns 50% of the joint venture (JV),
supports its ratings.  Fitch expects that as an important
shareholder Shell is likely to provide financial support if it is
needed and will promote financial discipline, similar to other
Shell investments worldwide.  Fitch also considers that Shell has
a ten-year call option on the venture.  Under the JV agreements,
between the 10th and the 15th anniversaries of the closing of the
JV, Shell will be granted the right to acquire the remaining 50%
of the JV from Cosan for a fair market value to be determined
based on a customary appraisal and dispute resolution process.

Raizen also benefits from the business expertise of Cosan, which
jointly control the company.  The company is a major cash flow
contributor for Cosan, representing, on a combined basis, around
55% of Cosan's consolidated EBITDA for 2013, as per Fitch
estimates.

Conservative Financial Profile

As per Fitch estimates, considering the mid-cycle prices of sugar
and ethanol, Raizen is expected to maintain a net leverage ratio
(net debt/EBITDA) below 2.0x in the coming years.  These positive
estimates result from its currently healthy capital structure.
Fitch also considers the relevant EBITDA contribution of Raizen's
more stable cash flow businesses, namely the fuel distribution
activities, and to a lesser extent the energy cogeneration
business.

According to the agency's financial projections, the contribution
of Raizen's more predictable businesses, currently at around 38%
of combined EBITDA, should range between 35% and 48% in the next
three years, depending on the market environment for sugar and
ethanol and the development of the JV's planned investments.

Fitch expects Raizen's EBITDA to grow in the low single digits in
2013.  The company's free cash flow should continue to be
pressured at least in the next three years due to its high capex
program of around BRL11 billion for this period, which includes
substantial investments in crop renovation and expansion and
brownfield projects.  Fitch projections incorporate single-digit
sugar and ethanol price reductions compensated for by a higher
volume of production as a result of a better utilization rate in
Raizen's facilities.

The company generated BRL3.6 billion of pro forma EBITDA in March
2012 (considering the last 12 months, although Raizen is
effectively in place since June 2011), a 28% increase from BRL2.8
billion in March 2011. The company's revenues increased by 11% as
compared to the same period in the prior year.  As of March 31,
2012, Raizen had BRL1.2 billion of cash and market securities and
BRL6.3 billion of total debt.  Raizen's total debt/EBITDA ratio
was 1.8x and the net debt/EBITDA ratio was 1.4x.

Strong Business Profile, with Competitive Advantages related to
Assets Base

Raizen's sizeable scale, with 65 million tons of sugar cane
crushing capacity, a vast fuel distribution network and its
diversified asset base gives the company operational flexibility
and complementary businesses synergies.  Fitch notes positively
the significant cost savings and efficiency gains already
obtained by its downstream business in the first year of
operations of the joint venture, which have resulted in a
significant improvement in the EBITDA margins of this segment to
3.1% on a pro forma basis for the last 12 months ended March 31,
2012, compared to 2.0% for March 2011.  On an ongoing basis,
Fitch believes that Raizen will be able to capture further
synergies with the sugar and ethanol businesses, which should
further enhance its cash flow generation.

Key Rating Drivers

Any evidence of a lack of financial support from its shareholders
may pressure the ratings.  Relevant debt-financed acquisitions
not contemplated in the current business model and/or weaker than
expected cash flow generation that results in a higher leverage
on a recurring basis could lead to negative rating actions.  A
positive rating action could occur in the case of a stronger than
expected financial performance led by the capture of higher cost
savings and synergies, as well as by the maturity of ongoing
investments, that result in positive free cash flows on a
recurring basis.



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


KNOLL SPECIAL: Creditors' Proofs of Debt Due Aug. 2
---------------------------------------------------
The creditors of Knoll Special Opportunities Fund II are required
to file their proofs of debt by Aug. 2, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: JAF
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


LATINPANEL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 2
--------------------------------------------------------------
The creditors of Latinpanel International, Inc. are required to
file their proofs of debt by Aug. 2, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2012.

