TCRLA_Public/130510.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Friday, May 10, 2013, Vol. 14, No. 92


                            Headlines



C A Y M A N  I S L A N D S

CARBON ASSETS: Shareholders Receive Wind-Up Report
CEYLON PARTNERS: Shareholders Receive Wind-Up Report
ING ASIA: Shareholders Receive Wind-Up Report
MONTPELIER PROPERTIES: Shareholder Receives Wind-Up Report
ORACLE OFFSHORE: Shareholder Receives Wind-Up Report

ORACLE TEN: Shareholder Receives Wind-Up Report
ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report
ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report
SCF FINANCE: Shareholders Receive Wind-Up Report
SEMPRA ENERGY: Shareholder Receives Wind-Up Report

STANDARD CHARTERED: Shareholder to Hear Wind-Up Report Today


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Injects US$488 Million to Boost Economy


M E X I C O

CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'RD'
INSTITUTO COSTARRICENSE: Fitch to Rate New $500MM Bond at 'BB+'
MBIA MEXICO: S&P Raises Ratings to 'B'; Outlook Stable


P U E R T O   R I C O

BERWIND REALTY: To Satisfy $3.6MM Balance on Loan by June 30
CONSTRUCTORA DE HATO: Has Until July 8 to File Chap. 11 Plan
COSTA DORADA: Wants Exclusivity Period Extended to May 25
PUERTO DEL REY: Files Joint Plan; FirstBank to Be Paid in Full


T R I N I D A D  &  T O B A G O

CARIBBEAN ISLAND: Employees Upset by Request of Senior Executive


                            - - - - -


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


CARBON ASSETS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On May 7, 2013, the shareholders of Carbon Assets Fund received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CEYLON PARTNERS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 29, 2013, the shareholders of Ceylon Partners LLC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Maples Corporate Services Limited
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands
          c/o Annette Holloway
          e-mail: annette.holloway@butterfieldgroup.com


ING ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
On April 30, 2013, the shareholders of ING Asia Pacific Growth SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


MONTPELIER PROPERTIES: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The sole shareholder of Montpelier Properties (International)
Limited received on May 6, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

Russell Homer is the company's liquidator.


ORACLE OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
On April 17, 2013, the sole shareholder of Oracle Offshore Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877


ORACLE TEN: Shareholder Receives Wind-Up Report
-----------------------------------------------
On April 17, 2013, the sole shareholder of Oracle Ten Fund
Offshore Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          OGIER
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877


ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On May 2, 2013, the shareholders of Roy G. Niederhoffer Trendhedge
Fund, Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
On May 2, 2013, the shareholders of Roy G. Niederhoffer Trendhedge
Master Fund Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


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

The company's liquidator is:

          Hugh Dickson
          c/o John Royle
          10 Market Street
          P.O. Box 765
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 769 7206
          Facsimile: (345) 949 7120


SEMPRA ENERGY: Shareholder Receives Wind-Up Report
--------------------------------------------------
On April 29, 2013, the sole shareholder of Sempra Energy
International Cayman Holding Co. received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


STANDARD CHARTERED: Shareholder to Hear Wind-Up Report Today
------------------------------------------------------------
The sole shareholder of Standard Chartered Investments (Cayman)
Limited will receive today, May 10, 2013, at 9:00 a.m., 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


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


* DOMINICAN REPUBLIC: Injects US$488 Million to Boost Economy
-------------------------------------------------------------
The Dominican Today reports that Dominican Republic's Central Bank
released RD$20.0 billion (US$488.0 million) to finance
construction, agriculture, retail and small and medium businesses,
among other productive sectors.

The funds, to be lent at 9% during a term of six years, stem from
the Monetary Board's move to spur the economy hit hard by the tax
package enacted late last year, and expected first quarter growth
at less than 1%, according to The Dominican Today.

The report relates that Central Banker Hector Valdez said RD$5.0
billion will be earmarked to finance the construction of 3,700
houses and an additional RD$1.0 billion to finish new homes.

Mr. Valdez said there'll be RD$5.0 billion for industry, RD$3.4
billion for small and medium businesses, and RD$606 million for
consumer loans, The Dominican Today notes.


