TCRLA_Public/130419.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 19, 2013, Vol. 14, No. 77


                            Headlines



B R A Z I L

CYRELA COMMERCIAL: Fitch Upgrades Issuer Default Rating to 'BB+'


C A Y M A N  I S L A N D S

AOF HAITAI: Commences Liquidation Proceedings
APP CHINA: Commences Liquidation Proceedings
CAIP HAITAI: Commences Liquidation Proceedings
DAVID INVESTMENTS: Placed Under Voluntary Wind-Up
FRONTEER HOLDINGS: Placed Under Voluntary Wind-Up

HINDE EQUITY: Placed Under Voluntary Wind-Up
HINDE EQUITY FUND: Placed Under Voluntary Wind-Up
HINDE EQUITY GP: Placed Under Voluntary Wind-Up
JAPETUS LIMITED: Commences Liquidation Proceedings
LAKESIDE RE II: Commences Liquidation Proceedings

LOCKERBIE LIMITED: Placed Under Voluntary Wind-Up
MADELEINE LIMITED: Commences Liquidation Proceedings
MARTA EAST: Commences Liquidation Proceedings
MULTICAT MEXICO: Commences Liquidation Proceedings
RYLETT LIMITED: Commences Liquidation Proceedings

SUMITOMO LIFE: Commences Liquidation Proceedings
TCB CREDITOR: Commences Liquidation Proceedings
TTO INVESTMENT: Placed Under Voluntary Wind-Up
WILLROSE LIMITED: Placed Under Voluntary Wind-Up


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: $1-Bil. Bond Offer Gets Moody's B1 Rating


J A M A I C A

UC RUSAL: Warns of Further Drop in Price of Metal


M E X I C O

FERREYCORP SAA: S&P Assigns 'BB+' Corporate Credit Rating
MAQUINARIA ESPECIALIZADA: S&P Puts 'BB-' Rating on CreditWatch
MAQUINARIA ESPECIALIZADA: Fitch Cuts Secured Notes Rating to B-


P U E R T O   R I C O

EDIFICA INC: Case Summary & 20 Largest Unsecured Creditors
HOTEL AIRPORT: Court Confirms Reorganization Plan


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Cuts Air Jamaica Flights
CL FIN'L: Ex-Clico Czar Sells Off Posh Miami Hotels


V E N E N Z U E L A

* VENENZUELA: Fitch Says Election Fails to Dispel Uncertainty




                            - - - - -


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


CYRELA COMMERCIAL: Fitch Upgrades Issuer Default Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Cyrela Commercial
Properties S.A. Empreendimentos e Participacoes (CCP) as follows:

-- Long-term Foreign Currency Issuer Default Rating (IDR) to
   'BB+' from 'BB';

-- Long-term Local Currency IDR to 'BB+' from 'BB';

-- Long-term National Scale rating to 'AA(bra)' from 'AA-(bra)';

-- Second debenture issuance, in the amount of BRL204.4 million,
   due in 2017, to 'AA(bra)' from 'AA-(bra)';

-- Third debenture issuance, in the amount of BRL150 million, due
   in 2018, to 'AA(bra)' from 'AA-(bra)'.

The Outlook for the corporate ratings is Stable.

KEY RATING DRIVERS

The upgrade of CCP's ratings reflects the company's consistent and
growing operating results, adequate liquidity, conservative
coverage ratios and manageable debt maturity schedule. The
upgrades also incorporate the expectation that CCP will preserve a
satisfactory financial profile, supported by adequate liquidity
and considerable financial flexibility, as it moves forward with a
BRL777 million capex plan, which is intended to increase the
company's presence in the industry.

CCP's ratings incorporate its diversified asset portfolio and
position as one of the leaders in the leasing of high-quality
corporate buildings in Brazil. The company's stable business base,
predictable and growing operational cash generation, its
experience, and the competitive advantage of an integrated
business model in a highly fragmented industry were also
considered in the analysis. The ratings are constrained by the
cyclicality of the commercial properties business and its
vulnerability to fluctuations in the domestic economy and the
availability of long term credit lines.

