TCRLA_Public/130405.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, April 5, 2013, Vol. 14, No. 67


                            Headlines



B R A Z I L

BRASKEM GROUP: Moody's Assigns B2 Rating to Mezzanine Shares
BTG INVESTMENTS: Fitch Assigns 'BB+' Issuer Default Ratings
GOL LINHAS: Fitch Downgrades Issuer Default Ratings to 'B-'


B R I T I S H  V I R G I N  I S L A N D S

ANCHOR HEDGE: BVI Court Confirms Liquidators' Appointment


C A Y M A N  I S L A N D S

BILLION PLUS: Shareholders Receive Wind-Up Report
CAMELOT: Shareholder Receives Wind-Up Report
CARIBBEAN OFFSHORE: Shareholders Receive Wind-Up Report
ES HOLDINGS: Shareholders Receive Wind-Up Report
KARNA LTD: Shareholder Receives Wind-Up Report

LION GLOBAL: Shareholders Receive Wind-Up Report
LION GLOBAL MASTER: Shareholders Receive Wind-Up Report
MERCER PARK: Shareholders Receive Wind-Up Report
MERCER PARK GP: Shareholders Receive Wind-Up Report
MORGAN STANLEY COMMODITIES: Shareholders Receive Wind-Up Report

PLAN LIMITED: Shareholder Receives Wind-Up Report
RAINBOW FUND: Shareholder Receives Wind-Up Report
RAM INTERNATIONAL: Shareholders Receive Wind-Up Report


C O L O M B I A

* COLOMBIA: Fitch Sees Greater Financing Challenges Ahead


J A M A I C A

* JAMAICA: No IMF Deal at Start of Budget Year Worries PSOJ


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Dismisses Reports of Being Cash-Strapped




                            - - - - -


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B R A Z I L
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BRASKEM GROUP: Moody's Assigns B2 Rating to Mezzanine Shares
------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Baa3
(sf) (Global Scale, Local Currency) and Aaa.br (sf) (Brazilian
National Scale) to the Senior Shares, and of B2 (sf) (Global
Scale, Local Currency) and Ba1.br (sf) (Brazilian National Scale)
to the Mezzanine Shares to be issued by Chemical VII - FIDC
Industria Petroquimica, a securitization backed by a pool of trade
receivables and originated by Braskem Group.

Issuer: Chemical VII - FIDC Industria Petroquimica (Chemical VII -
FIDC)

Senior Shares - Baa3 (sf) (Global Scale, Local Currency) & Aaa.br
(sf) (Brazilian National Scale)

Subordinated Mezzanine Shares - B2 (sf) (Global Scale, Local
Currency) & Ba1.br (sf) (Brazilian National Scale)

Ratings Rationale:

The ratings are based on the following factors:

- Credit enhancement in the form of senior subordination ranging
   from a minimum of 9.09% to a maximum of 13.04% to mitigate
   losses due to obligor default and/or dilution;

- The eligibility criteria of the trade receivables, represented
   by electronic invoices, to be acquired by the issuer, which
   include concentration limits by client, delinquency by client,
   and maximum term of the trade receivables. The maximum
   individual obligor concentration limit is 3%;

- Low and stable historical delinquency and dilution levels of
   the sellers' trade receivable portfolio;

- Very low commingling risk as payments by obligors are made to
  the fund's segregated account maintained at Banco Bradesco (A3
  Long-Term Bank Deposit Rating in the Global Scale, Local
  Currency Scale & Aaa.br in the Brazilian National Scale); and

- Braskem Group's sound track record in sponsoring securitization
   transactions and stable performance of previous transactions.

Chemical VII -- FIDC is Braskem Group's seventh securitization of
its trade receivables portfolio. The realized performance of the
past transactions has been in line with Moody's original
assumptions used in rating the transactions.

Chemical VII - FIDC is a closed-ended FIDC and will have a final
legal maturity of 60 months. Ratings are assigned to the senior
shares and to the mezzanine shares. The shares were distributed to
qualified investors via a public offering (CVM Instruction 400).
The senior shares and the mezzanine shares accrue, on a daily
basis, a floating-rate of interest equivalent to the DI Rate
(Brazilian Interbank Rate) plus a fixed rate of 0.87% and 2.95%
per annum, respectively.

