TCRLA_Public/121206.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, December 6, 2012, Vol. 13, No. 243


                            Headlines



A R G E N T I N A

PARANA BANCO: S&P Affirms 'BB+/B' Global Issuer Credit Ratings
* ARGENTINA: Fitch Details Report on Recent Neg. Rating Actions


C A Y M A N  I S L A N D S

KINGSLYNN LTD: Shareholder Receives Wind-Up Report
OSMOS PLAN: Shareholder Receives Wind-Up Report
PRINCIPALIS LIMITED: Shareholders Receive Wind-Up Report
RAWLINS VENTURES: Shareholder Receives Wind-Up Report
RESIDENCE 202: Shareholder Receives Wind-Up Report

SPRINGDALE INVESTMENT: Shareholder Receives Wind-Up Report
WATERFALL NEUTRAL: Shareholders Receive Wind-Up Report
WATERFALL VANILLA: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCO DAVIVIENDA: Fitch Lowers LT Issuer Default Rating to 'BB+'


J A M A I C A

ALPART: Union Welcomes Planned Reopening


M E X I C O

SERVICIOS CORPORATIVOS: Fitch Affirms 'B+' Rating on $270MM Notes
SIDERURGICA DEL TURBIO: S&P Lowers Corp. Credit Rating to 'CCC-'


P A R A G U A Y

TELEFONICA CELULAR: Fitch Assigns 'BB' Issuer Default Rating


P U E R T O   R I C O

GULFCOAST IRREVOCABLE: Court Says Puerto Rico Improper Case Venue
GULFCOAST IRREVOCABLE: Court Defers Ruling on FDIC Dismissal Bid
MICHAEL JOSEPH SCARFIA: Puerto Rico Court Dismisses Case


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercado Plans Near $1 Billion Distillery


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
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PARANA BANCO: S&P Affirms 'BB+/B' Global Issuer Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA' Brazilian national scale ratings on Parana Banco
S.A. The outlook remains stable.

The ratings on Parana Banco is based on the company's "weak" (as
S&P's criteria define the term) business position, "strong"
capital and earnings, "adequate" risk position, "below-average"
funding, and "adequate" liquidity.

"Our bank criteria use our BICRA economic and industry risk scores
to determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Brazil is 'bbb'. Our economic risk assessment reflects our
opinion that economic improvements and cautious fiscal and
monetary policies have strengthened the Brazilian economic
authorities' flexibility in managing significant external shocks
and potential distortions from the current expansionary phase in
Brazil. These remain manageable, and a proactive stance from the
central bank has contained them. With regard to industry risk,
sound regulation and a good track record of regulators, and a high
and stable share of core deposits, support the Brazilian banking
industry. At the same time, we consider the banking sector's
moderate risk appetite as a positive in our assessment," S&P said.

"The stable outlook reflects our expectation that Paran  Banco
will maintain its low market position in Brazil's financial
system, as well as its strong capitalization, manageable asset
quality, and 'adequate' liquidity during the next two years," said
Standard & Poor's credit analyst Cynthia Cohen Freue.

"We could raise the ratings if the bank strengthens its capital
position, leading to a projected RAC ratio of more than 15. On the
other hand, we could lower the ratings if the bank's asset quality
or liquidity profile deteriorates significantly, or if its RAC
ratio falls to less than 10%," S&P said.


* ARGENTINA: Fitch Details Report on Recent Neg. Rating Actions
---------------------------------------------------------------
Fitch Ratings issued a special report titled 'Argentina's
Weakening Credit Profile' detailing the rationale behind the
agency's recent negative rating actions on Argentina.

On Nov. 27, Fitch downgraded Argentina's ratings as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR) to
     'CC'  from 'B';

  -- Short-term IDR to 'C' from 'B';

  -- Securities issued under international law to 'CC' from 'B';

  -- Foreign and local currency denominated securities issued
     under Argentine law to 'B-' from 'B';

  -- Local currency IDR to 'B-' from 'B' with a Negative Outlook;

  -- Country Ceiling to 'B-' from 'B'.



