TCRLA_Public/121108.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, November 8, 2012, Vol. 13, No. 223


                            Headlines



A R G E N T I N A

INMANTEC SRL: Creditors' Proofs of Debt Due Nov. 15
MEGA CLIMA: Creditors' Proofs of Debt Due Nov. 23
METROGAS SA: Court Wants US to Weigh in on Arbitrators' Authority
SALON DORADO: Creditors' Proofs of Debt Due Nov. 26
SEYRE SA: Creditors' Proofs of Debt Due Nov. 22

SPRAYMATIC SRL: Creditors' Proofs of Debt Due Nov. 26
* ARGENTINA: Fitch Assigns 'B' Issuer Default Rating


C A Y M A N  I S L A N D S

BAKERSFIELD LIMITED: Creditors' Proofs of Debt Due Dec. 10
CALABASH RE III: Creditors' Proofs of Debt Due Nov. 9
EAST LANE: Creditors' Proofs of Debt Due Nov. 26
MONOLITH GLOBAL: Members Receive Wind-Up Report
PROTEGE MASTER: Member to Hear Wind-Up Report on Nov. 13

PROTEGE OPPORTUNISTIC: Member to Hear Wind-Up Report on Nov. 13
RAB MARKET: Shareholders Receive Wind-Up Report
RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Nov. 9
RYAN LABS: Placed Under Voluntary Wind-Up
STONEHEATH RE: Creditors' Proofs of Debt Due Nov. 9

TRINOVA INVESTMENT: Creditors' Proofs of Debt Due Nov. 8


C O L O M B I A

INTERBOLSA SA: Bancolombia Assumes $881 Million Bond Operations


E L  S A L V A D O R

BANCO DE DESARROLLO: Moody's Downgrades Issuer Rating to 'Ba3'


P E R U

GRUPO EMBOTELLADOR: Fitch Affirms 'BB+' Issuer Default Rating


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Aircraft Temporarily Grounded in Canada


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars



                            - - - - -


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


INMANTEC SRL: Creditors' Proofs of Debt Due Nov. 15
---------------------------------------------------
Estudio Mendizabal, Guerrero, Machado y Asociados, the court-
appointed trustee for Inmantec SRL's reorganization proceedings,
will be verifying creditors' proofs of claim until Nov. 15, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 30, 2013.

The Trustee can be reached at:

         Estudio Mendizabal, Guerrero, Machado y Asociados
         Peru 79


MEGA CLIMA: Creditors' Proofs of Debt Due Nov. 23
-------------------------------------------------
Alberto Jorge Rotenberg, the court-appointed trustee for Mega
Clima SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 23, 2012.

Mr. Rotenberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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:

         Alberto Jorge Rotenberg
         Av. Pueyrredon 875
         Argentina


METROGAS SA: Court Wants US to Weigh in on Arbitrators' Authority
-----------------------------------------------------------------
Daniel Wilson at Bankruptcy Law360 reports that the U.S. Supreme
Court on Monday asked the federal government to Leigh in on the
extent of arbitrators' authority to take on disputes, in a case
involving BG Group PLC's bid to reinstate a $185 million
arbitration award over an investment in now-bankrupt Argentine gas
distributor MetroGas SA.

In a brief order, the high court invited the U.S. solicitor
general's office to express its views on the dispute, after the
D.C. Circuit overturned the British natural gas exploration
company's arbitration award in January, according to Bankruptcy
Law360.

                          About MetroGas

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

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

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

                       Going Concern Doubt

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


SALON DORADO: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------
Griselda Eidelstein, the court-appointed trustee for Salon Dorado
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Nov. 26, 2012.

Ms. Eidelstein will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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:

         Griselda Eidelstein
         Lambare 1140
         Argentina


SEYRE SA: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------
Gabriel Fridman, the court-appointed trustee for Seyre SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 22, 2012.

