TCRLA_Public/130221.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, February 21, 2013, Vol. 14, No. 37


                            Headlines



C A Y M A N  I S L A N D S

ANALYTIC TOTAL: Commences Liquidation Proceedings
CARLYLE LOAN: Commences Liquidation Proceedings
CLEVER LIMITED: Placed Under Voluntary Wind-Up
CMT GLOBAL: Commences Liquidation Proceedings
COLDSTREAM ALTERNATIVE: Commences Liquidation Proceedings

DIKER MICRO: Commences Liquidation Proceedings
EMERALD LIMITED: Commences Liquidation Proceedings
FPP (GENERAL PARTNER): Commences Liquidation Proceedings
FPP JAPAN: Commences Liquidation Proceedings
HUNTER GLOBAL: Commences Liquidation Proceedings

HUNTER GLOBAL SRI: Commences Liquidation Proceedings
HUTCHISON HARBOUR: Placed Under Voluntary Wind-Up
JESSICA CONSULTING: Placed Under Voluntary Wind-Up
KCP II OFFSHORE: Commences Liquidation Proceedings
OTIS HOLDINGS: Placed Under Voluntary Wind-Up

PALISADE MICROCAP: Commences Liquidation Proceedings
PICPOINT LIMITED: Commences Liquidation Proceedings
PISCES INC: Commences Liquidation Proceedings
SSARIS MULTI-MANAGER: Commences Liquidation Proceedings
YAMANA GOLD: Commences Liquidation Proceedings


C O S T A   R I C A

* COSTA RICA: Credit Restrictions Neutral for Ratings, Fitch Says


J A M A I C A

NATIONAL COMMERCIAL: Fitch Puts 'B-' IDR on Watch Negative
* JAMAICA: Agrees US$750 Million IMF Loan Terms


M A R S H A L L   I S L A N D S

PARAGON SHIPPING: Completes Debt Restructuring


M E X I C O

* MORELOS: Moody's Affirms Ba2 Issuer Rating; Outlook is Stable


P U E R T O   R I C O

HOTEL AIRPORT: To Present Plan for Confirmation on March 19


T R I N I D A D  &  T O B A G O

PETROTRIN: Gets Single Offer for GTL Plant


X X X X X X X X

* LATAM: Airline Mergers No Impact on Airports, Fitch Says
* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


ANALYTIC TOTAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Analytic Total Return
Volatility Fund, Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Analytic Investors, LLC
         c/o Dennis Roy
         555 West Fifth Street, 50th Floor
         Los Angeles
         California 90013
         United States of America
         Telephone: +1 (213) 787-9761


CARLYLE LOAN: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 4, 2012, the sole shareholder of Carlyle Loan Investment
Ltd resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


CLEVER LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 3, 2012, the sole shareholder of Clever Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949-7128


CMT GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 29, 2012, the sole shareholder of CMT Global Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


COLDSTREAM ALTERNATIVE: Commences Liquidation Proceedings
---------------------------------------------------------
On Nov. 28, 2012, the sole shareholder of Coldstream Alternative
Strategies Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


DIKER MICRO: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 4, 2012, the sole shareholder of Diker Micro and Small Cap
Offshore Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EMERALD LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Emerald Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


FPP (GENERAL PARTNER): Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 29, 2012, the sole shareholder of FPP (General Partner)
Inc. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

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


FPP JAPAN: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 29, 2012, the sole shareholder of FPP Japan Fund Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

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


HUNTER GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Hunter Global Investors
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HUNTER GLOBAL SRI: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Hunter Global Investors
SRI Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HUTCHISON HARBOUR: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 27, 2012, the sole shareholder of Hutchison Harbour Ring
Holdings Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong
         Telephone: (852) 2980-1988
         Facsimile: (852) 2882-6700


JESSICA CONSULTING: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 29, 2012, the sole shareholder of Jessica Consulting Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KCP II OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 5, 2012, the sole shareholder of KCP II Offshore Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OTIS HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 3, 2012, the sole shareholder of Otis Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949-7128


PALISADE MICROCAP: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Palisade Microcap
Partners (Cayman) Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Dennison Veru
         c/o Palisade Capital Management, L.L.C.
         One Bridge Plaza
         Suite 695, Fort Lee
         New Jersey 07024
         United States of America
         Telephone: + 1 (201) 585-5433
         E-mail: dveru@palcap.com


PICPOINT LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 22, 2012, the shareholders of Picpoint Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Theodose Melas Kyriazi
         c/o Bryan Cave
         88 Wood Street
         London EC2V 7AJ
         Telephone: +4 (420) 3207-1180