The classifications also consider the strength of the CCP brand
and its operational synergies and integration with Cyrela Brazil
Realty S.A. Empreendimentos e Participacoes (Cyrela, IDRs in
Foreign and Local Currency 'BB' and Long Term National Scale
Rating 'AA-(bra)' with a Stable Outlook), one of the largest
homebuilding companies in Brazil.

Consistent and Growing Operational Cash Flow

CCP's cash flow from lease agreements is predictable and growing
and has benefited from the occasional sale of assets. The
company's net revenues increased by 57% in 2012, in comparison
with 2011, to BRL489 million. This growth reflected increased
lease renewals and closing of new lease agreements, as well as
substantial revenues from asset sales of BRL289 million. CCP's net
operating income (NOI), which considers only the lease revenue,
was BRL179 million in 2012, compared with BRL150 million in 2011.
EBITDA has consistently increased since 2007 and was BRL236
million in 2012, compared with BRL180 million in 2011, with an
EBITDA margin of 48.7%, compared to 58.3% in the same period. The
volatility of the EBITDA margin reflects the larger volume of
assets sold, which carry lower margins and are more volatile than
those of recurring revenue from lease agreements.

The large capex plan is expected to continue to pressure CCP's
free cash flow (FCF), which is likely to remain negative in 2013
and in 2014, excluding occasional property sales. In 2012, the
company's funds from operations (FFO) totaled BRL236 million,
while its cash flow from operations (CFFO) was BRL175 million.
These figures compare with BRL205 million and BRL207 million,
respectively, in 2011. With investments of BRL438 million and
dividends of BRL27 million, FCF was a negative BRL290 million in
2012. Fitch expects that the company will be able to obtain long-
term financing for its projects with amortizations based on funds
received from the assets leased, and despite high investments, FFO
interest coverage should remain strong. In 2012, FFO interest
coverage was 6.2x, while the EBITDA/interest expense ratio was
5.2x.

Expected Leverage Increase is Manageable

CCP's leverage should increase, but remain manageable, despite the
investments expected for the next two years. Total debt/EBITDA
ratio remained stable over the last three years at 4.0x in 2012,
while net leverage was 2.8x in 2012, compared with 1.9x in 2011.
Fitch expects an increase in net leverage to around 5.5x in 2013,
reflecting the disbursements of the long- term real estate lines
for the projects under development. Revenues from lease agreements
of new projects should positively impact the company's credit
metrics and leverage should reduce in 2014 and 2015.

When compared with the economic value of the CCP's commercial
properties, leverage remains low. The ratio loan-to-value,
measured by net debt / estimated market value of assets, was of
33% at end 2012, without considering the projects under
development. This ratio should not exceed 50% over the 2013 to
2015 period.

Adequate Liquidity and Debt Profile

CCP's liquidity is comfortable for debt maturities due by year-end
2015. As of Dec. 31, 2012, cash and marketable securities totaled
BRL274 million and total debt, BRL946 million. The company's debt
maturity schedule showed BRL87 million maturing in the short term,
BRL98 million in 2014 and BRL107 million in 2015. Fitch expects
the company to continue to manage its liquidity conservatively and
benefit from an increasing lease base and growing EBITDA
generation, which are expected to satisfactorily contain the
effects of higher leverage and limit refinancing pressures in the
short and medium terms. Fitch also views the more intensive use of
long-term real estate construction financings, linked to future
cash flow from the projects, as a positive.

CCP counts on good financial flexibility, since around 69% of the
estimated market value of its assets were unencumbered and may be
available for sale or serve as collateral for a secured financing,
if needed. In December 2012, unencumbered assets had an estimated
market value of BRL1.4 billion and covered about 2.6x the
corporate debt of BRL548 million.

High Quality Portfolio of Commercial Properties

CCP is one of the largest companies of investment, lease and
commercialization of commercial properties in Brazil. At end 2012,
the company owned 18 commercial properties, with an estimated
market value of BRL2.1 billion and GLA of 223 thousand sqm. CCP's
diversified portfolio includes 12 office buildings, four shopping
centers and two distribution centers. CCP currently develops 16
projects, which should add 337 thousand sqm of GLA, to be
delivered from 2013 to 2015.

