TCRLA_Public/130321.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, March 21, 2013, Vol. 14, No. 57


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Victims Will Benefit From US$300MM Settlement


B R A Z I L

COSAN LUXEMBOURG: Fitch Assigns 'BB+' Rating to BRL350MM Add-on


C A Y M A N  I S L A N D S

AC2000A LIMITED: Shareholders Receive Wind-Up Report
AL RIFAI: Shareholders Receive Wind-Up Report
ASHMORE GLOBAL: Shareholders Receive Wind-Up Report
AUSTIN CAPITAL: Shareholders Receive Wind-Up Report
DF I LTD: Shareholders Receive Wind-Up Report

FIRTH HOLDINGS: Shareholders Receive Wind-Up Report
GATWICK (FREEHOLD): Shareholders Receive Wind-Up Report
HIMALAYAN CAPITAL: Shareholders Receive Wind-Up Report
JUPITER FUND: Shareholder Receives Wind-Up Report
KRIYA UPROFISH: Shareholders Receive Wind-Up Report

MSREF VI: Shareholders Receive Wind-Up Report
NATSOURCE MAC 77: Members Receive Wind-Up Report
NB CREDIT: Shareholders Receive Wind-Up Report
NB CREDIT MASTER: Shareholders Receive Wind-Up Report
OCTAVIA HOLDINGS: Shareholders Receive Wind-Up Report

RAB INNOVATIONS: Shareholders Receive Wind-Up Report
RAB INNOVATIONS (MASTER): Shareholders Receive Wind-Up Report
REL VAL: Shareholders Receive Wind-Up Report
WEALTH ABSOLUTE: Shareholders Receive Wind-Up Report


J A M A I C A

DIGICEL GROUP: Launches Hybrid Plan in Guyana
JAMAICA RAILWAY: Government Moves Closer to Privatizing Firm


M E X I C O

GRUPO FAMSA: Fitch Affirms 'B+' Issuer Default Rating


P U E R T O   R I C O

CV STEEL: Case Summary & 20 Largest Unsecured Creditors
COSTA BONITA BEACH: Can Hire Carlos E. Gaztambide as Appraiser


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


STANFORD INT'L: Victims Will Benefit From US$300MM Settlement
-------------------------------------------------------------
Jacqueline Palank at The Wall Street Journal reports that in a
huge step forward for Robert Allen Stanford's cheated investors
and creditors, a settlement aims to break the logjam over who is
entitled to US$300 million worth of frozen assets around the
world.

When Mr. Stanford's Ponzi scheme was exposed in 2009 and his
business went under, it spawned a global hunt for his many assets
to repay his investors and creditors. But those involved in the
search -- U.S. government agencies, a U.S.-court appointed
receiver and the liquidators of Stanford's Antiguan bank -- fought
in courts across the world over who controlled the various assets,
according to WSJ.

The report relates that the settlement, disclosed and subject to
the approval of several courts in the coming weeks, will resolve
the years-long battle.  The report relays that it will also speed
efforts to return money to those who invested in certificates of
deposit issued by Stanford International Bank, a scheme through
which Stanford ultimately cheated investors out of US$7 billion.
Stanford used investors' cash to further the fraud and fund a
lavish lifestyle in which he accumulated real estate, yachts and
other assets around the world.

The U.S. receiver warned in court papers that if the settlement
isn't approved, "millions of dollars in assets that could
otherwise be distributed to the victims of the Stanford Ponzi
scheme will remain tied up in the courts," the report discloses.

WSJ says that some of the specific deal terms include handing over
US$44 million of assets frozen in the U.K. to the Antiguan
liquidators, which they'll distribute to victims in that court
proceeding.  The liquidators will get another US$36 million from
the U.K. to fund their continued search for more assets, WSJ
discloses.

The report relates that more than US$132.5 million that was found
in Switzerland and US$23 million in Canada will be forfeited to
the U.S. Department of Justice, which will allow that to be
distributed through the U.S. receivership.  Antiguan victims will
get another US$60.5 million from Switzerland, the report notes.