The company's liquidator is:

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


NATEDRILL COMPANY: Creditors' Proofs of Debt Due July 31
--------------------------------------------------------
The creditors of Natedrill Company 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 wind-up proceedings on June 13, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


RILEY PATERSON: Creditors' Proofs of Debt Due July 31
-----------------------------------------------------
The creditors of Riley Paterson Asian Opportunities Fund 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:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


SAKELLI INVESTMENT: Creditors' Proofs of Debt Due July 31
---------------------------------------------------------
The creditors of Sakelli Investment Company 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 wind-up proceedings on June 13, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


TREASURE FIELD: Creditors' Proofs of Debt Due July 31
-----------------------------------------------------
The creditors of Treasure Field 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 wind-up proceedings on June 13, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


VALUE PARTNERS: Creditors' Proofs of Debt Due Aug. 2
----------------------------------------------------
The creditors of Value Partners Greater China Property Hedge Fund
are required to file their proofs of debt by Aug. 2, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2012.

The company's liquidator is:

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


VALUE PARTNERS MASTER: Creditors' Proofs of Debt Due Aug. 2
-----------------------------------------------------------
The creditors of Value Partners Greater China Property Hedge
Master Fund are required to file their proofs of debt by Aug. 2,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2012.

The company's liquidator is:

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



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


BENITO JUAREZ: Moody's Confirms 'B2/Ba1' Issuer Ratings
-------------------------------------------------------
Moody's de Mexico confirmed Benito Juarez's issuer ratings of
B2/Ba1.mx. At the same time, Moody's revised the outlook to
negative from under review for a possible downgrade.

Ratings Rationale

The revision of the outlook to negative from under review for a
possible downgrade reflects: 1) the settlement of the MXN 112.3
million outstanding obligation with Fonhapo, 2) the federal
government's partial compensation to Benito Juarez via an
extraordinary transfer of MXN100 million earmarked for
infrastructure projects; 3) Moody's evaluation on the
municipality's success in bringing a structural realignment to
its financial performance and redressing the deterioration seen
in previous years.

This action concludes the rating under review. Nevertheless, the
negative outlook reflects Moody's ongoing concerns on the final
impact that the Fonhapo episode will have on Benito Juarez'
financial performance during 2012.

Moody's notes that the Federal Government has announced its
intentions to partially compensate the participations it retained
to Benito Juarez to settle the Fonhapo loan. Moody's also notes
that the compensation is likely to come in the form of an
extraordinary federal transfer earmarked for infrastructure
projects and could improve the municipality's financials. In
contrast to participations, which are discretionary revenues, the
use of the earmarked transfer would require Benito Juarez follow
specific rules of operation and to not use those revenues for
current expenditures, among others. This could leave the
municipality with ongoing pressures on the current expenditure
side.

While unaudited financial statements of 2011 show that the
municipality started to redress its operating performance (in
2011 the municipality posted a gross operating balance equivalent
to 9.1% of operating revenues, compared to a -9.8% in 2010), it
is still unclear whether or not such redressing represents a
structural improvement to the municipality's weak financial
performance seen in previous years. This is especially relevant
in this specific case given the municipality's very high debt
(66.2% of total revenues). Moody's will continue to monitor
Benito Juarez' capacity to adjust its current expenditures and
increase its own-source revenue base during 2012.

What Could Move The Ratings Up/Down

Confirmation that Benito Juarez has structurally aligned its
expenditures by registering sustained positive gross operating
balances, leading to 1) balanced financial results, 2) a
reduction in debt levels and 3) an improvement in its liquidity
position, could exert upward pressure on the ratings.

A new episode of deterioration in Benito Juarez' operating and
financial performance, resulting in higher debt and lower
liquidity levels could lead to downward pressure on its ratings.

The principal methodologies used in this rating was Regional and
Local Governments Outside the US published in May 2008, The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in March
2011.

The date of the last Credit Rating Action was April 2, 2012.


RDS ULTRA-DEEPWATER: S&P Hikes Rating on $270MM Sub. Notes to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings  Services raised its rating on RDS
Ultra-Deepwater Ltd.'s $270 million subordinated secured notes
due 2017 to 'B' from 'B-'. The outlook is positive.  The rating
action reflects the improvement in RDS's efficiency rates after
the start of commercial operations, which were above 90% and 95%
during 2011 and the first five months of 2012, respectively.

This has contributed to significant cash flow generation that has
allowed for a rapid debt reduction. As of May 2012, RDS has
prepaid 40% of the senior bank loan.  RDS is a wholly owned
special-purpose finance subsidiary of Rubicon Drilling Services -
Aluguer de Equipamentos Tecnologicos, Unipessoal LDA (Rubicon), a
limited liability company organized under the laws of Portugal.
RDS issued the notes and made an intercompany loan to Rubicon,
which agreed to purchase  Centenario (formerly PetroRig III), an
ultradeepwater semisubmersible drilling  rig. Through a related
company, Grupo R Exploracion Marina S.A. de C.V.  (GREM), the rig
entered into a long-term charter contract with Pemex  Exploracion
y Produccion (Pemex E&P; not rated), a wholly owned subsidiary of
Mexican oil company Petroleos Mexicanos.