PISCES INC: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 28, 2012, the sole shareholder of Pisces Inc. resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Stephen Nelson
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


SSARIS MULTI-MANAGER: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 26, 2012, the sole shareholder of SSARIS Multi-Manager
Japan Equity Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: James Webb
         Telephone: +1 (345) 814-9208
         Facsimile: +1 (345) 949-4647; or

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


YAMANA GOLD: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 4, 2012, the sole shareholder of Yamana Gold Holdings
(Cayman) II Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


===================
C O S T A   R I C A
===================


* COSTA RICA: Credit Restrictions Neutral for Ratings, Fitch Says
-----------------------------------------------------------------
Despite credit restrictions sanctioned by the Central Bank of
Costa Rica (BCCR) in January, ratings on the country's Financial
Institutions will remain stable, according to Fitch Ratings. The
reform will not alter the ratings' fundamentals, which are driven
by sovereign or institutional support, in the majority of cases.
Fitch also foresees that financial institutions whose ratings are
based on their intrinsic creditworthiness will be able to sustain
the impact of restricted credit growth.

The reform enacted by the BCCR places a ceiling of 9% in the
accumulated growth rates in credit to, and investments in, the
non-financial private sector in both local and foreign currency
between the months of February and October by financial
institutions regulated by the Superintendencia General de
Entidades Financieras (SUGEF), the General Financial Institution
Authority. The reform also limits credit expansion in foreign
currency by either 6% in entities reporting an accumulated growth
of equal or less to 20%, or by 30% of the annual rate for entities
surpassing the aforementioned growth. According to the BCCR, these
measures respond to the increased external capital flows,
motivated partially by interest rate arbitrage, and its effects in
the appreciation of the local currency, the colon. The measures
also seek to contain excessive credit growth particularly that
denominated in foreign currency.

According to Fitch's estimates, this reform will primarily impact
the smaller and private banks and credit and savings unions. The
limit enacted by the BCCR, equivalent to 12.2% annualized, is
close to the growth rate reported by the domestic banking system
during 2012 (13.45%). However, the limit is well below the growth
rates achieved by private banks (16.6%) and credit unions
(21.57%). Of the 59 institutions comprised in the agency's
calculations, at least 35 exceeded credit growth rates of 12.2%,
and nine of these institutions were banks.

Fitch estimates that interest income foregone by the credit
restrictions will have a moderate impact in the results of the
financial system. Assuming stability in interest rates and the
sustainability of last years' growth rates, foregone gross
interest income will be close to 90,000 million of colones (USD
180 millions) or 6% of last year's gross interest income generated
by the restricted assets. The median of foregone interests
relative to last year's operating income is 12% for those banks
exceeding the limit. For credit unions, this ratio is 11%.

The temporary nature of the reform, together with the short
horizon between its announcement and implementation, impairs the
ability of the financial institutions to adjust their strategies
to compensate for the credit restrictions. Nonetheless, some
entities may delay their investment plans.

Residential mortgages and consumer loans, the leading growth
sectors, will be the most impacted by the credit restriction,
according to Fitch. Additionally, this credit restriction will
increase the already elevated exposure to securities issued by the
state and the BCCR.

The national financial system comprises 59 institutions, including
commercial banks and other private financial intermediaries:
credit and savings unions, housing mutuals, private finance
companies, exchange bureaus, and the Caja de Ande.

Restricted credit assets include loans and investments in the non-
financial private sector extended by financial intermediaries
regulated by SUGEF. As of the fiscal year ended in 2012, these
assets accounted for 11,778,746 million of colones (USD 23,557
millons).

The measure was enacted by the BCCR on Jan. 30, 2013, effective
from Feb. 1, 2013.


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


NATIONAL COMMERCIAL: Fitch Puts 'B-' IDR on Watch Negative
----------------------------------------------------------
Fitch Ratings has placed National Commercial Bank of Jamaica
Limited's long-term foreign and local currency Issuer Default
Ratings (IDR) of 'B-' on Rating Watch Negative.

KEY RATING DRIVERS

The placement of NCBJ's IDRs on Rating Watch Negative reflects the
continued downside risks generated by the recent debt exchange
announced by the Jamaican Government, given the potential for a
more challenging operating environment in the event of an
unsuccessful debt exchange or the government's inability to meet
other pre-conditions for securing an IMF programme. Despite the
former, the bank remains well positioned to manage the fallout
from the government's debt restructuring.