The transaction will have a 54 month revolving period followed by
a 6 month amortization period. During the 54-month revolving
period no principal payments will be made on the senior and
mezzanine shares; interest payments will be made semi-annually.
During the final 6 month amortization period, starting on month
55, principal and interest payments will be made on a monthly
basis. Senior and mezzanine shares will follow the same
amortization schedule. Amortization payments to the mezzanine
shares will only be allowed (i) after the scheduled senior
amortization payments are made, and (ii) as long as the minimum
senior subordination ratio is maintained. As long as there are
senior and mezzanine shares outstanding, partial amortization
payments of junior subordinated shares are allowed if the
mezzanine subordination is above 2.8%.

Key eligibility criteria verified by the master servicer includes
(i) obligor concentration up to 3% and (ii) maturity of trade
receivables are 90 day maximum and 9 days minimum.

The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.), Braskem
Petroquimica (previously known as Quattor Petroquimica S.A.) and
Rio Polimeros S.A. (RioPol), together Braskem Group or the
Sellers. Braskem S.A., rated Baa3, negative outlook, backed senior
unsecured (Global Scale). The company's rating is supported by its
large size as the largest petrochemical company in Brazil and in
the Americas by production capacity (based on PE and PP resin
capacity), with historically above industry average operating
margins coming from high capacity utilization rates, long-term
client relationships, and product customization. The rating also
reflects the company's dominant market position in Brazil.

Commingling risk is considered to be very low as obligors are
instructed to pay directly into a segregated account in the name
of the fund by means of invoices generated by Banco Bradesco and
other selected collection banks. Any monies received by the
sellers must be remitted to the segregated account within 2
business days; a non-automatic acceleration event (evento de
avaliacao) is triggered if payments made directly to the sellers'
account trigger 5% of fund's net assets.

The sellers will act as primary servicers.

Moody's has analyzed the sellers' receivables pool for the 36-
month period starting in June 2009 and ending in May 2012 reviewed
by KPMG. During this period, Braskem and Quattor Group (Braskem
Qpar, Braskem Petroquimica and RioPol) have generated trade
receivables in the amount of BRL 70.9 billion over approximately
1,056,387 separate invoices. As modeling input assumptions,
Moody's used a central mean of 0.14% monthly dilutions and 0.23%
monthly losses over outstanding balance, and it assumed portfolio
turnover at 41.2 days. Moody's calculates loss assumptions using
as a proxy delinquencies from 91 to 120 days past due over the
total portfolio. Moody's analysis was based on the effect that
these monthly losses, dilutions and turnover simulated in stressed
situations, would have on the Issuer's cash flow so that expected
losses for each class of shares could be determined. This expected
loss was analyzed together with other subjective or qualitative
factors related to the company and transaction to determine the
rating.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. Moody's key ratings-
model assumptions for this transaction are Braskem's rating, loss
rate and dilution rate. If Braskem's rating is downgraded from
Baa3 to Ba2 and the loss rate and dilution rate are doubled, the
senior and mezzanine ratings assigned would remain unchanged.

The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool. Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the
international competition in the petrochemical industry and severe
economic activity downturn.

The principal methodology used in this rating was Moody's Approach
to Rating Trade Receivables Backed Transactions published in July
2002. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Moody's National Scale Ratings 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.


BTG INVESTMENTS: Fitch Assigns 'BB+' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned the following ratings:

BTG Pactual Holding S.A. (BTGH):
-- Long-term Foreign and Local Currency Issuer Default Ratings
   (IDRs) 'BBB-'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs 'F3';
-- Support Rating '5';
-- Long-term National Rating 'AA(bra)'; Outlook Stable;
-- Short-term National Rating 'F1+(bra)'.

BTG Investments LP (BTGI)
-- Long-term Foreign and Local Currency IDRs 'BB+'; Outlook
   Stable;
-- Support Rating '2';
-- Senior Guaranteed Notes 'BBB-(EXP)'.

