TCRLA_Public/130502.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

              Thursday, May 2, 2013, Vol. 14, No. 86


                            Headlines



A R G E N T I N A

* ARGENTINA: Moody's Sees High Liquidity Risk for Non-Fin'l. Cos.


B R A Z I L

GOL LINHAS: S&P Keeps 'B' Rating on CreditWatch Negative
PARANA BANCO: S&P Affirms 'BB+' Issuer Credit Rating
* Moody's Notes Improved Liquidity for Non-Financial Corporates


C A Y M A N  I S L A N D S

CARBON ASSETS: Commences Liquidation Proceedings
FISCH TREND: Creditors' Proofs of Debt Due May 8
GREENWICH (CAYMAN) I: Members Receive Wind-Up Report
GREENWICH (CAYMAN) II: Members Receive Wind-Up Report
GREENWICH (CAYMAN) III: Members Receive Wind-Up Report

HARBERT EVENT: Placed Under Voluntary Wind-Up
HARBERT EVENT MASTER: Placed Under Voluntary Wind-Up
HIGHVIEW POINT: Creditors' Proofs of Debt Due June 20
HIGHVIEW POINT LP: Creditors' Proofs of Debt Due June 20
HIGHVIEW POINT MASTER: Creditors' Proofs of Debt Due June 20

ING ASIA PACIFIC: Placed Under Voluntary Wind-Up
LION/MUSTARD: Creditors' Proofs of Debt Due May 8
MARATHON OIL: Creditors' Proofs of Debt Due May 10
MONTPELIER PROPERTIES: Commences Liquidation Proceedings
OFFSHORE DRILLER 2: Commences Liquidation Proceedings

SCF FINANCE: Commences Liquidation Proceedings
SEMPRA ENERGY: Placed Under Voluntary Wind-Up
STANDARD CHARTERED: Creditors' Proofs of Debt Due May 8
TARCHON A4: Creditors' Proofs of Debt Due May 8
TRAXIS EMERGING: Creditors' Proofs of Debt Due May 8


M E X I C O

DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'CCC'
INDUSTRIAS UNIDAS: Net Revenue Drops 24.1% in 12 Mos. Ended 2012
MAXCOM TELECOMUNICACIONES: Posts Ps.51.6MM Net Income in Q1
MAXCOM TELECOMUNICACIONES: Fails to Consummate Exchange Offer
* Moody's Upgrades Zacatecas State's Global Scale Rating to Ba3

* Moody's Affirms Benito Juarez Municipality's B2 Issuer Rating


P E R U

AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Rating to BB-


P U E R T O   R I C O

EVERTEC GROUP: Moody's Lifts CFR to B1 After IPO and Refinancing


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Halt Job Cuts at Jamaica Operation


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


* ARGENTINA: Moody's Sees High Liquidity Risk for Non-Fin'l. Cos.
-----------------------------------------------------------------
Liquidity risk remains elevated for non-financial companies in
Argentina, Moody's Investors Service says in a new report.
Corporate liquidity policies lag global best practices, though
more conservative credit metrics help mitigate this weakness.

"Most Moody's-rated Argentine companies have weak liquidity
profiles, though they maintain access to uncommitted bank funding
and short-term borrowing in the local bond market, which remains
stable," says Vice President -- Senior Analyst Veronica Amendola
in "Liquidity Risk Remains High for Non-Financial Companies in
Argentina."

"Of the 22 companies we looked at, 19 had inadequate cash relative
to short-term debt maturities, negative free cash flow or a lack
of committed credit facilities that could leave them unable to
cover short-term debt, current maturities of long-term debt,
operating expenses and capital expenditures over the next 12-15
months."

Overall, this represents a deterioration since this time last
year, when 32% of Moody's-rated Argentine companies were
considered to have adequate liquidity, compared with 14% now.

The lack of committed credit facilities is a key weakness for
Argentine companies, Amendola says. Uncommitted revolving credit
facilities account for 83% of maturities in the coming 12 months.
Among Moody's-rated corporates, only Arcos Dorados Holdings Inc.
has a committed credit facility.

This weakness for the most part reflects systemic issues in the
local credit and capital markets, including the limited
availability of long-term funding. To mitigate it, Argentine
companies maintain more conservative leverage and interest
coverage ratios than similarly rated companies elsewhere. They
also keep higher cash balances relative to short-term debt.

Additionally, Argentine companies have reduced their exchange rate
risk by shifting more of their debt into local currency. Larger
corporates and commodity and oil and gas companies remain the most
exposed to a devaluation of the peso, but their ability to access
the foreign exchange market in order to diversify may be limited
by recent changes to the country's foreign exchange regulations.


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


GOL LINHAS: S&P Keeps 'B' Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'B'
credit rating on Gol Linhas Aereas Inteligentes (Gol) on
CreditWatch with negative implications following the conclusion of
the IPO of Smiles S.A., which Gol owns 60%.

