TCRLA_Public/130320.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

            Wednesday, March 20, 2013, Vol. 14, No. 56


                            Headlines



C A Y M A N  I S L A N D S

ADM MACULUS: Shareholders Receive Wind-Up Report
APC ABSOLUTE: Members Receive Wind-Up Report
APC ABSOLUTE (OFFSHORE): Members Receive Wind-Up Report
BELVEDERE INVESTMENTS: Shareholder Receives Wind-Up Report
CHESTNUT FUND: Shareholder Receives Wind-Up Report

F. LEE HOLDINGS: Members Receive Wind-Up Report
FORMENTOR HOLDINGS: Shareholder Receives Wind-Up Report
GOLDEN ARCHES: Members Receive Wind-Up Report
JAPAN RESORTS: Shareholder Receives Wind-Up Report
JAYCE INVESTMENT: Shareholders Receive Wind-Up Report

JSM INDOCHINA: Shareholders Receive Wind-Up Report
METHANE POWER: Shareholder Receives Wind-Up Report
MSR PROJECT: Shareholders Receive Wind-Up Report
OFFICE PARK: Members Receive Wind-Up Report
SEVENWOOD LIMITED: Members Receive Wind-Up Report

SOVEREIGN 8: Members Receive Wind-Up Report
SOVEREIGN 18: Members Receive Wind-Up Report
SSF III: Shareholder Receives Wind-Up Report
VORAS GLOBAL: Shareholder Receives Wind-Up Report
VORAS MANAGEMENT: Shareholder Receives Wind-Up Report


J A M A I C A

CARIBBEAN AIRLINES: Hit Hard by Increased Competition
CARIBBEAN CEMENT: Board Member Resigns


M E X I C O

MXBK GROUP: Federal Court Imposes US$57MM++ Sanction for Fraud
SERVICIOS CORPORATIVOS: Fitch Affirms 'B' Issuer Default Rating
SERVICIOS CORPORATIVOS: Moody's Rates Senior Notes Add-on 'B1'


P U E R T O   R I C O

EL FARMER: Court Approves Modesto Bigas as Counsel
HOTEL AIRPORT: Plan Confirmation Hearing on Thursday
MAROT RENTAL: Case Summary & 11 Unsecured Creditors


T R I N I D A D  &  T O B A G O

PETROTRIN: Loses $100MM a Day Due to Workers' Industrial Action


V E N E N Z U E L A

BANCO EXTERIOR: Fitch Affirms 'B+' IDR; Outlook Negative




                            - - - - -


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


ADM MACULUS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ADM Maculus Investments Limited received on
Jan. 29, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Christopher Robert Botsford
         1008 ICBC Tower, 3 Garden Road
         Central Hong Kong
         Telephone: +8 (522) 536 4567
         Facsimile: +8 (522) 147 2813


APC ABSOLUTE: Members Receive Wind-Up Report
--------------------------------------------
The members of APC Absolute Return Master Fund received on
Jan. 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jonathan Paul
         c/o Maples and Calder, 53rd Floor
         The Center
         99 Queen's Road Central
         Hong Kong


APC ABSOLUTE (OFFSHORE): Members Receive Wind-Up Report
-------------------------------------------------------
The members of APC Absolute Return (Offshore) Ltd. received on
Jan. 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jonathan Paul
         c/o Maples and Calder, 53rd Floor
         The Center
         99 Queen's Road Central
         Hong Kong


BELVEDERE INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Belvedere Investments (Cayman) Limited received
on Jan. 2, 2013, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Rankine Mcmillan
         Emily Anne Tibbetts
         62 Forum Lane, 2nd Floor
         Camana Bay
         Grand Cayman KY1-1004
         Cayman Islands


CHESTNUT FUND: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Chestnut Fund Ltd. received on Jan. 22, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Gene Dacosta
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


F. LEE HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of F. Lee Holdings Limited received on Jan. 22, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