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

The Trustee can be reached at:

         Gabriel Fridman
         Dorrego 169
         Argentina


SPRAYMATIC SRL: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
Francisco Jose Vazquez, the court-appointed trustee for Spraymatic
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 26, 2012.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Francisco Jose Vazquez
         Sarmiento 1474
         Argentina


* ARGENTINA: Fitch Assigns 'B' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has placed the foreign currency Issuer Default
Ratings (IDR) and the long-term foreign currency and national
long-term ratings on debt securities issued internationally and
payable exclusively in foreign currency (largely US Dollars) of
several Argentine financial institutions on Rating Watch Negative.
These actions follow Fitch's decision to place the 'B' foreign
currency IDR of Argentina on Rating Watch Negative, as a result of
increased uncertainty about the government's ability to service
its international securities issued under New York Law on a timely
basis using the U.S. financial system.

On Oct. 26, the U.S. Court of Appeals for the Second Circuit in
New York upheld U.S. District Judge Griesa's ruling that Argentina
breached the 'Equal Treatment Provision' of the original New York-
based law bonds defaulted in 2001.  The provision states that the
payments rank at all times 'at least equally with all other
present and future unsecured and unsubordinated external
indebtedness.'  The remedy of the ruling orders Argentina to make
payments to holdouts at the same time as or prior to its payments
to holders of the 2005 and 2010 restructured debt.

Fitch notes that there is some uncertainty about the timeframe of
the legal process and when or how it could affect the country's
ability to pay NY law external debt.  Currently, Fitch understands
that the government of Argentina is not legally restrained from
making payments on its performing debt under NY law without making
payments to the plaintiffs.  However, this could change depending
on Judge Griesa's observations and the subsequent considerations
by the Appeals Court on these issues. The next coupon payment for
the securities is on Dec. 1, 2012.

Although this ruling should not directly impact the ability of the
Argentine financial institutions to make payments on their foreign
currency obligations using the U.S. financial system, it may
further impact the willingness of the Argentine government to
provide financial institutions with foreign exchange to make
payments to their cross currency debt obligations.  Other issues
under foreign legislation that allow for the possibility of
payments in local currency in Argentina are not affected by this
committee.

Fitch expects to resolve the Rating Watch Negative status of the
financial institutions listed below once the Rating Watch on the
sovereign rating is resolved.

Fitch placed the foreign currency IDR of the following issuers on
Rating Watch Negtive:

  -- Banco Macro S.A. foreign currency IDR of 'B';
  -- Tarjeta Naranja S.A. foreign currency IDR of 'B';

In conjunction with these rating actions, Fitch has also placed
the following issue ratings on Rating Watch Negative:

Banco Macro S.A.

  -- USD150 million senior unsecured bonds due 2017 'B/RR4/AA+
     (arg)'.

  -- USD150 million subordinated bonds due 2036 'CCC/RR6/A+(arg)'.

Banco Supervielle S.A.

  -- USD50 million Subordinated notes due 2017 'B-/A+(arg)'.

Banco Hipotecario S.A.

  -- USD449.9 million senior unsecured notes due 2013 'AA(arg)'.

  -- EUR278.3 million senior unsecured notes due 2013 'AA(arg)'.

  -- USD250 million senior unsecured notes due 2016 'AA(arg)'.

The other ratings assigned to these issuers were not reviewed in
this committee.



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


BAKERSFIELD LIMITED: Creditors' Proofs of Debt Due Dec. 10
----------------------------------------------------------
The creditors of Bakersfield Limited are required to file their
proofs of debt by Dec. 10, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 20, 2012.

The company's liquidator is:

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


CALABASH RE III: Creditors' Proofs of Debt Due Nov. 9
-----------------------------------------------------
The creditors of Calabash Re III Ltd. are required to file their
proofs of debt by Nov. 9, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidators are:

         Kevin Poole
         Barbara Fawcitt
         PO Box 10233 171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands
         Telephone: 914-2257/ 914-2264
         Facsimile: 949-6021
         PO Box 10233 171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands


EAST LANE: Creditors' Proofs of Debt Due Nov. 26
------------------------------------------------
The creditors of East Lane RE III Ltd. are required to file their
proofs of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidators are:

         Dena Thompson
         Laura McLaughlin
         PO Box 10233
         171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands
         Telephone: 914-2264
         Facsimile: 949-6021


MONOLITH GLOBAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Monolith Global Fund received on Nov. 5, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jean-Patrick Voisin
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


