TCRLA_Public/130426.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 26, 2013, Vol. 14, No. 82


                            Headlines



B R A Z I L

ANHANGUERA EDUCACIONAL: S&P Affirms 'BB' Rating
* BRAZIL: Interest Rate Hike Could Create Mid-term Risk for Banks


C A Y M A N  I S L A N D S

ALTAIR STARS: Shareholders Receive Wind-Up Report
BRAVO HOLDCO: Shareholder Receives Wind-Up Report
COLIEMORE HARBOUR: Shareholders Receive Wind-Up Report
CONCERTO LIMITED: Commences Liquidation Proceedings
CONNAUGHT OFFSHORE: Shareholder Receives Wind-Up Report

CROSBY CHINACHIPS: Members Receive Wind-Up Report
DAVENPORT INTERNATIONAL: Shareholders Receive Wind-Up Report
GOLDENTREE CLO: Commences Liquidation Proceedings
GOLDENTREE CLO OFFSHORE: Commences Liquidation Proceedings
HALBIS GLOBAL: Shareholder Receives Wind-Up Report

HALBIS GLOBAL MASTER: Shareholder Receives Wind-Up Report
HONICOS LTD: Members Receive Wind-Up Report
MAGNETAR-GRF FUND: Members Receive Wind-Up Report
MARUBENI POWER: Shareholder Receives Wind-Up Report
MIRABILIS MULTI: Shareholders Receive Wind-Up Report

RDL LIMITED: Shareholders to Hear Wind-Up Report on April 29
SOLA SPV I: Shareholder Receives Wind-Up Report
TESSERA CAYMAN: Shareholders Receive Wind-Up Report
VAHINE LTD: Members Receive Wind-Up Report
WELLS FARGO: Shareholders Receive Wind-Up Report


C O L O M B I A

AVIANCA HOLDINGS: Fitch Assigns 'BB-' LT Issuer Default Rating


J A M A I C A

UC RUSAL: Onexim Group Moves to Get Involved in Mgmt. Decisions
* JAMAICA: US$100 Million Sugar Refinery Project in Trouble


M E X I C O

MAXCOM TELECOMUNICACIONES: Files Supplement 5 to Purchase Offer


V E N E N Z U E L A

CORPORACION ELECTRICA: S&P Revises Outlook & Affirms 'B' CCR




                            - - - - -


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


ANHANGUERA EDUCACIONAL: S&P Affirms 'BB' Rating
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale ratings on Anhanguera Educacional
Participa‡oess S.A. (Anhanguera).  Anhanguera has
R$585 million in debentures outstanding.

The affirmation follows Anhanguera's announcement of its intention
to merge with Kroton Educacional S.A. (unrated).  S&P expects the
combined entity to be the largest player in the educational sector
in Brazil with more than 1 million students.  Although it's likely
to have a stronger business risk profile, due to larger economies
of scale, the potential synergies are uncertain given execution
risks to integrate such large operations, the final outcome of a
regulatory approval, and the financial policy of the new entity.
Still, S&P affirmed the ratings on Anhanguera, as it don't see a
potential for a negative rating action once the deal is concluded
and while Anhanguera is on track of its deleveraging trend.

The new entity will have a strong penetration in Brazil's for-
profit education market with both physical campuses and long-
distance learning centers, and will benefit from economies of
scale with the integration of administrative and academic
processes.  In addition, it will benefit from cross-selling
products and unification of the commercial and credit approval
skills.  S&P also expects Anhanguera to benefit from Kroton's
higher exposure to the government-backed student loan program,
FIES, resulting in greater stability and predictability to cash
flows.  S&P believes that both companies have proven track records
in integrating acquired assets, given their acquisition-based
expansion strategies in the past.  However, S&P sees significant
execution risks in integrating sizable operations and complex
systems, potentially hindering margin improvement in short to
intermediate term.


* BRAZIL: Interest Rate Hike Could Create Mid-term Risk for Banks
-----------------------------------------------------------------
The recent 25 basis point interest rate hike by the Brazilian
Central Bank may prolong the recovery of the asset quality ratios
of Brazilian banks and continue to pressure them due to their
relatively high borrowing costs. Fitch Ratings believes this could
create a mid-term risk for Brazilian banks if trends continue for
some time.