Around 30% of the bank's assets (1.6x equity) as of Sept. 30,
2012, will be subject to restructuring under the Jamaican debt
exchange, leading to a reduction in interest income after
settlement on Feb. 22, 2013.

Fitch downgraded the sovereign's foreign and local currency IDRs
to 'C' from 'B-' on Feb. 12, 2013. The downgrade of Jamaica's
sovereign ratings reflected the government's announcement of a
domestic debt exchange involving approximately J$860 billion in
both foreign currency (FC) and local currency (LC) domestic debt.
In Fitch's opinion, the exchange, if completed, would constitute a
'distressed debt exchange' (DDE) in line with its criteria, as the
operation adversely affects the original contractual terms of
domestic bond holders. Hence, the sovereign's FC and LC IDRs will
be lowered to 'Restricted Default' (RD) upon completion of the
exchange.

RATING DRIVERS AND SENSITIVITIES - VR & IDRs

NCBJ's Viability Rating (VR) drives its long-term IDRs. The bank's
VR reflects its strong domestic franchise, solid profitability,
and adequate capitalization in light of the bank's risk profile.
Nevertheless, NCBJ's ratings remain constrained by the sovereign's
weak credit profile given high exposure to the Jamaican
government, lending concentrations, as well as a challenging
operating environment.

Investments and loans to the Jamaican government, public entities
and entities with a Jamaican government guarantee continued to
represent a high proportion of NCBJ's total assets at 52%, or
about 3 times (x) its equity, in the fiscal year ended September
2012 (FYE12). Fitch remains concerned about this high asset
concentration given the government of Jamaica's weak credit
profile.

Despite the bank's exposure to the Jamaican government, Fitch
believes NCBJ is sufficiently capitalized to absorb any unexpected
losses related either to the debt exchange or its impaired loans
portfolio. The bank's Fitch Core Capital ratio reached 33.7% at
FYE12, comparing favorably to international peers (emerging market
commercial/universal banks). Although the reduction in interest
revenue related to the exchange will negatively affect
profitability, Fitch assumes bank management will offset some of
this reduction in income with other measures to improve efficiency
and funding costs. As a result, Fitch believes profitability will
remain positive in FY2013 and continue to compare favorably to
international peers.

Future rating actions will be highly contingent on a change in
Fitch's view of the sovereign given the bank's sizable sovereign
exposure. Jamaica's ratings will be raised out of default shortly
after Fitch determines that the exchange has been successful and
the agency will assign a new rating consistent with Jamaica's
prospective credit profile and debt structure. At that point,
Fitch will resolve the Rating Watch Negative on NCBJ's IDRs and
assess if these could be above, capped or below the sovereign
rating.

Additionally, a downgrade of the bank's ratings could be driven by
an unexpected marked deterioration of asset quality that weakens
profitability or capitalization to a level that is no longer
consistent with its current peers (emerging market commercial
banks with a VR of 'b-', 'b' or 'b+'). Although not Fitch's base
case scenario, unexpected deposit instability may also trigger a
negative rating action.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support rating is constrained by the sovereign's weak
credit profile. As such, the Support floor has been downgraded to
'C' from 'B-', in line with the sovereign's ratings although Fitch
continues to believe that NCBJ's systemic importance makes the
government's propensity to support the bank high despite its weak
capacity.

NCBJ is the largest bank in the system in terms of assets with
more than 40% market share of the commercial banking system in
recent years. In 2002, the Jamaican government sold a majority
stake in the bank to Advantage Investment Corporation (AIC), one
of Canada's largest privately held mutual fund management
companies.

Fitch has taken these actions on NCBJ's ratings:

-- Long-term foreign and local currency Issuer Default Ratings
    (IDR) of 'B-' placed on Rating Watch Negative;
-- Short-term foreign and local currency IDR affirmed at 'B';
-- Viability Rating affirmed at 'b-'
-- Support Rating affirmed at '5';
-- Support floor downgraded to 'C' from 'B-'.


* JAMAICA: Agrees US$750 Million IMF Loan Terms
-----------------------------------------------
BBC News reports that Jamaica has agreed terms with the
International Monetary Fund to receive a new US$750 million
(GBP483 million) loan.

A condition for the IMF loan is the completion of a planned debt
swap, according to BBC News.

BBC News says Jamaica must get private sector lenders to accept
more lenient terms on its existing heavy debt load, equal to 140%
of economic output.  The report relates that the Jamaican
government is also implementing spending cuts and labor market
reforms as it seeks to deal with a serious economic crisis.