Smiles S.A. concluded its IPO by raising R$1.1 billion.  S&P
already have considered Gol's liquidity as its main short-term
strength, allowing it to deal with negative free operating cash
flows while it implements measures to improve its cost structure
and operations.  The announcement of the successful IPO, whose
proceeds S&P expects to be transferred to Gol as a prepayment for
airline tickets that will be issued through its mileage program in
the future, is a positive liquidity development.  Gol has also
announced the anticipated sale of miles totaling R$400 million to
Banco do Brasil, Banco Bradesco and Santander, which will
strengthen Gol's liquidity.  S&P believes the total additional
cash reserves of R$1.5 billion through these two transactions
provide Gol with even more flexibility to keep working on its
operating turnaround.

Despite these positive announcements, S&P still aims at resolving
the CreditWatch listing by fully revising its projections for Gol
for 2013 and 2014, taking into account the company's efforts to
improve capacity utilization, optimize fuel consumption,
recovering its cash flow.


PARANA BANCO: S&P Affirms 'BB+' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA' national scale issuer credit ratings on Parana
Banco S.A.  The outlook is negative.

Standard & Poor's bases its ratings on Parana Banco's "weak"
business position, "strong" capital and earnings, "adequate" risk
position, "below-average" funding, and "adequate" liquidity, as
S&P's criteria define these terms.

Under S&P's bank criteria, it uses its Banking Industry Country
Risk Assessment's (BICRA) economic risk and industry risk scores
to determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Brazil is 'bbb', based on the country's economic
risk score of '5' and an industry risk score of '4'.  Brazil's
economic risk reflects its low GDP per capita levels that limit
its ability to withstand economic downturns and household credit
capacity.  It also considers S&P's view that economic imbalances
have increased as a result of rapid credit expansion.  As this
trend in lending continues amid a slowly growing economy, S&P is
concerned about the increasing household debt burden.  Conversely,
Brazil's improvement in payment culture and rule of law, in
addition to moderate leverage in the corporate sector and the
absence of high-risk loans in banks, somewhat mitigate the higher
risk factors in S&P's economic risk assessment.  S&P assess the
trend of economic risk as negative.  Despite the slowdown in
credit during 2012, S&P believes that a new period of rapid credit
expansion could result from the current administration's policies.
Further lending would increase an already hefty debt burden on
households, subjecting the system to incremental credit risk.

With regards to industry risk, S&P revised its score to '4' from
'3'.  S&P believes the industry risks in Brazil's banking sector
have increased.  In S&P's view, there are growing market
distortions due to an increasing market share of loans from
publicly owned banks during 2012 and growing spread differential
between public and private banks.  S&P's industry risk assessment
remains supported by extensive coverage and effective supervision
of the financial system and S&P's assessment of system-wide
funding, sustained by an adequate and stable deposit base.


* Moody's Notes Improved Liquidity for Non-Financial Corporates
---------------------------------------------------------------
The liquidity of Brazilian non-financial corporates improved
slightly last year, Moody's Investors Service says in a new
report. Some 57% of the companies Moody's rates B3 or above had
low or medium liquidity risk at the end of 2012, compared with 52%
a year earlier. These companies now have sufficient liquidity to
cover at least 150% of the debt that comes due in the next 12
months.

"In the face of weak earnings performance last year, most
companies managed liquidity by reducing dividends and delaying
capital expenditures or other calls on cash to pay down short-term
debt and avoid relying on external funding sources," says Moody's
Assistant Vice President Cristiane Spercel, a co-author of
"Corporate Liquidity in Brazil: Liability Management Reduces
Liquidity Risk." "The improvement in liquidity also reflects
significant refinancing activity, driven by strong investor demand
for emerging market corporate debt."

But some Brazilian companies are still exposed to liquidity risks.
Viver, Mafrig and Virgolino stand out in this respect, with each
exhibiting one or more of the following: limited cash on hand
relative to upcoming debt maturities, significant negative free
cash flow or a lack of committed credit facilities. In addition,
several firms with adequate liquidity have taken on more debt
while their operating margins have declined, reducing the cushion
in their financial covenants to absorb eventual external shocks or
to deal with prolonged global economic weakness.

Many Brazilian companies continue to rely heavily on private banks
and government-owned financial institutions for their funding,
though this is gradually changing. Consolidated private debt
represented 55% of all outstanding debt for Moody's-rated
companies in 2012, compared with 59% in 2011. "Reduced dependence
on bank loans is positive for Brazilian corporate liquidity,"
Spercel says, "since a more diversified funding structure
mitigates the uncertainties surrounding the lending capacity of
the global banking system."

In terms of exchange-rate risk, most companies have reduced their
exposure to foreign currency volatility; however, those in the
commodity, aviation and oil & gas segments still have significant
exposure. Business diversification outside Brazil, coupled with
commodity prices linked to US dollar price changes and export-
oriented business models, help mitigate this risk.


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


CARBON ASSETS: Commences Liquidation Proceedings
------------------------------------------------
On March 25, 2013, the sole shareholder of Carbon Assets Fund
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          Harbour Place, 4th Floor
          103 South Church Street
          PO Box 11820 Grand Cayman KY1-1009
          Cayman Islands


FISCH TREND: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of Fisch Trend Multi Manager Fund 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 22, 2013.

