TCRLA_Public/130322.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

           Friday, March 22, 2013, Vol. 14, No. 58


                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Affirms 'B-' IDRs; Outlook Negative
BANCO SANTANDER: Fitch Affirms 'B-' IDRs; Outlook Negative
BBVA BANCO: Fitch Affirms 'B-' IDRs; Outlook Negative


B E L I Z E

BELIZE: S&P Raises Long-Term Foreign Currency Rating to 'B-'


C A Y M A N  I S L A N D S

ACCESS OFFSHORE: Shareholder Receives Wind-Up Report
AUSTIN CAPITAL: Shareholders Receive Wind-Up Report
BLACKROCK SELECT: Shareholders Receive Wind-Up Report
DEVELOPMENT PRINCIPLES: Shareholders Receive Wind-Up Report
FQ ALPHA: Shareholders Receive Wind-Up Report

FQ GLOBAL: Shareholders Receive Wind-Up Report
GSA GLOBAL: Shareholders Receive Wind-Up Report
GSA GLOBAL MASTER: Shareholders Receive Wind-Up Report
GSA SF1: Shareholders Receive Wind-Up Report
GULFMENA OPPORTUNITIES: Shareholders Receive Wind-Up Report

GULFMENA OPPORTUNITIES MASTER: Shareholders Get Wind-Up Report
JEMEKK LONG/SHORT: Shareholders Receive Wind-Up Report
NBK-FRONTIER: Members Receive Wind-Up Report
PMI CDS: Shareholders Receive Wind-Up Report
SEER CAPITAL: Shareholder Receives Wind-Up Report

SSARIS MULTI-MANAGER: Shareholders Receive Wind-Up Report
UPROFISH CAPITAL: Shareholders Receive Wind-Up Report
WESTCLIFF INTERNATIONAL: Shareholders Receive Wind-Up Report


J A M A I C A

PAN CARIBBEAN: 178 Sugar Workers Receive Separation Packages


M E X I C O

CORPORACION GEO: Moody's Affirms Unsecured Debt Rating at Ba3
DESARROLLADORA HOMEX: Moody's Affirms Senior Debt Rating at Ba3
URBI DESARROLLOS: Moody's Downgrades Senior Debt Ratings to B2


P U E R T O   R I C O

EMPRESAS OMAJEDE: Court Okays N. Galarza as Financial Consultant
EVERTEC GROUP: Moody's Assigns B1 Rating to New Debt Facilities
JMR DEV'T: Hearing on Plan Filing Extension Set for March 26


T R I N I D A D  &  T O B A G O

PETROTRIN: Strike Ends, Workers Back on The Job




                            - - - - -


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


BANCO MACRO: Fitch Affirms 'B-' IDRs; Outlook Negative
------------------------------------------------------
Fitch Ratings has affirmed Banco Macro S.A.'s (BM) Viability
Rating (VR) and Long-term Issuer Default Ratings (LT IDRs) at 'b-'
and 'B-', respectively. The Rating Outlook on the Long-term IDRs
is Negative.

KEY RATING DRIVERS

BM's IDRs and National Scale ratings are driven by its 'b-' VR,
which reflects its strong national franchise and growth potential,
its solid overall performance, with strong profitability, healthy
asset quality and sound liquidity, and its capital position. The
ratings also take into account the volatile environment in
Argentina.

BM's foreign currency (FC) IDR is at the country ceiling level,
which is above Argentina's FC Sovereign rating ('CC', with a
Negative Outlook), reflecting BM's strong local franchise and
track record of sound overall performance. Despite Argentina's FC
Sovereign rating being 'CC'; Negative Outlook, both its LC and FC
Sovereign securities issued under Argentina Law, are rated 'B-'
with a Negative Outlook, the same level as BM's FC IDR.

BM's subordinated debt is rated 'CCC/RR6'/A+(arg)', which is one
notch below the bank's VR. Although the standard notching for this
type of security under Fitch's criteria 'Assessing and Rating Bank
Subordinated and Hybrid Securities' dated Dec. 5, 2012, is two
notches, reflecting the notes' increased loss severity and
heightened risk of nonperformance relative to the senior
obligations, BM's subordinated debt is one notch below its VR
given the compression that arises from its low level ('b-').

RATING SENSITIVITIES

The Rating Outlook on BM's LT IDRs and LT National rating is
Negative, in line with the Outlook on Argentina's Sovereign
ratings, which constrain those of BM. Downside risk to Macro's
ratings mainly stem from a downgrade of the Sovereign rating, or a
significant decline in the bank's capitalization or asset quality.
Upside to Macro's ratings currently appears limited but could stem
from an upgrade of the Sovereign ratings.

CREDIT PROFILE

Along with the strong economic growth since 2003 in Argentina,
BM's performance has been sound, based on its strong revenue
generation, good asset quality and ample liquidity. A good level
of income diversification has helped offset the increase in
administrative expenses due to high inflation and the volatility
of the gains from its securities portfolio seen in the past two
years. Credit should continue to expand in 2013, albeit at a
slower pace than that seen in 2012. In this context, Fitch expects
BM's overall performance to remain sound.

BM's loan book has grown strongly in the past few years and its
asset quality ratios are healthy. BM's non-performing loans (NPLs)
accounted for a low 1.82% of total loans at Dec. 31, 2012, with
sound loan loss reserve coverage of 191.28%. Since 2012, banks in
Argentina must comply with certain rules regarding compulsory
lending that, in Fitch's view, may limit their room to maneuver
regarding credit risk management and may result in some pressure
on the industry asset quality ratios, even though the results of
such measures are too early to judge.