RDS, Rubicon, and GREM belong to Grupo R, a group of companies
that service the Mexican energy and industrial sectors.

"The positive outlook reflects our expectations that RDS's
efficiency rate will be above 90%, which will allow it to fully
amortize its senior bank loan by 2014," S&P said.

"Afterwards, our outlook incorporates our expectations that after
2014, RDS will use excess cash flow to make significant
prepayments on the subordinated notes. If by the end of 2013,
RDS's cash flow generation for debt service is in line with our
expectations, and the outstanding amount on the  senior bank loan
is less than 5%, we could raise the rating by one notch," S&P
said.

"A downgrade could occur if RDS's efficiency rate during the year
is below 90% and prepayments on the senior bank loan are
significantly below our expectations," S&P said.


VITRO SAB: Bondholders Request Ability to Seize Assets
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB bondholders will have won the war with the
Mexican glassmaker if they are allowed to begin seizing assets
before the U.S. Court of Appeals rules on whether a bankruptcy
judge was correct in concluding that the Mexican reorganization
plan shouldn't be enforced in the U.S.

The report recounts that in June, a bankruptcy judge in Dallas
wrote an opinion saying that Vitro's Mexican reorganization plan
was "manifestly contrary" to U.S. law and public policy because
it reduced the liability of subsidiaries on $1.2 billion in
defaulted bonds, even though the Vitro parent alone was in
bankruptcy. Vitro appealed to the U.S. Court of Appeals in New
Orleans.

The bankruptcy judge, the report relates, told Vitro to obtain a
stay pending appeal from the circuit court if the company wanted
to stop bondholders from seizing assets after June.

According to the report, the bondholders filed papers this week
in the appeals court arguing against an injunction.  The
bondholders contend they should be permitted to begin seizing
assets immediately because the company and its subsidiaries
"evaded payment for over three years, during which time Vitro has
engaged in a pattern of transferring assets and other schemes to
shirk its obligations."  Laying out the facts, the bondholders
characterize Vitro as having concocted an "illicit scheme" to
"manufacture claims" so the subsidiaries "could vote in the
Mexican proceeding to eliminate their own guaranties."

Elsewhere in this week's brief, the bondholders contend they "had
no opportunity in the Mexican proceeding to take discovery,
present witnesses, or cross-examine opposing witnesses."

To be awarded a stay pending appeal, Vitro must show "irreparable
harm" will result. The bondholders argue that debt collection
doesn't constitute irreparable harm, else "federal courts would
be issuing injunctions against ordinary debt collection
activities on a daily basis."  If Vitro wants a prohibition
against seizing assets in the U.S. even though the Mexican
bankruptcy was rejected, the bondholders told the appeals court
that Vitro should post a bond or put the subsidiaries into their
own bankruptcies.

The bondholders state that they are offered a 40% recovery in the
Mexican bankruptcy, even though Vitro's shareholders are
retaining ownership worth $500 million.

The appeal in the Circuit Court is Vitro SAB de CV v. Ad Hoc
Group of Vitro Noteholders (In re Vitro SAB de CV), 12-10689,
U.S. Court of Appeals for the Fifth Circuit (New Orleans). The
suit in bankruptcy court where the judge decided not to enforce
the Mexican reorganization in the U.S. is Vitro SAB de CV v. ACP
Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy
Court, Northern District of Texas (Dallas). The bondholders'
previous appeal in the circuit court is Ad Hoc Group of Vitro
Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV), 11-11239,
U.S. Court of Appeals for the Fifth Circuit (New Orleans).

                          About Vitro SAB

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

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

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

            Concurso Mercantil & Chapter 15 Proceedings

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

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

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

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

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

                      Chapter 11 Proceedings

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

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

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

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

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

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

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

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

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



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


* TRINIDAD & TOBAGO: Inflation Increases 12.6 % From 11.8%
----------------------------------------------------------
RJR News reports that the buying power of Trinidadians continues
to be eroded as inflation continues to rise.

According to the country's Central Bank's recently released repo
rate announcement, inflation in the twin island republic has
risen from 11.8% in April to 12.6% in May, according to RJR News.

The report notes that the food price inflation remained the main
driver of the headline inflation rate, accelerating from 26.1% in
April to 28.3% in May.