The company's liquidator is:

          Michael Penner
          c/o Elaine Willis
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3303
          Facsimile: +1 (345) 949 8258
          e-mail: ewillis@deloitte.com


GREENWICH (CAYMAN) I: Members Receive Wind-Up Report
----------------------------------------------------
The members of Greenwich (Cayman) I Limited received on April 30,
2013, 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


GREENWICH (CAYMAN) II: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Greenwich (Cayman) II Limited received on April 30,
2013, 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


GREENWICH (CAYMAN) III: Members Receive Wind-Up Report
------------------------------------------------------
The members of Greenwich (Cayman) III Limited received on
April 30, 2013, 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


HARBERT EVENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 25, 2013, the sole shareholder of Harbert Event
Opportunities Offshore Fund, Ltd resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815 1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HARBERT EVENT MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On March 25, 2013, the sole shareholder of Harbert Event
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815 1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HIGHVIEW POINT: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------
The creditors of Highview Point Offshore Fund, Ltd are required to
file their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.


HIGHVIEW POINT LP: Creditors' Proofs of Debt Due June 20
--------------------------------------------------------
The creditors of Highview Point LP are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.


HIGHVIEW POINT MASTER: Creditors' Proofs of Debt Due June 20
------------------------------------------------------------
The creditors of Highview Point Master Fund, Ltd. are required to
file their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.


ING ASIA PACIFIC: Placed Under Voluntary Wind-Up
------------------------------------------------
On March 26, 2013, the sole member of ING Asia Pacific Growth SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 30, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LION/MUSTARD: Creditors' Proofs of Debt Due May 8
-------------------------------------------------
The creditors of Lion/Mustard Cayman Topco 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 22, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 814 9103
          Facsimile: +1 (345) 949 4647; or

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


MARATHON OIL: Creditors' Proofs of Debt Due May 10
--------------------------------------------------
The creditors of Marathon Oil Jupiter Limited are required to file
their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe
          St. Houston, Texas 77056
          U.S.A.


MONTPELIER PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
On March 22, 2013, the shareholder of Montpelier Properties
(International) Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Russell Homer
          c/o Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


OFFSHORE DRILLER 2: Commences Liquidation Proceedings
-----------------------------------------------------
On March 25, 2013, the shareholder of Offshore Driller 2 Ltd
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Geir Johansen
          10 Collyer Quay, Ocean Financial Centre
          #37-06/10 Singapore 049315


SCF FINANCE: Commences Liquidation Proceedings
----------------------------------------------
On March 15, 2013, the shareholder of SCF Finance Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 30, 2013, will be included in the company's dividend
distribution.

The company's liquidators are:

          Hugh Dickson
          Jamie Toynton
          c/o John Royle
          10 Market Street #765, Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: (345) 949-7100
          Facsimile: (345) 949-7120


SEMPRA ENERGY: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 8, 2013, the sole shareholder of Sempra Energy
International Cayman Holding Co. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Randall L. Clark
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


STANDARD CHARTERED: Creditors' Proofs of Debt Due May 8
-------------------------------------------------------
The creditors of Standard Chartered Investments (Cayman) 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 26, 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


TARCHON A4: Creditors' Proofs of Debt Due May 8
-----------------------------------------------
The creditors of Tarchon A4 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 25, 2013.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


TRAXIS EMERGING: Creditors' Proofs of Debt Due May 8
----------------------------------------------------
The creditors of Traxis Emerging Markets Equity 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


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


DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'CCC'
---------------------------------------------------------------
Fitch Ratings downgrades Desarrolladora Homex, S.A.B. de C.V.'s
ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B';

-- Local currency IDR to 'CCC' from 'B';

-- USD250 million in senior notes due 2015 to 'CCC/RR4' from
   'B/RR4';

-- USD250 million in senior notes due 2019 to 'CCC/RR4' from
   'B/RR4';

-- USD400 million in senior notes due 2020 to 'CCC/RR4' from
   'B/RR4'.

The Rating Watch remains Negative.

KEY RATING DRIVERS

The rating action reflects Homex's poor operating results in the
first quarter of 2013 (1Q'13), with a 38% decrease in units sold
compared to 1Q'12 and 39.4% decrease in housing income. As a
consequence, EBITDA and funds from operations (FFO) calculated by
Fitch (Cash from operations before working capital minus interest
paid plus interest received) were MXN4,046 million and MXN2,448
million in the last 12 months (LTM) ended March 31,2013,
respectively, compared to MXN4,825 million and MXN3,285 million at
year end 2012. For 1Q'13, FFO was negative MXN78 million and CFO
(Cash from Operations net of interest payments) was negative
MXN3,961 million. These results, together with a significant
outflow of working capital, specifically construction in progress
and to a lesser extent accounts receivables resulted in a negative
free cash flow (FCF) of MXN3,966 million. First quarter 2013
negative FCF was funded with MXN1,933 million of additional debt
and a MXN1,972 million cash reduction. Total debt amounted to
MXN21,468 million while cash balances were MXN323 million.

Fitch expects that the second quarter will remain under
significant pressure, resulting in continued negative FCF and
rising leverage. The pressure on cash flow is in part a result of
a change in government policy, which is now more focused on
promoting vertical housing in urban areas. This has resulted in
land reserves that are less suitable for development. Inventories
have also increased as a result of a decline in the level of
mortgages granted for new houses by Infonavit, as the agency's
lending for used homes has increased. In addition, delays in
Homex's collecting accounts receivables have affected working
capital cycles. Homex has stated that 87% of its land reserves
could be used for the development of housing projects.