BM's liquidity is strong, with liquid assets that equate to 34% of
total deposits. However, Fitch is cautious about the large
negative maturity mismatch of all banks in Argentina given the
short-term nature of their liabilities and the longer tenor on
their assets. However, this position appears manageable given the
bank's strong franchise and the complex set of capital controls in
place.

Its capital base is ample (Fitch Core Capital Ratio of 17.02% at
Dec. 31, 2012). Fitch expects the latter trend to continue to
improve in the next few years as the restriction imposed by the
Central bank of Argentina on dividend payments will compensate for
the expected continued growth of the bank.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo, with a 43%
stake. The former is also the bank's chairman and CEO. A 31% stake
is in the hands of the public pension fund administrators after
the privatization of the pension system, and the balance is widely
held by local and foreign investors. At Oct. 31, 2012, BM was the
third-largest private sector bank in Argentina by deposits and
assets.

Fitch has affirmed BM's ratings as follows:

-- FC and LC LT IDRs at 'B-';
-- FC and LC short-term IDRs at 'B';
-- Viability Rating at 'b-';
-- Support at '5';
-- Support Floor at 'NF';
-- LT National rating at 'AA(arg)';
-- Short-term National rating at 'A1+(arg)';
-- USD150 million Senior bonds Class 2 at 'B-/RR4/AA(arg)';
-- USD150 million subordinated debt at 'CCC/RR6/A+(arg)'.

The Rating Outlook on BM's FC and LC LT IDRs, LT National rating
and the LT National rating on its senior and subordinated bonds
issuances is Negative.


BANCO SANTANDER: Fitch Affirms 'B-' IDRs; Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Santander Rio S.A.'s (Santander
Rio) Viability Rating (VR) and Local Currency Long-term Issuer
Default Ratings (IDRs) at 'b-' and 'B-', respectively. The Rating
Outlook on the Long-term IDR is Negative.

KEY RATING DRIVERS

Santander Rio benefits from the vast expertise of its largest
shareholder, Spain's Banco Santander (Santander, rated 'BBB+';
Rating Outlook Negative by Fitch); however, given the relative
high country risk and specially government intervention over the
bank business, Santander Rio's support rating remains on 5 and
hence, its IDRs are driven by its VR. The latter reflects the
bank's sound franchise in Argentina, its strong profitability, its
healthy asset quality ratios, ample liquidity and improved
capitalization, as well as the volatile environment in Argentina.

RATING SENSITIVITIES

The Rating Outlook on Santander Rio's LC Long-term IDR and Long-
term National Rating is Negative, in line with the outlook on
Argentina's sovereign ratings, which constrains those of Santander
Rio. Downside risk to Santander Rio ratings mainly stem from a
downgrade of the sovereign rating, or a significant decline in the
bank's liquidity or asset quality, which Fitch considers unlikely
in the medium term. Upside to Santander Rio ratings currently
appears limited but could stem from an upgrade of the sovereign
ratings.

CREDIT PROFILE

Along with the benign operating environment in the past few years,
Santander Rio's profitability has been very strong, mainly based
on sound interest and commission income, which have compensated
for the increase in administrative expenses due to the high
inflation rate. Fitch expects Santander Rio's profitability to
remain sound, based on its solid revenue generation capacity,
although it will probably be under pressure from slower loan
growth, rising inflation and persistent market volatility.

Santander Rio's asset quality is sound, although it has
deteriorated slightly in line with the economic slowdown in 2012.
Non-performing loans were only 1.17% of the total at Dec. 31,
2012, and loan loss reserve coverage was 143.5%. Fitch expects
Santander Rio's asset quality ratios to remain healthy, although
its NPL could rise somewhat in the current year in line with the
outlook for the economy. Since 2012, banks in Argentina are
demanded to comply with some rules regarding compulsory lending,
that in Fitch's view may limit their room to maneuver regarding
the credit risk management, and may result in some pressures overt
the industry asset quality ratios; even when the first results of
such measures are too early to judge.

Santander Rio's funding was comprised primarily of retail
deposits. While the bank's liquidity is ample, Fitch is cautious
about the large negative maturity mismatch of all banks in
Argentina given the short term nature of their liabilities and the
longer tenor on their assets; however, this position is manageable
given the strong franchise of Santander Rio and also the complex
set of capital controls in place.

The company's capital base is adequate and has been supported by
its rising profitability and the recent restrictions imposed by
the Central Bank on dividend payments; at Dec. 31, 2012 Fitch Core
Capital was a sound 16.62%. Fitch expects Santander Rio's
capitalization to improve further in the medium term as loan
growth will decelerate and profitability remain solid.

Santander Rio is 99.3% owned by Santander. It is a universal bank,
offering a wide range of financial services through its 327
branches. It was Argentina's largest private sector bank by loans
and deposits at Oct. 31, 2012.

Fitch has affirmed these ratings for Santander Rio:

-- Local currency long-term Issuer Default Rating (IDR) at 'B-';
   Negative Outlook;
-- Viability Rating at 'b-';
-- Support at '5';
-- Long-term National Rating at 'AA(arg)'; Negative Outlook;
-- Short-term National Rating at 'A1+(arg)';
-- National long-term rating on senior unsecured notes at
   'AA(arg)'; Negative Outlook.


BBVA BANCO: Fitch Affirms 'B-' IDRs; Outlook Negative
-----------------------------------------------------
Fitch Ratings has affirmed BBVA Banco Frances' (BBVA Frances)
Viability Rating (VR) and Local Currency Long-term Issuer Default
Ratings (LC LT IDRs) at 'b-' and 'B-', respectively. The Rating
Outlook on the LT IDR is Negative.

