TCRLA_Public/130422.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

              Monday, April 22, 2013, Vol. 14, No. 78


                            Headlines



A R G E N T I N A

BANCO PSA: Moody's Downgrades Local Currency Debt Rating to Ba2
BANCO PSA: Moody's Downgrades Supported Deposit Ratings to Ba2
BBVA CONSUMO: DBRS Assigns Series B Floating Rate Notes B(sf)
CORDIAL COMPANIA: Moody's Assigns B2 Global Senior Debt Rating
TOYOTA COMPANIA: Moody's Assigns Ba3 Global Currency Debt Rating

* ARGENTINA: Bondholders Reject Plan to Pay Defaulted Debt


B A G O T A

BANCO GNB: Moody's Rates Proposed Senior Debt Issuance 'Ba1'


B R A Z I L

BANCO BVA: Brazil Central Bank Extends Intervention to 90 Days
CESP-COMPANHIA: S&P Raises Global Scale Corporate Rating to 'BB+'


C A Y M A N  I S L A N D S

ADM GLADIUS: Shareholder Receives Wind-Up Report
ALPSTAR EUROPEAN: Shareholder Receives Wind-Up Report
ASHLAND INVESTMENTS: Shareholders Receive Wind-Up Report
CAIP HAITAI: Shareholders Receive Wind-Up Report
CLEARVIEW HOLDINGS: Shareholders Receive Wind-Up Report

EASTERN ADVISOR: Shareholders Receive Wind-Up Report
EOS STRATEGIC: Shareholders Receive Wind-Up Report
EOS STRATEGIC MASTER: Shareholders Receive Wind-Up Report
HAV3 (V): Shareholder Receives Wind-Up Report
JCAM MORTGAGE: Members Receive Wind-Up Report

JCAM MORTGAGE (MASTER): Members Receive Wind-Up Report
LEGEND HOLDINGS: Shareholders Receive Wind-Up Report
LWM GROWTH: Members Receive Wind-Up Report
LWM GROWTH MASTER: Members Receive Wind-Up Report
MAN LONGER: Members Receive Wind-Up Report

PALMETTO BREEZE: Members Receive Wind-Up Report
PLUTOS INVESTMENT: Shareholders Receive Wind-Up Report
RIO VISTA: Members Receive Wind-Up Report
SPW CAPITAL II: Shareholder Receives Wind-Up Report
TFP OVERSEAS: Shareholder Receives Wind-Up Report


C O L O M B I A

BANCO GNB: Fitch to Rate New US$ Senior Unsecured Notes 'BB+'


M E X I C O

GRUPO GAYOSSO: Fitch Assigns 'B' Issuer Default Rating
GRUPO GAYOSSO: S&P Assigns 'B+' Corporate Credit Rating
URBI DESARROLLOS: S&P Lowers Global Scale Ratings to 'CCC-'


N I C A R A G U A

* NICARAGUA: Vulnerabilities Cue Moody's to Affirm B3 Rating


P U E R T O   R I C O

MANUEL MEDIAVILLA: Case Summary & Unsecured Creditors List


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: On Road to Recovery, Chairman Says


V I R G I N  I S L A N D S

FAIRFIELD SENTRY: "Center of Main Interests" in Chap. 15 Defined


V E N E N Z U E L A

CORPORACION ELECTRICA: Fitch Affirms 'B+' Issuer Default Ratings


X X X X X X X X

* BOND PRICING: For the Week April 15 to April 19, 2013




                            - - - - -


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


BANCO PSA: Moody's Downgrades Local Currency Debt Rating to Ba2
---------------------------------------------------------------
Moody's America Latina downgraded to Ba2, from Ba1, the long-term
local currency senior unsecured debt rating assigned to the BRL200
million banknotes (letras financeiras) issued by Banco PSA Finance
Brasil S.A. (Banco PSA). At the same time, Moody's also downgraded
the Brazilian national scale senior unsecured debt rating to
Aa3.br from Aa2.br. The outlook on the debt rating remains stable.

This rating action is in line with the downgrade of Banco PSA's
global and national scale deposit ratings in face of the downgrade
of the parent Banque PSA Finance (France) announced on April 16,
2013.

The following ratings were downgraded:

Long-term Global Local Currency Senior Unsecured Debt Rating: to
Ba2 from Ba1, with stable outlook

Long-term Brazilian National Scale Senior Unsecured Debt Rating:
to Aa3.br from Aa2.br, with stable outlook

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Banco PSA's Ba2 global local currency deposit
rating, which in turn incorporates the bank's standalone credit
rating of D- (equivalent to ba3 in the global rating scale), as
well as Moody's assessment of a high probability of support that
would be forthcoming from its French owner, Banque PSA Finance.
The seniority was taken into consideration in the assignment of
the debt ratings.

The last rating action on Banco PSA Finance Brasil S.A. was on May
25, 2012, when Moody's assigned a Ba1 local currency senior
unsecured debt rating and Aa2.br national scale senior unsecured
debt rating to the banknotes (letras financeiras) issued by Banco
PSA. The ratings on these notes had stable outlook. Other ratings
remained unchanged.

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 to 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 methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL2,826 million ($1,381 million)
and total equity of BRL353.3 million ($172.6 million) as of
December 31, 2012.


BANCO PSA: Moody's Downgrades Supported Deposit Ratings to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the supported global local
and foreign currency deposit and national scale ratings assigned
to Banco PSA Finance Brasil S.A. (Banco PSA), following Moody's
downgrade of the ratings of its French parent Banque PSA Finance,
announced on 16 April 2013. The Brazilian bank's standalone bank
financial strength rating (BFSR) of D- (D minus), which maps to a
ba3 in the global rating scale, remained unchanged, as well as all
its short-term ratings. The outlook on all ratings assigned to
Banco PSA is stable.

