TCRLA_Public/120712.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 12, 2012, Vol. 13, No. 138


                            Headlines



A R G E N T I N A

GOURMANDISE SA: Creditors' Proofs of Debt Due Aug. 24
JORCAN SRL: Creditors' Proofs of Debt Due Sept. 24
JUAN B JUSTO: Requests Opening of Bankruptcy Proceedings
MULTIGRANOS SA: Applies for Bankruptcy Protection
RAMOS HERMANOS: Creditors' Proofs of Debt Due Sept. 21

YPF SA: Denies Report of Attempted CEO Resignation


B E L A R U S

* BELARUS: Moody's Issues Annual Credit Report


B R A Z I L

CENTRAIS ELETRICAS: Meeting With Creditors Postponed Until Aug. 9
RAIZEN COMBUSTIVEIS: Moody's Lifts Sr. Unsecured Rating to 'Baa3'
NET SERVICOS: Moody's Lifts Sr. Unsecured Notes Rating From 'Ba1'
ODS SA: Fitch Affirms 'B' Issuer Default Rating
VIVER INCORPORADORA: Moody's Changes Outlook on 'B1' CFR to Neg.


C A Y M A N   I S L A N D S

CAPITAL W FUND: Creditors' Proofs of Debt Due Aug. 2
CB INVESTMENTS: Creditors' Proofs of Debt Due Aug. 3
CITIGROUP PROPERTY: Creditors' Proofs of Debt Due Aug. 2
CRESTVIEW LIMITED: Creditors' Proofs of Debt Due July 31
FFA YACHTING: Creditors' Proofs of Debt Due July 31

GENEVA INSURANCE: Creditors' Proofs of Debt Due Aug. 4
KCM GLOBAL: Creditors' Proofs of Debt Due Aug. 1
LT HOLDINGS: Creditors' Proofs of Debt Due Aug. 3
PARSENN PROPERTIES: Creditors' Proofs of Debt Due July 31
PPT (CAYMAN): Creditors' Proofs of Debt Due July 24


S U R I N A M E

* SURINAME: Fitch Raises Ratings to 'BB-' on Good Growth


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GOURMANDISE SA: Creditors' Proofs of Debt Due Aug. 24
-----------------------------------------------------
Armando Luis Molinari, the court-appointed trustee for
Gourmandise SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Aug. 24, 2012.

Mr. Molinari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:

         Armando Luis Molinari
         Sarmiento 1479
         Argentina


JORCAN SRL: Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------
Esther Graciela Palma, the court-appointed trustee for Jorcan
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 24, 2012.

Ms. Palma will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk No.
14, 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:

         Esther Graciela Palma
         Av. Cordoba 1351
         Argentina


JUAN B JUSTO: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------
Juan B Justo SATCI requested the opening of bankruptcy
proceedings.  The company defaulted its payments last March 9.


MULTIGRANOS SA: Applies for Bankruptcy Protection
-------------------------------------------------
Multigranos SA applied for bankruptcy protection.  The company
defaulted its payments last Feb. 9.


RAMOS HERMANOS: Creditors' Proofs of Debt Due Sept. 21
------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Ramos Hermanos
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 21, 2012.

Mr. Adrogue will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Ricardo Adrogue
         Bouchard 468
         Argentina


YPF SA: Denies Report of Attempted CEO Resignation
--------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that YPF SA denied a
newspaper report that said its Chief Executive Officer Miguel
Galuccio attempted twice to resign.

"The information provided by La Nacion is false," YPF SA
Communications Director Alejandro Di Lazzaro told Bloomberg News
in a telephone interview.

Differences between Mr. Galuccio and Planning Minister Julio De
Vido were among the reasons for the decision reported by the
Buenos Aires-based La Nacion earlier, according to Bloomberg
News.

Bloomberg News notes that Argentina Planning Ministry issued a
statement refuting a La Nacion story published, without
identifying which one it was.