FORMENTOR HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Formentor Holdings Limited received on Jan. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Gene Dacosta
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


GOLDEN ARCHES: Members Receive Wind-Up Report
---------------------------------------------
The members of Golden Arches Limited received on Jan. 30, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


JAPAN RESORTS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Japan Resorts & Leisure received on Jan. 22,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Gene Dacosta
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


JAYCE INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Jayce Investment Holdings Limited received on
Jan. 21, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Devina Patel
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


JSM INDOCHINA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of JSM Indochina Limited received on Jan. 22,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Nicola Wright
         Telephone: (345) 815 2621/ (345) 949 4800
         Facsimile: (345) 949 7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


METHANE POWER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Methane Power Limited received on Jan. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Gene Dacosta
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MSR PROJECT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MSR Project Grand Slam Holdings Ltd. received
on Jan. 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949 4544
         Facsimile: 949 7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


OFFICE PARK: Members Receive Wind-Up Report
-------------------------------------------
The members of Office Park Limited received on Jan. 21, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


SEVENWOOD LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Sevenwood Limited received on Jan. 30, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SOVEREIGN 8: Members Receive Wind-Up Report
-------------------------------------------
The members of Sovereign 8 Ltd. received on Jan. 30, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SOVEREIGN 18: Members Receive Wind-Up Report
--------------------------------------------
The members of Sovereign 18 Ltd received on Jan. 30, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SSF III: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of SSF III Island Holding, Ltd. received on
Jan. 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1750
         Facsimile: (345) 949 9877


VORAS GLOBAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Voras Global Liquid Opportunities Fund Limited
received on Jan. 21, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rob Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 (345) 814 8986


VORAS MANAGEMENT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Voras Management Limited received on Jan. 21,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Rob Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 (345) 814 8986


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


CARIBBEAN AIRLINES: Hit Hard by Increased Competition
-----------------------------------------------------
RJR News reports that Caribbean Airlines Limited's operations in
Jamaica have been hit hard by increased competition on some of its
routes as well as rising fuel prices.

Clive Forbes, general manager of Caribbean Airlines in Jamaica,
has admitted that the entity is trying to remain viable amid what
he described as a difficult environment, according to RJR News.

"We face difficult climate, competitive pressure. . . . we
continue to fight for market share and, given the nature of the
fuel price and everything which eat into our margin and the
competitive nature of other routes out of Jamaica and that is
where the crunch is coming in. But we still have customer loyalty,
we appreciate the support of our customers from the Diaspora, the
tourism sector and all those who continue to support  Caribbean
Airlines in and out of Jamaica," the report quoted Mr. Forbes as
saying.

Mr. Forbes also pointed to recent developments in the aviation
industry, the report notes.

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

                         *     *     *

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


CARIBBEAN CEMENT: Board Member Resigns
--------------------------------------
RJR News reports that a member of the Board of Caribbean Cement
Company Limited has resigned.

The company has informed the Jamaica Stock Exchange that attorney
Derrick Jones is no longer on the Board, according to RJR News.

The report relates that his resignation was effective February 21.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


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


MXBK GROUP: Federal Court Imposes US$57MM++ Sanction for Fraud
--------------------------------------------------------------
The U.S. Commodity Futures Trading Commission (CFTC) obtained a
federal court judgment against two Mexican companies, MXBK Group
S.A. de C.V., and its forex division, MBFX S.A., requiring them
jointly to pay restitution of US$28,969,059 to defrauded U.S.
customers and an equal amount as a civil monetary penalty.  The
Order, entered on March 7, 2013, by Chief Judge Ted Stewart of the
U.S. District Court for the District of Utah, finds that MXBK and
MBFX accepted at least US$28 million from more than 800 U.S.
customers to trade forex transactions in pooled accounts.  The
Order finds that MXBK and MBFX defrauded their customers, in part,
by misrepresenting their historical trading results.  The Order
also finds that MXBK and MBFX willfully made, or caused to be
made, false reports or statements to their customers regarding the
profitability of their accounts.