The following ratings assigned to Banco PSA Finance Brasil were
downgraded:

Long-term global local-currency deposit rating: to Ba2 from Ba1,
with stable outlook;

Long-term foreign-currency deposit rating: to Ba2 from Ba1, with
stable outlook;

Long-term Brazilian national scale deposit rating: to Aa3.br from
Aa2.br, with stable outlook

The following ratings remained unchanged:

Bank financial strength rating: D-, with stable outlook
Short-term global local-currency deposit rating: Not Prime;
Short-term foreign-currency deposit rating: Not Prime;
Short-term Brazilian national scale deposit rating: BR-1

Ratings Rationale:

The downgrade of Banco PSA's supported ratings to Ba2, from Ba1,
is driven by the downgrade of the standalone bank financial
strength rating (BSFR)of its parent Banque PSA Finance (France) to
D from D+, which now maps to a ba2 in the global rating scale.
Banco PSA's Ba2 long-term deposit rating incorporates one notch of
uplift from its standalone ba3 credit assessment to reflect
Moody's view of a high probability of parental support in the
event of stress, based on the subsidiary and parent's shared
strategic focus.

Banco PSA's standalone financial strength rating reflects its
sound capitalization levels that supports the franchise's
expansion and its adequate profitability metrics that were boosted
in 2012 by tax incentives to the car industry, and which led to
important increase in business volumes. While Moody's expects loan
growth to remain robust in 2013, a more competitive car finance
segment will likely pressure margins. This is particularly
negative for Banco PSA because its concentrated profile and
reliance on a small number of institutional depositors results in
inherently higher funding costs.

Management has sought to improve the bank's liquidity and funding
diversification through the issuance of longer-tenor banknotes in
the domestic market in 2012. The rating is also constrained by the
bank's modest reserve cushion against non-performing loans,
although its high capital level provides additional protection.

The last rating action on Banco PSA Finance Brasil S.A. was on May
25, 2012, when Moody's assigned a Ba1 local currency senior
unsecured debt rating and Aa2.br national scale senior unsecured
debt rating to the banknotes (letras financeiras) issued by Banco
PSA. The ratings on these notes had stable outlook. Other ratings
remained unchanged.

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL2,826 million ($1,381 million)
and total equity of BRL353.3 million ($172.6 million) as of
December 31, 2012.


BBVA CONSUMO: DBRS Assigns Series B Floating Rate Notes B(sf)
-------------------------------------------------------------
DBRS Ratings Limited (DBRS) has assigned provisional ratings of
'A' (sf) to the Series A floating rate notes and B (sf) to the
Series B floating rate notes to be issued by BBVA Consumo 3 F.T.A.
("BBVA Consumo 3").  The Notes are backed by a pool of consumer
loan receivables originated in Spain by Banco Bilbao Vizcaya
Argentaria ("BBVA") and BBVA Finanzia.

Final ratings will be issued upon receipt of execution version of
the governing transaction documents.  To the extent that the
documents and information provided by BBVA and Europea de
Titulización, Sociedad Gestora De Fondos De Titulización, S.A.
("EdT") to DBRS as of this date differ from the executed version
of the governing transaction documents, DBRS may assign different
final ratings to the Notes or may avoid assigning final ratings to
the Notes altogether.

The ratings are based upon review by DBRS of the following
analytical considerations:

* Transaction capital structure and form and sufficiency of
available credit enhancement.

* Relevant credit enhancement is in the form of subordination and
an amortising cash reserve which provide credit support.  Credit
enhancement levels are sufficient to support DBRS projected
expected cumulative net loss (CNL) assumption under various stress
scenarios at an 'A' (sf) standard for the Series A Notes and B
(sf) for the Series B Notes.

* The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms in which
they have invested.

* The transaction parties' capabilities with respect to
originations, underwriting, servicing, and financial strength.

* The credit quality of the collateral and ability of the servicer
to perform collection activities on the collateral.

* The legal structure and presence of legal opinions addressing
the assignment of the assets to the issuer and the consistency
with the DBRS Legal Criteria for European Structured Finance
Transactions.


CORDIAL COMPANIA: Moody's Assigns B2 Global Senior Debt Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 global local currency
senior debt rating to Cordial Compania Financiera S.A.'s sixth
bond expected issuance for an amount up to ARS80 million, which
will be due in 270 days, as well as to the seventh expected
issuance for an amount up to ARS80 million, which will be due in
360 days. Both expected issuances together should not exceed ARS80
million. At the same time, on the National Scale, Moody's assigned
Aa3.ar local currency debt rating to both expected issuances.

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

The following ratings were assigned to Cordial Compania Financiera
S.A.:

Sixth expected issuance of a maximum amount of ARS80 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Seventh expected issuance of a maximum amount of ARS80 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Cordial's B2 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 B2 global deposit rating to Cordial, which
derived from the entity's baseline credit assessment (BCA) of b3,
and the high probability of parental support from its shareholder,
Banco Supervielle currently rated B2. Cordial's rating
incorporates the entity's niche market focus for consumer finance
products, chiefly personal loans, credit cards and the insurance
services deriving from its strategic alliance with Wal-Mart.
However, the ratings also captures Cordial's customer base, which
is sensitive to economic cycles, as well as its loan quality,
which has generated high provisioning costs, thus hurting
profitability.

Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS1,113 million of total assets and
ARS175 million of shareholders' equity 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.


TOYOTA COMPANIA: Moody's Assigns Ba3 Global Currency Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
debt rating to Toyota Compania Financiera Argentina's tenth
expected issuance in the amount of ARS90 million, with a maturity
of 24 months. In addition, Moody's assigned an Aaa.ar national
scale local currency debt rating to the expected issuance. The
outlook for the ratings is stable.