KEY RATINGS DRIVERS: BTGH

BTGH's long- and short-term IDR's and National Scale Ratings are
equalized to those of its sole operating subsidiary, Banco BTG
Pactual S.A.'s (BTG Pactual, IDR 'BBB-'/Outlook Stable). BTGH is a
pure holding company and directly controls 71.9% of BTG Pactual.
The equalization of the ratings is based on the high correlation
between the probability of default for BTGH and the bank. Both are
incorporated in the same jurisdiction, being overseen by Brazilian
authorities. Double leverage (equity investments in subsidiaries
and BHC intangibles / equity) is low at 101% in December 2012, and
liquidity risk management is centralized at the bank. BTGH's
Support rating and Support rating floors are being assigned at '5'
and 'NF', in view of BTGH's nature as a holding company,
indicating that, although possible, external support cannot be
relied upon.

KEY RATING DRIVERS: BTGI

BTGI's long-term IDR rating reflects its role as an integral BTG
Pactual group and the implicit support BTGI receives from BTGH.
According to Fitch's criteria BTGI is deemed as a core part of BTG
Pactual Group. Despite its evident links with the group
(franchise, common management, relevance of its revenue stream and
completely aligned business model); BTGI is not a direct
subsidiary of BTGH; hence, its rating its notched once from the
rating of BTGH, the primary source of support to the entity. The
current Support Rating of '2' is based on Fitch's assumption of
support from BTGH it should be required, which is based on the
previously stated considerations about its integration with the
BTG Group and BTGH.

In spite of being a separate entity from its sister company, Banco
BTG Pactual S.A. (Foreign currency IDR of 'BBB-'; Outlook Stable),
BTGI shows the same ownership structure after the group's 2012 IPO
where the floating portion of the shares of the bank and BTGI were
sold as staples shares and are listed accordingly. The bank's
asset management division is the investment manager for BTGI's
proprietary trading and private equity investments, which result
in the use of the same rigorous risk management measures and
methodologies adopted by the bank.

BTGI concentrates the bulk of the Principal Investment business
and the group plans to concentrate all of this business under
BTGI. The company's plan is to raise debt from several different
sources in order to gradually transfer all of the group's
proprietary trading activity to BTGI. Despite the planned debt
issuances and third party funding, financial debt leverage should
remain inferior to 1.0x; almost zero as of today. At end 2012,
BTGI's equity base is relatively ample and unencumbered (14.5% of
its total assets while total liabilities to equity stand at 5.9x).
According to the forecast of the company total liabilities to
equity may increase to 8.0x after the completion of the
aforementioned issuances and fund raising.

BTGI's financial profile benefits from the performance of its
proprietary investments, which are largely composed of liquid
financial instruments, low debt service charges and a very nimble
operating structure outsourced to its sister bank. In the next two
years the size of the balance sheet will increase due to the
transfer of some of the proprietary trading portfolio in the bank
to BTGI, which will be funded with medium-term debt. BTGI's
policies call for the use of financial debt to finance proprietary
trading activities and not long-term investments. The lack of
recurrent and predictable fee income and the volatility of its
proprietary trading and long-term (private equity like)
investments, require a heavy utilization of the balance sheet
while future earnings projections are deemed volatile in nature.

BTGI's merchant banking investments are carried out through
private equity funds and joint-ventures. In December 2012, total
commitment undrawn was approximately R$1,759 million, which should
be disbursed mostly over the next 24 months (up to eight years)
through investments in private equity funds and the joint-
ventures. The investment portfolio consists on a diversified group
of portfolio companies primarily located in Brazil with a view to
divestment within four to 10 years.

During 2012, BTGI's performance benefited from its proprietary
trading funds gains, which increased 133.1%, due to higher gains
from fixed income products in Brazil, which benefited from the
easing cycle of Brazilian interest rates and gains from investment
in equities in 2012, primarily driven from the increase of
BM&FBovespa index during this period. Also, the sale of an
indirect interest in a company in the oil and gas industry
resulted in a non-recurrent gain that benefited the company's net
income. As expected, operating revenues may be volatile and
concentrated in nature as is similar to other companies focused on
this business niche.