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


CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Corporacion
GEO, S.A. de C.V. (GEO):

-- 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)';
-- MXN400 million Certificados Bursatiles due 2014 to 'D(Mex)'
   from 'C(Mex)';

The following ratings have been affirmed and removed from Rating
Watch Negative:

-- USD54 million senior notes due 2014 at 'C/RR4';
-- USD250 million senior notes due 2020 at 'C/RR4';
-- USD400 million senior notes due 2022 at 'C/RR4';

The following ratings are being maintained on Rating Watch
Negative:

-- National Long-term rating at 'C(cl)';
-- Unsecured Notes (Linea de bonos No 726), USD16.5 million due
   in 2022 at 'C(cl)'.

KEY RATING DRIVERS

The downgrades of GEO's IDRs to 'RD' from 'C' are a result of the
company's failure to make a MXN2.4 million interest payment on its
MXN400 million Certificados Bursatiles that was due on April 26,
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
2014, 2020, and 2022 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.


INSTITUTO COSTARRICENSE: Fitch to Rate New $500MM Bond at 'BB+'
---------------------------------------------------------------
Fitch Ratings expects to assign a 'BB+' rating to Instituto
Costarricense de Electricidad's US$500 million proposed senior
unsecured bond issuance due in 2043. Proceeds are expected to be
used for general corporate purposes, including debt repayment and
capex.

Fitch currently rates ICE as follows:

-- Long-term Foreign Currency (FC) Issuer Default Rating (IDR)
   'BB+';
-- Long-term Local Currency (LC) IDR 'BB+';
-- Long-term National Scale (Costa Rica) 'AAA(cri)';
-- Long-term National Scale (El Salvador) 'AAA(slv)';
-- Senior Unsecured Debt 'BB+';
-- Senior Unsecured Domestic Long-term Debt (Costa Rica)
   'AAA(cri)';
-- Senior Unsecured Domestic Long-term Debt (El Salvador)
   'AAA(slv)';
-- Senior Unsecured Domestic Short Term Debt 'F1+(cri)'.

Grupo ICE's ratings are supported by the company's linkage to the
Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'/Stable
by Fitch) which stems from the government ownership. The linkage
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government-mandated strategy in order to assure the country's
electric supply, which temper the ratings to that of the
sovereign. The ratings also reflect the government's implicit and
explicit support, the company's diversified portfolio of assets,
and adequate financial profile. Also factored into Grupo ICE's
ratings is the company's aggressive capital expenditure program
aimed at maintaining a strong market share position in the
telecommunications business and an adequate installed electric
generation capacity.

DIVERSIFIED ASSET PORTFOLIO:

Grupo ICE's ratings are supported by the company's diversified
portfolio of assets and its strong business position in Costa
Rica's electricity and telecommunications industry. The ratings
reflect the company's low business risk resulting from its
business diversification and positive characteristics as a utility
service provider.

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica. The issuer is the largest power generator and electric
distribution utility company in the country. As of year-end 2012,
Grupo ICE had an installed electric generation capacity of 2,080
megawatts (MW) (national capacity of 2,723MW) and was the
exclusive owner of the national transmission grid. The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy in
coordination with Grupo ICE or sell their energy to Grupo ICE. The
company is expected to remain a leader in the telecommunications
industry in the country, notwithstanding recent changes that
opened the industry to competition. Although this will increase
competition, it is also expected to enhance regulatory
transparency. In 2012, ICE's market share in terms of subscribers
was near of 100% in fixed telephony, 80% in mobile and 60% in
broadband.

During 2012, the company generated revenues and EBITDA of
CRC1,184,950 million and CRC315,717 million, respectively. The
company's electricity segment represented approximately 60% of
revenues and EBITDA, with the telecommunications division
contributing the rest. Fitch expects ICE's electricity business to
increase its contribution given the current and future expansion
projects, as well as relatively stable results in the
telecommunications segment.