The following ratings were assigned to Toyota Compania Financiera
Argentina's ARS90 million expected issuance:

Global Local-Currency Debt Rating: Ba3
National Scale Local-Currency Debt Rating: Aaa.ar

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota's Ba3 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 Ba3 global deposit rating to Toyota, which
derives from its baseline credit assessment of b3, and
incorporates a the high probability of parental support from its
ultimate parent, Toyota Motor Corporation (Japan) currently rated
Aa3. The company is 95% owned by Toyota Financial Services
Americas and 5% by Toyota Motor Credit Corporation, both based in
California.

The rating derives from TCFA's key role as the financial agent for
Toyota Corporation and its strong commercial and strategic
importance to the corporation, as well as its profitability and
funding structure. However, the rating also takes into account the
company's small franchise in the Argentine market and monoline
business orientation.

Toyota Compania Financiera Argentina is headquartered in Buenos
Aires, Argentina, and it had assets of ARS1,045 million and equity
of ARS119 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.


* ARGENTINA: Bondholders Reject Plan to Pay Defaulted Debt
----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that holders of
Argentina's defaulted debt, led by Elliott Management Corp.'s NML
Capital Ltd. unit, rejected the nation's proposal to force them to
take a sharp discount on their bonds.

The bondholders, who claim they're owed $1.47 billion in principal
and interest, responded to Argentina's proposed plan, which it
made in a March 29 court filing with the federal appeals court in
New York, according to Bloomberg News.  They said the plan showed
"contempt for its obligations, the laws of the United States, and
the orders of U.S. courts," Bloomberg News relates.

Bloomberg News says that Argentina defaulted on a record $95
billion in debt in 2001.

In its filing, the country offered to replace the defaulted bonds
with new ones that the bondholders claim would be worth less than
15% of what they're owed, Bloomberg News notes.

Bloomberg News discloses that the filing, which came three days
before it was due, paves the way for a ruling by the appeals court
in the case.

Bloomberg News says that a decision forcing Argentina to pay the
defaulted bondholders immediately would expose it to $43 billion
in additional claims it can't pay and trigger a new default, the
government claims.  Top officials have vowed never to pay the
holders of its defaulted bonds, many of which bought them at a
discount as distressed debt, Bloomberg News notes.

                            Won't Obey

Bloomberg News relays that Argentina has said it won't voluntarily
obey a ruling that forces it to pay holders of the defaulted
bonds.  The nation's legislature in 2005 passed a so-called lock
law barring payment, Bloomberg News notes.

Argentina's March 29 proposal was similar to offers the country
made in two rounds of debt restructuring, in 2005 and 2010,
Bloomberg News says.

Bloomberg News discloses that the holdout creditors, who rejected
the restructuring offers, have spent more than a decade trying to
enforce their claims in court.

The creditors want the appeals court to uphold rulings by U.S.
District Judge Thomas Griesa in Manhattan.

Bloomberg News relates that Judge Griesa said Argentina must pay
them the entire amount they're owed whenever it makes a required
payment to holders of its restructured debt.  That ruling is on
appeal before a three-judge panel of the appeals court, which
heard arguments in the case in February, Bloomberg News notes.
The Exchange Bondholder Group, which took the deal offered by
Argentina for their bonds, claimed Judge Griesa's rulings threaten
their investment.  More than 91% of bondholders agreed to the
restructuring, Bloomberg News adds.

The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-cv-06978, U.S. District Court, Southern District of New York
(Manhattan).  The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).


===========
B A G O T A
===========


BANCO GNB: Moody's Rates Proposed Senior Debt Issuance 'Ba1'
------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long term foreign
currency debt rating to Banco GNB Sudameris S.A.'s proposed senior
debt issuance in US dollars. The outlook on the rating is stable.

The following rating was assigned to GNB's proposed senior
unsecured debt issuance in US dollars:

Long term foreign currency debt rating of Ba1, stable outlook

Ratings Rationale:

Moody's noted that the Ba1 debt rating assigned to GNB's issuance
is in line with its Ba1 global local currency deposit rating and
incorporates two notches of uplift from its ba3 standalone
baseline credit assessment based on Moody's assumption of a high
probability of systemic support for GNB's deposits and senior
issuances. This assumption takes into account the bank's market
shares in deposits and loans and Moody's assessment of Colombia as
a high support country.

GNB's ba3 standalone baseline credit assessment reflects the
bank's niche franchise focused on small and medium-sized companies
and payroll-linked loans, which supports the bank's low past due
loan levels. GNB's problem loans (loans 90+ days past due) and
coverage ratios of 1.2% and 264.9% as of year-end 2012 compare
well with system averages (Source: Superfinanciera Financiera de
Colombia). The bank's wholesale funding franchise poses risks that
are mitigated by high holdings of liquid assets and
capitalization. The bank's profitability has been constrained
during 2012 as a result of much higher liquidity, as the bank
prepares for the acquisition of select HSBC subsidiaries during
2013 and early 2014. Although the acquisitions will support GNB's
franchise growth strategy, it exposes the bank to cross-border
integration and transition risks.

The last rating action regarding GNB was on February 5, 2013 when
Moody's downgraded the bank's long term foreign currency
subordinated debt rating to B1, from Ba2, in line with the removal
of systemic support from the ratings of all rated Colombian banks'
subordinated debt instruments.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating published in June 2012.

GNB is headquartered in Bogota, Distrito Capital and is the tenth
largest bank in Colombia in terms of assets. As of year-end 2012,
the bank had COP11.6 billion in unconsolidated assets and COP943.4
million in unconsolidated shareholders' equity.


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


BANCO BVA: Brazil Central Bank Extends Intervention to 90 Days
--------------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that the
Brazilian central bank extended the period of intervention in
troubled Brazilian bank BVA by up to 90 days, at the request of
the person appointed to oversee the bank's affairs and is working
to arrange its sale.

"The extension was requested by [Eduardo Felix] Bianchini, who is
still working on a proposal with creditors in order to save the
bank from liquidation," WSJ quoted an unnamed source as saying.