KEY RATING DRIVERS

BBVA Frances benefits from the vast expertise of its largest
shareholder Spain's Banco Bilbao Vizcaya Argentaria (BBVA; rated
'BBB+' with a Negative Outlook). However, given the relative high
country risk and, in particular, government intervention in the
bank business, BBVA Frances' Support rating remains '5' and,
hence, its IDRs are driven by its VR. The latter reflects the
bank's solid franchise in Argentina, its healthy asset quality,
and its satisfactory profitability, liquidity and capitalization,
as well as the volatile environment in Argentina.

The National LT rating on BBVA Frances' subordinated debt to be
issued under its debt issuance program is rated one notch below
the bank's national LT rating based on the severity of losses,
given that it is going concern 'plain vanilla' subordinated debt.
However, it is important to note that there is no outstanding
subordinated debt under the program.

RATING SENSITIVITIES

The Rating Outlook on BBVA Frances's LC LT IDR and LT National
rating is Negative, in line with the Outlook on Argentina's
Sovereign ratings, which constrains them both. Downside risk to
BBVA Frances' ratings mainly stem from a downgrade of the
Sovereign rating, or a significant decline in its asset quality,
profitability or liquidity, which Fitch considers unlikely in the
medium term. Upside to BBVA Frances' ratings currently appears
limited but could stem from an upgrade of the Sovereign ratings.

CREDIT PROFILE

Along with the benign operating environment, BBVA Frances'
profitability has steadily improved, based mainly on higher net
interest and commission income, which have compensated for the
increase in administrative expenses due to the high inflation
rate. Fitch expects BBVA Frances' profitability to remain sound,
based on its solid revenue generation capacity, although it will
probably be under some pressure from slower loan growth, rising
inflation and persistent market volatility.

BBVA Frances' asset quality is healthy. At Dec. 31, 2012, its non-
performing loans (NPLs) accounted for a very low 0.68% of the
total, with sound loan loss reserve coverage of 275.0%. Since
2012, banks in Argentina must comply with certain rules regarding
compulsory lending that, in Fitch's view, may limit their room to
maneuver regarding credit risk management and may result in some
pressure on industry asset quality ratios, even though results of
such measures are too early to judge.

BBVA Frances's funding was comprised primarily of retail deposits.
While its liquidity is ample, Fitch is cautious about the large
negative maturity mismatch of all banks in Argentina given the
short-term nature of their liabilities and the longer tenor on
their assets; however, this position appears manageable given BBVA
Frances' strong franchise and the complex set of capital controls
in place.

The bank's capital adequacy is adequate, supported by increased
profits and the restrictions imposed by the Central Bank on
dividend payments; at Dec. 31, 2012 Fitch Core Capital was 17.33%.
Fitch expects BBVA Frances' capitalization to remain at
satisfactory levels based on its sound profitability and because
loan growth is set to decelerate.

Spain's BBVA held 75.96% of BBVA Frances at Dec.31, 2012. Frances
was the fourth largest private sector bank by deposits and assets
in Argentina and had 273 branches.

Fitch has affirmed these ratings for BBVA Frances:

-- LC LT Issuer Default Rating (IDR) at 'B-'; Negative Outlook;
-- Viability Rating at 'b-';
-- Support at '5';
-- LT National rating at 'AA(arg)'; Negative Outlook;
-- Short-term National rating at 'A1+(arg)';
-- National LT rating on senior unsecured notes and its USD750
   million debt issuance program at 'AA(arg)'; Negative Outlook;
-- National LT rating on the subordinated debt to be issued under
   its USD750 million debt issuance program at 'AA-(arg)';
   Negative Outlook.


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B E L I Z E
===========


BELIZE: S&P Raises Long-Term Foreign Currency Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long- and
short-term foreign currency sovereign credit ratings on Belize to
'B-/B' from 'SD/SD'.  S&P also raised its long- and short-term
local currency sovereign credit ratings on Belize to 'B-/B' from
'CCC+/C'.  The outlook is stable.  At the same time, S&P assigned
a 'B-' senior unsecured foreign currency rating on Belize's new
bonds due in 2038.  In addition, S&P affirmed its 'B-' transfer
and convertibility assessment.

S&P expects the Government of Belize will conclude today a debt
exchange of its US$547 million bonds due in 2029 for new proposed
bonds maturing in 2038, following the acceptance by creditors
holding 86% of Belize's 2029 bonds.  The par value of the new
bonds will equate the sum of 90% of the principal of the 2029
bonds plus accrued capitalized interest arrears through March 19,
2013, on the 2029 bonds.  The new bonds will begin to amortize in
2019, and their step-up interest rate will accrue at 5% from
March 20, 2013 to Aug. 19, 2017, and then rise to 6.767%
thereafter.  Official multilateral debt and the government's
domestic treasury notes and bills are excluded from this exchange
offer.

"We expect that Belize will continue to face a heavy debt burden,
absent stronger medium-term GDP growth and fiscal consolidation,"
said Standard & Poor's credit analyst Kelli Bissett.  The debt
exchange will reduce Belize's gross general government debt to 71%
of GDP in 2013 from 77% in 2011.  The debt rescheduling will
moderate debt service over the medium term, lowering the general
government interest burden to a projected 10% of fiscal revenues
(2.5% of GDP) in 2014-2015 from 23% of revenues (6% of GDP) in
2011.  Belize's medium-term growth prospects-S&P projects 2.5%
average annual growth for 2013 through 2015--are weaker than those
of peers rated in the 'B' category.