Fitch says, "In the short run we do not expect the change to
materially impact bank margins as most institutions anticipated
the change. However, we remain cautious regarding the potential
impact of credit costs on bank profitability ratios in 2013
because of the economic cycle and the increase in personal
indebtedness."

Fitch views the rate hike as the beginning of a moderate monetary
tightening cycle in Brazil. It shows that authorities are ready to
use monetary policy tools to better anchor inflation expectations.
Indice Nacional de Precos ao Consumidor Amplo Especial reports
inflation remains in the upper bounds of the central bank's target
range of 4.5% (+/-2%). Despite expected slow growth in 2013,
inflation has proven to be resilient in the face of the tight
labor market and persistently high services prices.

Most large Brazilian banks remain well founded because of high
individual capital levels and strong funding ratios and overall
financial profiles. However, a sustained period of above average
credit costs may undermine their profitability and limit their
lending capability. In Fitch's view, banks that rely on wholesale
funding may need to create costs savings initiatives if higher
rates translate into pressure on margins. In many cases, their
concentration of loans to individuals and/or medium size companies
results in less income diversification and less pricing
flexibility for both loans and funding.


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


ALTAIR STARS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On April 26, 2013, the shareholders of Altair Stars LP Holdings
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


BRAVO HOLDCO: Shareholder Receives Wind-Up Report
-------------------------------------------------
On April 26, 2013, the shareholder of Bravo Holdco received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Roy Kelvin
          One Market Street
          Steuart Tower, 23rd Floor
          San Francisco
          CA 94105
          Telephone: +1 (415) 293 5000


COLIEMORE HARBOUR: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 22, 2013, the shareholders of Coliemore Harbour Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Ashman
          Sunnyside, Vico Road
          Dalkey Co Dublin
          Ireland
          Telephone: +3 (538) 6027 0322


CONCERTO LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on March 14, 2013, the
shareholders of Concerto Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CONNAUGHT OFFSHORE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On April 26, 2013, the shareholder of Connaught Offshore Mezzanine
Fund, Ltd received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Connaught Real Estate Finance LLC
          222 N. LaSalle Street
          Suite 100
          Chicago, IL 60601
          c/o Daniel Fowler
          Telephone: (312) 621 3300


CROSBY CHINACHIPS: Members Receive Wind-Up Report
-------------------------------------------------
On April 3, 2013, the members of Crosby Chinachips Investment Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

Fok Hei Yu is the company's liquidator.


DAVENPORT INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On April 17, 2013, the shareholders of Davenport International,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GOLDENTREE CLO: Commences Liquidation Proceedings
-------------------------------------------------
On March 6, 2013, the sole shareholder of Goldentree CLO Debt
Recovery Master Fund II Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
April 24, 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


GOLDENTREE CLO OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------------
On March 6, 2013, the sole shareholder of Goldentree CLO Debt
Recovery Offshore Fund II Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
April 24, 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


HALBIS GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
On April 16, 2013, the shareholder of Halbis Global Opportunistic
Alpha Fund, Ltd received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman) Limited
          c/o Jennifer Collins
          Telephone: (345) 815-1446
          Facsimile: (345) 945-6265


HALBIS GLOBAL MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On April 16, 2013, the sole shareholder of Halbis Global
Opportunistic Alpha Master Fund, Ltd received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman) Limited
          c/o Jennifer Collins
          Telephone: (345) 815-1446
          Facsimile: (345) 945-6265


HONICOS LTD: Members Receive Wind-Up Report
-------------------------------------------
On April 15, 2013, the members of Honicos 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


MAGNETAR-GRF FUND: Members Receive Wind-Up Report
-------------------------------------------------
On April 19, 2013, the members of Magnetar-GRF Fund (Cayman), 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


MARUBENI POWER: Shareholder Receives Wind-Up Report
---------------------------------------------------
On April 16, 2013, the shareholder of Marubeni Power (Cayman
Islands) Finance Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Rachel Smyth
          Telephone: (345) 815 1840
          Facsimile: (345) 949-9877