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


KINGSLYNN LTD: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Nov. 23, 2012, the sole shareholder of Kingslynn Ltd received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


OSMOS PLAN: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Nov. 23, 2012, the sole shareholder of Osmos Plan Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


PRINCIPALIS LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Nov. 23, 2012, the shareholders of Principalis Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAWLINS VENTURES: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Nov. 21, 2012, the shareholder of Rawlins Ventures, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


RESIDENCE 202: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Nov. 8, 2012, the shareholder of Residence 202 Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Michael Ryan
         P.O Box 32319 Grand Cayman KY1-1209
         Cayman Islands


SPRINGDALE INVESTMENT: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Nov. 21, 2012, the shareholder of Springdale Investment Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


WATERFALL NEUTRAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Nov. 22, 2012, the shareholders of Waterfall Neutral Offshore
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


WATERFALL VANILLA: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Nov. 22, 2012, the shareholders of Waterfall Vanilla Master
Fund Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands



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


BANCO DAVIVIENDA: Fitch Lowers LT Issuer Default Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative Banco Davivienda (Costa Rica), S.A., Banco Davivienda
Salvadoreno, S.A., and Inversiones Financieras Davivienda, S.A..
The Rating Outlooks are Stable.

The rating actions follow the completion of the Colombian Banco
Davivienda, S.A.'s (Davivienda) acquisition of HSBC's operations
in Costa Rica, El Salvador, and Honduras.  The acquisition
agreement was announced early this year (please refer to 'Fitch
Places HSBC's Bank Subsidiaries in Costa Rica and El Salvador on
Rating Watch Negative', Jan. 27th, 2012 at www.fitchratings.com).

Davivienda is the new source of expected support for its Central
American subsidiaries, should it be required. The recently
acquired entities are considered by Fitch as Strategically
Important to Davivienda, according to Fitch's Criteria: 'Rating FI
Subsidiaries and Holding Companies' listed below.  Such
classification is based on Fitch's view on the role of those
subsidiaries to foster the expansion and diversification of
Davivienda in Central America, the reputational risk resulting
from the shared franchise and commercial name, and the intentions
of the new shareholder to promote a well-balanced business plan to
the recently acquired operations in order to enhance their
contribution to the consolidated business.  Fitch expects that
these subsidiaries will provide a recurring and meaningful share
of revenues to the consolidated entity over the medium-term.

Davivienda's current Long-Term Foreign Currency Issuer Default
Rating (IDR) of 'BBB-' with a Stable Outlook, is lower than HSBC
Holdings plc's 'AA', Negative Outlook.  Davivienda's current
ratings were not reviewed in this rating action as where affirmed
on Jan. 27th, 2012 after the impact of the transaction was
assessed by Fitch.

Banco Davivienda (Costa Rica), S.A., Banco Davivienda Salvadoreno,
S.A., and Inversiones Financieras Davivienda, S.A.'s current
ratings are driven by the support they would receive from
Davivienda, should it be required, rather than by their intrinsic
credit quality.  The Stable Outlooks reflect that Fitch does not
anticipate substantial changes in Davivienda's ability and
propensity to support its new subsidiaries.

The Honduran bank's national ratings are unaffected as the
potential support it could receive from Davivienda allows it to
maintain its long-term rating at 'AA+(hnd)'.

Davivienda is the third largest bank in Colombia.  It is a
universal bank operating across all business segments with a
particular strength in the consumer business.  The bank is
controlled by Sociedades Bolivar, which has interests in the
construction and insurance industries in Colombia.  After the
completion of the aforementioned transactions, Davivienda's new
operations in Central America will represent around 18% of its
consolidated assets.  The subsidiaries in El Salvador, Costa Rica,
and Honduras are locally self-funded, with large participation of
retail deposits, and sufficient capital according to the
regulatory guidelines in each country.

Fitch takes the following rating actions as indicated:

Banco Davivienda (Costa Rica), S.A.