"The stable outlook on Belize reflects our expectation that the
completion of the debt exchange will moderately alleviate medium-
term fiscal pressure," said Ms. Bissett.  "However, the
government's debt burden will remain large, and the country's
economic growth prospects will remain affected by infrastructure
and a shortage of skilled labor."  S&P would most likely raise the
rating if Belize's fiscal and debt indicators improve, growth and
investment prospects accelerate sustainably, and external
liquidity rises.  S&P would most likely lower the ratings if
external liquidity worsens.


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


ACCESS OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Access Offshore Fund, Ltd received on Jan. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Harold Stuart Zlot
         44 Montgomery Street
         Suite 3705
         San Francisco
         CA 94104
         Telephone: (415) 399 9500
         E-mail: hzlot@accessfundlp.com


AUSTIN CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Austin Capital Safe Harbor Portable Alpha
Offshore Fund One, 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:

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


BLACKROCK SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Blackrock Select Hedge Ltd. received on
Jan. 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lisa Clarke
         Jane Fleming or Lisa Clarke
         Telephone: (345) 945 2187
         Facsimile: (345) 945 2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


DEVELOPMENT PRINCIPLES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Development Principles Fund II GP 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


FQ ALPHA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of FQ Alpha Prime Fund 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


FQ GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of FQ Global Opportunities Fund 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


GSA GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of GSA Global Equities Fund Limited received on
Jan. 31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA GLOBAL MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of GSA Global Equities Master Fund Limited
received on Jan. 31, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA SF1: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of GSA SF1 Limited received on Jan. 31, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GULFMENA OPPORTUNITIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Gulfmena Opportunities Fund Limited received
on Jan. 31, 2013, 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


GULFMENA OPPORTUNITIES MASTER: Shareholders Get Wind-Up Report
--------------------------------------------------------------
The shareholders of Gulfmena Opportunities Master Fund Limited
received on Jan. 31, 2013, 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


JEMEKK LONG/SHORT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Jemekk Long/Short Canada Ltd. received on
Jan. 23, 2013, 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


NBK-FRONTIER: Members Receive Wind-Up Report
--------------------------------------------
The members of NBK-Frontier Multi Asset Fund SPC received on Jan.
31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Gavin Lowe
         Turners Management Ltd.
         Strathvale House
         90 North Church Street
         PO Box 2636 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: +1 (345) 814 0712


PMI CDS: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of PMI CDS (Cayman) V Limited received on
Jan. 31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Aodh O Murchu
         28 Upper Pembroke Street
         Dublin 2
         Ireland
         Telephone: +3 (531) 234 2641
         E-mail: aodh.omurchu@pmigroup.com


SEER CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Seer Capital Talf Opportunity Fund Ltd.
received on Jan. 31, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SSARIS MULTI-MANAGER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ssaris Multi-Manager Japan Equity Fund 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:

         Mourant Ozannes Cayman
         Mourant Ozannes Cayman Voluntary Liquidators Limited
         94 Solaris Avenue, Camana Bay
         Grand Cayman KY1-1108
         Cayman Islands


UPROFISH CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Uprofish Capital Management received on
Jan. 31, 2013, 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


WESTCLIFF INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Westcliff International Fund Ltd received on
Jan. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         WCM Cayman, Ltd
         200 7 Avenue
         Suite 105, Santa Cruz
         California
         USA 95062
         Tel: (415) 913 3581


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J A M A I C A
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PAN CARIBBEAN: 178 Sugar Workers Receive Separation Packages
-----------------------------------------------------------
RJR News reports that the majority of the 178 workers whose
positions were made redundant by Pan Caribbean Sugar Company have
received their separation packages.

The Bustamante Industrial Trade Union (BITU) said a small number
of persons are yet to be paid, according to RJR News.  The report
relates that this is expected to be done before the end of the
month, according to Harold Brown, BITU deputy island supervisor.

Mr. Brown, the report notes, said there is an agreement with Pan
Caribbean Sugar that could be beneficial to the displaced workers
in the future.

"It is also important to note that there is a signed memorandum of
understanding (MOU) between the unions and the company that these
workers who have lost their jobs through restructuring, in the
event that things improve to the extent where the company would
want additional labour, that these redundant employees would be
given first consideration and I think that is extremely
significant," RJR News quoted Mr. Brown as saying.


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


CORPORACION GEO: Moody's Affirms Unsecured Debt Rating at Ba3
-------------------------------------------------------------
Moody's Investors Service affirmed Corporacion GEO, S.A.B. de
C.V.'s global scale foreign currency senior unsecured debt rating
at Ba3 and revised the outlook to negative, from stable.

Ratings Rationale:

The rating actions reflect deterioration in GEO's operating
results in 2012 as a result of fewer housing subsidies allocated
from the Mexican government than what was originally projected as
well as a new federal government that took office in the fourth
quarter which slowed down the operations of the main housing
agencies. This has resulted in a 5.1% decline in sales year over
year and negative free cash flow generation for YE 2012. The
companies key credit metrics have also declined year-over year
(Debt/EBITDA was 4.0x at YE12 vs. 3.4x at YE11, fixed charge
coverage was 2.0x at YE12 vs. 2.6x at YE11). The negative rating
outlook reflects Moody's expectation that GEO's sales and earnings
will be challenged at least through the end of 2013, which implies
that credit metrics at a minimum will be maintained at current
levels. However, the most likely scenario is that credit metrics
will weaken slightly with neutral to slightly negative free cash
flow.