Mr. Galuccio, Bloomberg News notes, is scheduled to travel to
Argentina's Mendoza province to unveil an educational program for
YPF employees, Mr. Di Lazzaro said.

Next week, Galuccio will announce investments at YPF's Refineria
La Plata refining division, Mr. Di Lazzaro said.

Mr. Galuccio was appointed YPF's CEO and chairman by Argentine
President Cristina Fernandez de Kirchner on May 4 after the
country nationalized 51 percent of the oil producer from Spain's
Repsol YPF SA.

                         About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.



=============
B E L A R U S
=============


* BELARUS: Moody's Issues Annual Credit Report
----------------------------------------------
In its annual credit report on Belarus, Moody's Investors Service
says that the country's B3 government bond rating and the
negative outlook on the rating reflect the country's moderate
economic strength, as well as its very low institutional strength
and low government financial strength, which raise its
susceptibility to event risk.

Moody's report is an annual update to the markets and does not
constitute a rating action. The rating agency determines a
country's sovereign rating by assessing it on the basis of four
key factors -- economic strength, institutional strength,
government financial strength and susceptibility to event risk --
as well as the interplay between them.

The moderate assessment of economic strength is based on
Belarus's high real GDP growth rate (7% annually, on average
between 2000 and 2011), its diversified industrial sector and
relatively high levels of per capita income, which are reflected
in a workforce that is generally well-educated and, thanks to low
unemployment, maintains strong job-related skills.

On the other hand, Moody's notes that growth is increasingly
reliant on external debt, and is vulnerable to fluctuations in
foreign financial flows. Moreover, international surveys rank
Belarus's governance as well as regulatory and judicial
effectiveness as very low relative to other countries. Lack of
policy predictability, transparency and public debates on
economic policy weaken institutional capacity.

Belarus' fiscal deficits are lower than those of other B-rated
countries. However, the government's fiscal position appears less
strong when adjusted for expenditure related to bank-
restructuring measures, net lending to financial institutions,
and outlays related to guaranteed debt. The significant increase
in government debt over the last few years and the likely
continued reliance on external debt to fund domestic growth
initiatives weaken the government's credit profile. In addition,
approximately 70% of the country's economic enterprises
(including the banking system) are government-owned, and any
potential losses they incur represent contingent liabilities for
the government.

Belarus's high susceptibility to event risk was a key driver in
Moody's decision to downgrade the government's bond ratings to B2
from B1 in March 2011 and to B3 in July 2011. It also underpins
the negative outlook on Belarus's rating. Official foreign
exchange reserves and annual foreign exchange earnings are low
relative to external debt levels and debt repayment obligations.
Therefore, debt repayment capacity is vulnerable to fluctuations
in the availability of international financing, for which Belarus
currently depends mostly on Russia and Russian supported
multilateral institutions. The country's external vulnerability
indicator (short-term external debt + currently maturing long-
term external debt + total non-resident deposits over one year /
official foreign-exchange reserves), exceeded 600% in 2011.
Although it has since declined to about 350%, it still exceeds
the median ratio for B-rated countries.



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


CENTRAIS ELETRICAS: Meeting With Creditors Postponed Until Aug. 9
-----------------------------------------------------------------
Jessica Brice at Bloomberg News reports that Centrais Eletricas
do Para SA said negotiations with creditors was suspended until
Aug. 9.

Talks were postponed to give creditors time to evaluate a rate
change that's set to be decided on Aug. 7, the utility known as
Celpa said in a regulatory filing, according to Bloomberg News.

Bloomberg News says Celpa's bankruptcy has led its parent, Rede
Energia SA, to seek to renegotiate dollar-bond terms after the
securities plunged and Fitch Ratings cut the company's credit
rating to one level above default.