  -- Long-term National Rating downgraded to 'AA+(cri)' from
     'AAA(cri)'; Outlook Stable; removed from Watch Negative;
  -- Senior Unsecured Debt Long-term National Rating downgraded to
     'AA+(cri)' from 'AAA(cri)'; removed from Rating Watch
     Negative;
  -- Short-term National Rating affirmed at 'F1+(cri)'; removed
     from Rating Watch Negative.

Banco Davivienda Salvadoreno, S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; Outlook
     Stable; removed from Rating Watch Negative;
  -- Short-term IDR downgraded to 'B' from 'F2'; removed from
     Rating Watch Negative;
  -- Support downgraded to '3' from '2'; removed from Rating Watch
     Negative;
  -- Long-term National Rating downgraded to 'AA+(slv)' from
     'AAA(slv)'; Outlook Stable; removed from Rating Watch
     Negative;
  -- Senior Unsecured Debt Long-term National Rating downgraded to
     'AA+(slv)' from 'AAA(slv)'; removed from Rating Watch
     Negative;
  -- Short-term National Rating affirmed at 'F1+(slv)'; removed
     from Rating Watch Negative;
  -- Senior Secured Debt Long-term National Rating affirmed at
     'AAA(slv)'; removed from Rating Watch Negative;
  -- Senior Unsecured Debt Short-term National Rating affirmed at
     'F1+(slv)'; removed from Rating Watch Negative;
  -- Senior Secured Debt Short-term National Rating affirmed at
     'F1+(slv)'; removed from Rating Watch Negative.

Inversiones Financieras Davivienda, S.A.

  -- Long-term National Rating downgraded to 'AA+(slv)' from
     'AAA(slv)'; Outlook Stable; removed from Rating Watch
     Negative;
  -- Short-term National Rating affirmed at 'F1+(slv)'; removed
     from Rating Watch Negative.



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J A M A I C A
=============


ALPART: Union Welcomes Planned Reopening
----------------------------------------
RJR News reports that the main union representing workers in the
mining sector has welcomed news that an announcement will be made
soon on the reopening of the Alumina Partners of Jamaica bauxite
and alumina plant in St. Elizabeth.

Following a meeting with UC Rusal, the majority shareholders and
operators of the plant, Minister of Science, Technology, Energy
and Mining, Phillip Paulwell, expressed confidence that Alpart
will resume operations soon, according to RJR News.

The report relates that Mr. Paulwell said it is urgent that the
plant is re-opened so that jobs can be provided.

President of the National Workers' Union, NWU, Vincent Morrison,
is hopeful that Alpart will be up and running in 2013.

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15.  The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008.  Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.



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


SERVICIOS CORPORATIVOS: Fitch Affirms 'B+' Rating on $270MM Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Servicios Corporativos Javer, S.A.P.I.
de C.V.'s ratings as follows:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';
  -- Local currency IDR at 'B';
  -- USD270 million senior unsecured notes at 'B+/RR3'.

The Rating Outlook remains Negative.

The ratings incorporate the recent announcement that Javer and
Empresas ICA, S.A.B. de C.V. (ICA) have entered into a definitive
agreement to combine their homebuilding assets in Mexico.  Javer
will acquire the assets and operating liabilities related to 20
affordable housing development projects being developed by ICA
through its ViveICA subsidiary in exchange for newly issued shares
of stock representing a 23% ownership interest in Javer.  The
company will also assume MXN600 million of secured debt associated
with the acquired developments.

The Negative Outlook reflects the concern that the announced
transaction could be negative for Javer's credit quality due to
potential deterioration in the company's working capital cycle
during the integration process of the acquired developments, and
continued declining EBITDA margins.

The ratings continue to reflect Javer's regional market position
in northeastern Mexico with a firm leadership presence in the
state of Nuevo Leon, its consistent business strategy oriented to
the low-income housing segment, and adequate land reserve.  The
ratings are constrained by Javer's incipient capacity to generate
free cash flow (FCF) through the economic cycle and high leverage
levels.  The 'B+/RR3' ratings of the company's unsecured public
debt reflect good recovery prospects in the range of 50%-70% given
default.