Fitch has also assigned BTGI upcoming issuance of senior
guaranteed notes an expected rating of 'BBB-(EXP)'. The notes will
be fully and irrevocable guaranteed by BTGH and hence, the rating
of the notes is equalized to the rating of the guarantor. The
assignment of the final rating is subject to final documentation
conforming to that already received by Fitch.

The issuance will have a maturity of five years, and the amount of
the notes and the interest rate will be set at the time of the
issuance. Interest payments will be made semi-annually until
maturity. The principal and interest amounts will be settled in
U.S. dollars (USD).

RATING SENSITIVITIES: BTGH
Changes on the rating of BTG Pactual may lead to changes on BTGH's
ratings. Also, an increase of its double leverage ratio above 120%
or a deterioration of its debt service metrics may result in a
downgrade of BTGH's ratings.

BTGH, incorporated in June 2009, is the holding which controls BTG
Pactual with 71.9% of the total capital (82.51% of the voting
capital). The balance is held by foreign investors (13.3%, such as
JC Flowers and sovereign funds from China, Singapore and Abu
Dhabi, among others), further to floating shares (14.8%). BTGH is
controlled (28.84% of the total capital and 57.12% of the voting
capital) by Andre Esteves, with the remainder divided among 165
BTG Pactual executives.

RATING SENSITIVITIES: BTGI
Changes on the rating of BTG Pactual or BTGH may lead to changes
on BTGI's ratings. A material deterioration of BTGI's financial
profile where sustained losses and/or a significant increase of
its leverage may hinder the overall financial profile of BTG
Group, may trigger a rating downgrade.

BTGH and BTGI Profile

BTGH, incorporated in June 2009, is the holding which controls BTG
Pactual with 71.9% of the total capital (82.51% of the voting
capital). The balance is held by foreign investors (13.3%, such as
JC Flowers and sovereign funds from China, Singapore and Abu
Dhabi, among others), further to floating shares (14.8%). BTGH is
controlled (28.84% of the total capital and 57.12% of the voting
capital) by Andre Esteves, with the remainder divided among 165
BTG Pactual executives.

BTGI is an investment vehicle and a sister company to Banco BTG
Pactual and an integral part of BTG Pactual group. BTGI carries
part of the group's proprietary trading investments and its
merchant banking investments, which include both private equity
funds and co-investment through joint ventures. Since 2011, it has
no operating activities or employees, its investments are managed
by the bank's asset management unit,

BTG Pactual Group is one of the largest merchant banking groups in
Brazil and Latin America, focused on treasury activities
(proprietary and for clients), third party asset management,
corporate finance (mergers and acquisitions, finance consulting,
etc), private banking and capital markets (fixed and variable
income issuances).


GOL LINHAS: Fitch Downgrades Issuer Default Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the ratings of Gol Linhas Aereas
Inteligentes S.A.'s and its fully owned subsidiaries as follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):

* Foreign and local currency long-term Issuer Default Ratings
   (IDRs) to 'B-' from 'B+';
* Long-term national rating to 'BBB-(bra)' from 'BBB(bra)';
* USD200 million perpetual bonds to 'B-/RR4' from 'B/RR5'.

VRG Linhas Aereas S.A. (VRG):
* Foreign and local currency long-term IDRs to 'B-' from 'B+';
* Long-term national rating to 'BBB-(bra)' from 'BBB(bra)';
* USD200 million of senior notes due 2023 to 'B-/RR4' from
  'B/RR5'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

* Foreign and local currency long-term IDRs to 'B-' from 'B+';
* USD225 million of senior notes due 2017 to 'B-/RR4' from
   'B/RR5';
* USD300 million of senior notes due 2020 to 'B-/RR4' from
   'B/RR5'.

In addition, Fitch has affirmed VRG's BRL500 million of senior
notes due 2017 at 'BBB-(bra)'.

The Rating Outlook for GOL, VRG, and GOL Finance is Negative.