"Over the last three decades, the Jamaican economy has experienced
very low economic growth, declining productivity, and reduced
international competitiveness. . . . An important factor behind
these problems has been Jamaica's unsustainable debt burden, which
has undermined confidence and elevated risks to the economic
stability," the report quoted Jan Kees Martijn, the head of the
IMF's mission to Jamaica, as saying.

The report notes that the four-year loan still needs to be
approved by the IMF's executive board, which is due to review the
terms by the end of March.

By then, the report discloses, the government in Kingston will
need to have carried out necessary economic and fiscal reforms,
and to have won a "high rate of participation of private
creditors" in the debt swap.

"If this debt is not reduced, Jamaica faces a dismal future,"
Prime Minister Portia Simpson Miller said on Jamaican TV,
explaining the need for the swap, the report relays.

BBC News says that about 55% of government spending goes towards
paying the nation's debt, while 25% goes on wages. That leaves
just 20% for everything else -- including education, security and
health.

The swap is likely to result in a significantly lower interest
rate being paid by Jamaica to its lenders, the report discloses.

The relatively high current interest rate reflects the low
expectations of lenders that the government will ever be able to
repay its existing debts in full, the report relays.

BBC News adds that lenders have already been hit once -- it is the
second such debt swap by Jamaica in three years.


===============================
M A R S H A L L   I S L A N D S
===============================


PARAGON SHIPPING: Completes Debt Restructuring
----------------------------------------------
Paragon Shipping Inc. on Feb. 19 disclosed that on February 8,
2013, the Company completed its debt restructuring by finalizing
the documentation for amendments to the loan agreements with each
of its lenders and successfully fulfilling all conditions
precedent to these amendments.

The Company had previously announced its entry into supplemental
agreements with several of its lenders.  In January 2013, the
Company signed supplemental agreements with HSH Nordbank AG and
Nordea Bank Finland Plc, and in February 2013, it finalized the
documentation with Commerzbank AG, which completed its debt
restructuring.  On December 24, 2012, the Company raised $10.0
million though the private placement of 4,901,961 shares of the
Company's common stock to Mr. Michael Bodouroglou, the Company's
Chairman and Chief Executive Officer, in fulfillment of a
condition to its debt restructuring.  Under the terms of the
private placement, the Company was granted a right to repurchase
the shares issued in the private placement, which has now been
expired upon the execution of definitive documentation of its debt
restructuring.

As part of the Company's debt restructuring program, it obtained
waivers and agreed to the relaxation of several financial and
security coverage ratio covenants, the deferral of a portion of
its scheduled quarterly installments and, in the case of its loan
agreements with Bank of Ireland and The Bank of Scotland Plc, the
extension of the loan agreements to the second quarter of 2017 and
to the third quarter of 2015, respectively.  In addition, in
respect to the loan agreement with The Bank of Scotland Plc, we
agreed to a payment of $2.8 million for the full and final
settlement of $4.7 million in debt, representing the portion of
the loan of one of the syndicate members.  This advance payment of
$2.8 million was made on December 10, 2012, resulting in a gain
from debt extinguishment of $1.9 million that was recorded in the
fourth quarter of 2012.

Furthermore, the Company extended the availability period of the
syndicate facility led by Nordea Bank Finland Plc for nine months,
securing the financing of our last Handysize newbuilding drybulk
vessel (Hull no. 625) that is expected to be delivered in the
fourth quarter of 2013.

Overall, by successfully completing its debt restructuring
program, the Company reduced its debt repayment requirements for
2013 and 2014 by $44.4 million and $6.9 million, respectively.

The disclosure was made in Paragon's earnings release for the year
ended Dec. 31, 2012, a copy of which is available for free at
http://is.gd/HA1uog

Paragon Shipping -- http://www.paragonship.com/-- is a Marshall
Islands-based international shipping company with executive
offices in Athens, Greece, specializing in the transportation of
drybulk cargoes.  The Company's current fleet consists of twelve
drybulk vessels with a total carrying capacity of 779,270 dwt. In
addition, the Company's current newbuilding program consists of
two Handysize drybulk carriers that are scheduled to be delivered
in 2013 and two 4,800 TEU containerships that are scheduled to be
delivered in 2014.


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


* MORELOS: Moody's Affirms Ba2 Issuer Rating; Outlook is Stable
---------------------------------------------------------------
Moody's confirmed the issuer ratings of Morelos at Ba2 (Global
Scale, local currency) and A2.mx (Mexican National Scale). The
outlook of Morelos' issuer ratings was revised to stable. This
action concludes the review that was initiated on August 1 and
extended on November 13.