The Wall Street Journal notes that the central bank approved the
extension, but it did not give a reason for the extension.  Mr.
Bianchini, a central bank employee, was appointed to oversee BVA
after the central bank took over operations in October 2012, WSJ
relates.

WSJ notes that the central bank stepped in to take over BVA
because of concerns about its financial position and its inability
to comply with regulations.

WSJ recalls that in December, the central bank extended the
intervention process, with the intervention set to end April 18,
before the new extension.  The latest intervention will be the
last attempt to try to sell BVA, WSJ notes.

Under Brazilian law, central bank intervention in a bank's affairs
can be extended only twice, WSJ says.

Brazilian car importer CAOA, which is controlled by businessman
Carlos Alberto de Oliveira Andrade, is in talks to purchase Banco
BVA SA, an unnamed source said, WSJ relays.

CAOA, which imports Hyundai-and Subaru-brand cars into Brazil, is
both a client and a shareholder of BVA, with more than BRL500
million ($250 million) deposited in the bank, WSJ adds.

BVA is a small bank representing just 0.2% of Brazil's total
financial-system assets.


CESP-COMPANHIA: S&P Raises Global Scale Corporate Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate rating on CESP-Companhia Energetica de Sao Paulo to
'BB+' from 'BB' and the Brazil national scale corporate credit
rating to 'brAA+' from 'brAA-'.  The outlook on both ratings is
stable.  At the same time, S&P raised the stand-alone credit
profile (SACP) on CESP to 'bb+' from 'bb'.

The upgrade reflects greater certainty over the future cash flows
and credit metrics after the company's decision not to renew the
concessions of hydropower plants Jupia, Ilha Solteira, and Tres
Irmaos, which represent 78% of CESP's installed capacity.  In
addition, S&P expects a significant reduction in debt levels, as
it believes CESP will use most of its free operating cash flows
(FOCF) until 2015 to pay down debt as it comes due.  In S&P's
base-case scenario, it expects that CESP will generate about
R$1 billion of FOCF annually until 2015, resulting in a debt to
EBITDA below 1.0x.  The ratings reflect the company's "fair"
business risk profile, "intermediate" financial risk profile,
and "adequate" liquidity.

S&P's SACP of 'bb+' reflects its assessment of the "low"
likelihood that the state of Sao Paulo (global scale rating: BBB-
/Stable/--; national scale rating: brAAA/Stable/--) would provide
timely and sufficient support to CESP, a government-related
entity, if needed.  S&P based its view of the likelihood of
government's support on:

   -- CESP's "limited" link with the state government, because it
      tried in the past to privatize the company.  However, given
      the uncertainty over CESP's concessions, this effort failed.

   -- The company's "limited importance" role for the state,
      because CESP sells electricity outside the state and it's a
      for-profit company, without social or political goals.


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


ADM GLADIUS: Shareholder Receives Wind-Up Report
------------------------------------------------
On April 9, 2013, the shareholder of ADM Gladius Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cathy Wong
          ADM Capital
          1008 ICBC Tower
          3 Garden Road Central
          Hong Kong
          Telephone: +8 (522) 536 4567
          Facsimile: +8 (522) 147 2813


ALPSTAR EUROPEAN: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On April 12, 2013, the shareholder of Alpstar European Recovery
Fund, Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ASHLAND INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On April 8, 2013, the shareholders of Ashland Investments received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Charles Spencer Keeble
          c/o Campbells Corporate Services Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


CAIP HAITAI: Shareholders Receive Wind-Up Report
------------------------------------------------
On April 12, 2013, the shareholder of Caip Haitai (Cayman) Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLEARVIEW HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On April 8, 2013, the shareholders of Clearview Holdings Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EASTERN ADVISOR: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 4, 2013, the shareholders of Eastern Advisor Offshore
Fund, Ltd received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Giles S. Eyre
          405 Lexington Avenue
          32nd Floor, New York
          New York 10174
          United States of America
          Telephone: +1 (212) 984 2339
          E-mail: giles@easternadvisors.com


EOS STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
On April 11, 2013, the shareholders of EOS Strategic Income
Offshore, Ltd received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


EOS STRATEGIC MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On April 11, 2013, the shareholders of EOS Strategic Income Master
Fund, Ltd received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


HAV3 (V): Shareholder Receives Wind-Up Report
---------------------------------------------
On April 12, 2013, the shareholder of HAV3 (V) Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


JCAM MORTGAGE: Members Receive Wind-Up Report
---------------------------------------------
On April 5, 2013, the members of JCAM Mortgage Opportunities Fund
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JCAM MORTGAGE (MASTER): Members Receive Wind-Up Report
------------------------------------------------------
On April 5, 2013, the members of JCAM Mortgage Opportunities Fund
(Master) Ltd received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LEGEND HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 18, 2013, the shareholders of Legend Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LWM GROWTH: Members Receive Wind-Up Report
------------------------------------------
On April 11, 2013, the members of LWM Growth Opportunities Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LWM GROWTH MASTER: Members Receive Wind-Up Report
-------------------------------------------------
On April 11, 2013, the members of LWM Growth Opportunities Master
Fund, Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MAN LONGER: Members Receive Wind-Up Report
------------------------------------------
On April 5, 2013, the members of Man Longer Term Opportunities
(Master) Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


PALMETTO BREEZE: Members Receive Wind-Up Report
-----------------------------------------------
On March 13, 2013, the members of Palmetto Breeze Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


PLUTOS INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 3, 2013, the shareholders of Plutos Investment Advisory,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


RIO VISTA: Members Receive Wind-Up Report
-----------------------------------------
On March 13, 2013, the members of Rio Vista Investments Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


SPW CAPITAL II: Shareholder Receives Wind-Up Report
---------------------------------------------------
On April 12, 2013, the shareholder of SPW Capital II, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TFP OVERSEAS: Shareholder Receives Wind-Up Report
-------------------------------------------------
On April 12, 2013, the shareholder of TFP Overseas Fund, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


BANCO GNB: Fitch to Rate New US$ Senior Unsecured Notes 'BB+'
-------------------------------------------------------------
Based on documentation received, Fitch Ratings expects to assign a
'BB+(exp)' rating to Banco GNB Sudameris S.A.'s (GNB) upcoming
U.S. dollar senior unsecured, unsubordinated notes.

