TCRLA_Public/130412.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 12, 2013, Vol. 14, No. 72


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Rates Expected Debt Issuance 'B1'
GRUPO SUPERVIELLE: ARS70MM Sr. Debt Issue Gets Moody's B3 Rating
PSA Finance: Moody's Assigns B1 Rating to ARS140MM Bond Issuance
YPF SA: Forced to Import More Fuel Due to La Plata Fire
* Moody's Examines Role of Holdout Creditors in Restructurings


B R A Z I L

MAGNESITA REFRATARIOS: S&P Affirms 'BB' Rating; Outlook Stable


C A Y M A N  I S L A N D S

ASTRUM HOLDINGS: Commences Liquidation Proceedings
CANYON CAPITAL: Shareholders Receive Wind-Up Report
CB CAPITAL: Commences Liquidation Proceedings
CX WINDTECH: Placed Under Voluntary Wind-Up
HFV DRAKE 1: Commences Liquidation Proceedings

HFV DRAKE 2: Commences Liquidation Proceedings
HYLAS CAPITAL: Placed Under Voluntary Wind-Up
HYLAS FUND: Placed Under Voluntary Wind-Up
JSKY TECHNOLOGY: Commences Liquidation Proceedings
PENHAM HOLDINGS: Commences Liquidation Proceedings

RIO VISTA: Placed Under Voluntary Wind-Up
ROSE INVESTMENTS: Commences Liquidation Proceedings
ROY G. NIEDERHOFFER: Commences Liquidation Proceedings
ROY G. NIEDERHOFFER MASTER: Commences Liquidation Proceedings
SOLA PACIFIC: Placed Under Voluntary Wind-Up

SOLA PORTABLE I: Placed Under Voluntary Wind-Up
SOLA PORTABLE II: Placed Under Voluntary Wind-Up
SOLA PORTABLE III: Placed Under Voluntary Wind-Up
TRIKONA ADVISORS: Grand Court Enters Wind-Up Order
WBS FX: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* Power Companies Demand Payment of US$700 Million From Gov't.


M E X I C O

MAXCOM TELECOM: May Seek Restructuring if Exchange Offer Fails
METALSA SA: S&P Assigns 'BB+' CCR & Rates $300MM Notes 'BB+'
* Moody's Affirms Ba3 Global Scale Rating for Durango


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Jamaican Gov't. Seeks Flight Clarification




                            - - - - -


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


GPAT COMPANIA: Moody's Rates Expected Debt Issuance 'B1'
--------------------------------------------------------
Moody's Investors Service assigned a B1 global local-currency debt
rating to the thirteen expected issuance of GPAT Compania
Financiera (GPAT) Class A, up to the amount of ARS250 million
which will be due in 9 months, and Class B, up to the amount of
ARS250 million which will be due in 18 months. The total amount of
both classes must not exceed ARS250 million. At the same time,
Moody's Latin America assigned Aa2.ar national scale local
currency debt rating to GPAT's expected issuances. The issuances
are under GPAT's debt program up to the amount of ARS1500 million,
also rated B1.

The outlook on all ratings is negative, in line with the negative
outlook on the sovereign ratings.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s issuances:

Class A: ARS250 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating, negative outlook, with
negative outlook

Aa2.ar Argentina National Scale Local Currency Debt Rating

Class B: ARS250 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating; negative outlook, with
negative outlook

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's B1 global local currency corporate
family rating (CFR). Moody's also noted that seniority was taken
into consideration in the assignment of the debt ratings.

Moody's Investors Service has assigned a B1 local currency CFR to
GPAT, which is mainly based on the entity's key role as the
financial agent for General Motors and its strong commercial and
strategic importance to the corporation, as well as its
profitability and funding structure. The rating also takes into
account the company's small franchise in the Argentine market and
monoline business orientation.

The company is 99% owned by Banco Patagonia (rated E+, Ba3).
Moody's said that the one-notch differential between the Ba3
standalone rating for Banco Patagonia and the B1 debt rating
reflects the structural subordination of GPAT's bondholders to all
liability holders of Banco Patagonia.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS1.605 million of total assets and
ARS320 million of shareholders' equity as of December 31, 2012.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 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.