Ratings Rationale:

The confirmation of the State of Morelos' issuer ratings of
Ba2/A2.mx reflects Moody's assessment that the state's exposure as
a joint obligor to Cuernavaca's defaulted loan is negligible. This
is supported by: a) net exposure to this loan is very small with
respect to Morelos' revenues, b) there have not been any signs
that the bank might claim payment from Morelos and in this remote
event, Morelos has expressed its willingness to pay.

The loan has an original face value of MXN300 million. The bank
BBVA Bancomer called the early amortization of the loan of the
Municipality of Cuernavaca (not rated by Moody's) due to certain
covenant violations by the municipality. The State of Morelos acts
as a joint obligor for this loan. Notwithstanding, Moody's
estimates that the net exposure to this loan amount represents
less than 1% of Morelos' total revenues which is insignificant
relative to the state's financial position and hence does not
impact Moody's assessment of its ability to pay. In addition,
Morelos has acted as a mediator in the negotiations between the
bank and Cuernavaca, which Moody's expects to conclude in the
following weeks.

The Ba2/A2.mx ratings assigned to the State of Morelos reflect
roughly balanced and stable fiscal outcomes, owing to a structural
alignment between revenue and expenditures growth which support
low debt levels. The ratings also capture governance and
management practices in line with Ba rated states and Morelos'
credit challenges related to uncertainties surrounding unfunded
pension liabilities and a relatively narrow liquidity position.

What Could Change The Rating Up/Down

The continuation of an adequate fiscal policy that results in
balanced consolidated results, low debt metrics and sound
liquidity levels, along with the implementation of measures to
address unfunded pension liabilities, could exert upward pressure
on the ratings. Conversely, a shift in fiscal policy resulting in
significant cash financing requirements, increases in debt metrics
and further weakening of liquidity could exert downward pressure
on the ratings.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013, Enhanced Municipal and
State Loans in Mexico published on 27-Jan-2011, and Mapping
Moody's National Scale Ratings to Global Scale Ratings published
in 9-Oct-2012.


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


HOTEL AIRPORT: To Present Plan for Confirmation on March 19
-----------------------------------------------------------
Hotel Airport Inc. is now slated to seek approval of its
bankruptcy exit plan after it obtained approval of the explanatory
disclosure statement filed in November.

The Bankruptcy Court as a result scheduled a hearing to consider
confirmation of the Plan on March 19, 2013, at 2:00 p.m.

The Debtor is soliciting votes on the Plan.  Acceptances or
rejections of the Plan may be filed in writing by the holders of
all claims on/or before 14 days prior to the date of the hearing
on confirmation of the Plan.

Any objection to confirmation of the Plan will be filed on/or
before 21 days prior to the date of the hearing on confirmation of
the Plan.

Objections to claims must be filed 45 days prior to the hearing on
confirmation.

The Plan will be substantially funded by the Debtor's assets and
income from the operation of its business.  The Plan contemplates
the assumption of the lease contract with the Puerto Rico Ports
Authority under Bankruptcy Code Section 365.  The assumption is
part of the stipulation which provide for the curing of defaults
through payments and withdrawal of funds which are underway.  At
the time of filing of this bankruptcy case, the Debtor was
involved in the eviction litigation with the PRPA.  This
litigation has been settled.

The Plan treats claims and interests as follows:

    * Holders of allowed administrative expense priority claims,
which are unclassified, will be paid in full on the effective date
of the Plan.

    * General unsecured creditors were listed in the Debtor's
schedules in the total amount of $155,666,718.  The bulk of this
debt ($155,500,000) arises out of HAI being a co-obligor with its
parent company, CAF, regarding loans secured by property owned by
non-debtor parties.  These loans made to the related companies are
secured by property held by them, and are being paid according to
the debt-service agreed between the creditor and the respective
principal debtor.  Hence, the Debtor will not be making payments
on said claims, but will remain as a guarantor in case of default.

    * The other unsecured claims are to be paid 100% of their
allowed amounts, without interest, in 36 monthly installments
starting 30 days after the Effective Date.

    * Stockholders (Class 4) will retain their interest in stock,
but will receive no dividends until payments to unsecured
creditors are concluded.

