TCRLA_Public/130404.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, April 4, 2013, Vol. 14, No. 66


                            Headlines



C A Y M A N  I S L A N D S

ASSET & ASHE INVESTMENT: Shareholders Receive Wind-Up Report
ASSET & ASHE MANAGEMENT: Shareholders Receive Wind-Up Report
LAVENDER GLOBAL: Shareholders Receive Wind-Up Report
LEICESTER CAYMAN: Shareholder Receives Wind-Up Report
MANALAPAN ORACLE: Shareholders Receive Wind-Up Report

MANALAPAN ORACLE MASTER: Shareholders Receive Wind-Up Report
NEWLAND OFFSHORE: Shareholder Receives Wind-Up Report
REVERE TACTICAL: Shareholder Receives Wind-Up Report
SALFORD LTD: Shareholders Receive Wind-Up Report
WAPCO PRODUCTION: Shareholder Receives Wind-Up Report


C O L O M B I A

ISAGEN SA: Fitch Upgrades Issuer Default Rating From 'BB+'


G R E N A D A

SANDALS RESORTS: Looks to Year-End Opening of Grenada Resort


M E X I C O

VITRO SAB: Takes Nondebtor Release Ban to U.S. Supreme Court


P U E R T O   R I C O

G+G RETAIL: BCBG's Summary Judgment Bid in Employee Suit Denied
SP FABRICATORS: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Gets US$100,000 Fine, Faces Huge Debt


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


ASSET & ASHE INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Asset & Ashe Investment Limited received on
Feb. 20, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ASSET & ASHE MANAGEMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Asset & Ashe Management Limited received on
Feb. 20, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LAVENDER GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lavender Global Holdings Ltd. received on
Feb. 21, 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


LEICESTER CAYMAN: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Leicester Cayman Limited received on Feb. 19,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Lucio Velo
          CH-6901 Lugano 1
          Via G. Marconi 2
          CP6618
          Switzerland


MANALAPAN ORACLE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Manalapan Oracle Eagle Offshore Fund Ltd.
received on Feb. 29, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MANALAPAN ORACLE MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Manalapan Oracle Eagle Master Fund Ltd.
received on Feb. 29, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEWLAND OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Newland Offshore Fund, Ltd. received on
Feb. 20, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Susan Lock
          Telephone: (345) 815 1889
          Facsimile: (345) 949 9877


REVERE TACTICAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Revere Tactical Risk Fund Ltd. received on
Feb. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: 815 1820
          Facsimile: (345) 949 9877


SALFORD LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Salford Ltd received on Feb. 25, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          c/o Peter A. de Vere
          Willow House, Floor 4
          PO Box 268 Cricket Square
          Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 914 5872
          Facsimile: (345) 945 2877


WAPCO PRODUCTION: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Wapco Production 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:

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


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


ISAGEN SA: Fitch Upgrades Issuer Default Rating From 'BB+'
----------------------------------------------------------
Fitch Ratings has upgraded Isagen S.A. ESP's Foreign and Local
Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'. The
Rating Outlook has been revised to stable from positive.

KEY RATING DRIVERS

The rating action reflects the improvement of the company's
financial results and leverage metrics during 2012 and the
expectation of a lower financial leverage for 2013 and beyond than
previously anticipated by Fitch. The Rating action incorporates
the significant progress in the construction of the Sogamoso
project and the positive expected cash flows that will result from
its completion in 2014.

Solid Results Improve Credit Profile Expectations

Isagen is currently in the midst of a large capital expenditure
program that is mainly comprised of the Sogamoso hydroelectric
project (820 megawatt) at an estimated cost of USD2.4 billion. The
construction of the project is currently on time and is on budget
with approximately 72% of the project completed as of Dec. 31,
2012. The company has shown proficiency in the project
construction, and it is expected that the remaining construction
will be completed without major delays.

Capital expenditures of the project have been financed with a
combination of internally generated cash flows and debt. As of
Dec. 31, 2012, Isagen's financial debt was USD1.2 billion and the
company's debt/EBITDA ratio was 3.4x. Fitch expects Isagen's
leverage ratio to increase to around 3.7x during the final phases
of Sogamoso's construction in 2013 and then recover to levels of
2.5x once Sogamoso starts operations by 2014; peak leverage during
the construction cycle is below Fitch's initial expectations and
underpins the ratings upgrade.

Project Completion to Increase Cash Flow

Isagen's cash flow generation is expected to benefit from a larger
installed capacity. Following the completion of the Sogamoso,
Amoya and Manso projects, Isagen's installed capacity will
increase to nearly 3,000 MW and the company's total energy
generation would be around 14,500 GWh per year (currently, average
energy generation is 9,500 GWh per year). This should result in an
EBITDA of around US$400 million and EBITDA margins of around 40%.
During 2012, the company's EBTIDA was USD353 million with a margin
of 36%. These figures are considered adequate despite adverse
weather conditions in 2012, which somewhat pressured results.