The settlement doesn't allow the distribution of any of the $300
million in frozen assets to be paid to two government creditors,
the Internal Revenue Service and Antiguan government, WSJ notes.

The settlement is subject to the approval of the U.S. District
Court in Dallas, the Antiguan court and London's Central Criminal
Court.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.


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


COSAN LUXEMBOURG: Fitch Assigns 'BB+' Rating to BRL350MM Add-on
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Cosan Luxembourg
S.A.'s proposed BRL350 million add-on issuance in a reopening of
its BRL500 million senior unsecured notes issue due 2018 to new
and existing investors.

The notes will be unconditionally and irrevocably guaranteed by
Cosan S.A. Industria e Comercio and will rank equally with all
Cosan's unsecured indebtedness. Net proceeds will be used to
prepay a portion of Cosan's BRL3.3 billion debentures issued to
finance the acquisition of Comgas.

KEY RATING DRIVERS

Cosan's ratings reflect the increasing contribution of a more
diversified asset portfolio and more predictable cash flow
businesses on a consolidated basis, which partially soften the
impacts of the volatility of the sugar and ethanol industry.
Cosan's ratings fundamental has been positively enhanced by the
creation of a joint-venture with Shell Brazil Holdings BV
(Raizen), under conservative financial terms, and it is strongly
linked to Raizen's credit profile, given the relevance of this
joint venture compared to Cosan's consolidated performance (55% of
2013 EBITDA, as per Fitch estimates). Cosan's pro forma credit
ratios, considering the last 12 months (LTM) EBITDA of Comgas, its
robust liquidity position and its manageable debt profile further
support the ratings.

The high volatile sugar & ethanol industry fundamentals, exposure
to climatic conditions and challenges related to the ethanol's
industry dynamics in Brazil, currently strongly linked to gasoline
regulated prices and governmental policies related to this issue,
are further incorporated into the ratings.

Increased Diversification & Lower Exposure to Sugar & Ethanol:
Comgas' acquisition was strategically positive for Cosan, as it
contributes to broader business diversification and should lessen
its cash flow volatility. This transaction also enhanced Cosan's
presence in the energy segment, which, together with logistics,
are the main focus on the company's business plan going forward.
As per Fitch's estimates, the contribution of more stable business
for Cosan's cash flow should range from 52% in the 2011/2012
harvest period to the 65%-75% range in the next three years,
depending on the sugar and ethanol prices behavior and speed of
planned expansion projects. Fitch estimates Cosan's 2013 EBITDA
breakdown by segment as follows: 35% natural gas distribution, 32%
sugar and ethanol, 19% fuel distribution, 8% logistics and 6%
others.

Leverage on a Declining Trend as Expected:
Cosan's pro forma net debt/EBITDA considering Comgas' LTM EBITDA
is 3.2x, despite lower than historical EBITDA margins of the
acquired company in that period, due to some cost mismatches to be
passed through its tariffs. Considering a normalized EBITDA for
Comgas, Cosan's pro forma net leverage on a consolidated basis
would be around 3.1x. This ratio compares favorably with the 3.3x
pro forma net leverage ratio as of March 2012. Fitch's debt
calculations also consider rescheduled taxes net of credits to be
received from ExxonMobil, pension fund obligations (mostly
migrated from Comgas) and intercompany loans.

Considering the mid-point of the sugar and ethanol price cycle,
Fitch estimates that Cosan should maintain its net leverage around
3.0x while preserving a robust liquidity position to reduce the
risks related to the inherent cyclicality of some of its
businesses.

Robust Liquidity Essential to Support Ratings:
Cosan has maintained robust liquidity. As of Dec. 31, 2012, its
consolidated cash position amounted to BRL2.3 billion and covered
its short-term debt of BRL1.8 billion by 1.3x. Considering also
cash flow from operations (CFFO), the cash+CFFO/short-term debt
ratio would be strong at 3.0x. Debt maturity profile was
adequately distributed, with concentration in the long term.

Fitch expects that Cosan will continue to adequately manage its
short-term debt maturities and to preserve a robust liquidity, in
order to be prepared for occasional market downturns. The
favorable terms of the financing line obtained to finance the
Comgas acquisition, characterized by an eight-year tenor with a
two-year grace period, also positively contributed to the
company's financial profile.