The notes - for an amount and tenor to be determined - will carry
a fixed interest rate to be set at the time of issuance. Interest
payments will be made semi-annually until maturity. The final
rating is contingent upon the receipt of final documents
conforming to information already received.

The notes will be GNB's senior unsecured obligations and will rank
pari-passu with the existing and future senior unsecured
obligations of GNB, other than tax and other obligations that are
privileged by law. The notes will be senior to GNB's existing and
future subordinated debt, to its capital stock, and to any other
instruments that may qualify as capital according to Colombian
regulation.

GNB will use the proceeds of the issuance for general corporate
purposes. Fitch expects GNB's leverage to increase slightly in the
short run, and that continued growth and positive returns will
allow the bank to sustain adequate Fitch core capital levels.

KEY RATING DRIVERS

Fitch currently rates GNB's long-term foreign and local currency
Issuer Default Ratings (IDRs) 'BB+' with a Stable Outlook. The
IDRs are driven by GNB's viability rating (VR) of 'bb+' which
reflects its robust asset quality, sound reserves, sufficient
capital, ample liquidity, operating efficiency, and moderate yet
consistent performance.

The ratings also consider GNB's experienced management and clear
strategy. Fitch's view of GNB's creditworthiness is tempered by
its low margins; concentrated, costlier than average deposits; and
the challenges related to its ambitious expansion plans. Fitch
will rate the notes at the same level as GNB's IDRs.

In May 2012, GNB agreed to acquire HSBC's operations in Colombia,
Paraguay, Peru and Uruguay. In Fitch's opinion, the transaction is
strategically positive for GNB, as it acquired fairly clean banks
with adequate deposit funding that operate in generally stable
economies. The acquisition - to be closed gradually until 1Q'14 -
fits GNB's growth strategy, and the banks' size and market share
allow GNB to gradually introduce the products that it successfully
distributes in Colombia. Growth potential is important, especially
in Peru and Uruguay while GNB's core market remains sound.

RATING SENSITIVITIES

GNB's ratings could be negatively affected if the capital plan is
not executed as projected and/or if GNB's (or one of its newly
acquired subsidiaries') performance declines more than expected.
In addition, should the financial profile of the acquired
entities, in terms of funding, capital and profitability,
deteriorate beyond the base case projections, GNB's ratings would
be pressured downwards.

On the other hand, given the implementation challenges of the
acquisition and GNB's financial standing, with its adequate
capital but below-average profitability, as well as the highly
competitive environment in Colombia and the new markets GNB
enters, a potential upgrade of GNB's ratings is highly dependent
on structural changes in terms of capital and profitability
coupled with an uneventful merger/ acquisition.

GNB is a medium-sized Colombian universal bank that has
successfully positioned itself in several niches (corporate middle
market, sub-national public entities, payroll consumer lending,
among others) and enjoys a 3.4% market share by assets. The bank
has grown steadily since 2003, consolidated its business model and
achieved consistent performance metrics. GNB is controlled by a
well-regarded local family.

Fitch currently rates Banco GNB Sudameris as:

-- Long-term foreign currency IDR 'BB+'; Outlook Stable;
-- Short-term foreign currency IDR 'B';
-- Long-term local currency IDR 'BB+'; Outlook Stable;
-- Short-term local currency IDR 'B';
-- Viability rating 'bb+';
-- Support Rating '4';
-- Support floor 'B+';
-- Subordinated Notes 'BB';
-- National Scale Long-term Rating 'AA+(col)';
-- National Scale Short-term Rating 'F1+(col)'.


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


GRUPO GAYOSSO: Fitch Assigns 'B' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to Grupo
Gayosso, S.A. de C.V.:

-- Foreign currency Issuer Default Rating (IDR) 'B';
-- Local currency IDR 'B';
-- USD$150 million senior unsecured notes due 2020 'B/RR4'.

The Rating Outlook is Stable.

The ratings reflect Gayosso's brand equity, geographical
diversification, and stable industry prospects. They are
constrained by high leverage levels and about MXN$0.7 billion in
contractual service obligations. The proposed USD$150 million
issuance will be used to pay down existing debt (both senior and
subordinated), as well as for general corporate uses and,
possibly, acquisitions. 'RR4' rated securities have
characteristics consistent with securities historically recovering
31%-50% of current principal and related interest.

Key Rating Factors

Favorable Demographics
Gayosso faces a favorable industry outlook with stable, growing
demand. Government estimates predict that the death rate will
increase from 0.56% in 2010 to 0.92% in 2050, as Mexico's
population today is concentrated in younger age groups.
Furthermore, the worldwide trend towards cremation has little
effect in Average Revenue per Funeral Call in Mexico, as full wake
services are still provided.

Strong Brand Equity
Gayosso's brand name is publicly recognized as one of the oldest
death care providers in the country, with strong brand equity in
Central Mexico. Gayosso operates in 12 states, located in
Northern, Western and Central Mexico. The Central Mexico region,
which includes Mexico City and the states of Mexico and Guerrero
is the most important region for Gayosso totaling 43% of sales.
The states in the Baja California peninsula and Jalisco,
comprising the Pacific region, follow in importance with 32% of
sales.

Pre-Need Sales and Collections Drives Cash Flow
Short-to-medium term cash flow depends on the company's ability to
generate pre-need sales with good collectability, as well as at-
need sales. For year-end 2012, pre-need sales were 70% of total
sales and 67% of total cash inflows. Unlike similar businesses in
other countries, Gayosso recognizes 90% of pre-need sales at the
signing of the service contract, and has full access to cash flows
as they come in, instead of at the time of death. Thus, unlike
U.S. death care providers, there is no backlog of future cash
flows. This allows for higher PV of cash flows but reduces long-
term cash flow predictability and stability when compared to U.S.
peers.