The government announced a new housing policy in February, which
further expands on the sustainability initiatives that were put
into place in 2011 and 2012. However, few details regarding the
implementation of the new housing policy were provided, such as
the potential need for increased investment to comply with the new
standards. In addition, the classification of land reserves by the
government could lead to discounted land sales in less favored
regions and rising land prices in favored ones. In response to
these changes GEO has announced guidance for 2013 which includes
deleveraging and the generation of positive free cash flow through
cost savings schemes and a decline in sales of approximately 10-
12%. In addition, the company plans to have less exposure to homes
that are dependent on subsidies in the last quarter of 2013.

Moody's ratings continue to reflect GEO's position as the largest
housing developer in Mexico in terms of units sold and one of the
largest in Latin America, with a well-respected and strong
reputation for design and quality. As of December 2012, the
company had 13.1% of the market share for INFONAVIT mortgages in a
very fragmented market. These positive factors are offset by the
high costs of land and infrastructure as well as some speculative
homebuilding. Other challenges include the business's reliance on
the Mexican government's support for housing, in addition to
funding concentration for low-income housing.

A return to a stable outlook would imply an improvement in credit
metrics such that Debt/EBITDA (including the off-balance sheet
debt related to a service agreement for the use of machinery with
one of its subsidiaries) approaches 3.0x and fixed charge coverage
increases closer to 2.7x. In addition, a return to stable would
require GEO to generate neutral to positive free cash flow with no
short-term debt refinancing issues. A downgrade will occur if by
year-end 2013 GEO generated negative free cash flow or encounters
any issues refinancing its short-term debt maturities. Negative
rating action would result if credit metrics materially
deteriorate such that Debt/EBITDA increases to 3.5x or above
and/or fixed charge coverage falls below 2.5x. Finally, any
difficulties in complying with bank covenants would result in a
downgrade.

Moody's de Mexico downgraded GEO's national scale long-term issuer
rating to Baa1.mx from A3.mx (global scale local currency long
rating affirmed at Ba3), national scale short-term issuer rating
to MX-3 from MX-2 (global scale local currency rating affirmed at
Not Prime), national scale rating on the company's Certificados
Bursatiles program to Baa1.mx from A3.mx (global scale local
currency rating affirmed at Ba3) and the national scale senior
unsecured debt rating to Baa1.mx from A3.mx (global scale local
currency affirmed at Ba3) and revised the outlook to negative,
from stable.

The following ratings were affirmed with a negative outlook:

Moody's Investors Service

Corporacion GEO, S.A.B. de C.V. -- global scale foreign currency
senior unsecured notes issued in the US dollars at Ba3

The following ratings were downgraded with a negative outlook:

Moody's De Mexico

Corporacion GEO, S.A.B. de C.V. -- national scale rating on
Certificados Bursatiles program to Baa1.mx from A3.mx (global
scale local currency rating affirmed at Ba3)

Corporacion GEO, S.A.B. de C.V. -- national scale senior unsecured
notes to Baa1.mx from A3.mx (global scale local currency rating
affirmed at Ba3 )

Corporacion GEO, S.A.B. de C.V. -- national scale long-term issuer
rating to Baa1.mx from A3.mx (global scale local currency rating
affirmed at Ba3 )

Corporacion GEO, S.A.B. de C.V. -- national scale short-term
issuer rating to MX-3 from MX-2

The following rating was affirmed:

Corporacion GEO, S.A.B. de C.V. -- global scale short-term issuer
local currency rating at Not Prime

The last rating action with respect to GEO was on March 12, 2012,
when Moody's Investors Service assigned a (P)Ba3 global scale
foreign currency rating to GEO's proposed senior unsecured debt
issuance of up to US$400 million.

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

Corporacion GEO, S.A.B. de C.V., based in Mexico City, Mexico, is
a publicly traded, fully integrated homebuilder engaged in the
development, construction, marketing and sale of affordable
housing developments in Mexico. The firm reported total assets of
approximately $41.4 billion Mx pesos and total equity of
approximately $11.3 billion Mx pesos at December 31, 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


DESARROLLADORA HOMEX: Moody's Affirms Senior Debt Rating at Ba3
---------------------------------------------------------------
Moody's Investors Service affirmed Desarrolladora Homex, S.A.B. de
C.V.'s global scale foreign currency senior unsecured debt rating
at Ba3. Concurrently, Moody's revised the rating outlook to
negative, from stable.

Ratings Rationale:

The outlook revision reflects that for most of 2012, and in
particular the fourth quarter, was challenging for the sector as a
whole. Homex's cash burn was very high 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.

Homex's earnings and cash flow thus deteriorated which led to
weaker credit metrics. As of December 31, 2012, Homex's debt to
assets was 40%, while LTM Recurring EBITDA % of LTM Revenues was
18.2% vs. 21.2% at December 31, 2011 (all including the
penitentiary business). As of December 31, 2012 debt to LTM EBITDA
was 3.87x vs. 3.31x at December 31, 2011 (including the
penitentiary business). Fixed charge coverage for the LTM was
2.83x at December 31, 2012 vs. 2.64x for the same period in 2011
(including the penitentiary business). The negative rating outlook
reflects Moody's expectation that Homex' sales and earnings will
be challenged at least through the end of 2013, which implies that
credit metrics at a minimum will be maintained at current levels.
However, the most likely scenario is that credit metrics will
weaken slightly with neutral to slightly negative free cash flow.

The government announced a new housing policy in February, which
further expands on the sustainability initiatives that were put
into place in 2011 and 2012. However, few details regarding the
implementation of the new housing policy were provided, such as
the potential need for increased investment to comply with the new
standards. In addition, the classification of land reserves by the
government could lead to discounted land sales in less favored
regions and rising land prices in favored ones. In response to
these changes Homex has announced guidance for 2013 which includes
deleveraging and the generation of positive free cash flow through
cost savings schemes and a refinancing of its prison business
debt. In addition, the company's plan for 2013 includes no growth
in its Mexican housing business and no additional investments in
its Brazilian home building business until its collection and
titling processes with Caixa is standardized. It expects to title
approximately 360 homes from its two ongoing projects.