Specifically, the Order finds, as was alleged in the CFTC's
complaint filed on Dec. 1, 2010, that during the period from June
2008 through April 2009, MXBK and MBFX reported overall trading
profits when, in fact, they lost approximately US$19.4 million.

The Order also imposes permanent trading and registration bans
against MXBK and MBFX and prohibits them from violating the anti-
fraud provisions of the Commodity Exchange Act, as charged.

The CFTC's enforcement action arose from a joint CFTC cooperative
enforcement investigation with the Federal Bureau of Investigation
(FBI), the Internal Revenue Service (IRS), and the Securities and
Exchange Commission (SEC).  On Nov. 30, 2010, the SEC filed a
complementary action in the U.S. District Court for the District
of Utah (SEC v. Oram), which alleged violations of U.S. securities
laws by three U.S. residents alleged to be involved in the MXBK
and MBFX enterprise. The SEC case has since settled.  The CFTC
thanks the FBI, IRS, and the SEC for their assistance.

CFTC Division of Enforcement staff members responsible for this
case are William Janulis, Theodore Polley, Melissa Glasbrenner,
Elizabeth Padgett, Mary Lutz, Scott Williamson, Rosemary
Hollinger, and Richard B. Wagner.


SERVICIOS CORPORATIVOS: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------------------
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 due 2021 at 'B+/RR3';
-- USD6.3 million senior unsecured notes due 2014 at 'B+/RR3'.

In addition, Fitch has removed Javer's ratings from Rating Watch
Negative and assigned a Stable Rating Outlook.

Javer has announced the reopening of its notes due 2021. The
reopening will carry the same rating as the original deal of
'B+/RR3'. Proceeds from the add-on issuance of up to USD50 million
will be used to refinance the existing debt of ViveICA, a housing
development that the company is acquiring.

Fitch Ratings has removed Javer's ratings from Rating Watch
Negative and has assigned a Rating Outlook of Stable.

The change in Javer's Rating Outlook to Stable reflects the
company's successful management of its working capital during
2012, a difficult time for an industry that was transitioning to
the Mexican government's new vertical housing initiative. Javer's
working capital management allowed the company to generate
MXN211 million of positive free cash flow (FCF) during 2012. The
company's land bank is considered to be strong for the 'B'
category with 85% of its land bank qualifying as S1 or S2, and 99%
qualifying as S1, S2 and S3.

The ratings of the leading Mexican homebuilders, Javer, Urbi
Desarrollos Urbanos, S.A.B. de C.V., Desarrolladora Homex, S.A.B
de C.V. and Corporacion GEO, S.A. de C.V., were all placed on
Rating Watch Negative on Feb. 22, 2013. The ratings of Geo and
Homex remain on Rating Watch Negative due to their very weak
performance during 2012 which was marked by very negative cash
flow trends. The Rating Watch for these homebuilders is expected
to be resolved within the next six months. Key credit
considerations will include: the ability of these companies to
turn around their operations and the verification of the
suitability of their existing land banks for subsidies under
future government programs. Fitch downgraded URBI to 'CCC' on
March 1, 2013.

In Fitch's view, Javer's limited geographic diversification
constrains its ratings at 'B'. Other limitations include its
modest FCF generation through the economic cycle, high financial
gross leverage levels, and the integration risk related to
additional working capital needs associated with the acquisition
of ViveICA. The ratings also consider the increasing competition
from used homes, limited sources of liquidity for the industry,
and the industry's near-term challenging business environment,
which is a result of the government's transition to a housing
policy that promotes vertical housing in urban areas.