In 2012, cash from operations (CFO) was MXN$86m, and subtracting
capex of MXN$48 million, free cash flow was MXN$38 million for the
year. Since Advent acquired the company in 2007, net equity
injections have totaled MXN$498 million, which have supported the
company and its growth. During 2011, Gayosso experienced cash flow
volatility due to collection issues. Fitch will consider as
positive to credit quality a track record of stable cash flow
generation going forward.

Contractual Liabilities
Related to death care contractual obligations, they represent
about MXN$ 675 million, representing about 0.5 million fully-paid
and not yet redeemed pre-need contracts. The company offers
upgrade plans to pre-need customers at the time of redemption,
which helps fund these obligations as cash outlays come up.

The company has shown weak credit metrics over the medium term. As
of Dec. 31, 2012, debt to pre-interest-expense CFO and CFO
interest coverage were 6.7x and 1.5x, respectively. Fitch expects
debt to pre-interest-expense CFO to be around 7.5-8.5x levels in
the near future, pro forma the proposed debt issuance. Proceeds
from the issuance will be used to refinance existing indebtedness
and the remainder cash balances will be used to pursue growth
opportunities while providing financial flexibility in the
meantime. The company has not paid dividends in the near past, and
Fitch would take a dim view of dividend payments at these leverage
levels.

Rating Sensitivity
Factors that could diminish creditworthiness would include a drop
in sales, an increase in uncollectable accounts, a reduction in
the percentage of upgraded pre-need plans at the time of
redemption, an inability to control SG&A expenses, payment of
dividends at current leverage levels, as well as higher leverage
ratios.

Factors that could improve credit quality include lower leverage,
higher interest coverage, stronger and/or stable cash flow
generation, free cash flow generation (CFO minus capex minus
dividends), and improvements in the funded status of contractual
service obligations.


GRUPO GAYOSSO: S&P Assigns 'B+' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Grupo Gayosso S.A. de C.V. (Gayosso).  S&P also
assigned its 'B+' issue-level rating to the company's proposed
7-year senior unsecured notes for up to $150 million, with a
recovery rating of '4', indicating S&P's expectation for an
average (30% to 50%) recovery for noteholders in the event of a
payment default.  S&P expects the company to use net proceeds from
the issuance to repay about MXN1.361 billion of its debt and use
the remainder for maintenance capital expenditures.  The outlook
is stable.

The 'B+' ratings on Gayosso reflect S&P's assessment of its "weak"
business risk profile, its "aggressive" financial risk profile,
and its "adequate" liquidity.


URBI DESARROLLOS: S&P Lowers Global Scale Ratings to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Desarrollos Urbanos Urbi S.A.B. de C.V. (Urbi) to
'CCC-' from 'CCC'.  In addition, S&P affirmed its 'mxCCC'
national scale rating on the company.  At the same time, S&P
removed the ratings from CreditWatch negative, where it placed
them on March 4, 2013.  The outlook is negative.

The rating actions reflect S&P's perception that Urbi may default
in the next few months, absent unanticipated and significantly
favorable changes in its circumstances.

In S&P's view, new signals suggest that Urbi's liquidity has
drained further in the past month or so.  This provides S&P with
additional evidence that the company is in financial distress.
S&P believes a lack of updated information about the company's
debt restructuring also suggests that Urbi's financing
availability and alternatives have been narrowing.  That, in S&P's
opinion, may also limit Urbi's ability to negotiate refinancing
conditions, reducing the recovery prospect for its usecured notes.

S&P anticipates that Urbi's drained liquidity and difficulties to
refinance its debt would cause its default within the next six
months.  Urbi recently announced that it hired a financial advisor
to analyze alternatives for its debt restructuring, which S&P
could potentially view as distressed, as about 80% of its total
bank debt is short term.


=================
N I C A R A G U A
=================


* NICARAGUA: Vulnerabilities Cue Moody's to Affirm B3 Rating
------------------------------------------------------------
Moody's Investors Service affirmed Nicaragua's B3 local and
foreign currency government bond ratings, and maintained the
stable outlook.

The rating affirmation reflects Moody's view that the country
continues to face significant external vulnerabilities, including
a large structural current account deficit and reliance upon
Venezuela for external financing. Moody's will publish its updated
annual credit analysis on Nicaragua in the coming weeks.

Ratings Rationale:

Nicaragua's economy is very small at $10.5 billion, it remains one
of the poorest countries in the region, and is among the poorest
within Moody's rating universe. Per capita GDP (PPP basis) in 2012
was $3,800, compared with a 'B' median of $4,800. Real GDP growth
has averaged 4.7% over the past three years, above the 4%
potential growth rate estimated by the IMF, and higher than
regional peers Guatemala (Ba1), Honduras (B2), and El Salvador
(Ba3).

Nicaragua ranks low according to the World Bank's governance
indicators, which are used by Moody's as proxies for policy
consensus and predictability. Corruption allegations during
electoral processes have been frequent and are one of the reasons
for which there has been a reduction in financing from
international donors. Despite poor scores on international surveys
and election inconsistencies, there are positive aspects to
highlight in the realm of institutional strength during the
current Ortega administration. Among these are an ongoing
relationship with the IMF, as well as a strategic alliance between
the government and the private sector which has helped the
authorities pass two fiscal reforms and attract more foreign
investment into the country.

Nicaragua has benefited from a cumulative amount of nearly $7
billion in debt forgiveness from bilateral, multilateral, and
commercial creditors since 2000, helping bring government debt
down to around 31% of GDP in 2012 from nearly 100% of GDP in 2000.
At present, Nicaragua is still negotiating with some non-Paris
Club bilateral creditors for pending debt relief under the HIPC
initiative.