MIRABILIS MULTI: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 23, 2013, the shareholders of Mirabilis Multi Strategy
SPC received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


RDL LIMITED: Shareholders to Hear Wind-Up Report on April 29
------------------------------------------------------------
The shareholders of RDL Limited will receive on April 29, 2013, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


SOLA SPV I: Shareholder Receives Wind-Up Report
-----------------------------------------------
On April 23, 2013, the shareholder of Sola SPV I received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


TESSERA CAYMAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
On March 25, 2013, the shareholders of Tessera Cayman 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


VAHINE LTD: Members Receive Wind-Up Report
------------------------------------------
On April 15, 2013, the members of Vahine 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


WELLS FARGO: Shareholders Receive Wind-Up Report
------------------------------------------------
On April 26, 2013, the shareholders of Wells Fargo Multi-Strategy
50 Offshore Hedge 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
===============


AVIANCA HOLDINGS: Fitch Assigns 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned the following Issuer Default Ratings
(IDRs) to Avianca Holdings S.A. (formerly known as AviancaTaca
Holding S.A.) and its fully owned subsidiaries:

Avianca Holdings S.A. (Avianca Holdings):
-- Long-term Issuer Default Rating (IDR) 'BB-';
-- Long-term local currency IDR 'BB-'.

Aerovias del Continente Americano S.A. (Avianca):
-- Long-term IDR 'BB-';
-- Long-term local currency IDR 'BB-'.

Grupo Taca Holdings Limited (Grupo Taca):
-- Long-term IDR 'BB-'.

Avianca Leasing LLC (Avianca Leasing):
-- Long-term IDR 'BB-'.

The Rating Outlook is Stable.

Fitch has also assigned an expected senior unsecured rating of
'B+/RR5' to the proposed issuance of USD300 million of notes to be
issued by Avianca Holdings and its subsidiaries Grupo Taca
Holdings Limited (Grupo Taca) and Avianca Leasing LLC (Avianca
Leasing). Avianca Holdings, Grupo Taca, and Avianca Leasing are
jointly and severally liable under the notes as co-issuers.
Avianca Leasing is a wholly owned subsidiary incorporated under
the laws of Delaware, United States.

The notes will be senior unsecured obligations of each of the
issuers and will rank equally with the other senior unsecured
indebtedness of the issuers. The notes will be fully and
unconditionally guaranteed - on an unsecured, senior basis - by
three of Avianca Holdings' subsidiaries, Taca International
Airlines S.A., LACSA S.A. and Trans American Airlines S.A. - Taca
Peru. Avianca Leasing's obligations as a co-issuer of the notes
will be unconditionally guaranteed - on an unsecured, senior basis
- by Avianca Holdings' subsidiary Aerovias del Continente
Americano S.A. (Avianca) up to an amount equal to the proceeds of
the offering of the notes used by Avianca Leasing LLC to purchase
aircraft, which is currently estimated to be approximately USD200
million. Proceeds from the note issuance will be used primarily to
fund the company's fleet capital expenditure.

The IDR reflects Avianca Holdings' important regional market
position as the leader carrier in Colombia and Central America,
geographically diversified business model, stable EBITDAR margins,
high gross adjusted leverage, and adequate liquidity. The ratings
also consider the vulnerability of the company's cash flow
generation to higher fuel prices and the inherent risks of the
airline industry, balanced by the carrier's ability to maintain
margins based on the leader position in the markets where it
operates. The ratings incorporate the company's substantial fleet
renewal plan and its expected impact in the company's competitive
market position, margins, financial leverage and free cash flow.
The company's adjusted net leverage is expected to be around 5.5x
during the next two years ended in December 2014.

The 'B+/RR5' rating of the company's proposed unsecured notes
incorporate the subordination of the proposed unsecured notes with
respect to significant levels of secured debt, and below the
average recovery prospects in the event of default.

The Stable Outlook reflects expectations that the company will
expand its operations and withstand competitive pressure without
weakening its credit profile.