ADEQUATE FINANCIAL PROFILE:

Grupo ICE's ratings reflect the company's adequate financial
profile characterized by moderate leverage and satisfactory
interest coverage, yet with some exposure to foreign exchange
risk, which should deteriorate over the medium term as the company
pursues its capital expenditures plan. At the end of 2012, ICE's
EBITDA reached USD632 million, slightly higher than in 2011
(USD617 million). This improvement is related to higher
electricity revenues (5%) and lower operative costs.

As December 2012, Grupo ICE reported total debt of USD3.2 billion,
of which USD309 million was short-term and near 80% was
denominated in USD. This translated into a financial leverage
ratio, as measured by total adjusted debt-to-EBITDAR of
approximately 5.8x. The company's interest coverage ratio as
measured by EBITDAR-to-interest and rent expenses was at 2.0x
(2.75x EBITDA/interest).

Fitch expects that the projected growth in electric demand of 4%-
5% by 2013 and 2014, would allow Grupo ICE to maintain its
leverage in in approximately 5.0x-6.0x.

AGGRESSIVE CAPITAL EXPENDITURES PLAN:
Grupo ICE's capital investment plan over the next several years is
considered aggressive and could weaken the company's financial
profile, absent increased cash flow generation and adequate tariff
adjustments. The company plans to invest approximately USD3.5
billion over the next five years in order to supply electricity to
meet demand and maintain its leadership position in
telecommunications in Costa Rica.

Going forward, Grupo ICE's credit metrics could deteriorate
significantly. Leverage could increase consistently to over 6.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe or don't receive
opportunely the tariff adjustments. Grupo ICE expects to finance
its investments with a combination of internal cash flow, debt,
Build Operate and Transfer (BOT) transactions, project finance
vehicles and operating leases.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE:

Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules. In
recent months, the regulatory and political interference has
affected the electric tariffs adjustment. Every year the company
submits to the regulator for approval an electricity tariff for
end-users. Historically, the regulator has approved these tariffs
at levels that do not fully recognize the company's moderate
exposure to fuel prices borne by its thermoelectric generation
business (8%-10% of annual generation on average).

Positive for the company's business and financial profile is the
approved mechanism to adjust tariffs to reflect fuel cost
variations on a quarterly basis, starting in 2013. This change has
a positive effect on Grupo ICE's working capital and reduces its
exposure to hydrology risk.

The recent telecom regulatory framework considers changes in
tariffs and competition rules. Fitch expects that new regulations
could enhance regulatory transparency. Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain a
relative stable cash flow generation. Also, the company is exposed
to political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

RATINGS SENSITIVITY

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- An upgrade of Costa Rica's Sovereign rating;
-- If the company is materially isolated from government
   interference.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- A downgrade of Costa Rica's Sovereign rating;
-- Any weakening of legal, operational and/or strategic ties with
   the government could put downward pressure on Grupo ICE's
   ratings;
-- Regulatory intervention that would have a significant negative
   impact on the company's operating and financial profile.


MBIA MEXICO: S&P Raises Ratings to 'B'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
counterparty credit and financial strength ratings on MBIA Mexico
S.A. de C.V. (MBIA Mexico) to 'B' from 'CCC' and its national
scale financial strength rating to 'mxBB+' from 'mxCCC'.  The
outlook is stable.

The rating action mirrors the upgrade of MBIA Mexico's U.S.-based
parent, MBIA Insurance Corp. (MBIA Corp.; B/Stable/--).  The
ratings on the Mexican subsidiary are based on the support MBIA
Corp. provides.  Support comes in the form of a reinsurance
agreement calling for MBIA Mexico to cede 100% of its net
liability and other obligations to MBIA Corp. and a net worth
maintenance agreement in which the parent agrees to maintain MBIA
Mexico's capital equal to Mexican regulatory requirements or
$10 million, whichever is greater.

S&P's rating on MBIA Corp. reflects S&P's view that potential
stress on the company's liquidity has lessened as a result of the
announced settlement with Bank of America Corp. (BofA; A-
/Negative/A-2) and that the company is unlikely to come under
regulatory control during the next 12 months.  The settlement
included the commutation of all of the MBIA Corp.'s policies
insuring an estimated $6.1 billion in credit default swaps
referencing commercial mortgage-backed securities transactions,
which deteriorated in  recent months, and a $500 million three-
year secured revolving credit agreement with BofA.  The rating
also reflects S&P's view of the company's small capital base
relative to the risk of its insured portfolio, poor operating
performance, which S&P expects to continue, and lack of
competitive advantage to improve its financial position in the
next 12 months. "The rating reflects the company's run-off status
and S&P's belief that its corporate profile is unlikely to change
in the near term," said Standard & Poor's credit analyst Amalia
Bulacios.