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


RAIZEN COMBUSTIVEIS: Moody's Lifts Sr. Unsecured Rating to 'Baa3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Baa3 global scale and Aaa.br
national scale issuer ratings to both Raizen Energia and Raizen
Combustiveis (collectively 'Raizen') and a Baa3 rating for the
senior unsecured notes due 2014 of Raizen Combustiveis. At the
same time, the rating of the senior unsecured notes due 2017,
contributed by Cosan to Raizen Energia, was upgraded to Baa3 from
Ba2, concluding the review that started on June 2011. The ratings
outlook is stable. This is the first time Moody's has rated the
two companies which are joint ventures formed by Cosan S.A.
Ind£stria e Comercio ('Cosan' rated Ba2/RUR-Up) and Royal Dutch
Shell plc ('Shell' rated Aa1/Stable).

The following ratings were assigned:

Raizen Combustiveis:

Foreign currency issuer rating: Baa3

Brazilian National Scale Issuer Rating: Aaa.br

USD350 million 9.500% senior unsecured notes due 2014: Baa3
(foreign currency)

Raizen Energia:

Foreign currency issuer rating: Baa3

Brazilian National Scale Issuer Rating: Aaa.br

USD400 million 7.000% senior unsecured notes guaranteed by
Raizen Combustiveis due 2017: Baa3 from Ba2 (foreign currency)

Ratings Rationale

"The Baa3 ratings reflect Raizen's good credit metrics and solid
positioning in both the upstream and downstream fuel businesses
in Brazil", says Moody's analyst Marianna Waltz. In Moody's view,
while the sugar-ethanol operations provide the potential for
higher margins and growth over the next several years, the fuel
distribution segment is a source of stable financial performance
and cash generation. The ratings also consider the companies'
affiliation with and implicit support of Shell given the benefit
derived from Shell's managerial expertise and the explicit
support provided by both shareholders in the form of a USD 500mln
backstop facility.

The ratings take into account the good medium-term prospects for
the sugar-ethanol industry due to still-constrained global
inventories supporting sugar and ethanol prices. Also
incorporated in the ratings are Raizen's many competitive
advantages in the segment, such as its: large scale,
concentration in the state of Sao Paulo and a highly developed
logistics and distribution infrastructure. As for the downstream
operations, the main positives are related to its large retail
distribution network, as the third largest fuel distributor in
Brazil with 23.3% of market share, and more than 4.5 thousand
stations after the combination of the Shell and Esso chains.
Raizen also benefits from the use of the Shell brand and
products, especially the V-Power gasoline and Evolux Diesel.

Offsetting some of these positive attributes are the volatile
nature of the sugar-ethanol business, which represents around two
thirds of the company's EBITDA. In this sense, despite the
favorable medium-term outlook and the company's above mentioned
competitive advantages in the industry, external factors such as
weather conditions and government incentives and policies can
considerably affect prices and, consequently, impact the
company's financial performance.

In addition, although Moody's views the expansion and renewal of
sugarcane fields strategy as a way to achieve higher
profitability, through reduction of idle capacity, fixed costs
dilution and the increase in productivity, Moody's also considers
it as a risk to Raizen's credit profile given the large
investments and potential for surplus supply. The company intends
to grow its crushed sugarcane to 80 million tons by 2017, from 53
million tons as of the 2011/12 harvest, with a correspondent
capital investment of about BRL5 billion.

Despite the disparate nature of the two businesses, the ratings
have been equalized at the same level due to the cross-guarantees
to be provided by the JVs for each other's debt issuances.
Currently, only Raizen Energia is benefiting from this mechanism,
since the USD 350 million notes at Raizen Combustiveis are not
guaranteed by Raizen Energia. Despite the lack of guarantee, the
rating for these bonds was not notched down due to Raizen
Combustiveis strong stand-alone credit profile and the integrated
management of the two JVs. To the extent future debt at Raizen
Combustiveis does not receive reciprocal guarantees from Raizen
Energia its rating would likely be downgraded.