KEY RATING DRIVERS:

Avianca Holdings has a dominant market position in Colombia's
market, which is the third most important market in the region
after Brazil and Mexico. Colombia's domestic and international
passenger segments are estimated as approximately 17 million and 8
million, respectively, of passenger transported in 2012. The
company's market participations in Colombia's domestic market and
intra region Central America are 59%, and 77%, respectively.
Avianca Holdings' market share as a percentage of transported
passengers, in the home markets (Central America, Colombia,
Ecuador, and Peru) toward North America, South America, the
Caribbean, and Spain were 29%, 50%, 26%, and 28%, respectively, by
the end of 2012. The company's market share in Peru's domestic
market is 12%, while in the Ecuadorian domestic market is 29%.

EBITDAR margins expected around 17%. Avianca Holdings' financial
performance has remained stable during the last three years when
compared with other regional players - particularly in Brazil -
that have reached material deterioration in margins due to
increasing competition. This situation reflects the company's
solid market position in its main markets - primarily Colombia and
Central America - with limited competition - which allows it the
pricing flexibility to transfer part of the increasing costs to
the revenue structure.

Geographically diversified business supports load factors around
79.7%. Avianca Holdings' business model offers a good degree of
geographic diversification, combining operations in Colombia,
Central America and South America, which allows the company to
deploy and rotate capacity according to the market conditions. The
company's revenue structure is well-distributed by regions with
Colombia's domestic market (27%), North America (22%), Lower South
America (13%), Upper South America (12%), Central America (9%),
and Europe (8%). Avianca Holdings' geographic diversification
allows it to maintain consistently solid load factors of around
79.7% during the last three years, ended in December 2012.

In terms of business segment, Avianca Holdings' passenger and
cargo segments represent approximately 86.3% and 11%,
respectively, of its total revenues. The company's diversification
by business segments is not expected to materially change over the
short to medium term.

The ratings incorporate the expected improvement in the cost
structure and savings generated by the company's significant
capital expenditures (capex) plan as well as the overcapacity risk
and limited free cash flow (FCF) generation over the next two
years ended in December 2014. Avianca Holdings' capex plan
considers renewing an important portion of its fleet during the
next three years ended in 2015. The company's capex related to
aircraft equipment for 2013, 2014, and 2015 is expected to reach
levels of USD490 million, USD835 million, and USD288 million,
respectively.

Avianca Holdings' available seat kilometers (ASK) was 36.5 billion
by the end of December 2012, and it is expected to increase in
11%, 8%, 9% during 2013, 2014, and 2015, respectively, driven by
the fleet capex plan. The company's significant capex plan will
limit its free cash flow generation during the next few years.
During 2012, the company reached levels of cash flow from
operations (CFO), capex, and paid dividends of UDS401 million,
USD594 million, and USD25 million, respectively, resulting in a
negative FCF of USD218 million. The company's FCF generation is
expected to be negative during the next two years based on the
execution of its capex plan.

The ratings consider that the company will maintain its financial
policy of keeping cash targets around 13% of its last 12-month
period (LTM) revenues. The company ended December 2012 with a cash
position of USD453 million, 2x its short-term debt of USD231
million and representing 11% its total revenues for the year 2012.
The company faces maturing debt payments of USD257 million and
USD298 million during 2013 and 2014, respectively, covered by its
current cash and marketable securities balance (USD453 million)
and unused credit lines for approximately USD60 million.

High financial leverage constrains the ratings. The company's cash
generation, as measured by EBITDAR was USD695 million during the
2012, with an EBITDAR margin of 16.4%. The company had
approximately USD3.9 billion in total adjusted debt at the end of
December 2012. This debt consists primarily of USD1.8 billion of
on-balance-sheet debt, most of which is secured, and an estimated
USD2.1 billion of off-balance-sheet debt associated with lease
obligations. The company's rentals payments during 2012 were
USD287 million. The company's gross and net adjusted leverage, as
measured by total adjusted debt/EBITDAR and total adjusted debt
net of cash/EBITDAR, were 5.5x and 4.9x at the end of December
2012.