The Rating Watch Negative reflects the expectation that the
company's liquidity will continue to tighten as a result of the
investments required to finish construction in progress, further
affecting the company's ability to service its debt.

Homex announced on April 19th that it has entered into an
agreement with Grupo Financiero Inbursa S.A.B de C.V. (Inbursa)
and Impulsora del Desarrollo y el Empleo en America Latina S.A.B
de C.V. (Ideal) for the sale of Homex's interest in the Federal
Penitentiaries located at Morelos and Chiapas. The company stated
that in accordance with this agreement it expects to receive
proceeds equivalent to approximately MXN4,000 million, from which
approximately MXN2,000 million is expected to be used for working
capital purposes at the Homebuilding division, and approximately
MXN2,000 million is expected to be used to repay debt. Allocation
of proceeds to repay debt remains unclear.

Homex's total debt as of March 31, 2013 was MXN21,468 million and
is composed of MXN10,882 million in three senior notes issuances
and MXN9,822 million in bank debt, of which MXN3,238 million is
with Banobras related to the long-term project financing debt of
the penitentiary projects that will go away once the transaction
is completed. Short-term debt was MXN4,683 million, mainly
composed of MXN1,851 million with Inbursa; the rest is bank debt
and other credits. In addition, a good portion of bank debt is
secured by assets, which affects the recovery prospects. Homex's
derivative counterparties have called its swaps positions. The
terms of negotiations between Homex and the counterparties have
not been disclosed to Fitch; some default may have already
occurred.

RATING SENSITIVITY

Further downgrades could result from some combination of the
following factors: delay in monetizing the company's assets in
order to improve its short-term liquidity; the company's ability
to service its debt is compromised; and/or government funding for
mortgage programs declines.

Conversely, positive rating actions could be taken if consolidated
debt/EBITDA leverage ratio is consistently below 4.0x, FCF
generation from homebuilding activities becomes neutral and the
company is able to significantly improve its liquidity and debt
structure.


INDUSTRIAS UNIDAS: Net Revenue Drops 24.1% in 12 Mos. Ended 2012
----------------------------------------------------------------
Industrias Unidas, S.A. de C.V. disclosed its audited results for
the twelve months ended Dec. 31 of 2012.

"Our net revenues for the twelve months ended December 31, 2012
decreased 24.1% to Ps.12,789.3 million from Ps.16,853.5 million in
the same period of 2011.  This decrease was due to lower volume of
sales and copper prices, and the sale of the assets of United
Copper Industries.

Our costs and revenues closely follow copper prices since the
market practice is to pass on to the buyer any changes in the
price of raw materials.

Our sales are primarily to customers engaged in the commercial,
industrial and residential construction, and their related
maintenance and renovation activities.  We also sell to customers
engaged in electrical power generation, transmission and
distribution and to the sector of gas, water and air conduction in
the Heating, Ventilation, Air conditioning and Refrigeration
(HVACR).

Our revenues consist mainly of sales of copper-based products
(tubing, wire, cable and alloys) and electrical products.

Our gross profit for the twelve months ended December 31, 2012
decreased 12.1% to Ps.1,729.9 million from Ps.1,968.1 million in
the same period of 2011, mainly due to lower volume sales. As a
percentage of sales gross profit was 13.5% in the twelve months
ended December 31, 2012, versus 11.7% compared to the same period
of 2011."

A full text copy of the company's financial result is available
free at:

                       http://is.gd/RaNyXh

                      About Industrias Unidas

Industrias Unidas is a Mexican diversified industrial group,
manufacturing a wide range of copper-based and electrical
products for the housing and electrical power sectors mainly in
Mexico and the U.S.  As of September 2009, last twelve month
revenues were about US$1.3 billion.

                           *     *     *

As of November 22, 2010, the company continues to carry Moody's
"Caa3" long-term rating.


MAXCOM TELECOMUNICACIONES: Posts Ps.51.6MM Net Income in Q1
-----------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., reported net income of
Ps.51.58 million on Ps.582.35 million of revenues for the three
months ended March 31, 2013, as compared with net income of
Ps.76.63 million on Ps.547.26 million of total revenues for the
same period during the prior year.

The Company's balance sheet at March 31, 2013, showed Ps.4.97
billion in total assets, Ps.2.75 billion in total liabilities and
Ps.2.22 billion in total shareholders' equity.

Cash and cash equivalents were down to Ps.105 million as of March
31, 2013, compared to Ps.492 million as of March 31, 2012.

A copy of the press release is available for free at:

                       http://is.gd/slxPVZ

                           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 'Ca' corporate credit rating from Moody's
Investors Service.  Moody's said at the end of April 2012 that
Maxcom's current weak liquidity position (as of March 31, 2013 the
company held only about $8.5 million in readily available cash)
and the limited prospects of a short-term solution increases the
probability that the company misses its next interest payment due
on June 15th for about $ 11 million.


Maxcom said in April 2013 it's considering operational and
financial alternatives, including a Chapter 11 bankruptcy filing,
after a takeover deal with Ventura Capital Privado SA collapsed.