RJR News notes that high inflation in the food category of the
Index of Retail Prices continued to be driven by increases in the
retail prices of fruits and vegetable.



===========================
V I R G I N   I S L A N D S
===========================


DIGICEL GROUP: Abandons Pricing Plan in British Virgin Islands
--------------------------------------------------------------
RJR News reports that Digicel Group Limited has ceased offering
one of its pricing plans in the British Virgin Islands weeks
after the company's territory's telecommunications regulator
fined the company and its rival LIME, accusing them of anti-
competitive behavior.

After the Telecommunications Regulatory Commission announced its
finding in May, Digicel stopped offering its Caribbean Plan to
existing and prospective customers, according to RJR News.

The report notes that the plan had charged customers a flat rate
for a bundle of minutes to make inter-Caribbean calls.

RJR News says that the Telecommunications Regulatory Commission
believes Digicel and LIME practiced a margin squeeze.

The report discloses that this was done against their smaller
competitor, CCT Global Communications, in 2009 and 2010, using
termination rates that the companies charge each other to connect
calls on their networks.

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

                      *     *     *

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



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


* BOND PRICING: For the Week July 2 to July 6, 2012
---------------------------------------------------

Issuer              Coupon       Maturity    Currency     Price
------              ------      --------     --------     -----

ARGENTINA
---------

ALTO PALERMO SA         7.875    5/11/2017     USD           82
ARGENT-$DIS              8.28    12/31/2033    USD         63.8
ARGENT-$DIS              8.28    12/31/2033    USD         66.5
ARGENT-PAR               1.18    12/31/2038    ARS         40.3
ARGENT-EURDIS            7.82    12/31/2033    EUR         65.5
ARGENT-EURDIS            7.82    12/31/2033    EUR         53.5
ARGENT-EURDIS            7.82    12/31/2033    EUR           54
ARGENT-ĚDIS              4.33    12/31/2033    JPY           42
ARGENT-ĚPAR              0.45    12/31/2038    JPY           15
ARGENT-ĚPAR&GDP          0.45    12/31/2038    JPY            8
ARGNT-BOCON PRE9            2    3/15/2014     ARS         66.8
BANCO DE GALICIA         8.75    5/4/2018      USD           73
BANCO DE GALICIA         8.75    5/4/2018      USD         71.1
BANCO MACRO SA           9.75    12/18/2036    USD           65
BANCO MACRO SA           9.75    12/18/2036    USD           62
BANCO MACRO SA           9.75    12/18/2036    USD           60
BONAR X                     7    4/17/2017     USD           71
CAPEX SA                   10    3/10/2018     USD         62.2
CAPEX SA                   10    3/10/2018     USD         59.6
CIA LATINO AMER           9.5    12/15/2016    USD         74.1
CITY OF BUENOS           9.95    3/1/2017      USD         72.9
CITY OF BUENOS           9.95    3/1/2017      USD         72.1
EMP DISTRIB NORT         9.75    10/25/2022    USD           34
EMP DISTRIB NORT         9.75    10/25/2022    USD         35.6
EMP DISTRIB NORT         10.5    10/9/2017     USD           50
PROV BUENOS AIRE        9.625    4/18/2028     USD         51.1
PROV BUENOS AIRE        9.375    9/14/2018     USD         55.9
PROV BUENOS AIRE        9.375    9/14/2018     USD           57
PROV BUENOS AIRE       10.875    1/26/2021     USD         57.5
PROV BUENOS AIRE       10.875    1/26/2021     USD         58.1
PROV BUENOS AIRE        11.75    10/5/2015     USD         69.3
PROV BUENOS AIRE         9.25    4/15/2017     USD           72
PROV BUENOS AIRE        11.75    10/5/2015     USD         69.5
PROV DE CORDOBA        12.375    8/17/2017     USD         57.9
PROV DE CORDOBA        12.375    8/17/2017     USD         58.1
PROV DE MENDOZA           5.5    9/4/2018      USD         70.2
RAGHSA CONSTRUCC          8.5    2/16/2017     USD           85
SALTA PROVINCE            9.5    3/16/2022     USD         76.2
TRANSENER                9.75    8/15/2021     USD         40.5
TRANSENER                9.75    8/15/2021     USD         47.5
TRANSPORT DE GAS        7.875    5/14/2017     USD         73.5