PROTEGE MASTER: Member to Hear Wind-Up Report on Nov. 13
--------------------------------------------------------
The member of Protege Opportunistic Master Fund, Ltd. will receive
on Nov. 13, 2012, at 10:05 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PROTEGE OPPORTUNISTIC: Member to Hear Wind-Up Report on Nov. 13
---------------------------------------------------------------
The member of Protege Opportunistic Fund, Ltd. will receive on
Nov. 13, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


RAB MARKET: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of RAB Market Cycles Fund Limited received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------------------
The creditors of Residential Reinsurance 2009 Limited are required
to file their proofs of debt by Nov. 9, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman Cayman Islands
         Telephone: 914-2259
         Facsimile: 949-6021
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman Cayman Islands
         Telephone: 949-5263
         Facsimile: 949-6021


RYAN LABS: Placed Under Voluntary Wind-Up
-----------------------------------------
On Sept. 14, 2012, the shareholders of Ryan Labs Talf Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 23, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ryan Labs, Inc. dba Ryan Labs Asset Management
         88 Pine Street, 32nd Floor
         New York, NY 10005


STONEHEATH RE: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------
The creditors of Stoneheath Re are required to file their proofs
of debt by Nov. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman Cayman Islands
         Telephone: 914-2259
         Facsimile: 949-6021
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman Cayman Islands
         Telephone: 949-5263
         Facsimile: 949-6021


TRINOVA INVESTMENT: Creditors' Proofs of Debt Due Nov. 8
--------------------------------------------------------
The creditors of Trinova Investment Fund SPC Ltd. are required to
file their proofs of debt by Nov. 8, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 28, 2012.

The company's liquidator is:

         Techdis Limited
         Suite 2206, Cassia Court
         72 Market Street, Camana Bay
         P.O. Box 32302 Grand Cayman KY1-1209
         Cayman Islands
         Smeets Law (Cayman), Attorneys-at-Law for the Company
         Reference: JAPF
         Telephone: (+1) 345 815 2800



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


INTERBOLSA SA: Bancolombia Assumes $881 Million Bond Operations
---------------------------------------------------------------
Oscar Medina and Christine Jenkins at Bloomberg News reports that
Bancolombia SA will assume control of local peso bonds managed by
Interbolsa SA to prevent trading disruptions after regulators
seized control of its brokerage.

"Interbolsa ceded to Bancolombia all the operations it has
associated with public debt so the market can function today
without any problem or holdup," Finance Minister Mauricio Cardenas
said in an interview with Caracol Radio, according to Bloomberg
News.

Bloomberg News notes that Chief Financial Regulator Gerardo
Hernandez told reporters in Bogota that government bonds managed
by Interbolsa are worth 1.6 trillion pesos (US$881 million).

Colombian brokerages will be able to tap into an existing
20 billion peso fund, known as Fogacol, Mr. Hernandez said,
Bloomberg News relays.

Bloomberg News notes that financial regulators stepped in after
Interbolsa said that it couldn't make a payment on a 20 billion
peso loan, saying it faced a "temporary" funding shortage.

The financial squeeze was specific to Interbolsa and doesn't
represent systemwide weakness, Mr. Cardenas told Bloomberg in a
Nov. 4 interview in Mexico City.

Bancolombia Chief Executive Officer Carlos Yepes said in a
conference call with analysts that the bank's potential losses
from loans to Interbolsa are "very small," Bloomberg News says.

Interbolsa also has an investment fund unit that had more than
2 trillion pesos of assets under management as of April.  The
company also operates a brokerage in Brazil.



====================
E L  S A L V A D O R
====================


BANCO DE DESARROLLO: Moody's Downgrades Issuer Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service downgraded the foreign currency issuer
rating of Banco de Desarrollo de El Salvador (BANDESAL) to Ba3
from Ba2 following a similar action taken by Moody's on the
foreign currency government bond rating and country ceilings for
El Salvador to Ba3 from Ba2. The outlook on the issuer rating
remained stable in line with the outlook on the sovereign rating.
For further details, please refer to Moody's press release
"Moody's downgrades El Salvador's rating to Ba3 and keeps the
outlook at stable", dated November 5, 2012.