MAXCOM TELECOMUNICACIONES: Fails to Consummate Exchange Offer
-------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. announced that the
exchange offer for any and all of its outstanding 11% Senior Notes
due 2014 for its Step-Up Senior Notes due 2020 expired at 5:00
p.m., New York City time, on April 24, 2013.

The exchange agent for the Exchange Offer has advised Maxcom that
as of 5:00 p.m., New York City time, on April 24, 2013,
approximately US$123,856,000 or 61.93%, of the Old Notes had been
validly tendered and not withdrawn in the Exchange Offer.

Maxcom announced that since the conditions for the consummation of
the Exchange Offer and the consent solicitation were not satisfied
or waived, including the minimum tender condition, the Exchange
Offer will not be consummated.  Any notes tendered in the Exchange
Offer will be returned promptly without expense to the
noteholders.

In addition, Maxcom also announced that the related equity tender
offer for all of its Series A Common Stock and related Ordinary
Participation Certificates and American Depository Shares, which
was conditioned upon the Exchange Offer, will not be consummated.
Based on the preliminary count by the depositary for the Equity
Tender Offer, securities representing approximately 354,540,391
shares of Maxcom's Series A Common Stock (including 39,318 ADSs),
or approximately 44.9% of the total outstanding Series A Common
Stock, had been tendered prior to the expiration of the Equity
Tender Offer.

Because the Exchange Offer and the concurrent Equity Tender Offer
have not been consummated, Maxcom has not received the capital
contribution Ventura Capital Privado S.A. de C.V. agreed to make.
In light of this outcome, Maxcom is considering all of its
alternatives including, but not limited to, commencement of a
Chapter 11 case or other restructuring proceeding.

                           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 'Ca' corporate credit rating from Moody's
Investors Service.  Moody's said at the end of April 2012 that
Maxcom's current weak liquidity position (as of March 31, 2013 the
company held only about $8.5 million in readily available cash)
and the limited prospects of a short-term solution increases the
probability that the company misses its next interest payment due
on June 15th for about $ 11 million.


Maxcom said in April 2013 it's considering operational and
financial alternatives, including a Chapter 11 bankruptcy filing,
after a takeover deal with Ventura Capital Privado SA collapsed.


* Moody's Upgrades Zacatecas State's Global Scale Rating to Ba3
---------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the state of
Zacatecas to A3.mx (Mexico National Scale) and to Ba3 (Global
Scale, local currency) from Baa3.mx and B1 respectively. The
outlook is stable.

At the same time, Moody's upgraded the debt ratings of the three
following enhanced loans:

MXN3 billion (original face value) from Banorte to A1.mx and Ba1
from A2.mx and Ba2, respectively;

MXN1.148 billion (original face value) from Banobras to A1.mx and
Ba1 from A2.mx and Ba2, respectively; and

MXN750 million (original face value) from Bancomer to A1.mx and
Ba1 from A2.mx and Ba2, respectively.

Ratings Rationale:

The upgrade to Ba3/A3.mx reflects Moody's view that the risks
posed by the state's past weak governance, which led to a default
on the state's short term debt obligations almost three years ago,
have significantly diminished. Moody's believes that the state's
more transparent financial reporting and growing own source
revenues are evidence of Zacatecas' ongoing improvements in its
governance and management practices. The state's rating upgrade is
also based on its moderate cash financing deficit and an active
debt management which resulted in an improved debt profile.

In August 2010, the state of Zacatecas defaulted on a short term
loan, which was repaid in full with a delay of three months.
Throughout 2011 and 2012, the administration implemented measures
to strengthen internal financial management practices and
controls. As a result, own source revenues have increased from
4.8% of total revenues registered in 2010 to 10.4% in 2012,
improving the state's financial flexibility. Yet, challenges
linked to expenditure pressures related to education and public
security persist. Zacatecas continues to show negative
consolidated financial results which, while moderate, are
structural. Cash financing deficits have averaged -4.1% of total
revenues during the 2008-2012 period.

Zacatecas has also improved its debt profile by refinancing its
high interest rate bank loans at a better rate and refinancing an
expensive P3 project. In addition, the state managed to decrease
its short term debt, which traditionally covered timing mismatches
between education-related expenses and the reception of transfers
from the federal government. Net direct and indirect debt
represented 22.3% of total revenues at the end of 2012 compared to
27% in 2011.

The stable outlook reflects Moody's expectations that the state of
Zacatecas will continue to post moderate cash financing deficits
and maintain relatively stable debt levels.

The upgrade of the three enhanced loans reflects the upgrade of
Zacatecas' issuer ratings. Per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risks and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
enhanced loans ratings.

What Could Change The Ratings Up/Down

The posting of balanced consolidated financial results that
improve the State of Zacatecas' liquidity position and allow the
maintenance of moderate debt levels, could exert upward pressure
to the ratings.

A rapid deterioration of Zacatecas' key indicators, growing cash
financing deficits, higher debt levels or a negative liquidity
position, could exert downward pressure to the ratings.