Moody's ratings continue to reflect Desarrolladora Homex's
position as one of the largest homebuilders in Mexico in terms of
housing units titled, as well as its geographic diversification
with presence in most states, operational efficiencies through the
use of aluminum moulds during construction and a solid liquidity
profile. Challenges still include the high costs of land and
infrastructure in Homex's markets, and some speculative
homebuilding by Homex and its competitors. Moody's notes that
although the penitentiary projects add diversity it is still a new
business with inherent construction, financing and managing risks.
Furthermore, the long-term viability of Homex's Brazilian
homebuilding platform is as of yet unproven with few homes titled
due to inherent administrative constraints in the collection
process, although the demographics and financing availability are
similar to those in Mexico.

A return to a stable outlook would imply an improvement in credit
metrics (excluding the penitentiary business) such that
Debt/EBITDA approaches 3.0x and fixed charge coverage increases
closer to 2.7x. In addition, a return to stable would require
Homex to generate neutral to positive free cash flow with no
short-term debt refinancing issues. A downgrade will occur if by
year-end 2013 Homex generates negative free cash flow in its
housing business or encounters any issues refinancing its short-
term debt maturities. Negative rating action would result if
credit metrics materially deteriorate such that Debt/EBITDA
increases to 3.5x or above and/or fixed charge coverage falls
below 2.5x (excluding the penitentiary business). Finally, any
difficulties in complying with bank covenants would result in a
downgrade.

Moody's de Mexico affirmed Homex's national scale unsecured debt
rating and issuer rating at A3.mx, and revised the rating outlook
to negative, from stable.

The following ratings were affirmed with a negative outlook:

Moody's Investors Service

Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA at Ba3.

Moody's De Mexico

Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating at A3.mx and global scale local currency issuer rating at
Ba3.

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured debt program of up to $2 billion Mexican pesos at
A3.mx, global scale local currency rating at (P)Ba3.

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured notes of $500 million Mexican pesos at A3.mx,
global scale local currency rating at Ba3 and national scale
rating on senior unsecured notes of $700 million Mexican pesos at
A3.mx, global scale local currency rating at Ba3.

The last rating action with respect to Homex was on January 23,
2013, when Moody's de Mexico assigned a A3.mx national scale and
Ba3 second proposed senior unsecured debt issuance of up to $700
million Mexican pesos. This will be the second issuance from the
company's senior unsecured debt program of up to $2 billion
Mexican pesos. The rating outlook was stable.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $50,189 million Mexican Pesos and equity of
approximately $14,792 million Mexican Pesos as of December 31,
2012. Homex is a homebuilder engaged in the development,
construction, marketing and sale of mostly affordable housing in
Mexico.

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

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


URBI DESARROLLOS: Moody's Downgrades Senior Debt Ratings to B2
--------------------------------------------------------------
Moody's Investors Service downgraded Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s global scale foreign currency senior unsecured
debt rating to B2 from Ba3. The rating was placed under review for
downgrade.

Ratings Rationale:

These ratings actions reflect that most of 2012, and in particular
the fourth quarter, was challenging for the sector as a whole, but
especially for Urbi, 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.
Earnings and cash flow significantly deteriorated for Urbi, which
led to very weak credit metrics.

As of December 31, 2012, Urbi's cash position was approximately
$2.5 billion versus $5.9 billion and $5.5 billion as of September
30, 2012 and December 31,2011, respectively. The company's cash to
short-term debt ratio is 0.55x at December 31, 2012 vs. 1.4x at
September 30, 2012. Furthermore, as of December 31, 2012, Urbi's
debt to LTM EBITDA was 4.90x vs. 3.32x at December 31, 2011. Fixed
charge coverage for the LTM was 2.46x at December 31, 2012 vs.
3.63x for the same period in 2011. Moody's also expects Urbi to
run its business with even less cash on hand and with negative
cash flow generating to at least the end of the second quarter of
this year.

However, Moody's does acknowledge Urbi will refinance most of its
short-term debt with up to 5-year revolving construction
facilities from its three key bank relationships (HSBC, Banorte,
Santander), which should allow it continue to build and sell homes
in its existing projects. In addition, Urbi expects to participate
in the recently announced government plans to guarantee up to $15
billion pesos (US$1.18 billion) in construction loans this year.
The guarantees are meant to encourage commercial banks to extend
more credit to homebuilders, by guaranteeing up to 30 percent of
the first losses on the total amount lent.

Moody's review will focus on the company's ability to at least
maintain adequate liquidity to manage its debt maturities for the
next 18 months while getting to a neutral cash flow generation by
3Q13. The review will also focus on Urbi's ability to at a minimum
maintain its current and projected revenues generation, EBITDA
results, EBITDA margins, net income results and net income
margins. Any liquidity issues or further deterioration in Urbi's
current credit metrics, specifically LTM fixed charge coverage,
and debt/LTM EBITDA would lead to at least a one notch downgrade.
In addition, any further issues with complying with their current
bank covenants will lead to a downgrade. A confirmation of the
existing ratings will require credit metrics at minimum remaining
at current levels, no liquidity issues, and at least neutral free
cash flow.