The following rating was downgraded:

Foreign currency issuer rating: to Ba3, from Ba2, with a stable
outlook

Ratings Rationale

Moody's noted that BANDESAL's rating is in line with Moody's Ba3
sovereign ratings for El Salvador, its 100% shareholder through
the Central Bank of Reserves, with which BANDESAL is inextricably
linked in terms of ownership and funding. Moody's also changed the
bank's standalone baseline credit assessment (BCA) to ba3 from
ba2, reflecting the sovereign's weakened creditworthiness.

BANDESAL's unique and legal ability to obtain repayment for its
loans to financial institutions by charging the borrowers' Central
Bank reserve accounts directly also reflect its sovereign status.

BANDESAL is El Salvador's sole development bank, originally
established as Banco Multisectorial de Inversiones by special
legislative act in 1994 and transformed into BANDESAL by law as of
January 2012. The bank supports private sector economic
development and investment by lending through the banking system.
BANDESAL reported total assets of US$526.3 million as of September
30, 2012 and total shareholders' equity of US$210.2 million.

Moody's last action on BANDESAL's rating was on March 24, 2011
when Moody's downgraded BANDESAL's issuer rating to Ba2 from Ba1,
with a stable outlook, following the same action on the
sovereign's ratings.

The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.



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P E R U
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GRUPO EMBOTELLADOR: Fitch Affirms 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' foreign and local currency
Issuer Default Ratings (IDRs) of Grupo Embotellador Atic S.L.
(Atic).  In conjunction with this rating acting, Fitch has
affirmed the 'BB+' rating of Ajecorp B.V.'s (Ajecorp) USD300
million notes due in 2022.  The company has announced the
reopening of the 2022 notes and expects to raise an additional
amount up to USD150 million.

The reopening will carry the same rating as the original deal at
'BB+.' Proceeds from the reopening are expected to be used for
general corporate purposes, primarily capital expenditures and the
repayment of some debt.  Ajecorp's notes have been directly linked
to that of its parent company, Atic, through Fitch's parent and
subsidiary methodology.

Ajecorp is a wholly owned subsidiary of Atic and is incorporated
in the Netherlands as a limited liability company.  The 2022 notes
of Ajecorp are unconditionally guaranteed by substantially all of
Atic's key operating subsidiaries.  A guarantee from Atic is
expected to be put in place after Atic changes its type of
incorporation from a limited liability company (Sociedad Limitada)
to a Corporation (Sociedad Anonima).  Atic's Thailand subsidiaries
are also expected to provide guarantees once government approval
is granted.

The Rating Outlook for Atic is Stable

Atic's 'BB+' ratings are supported by the geographic
diversification of its operations within Latin America and
Thailand, the defensive nature of the beverage industry and the
strong free cash flow characteristics of the industry.  The
company's sound positions within the 'B' brand segments of most of
the markets in which it operates, as well as its moderate levels
of leverage, also support the ratings.

Strong competition within the beverage industry and the volatility
of raw material costs are among the factors that limit Atic's
ratings to 'BB+'.  The company's corporate structure is also
considered a credit weakness.  Atic's controlling shareholders,
the Ananos family, directly own the formulas for the beverages
produced by the company, which results in the transfer of some
operating profits to the shareholders in the form of royalty
payments.  The controlling shareholders also own another beverage
company, Callpa Limited, which produces and sells beverages in
several Asian countries.  The shareholders may have to support the
nascent operations of Callpa Limited, which could indirectly
impact the credit quality of Atic.

Strong Geographic Diversification

During the first half of 2012 (1H'12), Peru represented 32% of
Atic's consolidated adjusted EBITDA.  The Peruvian market is
strong for the company, as historically it has been a non-cola
market, which benefits 'B' brand producers, as they rely heavily
upon non-cola products.  Atic's next most important markets in
terms of EBITDA contribution are Colombia (33%), Thailand (18%),
Central America (16%) Venezuela (8%, and Mexico (7%).  Atic's
geographic diversification should increase in the future due to
the company's recent entrance into the Brazilian market.  The high
level of geographic diversification mitigates to a degree the
company's exposure to markets such as Venezuela, where economic
and political uncertainty is high.