Positively factored in the ratings, is the company's FCF trend
achieved in the last quarters. During the LTM September 2012, the
company maintained a sound financial strategy based on
conservative growth targets reducing working capital needs and
achieving slightly-positive FCF generation with low levels of
short-term debt.  The company's LTM September 2012 revenues, FCF
generation, and FCF margin reached levels of MXN5.4 billion, MXN88
million, and 1.6%, respectively.

The proposed transaction will improve Javer's geographic and asset
diversification.  Post-acquisition, Javer will consolidate its
position as one of the main players in the Mexican homebuilding
industry by increasing the numbers of developments to 46 in 11
states nationwide, and reaching annual unit sales of approximately
25 thousand, 7 thousand coming from the acquired developments.

The main credit concern is related to the potential deterioration
in the company's working capital cycle due to the integration of
the acquired operations that could require additional working
capital investments as post transaction the company is expected to
increase revenues by approximately 40% during the first year of
operations.  The company is planning to refinance the MXN600
million debt assumed with the transaction through a term loan
during the next few weeks.  Eventually Javer will be looking -
depending on market conditions - to execute another reopening to
add this debt to its USSD270 million secured notes.

The transaction is not expected to add leverage. Javer had MXN3.5
billion of total adjusted debt as of Sept. 30, 2012, it was
composed primarily of the USD270 million unsecured notes due in
2021, this amount included the 18% premium the company paid during
the last exchange debt offering that occurred in 2011.  During the
latest 12 months (LTM) ended Sept. 30, 2012, the company generated
MXN906 million of EBITDA, with an EBITDA margin of 16.9%.  These
figures resulted in Javer's total gross leverage, measured by the
debt-to-EBITDA ratio, of 3.9x for the LTM September 2012.  The
transaction will add incremental revenues, EBITDA, and debt of
approximately MXN2 billion, MXN232 million, and MXN600 million,
respectively. On a pro forma basis, the company's gross leverage
is estimated at 3.6x, consolidated revenues around MXN7.5 billion
and an EBITDA margin of 15%.

Liquidity and FCF Generation Main Rating Drivers:

The ratings are expected to be driven by the development -- during
the next quarters -- of the company's liquidity, FCF generation,
and gross leverage during the process of integrating the acquired
developments.

A downgrade could be triggered by a deterioration of the company's
credit protection measures and cash position due to weak
operational results, deterioration in FCF generation driven by
increasing working capital needs, and declining EBITDA margins.
Expectations by Fitch of total adjusted debt to EBITDA being
consistently at or beyond 4.5x will likely result in a downgrade.

Conversely, stable operational performance reflecting a smoothly
integration process of the new acquired developments resulting in
FCF from neutral to slightly positive, in addition to the
expectation that total adjusted debt to EBITDA will remain below
4.0x over time, while maintaining adequate liquidity and a
manageable debt payment schedule, can trigger a revision of the
Rating Outlook to Stable.


SIDERURGICA DEL TURBIO: S&P Lowers Corp. Credit Rating to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured ratings on Siderurgica del Turbio,
S.A. (Sidetur) to 'CCC-' from 'B-'. "We are also placing our
ratings on CreditWatch with negative implications," S&P said.

"In October 2012, the government of the Bolivarian Republic of
Venezuela (B+/Stable/B) took control of Sidetur's operating
assets, but it hasn't announced the amount or time of the
compensation. The government also required the transfer of all
funds in the company's local currency bank accounts. The U.S.
dollar denominated reserve account associated with Sidetur's notes
due 2016 was not affected," S&P said.

"In our opinion, the expropriation of Sidetur's assets could
result in debt acceleration depending on the legal interpretation
of either the change-of-control or the sale-of-assets clauses
established under the indenture of its notes, but we understand
that any conclusion hasn't been reached yet," said Standard &
Poor's credit analyst Bernardo Gonzalez.