Increased Cash Flow Generation:
Cosan presented a robust operational performance on a consolidated
basis in the LTM period ended December 2012. Net revenues, EBITDA
and CFFO amounted to BRL27.3 billion, BRL2.5 billion and BRL3.1
billion, respectively, which compare positively to BRL24.1
billion, BRL2.1 billion and BRL2 billion reported in March 2012,
excluding the non-recurring effects of the creation of Raizen
(BRL3.2 billion).

Cosan's EBITDA expansion reflects, among other factors, the strong
performance of the fuel distribution activities, which benefited
from advances in the gas stations rebranding process and a
favorable product mix and higher operational margins in the sugar,
ethanol and cogeneration business, driven mainly by a greater
crushing volume, adequate price hedging strategy and increased
cogeneration revenues in that period. The beginning of
consolidation of the agricultural land development business,
conducted through the subsidiary Radar, also contributed with an
incremental EBITDA of BRL96 million.

Pending Negotiations on Acquisition of ALL Shares:
Cosan is also negotiating the purchase of a 5.7% stake on America
Latina Logistica (ALL), for BRL896.5 million, which was not
incorporated in Fitch's financial projections. The transaction is
still dependent upon the approval of other signatories of ALL's
shareholders agreement and also from the Brazilian Transport
Regulatory Agency (ANTT) and the Brazilian Antitrust Council
(CADE). In case the acquisition is concluded, Fitch estimates that
Cosan's consolidated net debt/EBITDA ratio on a pro forma basis
would range between 3.0x and 3.3x depending on the funding
strategy for this transaction.

RATING SENSITIVITIES

A positive rating action could be driven in the medium term by
lower than expected leverage, coupled with the maintenance of more
stable and predictable cash flows.

Any action related to Raizen's ratings could have an impact on
Cosan's ratings. Factors that could lead to a negative rating
action include further acquisitions or investments not
contemplated in the current business plan that could result in
leverage levels beyond expectations and/or material refinancing
needs. Should net leverage exceed Fitch expectations and be above
3.5x on a recurring basis, it would trigger a negative rating
action.

Fitch currently rates Cosan as:

Cosan:
  -- Foreign and local currency Issuer Default Ratings (IDRs)
     'BB+';
  -- National scale rating 'AA-(bra)'.

Cosan Overseas:
  -- Foreign currency IDR 'BB+';
  -- Perpetual notes 'BB+'.

The Rating Outlook of the corporate ratings is Stable.


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


AC2000A LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 30, 2013, the shareholders of AC2000A Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Voluntary Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


AL RIFAI: Shareholders Receive Wind-Up Report
---------------------------------------------
On Jan. 22, 2013, the shareholders of Al Rifai Private Placement
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Adel Guenena
         c/o RLG Holdings Ltd - DFM Management
         Le Montaigne, 7 Ave de Grande Bretagne
         Monte Carlo
         Monaco 98000
         Telephone: (961) 137 1333


ASHMORE GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 25, 2013, the shareholders of Ashmore Global Emerging
Markets Fund, Ltd received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         George Peter Grunebaum
         c/o Chris Tsutsui
         61 Aldwych, London, WC2B 4AE
         Telephone: +44 (0)20 3077 6260


AUSTIN CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 22, 2013, the shareholders of Austin Capital Next
Generation Offshore Fund, Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Friedman
         3801 North Capital of Texas Highway
         Suite E-240-89, Austin
         Texas, 78746
         USA
         Telephone: +1 (512) 600 5225
         E-mail: dfriedman@acminvestment.com


DF I LTD: Shareholders Receive Wind-Up Report
---------------------------------------------
On Jan. 25, 2013, the shareholders of DF I, Ltd received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         George Peter Grunebaum
         c/o Chris Tsutsui
         61 Aldwych, London, WC2B 4AE
         Telephone: +44 (0)20 3077 6260


FIRTH HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 31, 2013, the shareholders of Firth Holdings Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Campbells Directors Limited
         Willow House, Floor 4, Cricket Square
         P.O. Box 268, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 6268
         Facsimile: (345) 945 2877