Positively, Javer's 'B' ratings reflect its consistent business
strategy that is oriented to the affiliated low-income segment,
with Infonavit as its main mortgage provider. This strategy has
allowed Javer to collect its receivables and manage its working
capital needs. The company funding strategy of relying primarily
upon long-term public debt with almost no secured debt is also
unique for the industry and has led to an 'RR3' rating of its
public bonds. Further considered in the company's ratings are its
healthy cash position and manageable debt amortization schedule.

KEY RATING DRIVERS:

Positive FCF in 2012:

Positively factored into Javer's ratings is the company's capacity
to adjust its business strategy during 2012 to face the industry's
challenging operating environment. During 2012, the company
adjusted down its initial 2012 annual target of units sold from
between 20,000 and 21,000 units to end the year with total units
sold of 17,533, a 7.3% increase over 16,339 total units sold in
2011. This strategy of limiting growth allowed the company to
maintain manageable working capital needs and achieve a slightly
positive FCF during 2012 of MXN211 million, reversing the negative
trend of the last two prior years when the company's FCF was
negative MXN390 million in 2011 and MXN586 million in 2010. FCF
calculation considers cash flow from operations less interest paid
less capital expenditures. The company's FCF is expected to be
neutral to mildly positive in 2013.

Comfortable Liquidity Profile, No Short-term Debt:

Javer has a manageable debt payment schedule with no material debt
maturities during the upcoming years. Javer's cash position as of
Dec. 31, 2012 was MXN417 million. This level of cash remains
relatively unchanged from MXN416 as of Dec. 31, 2011. The company
does not maintain any factoring of its account receivables
embedded in its cash position. The ratings reflect the expectation
that the company's cash position will remain relatively stable at
around MXN400 million during 2013. Javer's debt of MXN3.6 billion
consists primarily of its USD270 million (MXN2.62 billion) senior
unsecured notes due in 2021. During the second quarter of 2011,
the company completed an exchange offering, which includes an 18%
premium paid during the company's exchange offering completed in
mid-2011. The premium amount is approximately USD36.6 million
(MXN476 million). Javer's remaining debt balance is primarily
composed of capital leases. Debt payments due in 2013 and 2014 are
approximately MXN50.8 million and MXN103 million, respectively.

Declining Margins:

Javer's EBITDA margins have declined during the last two years
reaching 19% and 14.3% during 2011 and 2012, respectively. This
margin compression reflects deterioration in the business
environment during 2012 in terms of limited government subsidy
availability in the company's area of operations, as well as its
strategic decision of moving its product mix toward the lower end
of the low-income segments, where demand presents better prospects
but margins per unit are lower. This situation is not expected to
materially change in 2013; the ratings incorporate the expectation
that the company's EBITDA margin will remain stable at around 15%
during 2013.

Higher Relative and Absolute Debt Levels:

The ratings are constrained by the growing trend in the company's
gross leverage during past few years, which reflects deterioration
in the company's EBITDA levels coupled with higher levels of
absolute debt. Javer's gross leverage was 4.9x as of Dec. 31,
2012, which compares negatively with its gross leverage ratios of
4.3x in 2011 and 3.0x in 2010. Javer's EBITDA for 2012 was MXN728
million, a 19% decline when compared with its EBITDA levels of
MXN902million in 2011. On a pro forma basis considering the
proposed reopening and the incremental EBITDA coming from housing
developments being acquired, Javer's gross leverage is estimated
at 4.4x. The ratings incorporate the expectation that Javer's
gross leverage will be around 4.5x during 2013.

Potential Increase in Working Capital Needs:

The ratings incorporate the announced agreement between Javer and
Empresas ICA, S.A.B. de C.V. (ICA) 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 developments being incorporated represent
annual sales of approximately MXN2 billion with an EBITDA margin
around 11%. Javer is also assuming MXN600 million of secured debt
associated with the acquired developments, which is expected to be
refinanced with the USD50 million proposed reopening
(approximately MXN650 million incremental debt). The acquisition
is not adding leverage to Javer as it implies a gross financial
leverage of 2.8x.

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 25,000
units, 7,000 units 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.