The ratings factor in the view that the company's net leverage
will remain around 5.5x during the next two years ended in
December 2014; deleveraging is not expected as the company is
implementing a significant, and largely debt-funded, capex plan
during the next three years resulting in negative free cash flow
for the period. Over the next two years, higher capital
expenditures for fleet renewal is likely to put pressure over the
FCF and thus increase Avianca Holdings' leverage, even though it
is expected that the company will benefit from an increase in
EBITDAR, coming from higher revenues for adding more efficient
capacity in the next years, as well as the cost reduction program
(other than fuel cost) that the company will be carrying.

The ratings incorporate the credit profile of the holding's fully
controlled subsidiaries Avianca and GTH. Combined, these two
operating companies represent the main source of cash flow
generation for the holding company. Avianca's cash generation, as
measured by EBITDAR was USD593 million during the last 12 months
(LTM) period ended December 2012. Avianca's EBITDAR margin was 22%
and 21% during 2011 and 2012, respectively, and its gross adjusted
leverage, as measured by the total adjusted debt/EBITDAR ratio,
was 4.3x at the end of December 2012. GTH's cash generation, as
measured by EBITDAR was USD145 million during 2012, respectively.
GTH's EBITDAR margin was 9.7%% and 5.7% during 2011 and 2012,
respectively. GTH's gross adjusted leverage, as measured by total
debt/EBITDAR, was 15.3 times (x) at the end of December 2012.

The ratings also factor in the credit linkage among the holding
company and its operating companies - Avianca and GTH. The
significant legal and operational links between the two operating
companies are reflected in the existence of cross-guarantee and
cross-default clauses related to the financing of aircraft
acquisitions for both operating companies. Likewise, the IDR
considers that dividends and/or intercompany loans between the two
entities will be unrestricted.

RATING SENSITIVITIES:

Fitch could consider a positive rating action if Avianca Holdings
generates margins and FCF higher than the expected levels
incorporated in the ratings, resulting in lower financial adjusted
leverage and improved its liquidity profile in terms of cash
position. Conversely, a negative rating action could be considered
if the company's credit profile - in terms of FCF, financial
adjusted leverage or liquidity position - weakens, especially in a
fuel spike or falling demand scenario.


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


UC RUSAL: Onexim Group Moves to Get Involved in Mgmt. Decisions
---------------------------------------------------------------
RJR News reports that Russian billionaire Mikhail Prokhorov's
Onexim Group, a shareholder in UC Rusal, is looking at buying debt
issued by the company to boost its influence over management
decisions.

Onexim holds 17% of UC Rusal which owns some of the main alumina
plants in Jamaica, according to RJR News.  The report relates that
Onexim said it is monitoring the opportunity to buy debt alone or
with partners.

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported last month, according to RJR News.   The
report related that UC Rusal said the adjustment was made after
reviewing its share of profit from its subsidiary Norilsk Nickel.
UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.

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.


* JAMAICA: US$100 Million Sugar Refinery Project in Trouble
-----------------------------------------------------------
RJR News reports that Audley Shaw, Opposition Spokesman on
Finance, is claiming that the construction of a US$100 million
sugar refinery in Jamaica is now in jeopardy.

Mr. Shaw said this has been caused by the Government's failure to
honor certain obligations with the major investor in the sugar
industry, COMPLANT, according to RJR News.

The report relates that Ms. Shaw disclosed that COMPLANT is being
asked to foot the electricity bills for 500 employees.

In the meantime, Mr. Shaw said all is not well with plans to
establish agro parks in Jamaica, the report says.

According to the Opposition Spokesman, in recent weeks a number of
persons have been fired from the entity that was established to
oversee the project, RJR News adds.


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


MAXCOM TELECOMUNICACIONES: Files Supplement 5 to Purchase Offer
---------------------------------------------------------------
A supplement to the offer to purchase for cash all of the
outstanding Series A common stock, ordinary participation
certificates and american depositary shares of Maxcom
Telecomunicaciones, S.A.B. de C.V., was filed with the U.S.
Securities and Exchange Commission on April 19, 2013.