Committed Funding Supports Strong Liquidity Position

Isagen has strong liquidity with committed credit lines of USD472
million to fund the remaining part of the capital expenditure
program. Isagen's liquidity is further supported by a strong cash
flow from operations and manageable amortization schedule. As of
Dec. 31, 2012, Isagen reported USD99 million of cash and
marketable securities, which together with committed credit lines
will allow the company to meet the USD28 million of short-term
debt and the approximately USD498 million of 2013 capex program.

Solid Competitive Positions and State Ownership Support Credit
Quality

Isagen's ratings reflect the company's solid competitive position,
its low marginal cost and robust portfolio of generation assets
located throughout Colombia. The ratings also consider the
company's moderate exposure to hydrology and regulatory risk. In
addition, Isagen is a state-controlled entity and the third
largest electricity generation company in Colombia based on
installed capacity and energy generation. During 2012, the company
had 15% of Colombia's total installed generation capacity, and
accounted for 17% of the country's total generation. Its strong
business position is supported by low marginal costs and a
diversified portfolio of assets (86% hydro and 14% thermo).
Although the company's generation is mainly hydrologic, its assets
are somewhat geographically diverse and help to mitigate hydrology
risks to some extent.

RATING SENSITIVITIES

A negative rating action could result from a combination of the
following factors; a steep decrease in electricity prices, coupled
with low generation and poor electricity demand; a sustained
increase in leverage above 4.0x as a result of investments in the
Sogamoso project and/or a change in the company's strategy that
results in a more aggressive one in terms of leverage and capital
expenditures. A further positive rating action could be considered
if the sovereign rating is upgraded and the company succeeds in
maintaining strong credit metrics after the incorporation of the
Sogamoso Project.


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G R E N A D A
=============


SANDALS RESORTS: Looks to Year-End Opening of Grenada Resort
------------------------------------------------------------
RJR News reports that Sandals Resorts International is now looking
at a year-end opening for the hotel it acquired in Grenada last
year.  The property, renamed Sandals LaSource Grenada Resort and
Spa, is now set for opening in December, according to RJR News.

The report notes that Sandals is planning to invest US$100
million, to convert the former La Source property of 100 rooms,
into a 265-room complex.  It will become the 14th Sandals resort
in the Caribbean, the report relates.

The property was heavily damaged by Hurricane Ivan in 2004; and
did not reopen until February 2008, the report recalls.


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


VITRO SAB: Takes Nondebtor Release Ban to U.S. Supreme Court
------------------------------------------------------------
Maria Chutchian of BankruptcyLaw360 reported that Vitro SAB de CV
on Wednesday petitioned the U.S. Supreme Court to review the Fifth
Circuit's decision rejecting nondebtor affiliate releases in the
Mexican glassmaker's reorganization plan, saying the ruling
weakens cooperation between U.S. and foreign courts involved in
cross-border insolvency proceedings.

The report related that the appellate court's November decision
affirmed a Texas bankruptcy court's ruling that approved Vitro's
Mexican reorganization plan under a Chapter 15 proceeding, but
refused to enforce the releases of Vitro's nondebtor affiliates,
saying they run contrary to U.S. public policy.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  Vitro's appeal is
pending.

In November 2012, the U.S. Court of Appeals Judge Carolyn King
ruled that Vitro SAB won't be permitted to enforce its bankruptcy
reorganization plan in the U.S.  She said that Vitro "has not
shown that there exist truly unusual circumstances necessitating
the release" preventing bondholders from suing subsidiaries.

In early March 2013, Vitro announce a settlement that will end all
litigation between Vitro and certain creditors in Mexico and the
United States over the past two years.


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


G+G RETAIL: BCBG's Summary Judgment Bid in Employee Suit Denied
---------------------------------------------------------------
Puerto Rico District Judge Garcia-Gregory denied a motion for
summary judgment filed by BCBG Max Azria Group, Inc., in an age
discrimination and unlawful employment discharge claim originally
brought in state court by Virginia Delgado-Rodriguez and her
daughter Tiffany Gomez-Delgado.  The Plaintiffs sued against BCBG
Max Azria Group, seeking redress under Puerto Rico Law Nos. 80 of
May 30, 1976, as amended, and 100 of October 30, 1959, as amended.

Ms. Delgado was initially employed by G+G Retail Inc., which was
later acquired in bankruptcy by Max Rave, a wholly owned
subsidiary of BCBG Max Azria Group.  In 2011, all Max Rave stores
closed and all its employees were laid off.  Ms. Delgado's
termination became effective Jan. 27, 2011.