Furthermore, the companies are managed in a consolidated manner
by one management team and with centralized treasury function.
The oversight of the companies is conducted via a supervisory
board comprised equally of representatives of Cosan and Shell.
The ratings are supported by Shell's implicit support Raizen
constitutes a strategic long-term asset for Shell's global
downstream portfolio, accounting for about 10% of the latter's
total capital employed in the segment, and its principal
renewable energy platform. Accordingly, Raizen should benefit
from Shell's operational experience and technology, as well as
from a committed credit facility being structured by both Shell
and Cosan that should provide emergency funding if and when
needed.

The stable outlook incorporates expectations that the companies'
expansion strategy in the upstream business and its dividend
policy will be conducted in a prudent and conservative manner and
not jeopardize its strong credit metrics. The company has an
internal policy of keeping Net Debt/EBITDA at about 2 times over
time. Moreover, it also considers that the shareholders will
agree on dividend payouts commensurate with the company's
financial performance.

The ratings could be upgraded if the company is able to execute
its growth strategy, while maintaining cash from operations at
current levels, total adjusted debt to EBITDA below 2.0x and an
EBITA/interest expense of 6.5x or higher on a sustainable basis.
Positive free cash flow generation or a stronger demonstration of
support by Shell could also translate into considerations for
positive rating momentum.

A downgrade could result from the inability to deliver at least
mid-single digit organic growth rates and maintain current EBITDA
margins. In addition, debt/EBITDA above 3.0x, EBITA/interest
expense of 5.0x or less and CFO/net debt below 30% on a sustained
basis could trigger a downgrade. A deterioration in its liquidity
profile could also prompt a negative rating action.

Headquartered in Sao Paulo, Raizen represents two effectively 50-
50% joint-ventures formed by Cosan S.A. Industria e Comercio
(rated Ba2/RuR-Up) and Shell Brazil Holdings BV (a 100%
subsidiary of Royal Dutch Shell plc) -- operating with two legal
entities, one (Raizen Energia S.A.) in the sugar and ethanol
business and the other (Raizen Combustiveis S.A.) in the fuel
distribution and sale. The combined companies would generate pro-
forma revenues of roughly BRL 45 billion in the fiscal year of
2012.


NET SERVICOS: Moody's Lifts Sr. Unsecured Notes Rating From 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service upgraded Net Servicos de Comunicacao
S.A. (Net)'s senior unsecured debt rating to Baa3 from Ba1 on its
global scale. The Ba1/Aa2.br corprate family rating and national
scale rating were withdrawn. The ratings outlook is positive.
These actions conclude the ratings review which started on
December 22, 2011.

Ratings affected:

Net Servicos de Comunicacao S.A.

- Corprate family rating Ba1/Aa2.br: withdrwan

- USD350 million 7.5% senior unsecured notes due 2020:
   upgraded to Baa3 from Ba1

Outlook: Positive

Ratings Rationale

The upgrade of Net's ratings was triggered by the expectation
that the company will benefit from the financial strength of its
new ultimate controlling shareholder, America Movil
(A2/Aaa.mx/MX-1 stable). "Expected benefits include access to
funding for growth and debt refinancing as well as synergies from
the integration with its direct parent, Embratel (Baa2 positive),
and the wireless operator Claro (unrated), both controlled
subsidiaries of America Movil", said Nymia Almeida, a Vice
President and Senior Analyst at Moody's. In addition, supporting
the ratings upgrade is Moody's view of a significant growth
potential for telecommunications pay TV services in Brazil, where
penetration rate was at 24% as of April 2012, according to
Anatel, Brazil's telecommunications regulator, as compared to 88%
in the US in 2010, for instance, according to Ofcom International
Communications Market Report 2011.

In August 2011, the regulatory 49% cap on foreign ownership on
Brazilian cable TV operators was lifted and fixed-line telecom
companies were allowed to offer pay TV services over their
networks. In January 2012, Embratel exercised the option to
purchase voting shares of Net held by Globo Comunicacao e
Participacoes S.A. (Baa2 stable), which gave Embratel the control
of Net. Anatel approved the transaction during the first quarter
2012. Currently, Embratel and its subsidiaries own 92.2% of Net's
capital and 66% of its voting shares.

