TCRLA_Public/130501.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

              Wednesday, May 1, 2013, Vol. 14, No. 85


                            Headlines



A R G E N T I N A

BANCO BILBAO: Fitch Assigns 'BB-' Rating to Preferred Securities
TELECOM ARGENTINA: Fitch Affirms, Withdraws 'B+' LC IDR


B E R M U D A

ASPEN INSURANCE: Moody's Assigns Ba1(hyb) Rating to Shares Issue


B R A Z I L

* BRAZIL: Ethanol Industry to Benefit from Fiscal Incentives


C A Y M A N  I S L A N D S

6S SMALL: Creditors' Proofs of Debt Due May 8
ALL SEASONS: Creditors' Proofs of Debt Due May 8
ASCEND CL: Creditors' Proofs of Debt Due May 8
ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
BALU HOLDINGS: Placed Under Voluntary Wind-Up

DAVID INVESTMENTS: Shareholders Receive Wind-Up Report
FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
GOLDENTREE CLO: Shareholder Receives Wind-Up Report
GOLDENTREE CLO MASTER: Shareholder Receives Wind-Up Report

NHN GLOBAL: Shareholder Receives Wind-Up Report
RADCLIFFE USD: Shareholder Receives Wind-Up Report
RIDLEY PARK: Creditors' Proofs of Debt Due May 10
RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
SHU HOLDINGS: Placed Under Voluntary Wind-Up

THAMES RIVER: Creditors' Proofs of Debt Due May 9
TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
UNITY CAPITAL: Creditors' Proofs of Debt Due May 8


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP: Power Cos. Get US$350MM, Blackouts May Ease


J A M A I C A

PETROLEUM CORP: Enterprise Team to Oversee Petcom's Divestment


M E X I C O

CORPORACION GEO: S&P Lowers Global Scale Rating to 'D'
CREDITO REAL: S&P Affirms 'BB' Rating; Outlook Stable
DISCOUNT BANK: S&P Affirms 'BB+' ICR; Outlook Stable


P U E R T O   R I C O

CRISTALERIA Y ROTULOS: Case Summary & Creditors List


S T.  L U C I A

SUNSHINE INDUSTRIES: Gets Order to Reinstate Dismissed Workers




                            - - - - -


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


BANCO BILBAO: Fitch Assigns 'BB-' Rating to Preferred Securities
----------------------------------------------------------------
Fitch Ratings has assigned Banco Bilbao Vizcaya Argentaria's
(BBVA) potential issue of non-step-up non-cumulative perpetual
tier 1 capital securities (preferred securities) with fully
discretionary coupons and pre-set triggers for contingent
conversion an expected rating of 'BB-(EXP)'.

BBVA expects to issue a benchmark transaction of preferred
securities. This issuance, with fully discretionary coupon payment
and pre-set triggers for contingent conversion, is the first of
this kind for a Spanish bank.

KEY RATING DRIVERS

The preferred securities are rated five notches below BBVA's
'bbb+' Viability Rating (VR), in accordance with Fitch's criteria
for "Assessing and Rating Bank Subordinated and Hybrid Securities"
dated Dec. 5, 2012, at www.fitchratings.com.

The notes are notched twice for loss severity as recoveries are
expected to be poor, because the preferred securities will rank
junior to all liabilities, including subordinated debt and because
of conversion into common equity on breach of one of the pre-set
triggers. These triggers are set at a 5.125% common equity Tier 1
ratio at a consolidated and unconsolidated level, a 7%
consolidated core tier 1 (CT1) ratio as defined by the European
Banking Authority (EBA) and a 7% capital principal (Spain's
adaption of EBA CT1 ratio) ratio on a consolidated basis. At end-
March 2013, BBVA capital ratios were well in excess of these
triggers.

To reflect the incremental non-performance risk of the notes
relative to the risk incorporated by the VR, the notes are notched
three times given the instrument's fully discretionary coupon
payment, which is deemed to be the most easily activated form of
loss absorption.

RATING SENSITIVITIES

As the notes are notched off BBVA's VR, their rating is primarily
sensitive to any change in that rating. The rating sensitivities
of the bank's VR include a potential downgrade of the sovereign or
a marked deterioration of asset quality and/or profitability as a
result of a sustained tough operating environment in Spain. BBVA's
vulnerability to weaknesses in the Spanish market are somewhat
mitigated by its international diversification, supporting a VR
that is one notch above the sovereign Long-term IDR, but at the
same time it is not immune to developments in Spain.