The company's high portfolio quality supports its strong market
position and the positive operational track record since 2007,
with low tenant turnover and residual vacancy and delinquency
rates. At year-end 2012, physical and financial vacancy rates were
low at 0.5% and 0.4%, respectively. The lease maturity profile is
well distributed, with 14% (by revenues) maturing in 2013 and 16%
in 2014. CCP has a concentration of tenants and the 20 largest
represented 81% of its total monthly revenues from corporate
buildings in 2012. This risk is partially mitigated by the high
quality of tenants and property portfolio, and the low vacancy
rates in Sao Paulo and Rio de Janeiro, where most of the company's
assets are located.

RATING SENSITIVITIES

CCP's ratings can be negatively impacted by higher than expected
increases in leverage, a weakening debt amortization profile,
liquidity falling to levels that considerably weaken short-term
debt coverage, and by factors that greatly impact the company's
cash generation. The ratings could also be pressured by a
significant increase in vacancy and delinquency rates, as well as
a sharp downturn in the Brazilian economy. Positive ratings
actions are not expected in the short term. CCPs' ratings could be
positively affected by coverage and leverage ratios better than
Fitch's expectations in this rating action. A higher scale of
operations and the maintenance of a conservative cash cushion, may
also impact future rating actions.


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


AOF HAITAI: Commences Liquidation Proceedings
---------------------------------------------
On Feb. 27, 2013, the sole shareholder of AOF Haitai (Cayman) Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

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


APP CHINA: Commences Liquidation Proceedings
--------------------------------------------
On Feb. 7, 2013, the shareholders of APP China Technology Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Chuan Luo
          No. 102, Door 1, Floor 2
          Zhuxiyuan Xiaoquo
          Haidian District
          Beijing
          PRC
          Telephone: (86)10-57525200-1055
          Facsimile: (86)10-57525300


CAIP HAITAI: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 27, 2013, the sole shareholder of Caip Haitai (Cayman)
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

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


DAVID INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Feb. 19, 2013, the shareholders of David Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FRONTEER HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Feb. 19, 2013, the shareholder of Fronteer Holdings Inc.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 10, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Kim Charaman
          Telephone: (345) 943 3100
          Facsimile: (345) 945 4757
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands


HINDE EQUITY: Placed Under Voluntary Wind-Up
--------------------------------------------
On March 1, 2013, the shareholder of Hinde Equity Feeder Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Swiss Financial Services (Ireland) Limited
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road
          Waterford
          Ireland


HINDE EQUITY FUND: Placed Under Voluntary Wind-Up
-------------------------------------------------
On March 1, 2013, the shareholder of Hinde Equity Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Swiss Financial Services (Ireland) Limited
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road
          Waterford
          Ireland


HINDE EQUITY GP: Placed Under Voluntary Wind-Up
-----------------------------------------------
On March 1, 2013, the shareholder of Hinde Equity Fund GP Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Swiss Financial Services (Ireland) Limited
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road
          Waterford
          Ireland


JAPETUS LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 26, 2013, the shareholders of Japetus Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hamad Abdulla Mohamed Jassim Al Thani
          c/o Avril Brophy
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


LAKESIDE RE II: Commences Liquidation Proceedings
-------------------------------------------------
On March 1, 2013, the shareholders of Lakeside RE II Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


LOCKERBIE LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Feb. 26, 2013, the
shareholder of Lockerbie Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: 945 4777
          Facsimile: 945 4799
          P O Box 707 Grand Cayman KY1-1107
          Cayman Islands


MADELEINE LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on March 1, 2013, the sole
shareholder of Madeleine Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jagjit K. Comins
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands
          E-mail: jagjit.toor-comins@bnpparibas.ky


MARTA EAST: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on March 1, 2013, the
shareholders of Marta East Line Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


MULTICAT MEXICO: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on March 1, 2013, the
shareholders of Multicat Mexico 2009 Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


RYLETT LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On Feb. 27, 2013, the shareholders of Rylett Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SUMITOMO LIFE: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 28, 2013, the sole shareholder of Sumitomo Life Fundings
Cayman Limited III resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
April 11, 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


TCB CREDITOR: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 16, 2013, the sole shareholder of TCB Creditor Recoveries
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 10, 2013, will be included in the company's dividend
distribution.