Moody's notes that Urbi continues to be focused on consolidating
its operations, and becoming a smaller and more flexible company
with a key priority on neutral cash flow generation by YE2013. No
growth is projected in its sales volume, with the expectation of
maintaining and improving liquidity indicators and strengthening
its balance sheet metrics by slowly deleveraging the balance
sheet. The new housing changes will be short-term negative but in
the long-term will be positive as they will re-enforce the
foundation for the industry's long-term sustainable growth.

The current ratings continue to reflect Urbi's position as one of
the largest homebuilders in Mexico in terms of units titled, and
its focus on the affordable entry-level and low-middle income
housing classes, where the greatest demand lies. The company
continues to have solid EBITDA margins.

Moody's de Mexico downgraded Urbi's national scale senior
unsecured debt rating to Ba2.mx, from Baa1.mx (global scale local
currency rating to B2 from Ba3) and its corporate family rating to
B2 from Ba3. These ratings was placed under review for downgrade.
Urbi's national scale commercial paper program rating was
downgraded to MX-4, from MX-2 (global scale local currency
commercial paper program rating affirmed at Not Prime).

The following ratings were downgraded and placed under review for
downgrade:

Moody's Investors Service

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale foreign
currency senior unsecured debt rating to B2, from Ba3

Moody's De Mexico

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale senior
unsecured debt rating to Ba2.mx, from Baa1.mx (global scale local
currency rating to B2 from Ba3), national scale senior unsecured
MTN program to Ba2.mx, from Baa1.mx (global scale local currency
rating to (P)B2, from (P)Ba3).

The following rating was downgraded:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
commercial paper program rating to MX-4, from MX-2

The following rating was affirmed:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale local
currency commercial paper program rating at Not Prime

Moody's Investors Service and Moody's de Mexico last rating action
with respect to Urbi took place on August 27, 2012 when Moody's de
Mexico lowered Urbi's national scale senior unsecured debt rating
to Baa1.mx, from A3.mx. Moody's de Mexico also affirmed Urbi's Ba3
global scale local currency senior unsecured debt rating, Ba3
corporate family rating, MX-2 national scale commercial paper
program rating (Not Prime global scale local currency). The rating
outlook was revised to negative from stable. Moody's Investors
Service affirmed Urbi's Ba3 global scale foreign currency senior
unsecured debt rating and revised the outlook to negative from
stable.

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

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately $50.4 billion Mexican pesos and equity of
approximately $16.6 billion Mexican pesos at December 31, 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


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


EMPRESAS OMAJEDE: Court Okays N. Galarza as Financial Consultant
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
permitted Empresas Omajede Inc. to employ Nelson E. Galarza
as financial consultant.

The Troubled Company Reporter reported on March 6, 2013, that Mr.
Galarza will assist the Debtor in the financial restructuring
of its affairs by providing advice in strategic planning and the
preparation of the Debtor's plan of reorganization and disclosure
statement, and determination of the Debtor's assets; and
participating in the Debtor's negotiations with creditors.

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

Mr. Galarza's rate is $125 per hour.  An associate, CPA Irma M.
Mora, will charge $100 per hour.

Empresas Omajede Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Patricia I. Varela, Esq., and the law firm of Charles A. Cuprill,
PSC, serve as counsel.

The Debtor disclosed $5,613,568 in assets and $98,762,700 in its
schedules.  The Debtor is a Single Asset Real Estate as defined in
11 U.S.C. Sec. 101(51B) with principal assets located at La
Ectronica Building, 1608 Bori St., in San Juan, Puerto Rico.


EVERTEC GROUP: Moody's Assigns B1 Rating to New Debt Facilities
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to EVERTEC Group,
LLC's proposed Senior Secured Credit Facilities. Moody's also
placed the B2 corporate family and B2-PD Probability of Default
ratings under review for upgrade, based on EVERTEC's plan for a
primary issuance of shares through an Initial Public Offering.

Proceeds of the Credit Facilities and the IPO will be used to
refinance EVERTEC's outstanding debt. Upon closing with at least
$125 million of proceeds from primary shares, Moody's anticipates
raising the CFR to B1 based on the expectation of improving cash
flow, in part from the lowered interest expense, and that a body
of public shareholders for EVERTEC reduces the risk of additional
debt-financed shareholder distributions. If the CFR is raised to
B1, this would not impact the rating of the Credit Facilities.

Ratings Rationale

"Following the IPO, EVERTEC's credit profile would be consistent
with a B1 corporate family rating given the noticeably improved
credit risk metrics and the recurring revenue base, which should
lead to steady cash flow to further de-lever the company," noted
Terry Dennehy, Senior Analyst at Moody's Investors Service.

Moody's anticipates financial leverage will be lower than
similarly rated peers because EVERTEC's results depend on Puerto
Rico, which has experienced an extended period of poor economic
activity and lacks significant growth drivers. There is also a
heavy exposure to Banco Popular de Puerto Rico (Ba2 long-term
deposit rating), which accounts for about 44% of EVERTEC's
revenue, as EVERTEC had been an operating division of the bank.
Also, EVERTEC's scale is small relative to its large competitors
in Latin America (FIS, Fiserv, First Data). Nonetheless, EVERTEC
is expected to benefit from the continued conversion to electronic
payments from cash, because of its extensive network. The B1
rating on the Credit Facilities reflects the collateral package
and the single-class debt capital structure.

The stable outlook reflects Moody's expectation that about $30
million less of annual interest expense will provide a boost to
EVERTEC's steady cash flow from operations with run rate free cash
flow of at least $90 million per year. With this improved cash
flow, Moody's expects that debt to EBITDA (Moody's adjusted) will
improve to below 3.5x over the next year through a combination of
EBITDA growth and debt reduction, and that EVERTEC will continue
to deleverage going forward.