RATING SENSITIVITIES:

The ratings are expected to be driven during 2013 by developments
in the company's liquidity position, the level of FCF generation,
and the gross leverage that results from integrating ViveICA.

A negative rating action 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 continued decline in
EBITDA margins. Failure to complete the proposed reopening
resulting in covering the incremental debt with secured debt will
be viewed negatively in terms of recovery prospects for the
company's unsecured public debt and could result in a negative
rating action.

Conversely, a positive rating action could be triggered by a
combination of the following factors: material improvement in FCF
generation resulting in consistently positive FCF levels, stable
operational performance reflecting a smooth integration process of
the new acquired developments, and significant enhancement in the
company's liquidity and leverage metrics.


SERVICIOS CORPORATIVOS: Moody's Rates Senior Notes Add-on 'B1'
--------------------------------------------------------------
Moody's Investors Service confirmed the senior unsecured debt
rating of Servicios Corporativos Javer, S.A.P.I. de C.V.  Moody's
concurrently assigned a B1 rating to Javer's proposed US$50
million add-on to its existing senior unsecured notes due 2021.
The rating outlook is negative. This concludes the review which
began on December 3, 2012.

Ratings Rationale:

The confirmation of the B1 rating reflects the fact that Javer,
upon completion of the proposed ViveICA, S.A. de C.V. ("ViveICA")
transaction, will be one of the largest players in the industry
with a more diversified portfolio, stronger leverage and interest
coverage metrics and neutral to positive free cash flow. The
closing of Javer's acquisition of most of the housing developments
of ViveICA from Empresas ICA S.A.B. de C.V. is imminent.

Javer has announced the reopening of its US$270 million senior
unsecured notes due 2021 in order to finance the $600 million
pesos debt assumption from the ViveICA transaction. The company
also has a $600 million pesos commitment from Banco Santander in
the form of a two-year term loan, which would be used only as a
backup financing should the reopening not be successful.

The negative rating outlook reflects continued difficulty for
Javer in meeting sales targets which has resulted in weaker than
expected credit metrics, including Net Debt/EBITDA, Interest
Coverage and EBITDA Margins. The fourth quarter of 2012 was
challenging for the sector as a whole due to fewer subsidies
allocated than what was projected as well as a new federal
government that took office which slowed down the operations of
the main housing agencies. In addition, demand for middle-income
homes in the areas where Javer operates is still slow to recover
and demand has not returned to pre-recession levels. Over 40% of
Javer's revenues came from middle-income home sales in 2012.
Competition is strong from regional players which has also
factored into weak sales.

Moody's stated that upward rating movement is unlikely in the
intermediate term. A return to a stable rating outlook would be
predicated upon the company maintaining EBITDA margins at or above
15%, while at least maintaining its current credit metrics. A
smooth integration of the ViveICA portfolio would also be
necessary for a stable rating outlook.

Despite the ViveICA transaction, Javer continues to have a high
concentration in the state of Nuevo Leon. A negative rating
movement will occur should Javer encounter further challenges in
reaching titling and sales targets which result in a weakening of
credit metrics from current levels such that EBITDA margins fall
below 15% and/or debt/EBITDA increases to or surpasses 4x, all on
a sustained basis. Any challenges in the integration of the
ViveICA acquisition would also cause negative rating pressure.

The following rating was confirmed with a negative outlook:

Servicios Corporativos Javer, S.A.P.I. de C.V. -- Senior Unsecured
Debt Rating at B1

The following rating was assigned with a negative outlook:

Servicios Corporativos Javer, S.A.P.I. de C.V. -- proposed US$50
million senior unsecured notes add-on at B1

The last rating action with respect to Javer was on December 3,
2012 when Moody's placed Javer's senior unsecured debt rating
under review direction uncertain.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately $6.8 billion Mx pesos and equity
of approximately $1.4 billion Mx pesos at December 31, 2012.