GATWICK (FREEHOLD): Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Jan. 26, 2013, the shareholders of Gatwick (Freehold) Limited
received 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


HIMALAYAN CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Jan. 23, 2013, the shareholders of Himalayan Capital received
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


JUPITER FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 29, 2013, the shareholder of Jupiter Fund SPC received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Sophie Raven
         228 Marmion Street
         Cottesloe WA 6011
         Australia
         Telephone: +6 (140) 000 7906
         Facsimile: +6 (189) 286 3786


KRIYA UPROFISH: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 31, 2013, the shareholders of Kriya Uprofish Macro Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345) 926 1688
         Artillery Court, Shedden Road
         P.O. Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


MSREF VI: Shareholders Receive Wind-Up Report
---------------------------------------------
On Jan. 22, 2013, the shareholders of MSREF VI River Two, Limited
received 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


NATSOURCE MAC 77: Members Receive Wind-Up Report
------------------------------------------------
On Jan. 23, 2013, the members of Natsource MAC 77 Ltd received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


NB CREDIT: Shareholders Receive Wind-Up Report
----------------------------------------------
On Jan. 28, 2013, the shareholders of NB Credit Arbitrage Fund
Ltd. received 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


NB CREDIT MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 28, 2013, the shareholders of NB Credit Arbitrage Master
Fund Ltd. received 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


OCTAVIA HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 22, 2013, the shareholders of Octavia Holdings Limited
received 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


RAB INNOVATIONS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 22, 2013, the shareholders of Rab Innovations Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RAB INNOVATIONS (MASTER): Shareholders Receive Wind-Up Report
-------------------------------------------------------------
On Jan. 22, 2013, the shareholders of RAB Innovations (Master)
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


REL VAL: Shareholders Receive Wind-Up Report
--------------------------------------------
On Jan. 22, 2013, the shareholders of Rel Val Special Purpose Fund
Ltd. received 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


WEALTH ABSOLUTE: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 23, 2013, the shareholders of Wealth Absolute Return SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


DIGICEL GROUP: Launches Hybrid Plan in Guyana
---------------------------------------------
RJR News reports that Digicel Group has launched its Hybrid Plan
in Guyana.

The offer combines pre-paid and postpaid features, according to
RJR News.  The report relates that subscribers will receive
minutes for voice calls and SMS for a fixed monthly fee.

Digicel Group, the report notes, said if the customer exceeds the
allotted amount, the account will automatically switch to pre-
paid.

The Hybrid offering includes five tariff plan options and is also
available for business customers, RJR News relates.

RJR News says that companies pay a flat-rate postpaid fee for
employees and once this is exhausted, the employees top up as
usual for their personal use.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


JAMAICA RAILWAY: Government Moves Closer to Privatizing Firm
------------------------------------------------------------
RJR News reports that the Jamaican government is moving closer to
finalizing plans for the privatization of the Jamaica Railway
Corporation.

Dr. Omar Davies, Minister of Transport, Works and Housing has
asked the enterprise team overseeing the exercise to provide a
report on when it will begin seeking proposals from investors to
operate the railway, according to RJR News.

Dr. Davies said plans to privatize the JRC remain on track, RJR
News relates.

"It is still on and the enterprise team is working hard. I have
asked them for a timetable in terms of how putting out a request
for proposal, etc., but the work is continuing," the report quoted
Dr. Davies as saying.

The Jamaica Railway Corporation was established under the Jamaica
Railway Corporation Act.  The corporation is established to
control the expenditure of the corporation whether on revenue or
capital account; to ensure that the annual revenues of the
corporation are sufficient to meet all charges properly
chargeable to revenue; and to direct and control any expansion or
extension of the railway and the construction of any new railway.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, RadioJamica said that the Transport Minister has
confirmed the resignation of Harold Brady, as Chairman of the
Board of the Jamaica Railway Corporation.  The report related
that Mr. Brady's departure comes more than two months before the
October 31 expiration of the life of the Board of the JRC.
According to RadioJamiaca, Mr. Brady's resignation caused some
concern among government officials, as his departure brought an
abrupt halt to the Transport Ministry's plans to divest the
"failing" JRC as quickly as possible.  The report recounts that
the Railway Corporation ceased operations several years ago and
is now on the list of entities to be merged and retained by the
Transport Ministry.