The company's liquidators are:

          Christopher Johnson
          Russell Homer
          Chris Johnson Associates Ltd,
          Elizabethan Square, 80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands


TTO INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Feb. 28, 2013, the sole member of TTO Investment (Cayman) Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 2, 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


WILLROSE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Feb. 22, 2013, the shareholder of Willrose Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


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


* DOMINICAN REPUBLIC: $1-Bil. Bond Offer Gets Moody's B1 Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the Government
of the Dominican Republic's $1 billion 5.875% Amortizing Bonds due
2024. The transaction will close April 18. The bonds will amortize
in three equal annual installments between 2022 and 2024.

Ratings Rationale:

The Dominican Republic's B1 rating reflects the country's low
economic, institutional, and government financial strength and its
moderate susceptibility to event risk.

The DR's economy faces challenges related to its relatively small
size and high poverty levels, notwithstanding a long history of
strong if uneven growth. Economic growth remained subdued for the
second consecutive year in 2012, notwithstanding a significant
increase in government spending, and Moody's expects it will slow
further this year to just 3% due to planned fiscal consolidation.

Poor World Bank governance indicators reflect the weakness of the
Dominican Republic's institutions, as does the absence of
effective checks and balances on executive power. In the run up to
last year's presidential elections, the lack of oversight and
controls enabled large increases in government spending and the
fiscal deficit following the early termination of the government's
Standby Agreement with the IMF. However, the country has made
several important institutional improvements. These enhancements
include strengthened bank supervision and effective enforcement of
prudential regulations, increased transparency, the development of
a domestic market for government bonds, and the introduction last
year of an inflation targeting regime by the Central Bank.

While government debt levels remain moderate relative to GDP
despite recent increases, the government's finances suffer from
limited budget flexibility due to a significant decline in
revenues coupled with rising interest costs and persistent losses
by government-owned electricity companies. The authorities expect
to reduce the fiscal deficit to a more sustainable 2.8% of GDP
this year via a tax reform and significant expenditure reductions,
but Moody's believes it will be challenged to achieve this target.

Although external financial vulnerability has declined
considerably, limited diversification of the economy, large
current account deficits, and relatively low international
reserves leave the country exposed to terms-of-trade shocks and
balance of payments pressures. For 2013, however, Moody's expects
the current account deficit will decrease to a relatively moderate
3.9% GDP thanks to increased export earnings from a recently
opened $4 billion gold mine, the largest investment in the
country's history. In addition, the government balance sheet faces
exchange-rate risks related to its significant exposure to foreign
currency-denominated financial obligations.

The stable outlook on the DR's bonds reflects Moody's expectation
that the government will be willing and able to make the
adjustments necessary to restore fiscal sustainability. The
outlook also incorporates the expectation that the new
administration will remain committed to policies that seek to
maintain macroeconomic stability, while continuing to strengthen
the institutional framework.

The rating could face upward pressure if vulnerabilities to
external shocks decline, if budgetary flexibility is improved
through a combination of reduced transfers to the electric sector
and revenue increases, and/or if the government prevents a
recurrence of election cycle-driven fiscal deterioration. A
material drop in international reserves or an abrupt depreciation
of the exchange rate could put downward pressure on the rating.
Inability to achieve the fiscal consolidation targets, continued
increases in debt levels, or difficulty securing funding could
also lead to lower ratings.

The principal methodology used in this rating was Sovereign Bond
Ratings Methodology published in September 2008.


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


UC RUSAL: Warns of Further Drop in Price of Metal
-------------------------------------------------
RJR News reports that Oleg Mukhamedshin, Rusal's deputy chief
executive, warned that the price of the metal may fall further
unless production is cut as current stocks could last for another
three years.

This could have implications for Jamaica's bauxite/alumina sector
in which Rusal is a major stakeholder, according to RJR News.
The report relates that Mr. Mukhamedshin said the global inventory
stands at five to six million tones.  The report relays that his
comments coincided with the aluminum price hitting a four-year low
of 1-thousand 875 US dollars a ton.