BRAZIL
------

BANCO BONSUCESSO         9.25   11/3/2020      USD           60
BANCO BONSUCESSO         9.25   11/3/2020      USD           55
BANCO CRUZEIRO          8.875   9/22/2020      USD           31
BANCO CRUZEIRO          8.875   9/22/2020      USD         29.6
BANCO CRUZEIRO              7   7/8/2013       USD           51
BANCO CRUZEIRO          7.625   4/21/2014      USD         55.9
BANCO CRUZEIRO           8.25   1/20/2016      USD         55.8
BANCO CRUZEIRO            8.5   2/20/2015      USD         53.9
BANCO CRUZEIRO           8.25   1/20/2016      USD         53.6
BANCO CRUZEIRO            8.5   2/20/2015      USD         53.1
BANCO CRUZEIRO              8   9/17/2012      USD         70.2
CESP                     9.75   1/15/2015      BRL         75.1
REDE EMPRESAS          11.125                  USD         44.1
REDE EMPRESAS          11.125                  USD         44.1
REDE EMPRESAS          11.125                  USD           50
SIFCO                    11.5   6/6/2016       USD         70.9

CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035     EUR           56
BCP FINANCE BANK         5.01   3/31/2024      EUR         51.5
BCP FINANCE BANK         5.31   12/10/2023     EUR         53.9
BCP FINANCE CO          4.239                  EUR         27.5
BCP FINANCE CO          5.543                  EUR         27.8
BES FINANCE LTD          5.58                  EUR         38.7
BES FINANCE LTD           4.5                  EUR           49
CAM GLOBAL FIN           6.08   12/22/2030     EUR         64.9
CHINA FORESTRY          10.25   11/17/2015     USD         58.2
CHINA FORESTRY          10.25   11/17/2015     USD         56.9
CHINA SUNERGY            4.75   6/15/2013      USD           74
EFG HELLAS CAYMA            9   6/8/2019       EUR         52.5
EFG ORA FUNDING           1.7   10/29/2014     EUR         50.2
ESFG INTERNATION        5.753                  EUR         31.7
GOL FINANCE              8.75                  USD         76.7
GOL FINANCE              8.75                  USD         71.1
JINKOSOLAR HOLD             4   5/15/2016      USD         45.2
LDK SOLAR CO LTD           10   2/28/2014      CNY           37
LDK SOLAR CO LTD         4.75   4/15/2013      USD         49.5
LDK SOLAR CO LTD         4.75   4/15/2013      USD         70.1
LUPATECH FINANCE        9.875                  USD           67
LUPATECH FINANCE        9.875                  USD         66.6
PUBMASTER FIN           5.943   12/30/2024     GBP         71.7
PUNCH TAVERNS           4.767   6/30/2033      GBP         71.9
RENHE COMMERCIAL           13   3/10/2016      USD         50.8
RENHE COMMERCIAL           13   3/10/2016      USD         59.5
RENHE COMMERCIAL        11.75   5/18/2015      USD           53
RENHE COMMERCIAL        11.75   5/18/2015      USD         52.9
SOLARFUN POWER H          3.5   1/15/2018      USD         68.7
SOLARFUN POWER H          3.5   1/15/2018      USD           69
SUNTECH POWER               3   3/15/2013      USD         67.8
SUNTECH POWER               3   3/15/2013      USD           69

CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012      CLP         9.97
COLBUN SA                 3.2   5/1/2013       CLP         49.3
ESVAL S.A.                3.8   7/15/2012      CLP         12.7
MASISA                   4.25   10/15/2012     CLP           10
QUINENCO SA               3.5   7/21/2013      CLP         25.7


PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017      USD            63
PUERTO RICO CONS          6.5   4/1/2016      USD          65.6



VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD           72
PETROLEOS DE VEN          5.5   4/12/2037     USD           57
PETROLEOS DE VEN        5.375   4/12/2027     USD         56.2
PETROLEOS DE VEN         9.75   5/17/2035     USD           70
PETROLEOS DE VEN         5.25   4/12/2017     USD           71
PETROLEOS DE VEN        5.125   10/28/2016    USD         73.2
PETROLEOS DE VEN            9   11/17/2021    USD         74.4
VENEZUELA                   7   3/31/2038     USD         63.8
VENEZUELA                   7   3/31/2038     USD         66.5
VENEZUELA                   6   12/9/2020     USD         69.3
VENEZUELA                7.65   4/21/2025     USD         70.8
VENEZUELA                8.25   10/13/2024    USD         74.5


                            ***********


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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