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


GRUPO FAMSA: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed the following ratings of Grupo Famsa,
S.A.B. de C.V.:

-- Foreign currency Issuer Default Rating (IDR) at 'B+';
-- Local currency IDR at 'B+';
-- Long-term national scale rating at 'BBB(mex)';
-- Short-term national scale rating at 'F3(mex)';
-- USD200 million senior unsecured notes due in 2015 at 'B+/RR4';
-- MXN1 billion Certificados Bursatiles issuance due 2014,
    'BBB(mex)'.
-- MXN1 billion short-term Certificados Bursatiles programs at
    'F3(mex)'.

The Rating Outlook is Stable.

FAMSA's ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, broadly stable
operating cash flow generation by the retail operation, and a
linkage with its banking subsidiary, Banco Ahorro Famsa (BAF; or
the bank), rated 'BBB(mex)'/Negative Outlook by Fitch. On the
other hand, the ratings are constrained by low-single digit Same
Store Sales (SSS). The 'RR4' rating reflects an expected recovery
of between 30% and 50% in case of default.

KEY RATING DRIVERS

Fitch expects for the Mexican retail operations to show low
organic growth (with any increases in revenues coming mostly from
store and bank openings), for the U.S. division to continue
generating positive EBITDA, and for the banking operation to
continue facing pressure in its capital adequacy. FAMSA plans to
increase total revenues by about 7% to 9% and to open 15
stores/banks and 30 standalone banks in Mexico.

Improving EBITDA

The downsizing of FAMSA USA's footprint resulted in consolidated
EBITDA growing 35.4% for 2012. Consolidated revenues shrank 8.4%,
among other reasons, due to a slowdown in loan approval due to a
fire at the issuer's main call center. However, this trend appears
to have reverted. FAMSA USA's recent store closures in the West
Coast (California, Nevada and Arizona), have resulted in lower
revenues, but allowed for U.S. EBITDA generation to reach MXN122
million, its first positive results since 2009, as the western
operations were unprofitable.

Recently, the firm has tried to improve its category mix,
attempting to deemphasize lower margin categories, such as
electronics, and focusing on more profitable categories, such as
furniture. The firm has also tried to broaden its geographic
footprint within Mexico, while at the same time undertaking store
closures and pursuing targeted store openings. FAMSA competes
directly with larger Mexican retail chains such as Coppel and
Elektra, which also target the low-income segment of the
population.

BAF Credit Quality Weakening
Currently, BAF's rating has a Negative Outlook, due to
deterioration in its loan portfolio. If BAF's creditworthiness
deteriorates it could pressure FAMSA's ratings. FAMSA's financial
division, BAF (about 45% of FAMSA's total assets), has good brand
equity and competitive position in consumer finance, mainly in
northeastern Mexico. Its financial performance is constrained by
its high loan-impairment charges (2012: 89.6% of pre-impairment
operating profit), however, BAF is addressing it and still shows a
reasonable capital adequacy. In addition, BAF continues with a
lower cost of funding by a diversified and growing base of
customer deposits. BAF also shows an intrinsic growth of its loan
portfolio, although customers' sensitivity to a weak economic
environment continues to be a limiting factor.

Lower Leverage
In previous years, FAMSA's leverage levels were high, a result of
negative cash flow from the U.S. operations. Currently, debt to
EBITDA and adjusted debt to EBITDAR ratios for 2012 (excluding
bank deposits) has fallen to 2.4x and 3.6x, respectively (2011:
3.4x and 4.7x). Including bank deposits, these ratios are 7.7x and
7.5x for 2012. Since most of the positive effects from the U.S.
store closures are already present in current levels, Fitch
expects them to remain constant in the short-to-medium term.