TELECOM ARGENTINA: Fitch Affirms, Withdraws 'B+' LC IDR
-------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Telecom Argentina S.A.
(TEO)'s local currency Issuer Default Rating (IDR) at 'B+' and its
foreign currency IDR at 'B-'. These international ratings have
been withdrawn as they are no longer considered by Fitch to be
analytically meaningful, as the company does not have debt
issuances in the international debt capital markets.

Fitch's current National Scale Ratings for Telecom Argentina are
as follows:

-- National long-term rating 'AA+(arg)';
-- National equity rating '1'.


=============
B E R M U D A
=============


ASPEN INSURANCE: Moody's Assigns Ba1(hyb) Rating to Shares Issue
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1(hyb) rating to the
proposed Non-Cumulative Preference Shares to be issued by Aspen
Insurance Holdings Limited. These preference shares are perpetual,
non-cumulative and are callable by Aspen after ten years. Proceeds
from the offering will be used for settling the cash portion of
the mandatory conversion of Aspen's 5.625% Perpetual PIERS and for
general corporate purposes. The rating is based on the expectation
that there will be no material differences between current and
final documentation.

Ratings Rationale:

Moody's stated that the Ba1(hyb) rating assigned to the Preference
Shares reflects standard notching (vs. the senior rating) for non-
cumulative preference shares that lack a mandatory trigger it
considers to be "meaningful". The security, which is intended to
constitute Tier 1 capital, is rateable by Moody's because although
it contains a "variation or exchange" provision, the conditions
under which the security could be varied/exchanged, and the nature
of changes that could be made, are limited in ways that retain
important protections for investors. First, the security may be
varied or exchanged only in response to a tax event or a (Tier 1)
capital disqualification change event. Second, in addition to a
broad prohibition against changes that would be less favorable to
investors (albeit somewhat weakened by the lack of third-party
affirmation of that determination), the security specifically
prohibits certain changes. Prohibited changes include any that
would a) change the amount, b) change the dividend payments, c)
change the redemption dates, d) alter the currency, e) reduce the
liquidation preference, or f) lower the ranking.

Under a capital disqualification change event, there is a risk
that Aspen could tighten the conditions triggering a mandatory
dividend suspension enough for Moody's to judge the trigger as
"meaningful", as would be the case if the trigger were changed to
become effective at a capital ratio materially higher than the
Solvency Capital Requirement level. Moody's believes such a change
would be considered less favorable to investors. In the event that
the preference shares were to be varied to include, or exchanged
for new securities with, a meaningful mandatory dividend
suspension trigger, the rating on the Preference Shares would
likely be lowered by one notch.

The preference shares will receive some equity credit from Moody's
in its financial leverage calculation based on the securities'
subordination, optional deferral and non-cumulative nature of
dividends and lack of a stated maturity. As a result of this share
issuance, Aspen's adjusted financial leverage is expected to
increase slightly but remain within Moody's expectations of below
25%. A relative financial flexibility weakness for Aspen is its
earnings coverage and this preferred share issuance will also
increase interest expense to an extent although Moody's expects
the Group's overall financial flexibility to remain good.

Moody's A2 insurance financial strength ratings on Aspen's
operating subsidiaries reflect the Group's very good
capitalization, conservative investment policy, and relatively low
adjusted financial leverage. Whilst recognizing Aspen's good
business diversification, these strengths are off-set by the
inherent volatility and cyclicality in many of its lines of
business which has influenced the Group's mixed return on capital
performance, the inherent uncertainty associated with expanding
into new lines of business, and the challenge of improving the
performance of its US insurance division's business.

The following rating has been assigned with a stable outlook:

Aspen Insurance Holdings Limited - Non-Cumulative Preference
Shares at Ba1(hyb).

The methodologies used in this rating were Moody's Global Rating
Methodology for Reinsurers published in December 2011, and Moody's
Guidelines for Rating Insurance Hybrid Securities and Subordinated
Debt published in January 2010.

Aspen, headquartered in Hamilton, Bermuda, reported at YE12 gross
premiums written of $2,583m and shareholders' equity of $3,488m.