The rating downgrades reflect continued deterioration in GOL's
credit profile driven by poor operational results and the
expectation of limited recovery in the company's cash flow
generation during 2013. GOL's EBITDAR margin fell to 3.2% in 2012,
from 9% in 2011 and 22% in 2010. This weakening of GOL's EBITDAR
margins over the last few years reflects the very challenging
scenario faced by the company with its revenue per available seat
kilometers (RASK) to cost per available cost kilometers (CASK)
spread being under pressure due to increasing competition, fuel
costs, and depreciation of the local currency.

High fuel prices, which represent approximately 40% of the
company's operating costs, hurt the company's profitability, as
did the depreciation of the Brazilian real relative to the U.S.
dollar. Approximately 90% of the company's revenues are
denominated in local currency, while around 60% of its total costs
and 80% of its total debt are denominated in U.S. dollars.

The Negative Outlook reflects the concern regarding the company's
ability to reverse its deteriorating operational performance and
increased refinancing risk during 2013. Also factored into the
Negative Outlook is the high degree of sensitivity of GOL's
financial performance to several factors not controlled by the
company such as competition, strength of the local currency versus
the U.S. dollar, and fuel cost. These variables could offset
positive actions taken by management to reduce capacity.

The ratings incorporate GOL's business position in the Brazilian
domestic market with a market share of 40.5%, as measured by
revenues per kilometers (RPK), at the end of February 2013. The
company's business model, which is primarily oriented to the
domestic passenger market and has limited product and geographic
diversification, is also factored into the ratings. The 'B-/RR4'
rating of the company's unsecured public debt reflects average
recovery prospects in the event of a default.

KEY RATING DRIVERS:

Deteriorating Liquidity:
GOL's liquidity deteriorated during 2012, with cash and marketable
securities declining to BRL1.4 billion in 2012 from BRL2.3 billion
in 2011. This compares to short-term debt of BRL1.7 billion in
2012, which includes approximately BRL1.1 billion of debt
associated with the company's fourth and fifth debenture issuance,
resulting in a low cash to short-term debt coverage ratio of 0.8x.

GOL obtained waivers for covenant violations on Feb. 1, 2013 that
will result in the company's debt maturing as originally scheduled
between 2015 and 2017 if it is in compliance with restrictive
leverage covenants as of Dec. 31, 2013. Excluding the fourth and
fifth debenture issuance; GOL faces debt amortizations of
approximately BRL370 million in 2013 and BRL132 million in 2014.

During February 2013, the company issued, through its fully owned
subsidiary VRG Linhas Aereas S.A. (VRG), USD200 million unsecured
notes to refinance debt; and it is currently planning several
initiatives to boost its liquidity. One of these initiatives
includes an IPO of its loyalty program Smiles S.A., which the
company expects to complete during April 2013.

Operational Performance, Focus on RASK-CASK Spread:
GOL's cash flow generation deteriorated during the last three year
period ending December 2012 with EBITDAR of BRL1.5 billion, BRL707
million, and BRL258 million during 2010, 2011, and 2012,
respectively. This negative trend reflects the company's
challenging operating environment during 2012 which limited GOL's
capacity to maintain a balance between its revenue and cost
structure. This resulted in the company's RASK-CASK spread (BRL
cents) reaching levels of +1.52, -0.37; and -1.75 in 2010, 2011,
and 2012, respectively.

GOL is planning to reduce its fleet capacity in the domestic
market by 8% to 10% during first-half 2013 in an effort to improve
its RASK levels. The effectiveness of GOL's business strategy will
depend not only of its own efforts, but also of the macroeconomic
business environment, as well as by actions taken by main
competitors related to capacity management. Fitch expects Brazil's
GDP to expand by about 3% during 2013, which compares with 0.9%
during 2012.

GOL and TAM are the two main players by market share in the
Brazilian airline industry. The management of these two major
airlines publicly stated that they are both in favor of a more
rational capacity-management environment and have guided for
capacity reductions during 2013 to support cash flow generation
recovery. However, the possibility of increasing competition
leading to irrational pricing strategies cannot be discounted, as
this irrational behavior has occurred in the past.