The integration of Net with Embratel is credit positive because,
together, the companies will enjoy a large customer base, given
Net's 4.6 million cable TV customers (54% market share) and
Embratel's 1.9 million direct to home video subscribers, in
addition to its legacy long distance business; this large
combined subscriber base will increase the companies' bargaining
power with suppliers of costly video content, providing a
competitive advantage.

Net's ratings could be upgraded if its revenue growth speeds up
from historical rates and America Movil's commitment to the
company is further evidenced by intercompany funding or other
forms of operating and financial support.

The principal methodology used in rating Net was the Global Cable
Television Industry Methodology published in July 2009.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".br" for Brazil.

Net, owned by Embratel, is the largest multi-service cable
company in Latin America providing pay TV, broadband internet
access through its Virtua franchise and voice services through
Net Fone via Embratel to more than 11 million homes in 99 cities.
During the last twelve months ended March 2012, Net reported
BRL7.0 billion revenue.


ODS SA: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings
for ODS S.A. (ODS):

  -- Foreign currency IDR at 'B';
  -- Local currency IDR at 'B'.

Fitch has also withdrawn the following rating:

  -- USD150 million senior unsecured notes due 2018,
     'B(exp)/RR4'; national scale rating 'A+ (arg)'.

The issue rating withdrawal reflects the fact that the
forthcoming debt issuance is no longer expected to proceed as
previously envisaged. Fitch will no longer provide issuer
coverage on the international scale.

In addition, Fitch has affirmed ODS' National Long-Term Rating at
'A+(arg)' with a Stable Outlook.


VIVER INCORPORADORA: Moody's Changes Outlook on 'B1' CFR to Neg.
----------------------------------------------------------------
Moody's America Latina has changed Viver Incorporadora e
Construtora S.A. outlook to negative from stable.

Ratings:

Viver Incorporadora e Construtora S.A.

  - Corporate Family Rating: B1 (global scale); Baa2.br (national
    scale);

  - BRL 300 million 5-year senior secured debentures: B1 (global
    scale); Baa2.br (national scale);

  - Outlook: negative from stable.

Ratings Rationale

The change in outlook to negative from stable was triggered by i)
leverage metric deterioration, ii) margin pressures from
contracts cancelation and budget reviews, iii) delays on unit
deliveries ,and iv) difficulties to close on mortgages
transferred to banks in a timely fashion. Moreover, the negative
outlook also reflects the low likelihood that credit and
operating metrics will recover before 2013.

The company had to cancel BRL40 million worth of contracts in the
past quarter ended March 2012, which represents around 22% of
total gross revenue in the period. These cancelations coupled
with budget reviews have brought gross margin down to 22.3% in
the last twelve months ended March 2012, from 25.6% in the end of
2011. Most of 2012 deliveries are low-margin projects launched
until 2008, so Moody's does not expect any material recovery
before 2013.

As result of weak operating performance, the company has not been
able to deleverage its balance sheet, maintaining its position as
the most leveraged company among Moody's rated Brazilian
homebuilders with a Total Adjusted Debt to Book Capitalization of
63.4% at the end of March 2012. Cash generation should improve
during 2012, but at a slower pace than previously expected.

At the end of March 2012 the company had BRL334 million of cash
on balance sheet and BRL459 million of short term debt. Despite
the small proportion of cash compared to ST debt, around 53% of
the debt coming due during the next twelve months is linked to
projects that will be delivered during the same period. The
project related loans will be repaid as soon as mortgage
transfers are completed.

Additionally, Viver has BRL629 million in receivables from
finished units and BRL912 million in landbank book value, which
could be used to generate additional cash. The company has
announced it intends to divest from non strategic assets, which
Moody's sees as positive as it could be used to deleverage the
balance sheet. Viver currently holds a landbank with a PSV of
BRL10.6 billion, from which 83% is focused in the low and middle
income segments.