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


* BRAZIL: Ethanol Industry to Benefit from Fiscal Incentives
------------------------------------------------------------
The recent initiatives announced by the Brazilian Government to
support domestic ethanol production industry will not materially
change industry fundamentals, as the limited size of the proposed
tax breaks can result in only minimal cash flow improvement and
marginal deleveraging, according to Fitch Ratings.

Fitch highlights that companies with higher production mix
flexibility, and the companies whose strategy is more focused on
ethanol production, should benefit more by the recent measure,
assuming sugar prices remain depressed.

On April, 23 2013, Brazilian Federal Government announced a set of
measures seeking to promote investments to support expansion in
the ethanol production and, to some degree, increase the
competitiveness of ethanol versus gasoline as it may limit
inflation pressures. The first of two government incentives will
provide PIS and COFINS tax relief of BRL 120.00 per m (BRL 0.12
per liter). Producers are expected retain the bulk of
profitability gains related to the new policy, with around 10% of
total profitability gains in the industry being spread throughout
the entire production distribution chain.

The tax incentives as well as the previously announced increase
mix of anhydrous blending into gasoline to 25% from current 20%,
will likely shift the sugarcane crushing mix more toward ethanol
production to around 54% in the current harvest compared to the
current mix of 50.5% in the 2012/2013 harvest. Fitch considers a
46% sugar/54% ethanol production-mix to be consistent with the
companies' relative production flexibility and the natural
dynamics of the sugar and ethanol industry. Additionally, the
benefit in the ethanol profitability to producers should partially
offset recent years' shrinking margins as a result of higher
production, and lead to an increase in the competitiveness of
hydrous ethanol versus gasoline.

The second of two main government incentives is to expand credit
lines for the renewal and expansion of sugarcane crops (Prorenova)
at lower financial costs, with funds provided by BNDES. While this
incentive is positive given the relative size of the increase in
credit, Fitch does not foresee any greater benefit to the industry
as these resources are passed on by financial institutions, the
policy will not result in broader lending across the industry, but
rather will continue to exclusively benefit those companies with
the strongest credit profiles. A total of BRL 4 billion credit
lines should be available to producers to finance crop investments
at 5.5% per year and extended terms of up to 6 years. Inventory
lines of credit costing 7.7% per year have been also announced.

The new policy will affect industry players differently depending
on their preexisting strategies and financial positions. Within
Fitch's publicly rated companies, Aralco S.A. Industria e Comercio
(Aralco), with its 66% focus on ethanol production, should
particularly benefit from the announced measures. Companies with
higher financial flexibility such as U.S.J. Acucar e Alcool S.A.
(USJ) and Raizen are more likely to benefit from long-term lower
cost facilities of Prorenova.

Currently, Fitch Rates Industry companies as follows:

Aralco S.A. - Industria e Comercio (Aralco)
-- Long-term foreign currency Issuer Default Rating (IDR) 'B';
-- Long-term local currency IDR 'B';
-- Long-term national rating 'BBB-(bra)'.

Aralco Finance S.A.
-- Proposed Unsecured Senior Secured Notes Issuance 'B/RR4'.

Cosan S.A. Industria e Comercio
-- Long-Term IDR 'BB+';
-- Local Currency IDR 'BB+';
-- National Long-Term Rating 'AA-(bra)'.

The Ratings Outlook is Stable.

Cosan Overseas Limited
-- Long-Term IDR 'BB+';
-- Senior Unsecured Perpetual Notes 'BB+'.

The Rating Outlook is Stable

Cosan Luxembourg S.A.
-- Senior Unsecured Notes 'BB+'.

Cosan Finance Limited
-- Long-Term IDR 'BBB';
-- Senior Unsecured Notes 'BBB'.

The ratings outlook is stable

Raizen Energia S.A.
-- Long-Term IDR 'BBB';
-- Local Currency IDR 'BBB';
-- National Long-Term Rating 'AAA(bra)'.

The Ratings Outlook is Stable.

Raizen Combustiveis S.A.
-- Long-Term IDR 'BBB';
-- Local Currency IDR 'BBB';
-- National Long-Term Rating 'AAA(bra)'.

The Rating Outlook is Stable.

Tonon Bioenergia S.A. (Tonon)
-- Long-Term IDR 'B';
-- Local Currency IDR 'B';
-- Senior Unsecured Notes 'B/RR4'.

The Ratings Outlook is Stable.