High Financial Leverage:
Leverage is expected to remain high notwithstanding the
expectation of a slight recovery in GOL's cash flow generation
during 2013 as the company reduces capacity. GOL had approximately
BRL9.6 billion of total adjusted debt at the end of 2012. This
debt consists primarily of BRL5.2 billion of on-balance-sheet debt
and an estimated BRL4.5 billion of off-balance sheet debt
associated with lease obligations.

The company's total adjusted debt/EBITDAR and total adjusted net
debt/EBITDAR ratios reached 16.2x and 13.2x, respectively, by the
end of June 2012. These metrics significantly deteriorated during
the second half of 2012 to 38.0x and 32.0x, respectively.

Rating Sensitivities:

Further liquidity deterioration during the next few quarters,
driven by a continued negative trend in operational results
resulting in a lower cash balance that drives incremental debt
increases is the main credit concern. A rating downgrade could be
triggered by any of the following factors: an inability to reverse
negative trend in operational results during the next few quarters
and a general weakening of industry conditions in the Brazilian
market. Delays in the company's asset sales process related to the
frequent-flier unit would also be viewed negatively.

Improved operational performance that would lower the company's
net leverage to around 7.0x by the end of 2013 could lead to a
revision of the Outlook to Stable.


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B R I T I S H  V I R G I N  I S L A N D S
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ANCHOR HEDGE: BVI Court Confirms Liquidators' Appointment
---------------------------------------------------------
hedgeweek.com reports that the British Virgin Islands Court has
confirmed the appointment of John Greenwood and Hadley Chilton of
Baker Tilly (BVI) Limited as liquidators of four hedge funds
incorporated in the BVI, and has decided that a U.S. receiver
attempting to claim assets owned by the hedge funds would not be
recognised by the BVI Court.

The ruling is being seen as an important decision for insolvency
practitioners, hedgeweek.com says.

Baker Tilly is represented in the BVI by Withers' BVI office.

hedgeweek.com recalls that Messrs. Greenwood and Chilton were
appointed voluntary liquidators of Anchor Hedge Fund Limited, and
three associated hedge funds, with effect from Oct. 24, 2012, by
their former investment adviser, Nikolai Battoo.  Mr. Battoo is
the subject of proceedings in the US by both the US Commodity
Futures Trading Commission and the Securities and Exchange
Commission. The Illinois Court appointed Brick Kane, of Robb Evans
& Associates, as receiver to take control of all assets directly
or indirectly owned by Battoo and others.  hedgeweek.com recalls
that the U.S. receiver challenged the validity of the liquidators'
appointment, as well as seizing assets in the US and attempting to
claim significant assets in Guernsey owned by the funds.

In a judgment delivered on March 20, 2013, hedgeweek.com relates,
Bannister J held that the liquidators had been validly appointed,
holding, inter alia, that Mr. Battoo as ultimate sole shareholder
of the hedge funds had authority to appoint liquidators whether
authorised by the funds' immediate shareholders or not.  According
to hedgeweek.com, Bannister J also held that the U.S. receiver was
not entitled to recognition under Part XIX of the BVI Insolvency
Act, and dismissed the U.S. receiver's cross-application with
costs.


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C A Y M A N  I S L A N D S
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BILLION PLUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Feb. 5, 2013, the shareholders of Billion Plus Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lo Choy Yuk Ching Yvonne
          7 Black's Link
          Repulse Bay
          Hong Kong


CAMELOT: Shareholder Receives Wind-Up Report
--------------------------------------------
On March 1, 2013, the sole shareholder of Camelot received 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


CARIBBEAN OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Feb. 25, 2013, the shareholders of Caribbean Offshore Investors
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          York Group Limited
          P.O. Box 1239, Offshore Incorporation Centre
          Victoria, Mahe, Seychelles
          Telephone: +8 (526) 052 9003


ES HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------
On March 4, 2013, the shareholders of ES Holdings Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert N. Slatter
          Fordsar (Cayman) Limited
          Centennial Towers, Suite 204
          2454 West Bay Road
          West Bay, Box 335 Grand Cayman KY1-1301
          Cayman Islands


KARNA LTD: Shareholder Receives Wind-Up Report
---------------------------------------------
On March 1, 2013, the sole shareholder of Karna Ltd received 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