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


EL FARMER: Court Approves Modesto Bigas as Counsel
--------------------------------------------------
El Farmer Inc. sought and obtained approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Modesto
Bigas Law Office as its counsel.

A $1,000 retainer was paid by the Debtor against which the law
firm would bill on the basis of $250 per hour plus expense for
work performed by Modesto Bigas Mendez, Esq.; attorney Alexandra
Bigas Valendon, $200 per hour, upon application and the approval
of the Court.

The firm attests that it is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
12-09687) in Old San Juan, Puerto Rico, on Dec. 7, 2012.  The
Debtor scheduled $18.3 million in assets and $12.0 million in
liabilities, including $11.0 million owed to secured creditor
Banco Popular De Puerto Rico.  The Debtor owns farm lands in
Isabela, Puerto Rico.


HOTEL AIRPORT: Plan Confirmation Hearing on Thursday
----------------------------------------------------
The U.S. Bankruptcy for the District of Puerto Rico has moved to
March 21, 2013, at 9:30 a.m., the hearing on the confirmation of
Hotel Airport Inc.'s Chapter 11 plan.

The hearing was initially set for March 19, 2013, at 2:00 p.m.,
after the Debtor obtained the Court's approval of the explanatory
disclosure statement filed in November.

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.

                       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 Munoz Marin 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.


MAROT RENTAL: Case Summary & 11 Unsecured Creditors
---------------------------------------------------
Debtor: Marot Rental & Development, Corp.
        P.O. Box 363035
        San Juan, PR 00936

Bankruptcy Case No.: 13-02003

Chapter 11 Petition Date: March 15, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jesus Santiago Malavet, Esq.
                  SANTIAGO MALAVET AND SANTIAGO LAW OFFICE
                  473 Sagrado Corazon Street
                  San Juan, PR 00915
                  Tel: (787) 727-3058
                  Fax: (787) 726-5906
                  E-mail: jsantiago.smslopsc@gmail.com

Scheduled Assets: $1,150,451

Scheduled Liabilities: $1,736,253

A copy of the Company's list of its 11 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-02003.pdf

The petition was signed by Juan Ramon Natal Henriquez, president.


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


PETROTRIN: Loses $100MM a Day Due to Workers' Industrial Action
---------------------------------------------------------------
Trinidad Express reports that industrial action by Petroleum
Company of Trinidad and Tobago workers has caused the shutdown of
its refinery operations at Pointe-a-Pierre, and it is costing the
company $100 million a day in lost revenue.

The work stoppage entered its sixth day on March 17, 2013, with
the Oilfields Workers' Trace Union (OWTU) demanding the settlement
of outstanding payments, and the removal of alleged political
appointees at the company, according to Trinidad Express.

The report relates that the company issued a press release
stating, "Prior to this spate of work stoppages, through the
dedication and hard work of its employees, Petrotrin had been
operating at increasingly improving performance levels, with
refinery throughputs of 160,000 barrels oil per day, and reported
production levels at Land and Trinmar of 13,500 and 22,500 barrels
oil per day respectively, and rising. . . . The last six days of
industrial action, however, have resulted in the complete shut-
down of the refinery, with resultant gross revenue losses of $100
million for every day. . . "

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.


===================
V E N E N Z U E L A
===================


BANCO EXTERIOR: Fitch Affirms 'B+' IDR; Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed Banco Exterior, C.A. Banco Universal's
long-term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook
is Negative.

RATING ACTION RATIONALE - IDRs, VR and National Ratings

Fitch has affirmed Exterior's Viability Rating (VR), IDRs and
national ratings as the bank remains well positioned to deliver
strong financial results (even when adjusting for inflation)
despite the high degree of government intervention in the banking
business. In Fitch's opinion, the bank's focus on risk management,
combined with its vast knowledge of the Venezuelan market will
continue to underpin the resilience of the Exterior's solid credit
profile, even with the expected weakening of the operating
environment this year.