"As of June 30, 2012, the notes' outstanding amount was around
$78.8 million. Apart from the notes reserve account, which totaled
around $7 million as of June 30, 2012, Sidetur will rely entirely
on the compensation from the government to pay down its debt.
Furthermore, we believe the level of uncertainty about the
company's ability to meet its financial obligations within the
next six months is high. However, we understand that the reserve
account will cover the next principal and coupon payments--
scheduled for Jan. 20, 2013, and April 20, 2013, respectively--
providing Sidetur with some flexibility to receive the
compensation, assuming it's sufficient and the debt is not
accelerated before government's payment," added Mr. Gonzalez.

"The negative CreditWatch listing reflects the possibility of
another downgrade if the company's debt is accelerated before it
receives compensation, resulting in failure to meet its
obligations. We expect to resolve the CreditWatch as more clarity
about amount and time of compensation is obtained, or if Sidetur's
debt is accelerated," S&P said.



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


TELEFONICA CELULAR: Fitch Assigns 'BB' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to
Telefonica Celular del Paraguay S.A. (Telecel):

  -- Foreign currency Issuer Default Rating (IDR) 'BB';
  -- USD300 million senior unsecured notes due 2022 'BB'.

The Rating Outlook is Stable.

The proceeds of the issuance will be used to repay a USD150
million bridge loan raised for the acquisition of Cablevision with
the balance serving to finance capital expenditures and potential
spectrum license costs.

Telecel's ratings reflect its strong financial profile,
underpinned by low leverage and solid cash flow generation.  The
ratings also consider the company's leading market position in
mobile and Pay-TV services in Paraguay; strong brand recognition;
extensive network coverage; diverse service offering; and low
regulatory risk.  The ratings are constrained by the risks
associated with its operation in Paraguay, which are somewhat
mitigated by the parent company's (Millicom International Cellular
S.A. (MIC)) ability to provide access to hard currency, if
required.  Telecel's credit quality is also tempered by an
increasing competitive environment and limited geographic
diversification.

The ratings factor in Telecel's relationship with its parent
company, which fully owns it.  Telecel benefits from synergies
related to MIC's larger scale and management expertise, but the
ratings also consider Telecel's payment of dividends and
management fees to the parent.  Positively, MIC presents a solid
consolidated financial profile.  For the last 12 months (LTM)
ended Sep. 30, 2012 MIC had USD4.7 billion in revenues, USD2
billion in EBITDA, funds flow from operations (FFO) of USD1.5
billion, on balance sheet indebtedness of USD2.8 billion and cash
balances of USD1 billion.

Low Leverage Post Cablevision Acquisition

Fitch expects Telecel's net leverage at low level, below 1.0x,
even after the acquisition of the Pay-TV company Cablevision in
October of 2012.  Since 2008 the company has had a positive net
cash position or a net debt-to-EBITDA ratio close to zero, despite
substantial dividend pay outs in recent years.  During the last 12
months (LTM) ended on Sept. 30, 2012, Telecel reported a total
debt-to-EBITDA ratio of 0.7x and net debt-to-EBITDA ratio of 0.5x.
According to Fitch's calculations, cash did not include the
restricted cash of PGY669 billion, which was used in October for
the payment for Cablevision.  This company was acquired without
the assumption of debt, while revenues and EBITDA were USD44
million and USD17 million, respectively, in 2011.

Margins Should Remain Strong

Fitch expects EBITDA margins to trend downwards towards the 45%-
50% level in the medium term due to the consolidation of the lower
margin Pay-TV business and due to the competitive environment.
Telecel's EBITDA margin after fees paid to Millicom has ranged
between 55%-60% in the last five years, which compares favorably
with its peers in Latin America.  The company's net revenues have
benefited from a growing customer base and increasing value-added
services participation. In the LTM ended Sept. 30, 2012, net
revenues of PYG2,698 billion were 9.9% higher than in 2011.
Following the same increasing trend, EBITDA was PYG1,485 billion
in the LTM ended Sept. 30, 2012, with a high EBITDA margin of 55%.