Liquidity should be manageable. Most large maturities come due in
2014 and 2015. The company has not issued dividends for the last
few years and it is projecting about MXN350 million of Capex for
2013. For year-end 2012, FAMSA's debt amounted to MXN5.6 billion
and bank deposits totaled MXN12 billion. FAMSA's debt is comprised
by senior notes, national short- and long-term issuances and bank
loans. Short-term debt as of Dec. 31, 2012 was about MXN2 billion,
with cash holdings of about MXN1.5 billion.

RATING SENSITIVITY

Credit quality could be negatively affected by a deterioration in
BAF's creditworthiness, by revenue-increasing efforts which might
result in lower profit margins, by lowered EBITDA generation by
FAMSA USA in 2013 that results in higher leverage levels, as well
as by deterioration in the quality of the loan portfolio.

Conversely, creditworthiness would benefit from increased EBITDA
generation, from lower debt levels and from SSS more in line with
industry.


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


CV STEEL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: CV Steel Fab of PR, Inc.
        P.O. Box 7994
        Ponce, PR 00732

Bankruptcy Case No.: 13-02061

Chapter 11 Petition Date: March 16, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  P.O. Box 3389
                  Guaynabo, PR 00970
                  Tel: (787) 721-3437
                  E-mail: ngonzalezc@ngclawpr.com

Scheduled Assets: $5,297

Scheduled Liabilities: $4,257,235

A copy of the Company's list of its 20 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-02061.pdf

The petition was signed by Miguel A. Cedeno Rodriguez, president.


COSTA BONITA BEACH: Can Hire Carlos E. Gaztambide as Appraiser
--------------------------------------------------------------
Costa Bonita Beach Resort, Inc. sought and obtained permission
from the U.S. Bankruptcy Court to employ Engr. Carlos E.
Gaztambide of Carlos E. Gaztambide & Associates as appraiser.

The Debtor says its plan of reorganization calls for the payment
of debt to DF Servicing LLC and other creditors with the transfer
to DF of some of the Debtor's residential units and Debtor needs
to retain an appraiser to conduct an appraisal of the properties.

Engr. Gaztambide's engagement is to be for $20,000, payable on
the basis of $5,000 upon the approval of the application and
15 monthly payments of $1,000 after the submission of his
appraisal report, with meetings, court appearances and other
related work on the basis of $150 per hour.

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

                  About Costa Bonita Beach Resort

Costa Bonita Beach Resort, Inc., owns 50 apartments at the Costa
Bonita Beach Resort in Culebra, Puerto Rico.  It filed a
bankruptcy petition under Chapter 11 of the Bankruptcy Code for
the first time (Bankr. D.P.R. Case No. 09-00699) on Feb. 3, 2009.
During this case, the Court entered an Opinion and Order finding
that the Debtor satisfied all three (3) prongs of the Single Asset
Real Estate, and, as such is a SARE case subject to 11 U.S.C. Sec.
362(d)(3). The Court also entered an Order modifying the automatic
stay to allow creditor DEV, S.E., to continue in state court
proceedings for the removal of the illegal easement and the
restoration of DEV, S.E.'s land to its original condition by the
Debtor.  The first bankruptcy petition was dismissed on May 10,
2011 on the grounds that the Debtor failed to comply with an April
21, 2011 Order and the Debtor's failure to maintain adequate
insurance.  The case was subsequently closed on Oct. 11, 2011.

Costa Bonita Beach Resort filed a second bankruptcy petition
(Bankr. D. P.R. Case No. 12-00778) on Feb. 2, 2012, in Old San
Juan, Puerto Rico.  In the 2012 petition, the Debtor said assets
are worth $15.1 million with debt totaling $14.2 million,
including secured debt of $7.8 million.  The apartments are valued
at $9.6 million while a restaurant and some commercial spaces at
the resort are valued at $3.67 million.  The apartments serve as
collateral for the $7.8 million while the commercial property is
unencumbered.

Bankruptcy Judge Enrique S. Lamoutte presides over the 2012 case.
Charles Alfred Cuprill, Esq., serves as counsel in the 2012 case.
The petition was signed by Carlos Escribano Miro, president.


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


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


                   * * * End of Transmission * * *