Debt affordability metrics are strong, with interest payments
amounting to 4.5% of government revenues last year, given that the
bulk of the debt is on concessional terms.

The general government typically posts small deficits, which
become small surpluses after external grants are included. While
traditional grant sources (mostly European countries) have
declined, they have been replaced by a combination of grants from
non-traditional sources (e.g., Russia) and concessional loans,
mostly from Venezuela, which has become Nicaragua's single largest
creditor.

Economic event risk is high owing to sizeable current account
deficits, which have averaged 12% of GDP over the past three
years. On average, net foreign direct investment has covered
nearly two-thirds of the current account deficit over that time
horizon. There is a risk that the current account deficit could
widen further in 2013-14, owing to weaker coffee exports because
of the outbreak of leaf rust disease -- coffee is Nicaragua's
largest non-maquila export product.

In general, event risk is high, stemming in large part from the
country's high dependence on Venezuela, as Nicaragua imports 90%
of its oil and derivatives from Venezuela and the Petrocaribe
program provides Nicaragua with concessional loans that help
finance the current account deficit and support off-budget social
programs and transfers. In the event that political changes in
Venezuela lead to a reduction in this form of support, the
government's capacity to maintain social spending could be
significantly impaired, resulting in social unrest.

As part of this rating action, the local currency bond ceiling was
lowered to B2 from Ba2 and the local currency deposit ceiling was
lowered to B2 from Ba3. Nicaragua's foreign currency long-term
bond and deposit ceilings remained unchanged at B2 and Caa1,
respectively, while the foreign currency short-term bond and
deposit ceilings remained unchanged at NP.

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


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


MANUEL MEDIAVILLA: Case Summary & Unsecured Creditors List
----------------------------------------------------------
Debtor: Manuel Mediavilla, Inc.
          aka Muebleria Mediavill
        Garden Hills Estate
        31 Calle 2
        Guaynabo, PR 00966

Bankruptcy Case No.: 13-02800

Chapter 11 Petition Date: April 11, 2013

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

Judge: Mildred Caban Flores

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

Scheduled Assets: $2,191,098

Scheduled Liabilities: $2,484,529

The petition was signed by Manuel Mediavilla Garcia, president.

The Company's list of its largest unsecured creditors filed with
the petition contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
PRLP 2011 Holding, LLC             --                   $2,469,874
P.O. Box 70214
San Juan, PR 00936-8214


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


CARIBBEAN AIRLINES: On Road to Recovery, Chairman Says
------------------------------------------------------
RJR News reports that in the face of mounting criticism from
several quarters, Rabindra Moonan, chairman of Caribbean of
Airlines Limited, is adamant that in spite of the challenges
inherited by the Board, the air carrier is on the road to recovery
and profitability.

Mr. Moonan said such a turnaround could take two to three years to
manifest itself but there are already positive signs. He said the
board had taken decisive and corrective action to remedy the
situation, which has existed for years, according to RJR News.

RJR News notes that Mr. Moonan added that many positives now being
reflected in several areas of Caribbean Airlines' operations can
be directly attributed to an aggressive implementation of the
board-approved "Transformation Plan".  Mr. Moonan admitted that
the airline is in need of money but did not disclose a figure, the
report adds.

                    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.


==========================
V I R G I N  I S L A N D S
==========================


FAIRFIELD SENTRY: "Center of Main Interests" in Chap. 15 Defined
----------------------------------------------------------------
Tom Hals, writing for Reuters, reported that a federal appeals
court has resolved a split among judges in U.S. Bankruptcy Court
in Manhattan that could help determine when recognition as a
foreign main proceeding should be granted in Chapter 15 bankruptcy
petitions.

According to the Reuters report, the ruling by the 2nd U.S.
Circuit Court of Appeals also helped clarify that liquidators of
investment funds chartered offshore will not be precluded from
U.S. courts under Chapter 15.

The ruling determined that judges should look to the location of a
company's "center of main interests" at the time of its Chapter 15
petition to determine if it qualifies for recognition as a foreign
main proceeding by U.S. courts, Reuters related.  Such recognition
allows foreign companies to benefit from the automatic stay of
legal action against them in the United States. It also clears the
way for a U.S. bankruptcy judge to assist the foreign insolvency
action.

Tuesday's ruling by Chief Judge Dennis Jacobs, Judge Ralph Winter
and District Court Judge Laura Swain stems from a dispute
involving Fairfield Sentry, which was the largest feeder fund for
Bernard Madoff.  Reuters said it affirmed lower court rulings and
rejected a differing approach in 2011 by Judge Allan Gropper of
the U.S. Bankruptcy Court in Manhattan.

According to Reuters, the Fairfield Sentry fund had channeled more
than $7 billion to Madoff by the time he was arrested on Dec. 11,
2008, and his massive Ponzi scheme was exposed.  After the Madoff
fraud was revealed, Fairfield Sentry halted redemptions and
eventually entered liquidation in July 2009 in the British Virgin
Islands, where it was chartered.  The firm's investment manager,
Fairfield Greenwich Group, had carried out the fund's daily
business and was located in New York.

Fairfield Sentry asked the U.S. Bankruptcy Court in Manhattan to
recognize the British Virgin Islands action as the foreign main
proceeding under Chapter 15 of the U.S. bankruptcy code.

Recognition would allow Fairfield Sentry to benefit from the
automatic stay, but it was opposed by shareholder Morning Mist
Holdings Ltd, which had brought a derivative lawsuit against the
fund's directors, managers and service providers.

                  'Center of Main Interests'

In recognizing the British Virgin Islands liquidation as the
foreign main proceeding, U.S. Bankruptcy Court Judge Burton
Lifland found Fairfield Sentry's "center of main interests" was
the BVI, Reuters related.  He considered the period after the fund
ceased investment operations and was winding down.