LION GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
On Feb. 20, 2013, the shareholders of Lion Global Offshore Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Ryan Pull
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Telephone: +1 (345) 814 3306


LION GLOBAL MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Feb. 20, 2013, the shareholders of Lion Global Offshore Master
Fund, Ltd received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Ryan Pull
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Telephone: +1 (345) 814 3306


MERCER PARK: Shareholders Receive Wind-Up Report
------------------------------------------------
On March 1, 2013, the shareholders of Mercer Park Special
Situations Fund, Ltd. received 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


MERCER PARK GP: Shareholders Receive Wind-Up Report
--------------------------------------------------
On March 1, 2013, the shareholders of Mercer Park GP, Ltd.
received 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


MORGAN STANLEY COMMODITIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
On Feb. 19, 2013, the shareholders of Morgan Stanley Commodities
Trading Cayman Holdings Ltd received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rainer Hok Chung Lam
          c/o Jodi Jones
          Telephone: (345) 949 7000
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


PLAN LIMITED: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 31, 2013, the sole shareholder of Plan Limited received
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


RAINBOW FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
On March 1, 2013, the sole shareholder of Rainbow Fund received
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


RAM INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Jan. 30, 2013, the shareholders of Ram International Holding
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman IslandS
          Telephone: 945-8859
          Facsimile: 949-9793/4


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


* COLOMBIA: Fitch Sees Greater Financing Challenges Ahead
---------------------------------------------------------
In order to improve Colombia's competitive position, Colombian
Subnationals are receiving financing to help fund their capital
expenditures beyond their own borders, according to a Fitch
Ratings report.

This report underlines the pressures that regional governments
face to obtain financing and the challenges still to overcome.

Colombia is under pressure to improve competitiveness. Sustaining
high growth, through the consolidation of existing markets and the
broadening international ones, requires ensuring a competitive
market improvement for investors.

Nonetheless, despite of the recently wider range of available
resources and mechanisms to invest (Private Public Partnerships,
'Convenio plan', Royalties under the new distribution system,
among others), infrastructure and other social investments are not
being executed on schedule or on budget. Fitch recognizes the
increasing efforts to obtain better competitiveness conditions and
highlights the growth of funding modalities such as debt and
future budget allocations.


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


* JAMAICA: No IMF Deal at Start of Budget Year Worries PSOJ
-----------------------------------------------------------
RJR News reports that the Private Sector Organization of Jamaica
(PSOJ) is concerned the new fiscal year has started with no
International Monetary Fund (IMF) deal in sight.

The report relates that the organization is worried about the
implications of the deal remaining in limbo:

"Well, the PSOJ is very concerned.  We are entering the new budget
year with no IMF agreement in place; no definitive timetable; we
have energy increases -- we had an almost island-wide blackout
over the Easter weekend. . . . There's continued uncertainty which
leads to terrible slippage in the value of the dollar and it's a
tough time for businesses island wide. We are very, very worried,"
the report quoted Christopher Zacca, president of the PSOJ, as
saying.


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


CARIBBEAN AIRLINES: Dismisses Reports of Being Cash-Strapped
------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has dismissed
reports that it is cash-strapped.  Mohan Jaikaran, airline vice-
chairman, said on the contrary, the entity's financial position is
set to improve, according to RJR News.

The report relates that Mr. Jaikaran's statement comes on the
heels of a newspaper report in Trinidad and Tobago on the weekend
that Caribbean Airlines was seeking an immediate injection of
TT$100 million from the government to pay suppliers and employees.

RJR News says that a report in an issue of Trinidad's Express
newspaper quoted Mr. Jaikaran as saying almost all global airlines
were losing money, but CAL is heading in the right direction.  RJR
News notes that Mr. Jaikaran hinted that within a year, there may
be a turnaround of the airline's history of financial losses.

Mr. Jaikaran denied that CAL was seeking another TT$100 million,
the report relates.

The report adds that the airline, which acquired Air Jamaica two
years ago, received a Government subvention of TT$527 million in
the 2013 budget.

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.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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