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


BERWIND REALTY: To Satisfy $3.6MM Balance on Loan by June 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the Joint Urgent Motion of Berwind Realty LLC and Banco
Popular de Puerto Rico dated April 23, 2013, for the entry of an
Amended Order confirming the Debtor's Chapter 11 Plan filed
Oct. 23, 2012, in order that the secured exit financing in the
amount of $19,500,000 to be provided to Vemass Realty, LLC, can
close.

The Credit Facility will be used by Vemass, among other things, to
satisfy a portion of the obligations due under Loan A to BPPR, to
satisfy the Debtor's obligations due to Oriental Bank under the
Plan, and to satisfy other unsecured and priority claims under the
Plan.

However, according to the Urgent Motion, the credit facility
through which the exit financing will be provided has been
approved only through April 30, 2013.  Accordingly, BPPR and the
Debtor ask the Court to amend the Confirmation Order such that:

     "The Debtor shall satisfy on or before June 30, 2013 the
     balance due under Loan A (in the amount of $3,665,000),
     which balance remains secured with, among other
     collateral, that certain real estate located at Caparra
     Gallery.  In the event the Debtor does not satisfy such
     amount on or before June 30, 2013, the Debtor agrees to,
     at BPPR's sole discretion, either surrender immediately
     the Caparra Gallery real estate to BPPR through the Plan
     and this Motion, as approved by the Court, or include
     such real estate as part of the Sale Collateral."

As reported in the TCR on April 15, 2013, the Bankruptcy Court
approved a stipulation by and between the Debtor and BPPR on the
limited use of rents and postpetition income and the adequate
protection to BPPR as provided in the stipulation.  Additionally,
the Court approved the terms for the treatment of BPPR's claims in
a consented Plan of Reorganization.

A copy of the stipulation is available for free at
http://bankrupt.com/misc/BERWINDREALTY_rentuse_stipulation.pdf

As reported in the TCR on April 9, 2013, Judge Brian K. Tester
signed off an order dated March 28 confirming Berwind Realty's
Plan of Reorganization.

                         About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of
$53.8 million and liabilities of $58.1 million.  Berwind Realty's
president, Saleh Yassin signed the petition.  Charles A. Cuprill,
PSC Law Offices, serves as bankruptcy counsel.


CONSTRUCTORA DE HATO: Has Until July 8 to File Chap. 11 Plan
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico extended
until July 8, 2013, the time for Constructora De Hato Rey
Incorporada to file a disclosure statement and plan of
reorganization.

The Debtor filed its request for an extension before the
exclusivity period was set to expire on March 25.

According to papers filed in court, the Debtor said the proceeds
of asset sales will be funding the Plan.  The Debtor noted that it
has received an offer from:

   1. Aramis Rivera, president of Dey Drilling Equipment, Inc.,
      for the purchase of the Debtor's 2001 Volvo, serial number
      EC290LCTS S/N EC290LCC03061; and

   2. Dey for the purchase of the Debtor's 1998 Tesmec
      Model 1100, serial number 128 located in Salinas, Puerto
      Rico, for $50,000.

In this relation, the Debtor also needed additional time to engage
in negotiations with various potential buyers for the sale of
additional equipment and assets from the estate to fund the Plan,
which without the sales, and additional funds, the Plan cannot be
confirmed.

                    About Constructora De Hato

San Juan, Puerto Rico-based Constructora De Hato owns parcels of
land in Puerto Rico with an aggregate value of $1.82 million.  It
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11)
in Old San Juan, Puerto Rico, on April 13, 2012.  The petition was
signed by Waldemar Carmona Gonzalez, president.  The Debtor is
represented by Charles Alfred Cuprill, Esq., at Charles A.
Curpill, PSC Law Office, in San Juan.  Luis R. Carrasquillo & Co.,
PSC, serves as financial consultant.  In its schedules, as
amended, the Debtor disclosed $10,701,724 in assets and $6,847,693
in liabilities.