U.S.J. - Acucar e Alcool S.A.
-- Long-Term IDR 'BB-';
-- Local Currency IDR 'BB-';
-- National Long-Term Rating 'A(bra)'.

The Ratings Outlook is Stable.
Senior Unsecured notes 'BB-/RR4'

Virgolino de Oliveira Acucar e Alcool S.A. (GVO)
-- Long-Term IDR 'B';
-- Local Currency IDR 'B';
-- National Long-Term Rating 'BBB(bra)'.

The Ratings Outlook is Stable

Virgolino Finance
-- Foreign and local currency IDR at 'B';
-- Senior unsecured notes at 'B/RR4'.


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


6S SMALL: Creditors' Proofs of Debt Due May 8
---------------------------------------------
The creditors of 6S Small Cap Opportunity Fund Ltd are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2013.

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


ALL SEASONS: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of All Seasons Africa Multistrategy Master Fund
Limited are required to file their proofs of debt by May 8, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2013.

The company's liquidator is:

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


ASCEND CL: Creditors' Proofs of Debt Due May 8
----------------------------------------------
The creditors of Ascend CL Fund Ltd. are required to file their
proofs of debt by May 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

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


ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
-----------------------------------------------------
The creditors of Ascend CL Master Fund Ltd. are required to file
their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

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


BALU HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Balu Holdings Corporation resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor's Square
          West Bay Road, Ground Floor
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


DAVID INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of David Investments Ltd. received on April 8,
2013, 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


FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
--------------------------------------------------------
The creditors of Foxhill Opportunity Offshore Fund, Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 15, 2013.

The company's liquidator is:

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


GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
----------------------------------------------------
The creditors of Gavea Brazilian Managers Fund Ltd. are required
to file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2013.

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: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Goldentree CLO Debt Recovery Offshore Fund II
Ltd. received on April 26, 2013, 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


GOLDENTREE CLO MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Goldentree CLO Debt Recovery Master Fund II
Ltd. received on April 26, 2013, 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


NHN GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of NHN Global Ltd received on March 15, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kim Chan Su
          Room 1808, 18th Floor Tower II
          Admiralty Centre
          18 Harcourt Road
          Admiralty
          Hong Kong
          Telephone: +8 (522) 528 9899
          Facsimile: +8 (522) 804 1004


RADCLIFFE USD: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Radcliffe USD Fund II, Ltd. received on
March 12, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


RIDLEY PARK: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Ridley Park Paragon Fund Limited are required to
file their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Kassi Desrochers
          Telephone:  +1 (345) 914 4473/ +1 (345) 949 4800
          Facsimile:  +1 (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Ridley Park Paragon Master Fund Limited are
required to file their proofs of debt by May 10, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Kassi Desrochers
          Telephone:  +1 (345) 914 4473/ +1 (345) 949 4800
          Facsimile:  +1 (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


SHU HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Shu Holdings Corporation resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor's Square
          West Bay Road, Ground Floor
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


THAMES RIVER: Creditors' Proofs of Debt Due May 9
-------------------------------------------------
The creditors of Thames River Distressed Focus Fund Limited are
required to file their proofs of debt by May 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2013.

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


TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Traxis Global Equity Macro Offshore Fund Ltd. are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2013.

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


UNITY CAPITAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Unity Capital International (Cayman) Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2013.

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


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


* DOMINICAN REP: Power Cos. Get US$350MM, Blackouts May Ease
------------------------------------------------------------
Dominican Today reports that the Chief Executive Officer of the
State-owned Electric Utility (CDEEE) disclosed a US$350 million
payment to the power companies, or around 50% owed by three energy
distributors.

Ruben Jimenez Bichara said the money came from a US$250 million
loan from the state-owned Reservas bank, and US$90 million budget
allocation, and US$10 million from internal funds, according to
Dominican Today.

The report notes that Mr. Bichara said disbursements start
April 29 and end April 30, with US$345.2 million still left to
pay.

The report discloses that the announcement comes after one week of
rolling blackouts which have sparked protests across the country,
and just days after the official admitted that the outages result
from a lack of payment.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2013, Dominican Today said that Mr. Bichara admitted
that the recent spate of blackouts result from a lack of payment
and not from technical problems as he suggested before.  Mr.
Bichara said all outages are financial because there's no money to
keep plants burning oil 24 hours, and the resulting 50 megawatt
deficit will cease when people pay the service regularly and
promptly, according to Dominican Today.  Mr. Bichara admitted that
the power cuts are financial, and warned that the plants must be
converted to burn coal, natural gas or "other cheaper fuel,"
adding that the power companies are owed around US$600 million,
the report noted.