The Supplement No.5 amends and supplements the U.S. Offer to
Purchase, dated Feb. 20, 2013, relating to the offer by Trust
Number 1387, acting through Banco Invex S.A., Institucion de Banca
M£ltiple, Invex Grupo Financiero, a banking institution organized
and existing under the laws of the United Mexican States, as
Trustee for Trust Number 1387, Ventura Capital Privado, S.A. de
C.V., Javier Molinar Horcasitas and Enrique Castillo Sanchez
Mejorada to purchase for cash (i) all of the outstanding Series A
Common Stock, without par value, of Maxcom Telecomunicaciones,
(ii) all of the outstanding Ordinary Participation Certificates of
Maxcom, and (iii) all of the outstanding American Depository
Shares, of Maxcom, in each case held by persons who are not
Mexican residents.  Each ADS represents seven CPOs.  Each CPO
represents three Shares.

Unless the Offer is further extended, the expiration of the Offer
will occur at 12:00 midnight, New York City time, on April 24,
2013.

The fifth paragraph in the "Annex III - Conditions to Consummation
of the Concurrent Exchange Offer" is replaced in its entirety with
the following text:

"In addition, the Exchange Offer is subject to the satisfaction of
Maxcom of the conditions related to the Offers.  Maxcom will also
only accept Old Notes for exchange if at least 80% in aggregate
outstanding principal amount of the Old Notes is validly tendered
and not validly withdrawn on or prior to the expiration date of
the Exchange Offer, subject to Maxcom's right, in its sole
discretion, to decrease the minimum tender condition to 75.1%
without extending the Exchange Offer or granting any withdrawal
rights.  The Purchaser believes that in the event Maxcom exercises
such right, the decrease in the debt participation threshold from
80% to 75.1% would not constitute a material change to the holders
of Maxcom Shares, CPOs and ADSs.  With an 80% participation in the
Exchange Offer, Maxcom would have $40,000,000 of its Old Notes
with an 11% coupon and $160,000,000 of its New Notes with a 7%
coupon outstanding.  If there is an additional 5% decrease in the
minimum tender condition in the Exchange Offer, this would result
in an additional $10,000,000 of Old Notes with the 11% coupon
resulting in an additional $400,000 per annum of interest payments
until the Old Notes are fully repaid in December 2014.  In
Purchaser's view, this incremental interest payment means that a
5% change in the minimum tender condition of the Exchange Offer
would not make a material difference from a debt service
perspective or in the financial condition of Maxcom.  Other than
the difference in the coupon of the Old Notes and the New Notes,
the Exchange Offer is for the same principal amount of notes, so
there would be no change in the outstanding debt level of Maxcom."

A copy of the Supplement is available for free at:

                        http://is.gd/FOgOlm

                           About Maxcom

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

                           *    *     *

Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.


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


CORPORACION ELECTRICA: S&P Revises Outlook & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Corporacion Electrica Nacional S.A. (Corpoelec) to negative from
stable.  At the same time, S&P affirmed its 'B' corporate credit
rating on the company.  The outlook revision follows the April 19
outlook revision on Venezuela (B+/Negative/B).

"Our rating on Corpoelec reflects our opinion that there is an
extremely high likelihood that its owner, the Bolivarian Republic
of Venezuela, would provide timely and sufficient extraordinary
support to the company in the event of financial distress.
Therefore, the corporate credit rating on Corpoelec is a notch
higher than its 'b-' stand-alone credit profile (SACP).  In
accordance with our criteria for government-related entities, our
view of an extremely high likelihood of extraordinary support is
based on our assessment of Corpoelec's critical role as the only
provider of electricity services in Venezuela.  In our opinion,
this provides a strong economic incentive for the sovereign to
support the company during periods of financial distress.  In our
assessment, we also take into account its very strong link with
the government given the government's full ownership of
Corpoelec," S&P said.

Corpoelec's SACP reflects S&P's view that the company's business
risk profile is "vulnerable," given its expectations that it will
continue to post operating losses partly because of its social
mission resulting from delivering electricity at low tariffs in
Venezuela.  As a result, the company's SACP incorporates the
ongoing support from the government to meet its capital
expenditures and financial obligations.  Headquartered in Caracas,
Venezuela, Corpoelec is the country's national integrated electric
utility.


                            ***********


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 * * *