Rusal has announced it will cut production by 300,000 tonnes this
year.

UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica, the report says.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.


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


FERREYCORP SAA: S&P Assigns 'BB+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to Ferreycorp S.A.A.  S&P also assigned its 'BB+'
issue-level rating to Ferreycorp S.A.A.'s proposed $300 million
senior unsecured notes due 2023.  The outlook is stable.

The 'BB+' ratings on Ferreycorp reflects S&P's assessment of the
company's "satisfactory" business risk profile, "significant"
financial risk profile, and "less-than-adequate" liquidity.

S&P's assessment of Ferreycorp's business risk profile as
"satisfactory" reflects its solid and established relationship
with Caterpillar Inc. (A/Stable/--) as an exclusive dealer in
Peru, its leading position within the Peruvian capital goods
market, an extensive product portfolio with strong brand
recognition, and its continued growth in the replacement parts and
services business.  "The partly offsetting factors are the
company's exposure to cyclical resource-based industries, such as
energy and mining, as well as its limited geographic
diversification," said Standard & Poor's credit analyst Luis
Martinez.


MAQUINARIA ESPECIALIZADA: S&P Puts 'BB-' Rating on CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB- (sf)' rating on
Maquinaria Especializada MXO Trust Agreement No. F/00762's (Geo
Maquinaria Trust's) US$160 million fixed-rate secured notes Series
2011 on CreditWatch with negative implications.  The transaction
is an ABS securitization of the rights of the service rendering
agreement between Maquinaria Especializada MXO S.A. de C.V. and
Corporacion Geo S.A.B. de C.V. (Geo) and its subsidiaries.

This follows S&P's April 12, 2013, rating action on Geo.  At that
time, S&P lowered the global-scale credit rating on Geo to 'CCC+'
from 'BB-' and put it on CreditWatch negative after the company
announced the commencement of a financial restructuring.

Geo and its subsidiaries play crucial roles as the sole obligors
of the issuing trust's transferred receivables and quarterly
payment obligations and, as described in the transaction's service
rendering agreement, are the beneficiaries of the machinery
availability services provided by the issuing trust.  As such, S&P
generally views the rating on the Series 2011 notes as capped
(weak-linked) to the rating on Geo.  It is unclear at this time if
and how Geo's announced financial restructuring could affect the
2011 notes.

The transaction benefits from a reserve account of US$24.5 million
as of the last payment date in February 2013, which is sufficient
to cover any principal or interest shortfall for at least four
quarterly payments.  It also has a capital expenditures reserve
fund of US$3.2 million for the acquisition and replacement of
machinery.

S&P expects to resolve the CreditWatch status of the ratings once
it has more clarity and detail on the proposed terms of Geo's
restructuring and its possible impact on the 2011 notes.  S&P
could lower the rating on the 2011 notes to align it with the
issuer credit rating on Geo if it believes that the transaction
could be affected by the company's restructuring or if S&P viewed
the deal's performance as dependent on the credit rating on Geo.
On the other hand, S&P could temporarily de-link the rating on the
notes from the rating on Geo if it believes that Geo's
restructuring might not affect the transaction immediately.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Maquinaria Especializada MXO Trust Agreement No. F/00762's Series
2011 notes
              To                         From
              BB- (sf)/Watch Neg         BB- (sf)


MAQUINARIA ESPECIALIZADA: Fitch Cuts Secured Notes Rating to B-
---------------------------------------------------------------
Fitch Ratings has downgraded the following notes issued by
Maquinaria Especializada MXO Trust Agreement No. F/00762:

-- US$160 million senior secured notes due 2021 to 'B-'
   from 'BB-'.

Fitch has also placed the senior secured notes on Rating Watch
Negative.

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery pertaining to Corporacion Geo S.A.B.de C.V.
(Geo Corp.). Repayment of the notes is supported by an irrevocable
and unconditional quarterly servicer payment paid by Geo Corp.
during a 10-year period under the terms of the service agreement
(SA) for the operation of the equipment.