Pre-dividend free cash flow is expected to remain positive and
sufficient to cover debt service, with the remaining portion to be
distributed to shareholders as dividends.  In the LTM ended Sept.
30, 2012, cash flow from operations (CFFO) was PYG1,415 billion,
with investments of PYG318 billion and higher dividends of
PYG1,138 billion leading to a slight negative FCF of PYG41
billion.  Annual capital expenditures should increase to
approximately PYG450 billion in 2012 and PYG500 billion-PYG650
billion from 2013 to 2016 due to growth opportunities.

Leading Market Position; Cablevision Acquisition Boosts Profile

Telecel's ratings are supported by its strong market position as
the main operator in the Paraguayan telecom sector. The company
has extensive network coverage in the country and a diverse
service offering.  Although competition has increased in recent
years and number portability is expected to start on December
2012, market share in the mobile segment remains robust at 57%.
Telecel's business position was reinforced after the acquisition
of Cablevision, with an 89% market share of Pay-TV and an
important fixed broadband operation.  The company's strategy in
terms of increasing bundle services offerings including mobile,
broadband and Pay-TV is positive in terms of client loyalty.

Manageable Liquidity

Liquidity is underpinned by Telecel's cash balances, strong
operational cash generation and a manageable debt maturity
profile.  As of Sept. 30, 2012, total debt of PYG1,073 billion had
a 69% maturity concentration on short-term (PYG739 billion).  Once
the USD300 million (PYG1,339 billion) bond issuance is concluded
and the bridge loan is refinanced, Telecel will present a long-
term debt profile, with available cash and marketable of PYG381
billion covering, on a pro forma basis, PYG360 billion of debt
maturing until 2016.  Although there is an exposure to foreign
currency as the debt is dollar-denominated and there is no hedge,
the low leverage mitigates this risk.  Fitch expects Telecel to
remain with strong short-term debt coverage ratios.

Key Rating Drivers:

A negative rating action could be triggered by leveraged
acquisitions, a substantial increase in capital expenditures or
deteriorating cash flow generation that turns out in a material
change in the company's capital structure.  A positive rating
action is constrained by its operation only in Paraguay.



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


GULFCOAST IRREVOCABLE: Court Says Puerto Rico Improper Case Venue
-----------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte ruled that Puerto Rico is an
improper venue for the Chapter 11 cases of Gulfcoast Irrevocable
Trust I and its affiliated trusts.   Judge Lamoutte, however,
declined to transfer the cases to the Middle District of Florida,
Tampa Division, upon the behest of the Federal Deposit Insurance
Corporation, as receiver for Westernbank Puerto Rico, until the
Court has resolved the FDIC's request to dismiss the Debtors'
cases.

Both the FDIC-R and the Debtors agree that the proper venue of
these cases lies in the place which constitutes their principal
place of business.  The FDIC-R contends that the Debtors'
principal place of business is in Clearwater, Florida, as there is
where the trustee resides and where most decisions are made.  The
Debtors take the position that the principal place of business is
in Puerto Rico as that is where their affiliates operate.

Judge Lamoutte noted that "Courts differ on how to determine the
debtor's principal place of business. Many courts have held that
the principal place of business is determined by using the `major
business decisions' test and not the `operational' test.  The
former focuses on the place where the major decisions affecting
the debtor's business are made, and the latter focuses on where
the debtor's day-to-day business is conducted," Judge Lamoutte
said, citing Hon. Nancy C. Dreher and Hon. Joan Feeney, Bankruptcy
Law Manual Sec.2:35 (5th ed. 2012).  According to Judge Lamoutte,
in the Trusts' cases, the decisions are made in Clearwater,
Florida; and the monthly reports of operation do not reflect any
significant operation.  Therefore, under either test, Clearwater,
Florida, is the principal place of business.

"The court concludes that the petitions were filed in an improper
venue.  However, the final determination as to whether the same
should be transferred to the U.S. Bankruptcy Court for the Middle
District of florida, Tampa Division, is held in abeyance until a
final determination is made on the FDIC-R's motion to dismiss,"
Judge Lamoutte held in in a Nov. 30, 2012 Opinion and Order
available at http://is.gd/sW2Nv5from Leagle.com.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust I estimated under $10 million in
assets but more than $100 million in debts in its bare-bones
Chapter 11 petition.  An affiliate, Sabana Del Palmar, Inc., which
owns Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.