Given the links between the loans and the credit quality of the
sponsor, a downgrade of the State of Zacatecas' issuer ratings
could also exert downward pressure on debt ratings for the loans.
Conversely, an upgrade of the State of Zacatecas' issuer ratings
could result in an upgrade of the ratings. Moreover, debt ratings
could face downward pressure if debt service coverage levels fall
materially below Moody's expectations.

The principal methodologies used in this rating were Regional and
Local Governments published on Jan 18, 2013, Enhanced Municipal
and State Loans in Mexico published on Jan 27, 2011, and Mapping
Moody's National Scale Ratings to Global Scale Ratings published
in Oct 9, 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.


* Moody's Affirms Benito Juarez Municipality's B2 Issuer Rating
---------------------------------------------------------------
Moody's de Mexico affirmed the issuer rating of B2 (Global Scale,
local currency) assigned to the municipality of Benito Juarez and
upgraded the National Scale rating to Baa3.mx from Ba1.mx. The
outlook was revised to stable from negative.

Ratings Rationale:

The upgrade in the National Scale rating to Baa3.mx from Ba1.mx
reflects Moody's view that Benito Juarez's credit profile, within
the B2 rating category, improved against its national peers as
evidenced by the growing own-source revenues generated by the
municipality's wealthy economic base in the last two years.

In 2012, Benito Juarez released positive operating results even
though the federal government withheld some of its operating
transfers (participaciones) from the municipality (see press
release dated July 5, 2012: Moody's confirms Benito Juarez's
Issuer ratings and revises outlook to negative).

Benito Juarez's 2012 budgetary surplus also strengthened the
municipality's liquidity position. Net working capital (current
assets less current liabilities) as a percentage of total
expenditures improved to 0.1% in 2012 from -3.3% in 2011.

At the same time, Moody's affirmed, on a Global Scale, Benito
Juarez's rating at B2, reflecting that debt levels remain high
despite that the positive operating and financial results
registered in 2011- 12 helped decrease the municipality's debt
ratio to 59% of total revenues in 2012 from 71% in 2010.

The stable outlook reflects Moody's expectation that Benito Juarez
should continue to release positive operating results in the next
12-18 months, which should help debt ratios further decline.

What Could Change The Ratings Up/Down

The continuous posting of positive operating and financial results
that transcend the electoral cycle could place upward pressure on
the ratings.

Deteriorating operating results that lead to higher debt levels or
a deterioration of liquidity levels could exert downward pressure
on the ratings. In addition, Moody's notes that elections will
occur in Benito Juarez in July 2013 which, in its view, could
represent a short-term challenge to maintain the current momentum.
Indeed, local electoral processes in Mexico can trigger
politically-motivated expenditure pressures that result in fiscal
deterioration, a risk which Moody's will monitor.

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


=======
P E R U
=======


AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Automotores
Gildemeister S.A.'s as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'BB-'
   from 'BB';

-- Local currency IDR to 'BB-' from 'BB';

-- USD400 million unsecured senior notes due in 2021 to 'BB-'
   from 'BB';

-- USD300 million unsecured senior notes due in 2023 to 'BB-'
   from 'BB'.

The Rating Outlook is Stable.

The rating downgrade reflects AG's capital structure deterioration
and incorporates Fitch's revised expectations for the company's
financial leverage management. The company's gross adjusted
financial leverage, measured as total adjusted gross debt to
EBITDAR, has increased as a result of the continued negative free
cash flow (FCF) trend resulting from low operational margins, slow
inventory rotation and high dividend payments.

The Stable Outlook reflects Fitch's view that AG will maintain
positive operating results due to its market position and brand
recognition. The Stable Outlook factors in the expectation that
the company will manage its adjusted gross leverage to around 5.0x
during the short- and medium-term and that the company's debt
profile will remain manageable with low short-term debt relative
to its liquidity.

AG's credit ratings continue to reflect its stable market
position, solid brand recognition, and the company's adequate
liquidity. The ratings are constrained by AG's business
cyclicality, high leverage, negative FCF, and limited product
diversification. The ratings also consider AG's high working
capital needs, which limit its capacity to increase cash flow from
operations (CFO) as business expands.

KEY RATING DRIVERS:

Negative FCF Trend:

The company's FCF generation has deteriorated during the last two
years ended December 2012. AG reached negative FCF levels of
USD225million in 2012 and USD55 million in 2011. During 2012 the
negative FCF was driven primarily by lower margins, high working
capital requirements of USD135 million, capital expenditures of
approximately USD108 million, and dividend payments of USD49
million. The company's lower EBITDAR margin of 9.2% in 2012,
versus 12.4% in 2011, reflects some adjustments in the terms and
conditions offered by the company's main original equipment
manufacturer (OEM) - Hyundai Motor Company (Hyundai) - as well as
a more challenging business scenario faced in the Chilean market,
where the car industry's total sales remained relatively flat at
341,000 units sold during 2012.

AG's higher working capital levels reflected its slowing inventory
rotation with inventory turnover ratios of 94 days, 108 days, and
128 days in 2010, 2011, and 2012, respectively. The company's 2012
paid dividends of USD49 million represent a material level
relative to the company's EBITDA (USD144 million) and indicates
that the company's financial strategy maintains a focus on
shareholders.