KEY RATING DRIVERS

The rating action on the notes follows Fitch's downgrade of Geo
Corp.'s Issuer Default Rating (IDR) to 'CCC' from 'BB-' on April
16, 2013. The securitization's rating incorporates Geo Corp.'s IDR
as the company is responsible for all payments under an
irrevocable SA as well as any termination fees in the event of
default and/or termination of the agreement. The rating action
also takes into consideration the transaction's performance, the
stable sovereign environment, and additional liquidity available
in the form of cash reserve accounts that benefit the transaction.

Downgrades to Geo Corp.'s ratings reflect the company's recent
announcement about evaluating debt restructuring options in light
of difficult market conditions and Fitch's expectation of
continued deterioration in liquidity. Geo Corp. concluded 2012
with a highly constrained liquidity position driven by negative
free cash flow (FCF). Geo Corp.'s liquidity - expressed as cash
and cash equivalents - was MXN 2.3 billion as of Dec. 31, 2012.
The company's FCF during the fourth quarter of 2012 was negative
MXN 1.50 billion.

Fitch's rating action on the notes also considers the available
liquidity which may allow the transaction to make the next
scheduled principal and interest payment of USD 4.35 million on
May 2, 2013. As of February 2013, the securitization benefits from
a reserve account with a current balance of USD 25.60 million,
which can be used to provide liquidity to the transaction or to
pay down the balance of the outstanding notes.

Additional credit support is provided by security over the
essential construction equipment in the trust. As of Jan. 31,
2013, the trust held 1,117 pieces of heavy construction equipment.
In the event of default, the trust may liquidate this machinery
and apply the proceeds to pay down the debt balance. While this
equipment is essential to Geo Corp. and this should provide
increased incentives to honor the SA, it may be difficult to
repossess and liquidate the collateral.

The placement of the notes on Rating Watch Negative reflects the
deteriorating credit quality of Geo Corp. and Fitch's concern
about the company's ability to perform under the terms of the SA.

RATING SENSITIVITIES

The transaction is subject to the performance risk of Geo Corp.,
material changes in the collection of the pledged payments to the
trust, reduction on the balances of the reserve accounts and a
significant decrease in the number of pieces of essential
equipment held by the trust.

Initial Key Rating Drivers and Rating Sensitivity are further
described in the New Issue report 'Maquinaria Especializada Trust
Agreement No. F/00762 $160 Million Notes Due 2021,' published on
May 2, 2011.


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


EDIFICA INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Edifica Inc.
        PMB 277
        1353 Road 19
        Guaynabo, PR 00966

Bankruptcy Case No.: 13-02850

Chapter 11 Petition Date: April 12, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Edward A. Godoy

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUES
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Scheduled Assets: $996,546

Scheduled Liabilities: $1,476,177

A copy of the Company's list of its 20 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-2850.pdf

The petition was signed by Hector Rivera Vega, president.


HOTEL AIRPORT: Court Confirms Reorganization Plan
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico entered
an order on March 21, 2012, confirming Hotel Airport Inc. Chapter
11 plan of Reorganization dated Nov. 9, 2012.

As reported in the TCR on Feb. 20, 2013, the Plan will be
substantially funded by the Debtor's assets and income from the
operation of its business.  The Plan contemplates the assumption
of the lease contract with the Puerto Rico Ports Authority under
Bankruptcy Code Section 365.  The assumption is part of the
stipulation which provide for the curing of defaults through
payments and withdrawal of funds which are underway.  At the time
of filing of this bankruptcy case, the Debtor was involved in the
eviction litigation with the PRPA.  This litigation has been
settled.

The Plan treats claims and interests as follows:

    * Holders of allowed administrative expense priority claims,
which are unclassified, will be paid in full on the effective date
of the Plan.

    * General unsecured creditors were listed in the Debtor's
schedules in the total amount of $155,666,718.  The bulk of this
debt ($155,500,000) arises out of HAI being a co-obligor with its
parent company, CAF, regarding loans secured by property owned by
non-debtor parties.  These loans made to the related companies are
secured by property held by them, and are being paid according to
the debt-service agreed between the creditor and the respective
principal debtor.  Hence, the Debtor will not be making payments
on said claims, but will remain as a guarantor in case of default.