GULFCOAST IRREVOCABLE: Court Defers Ruling on FDIC Dismissal Bid
----------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte deferred ruling on the
request of the Federal Deposit Insurance Corporation, as receiver
for Westernbank Puerto Rico, to dismiss the Chapter 11 cases of
Gulfcoast Irrevocable Trust I and two affiliated trusts.

FDIC-R argues the debtors are not valid business trusts and are,
thus, not authorized to file a bankruptcy petition.  The debtors
opposed, alleging that they meet the flexible criteria required to
be considered a business trust.

Judge Lamoutte said the fact that the Debtors may own the total or
a percentage of shares in corporations that have filed for or may
be eligible to file a bankruptcy petition does not mean that the
Trusts, as holders of the shares, are themselves eligible to file
a bankruptcy petition.  Notwithstanding, as argued by the debtors,
a determination that a trust is or is not a business trust is fact
specific and must be based on the totality of the circumstances.
Consequently, the Court said FDIC-R has met its initial burden of
showing that the trusts are not business trusts based on a reading
of the trust agreements.  However, the Debtors should be afforded
an opportunity to present evidence to the contrary.

"At this time the court will not schedule an evidentiary hearing.
The court orders the Debtors to file a memorandum detailing what
are the facts it would present to rebut the conclusion that
debtors are not business trusts. Each factual proffer must include
a sworn statement summarizing the testimony of an identified
witness or a document in support thereof.   ebtors shall file
their memorandum and proffer of evidence within 21 days.  FDIC-R
shall reply within 14 days thereafter," Judge Lamoutte said.  "The
court may schedule an actual hearing if the duly supported factual
proffers so warrant."

A copy of Judge Lamoutte's Nov. 30, 2012 Opinion and Order is
available at http://is.gd/CPV8nBfrom Leagle.com.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust estimated under $10 million in assets
but more than $100 million in debts in its bare-bones Chapter 11
petition.  An affiliate, Sabana Del Palmar, Inc., which owns
Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.


MICHAEL JOSEPH SCARFIA: Puerto Rico Court Dismisses Case
--------------------------------------------------------
Michael Joseph Scarfia received a double black-eye Friday when a
bankruptcy judge in Puerto Rico ruled that his Chapter 11 petition
was improperly filed in that district, and that the bankruptcy
case should be dismissed.

The Federal Deposit Insurance Corporation, as receiver for
Westernbank Puerto Rico, sought to dismiss or transfer venue of
the chapter 11 proceeding to the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division.  The FDIC-R contends
that Mr. Scarfia's principal place of business is in Clearwater,
Florida, as there is where Mr. Scarfia resides and where most
decisions are made.  Westernbank Puerto Rico granted loans to
entities controlled by Mr. Scarfia, including roughly $100,000,000
in default.

Mr. Scarfia argues that the District of Puerto Rico is the proper
venue because the FDIC has sued Mr. Scarfia as guarantor of loans
made to corporations engaged as developers in the District of
Puerto Rico; and that the loans which he guarantees were executed
in Puerto Rico.

According to Judge Enrique S. Lamoutte, the fact that there may be
entities in Puerto Rico that received loans guaranteed by Mr.
Scarfia and that some may be in bankruptcy does not translate in
proper venue for Mr. Scarfia.

"The filing of a petition by a parent does not have the effect of
filing a petition for bankruptcy on behalf of subsidiary
corporations.[] Each corporate entity is separate for bankruptcy
purposes," Judge Lamoutte cites Hon. Nancy C. Dreher and Hon. Joan
Feeney, Bankruptcy Law Manual Sec. 3.4 (5th ed. 2012).
"After considering the totality of the circumstances, including
debtor's residence, domicile, location of his scheduled assets,
scheduled source of his income, and disclosed location of his
employer, the court concludes that the District of Puerto Rico is
not the proper venue.  Furthermore, his asset to liabilities ratio
($108,932/$135,029,020, that is, .08%) moves the court to conclude
that dismissal is the appropriate remedy," Judge Lamoutte
continued.