GRUPO SUPERVIELLE: ARS70MM Sr. Debt Issue Gets Moody's B3 Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B3 global local currency
senior debt rating to Grupo Supervielle S.A.'s (GS) tenth expected
issuance for an amount up to ARS70 million, which will be due in
18 months. At the same time, on the National Scale, Moody's
assigned A2.ar local currency debt rating to the expected
issuance.

The outlook on the ratings is negative following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Grupo Supervielle S.A.:

ARS70 million debt expected issuance:

B3 Global Local Currency Senior Debt Rating, negative outlook

A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Grupo Supervielle's B3 global local currency
issuer rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Moody's said that the B3 issuer rating captures GS's consistent
profitability indicators derived from its operating subsidiaries.
Incorporated in Argentina, Grupo Supervielle is the holding
company for a group of financial services companies, including
Banco Supervielle (rated E+, B2), Cordial Compania Financiera
(rated E+, B2); Tarjeta Automatica S.A. (a credit card company,
unrated), Cordial Microfinanzas S.A. (a microfinance company,
unrated), Supervielle Asset Management S.A., Adval S.A. (call
center), and more recently, Espacio Cordial de Servicios.

The B3 rating for the GS' debt is anchored on the B2 global
deposit rating of Banco Supervielle, the group's largest earnings
generator. In addition, the bank's expanding positioning and
market penetration in the commercial (SME) and consumer finance
segments were considered. Moody's said that the one-notch
differential between the B2 deposits rating for Banco Supervielle
and the B3 debt rating of GS reflects the structural subordination
of GS' bondholders to all liability holders of Banco Supervielle.

Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported assets of ARS1,219 million, and equity of
ARS988 million as of December 2012.

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
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.


PSA Finance: Moody's Assigns B1 Rating to ARS140MM Bond Issuance
----------------------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
thirteen bond issuance for an amount up to ARS140 million, which
will be due in 21 months, as well as to the fourteen expected
issuance for an amount of ARS40 million, which will be due in 9
months. Both expected issuances together should not exceed ARS140
million. At the same time, on the National Scale, Moody's Latin
America assigned Aa2.ar local currency debt rating to both
expected issuances.

The outlook on all ratings is stable.

The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:

ARS140 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

ARS40 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from PSA Finance's B1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Moody's assigns a Baseline Credit Assessment (BCA) of b3 to PSA
Finance Argentina, which incorporates its key role as the
financial agent for Peugeot Citro‰n Argentina S.A., the company's
solid risk management policies and its good asset quality and
capitalization indicators. However, the rating also captures the
tight competition within the car-financing industry, the entity's
monoline business orientation and its funding structure, largely
wholesale. The entity is owned 50%-50% by France's Banque PSA
Finance (BPF) and Argentina's BBVA Banco Frances. Moody's assumes
a moderate level of support from BPF to its subsidiary in
Argentina in situations of stress, lifting the BCA by two notches
to a global long term local currency (GLC) deposit rating of B1.

PSA Finance Argentina Compania Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1,924 million and
equity of ARS219 million as of December 2012.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
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.


YPF SA: Forced to Import More Fuel Due to La Plata Fire
-------------------------------------------------------
Merco Press reports that Argentina's state oil and gas company YPF
CEO Miguel Galuccio announced that fuel production could drop 7%
because of a fire at its refinery in La Plata. A return to full
operations at the 180.000 bpd facility is expected in 30-45 days
time.

In a press conference, CEO Galuccio admitted that the company may
have to increase imports from 10 to 15/16% in order to reach
domestic supply demands, according to the report.

The refinery's Coke A unit is offline following a fire last week
during the floods in La Plata, located 60 kilometers from Buenos
Aires, Mr. Galuccio said, Merco Press relates.  YPF plans to build
a new coke unit to replace the damaged one, requiring an 800
million Pesos investment, the report states citing the CEO.

                           About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its international
operations are conducted through its subsidiaries, YPF
International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.


* Moody's Examines Role of Holdout Creditors in Restructurings
--------------------------------------------------------------
Sovereign bond restructurings over the last 15 years have
generally been resolved quickly and almost always without ligation
from holdout creditors, says Moody's Investors Service in a new
report in its Sovereign Defaults Series.