    * FirstBank's secured claim (Class 5) is secured with a
mortgage encumbering the Debtor's main asset -- its lease contract
with PRPA -- and virtually all the other assets.  The PoC 5 filed
by this creditor shows a balance of $9,635,213, which has been
reduced through postpetition payments.  The Debtor will maintain
the debt service agreed upon with FirstBank, with any modification
that may be agreed upon with said creditor.

A copy of the Amended Disclosure Statement is available at:

             http://bankrupt.com/misc/HAI.doc189.pdf

                       About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, is a wholly-owned
subsidiary of Caribbean Airport Facilities Inc. ("CAF").  HAI was
organized on Feb. 20, 2003, under the corporate laws of Puerto
Rico by parties unrelated to the Debtor's current directors or
shareholders.  Under its original management, and owners, during
2003 and the first six months of 2004, HAI was engaged in the
restoration and refurbishing of the San Juan Airport Hotel located
in the Luis MuĄoz Marín International Airport in Carolina, Puerto
Rico.  Operations commenced in July 2004.  The hotel consists of
125 rooms, a restaurant, various meeting spaces and supporting
facilities in an area of approximately 60,000 square feet.

During the year ending June 30, 2009, HAI's management, decided to
discontinue the Casino operations, and on July 7, 2009, said
operation was closed.  The casino property and equipment amounting
to $967,399 was liquidated and the proceeds applied to the
outstanding loan with Firstbank.

HAI leases the hotel facilities from the Puerto Rico Port
Authority under a lease agreement executed on March 27, 2007, and
subsequently amended on various occasions.

HAI filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No.
11-06620) on Aug. 5, 2011.  Judge Enrique S. Lamoutte Inclan
oversees the case.  Edgardo Munoz, PSC, in San Juan, P.R., serves
as bankruptcy counsel.  Francisco J. Garrido Molina serves as its
accountant, and RS & Associates as external auditors to perform
auditing services.  The Debtor disclosed US$8,547,993 in assets
and US$171,169,392 in liabilities as of the Chapter 11 filing.
The petition was signed by David Tirri, its president.


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


PETROTRIN: Gets Single Offer for GTL Plant
------------------------------------------
Julien Neaves at Trinidad Express reports that there has been one
expression of interest in the failed gas-to-liquids (GTL) plant at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Pointe-a-
Pierre refinery but company chairman Lindsay Gillette remains
"dubious" that the facility will ever work.

The Public Accounts Enterprises Committee (PAEC) examined the
accounts of the company for the years ended 2008, 2009, 2010 and
2011, according to Trinidad Express.

The report relates that Petrotrin President Khalid Hassanali said
2009 and 2010 were the only two years for the period that the
company made no profit because the investment in the GTL plant was
written off at $1.2 billion for each year.

Mr. Gillette noted that with the GTL project, a joint venture with
World GTL, Petrotrin put up all the money while its foreign
partner had most of the say, Trinidad Express notes.

Mr. Gillette, the report relays, stressed that the project "went
wrong from the beginning" and after spending $2.8 billion of
taxpayers' money there was still no working plant.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


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


* LATAM: Airline Mergers No Impact on Airports, Fitch Says
----------------------------------------------------------
The merger announcement of two of the largest North American air
carriers, American Airlines and US Airways, is not likely to
adversely affect Latin American and Caribbean rated airports,
according to Fitch.

Fitch considers the merger, even if causing future changes and
reductions to frequencies, is unlikely to negatively impact the
Latin American rated airports' projected traffic performance
and/or revenues.

With respect to the Caribbean airports, "both airlines serve
different destinations and market sources, and present limited or
no overlapping on their routes. Fitch envisages no credit
implications to rated airports at this point in time", says Omar
Valdez, AD at Fitch.

Current market participation of American Airlines and US Airways
in Latin American rated airports is low when compared to other
carriers servicing international routes. According to the most
recent information provided to Fitch by issuers, current
frequencies are expected to remain constant in the Latin America
region, while the addition of new routes is anticipated.

In Caribbean airports rated by Fitch, however, the two airlines
have a greater participation, where the average dependency on US
passengers is calculated at 71%. Positively, market
diversification at these airports is adequate, with no single air
carrier enplaning above 20% of international seat capacity.

In addition, Fitch believes that any possible unattended demand
could be readily absorbed by other carriers, as Caribbean airports
benefit from an established tourist base with steady enplanements,
and an ample air carrier diversification.

Overall current passenger traffic in the region continues to grow
steadily, in line with our 2013 Outlook expectations, and
providing for better prospects with respect to air traffic volumes
going forward.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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