Target Markets Have Price Sensitive Consumers

Atic has a relatively small presence in each country with market
shares below 20%.  Its key brands are 'Big Cola' and 'Kola Real'.
The company faces strong competition from Coca-Cola and Pepsi in
each market it operates.  Atic prices its products approximately
30% to 40% lower than the Coca-Cola's products and competes
directly against other producers of non-branded products in the
'B' brand segment of the market.  The company's targeted customers
are price sensitive consumers in the lower economic classes.
Atic's distribution model varies across countries.  In Peru and
Thailand, Atic primarily operates its own distribution network.
In Colombia, Central America and Venezuela, the company relies
more heavily on third parties. Nearly 90% of its consolidated
sales occur at mom-and-pop stores.

Improving Results

During 1H'12, Atic generated USD87 million consolidated EBITDA, an
increase from USD61 million during the same period of 2011.
Average prices increased near 8% and volumes increased 9% reaching
1.8 hectoliters during this time period, while EBITDA margins
expanded to 12.4% from 10.3%.  The improvement in EBITDA and
margins is primarily due higher soft drink consumption levels in
its main markets; the introduction of new product categories; the
expansion of commercial coverage; and the introduction of new
formats with higher value added.  Colombia, Central America, Peru
and Thailand were key drivers of EBITDA improvement, while
improvement of profitability of Mexican and Brazilian operations
continues to be challenging.  During the last 12 months ended on
June 30, 2012, Atic generated USD126 million consolidated EBITDA.

Bond Issuance During May Extended Debt Maturity Profile

As of June 30, 2012, Atic has EUR302million (USD380 million) of
consolidated debt, up from EUR240 million (USD309 million) as of
December 2011, and EUR66 million (USD83 million) of cash and
marketable securities.  This increase is in line with the USD300
million unsecured bond debt issued by the end of May by Ajecorp.
Out of total consolidated debt, EUR278 million (USD350 million) is
classified as long-term. About 80% of consolidated debt is U.S.
dollar denominated.  The proposed USD150 million bond issuance
should increase debt to approximately USD480 million, as proceeds
will primarily be used to finance its capital expenditures.

Net Leverage Improved During 1H'12

Atic's net debt-to-EBITDA ratio was 2.3 times (x), while its total
debt-to-EBITDA ratio was 3.0x, as of June 30, 2012.  In terms of
net leverage, these credit metrics show an improvement with
respect to Dec. 31, 2011, but are weaker than the average ratios
maintained by the company during the prior three years of 2.0x and
1.8x, respectively.  Management's financial strategy targets a
total debt-to-EBITDA ratio of between 2.0x and 2.5x, which Fitch
believes will be difficult to achieve in the near term absent a
turnaround of its Mexican operations and Brazilian operations.
High investments should also preclude a return to lower levels of
leverage.  During 2013 Atic expects to invest USD150 million and
during 2014 about USD90 million.  These investments are intended
to expand capacity in categories such as water and juices in
existing markets, as well as invest in PET and cups production
lines.  Looking forward, Fitch expects that Atic's net debt-to-
EBITDA ratio should remain around 3.0x.



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


CARIBBEAN AIRLINES: Aircraft Temporarily Grounded in Canada
-----------------------------------------------------------
RJR News reports that Trinidad's Guardian newspaper said that a
new Caribbean Airlines Boeing 767 aircraft was temporarily
grounded Monday in Canada causing a delay to passengers en route
to Trinidad and Tobago.

Caribbean Airlines communication manager, Clint Williams, said on
arrival officials noticed an indicator light drawing their
attention to a flap part, RJR News.

The report relates that flaps are mounted on the trailing edges of
the wings to reduce the speed at which an aircraft can be safely
flown and to increase the angle of descent for landing.  RJR News
notes that Mr. Williams said the part was changed on the ground at
the Toronto airport.

Less than two weeks ago, one of the airline's newly-acquired
planes had to return to Piarco Airport after an engine casing
became detached shortly after take-off, the report recalls.

Investigations are still continuing, the report says.

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

                         *     *     *

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



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

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

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact:        1-703-739-0800;
http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:             240-629-3300 or
http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

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

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:             1-703-739-0800;
http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:             240-629-3300 or
http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:             1-703-739-0800;
http://www.abiworld.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.


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