Reviewing 34 sovereign bond exchanges since 1997, Moody's finds
that only two had a significant percentage of holdout creditors.

Specifically, in only two cases did holdout creditors represent
more than 10% of the value of the outstanding bonds. In only one
case -- that of Argentina -- have holdouts led to persistent
litigation.

"Our analysis shows that concerns over coordination problems among
creditors are exaggerated," says Elena Duggar, Moody's Group
Credit Officer for Sovereign Risk and author of the report "The
Role of Holdout Creditors and CACs in Sovereign Debt
Restructurings."

"In most cases, a bondholder committee was formed within a
reasonably short timeframe and negotiations over the restructuring
were concluded relatively quickly," says Duggar. "The case of
Argentina was and remains unique in its unilateral and coercive
approach to the debt restructuring."

On average, sovereign bond restructurings have closed 10 months
after a government has announced its intention to restructure and
seven months after the start of negotiations with creditors, says
Moody's.

Creditors have typically participated in sovereign bond
restructuring offers: in the 34 restructurings, creditor
participation averaged 95%. The only exchanges with lower
participation rates were those of Argentina, with a realized
participation rate of 76%, and Dominica, with a rate of 72%. Later
on, however, participation rates increased to 93% in Argentina and
close to 100% in Dominica.

Moody's notes that about 35% of sovereign debt exchanges relied on
the use of Collective Action Clauses (or CACs) or exit consents in
the bond contracts to bind a larger share of creditors in the
restructuring.

CACs allow a supermajority of creditors to amend the instrument's
payment terms and other provisions, thus allowing the
supermajority to agree to a debt restructuring legally binding to
all shareholders, including those who vote against the
restructuring.

The European Stability Mechanism (ESM) Treaty has mandated that
CACs be introduced into euro area sovereign bond contracts.

Ongoing creditor litigation over Argentina's 2005 debt exchange
has been drawing attention to the role of holdout creditors and
the problem of free rider incentives, leading to a large body of
theoretical work on the topic. The Moody's report reviews
empirical evidence from 34 exchanges involving 20 sovereigns and
both Moody's-rated and unrated debt instruments. Nine sovereigns
performed several debt exchanges in a row.


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


MAGNESITA REFRATARIOS: S&P Affirms 'BB' Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA' national scale ratings on Magnesita Refratarios S.A.
The outlook is stable.

The affirmation reflects S&P's expectation that Magnesita's
capital structure will continue to improve as new management
further reduces total debt and the company benefits from the
increase in vertical integration after the recent conclusion of
its magnesite sinter expansion project.  The ratings also reflect
the risks the company faces from exposure to the cyclicality of
its main customers in the steel industry.


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


ASTRUM HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 30, 2013, the sole shareholder of Astrum Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 28, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


CANYON CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On March 12, 2013, the shareholders of Canyon Capital CDO 2001-1
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o James Drury
          Grant Thornton Specialist Services (Cayman) Limited
          P.O. Box 765, 10 Market Street, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 769 7219
          Facsimile: +1 (345) 949 7120
          E-mail: james.drury@uk.gt.com


CB CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 31, 2013, the members of CB Capital Management Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

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


CX WINDTECH: Placed Under Voluntary Wind-Up
-------------------------------------------
On Feb. 5, 2013, the sole member of CX Windtech Holdings Company
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 19, 2013, will be included in the company's dividend
distribution.

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


HFV DRAKE 1: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 7, 2013, the members of HFV Drake 1 Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HFV DRAKE 2: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 7, 2013, the members of HFV Drake 2 Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HYLAS CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Feb. 8, 2013, the sole shareholder of Hylas Capital Master
Fund, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


HYLAS FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On Feb. 8, 2013, the sole shareholder of Hylas Capital Fund, Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


JSKY TECHNOLOGY: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 8, 2013, the members of JSKY Technology Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Portcullis Trustnet (Cayman) Ltd
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


PENHAM HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 15, 2013, the shareholders of Penham Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Newington Ltd.
          c/o Steven J. Barrie
          31 The Strand
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 949 9710


RIO VISTA: Placed Under Voluntary Wind-Up
-----------------------------------------
On Feb. 6, 2013, the shareholders of Rio Vista Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          P.O. Box 1170 George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 0355/ (345) 914 3115
          Facsimile: (345) 949 0360