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


PETROLEUM CORP: Enterprise Team to Oversee Petcom's Divestment
--------------------------------------------------------------
Jamaica Observer reports that the Jamaican government after more
than 10 years trying to divest the Petroleum Company of Jamaica
Limited (Petcom), has set up an enterprise team for the
privatization of the entity.

"Mr. Erwin Jones, chairman of Petrojam, will lead this team.  We
are currently having a valuation of the company's assets done and
we will announce more as information becomes available," Energy
Minister Phillip Paulwell told Parliament during his contribution
to the 2013/14 Budget Debate at Gordon House in Kingston,
according to Jamaica Observer.

The report notes that Mr. Paulwell, arguing that Petcom has been a
strategic asset in the petroleum marketing sector, said he hoped
that the entity would remain a strong player in the market.

At the same time, the energy minister said that effective June 24
low-sulphur diesel will be available at Jamaican retail stations,
the report adds.

Petcom, a subsidiary of the Petroleum Corporation of Jamaica, has
been marketing a variety of petroleum products, industrial fuels
and lubricants since 1986 and has a service station network of
some 28 stations.

                  About Petroleum Corporation

Petroleum Corporation of Jamaica is a petroleum company owned by
the government of Jamaica.  It was established in 1975 as State
Energy Corporation under the Ministry of Mining and Energy and
changed its name in 1979 by the Petroleum Act.  The PCJ has the
exclusive right to explore for oil in Jamaica.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 23, 2010, Jamaica Observer said that PCJ has been one of
the most scrutinized public agencies over the last few years and
has been without a chairman since Kathryn Phipps left her post.
RJR News reported in May 2010 that auditors found a raft of
irregularities in the financial operations of the PCJ, with
millions of dollars paid out under questionable circumstances.
The audit reportedly revealed a lax system which allowed money to
be paid out without following basic accounting or government
guidelines, according to RJR News.  Dr. Ruth Potopsingh,
Managing Director of the PCJ, was eventually sacked by the PCJ
board, the report noted.


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


CORPORACION GEO: S&P Lowers Global Scale Rating to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Mexico-based real-estate developer Corporacion Geo,
S.A.B. de C.V. (GEO) to 'D' from 'CCC+'.  S&P also removed the
ratings from CreditWatch with negative implications, where it
placed them on April 12, 2013.

The rating action follows Geo's failure to pay its MXN2.4 million
interest payment due April 26, 2013.  The company announced it
would not pay the interests corresponding to its domestic debt
certificate GEO11 because of its deteriorated liquidity.  In S&P's
opinion, GEO's unanticipated default on this fairly small
obligation reflects the massive financial distress the company is
undergoing.  S&P's recovery rating on Geo's unsecured notes is
'4', meaning that S&P expects an average recovery for its
$700 million outstanding notes between 30% and 50%.

GEO's liquidity has been completely drained, as seen in its first
quarter results.  S&P believes a general default is inevitable,
and that GEO will fail to pay all or substantially all of its
obligations as they come due in the next few months.  S&P believes
a major restructuring of the company's business model and
liabilities is imperative to maintain operations, though under a
significantly smaller scale.

Scheduled interest expenses for GEO's debt certificate are
monthly, whereas the interest expenses for its global bonds are
scheduled for June 30, September 25 and 27, and December 30
totaling.  S&P believes GEO will not comply with any of these
obligations until it implements a full financial restructuring.

As of March 31, 2013, GEO reported MXN370 million in cash compared
to MXN9.2 billion in short-term debt (including its
securitizations and factoring programs).


CREDITO REAL: S&P Affirms 'BB' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
ratings, including the counterparty credit rating, on Credito
Real, S.A.B. de C.V., SOFOM, E.N.R. (Credito Real).  At the same
time, S&P affirmed its 'mxA/mxA-2' Mexican national scale
counterparty credit and debt ratings on the company.  The
outlook is stable.

S&P's ratings on Credito Real reflect its funding mix more
inclined towards market debt, the strong competition in payroll
lending in Mexico, and its aggressive growth targets.  The ratings
are supported by the company's adequate asset quality, good
profitability metrics, and adjusted capitalization.