Morning Mist appealed, arguing that Fairfield Sentry's 18-year
history showed the center of main interest was New York, Reuters
said.  It pointed to a separate case involving Millennium Global
Emerging Credit Master Fund. Gropper of the U.S. Bankruptcy Court
ruled the center of main interests was determined on the day the
business was placed into liquidation, not the day it sought
Chapter 15 protection.

The Reuters report said the 2nd Circuit disagreed with Morning
Mist, noting that the language in the statute suggested judges
should look at the location of the main operations at or around
the time of the Chapter 15 filing.

"We reject Morning Mist's invitation for us to consider the
debtor's entire operational history," wrote Jacob in a 32-page
opinion, according to Reuters.

The case is In the Matter of Fairfield Sentry Limited, Morning
Mist Holdings Limited v. Kenneth Krys, U.S. Court of Appeals for
the 2nd Circuit, No. 11-4376.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

                     About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds
invested about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


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


CORPORACION ELECTRICA: Fitch Affirms 'B+' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Corporacion Electrica Nacional S.A.'s
(CORPOELEC) local and foreign currency Issuer Default Ratings
(IDRs) at 'B+'. The Rating Outlook remains Negative.

KEY RATING DRIVERS

CORPOELEC's ratings reflect:

-- The company's strong linkage to the government of Venezuela
   (rated 'B+', Outlook Negative by Fitch), given its tight
   integration into the public sector determined by its 100%
   public ownership;

-- Its dependence on public funding to: i) carry on its day to
   day operations, ii) honor its financial obligations and iii)
   finance its capital expenditure needs;

-- The budgetary control to which the company is subject by
   Oficina Nacional de Presupuesto (ONAPRE) and the General
   Controller of the Republic of Venezuela;

-- Its monopolistic condition as the sole provider of electricity
   services in the country (generation, transmission, distribution
   and retail), a role that highlights its strategic importance
   for the economy as a whole.

The Negative Outlook reflects Venezuela's weakening policy
framework due to increased vulnerability to commodity price shocks
and deterioration in fiscal and external credit metrics.

Ratings Linked to the Government
CORPOELEC's credit profile reflects its strong credit linkage with
the Republic of Venezuela as the latter is closely integrated
within the public sector. The company's sole shareholder is the
Ministry of Popular Power for Electricity (MPPE), which has a
public mandate to operate the nation's electricity sector
according to its planning directives and heavily depends on public
sector transfers and subsidies for the sustainability of its
operations. The company receives explicit support from both the
Central Government, through operational and capital expenditure
allocations contained in the nation's budget and from PDVSA in the
form of subsidized fuel costs.

Monopolistic Position
CORPOELEC is a vertically integrated public utility in charge of
the operation of the country's electricity assets and the
provision of electricity services in Venezuela. The entity was
created in 2007 when the reorganization of the electricity sector
took place, reserving the rights to operate the electricity sector
to the State. The entity perfected a merger by absorption of all
generation assets and transmission, distribution and electric
power retail infrastructure in the country by the end of 2011,
affording it an installed capacity of 25,890 MW and a client base
of 6.1 million users by December 2012. CORPOELEC's monopolistic
position conveys the company strategic relevance to the country
given the essential nature of the service provided and the
electricity sector's correlation with GDP growth.

Operational Results Impacted by Tariff Freeze
The state's control of CORPOELEC renders the entity as a vehicle
for public policy implementation and therefore highly exposes it
to political interference in its day-to-day operations. The
current tariff regime has been in place since 2002, and no
significant tariff adjustments are expected in the near future.
The continuation of the tariff lag will tend to increase
CORPOELEC's dependence on public funding going forward, which will
increase the linkage to the sovereign as its stand-alone credit
profile deteriorates over time due to low tariffs preventing the
recovery of operational costs.

Sovereign Support Needed to Fund CAPEX:
CORPOELEC executed a USD3.3 billion CAPEX in FY 2012. Sources of
financing came from FONDEN, Fondo Miranda, Fondo Conjunto Chino
Venezolano (FCCV) and PDVSA. For the year 2013 CORPOELEC's planned
capital expenditures (USD 4.3 billion) will again depend on public
funds as the company is expected to continue posting negative
EBITDA generation. The company plans to incorporate 5,822 MW of
generation capacity and associated infrastructure in 2013
according to management's expectations.

RATING SENSITIVITIES
The key rating triggers that could result in a downgrade include a
downgrade of the sovereign and/or lack of support coming from the
government and its agencies in order to finance CORPOELEC's
operations, to service its financial obligations and carry forward
its planned CAPEX.

Fitch has affirmed CORPOELEC's ratings as follows:

-- Local Currency IDR at B+;
-- Foreign Currency IDR at B+;
-- National Long Term Rating at 'AAA(ven)';
-- National Short Term Rating at 'F1+(ven)'
-- EDC's USD663 million senior unsecured bond issuances due
   2014 and 2018 at 'B+/RR4'.

The Rating Outlook is Negative

CORPOELEC is a 100% government owned company created by virtue of
the Decree # 5.330, with rank of Organic Public Law, published on
July 31, 2007. This decree mandates the nationalization and
reorganization of the Venezuelan electricity sector by
centralizing all generation, transmission and distribution assets
in order to improve coordination in the use of primary energy
sources, generation dispatch and general infrastructure use, thus
ensuring the accomplishment of the Government's strategic plans
for the sector and the economy as a whole.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week April 15 to April 19, 2013
-------------------------------------------------------

Issuer              Coupon    Maturity     Currency   Price
------              ------    --------     --------   -----

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR          1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP       0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN         2.75   12/15/2019     CLP        65.673


PUERTO RICO
-----------

PUERTO RICO CONS       6.2    5/1/2017      USD        58.5
PUERTO RICO CONS       6.5    4/1/2016      USD        69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD        69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD        69.35





                            ***********


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.


                   * * * End of Transmission * * *