ROSE INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
Rose Investments Ltd. commenced liquidation proceedings on
Jan. 30, 2013.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ROY G. NIEDERHOFFER: Commences Liquidation Proceedings
------------------------------------------------------
On Jan. 30, 2013, the sole shareholder of Roy G. Niederhoffer
Trendhedge Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ROY G. NIEDERHOFFER MASTER: Commences Liquidation Proceedings
-------------------------------------------------------------
On Jan. 30, 2013, the sole shareholder of Roy G. Niederhoffer
Trendhedge Master Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SOLA PACIFIC: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 17, 2013, the sole shareholder of Sola Pacific Fund Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SOLA PORTABLE I: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 17, 2013, the sole shareholder of Sola Portable Alpha Fund
I Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SOLA PORTABLE II: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 17, 2013, the sole shareholder of Sola Portable Alpha Fund
II Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SOLA PORTABLE III: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 17, 2013, the sole shareholder of Sola Portable Alpha Fund
III Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TRIKONA ADVISORS: Grand Court Enters Wind-Up Order
--------------------------------------------------
On Jan. 31, 2013, the Grand Court entered an order to wind up the
operations of Trikona Advisors Limited.

The company's liquidators are:

          Jess Shakespeare
          Mark Longbottom
          c/o Helen Ennis
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9902
          Facsimile: (345) 943 9900


WBS FX: Commences Liquidation Proceedings
-----------------------------------------
On Feb. 1, 2013, the sole shareholder of WBS FX Funding Company
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 27, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


===================================
D O M I N I C A N   R E P U B L I C
===================================


* Power Companies Demand Payment of US$700 Million From Gov't.
--------------------------------------------------------------
Dominican Today reported that Dominican Republic's power companies
(ADIE) on Thursday demanded payment of a debt of more than US$700
million they affirm is five months in arrears for electricity
supplied to the state-owned utilities (EDES).

According to the report, the ADIE said the debt makes the power
companies' operations untenable, for which the call on the
Government to make greater effort to pay the accumulated debt. "To
honor this commitment is the only guarantee that exists to ensure
the electrical system's sustainability in the short term."

Dominican Today noted the ADIE stressed that the debt owed is for
energy supplied and consumed, and that they need the funds to buy
fuel to continue operating the plants. "Despite this fact, the
power companies have continued to operate because of our
commitment with Dominican society, to the point of financing the
lack of payment by the EDES."


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


MAXCOM TELECOM: May Seek Restructuring if Exchange Offer Fails
--------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Maxcom
Telecomunicaciones SAB, which agreed to a private-equity takeover,
said it may have to seek a restructuring if terms of its debt
exchange offer aren't met.

According to Bloomberg, a filing on Wednesday to Mexico's stock
exchange said that Maxcom extended until April 24 a deadline for
holders of its bonds due in 2014 to exchange them for new ones due
in 2020.  The offer had been set to expire on Wednesday, April 10,
Bloomberg discloses.

The company is pushing to complete a deal in which Ventura Capital
Privado SA would take control by acquiring shares in a tender
offer, Bloomberg notes.  Maxcom on Wednesday said that process was
also extended through April 24, Bloomberg relates.

Maxcom, as cited by Bloomberg, said that the company would
restructure by beginning voluntary Chapter 11 bankruptcy
proceedings in the U.S. and obtaining "other forms of protection
in case of insolvency."

Maxcom said March 27 that debtholders representing 61.4% of the
bonds had accepted the exchange, and that Ventura had waived a
requirement that the rate reach 90% to complete its tender offer,
Bloomberg recounts.

                           About Maxcom

Headquartered in Mexico City, Mexico, Mexico Maxcom
Telecomunicaciones S.A.B. de C.V. -- http://www.maxcom.com.mx/--
is a facilities-based telecommunications provider using a "smart-
build" approach to deliver last-mile connectivity to micro, small
and medium-sized businesses and residential customers in the
Mexican territory.  Maxcom launched commercial operations in May
1999 and is currently offering local, long distance, data, value-
added, CATV and IP-based services on a full basis in greater
metropolitan Mexico City, Puebla, Tehuacan, San Luis, and
Queretaro, and on a selected basis in several cities in Mexico.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 25, 2013, Standard & Poor's Ratings Services lowered its
corporate credit and issue level ratings on Maxcom
Telecomunicaciones S.A.B. de C.V. to 'CC' from 'CCC+'.  S&P
removed the ratings from CreditWatch with negative implications,
where it placed them on Dec. 6, 2012.  The recovery rating of '3'
on the company's senior secured notes remains unchanged.  S&P said
that the outlook on the corporate credit rating is negative.