High Adjusted Gross Leverage of 4.6x:

The company's operations grew significantly during the last two
years ended December 2012, resulting in an EBITDAR increase to
USD161 million in 2012 from USD124 million in 2010. The business
growth also resulted in a total adjusted debt increase of 75%
during the 2010-2012 period. The incremental debt was primarily
used to finance the negative FCF during this period.

AG had USD733 million of total adjusted debt by the end of
December 2012. This debt consists of USD615 million of on-balance
sheet debt and approximately USD118 million of off-balance sheet
lease adjusted debt - calculated as 7x annual rental expenses of
approximately USD17 million. AG's total adjusted gross leverage,
as measured by total adjusted debt to total EBITDAR, was high at
4.6x for the year ended December 2012, a significant increase from
the 3.3x and 3.4x reported during 2011 and 2010, respectively.

Adequate Liquidity:

The company rebuilt its liquidity during January 2013 with the
proceeds from its USD300 million senior notes - second issuance.
At the end of December 2012, the company had USD47 million of cash
and USD166 million of short-term debt. After the completion of the
second issuance, AG's short-term debt at the end of March 2013 is
expected to be around USD30 million, primarily composed of used
credit lines and bank debt financing for car imports. Positively
considered is the company's flexible debt payment schedule after
the second bond issuance. Other than the short-term financing, the
company has no material debt payment due during 2013 and 2014.
AG's main debt maturity is composed of the USD700 million senior
notes issuance due in 2021 (USD400 million) and 2023 (USD300
million).

Market Position & Brand Recognition Incorporated:

Hyundai is the most important brand AG sells and distributes,
accounting for approximately 70% of its revenues. The commercial
ties between the company and Hyundai Motor Company (Hyundai),
rated 'BBB+', Stable Outlook by Fitch, remain stable. This
commercial relationship has existed for more than 20 years, and it
is renewed periodically. AG's business position in the automobile
distribution and retailing industry within Chile and Peru is seen
as sustainable in the medium term, with market shares in each of
these markets of approximately 10% and 15%, respectively, by the
end of 2012. The company's product mix is highly dependent on
Hyundai products, exposing the company to reputation risk and
shortage supply risk associated with the Hyundai brand, which
represents approximately 70% of the company's total revenues.

Favorable Business Environment Supports Growth Expectations:

The ratings incorporated the expectation that the favorable
macroeconomic-driven sales environment evidenced during the last
years in Chile and Peru will continue in the medium term, with
demand for new cars keeping their positive trend. Total new cars
sold in Chile and Peru during 2012 were 341,000 and 166,000 units,
respectively, representing an increase of 0% and 39% over 2011
levels. After growing 5.9% and 5.2%, respectively, during 2012,
the Chilean and Peruvian economies are forecasted to post growth
rates of 4.7% and 6.2% during 2013. The company's 2012 revenue was
USD1.6 billion, representing an increase of 11% over 2011 levels.
For 2013, the company's revenue is forecast to continue growing
around 15% driven primarily by volume increases.

RATING SENSITIVITIES:

Leverage management and FCF trend are the main rating drivers.
AG's ratings could be positively affected by significant
improvement - above expectations already incorporated - in its
cash flow generation and leverage metrics.

A combination of the following factors could trigger a positive
rating action: improvement in the company's FCF generation,
reverse of the increasing trend in the company's gross adjusted
leverage to levels around 3.5x while maintaining low short-term
debt relatively to the cash position, and limiting dividends to
the minimum required by Chilean laws.

Factors that could lead to a downgrade include a combination of
the following factors: adjusted gross leverage consistently at or
beyond 5.5x, decline in sales volume due to a deteriorating
business and political environment, shareholder-friendly actions;
and events that negatively affect its reputation with the Hyundai
brand.

Continued negative FCF trend, increasing financial leverage, with
important levels of paid dividends and/or intercompany loans,
relative to the company's EBITDA, would likely result in a
downgrade.


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


EVERTEC GROUP: Moody's Lifts CFR to B1 After IPO and Refinancing
----------------------------------------------------------------
Moody's Investors Service upgraded EVERTEC Group, LLC's Corporate
Family Rating to B1 from B2, the Probability of Default Rating to
B1-PD from B2-PD and the speculative grade liquidity assessment to
SGL-1 from SGL-2. Moody's affirmed the senior secured debt
instrument ratings at B1, and withdrew the ratings on the secured
debt and unsecured debt instruments that have been repaid. The
rating outlook is stable.

These actions follow EVERTEC's parent company's initial public
offering (IPO) and subsequent refinancing of EVERTEC's 11% Senior
Unsecured Notes due 2018, and close the ratings review opened
March 20, 2013.

Rating Rationale:

"EVERTEC used proceeds from the initial public offering and the
new Senior Secured Credit Facilities to repay some high interest
rate debt, improving credit risk metrics noticeably. Given the
recurring revenue base, which should lead to steady cash flow to
further de-lever the company, EVERTEC's credit profile is now
consistent with a B1 corporate family rating," noted Terry
Dennehy, Senior Analyst at Moody's Investors Service.