KEY RATING DRIVERS - IDRs, VR and National Ratings

Exterior's financial profile, as reflected in its VR, drives the
bank's long-term IDR. Exterior's ratings balance robust asset
quality, good profitability, and an adequate capital base against
its lower market share and limited revenue diversification.
Exterior's ratings are constrained by the sovereign due to the
negative effects of government control over the financial sector
and the broader economy (reflected in Venezuela's 'B+'; Negative
Outlook).

Exterior's expertise in its niche market of middle-market
commercial loans and consumer loans remains crucial in preserving
asset quality ratios despite frequent periods of economic
volatility. As of Dec. 31, 2012, Exterior's 0.5% ratio of impaired
loans to gross loans continued to compare favorably to domestic
(i.e. private sector universal banks) and international (emerging
market commercial banks with VRs of 'b-/b/b+') peers. Loan loss
reserve coverage is sufficient for the bank's risk profile.

The stable trend in profitability continued in 2012 as Exterior
remained among the most profitable domestic banks. ROAA averaged
4.3% over the four years ending in 2012. Ample spreads and strong
loan growth continue to underpin profitability, while low credit
costs compensate still limited income diversification, trends
Fitch expects to continue. However, Fitch notes that Venezuelan
banks are not required to adjust for inflation. Including an
adjustment for inflation, Exterior's ROAA would be in line with
similarly rated international peers.

At 32% as of year-end 2012 (YE12), Exterior's ratio of liquid
assets to deposits and short-term funding ratio is now more in
line with domestic peers. While Exterior's liquidity profile is
sufficient for its market, Fitch cautions that the majority of the
bank's liquid holdings are in Venezuelan public sector
instruments. Furthermore, Exterior has a large negative mismatch
between its short-term assets and liabilities. However, this
position is manageable under Venezuela's current scheme of foreign
exchange controls.

Exterior's capital base remains relatively stable and is mostly
unencumbered. However, in light of potential economic instability
in 2013, sustained rapid loan expansion over the past two years
and a complex regulatory regime, internal capital generation and
hence, capitalization ratios could deteriorate this year.

RATING SENSITIVITIES - IDRs, VRs and National Ratings

Government intervention that pressures Exterior's financial
performance could negatively affect its ratings. There is no
upside potential to the bank's international ratings in the near
term as the IDRs currently have a Negative Outlook, in line with
those of the sovereign. Future rating actions will mirror those of
the sovereign.

Additionally, a sustained deterioration in profitability or asset
quality that pressures capitalization ratios to levels that are no
longer consistent with its current rating could also be negative
for Exterior's ratings.

KEY RATING DRIVERS - Support and Support Rating Floors

Fitch believes that the shareholders' willingness to provide
support should it be required is possible, though it cannot be
relied upon due to the governments interference with the banking
system, which is what results in Exterior's Support Rating of '5'.
Exterior's Support Floor of 'No Floor' (NF) reflects Venezuela's
speculative-grade rating, and the government's mixed history in
providing bank support. The IDRs and national ratings do not
incorporate any external support.

RATING SENSITIVITIES - Support and Support Rating Floors

There is limited upside to the bank's Support Rating and Support
Floor over the medium term given the sovereign's current ratings
and Outlooks and the government's propensity to intervene in the
banking business and overall private sector activities.
Additionally, Exterior's size and the lack of systemic importance
also makes it unlikely that it would receive any support.

Fitch has affirmed Exterior's ratings:

-- Long-term foreign and local currency Issuer Default Ratings
    (IDR) at 'B+'; Negative Outlook;
-- Short-term foreign and local currency ratings at 'B';
-- Viability at 'b+';
-- Support at '5';
-- Support floor at 'NF';
-- Long-term national scale rating at 'AA(ven)'; Stable Outlook;
-- Short-term national scale rating at 'F1+(ven)'.


                            ***********


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.


                   * * * End of Transmission * * *