    * The other unsecured claims are to be paid 100% of their
allowed amounts, without interest, in 36 monthly installments
starting 30 days after the Effective Date.

    * Stockholders (Class 4) will retain their interest in stock,
but will receive no dividends until payments to unsecured
creditors are concluded.

    * FirstBank's secured claim (Class 5) is secured with a
mortgage encumbering the Debtor's main asset -- its lease contract
with PRPA -- and virtually all the other assets.  The PoC 5 filed
by this creditor shows a balance of $9,635,213, which has been
reduced through postpetition payments.  The Debtor will maintain
the debt service agreed upon with FirstBank, with any modification
that may be agreed upon with said creditor.

A copy of the Amended Disclosure Statement is available at:

             http://bankrupt.com/misc/HAI.doc189.pdf

                       About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, is a wholly-owned
subsidiary of Caribbean Airport Facilities Inc. ("CAF").  HAI was
organized on Feb. 20, 2003, under the corporate laws of Puerto
Rico by parties unrelated to the Debtor's current directors or
shareholders.  Under its original management, and owners, during
2003 and the first six months of 2004, HAI was engaged in the
restoration and refurbishing of the San Juan Airport Hotel located
in the Luis Munoz Marin International Airport in Carolina,
Puerto Rico.  Operations commenced in July 2004.  The hotel
consists of 125 rooms, a restaurant, various meeting spaces and
supporting facilities in an area of approximately 60,000 square
feet.

During the year ending June 30, 2009, HAI's management, decided to
discontinue the Casino operations, and on July 7, 2009, said
operation was closed.  The casino property and equipment amounting
to $967,399 was liquidated and the proceeds applied to the
outstanding loan with Firstbank.

HAI leases the hotel facilities from the Puerto Rico Port
Authority under a lease agreement executed on March 27, 2007, and
subsequently amended on various occasions.

HAI filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No.
11-06620) on Aug. 5, 2011.  Judge Enrique S. Lamoutte Inclan
oversees the case.  Edgardo Munoz, PSC, in San Juan, P.R., serves
as bankruptcy counsel.  Francisco J. Garrido Molina serves as its
accountant, and RS & Associates as external auditors to perform
auditing services.  The Debtor disclosed US$8,547,993 in assets
and US$171,169,392 in liabilities as of the Chapter 11 filing.
The petition was signed by David Tirri, its president.


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


CARIBBEAN AIRLINES: Cuts Air Jamaica Flights
--------------------------------------------
Curtis Rampersad at Trinidad Express reports that Caribbean
Airlines Limited has cut the number of flights of its Air Jamaica
subsidiary by 50% in a bid to stem multi-million-dollar losses at
the national airline.

CAL has reduced the flight frequencies of Air Jamaica's core
schedule services from Kingston and Montego Bay, Jamaica, to North
American destinations including Toronto, Canada and South Florida
stops by as much as 50%, but has not eliminated any flights
altogether, airline sources confirmed, according to Trinidad
Express.

The changes went into effect on April 16.

Trinidad Express notes that daily flights from Port of Spain to
Kingston and Georgetown, Guyana, have not been affected.  The
report relates that the flight frequencies are being reduced
because of lighter passenger loads.

It is one measure implemented by CAL to reduce hundreds of
millions of dollars in losses in from 2012 into 2013 as reported
exclusively in last week's Sunday Express, Trinidad Express
discloses.

But it also comes at a time when the Jamaican government is
threatening to remove the Air Jamaica brand from CAL if flights
are reduced, Trinidad Express relates.

Meanwhile, RJR News reports that Vasant Bharath, Trinidad and
Tobago's Minister of Industry has dismissed concerns that the two-
year-old Caribbean Airlines (CAL)/Air Jamaica deal is in trouble.

According to Mr. Bharath, the report relates, CAL is close to the
number of routes contained in the agreement.  At the same time he
said competition in the airline industry has gotten stiffer and
Caribbean Airlines will have to look at rationalizing, the report
says.

                    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.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

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 noted
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.