The B1 CFR reflects Moody's expectation that EVERTEC will maintain
lower financial leverage than similarly rated peers given that
EVERTEC's results depend on Puerto Rico, which has experienced an
extended period of poor economic activity and lacks significant
growth drivers. There is also a heavy exposure to Banco Popular de
Puerto Rico (Ba2 long-term deposit rating), which accounts for
about 44% of EVERTEC's revenue, as EVERTEC had been an operating
division of the bank until September 2010.

Following the IPO, both Apollo Asset Management and Banco Popular
each reduced its ownership in EVERTEC to below 35%. The reduction
in Apollo's ownership replaced by new public shareholders reduces
the risk of additional debt-funded distributions. However, Moody's
believes that Banco Popular's reduced ownership could alter its
business relationship with EVERTEC. Moody's believes that Banco
Popular's relationship with EVERTEC could become increasingly
similar to that of a large customer to its supplier. This
increases the risk that Banco Popular will utilize its negotiating
leverage to modify the terms under the Master Servicing Agreement
(MSA) with EVERTEC. Also, EVERTEC's scale is small relative to its
large competitors in Latin America (FIS, Fiserv, First Data).
Nonetheless, EVERTEC is expected to benefit from the continued
conversion to electronic payments from cash, because of its
extensive network. The B1 rating on the Senior Secured Credit
Facilities reflects the collateral package and the single-class
debt capital structure.

The stable outlook reflects Moody's expectation that the
approximately $30 million reduction in annual interest expense
will provide a boost to EVERTEC's steady cash flow from operations
with run rate free cash flow of at least $90 million per year.
With this improved cash flow, Moody's expects that debt to EBITDA
(Moody's adjusted) will improve to below 3.5x over the next year
through a combination of EBITDA growth and debt reduction, and
that EVERTEC will continue to deleverage going forward.

The rating could be downgraded if EVERTEC is not on-course to
reduce debt to EBITDA (Moody's adjusted) to below 3.5x, and
improve free cash flow (FCF) to debt (Moody's adjusted) to the
upper single digits percent over the near term. The rating could
also be lowered if there is a reversal of the operating progress
at Banco Popular or its ratings are lowered, or if EVERTEC's
operating margin (Moody's adjusted) does not continue to steadily
improve towards the low 30's percent level.

The ratings could be upgraded if EVERTEC further diversifies
geographically such that Puerto Rico would account for a minority
of revenues, yet maintains its improvement trend of earnings and
profit margins. Furthermore, Moody's would expect that debt to
EBITDA (Moody's adjusted) would be on-course to be maintained
below 2.5x, with meaningful improvement in run rate FCF, and that
EVERTEC's financial sponsor owners materially reduce their
ownership through further public offerings.

Upgrades:

Issuer: EVERTEC Group, LLC

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Corporate Family Rating, Upgraded to B1 from B2

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Outlook Actions:

Issuer: EVERTEC Group, LLC

Outlook, Changed To Stable From Rating Under Review

Affirmations (and LGD Assessments revised):

Issuer: EVERTEC Group, LLC

Senior Secured Bank Credit Facility, Affirmed B1 (LGD assessment
revised to LGD3, 48 % from LGD3, 49 %)

Senior Secured Bank Credit Facility Apr 8, 2018, Affirmed B1 (LGD
assessment revised to LGD3, 48 % from LGD3, 49 %)

Senior Secured Bank Credit Facility Apr 8, 2020, Affirmed B1 (LGD
assessment revised to LGD3, 48 % from LGD3, 49 %)

Withdrawals:

Issuer: EVERTEC Group, LLC

Senior Secured Bank Credit Facility Sep 30, 2016, Withdrawn,
previously rated Ba3 (LGD3, 31 %)

Senior Secured Bank Credit Facility Sep 30, 2015, Withdrawn,
previously rated Ba3 (LGD3, 31 %)

Senior Unsecured Regular Bond/Debenture Oct 1, 2018, Withdrawn,
previously rated Caa1(LGD5, 86 %)

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative Grade Issuers in the US, Canada, and EMEA,
published in June 2009.

EVERTEC, based in San Juan, Puerto Rico, provides transaction and
payment processing, merchant acquiring and processing, and other
banking information technology consulting services to banks and
merchants in Puerto Rico, where EVERTEC owns the largest ATM
network and is the largest merchant acquirer and transaction
processor. EVERTEC also has a smaller presence in several
countries in Latin American and the Caribbean.


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


CARIBBEAN AIRLINES: To Halt Job Cuts at Jamaica Operation
---------------------------------------------------------
RJR News reports that a decision has been made not to carry out
further job cuts at Caribbean Airlines Limited's Jamaican
operations.

Citing Trinidad Express newspaper, RJR News said Minister with
responsibility for Caribbean Airlines, Vasant Bharath, has
discussed the matter with Dr. Omar Davies, Minister of Transport,
Works and Housing.  The newspaper said CAL was expected to cut 106
jobs at its Jamaican operations, RJR News notes.

RJR News relates that Mr. Bharath said as an interim measure, it
has been agreed to keep CAL's call center in Jamaica, thereby
preserving 45 jobs.

Mr. Bharath explained that CAL's acquisition of Air Jamaica had
put financial pressure on the airline and it now had to work on a
rationalization plan moving forward, the report notes.

Mr. Bharath will travel to Jamaica next month to chart the way
forward for the airline, RJR News 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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/



                            ***********


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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