The rating could be downgraded if EVERTEC is not on-course to
reduce debt to EBITDA (Moody's adjusted) to below 3.5x, and
improve free cash flow (FCF) to debt (Moody's adjusted) to the
upper single digits percent over the near term. The rating could
also be lowered if there is a reversal of the operating progress
at Banco Popular or its ratings are lowered, or if EVERTEC's
operating margin (Moody's adjusted) does not continue to steadily
improve towards the low 30's percent level. The ratings could be
upgraded if EVERTEC further diversifies geographically such that
Puerto Rico would account for a minority of revenues, yet
maintains its improvement trend of earnings and profit margins.
Furthermore, Moody's would expect that debt to EBITDA (Moody's
adjusted) would be on-course to be maintained below 2.5x, with
meaningful improvement in run rate FCF, and that EVERTEC's
financial sponsor owners materially reduce their ownership through
further public offerings.

Moody's assigned the following ratings of EVERTEC:

On Review for Possible Upgrade:

Issuer: EVERTEC Group, LLC

Probability of Default Rating, Placed on Review for Possible
Upgrade, currently B2-PD

Corporate Family Rating, Placed on Review for Possible Upgrade,
currently B2

Assignments:

Issuer: EVERTEC Group, LLC

Senior Secured Bank Credit Facility, Assigned B1

Senior Secured Bank Credit Facility, Assigned B1

Senior Secured Bank Credit Facility, Assigned B1

Senior Secured Bank Credit Facility, Assigned a range of LGD3, 49
%

Senior Secured Bank Credit Facility, Assigned a range of LGD3, 49
%

Senior Secured Bank Credit Facility, Assigned a range of LGD3, 49
%

Outlook Actions:

Issuer: EVERTEC Group, LLC

Outlook, Changed To Rating Under Review From Stable

The ratings on the existing secured debt and senior notes would be
withdrawn upon completion of the refinancing.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative Grade Non-Financial Companies in the US,
Canada, and EMEA, published in June 2009.

EVERTEC, based in San Juan, Puerto Rico, provides transaction and
payment processing, merchant acquiring and processing, and other
banking information technology consulting services to banks and
merchants in Puerto Rico, where EVERTEC owns the largest ATM
network and is the largest merchant acquirer and transaction
processor. EVERTEC also has a smaller presence in several
countries in Latin American and the Caribbean.


JMR DEV'T: Hearing on Plan Filing Extension Set for March 26
------------------------------------------------------------
The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled a hearing for March 26,
2013, at 9:30 a.m. on the Debtor's request for a 90-day extension
of time to file a reorganization plan and disclosure statement.

On Dec. 3, 2012, the Debtor filed a motion seeking for more time
to file its plan and disclosure statement, which was granted by
the Court until March 4, 2013.  On Feb. 27, 2013, Debtor forwarded
a settlement offer to Banco Popular de Puerto Rico and is waiting
on its response.  Meanwhile, the Debtor continues with its efforts
for its reorganization.  The Debtor says that it has undertaken
extensive work for the completion of its plan and disclosure
statement and that it needs an additional 90 days until June 4,
2013, to do so.

JMR Development Group Corp. filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto
Rico.  CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of $12,732,474 and
debts of $48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


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


PETROTRIN: Strike Ends, Workers Back on The Job
-----------------------------------------------
Carolyn Kissoon at Trinidad Express reports that the week-long
work stoppage that crippled operations at state-owned Petroleum
Company of Trinidad and Tobago ended March 19, 2013, after
employees were ordered to return to work by the Industrial Court.
The court made the order after a late-night hearing of an
application by Petrotrin which sought an injunction compelling the
Oilfields Workers' Trade Union (OWTU) to cease protest action,
according to Trinidad Express.

The report relates that the industrial action by the union forced
the shutdown of Petrotrin's refinery operations.  The company has
claimed estimated losses of $700 million during the period, the
report notes.

Trinidad Express says that OWTU President General Ancel Roget said
the union advised that all workers return to the jobsite.  Mr.
Roget said the union was law-abiding and would comply with any
order of the court, the report notes.

"Therefore, we had to send the workers back to work. The union
went to the various fields and divisions and told workers what the
court order was and they should go back to work. Every single
worker complied and they are now on the job," the report quoted
Mr. Roget as saying.

The report notes that Mr. Roget said he was "intrigued" by
Petrotrin's actions, as the company had stated there were
contingency plans in place to deal with any industrial action.

"The company said the public is not to worry, and (said to) the
motoring public there will be enough fuel for them and so on. Then
they went to the court claiming the opposite.  And on the basis of
that claim they were granted that injunction to debar the workers
from taking further protest action," Mr. Roget said, the report
discloses.

Mr. Roget, the report relays, said workers returned to work angry,
upset, demotivated and demoralized.

According to the report, Mr. Roget said the issues which triggered
the shutdown did not vanish, including filling 800-plus vacancies
and outstanding payments.  Mr. Roget said the court recommended
that both parties go into conciliation to bring a resolution in
the matter.

Trinidad Express recalls that Petrotrin applied to the Industrial
Court for an order against the OWTU in respect of its commission
of an industrial relations offence contrary to the Industrial
Relations Act.  The application was heard by president of the
court Debra Thomas-Felix, members Albert Aberdeen, Nizam Khan and
Kyril Jack.  The court ordered the cessation of the industrial
action by the OWTU.

The report notes that the parties will return to the Industrial
Court for further directions.

The Express adds that the injunction and Petrotrin's complaint
regarding an industrial relations offence will be heard as one
issue before the court.

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.


                            ***********


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


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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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