DISCOUNT BANK: S&P Affirms 'BB+' ICR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale issuer credit ratings on Discount Bank Latin America S.A.
(DBLA).  The outlook remains stable.

S&P's ratings on DBLA reflect its 'bb' anchor for banks operating
primarily in Uruguay and its view of the bank's "adequate"
business position, "moderate" capital and earnings, "adequate"
risk position, "average" funding, and "adequate" liquidity, as
S&P's criteria define these terms.  The ratings also reflects
S&P's view of the bank's status as a "moderately strategic"
subsidiary of its ultimate parent, Israel Discount Bank Ltd. (IDB;
BBB-/Stable/A-3), according to Standard & Poor's group
methodology.

S&P's bank criteria uses its BICRA economic risk and industry risk
scores to determine a bank's anchor SACP, the starting point in
assigning an issuer credit rating (ICR).  S&P's anchor SACP for a
commercial bank operating only in Uruguay is 'bb'.  S&P's economic
risk assessment reflects its opinion that rapid economic growth,
prudent macroeconomic policies, and greater political consensus
have helped reduce many of Uruguay's historical vulnerabilities.
At the same time, the likelihood of an economic imbalance has
decreased, as Uruguay has reduced its net external debt and S&P
expects foreign direct investment inflows will continue to exceed
current account deficits.  However, persistent high dollarization
still imposes significant credit risks on the financial system.
The Uruguayan banking system's delays in implementing Basel II and
International Financial Reporting Standards increase its industry
risk.  Partially mitigating this is the central bank's close
monitoring of the system's liquidity and its quality of
information.  Uruguay has a profitable and competitive financial
system with some market distortions given the public sector's
relatively large presence.  The system's homogenous funding
(almost exclusively from customer deposits) is one of its main
weaknesses because S&P regards customer deposits as a potentially
unstable funding source based on past runs on deposits.  S&P
believes there are few alternative funding sources in the country.


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


CRISTALERIA Y ROTULOS: Case Summary & Creditors List
----------------------------------------------------
Debtor: Cristaleria Y Rotulos Vivas, Inc.
        P.O. Box 1210
        Coamo, PR 00769

Bankruptcy Case No.: 13-03225

Chapter 11 Petition Date: April 25, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Edward A. Godoy

Debtor's Counsel: Modesto Bigas Mendez, Esq.
                  BIGAS & BIGAS
                  P.O. Box 7462
                  Ponce, PR 00732
                  Tel: (787) 844-1444
                  Fax: (787) 842-4090
                  E-mail: modestobigas@yahoo.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 12 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-03225.pdf

The petition was signed by Rafael Reyes Rodriguez, president.

Affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Comercial Las Tres Rrr, Inc.          13-01740            03/06/13


===============
S T.  L U C I A
===============


SUNSHINE INDUSTRIES: Gets Order to Reinstate Dismissed Workers
--------------------------------------------------------------
St. Lucia News Online reports that the management of Sunshine
Industries Ltd St. Lucia has been advised to reinstate seven
dismissed workers in a decision handed down by the acting labor
commissioner.

The company has been embroiled in a drawn out dispute with workers
after it unlawfully made deductions on the workers' salaries,
according to St. Lucia News Online.

The report relates that the ensuing protest action by the workers
led to a company-sanctioned lockout that eventually led to the
employment termination of the workers.

But the issue has been raised with the National Workers Union
whose grievance officers have been contesting the company's
decision to fire the workers, St. Lucia News Online notes.

St. Lucia News Online says that the issue was brought to the
attention of Labor Commissioner George Melchoir, where Sunshine
Industries had argued that the workers involved in the dispute
were dismissed due to re-structural changes at the company.

But upon deliberation of the facts, Mr. Melchoir has determined
that the company has no grounds for firing the employees and the
move is a direct violation of section 327(b) of the labor laws
which speaks to protection against discrimination and threats, and
section 385 which speaks to the effects of strike on contract of
employment, the report discloses.

The report relays that the ruling to reinstate all the dismissed
workers was outlined in a letter dated Feb. 13, 2013 from Deputy
Labor Commissioner Ray Narcisse to the management of Sunshine
Industries Ltd.

Sources have confirmed that so far the company has not yet
complied with the ruling and the seven workers have not been
reinstated, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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