METALSA SA: S&P Assigns 'BB+' CCR & Rates $300MM Notes 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Metalsa S.A. de C.V. (Metalsa).  S&P
also assigned its 'BB+' long-term issue rating to the company's
proposed $300 million senior unsecured notes with a recovery
rating of '3', indicating S&P's expectation of meaningful (50% to
70%) recovery in the event of a payment default.  The company will
use the proceeds of the proposed issuance to refinance a portion
of its debt and for general corporate purposes.  The outlook is
stable.

The rating on Metalsa reflects S&P's assessment of the company's
"weak" business risk profile (in line with most of its rated
peers) and "intermediate" financial risk profile, as per S&P's
rating criteria.  S&P's assessment of the company's "weak"
business risk profile reflects the company's relative small size
and geographic, client and product concentration, and the
challenges of integrating recently acquired assets to make its
global production platform more efficient.  It also reflects the
cyclical nature of the automotive industry.  "On the other hand,
it reflects Metalsa's sound and fairly stable operating margins,
supported mainly by its low and variable cost structure, and
strong market shares derived from long-term relationships with its
main customers," said Standard & Poor's credit analyst Bernardo
Gonzalez.  S&P's assessment of its "intermediate" financial risk
profile reflects the company's solid financial metrics, low
leverage--despite its growth strategy through partially debt-
financed acquisitions--its moderate financial policy, and "strong"
liquidity.


* Moody's Affirms Ba3 Global Scale Rating for Durango
-----------------------------------------------------
Moody's de Mexico affirms the Ba3 (Global Scale, local currency)
and A3.mx (Mexico National Scale) issuer ratings of the
Municipality of Durango and revises the rating outlook to stable
from negative.

Ratings Rationale:

The outlook change is prompted by the improvement of gross
operating balances, the rebalancing of financial results and the
moderate increase of debt to revenue levels in the past two years.

In both 2011 and 2012, the Municipality of Durango registered
gross operating balances equivalent to 1.5% and 3.4% of operating
revenues, respectively from -7.0% in 2010. Throughout this period,
fiscal measures to increase property tax collections together with
the sustained growth of federal transfers led to an average
operating revenue growth of 12.5% which outpaced the 6.9%
operating expenditure growth.

In addition, capital expenditures have been more moderate and
consolidated financial results are positive after three
consecutive years with cash financing requirements that averaged -
6.9% of total revenues. Given the improvement of operating and
consolidated financial results, debt levels have remained
relatively stable. Net direct and indirect debt stood at 40.8% of
operating revenues in 2012.

What Could Change The Ratings Up/Down

A sustained strengthening of gross operating balances and a
decrease in debt levels could exert upward pressure on the
ratings.

In the context of an electoral year, the loss of fiscal discipline
that leads to negative gross operating balances and a decrease in
its already tight liquidity position could exert downward pressure
on the ratings.

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.

The principal methodologies used in this rating were Regional and
Local Governments published on Jan 18, 2013 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published on Oct.
9, 2012.


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


CARIBBEAN AIRLINES: Jamaican Gov't. Seeks Flight Clarification
--------------------------------------------------------------
RJR News reports the Jamaican government is seeking clarification
from the authorities in Trinidad in the wake of reports that
Caribbean Airlines could reduce flights to Jamaica.

The matter was raised Tuesday night during the sitting of
Parliament's Standing Finance Committee, RJR News relates.

According to the report, Dr. Omar Davies, Minister of Transport,
Works and Housing, said the Trinidadian air carrier, which
purchased Air Jamaica two years ago, is facing serious challenges
and there has been talk of scaling back service to Jamaica.  He
disclosed that information has not been forthcoming from Caribbean
Airlines.

                     About Caribbean Airlines

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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