The negative outlook assumes that operating performance and
deteriorated credit metrics will not materially recover before
2013. Additionally, the outlook reflects the company's leveraged
balance sheet, its inability to generate positive free cash flow
and the difficulties to cash in on transferred client mortgages
from banks in an adequate timeframe.

Outlook stabilization would require improvements on cash-flow
based credit metrics through reduced working capital requirements
over time. Mortgage availability at an earlier point in the
construction cycle, which is more common in the lower income and
middle-income segments in which the company is increasing its
presence, are an important factor in Viver's ability to reduce
its sizable investments in working capital. Quantitatively, the
outlook stabilization could be triggered by sustainable positive
cash flow from operations, total debt/capitalization reduced to
below 55% and interest coverage (EBIT / Interest) increased to
above 3 times on a sustainable basis.

Viver's ratings would likely suffer further downward pressure if
free cash flow generation is further delayed to 2013 harming the
company's ability to develop the projects launched during 2011
and 2012 due to liquidity constraints, or if the company were to
face a significant deterioration in the quality of its
receivables, especially in a more adverse macro-economic
scenario. Further negative rating action could also be triggered
by a deterioration in Viver's liquidity profile due to a
reduction in the availability and timeliness of disbursements
from SFH credit lines that the company has available with CEF and
commercial banks.

Headquartered in Sao Paulo, Brazil, and founded in 1992, Viver is
an integrated homebuilder historically focused in high-rise
construction for the middle and mid-high income families. Viver
has a track record of operations having delivered more than
15,000 units since 1995. Concentrated in the southeast region,
mainly in Sao Paulo, Viver has changed its main focus towards the
middle and low income segments. The company is also involved in
commercial, tourism and land development segments spread across
17 states targeting all income brackets. Viver had net revenues
of BRL 736 million during the last twelve months ended in March
31, 2012.



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


CAPITAL W FUND: Creditors' Proofs of Debt Due Aug. 2
----------------------------------------------------
The creditors of Capital W Fund Limited 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 20, 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


CB INVESTMENTS: Creditors' Proofs of Debt Due Aug. 3
----------------------------------------------------
The creditors of CB Investments Ltd. are required to file their
proofs of debt by Aug. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


CITIGROUP PROPERTY: Creditors' Proofs of Debt Due Aug. 2
--------------------------------------------------------
The creditors of Citigroup Property Investors Asia Kingsville II
Ltd. 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 19, 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


CRESTVIEW LIMITED: Creditors' Proofs of Debt Due July 31
--------------------------------------------------------
The creditors of Crestview 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 21, 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


FFA YACHTING: Creditors' Proofs of Debt Due July 31
---------------------------------------------------
The creditors of FFA Yachting Ltd. 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 19, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


GENEVA INSURANCE: Creditors' Proofs of Debt Due Aug. 4
------------------------------------------------------
The creditors of Geneva Insurance SPC Limited are required to
file their proofs of debt by Aug. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2012.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 815 8440
         Facsimile: +1 345 946 6728
         Governors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237 Grand Cayman KY1-1205
         Cayman Islands


KCM GLOBAL: Creditors' Proofs of Debt Due Aug. 1
------------------------------------------------
The creditors of KCM Global Credit Opportunities Master Fund Ltd.
are required to file their proofs of debt by Aug. 1, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 19, 2012.

The company's liquidator is:

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


LT HOLDINGS: Creditors' Proofs of Debt Due Aug. 3
-------------------------------------------------
The creditors of LT Holdings, Ltd. are required to file their
proofs of debt by Aug. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 11, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


PARSENN PROPERTIES: Creditors' Proofs of Debt Due July 31
---------------------------------------------------------
The creditors of Parsenn Properties Ltd. 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 7, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


PPT (CAYMAN): Creditors' Proofs of Debt Due July 24
---------------------------------------------------
The creditors of PPT (Cayman) Holding Limited are required to
file their proofs of debt by July 24, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2012.