COSTA DORADA: Wants Exclusivity Period Extended to May 25
---------------------------------------------------------
Costa Dorada Apartments Corp asks the Bankruptcy Court for a
second extension of its exclusive period to file an amended and
joint disclosure statement and plan of reorganization.  The Debtor
says it needs more time to review all the proofs of claim filed in
the case to determine if information provided by the Debtor
provides adequate ground for an objection.

Last year, the Debtor submitted to the Court a First Amended Plan.
According to the Disclosure Statement, funds would be obtained
from these sources:

   1) sale of 15 apartment units in the project;

   2) rent and regular operation of the other apartments as part
      of the hotel facilities;

   3) sale of the remnant land of 3.5 cdas located at State Road
      466 Bajuras Ward in Isabela, Puerto Rico; and

   4) rent and regular operation of the other apartments as part
      of the Time Sharing (Vacation Plan) project.

A copy of the Amended Disclosure Statement is available for free
at http://bankrupt.com/misc/COSTA_DORADA_ds_amended.pdf

                   About Costa Dorada Apartments

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr.
D.P.R. Case No. 11-03960) on May 10, 2011.  The Debtor disclosed
$10.7 million in assets and $8.6 million in liabilities as of the
Chapter 11 filing.  The Hon. Enrique S. Lamoutte Inclan, presides
over the case.  The petition was signed by Carlos R. Fernandez
Rodriguez, its president.  Wigberto Lugo Mender, Esq., at Lugo
Mender & Co., in Guaynabo, Puerto Rico, represents the Debtor as
counsel.


PUERTO DEL REY: Files Joint Plan; FirstBank to Be Paid in Full
--------------------------------------------------------------
Puerto del Rey, Inc., together with FirstBank Puerto Rico and
PBF-TEP Acquisitions, filed on April 29, 2013, a joint Chapter 11
plan.

The Plan contemplates and is predicated upon entry of an order
approving (i) the sale of substantially all of the Debtor's assets
(except the Excluded Assets and the Affiliates Assets), and other
related transactions, pursuant to which the purchaser, PBF-TEP
Acquisitions, Inc., will fund the Plan, and (ii) in conjunction
therewith, the so-called Cacimar Agreement, which encompasses a
global settlement of issues by and among the Purchaser, the
Additional Disclosure Entities, FirstBank, and the PdR Group
Members related to the Purchased Assets.

The Cacimar Agreement will be included in the Plan Supplement.

According to the Plan, for the avoidance of doubt, the Sale will
be made pursuant to a private sale in furtherance of the Term
Sheet, and the Sale will not be subject to competitive bidding,
public auction, or higher or otherwise better offers.

The Plan segregates the various claims against and interests in
the Debtor into six (6) Classes:

Class 1 Priority Non-Tax Claims    Unimpaired   Deemed to Accept
Class 2 FirstBank Secured Claim    Impaired     Deemed to Accept
                                                   by Settlement
Class 3 BPPR Secured Claim         Unimpaired   Deemed to Accept
Class 4 Unsecured Claims           Unimpaired   Deemed to Accept
Class 5 Intercompany/Insider       Impaired     Deemed to Accept
                                                   by Settlement
Class 6 Equity Interests           Impaired     Deemed to Accept
                                                   by Settlement

The Allowed FirstBank Secured Claim will be deemed satisfied
through payment by the Purchaser to FirstBank on the Effective
Date, in full and final settlement, satisfaction, and release of
the FirstBank Secured Claim, the Consent Judgment, and any and all
liens, guarantees, and security interests held by FirstBank in
connection therewith, in Cash and in immediately available funds,
in the amount of $40,750,000.

BPPR will receive in full and final settlement, satisfaction, and
release of the BPPR Secured Claim, direct Cash payment from the
Purchaser in immediately available funds, equal to the Allowed
amount of the BPPR Secured Claim.