BCBG removed the action to the District Court and quickly moved
for summary judgment on the sole ground that it was not the
Plaintiffs' employer as defined by Laws 80 and 100.  BCBG argues
that it cannot be held liable to the Plaintiffs and that summary
judgment should be granted in its favor.

On Jan. 2006, G+G Retail, Inc., filed for Chapter 11 relief under
the Bankruptcy Code.  As part of that proceeding, G+G auctioned
off its assets, including the "RAVE" stores it owned.  Max Rave
was the winning bidder, and subsequently acquired G+G's assets
through an Asset Purchase Agreement.

The lawsuit is, DELGADO-RODRIGUEZ, Plaintiff, v. BCBG MAX AZRIA
GROUP, INC., Defendant, Civil No. 12-1085 (D. P.R.).  A copy of
the Court's March 27, 2013 Opinion and Order is available at
http://is.gd/Cxjez1from Leagle.com.

Headquartered in New York, New York, G+G Retail Inc. retails
ladies wear and operates 566 stores in the United States and
Puerto Rico under the names Rave, Rave Girl and G+G.  The Debtor
filed for Chapter 11 protection on Jan. 25, 2006 (Bankr.
S.D.N.Y. Case No. 06-10152).  William P. Weintraub, Esq., Laura
Davis Jones, Esq., David M. Bertenthal, Esq., and Curtis A.
Hehn, Esq., at Pachulski, Stang, Ziehl, Young & Jones P.C.
represent the Debtor in its restructuring efforts.  Scott L.
Hazan, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.,
represents the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it estimated
assets of more than US$100 million and debts between US$10 million
to US$50 million.  The Court confirmed the Debtor's Plan of
Liquidation on Dec. 6, 2006.


SP FABRICATORS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: SP Fabricators, Inc.
        Carr No. 3 KM 76.9
        Barrio Rio Abajo
        Humacao Ind. Park
        Humacao, PR 00791

Bankruptcy Case No.: 13-02348

Chapter 11 Petition Date: March 27, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtors' Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOCIATES
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

                         - and -

                  Luisa S. Valle Castro, Esq.
                  C. CONDE & ASSOCIATES
                  254 Calle San Jose, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  E-mail: notices@condelaw.com

Scheduled Assets: $2,179,577

Scheduled Liabilities: $17,768,253

Affiliate that simultaneously filed for Chapter 11:

        Debtor                          Case No.
        ------                          --------
SP Management, Inc.                     13-02351
  Assets: $555,023
  Debts: $3,615,644

The petitions were signed by Humberto Bermudez Garcia, president.

A. A copy of SP Fabricators' list of its 20 largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-02348.pdf

B. A copy of SP Management's list of its 20 largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-02351.pdf


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


CARIBBEAN AIRLINES: Gets US$100,000 Fine, Faces Huge Debt
---------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has been hit with
a US$100,000 fine by the U.S. Department of Transportation.

It follows the airline's violation of federal rules last August by
not providing passengers with an opportunity to leave a plane that
was delayed on the tarmac at New York's JFK Airport for more than
four hours, according to RJR News.  In addition, the report
relates that Caribbean Airlines failed to provide passengers with
food and water until after the plane left the gate during the
tarmac delay.

The DOT has ordered the air carrier to cease and desist from
further violations, RJR News notes.

RJR News discloses that under the Department's rules, foreign
airlines operating aircraft with 30 or more passenger seats that
fly to and from US airports are prohibited from allowing their
planes to remain on the tarmac for more than four hours without
giving those on board an opportunity to leave.

Exceptions to the time limits are allowed only for safety,
security or air traffic control-related reasons, RJR News notes.
It was reported that the CAL plane was delayed due to poor weather
conditions and the need to refuel, the report relates.

                         US$500 Million in Debt

Caribbean Airlines has declined to comment on reports that it is
facing US$500 million in debt and is trying to borrow more than
US$100 million from the Trinidadian Government to pay its staff
and suppliers, RJR News discloses.

RJR News says that when contacted by Trinidad's Express newspaper,
Clint Williams, CAL's Corporate Communications Manager, said he
could not speak specifically to the reports.  However, he said the
airline is currently in a stabilisation and transformation
initiative and its short- and medium-term goals will see it
rationalising costs and driving revenues in order to become a
self-sustaining and profitable operation, RJR News relays.  Mr.
Williams said the initiative has been developed with full
partnership from the board and personnel from the Ministry of
Finance, RJR News relays.

In 2011, RJR News recalls, when CAL merged with Air Jamaica, CAL
took over what were deemed the profitable routes held by the
airline.  It is reported that those operations are now running at
a loss, the report adds.

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

                         *     *     *

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


===============
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


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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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