A copy of the Court's Nov. 30, 2012 Opinion and Order is available
at http://is.gd/8fsfd2from Leagle.com.

                    About Michael Joseph Scarfia

Michael Joseph Scarfia filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 12-06346) on Aug. 12, 2012.  The petition discloses
that the debtor is a resident and is domiciled in Clearwater,
Florida, and that his principal place of business is "Outside Home
State."  His Schedule A (Real Property) lists a condominium in
Clearwater with a current value of $83,550.  Schedule I (Current
Income of Individual Debtor) discloses that the debtor has been
employed by Gibraltar Group, Inc. for 20 years and is the
president of Gibraltar Group, Inc. The address of his employer is
1079 Cephas Drive, in Clearwater.

The summary of schedules filed on Aug. 27 shows Mr. Scarfia has
total assets of $108,932 and total liabilities of $135,029,020.
Schedule F lists unsecured creditors in the amount of
$135,020,020, all of which are on account of personal guarantees.
Schedule H lists the following as co-debtors: JM Ponce III, LP,
SE; MJS Las Croabas Properties, Inc.; Museum Towers, LP; Sabana
del Palmar, Inc.; Yasscar Development Corp.; Gulfcoast Irrevocable
Trust XIX; Gulfcoast Irrevocable Trust XIV; Gulfcoast Irrevocable
Trust VII; Gulfcoast Irrevocable Trust IV; Gulfcoast Irrevocable
Trust XI; Gulfcoast Irrevocable Trust XIII; Gulfcoast Irrevocable
Trust; Gulfcoast Irrevocable Trust XV; Gulfcoast Irrevocable Trust
XXVIII; Gulfcoast Irrevocable Trust XVI; Gibraltar Development
Corp.; FB Boswell, Inc.; Isla Completa, Corp.; Puerto del Este,
Inc.; SFN Arecibo LP, SE; Yasscar Caguas Development Corp. and SF
Ponce II LLC.  The co-debtors have the same Clearwater, Florida
address.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust I estimated under $10 million in
assets but more than $100 million in debts in its bare-bones
Chapter 11 petition.  An affiliate, Sabana Del Palmar, Inc., which
owns Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.



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


CL FIN'L: Lascelles deMercado Plans Near $1 Billion Distillery
--------------------------------------------------------------
Jamaica Gleaner reports that Lascelles deMercado plans to build a
new distillery next year at a cost of nearly J$1 billion amid the
finalization of its acquisition by the Italy-based Campari Group.

Construction will last for two years and offer two decades of
useful life, according to Jamaica Gleaner.

The report relates that the board of directors of a Lascelles
subsidiary, which was not identified, approved the spending of
half the funding for the distillery, according to notes
accompanying the just-released financials.

Wines and spirits operations are conducted by Lascelles'
subsidiary J. Wray & Nephew, which produces the trademark Appleton
rum.

According the financials, the report notes that the board of
directors approved but had not committed the capital expenditure
of approximately US$5.9 million in respect of phase one of the
project, pursuant to meeting certain requirements of the National
Environment and Planning Agency relating to its license to operate
a distillery.

Jamaica Gleaner discloses that this expenditure is expected to be
incurred in the next 12 months, it added.

"The total capital cost of the project is approximately US$10.8
million, with annual operating costs estimated at J$35 million,"
according to the financials, Jamaica Gleaner relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2012, RJR News related that Lascelles deMercado said it
has now completed the sale of its insurance arm, Globe Holdings,
to Guardian Holdings.  Lascelles said the sale was completed on
Nov. 16, according to RJR News.  RJR News noted that the sale
comes two months after Lascelles said it had reached an agreement
with Guardian to sell the unit for US$38 million.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


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

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            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/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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 * * *