Class 4 General Unsecured Claims will receive, in full settlement,
satisfaction, and release of such Claims, Cash from the Claims
Reserve in an amount equal to the Allowed but unpaid portion of
such Claims on or as soon as reasonably practicable after the
Effective Date to the extent such Claims are Allowed.
Pursuant to the settlement set forth in the Plan and in the
Cacimar Agreement, all Intercompany Claims and Insider Claims will
be deemed cancelled, released and extinguished as of the Effective
Date, and holders of such Claims will not receive or retain any
property or interest in property on account of such Claims.

Class 6 Equity Interests will be retained by the Debtor's
shareholders.

A copy of the Joint Chapter 11 Plan is available at:

         http://bankrupt.com/misc/puertodelrey.doc99.pdf

PBF-TEP Acquisitions, Inc., is represented by:

     FERNANDEZ, COLLINS, CUYAR & PLA
     P.O. Box 9023905
     San Juan, PR 00902-3905
     Tel: (787) 977-3772
     Fax: (787) 977-3773

          - and -

     CADWALADER, WICKERSHAM & TAFT LLP
     One World Financial Center
     New York, NY 10281
     Tel: (212) 504-6000
     Fax: (212) 504-6666

FirstBank Puerto Rico is represented by:

     REICHARD & ESCALERA
     P.O. Box 364148
     San Juan, PR 00936-4148
     Tel: (787) 777-8888
     Fax: (787) 765-4225

          - and -

     HOLLAND & KNIGHT LLP
     701 Brickell Avenue, 30th Floor
     Miami, FL 33131
     Tel: (305) 374-8500
     Fax: (305) 789-7799

          - and -

     HOLLAND & KNIGHT LLP
     10 St. James Avenue, 11th Floor
     Boston, MA 02116
     Tel: 617-523-2700
     Fax: 617-523-6850

                       About Puerto del Rey

Puerto del Rey, Inc., a/k/a Marina Puerto Del Rey, filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
12-10295) on Dec. 28, 2012, in Old San Juan, Puerto Rico, owing
$43 million to secured lender First Bank Puerto Rico Inc.  The
22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and
dry storage for 600 boats.  Bankruptcy was designed to forestall
creditors from attaching assets.  In its amended schedules, the
Debtor disclosed $99.9 million in assets and $44.6 million in
liabilities as of the Petition Date.

The Charles A. Cuprill, PSC Law Offices, in San Juan, Puerto Rico,
represents the Debtor as counsel.


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


CARIBBEAN ISLAND: Employees Upset by Request of Senior Executive
----------------------------------------------------------------
RJR News reports that Representatives of the governments of
Jamaica and Trinidad & Tobago are to meet by early next month to
resolve issues surrounding the operation of Caribbean Airlines
Limited.

In his contribution to the Sectoral Debate in Parliament on
Tuesday, Dr. Omar Davies, Minister of Transport, works and
Housing, said the problems with CAL have led to a cut in the
number flights in and out of Jamaica, a move with which the
Government of Jamaica disagrees, according to RJR News.

RJR News relates that Trinidad's Guardian newspaper said employees
at Caribbean Airlines Limited are upset after Vice Chairman Mohan
Jaikaran requested 19 complimentary tickets for friends to attend
a Mother's Day concert in New York and Toronto this weekend.

RJR News notes that the directive has reportedly caused raised
eyebrows among management, as two weeks ago there were reports
that the air carrier had again turned to the Trinidad & Tobago
Government for $100 million in funding.  According to the
Guardian, Mr. Jaikaran gave instructions via e-mail for the
tickets to be booked free of charge, the report relates. The
tickets are valued at US$20,000 dollars, the report notes.

CAL officials on Tuesday said this was not the first time such a
directive had been issued by a high-ranking airline official,
adding that the entity is being denied thousands of dollars in
revenue at the same time it is depending on the Government for
help, the report discloses.

In the meantime, sources say Robert Corbie, acting CEO of
Caribbean Airlines, who had butted heads with some executives over
recent decisions, has gone on seven days' leave, RJR News notes.

Employees of the airlines are now calling for line minister
Chandresh Sharma to investigate the operations of the airline, the
report adds.

                   About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in
January.


                            ***********


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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