CL FIN'L: Ex-Clico Czar Sells Off Posh Miami Hotels
---------------------------------------------------
Trinidad and Tobago Newsday reports that CL Financial Group
Limited Chairman Lawrence A. Duprey has sold three of his Fort
Lauderdale hotels to a Swedish investor Par Sanda to pay off
US$5.6 million owed in mortgages to US bank Iberiabank.

The properties, which operated under the group of hotels Sable
Resorts, were sold, according to the online South Florida Business
Journal, for the sum of US$4.9 million after the bank filed a
foreclosure lawsuit in 2011 against Sable Resorts Inc and Duprey
for "over $5.6 million in mortgages securing four hotels,"
according to Trinidad and Tobago Newsday.

Trinidad Express relates that Mr. Duprey according to Sable
Resorts Inc is its chairman, a director, president, and principal,
while his wife Sylvia Baldini is its vice chairman, a director,
and secretary.

Contacted about the sales in Fort Lauderdale, Duprey told Trinidad
and Tobago Newsday, "I don't know about that. I don't speak to
reporters. Talk to my lawyers.  Because of the (commission of)
enquiry, I can't talk to reporters."

In March, the journal said, the bank won a judgment and ordered
that the properties be auctioned, Trinidad and Tobago Newsday
relates.

Par Sanda, the investor which has bought the properties, is
according to the journal developing much of the area, Trinidad and
Tobago Newsday says.  The properties were paid for through one of
Par Sanda's limited liability company, "Kathy is Great."

The properties sold were "The Martindale," an 11,453-square-foot
complex with 18 Art Deco rooms and a pool at 3016 Bayshore Drive,
the "Seaside Motel," an 8,582-square-foot resort with 22 units and
a pool at 350 N Birch Road, and the "Sandy Shores Motel" at 3008
Bayshore Drive with 6,064 square feet and a pool.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===================
V E N E N Z U E L A
===================


* VENENZUELA: Fitch Says Election Fails to Dispel Uncertainty
-------------------------------------------------------------
The unexpectedly close election outcome in Venezuela's
presidential race has created a more dynamic and uncertain
political situation, which could influence the new government's
approach to economic policy and its ability to govern effectively,
according to Fitch.

President-elect Nicolas Maduro's failure to capture a clear
electoral mandate could complicate the task of making policy
adjustments to rebalance the Venezuelan economy. This could slow
progress toward the reduction of fiscal and external
vulnerabilities that could undermine growth and erode sovereign
creditworthiness.

Although the Electoral National Council (CNE) has already declared
Maduro the winner, the opposition has not acknowledged the
election outcome and has demanded a recount due to the tight
margin (1.8%) and alleged irregularities. Tensions have risen, as
opposition and pro-government groups have staged demonstrations,
and clashed in some instances, reflecting the high level of
political polarization present in Venezuela.

"We remain focused on the new government's willingness to
implement policy adjustments reining in macroeconomic distortions
that lead to reduced fiscal and external vulnerabilities. While
the governing United Socialist Party of Venezuela's (PSUV) near
monopoly of state institutions could make it difficult for the
opposition to mount a serious challenge to government proposals,
political and policy uncertainty has not been dispelled, as the
new president will likely have to balance the need to consolidate
his political position while addressing economic policy
challenges," Fitch says.

"The Maduro government's capacity to rationalize fiscal policy in
the context of a possibly short honeymoon period will be critical
in reducing the rapid pace of government debt buildup. We also
believe that the government's efforts to reform the foreign
exchange system could reduce the need for government debt issuance
in the domestic market for exchange rate policy purposes.
Nevertheless, transparency and efficiency improvements in the
allocation of FX to the private sector will likely be necessary to
reduce inflationary pressures, ease shortages, and reduce
constraints to growth.

"Venezuela's 'B+' IDR with Negative Outlook incorporates the
country's weak institutional framework and the potential for
social and political unrest. In spite of rising tensions and the
high level of political polarization, we consider the risk of
social and political unrest leading to disruption in oil-derived
revenues to be limited. Nevertheless, increased governability
risks that undermine the potential for policy adjustments could
weigh on Venezuela's creditworthiness."


                            ***********


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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