The company's liquidator is:

         Tzyy-Jang Tseng
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands



===============
S U R I N A M E
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* SURINAME: Fitch Raises Ratings to 'BB-' on Good Growth
--------------------------------------------------------
Fitch Ratings has taken the following actions on the Issuer
Default Ratings (IDR) and country ceiling of Suriname:

  -- Long-term foreign currency IDR upgraded to 'BB-' from 'B+';
  -- Long-term local currency IDR upgraded to 'BB-' from 'B+';
  -- Country ceiling upgraded to 'BB-' from 'B+'.

The Rating Outlook is Stable.

Fitch has also assigned a short-term foreign currency IDR of 'B'
to Suriname.

Suriname's upgrade reflects the Surinamese authorities'
demonstrated commitment to rein in fiscal imbalances and maintain
price and exchange stability as well as the country's positive
investment cycle and growth prospects.  Suriname's ratings are
also underpinned by the strength of the sovereign's fiscal and
external balance sheets relative to peers.

Suriname's credit strengths are presently balanced by the
country's institutional capacity constraints, relatively weak
macroeconomic policy framework and recent episodes of high
inflation and exchange rate volatility.

Through the implementation of revenue measures, as well as
benefitting from favorable international commodity prices, the
Bouterse' administration has closed the 2.9% of GDP fiscal
deficit and maintained government debt below 20% of GDP during
its first full year in office.  In addition, the authorities are
taking steps to create a sovereign wealth fund, rationalize the
budgeting process and overhaul the tax system.  The
implementation of these reforms could contribute to reducing
policy unpredictability and to strengthen public finances
flexibility.

Reduced political uncertainty and tighter fiscal and monetary
policies have supported exchange rate stability after the 20%
devaluation in early 2011.  The gap between the official and
parallel rates disappeared and year-on-year inflation declined to
3.6% in May 2012 from a peak of 22.6% in April 2011.  However,
maintaining the gains of price and exchange rate stability
permanently will require containing salary adjustments, exerting
fiscal restraint and strengthening the credibility of the
macroeconomic policy framework.

Rising gold production and favourable prices combined with
reduced dependence on fuel imports could support current account
surpluses and the accumulation of international reserves over the
medium term.  Most importantly, the country's rising
international reserves and the sovereign's net external creditor
position reduce vulnerabilities related to high commodity
dependence, financial dollarization and limited exchange rate
flexibility.

Suriname's growth continues to demonstrate resilience to domestic
and external shocks by averaging 4.4% in 2011 and 2012.  Output
could expand 4.9% in 2013, bringing its five-year average well
above the 3.5% median of the 'BB' category.  Upside risks to
economic performance will depend on the pace of public capital
spending, new investments in the commodity sector and domestic
consumption.

Suriname's domestic capital markets remain shallow and illiquid,
limiting the scope for fiscal slippage and the sovereign's
capacity to sustain higher debt burdens.  The government relies
on costly central bank advances and privately placed short-term
instruments to cover budget gaps.  The government successfully
restructured USD32mn in bilateral arrears with the United States
in July 2011 and paid all outstanding debt obligations ahead of
schedule in May 2012.

While traditionally economic policy has relied heavily on the
credibility of individual public officials, strengthening the
institutional capacity of the monetary and fiscal authorities is
key to enhancing macroeconomic performance and reducing the risk
of policy reversals.  In spite of continued improvements in
recent years, quality of official economic statistics is weak in
relation to 'BB'-rated sovereigns.

Implementation of reforms to strengthen the fiscal and monetary
policy frameworks would be positive for creditworthiness. Higher
growth with broad macroeconomic stability could also have a
favourable impact on Suriname's ratings.  Conversely, significant
deterioration in the fiscal and external accounts, increased
macroeconomic instability and shocks that impair the hydrocarbon
and mining sectors could put downward pressure on the ratings.



===============
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/


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *