TCRLA_Public/130509.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 9, 2013, Vol. 14, No. 91


                            Headlines



B R A Z I L

COMPANIA SUD: S&P Revises Outlook & Affirms 'B-' Ratings
HYPERMARCAS: Improving Performance Cues Moody's to Up CFR to Ba2


C A Y M A N  I S L A N D S

6S SMALL: Shareholders Receive Wind-Up Report
ASCEND CL: Shareholders Receive Wind-Up Report
ASCEND CL MASTER: Shareholders Receive Wind-Up Report
BALU HOLDINGS: Shareholders' Final Meeting Set for May 10
FOXHILL OPPORTUNITY: Shareholders Receive Wind-Up Report

GAVEA BRAZILIAN: Members' Final Meeting Set for May 10
MARATHON OIL: Sole Member to Hear Wind-Up Report on May 9
NATFLEET INVESTMENTS: Members to Hear Wind-Up Report Today
ROSE INVESTMENTS: Members Receive Wind-Up Report
SHU HOLDINGS: Shareholders' Final Meeting Set for May 10

THAMES RIVER: Shareholders' Final Meeting Set for May 24
TRAXIS EMERGING: Members Receive Wind-Up Report
TRAXIS GLOBAL: Shareholders Receive Wind-Up Report
UNITY CAPITAL: Shareholders to Hear Wind-Up Report on May 10
VIETNAM INVESTMENT: Members Receive Wind-Up Report


C O L U M B I A

TRANSPORTADORA DE GAS: S&P Raises CCR to 'BBB-' from 'BB'


J A M A I C A

CARIBBEAN AIRLINES: Jamaica and T&T Governments to Resolve Issues
DIGICEL JAMAICA: CEO to Head Entire Region


M E X I C O

BANCA MIFEL: S&P Affirms 'BB- Rating; Outlook Stable
URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'RD'
URBI DESARROLLOS: Payment Default Triggers Moody's Rating Cuts
URBI DESARROLLOS: Moody's Lowers Sr. Unsecured Debt Rating to Ca


T R I N I D A D  &  T O B A G O

COLONIAL LIFE: New Company Created to Succeed Collapsed Firm


X X X X X X X X

* Mourant Ozannes Awarded Caribbean Legal Team of the Year
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B R A Z I L
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COMPANIA SUD: S&P Revises Outlook & Affirms 'B-' Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Compania
Sud Americana de Vapores S.A. (CSAV) to positive from stable.  At
the same time, S&P affirmed its 'B-' ratings on the company.

"The rating action reflects our belief that the capitalization and
new fleet additions could strengthen the company's business risk
profile and to accelerate the debt reduction," said Standard &
Poor's credit analyst Diego Ocampo.  The new vessels are
significantly larger than CSAV's current ones and they are more
fuel efficient.  Also, as the debt for the new vessels is going to
be drawn very close to deliveries, the increase in leverage will
occur in late 2014 or early 2015, and will likely be quickly
compensated by the incremental cash flows.

The outlook revision incorporates a possible upgrade in the next
12 months if CSAV's performance and debt patterns in 2013 and 2014
are consistent with S&P's revised projections.  S&P's new base-
case suggests adjusted FFO-to-debt ratios of 12%-15% in 2013 and
about 20% in 2014.


HYPERMARCAS: Improving Performance Cues Moody's to Up CFR to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded Hypermarcas' corporate family
and senior unsecured debt ratings to Ba2 from Ba3 on its global
scale and to A1.br from A2.br on its national scale. The ratings
outlook is stable. Ratings affected by the upgrade are as follows:

Issuer: Hypermarcas S.A.

Corporate Family Ratings: to Ba2 from Ba3 (global scale) and to
A1.br from A2.br (Brazilian national scale)

$750 million senior unsecured guaranteed notes due 2021: to Ba2
from Ba3 (foreign currency)

Ratings Rationale:

"The upgrade reflects the improvement in Hypermarcas' credit
metrics observed over the last few quarters, mainly as a result of
its focus on core business assets, organic growth and
deleveraging", says Moody's vice-president Marianna Waltz. The
company's performance also benefited from the normalization in
sales to wholesale clients, following issues with excess
inventories in the channel back in 2011, and the improvement in
working capital management as a consequence of more restrictive
commercial policies and inventory management. Accordingly, the
company posted BRL 478 million of adjusted free cash flow after
dividends and capex in 2012 and was able to reduce its adjusted
gross leverage ratio to 4.3x in December 2012 from 6.8x in the
previous fiscal year.

Hypermarcas' ratings are also supported by its solid business
model through the pharma and consumer segments, a large and strong
portfolio of brands and leading positions in its respective
markets. Moreover, Moody's view industry's fundamentals as strong.
Both the pharma and consumer segments have grown above the
Brazilian GDP over the last several years, boosted by historically
low unemployment rates, higher available income and the country's
increased middle class.

The potential lack of performance predictability evidenced by
Hypermarcas' sharp and unexpected slowdown in 2011 offsets part of
the positive attributes. Also, Moody's views some vulnerability in
Hypermarcas' generics and branded-generics segments, which
combined represent approximately 14% of the company's sales.
Although growth potential for these markets is high, pricing power
is in the hands of the large drugstore chains, which could
translate into more pressured margins.

Moody's ratings are considering that, despite having historically
an acquisitive profile, Hypermarcas will pursue an organic growth
strategy over the mid-term. Accordingly, any material acquisition
that could put pressure on financial metrics or bring significant
integration investments would be seen as a strong credit negative.

Hypermarcas' liquidity is adequate, with cash and equivalents
being enough to cover reported short-term debt by 2.5x as of
December 2012. In addition, Moody's still sees room for further
deleveraging, following the BRL 900 million total debt reduction
observed during 2012.

The stable outlook reflects Moody's expectations that the company
will pursue an organic growth strategy over the next several
quarters and remain disciplined with working capital needs and
capex disbursements. Moody's is also estimating additional
improvements in leverage ratios, supported by both debt reduction
and a stronger EBITDA stream.

The ratings could be lowered in the case of a weakening in the
company's operating performance, resulting in EBITDA margin
consistently below 20% and negative free cash flow generation on
few consecutive quarters. Moreover, pressure on the ratings would
arise if the company proves unable to sustain leverage below 4.0x
or if liquidity deteriorates.

Positive pressure on the rating could develop over time if the
company is able to keep generating positive free cash flow in
addition to good and consistent organic growth and profitability
improvement proves sustainable. This will be the case if free cash
flow to debt consistently exceeds 10% and if EBIT / Interest
Expense is over 3.2 times. Finally, positive rating pressure
depends on company deleveraging to below 3.5x Debt/EBITDA (all
figures considering Moody`s standard adjustments) and financial
and liquidity policies that remain conservative.

Hypermarcas, founded in 2001 and headquartered in Sao Paulo,
Brazil, operates in the consumer and pharmaceutical businesses in
Brazil. With nationwide coverage and a large portfolio of brands,
Hypermarcas is one of the largest consumer goods and
pharmaceutical companies in the country, with total revenues of
BRL 3.9 billion (approximately $ 2.0 billion at current exchange
rates) and a Moody's adjusted EBITDA margin of 28.5% for the
fiscal period ended in December 2012. Over 2012, the
pharmaceutical segment accounted for 54% of revenues and 64% of
gross profit while the consumer segment contributed to 46% of
revenues and 36% of gross profit.

The principal methodology used in rating Hypermarcas was the
Global Packaged Goods Industry Methodology published in December
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
".br" for Brazil.



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


6S SMALL: Shareholders Receive Wind-Up Report
---------------------------------------------
The members of 6S Small Cap Opportunity Fund Ltd received on
May 8, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ASCEND CL: Shareholders Receive Wind-Up Report
----------------------------------------------
The members of Ascend CL Fund Ltd. received on May 8, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ASCEND CL MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The members of Ascend CL Master Fund Ltd. received on May 8, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BALU HOLDINGS: Shareholders' Final Meeting Set for May 10
---------------------------------------------------------
The shareholders of Balu Holdings Corporation will hold their
final meeting on May 10, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          c/o FCM LTD.
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          FCM LTD.
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


FOXHILL OPPORTUNITY: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The members of Foxhill Opportunity Offshore Fund, Ltd received on
May 8, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GAVEA BRAZILIAN: Members' Final Meeting Set for May 10
------------------------------------------------------
The members of Gavea Brazilian Managers Fund Ltd. will hold their
final meeting on May 10, 2013, at 8:45 a.m., to receive 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


MARATHON OIL: Sole Member to Hear Wind-Up Report on May 9
---------------------------------------------------------
The sole member of Marathon Oil Jupiter Limited will receive on
May 9, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NATFLEET INVESTMENTS: Members to Hear Wind-Up Report Today
----------------------------------------------------------
The members of Natfleet Investments Holdings Limited will hold
their final meeting today, May 9, 2013, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Devina Patel
          Telephone: (345) 949 8739
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


ROSE INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Rose Investments Ltd. received on May 2, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SHU HOLDINGS: Shareholders' Final Meeting Set for May 10
--------------------------------------------------------
The shareholders of Shu Holdings Corporation will hold their final
meeting on May 10, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          c/o FCM LTD.
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


THAMES RIVER: Shareholders' Final Meeting Set for May 24
--------------------------------------------------------
The shareholders of Thames River Distressed Focus Fund Limited
will hold their final meeting on May 24, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TRAXIS EMERGING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Traxis Emerging Markets Equity Offshore Fund Ltd.
received on May 8, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


TRAXIS GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The members of Traxis Global Equity Macro Offshore Fund Ltd.
received on May 8, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


UNITY CAPITAL: Shareholders to Hear Wind-Up Report on May 10
------------------------------------------------------------
The shareholders of Unity Capital International (Cayman) Ltd will
hold their final meeting on May 10, 2013, at 8:30 a.m., to receive
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


VIETNAM INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Vietnam Investment Fund 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:

          Nguyen Nhan Nghia
          Telephone: +8 (442) 222 5333
          Facsimile: +8 (442) 222 5336
          e-mail: nghia@bvim.com.vn
          BIDV Tower, 10th Floor
          35 Hang Voi Hoan Kiem District
          Hanoi
          Vietnam



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C O L U M B I A
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TRANSPORTADORA DE GAS: S&P Raises CCR to 'BBB-' from 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Transportadora de Gas Internacional S.A. E.S.P. (TGI), including
its corporate credit rating to 'BBB-' from 'BB'.  The outlook is
stable.

The upgrade reflects the company's improved business risk profile
to "satisfactory" from "fair" due to the stability and
predictability of TGI's cash-flow stream, the company's position
as a monopoly in the markets it operates, the high credit quality
of its industrial clients, and the improvement in tariffs.  The
rating also reflectsthe strengthening of TGI's key financial
metrics due to higher tariffs and revenues, and the continued
support from its parent, Empresa de Energia de Bogota S. A. E. S.
P. (EEB; BBB-/Stable/--).

The ratings on TGI reflects S&P's view of Colombia's favorable
institutional and regulatory framework, which contributes to the
stability of the energy sector.  TGI's aggressive capital
structure, "significant" financial risk profile, and limited
business and client diversity partly offset these strengths.

In November 2012, the regulator, CREG (Comision de Regulacion de
Energia y Gas), issued Resolution 121 establishing new tariffs for
the next five years after considering TGI's appeal.  The expected
increase in regulated revenues is about 10%.  This resolution
resolves the company's 2011 appeal over the previous tariff
scheme.  However, TGI is currently legally pursuing a higher
tariff that, according to the company's calculations, correctly
reflects the cost of past and future investments. Despite the
continued legal actions, the new tariffs are in force since
December 2012.  S&P's base case does not consider a further
increase in tariffs due to the legal claims.



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J A M A I C A
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CARIBBEAN AIRLINES: Jamaica and T&T Governments to Resolve Issues
-----------------------------------------------------------------
RJR News reports the Governments of Jamaica and Trinidad and
Tobago are to meet later this month or early next month to resolve
the issues surrounding Caribbean Airlines.

According to the report, in his sectoral presentation to
Parliament on Tuesday, Dr. Omar Davies, the Minister of Transport
and Works said the problems with CAL led to a cut in the number
flights in and out of Jamaica, a move with which the Government of
Jamaica disagrees.  He said the number of flights is way below
that originally agreed with CAL.

"CAL has had continued challenges in meeting its obligations to
various Jamaican public sector entities, this covers the Norman
Manley International Airport, the Civil Aviation Authority and
Jamaica Customs. There have been calls for the administration to
take aggressive action and to speak more about this problem we are
of the firm view that we should seek to resolve whatever
difficulties that we are facing through dialogue.  There is no
benefit to either country for a public spat," RJR News quoted Dr.
Davies said.

Caribbean Airlines, which began operations in 2007, acquired Air
Jamaica in 2011. The Jamaican Government has a 16 per cent stake
in the Trinidadian air carrier.

                     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.


DIGICEL JAMAICA: CEO to Head Entire Region
------------------------------------------
The Jamaica Observer reported May 8 that Digicel Jamaica's
incoming CEO, Barry O'Brien was head of the group's Barbados
operations for the last four years and Andy Thorburn will step up
from CEO of Digicel Jamaica to head the telecommunications firm's
entire Caribbean and Central America operations.

According to the report, Digicel Barbados CEO will take over from
Mr. Thorburn as well as have oversight for the group's Cayman
operations.  In his new role, Mr. Thorburn, who reports to Digicel
Group CEO Colm Delves, will have overall responsibility for
Digicel's operations in 25 markets. He will continue to be based
in Digicel's regional headquarters in downtown Kingston.

The Jamaica Observer relates that Mr. O'Brien ran the Barbados
operations for the last four years, and also oversaw Digicel
Dominica and for business solutions across the Eastern Caribbean
South.  He said the company's focus in Jamaica will be on
"ensuring that our customers can achieve extraordinary things with
Digicel and that we do all that we can to give back to our
communities," the report added.

Digicel Group is a telecommunications provider with over 13
million customers across its 31 markets in the Caribbean, Central
America and Asia Pacific.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415
million outstanding) and a portion of the 8.875% senior notes due
2015 (US$1 billion outstanding) via tender offers.



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M E X I C O
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BANCA MIFEL: S&P Affirms 'BB- Rating; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its counterparty
credit ratings on Banca Mifel S.A., including its 'BB-/B' global
scale and 'mxBBB+/mxA-2' Mexican national scale ratings.  The
stand-alone credit profile (sacp) is 'bb-'.  The outlook is
stable.

S&P's ratings on Banca Mifel reflect its assessment of its
"moderate" business position, capital and earnings, and risk
position, and "below-average" funding and "adequate" liquidity
relative to its Mexican peers.


URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'RD'
----------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Urbi
Desarrollos Urbanos, S.A.B. de C.V.:

-- Foreign currency Issuer Default Rating (IDR) to 'RD' from 'C';
-- Local currency IDR to 'RD' from 'C';
-- National long-term rating to 'RD(Mex)' from 'C(Mex)';
-- Urbi's national short-term rating to 'RD(Mex)' from 'C(Mex)';
-- MXN600 million in Certificados Bursatiles (CBs) due in 2014
   to 'D(mex)' from 'C(mex)';

Fitch Ratings has also affirmed the following ratings:

-- US$150 million senior notes due 2016 at 'C/RR4';
-- US$300 million senior notes due 2020 at 'C/RR4';
-- US$500 million senior notes due 2022 at 'C/RR4';

KEY RATING DRIVERS

The downgrades of Urbi's IDR's to 'RD' from 'C' are a result of
the company's failure to make a MXN3.9 million interest payment on
its MXN600 million Certificados Bursatiles that was due on April
30, 2013, and was not cured during the grace period that expired
on May 6, 2013. The 'C/RR4' ratings of the company's notes due in
2015, 2020, and 2022 notes reflect an anticipated recovery of
between 31% and 50% of principal and related interest.

RATING SENSITIVITY

The company's IDRs and debt ratings will be revised once the
company announces and executes the next steps related to its debt
restructuring process.


URBI DESARROLLOS: Payment Default Triggers Moody's Rating Cuts
--------------------------------------------------------------
Moody's de Mexico downgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V.'s national scale Certificados Bursatiles program rating to
Ca.mx, from Caa2.mx (global scale local currency rating to (P)Ca
from (P)Caa2), its national scale senior unsecured debt rating to
Ca.mx, from Caa2.mx (global scale local currency rating to Ca from
Caa2) and its corporate family rating to Ca from Caa2.

These ratings remain under review for downgrade. Urbi's commercial
paper program on the national scale was affirmed at MX-4 (global
scale local currency commercial paper program rating affirmed at
Not Prime).

Ratings Rationale:

This rating action follows Urbi's failure to make the $3.9 million
pesos interest payment of its 2014 local bonds (URBI 11) within
the required three business day grace period, which expired on May
6. This constitutes an event of default under the bond indenture
and triggers a payment acceleration of not only the local bond,
but would likely trigger an event of default and an acceleration
of the company's remaining debt, placing a large burden on the
company's already feeble liquidity position and viability. The Ca
rating implies a diminished recovery to bondholders and other
stakeholders.

In its review Moody's will monitor Urbi's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Urbi has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.

Moody's Investors Service downgraded Urbi's global scale foreign
currency senior unsecured debt rating to Ca from Caa2. The rating
remains under review for downgrade.

The following ratings were downgraded and remain under review for
downgrade:

Moody's Investors Service

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale foreign
currency senior unsecured debt rating to Ca, from Caa2

Moody's de Mexico

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
Certificados Bursatiles program rating to Ca.mx, from Caa2.mx
(global scale local currency rating to (P)Ca from (P) Caa2), its
national scale senior unsecured debt rating to Ca.mx, from Caa2.mx
(global scale local currency rating to Ca from Caa2) and its
corporate family rating to Ca from Caa2.

The following rating was affirmed:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
commercial paper program at MX-4 (global scale local currency at
Not Prime)

The last rating action with respect to Urbi took place on April
23, 2013 when Moody's Investors Service downgraded Urbi
Desarrollos Urbanos, S.A.B. de C.V.'s global scale foreign
currency senior unsecured debt rating to Caa2 from B2. The rating
remained under review for downgrade.

Moody's de Mexico downgraded Urbi's national scale Certificados
Bursatiles program rating to Caa2.mx, from Ba2.mx (global scale
local currency rating to (P)Caa2 from (P)B2), its national scale
senior unsecured debt rating to Caa2.mx, from Ba2.mx (global scale
local currency rating to Caa2 from B2) and its corporate family
rating to Caa2 from B2. These ratings remained under review for
downgrade. Urbi's commercial paper program on the national scale
was affirmed at MX-4 (global scale local currency commercial paper
program rating affirmed at Not Prime).

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately MXP47.6 billion and equity of
approximately MXP15.1 billion at March 31, 2013.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.

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.


URBI DESARROLLOS: Moody's Lowers Sr. Unsecured Debt Rating to Ca
----------------------------------------------------------------
Moody's Investors Service downgraded Urbi's global scale foreign
currency senior unsecured debt rating to Ca from Caa2. The rating
remains under review for downgrade.

Ratings Rationale:

This rating action follows Urbi's failure to make the $3.9 million
pesos interest payment of its 2014 local bonds (URBI 11) within
the required three business day grace period, which expired on May
6. This constitutes an event of default under the bond indenture
and triggers a payment acceleration of not only the local bond,
but would likely trigger an event of default and an acceleration
of the company's remaining debt, placing a large burden on the
company's already feeble liquidity position and viability. The Ca
rating implies a diminished recovery to bondholders and other
stakeholders.

In its review Moody's will monitor Urbi's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Urbi has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.

Moody's de Mexico downgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V.'s national scale Certificados Bursatiles program rating to
Ca.mx, from Caa2.mx (global scale local currency rating to (P)Ca
from (P)Caa2), its national scale senior unsecured debt rating to
Ca.mx, from Caa2.mx (global scale local currency rating to Ca from
Caa2) and its corporate family rating to Ca from Caa2. These
ratings remain under review for downgrade. Urbi's commercial paper
program on the national scale was affirmed at MX-4 (global scale
local currency commercial paper program rating affirmed at Not
Prime).

The following ratings were downgraded and remain under review for
downgrade:

Moody's Investors Service

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale foreign
currency senior unsecured debt rating to Ca, from Caa2

Moody's De Mexico

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
Certificados Bursatiles program rating to Ca.mx, from Caa2.mx
(global scale local currency rating to (P)Ca from (P) Caa2), its
national scale senior unsecured debt rating to Ca.mx, from Caa2.mx
(global scale local currency rating to Ca from Caa2) and its
corporate family rating to Ca from Caa2.

The following rating was affirmed:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
commercial paper program at MX-4 (global scale local currency at
Not Prime)

The last rating action with respect to Urbi took place on April
23, 2013 when Moody's Investors Service downgraded Urbi
Desarrollos Urbanos, S.A.B. de C.V.'s global scale foreign
currency senior unsecured debt rating to Caa2 from B2. The rating
remained under review for downgrade. Moody's de Mexico downgraded
Urbi's national scale Certificados Bursatiles program rating to
Caa2.mx, from Ba2.mx (global scale local currency rating to
(P)Caa2 from (P)B2), its national scale senior unsecured debt
rating to Caa2.mx, from Ba2.mx (global scale local currency rating
to Caa2 from B2) and its corporate family rating to Caa2 from B2.
These ratings remained under review for downgrade. Urbi's
commercial paper program on the national scale was affirmed at MX-
4 (global scale local currency commercial paper program rating
affirmed at Not Prime).

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately $47.6 billion Mexican pesos and equity of
approximately $15.1 billion Mexican pesos at March 31, 2013.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.



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


COLONIAL LIFE: New Company Created to Succeed Collapsed Firm
------------------------------------------------------------
Sascha Wilson, writing for Business Guardian, reported that a new
company is being created to succeed collapsed financial giant
Colonial Life Insurance Company (Clico). The company, to be called
Atrius, will be formed through a merger of British-American
Insurance Company and Clico, sources told the T&T Guardian. At the
United National Congress (UNC) Monday night meeting at Gasparillo
Secondary School, Minister in the Ministry of Finance and Economy
Rudranath Indarsingh spoke about the establishment of the new
company but did not give any details.

In a telephone interview Tuesday with Business Guardian, Mr.
Indarsingh did not want to reveal the name of the new company. He
said the government is yet to finalise the directors and
management. Asked for further information, Mr. Indarsingh would
only say that the new company will be doing "the traditional
things that Clico is doing, nothing outside of that." He did not
give a timeframe for when the company will begin operations.

However, Sascha Wilson relates, a source said the company, to be
called Atrius, will deal with life insurance and pensions. "You
know Clico did house and property insurance. We will not be doing
that," said the source who also revealed that the company will
absorb the accounts of existing policy holders. He said government
has assured that stringent measures will be in place to prevent a
re-occurrence of the Clico catastrophe.

The report further relates that in his address on Monday night,
Mr. Indarsingh said: "Today I could successfully report to you
that we have established the Clico Investment Fund. It is now
trading on the T&T Stock Exchange and we are on the verge of
establishing a new entity to succeed Clico and we must be able to
tell ourselves that while it has cost taxpayers of T&T $25 billion
we have saved T&T from financial collapse and ruin."  With regards
to the Hindu Credit Union Co-operative Society Ltd, he said the
ministry continues to mail out information packages to
shareholders with deposits and shares of over $75,000.



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


* Mourant Ozannes Awarded Caribbean Legal Team of the Year
----------------------------------------------------------
Caribbean News Now reported May 8 that trust and law firms scooped
the first ever Society of Trust and Estate Practitioners (STEP)
Caribbean awards held in St Kitts on Sunday.

Meritus Trust was recognised as Caribbean Trust Company of the
Year, while law firm Mourant Ozannes received the accolade of
Caribbean Legal Team of the Year.

Tim Prudhoe, chair of the judging panel, said: "These awards
demonstrate the vitality of the Caribbean as a centre of
excellence in wealth structuring. I congratulate the winners and
they should be doubly proud as the standard of competition was
very high."

Lisa Wilcox of Scotiatrust in The Bahamas was named Caribbean
Student of the Year. She had registered the highest overall grade
of her peer group for the STEP Diploma in International Trust
Management in an award kindly sponsored by CLT International.

Trust and legal teams must have been based on an island in the
Caribbean, or Bermuda or Belize to qualify.


* 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.


                   * * * End of Transmission * * *