TCRLA_Public/130516.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 16, 2013, Vol. 14, No. 96


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS91MM of Securities


B O L I V I A

LA VITALICIA: Moody's Affirms B2 IFS Rating with Stable Outlook
BUPA INSURANCE: Moody's Keeps IFS at Ba3; Outlook is Stable


C A Y M A N  I S L A N D S

ALL SEASONS: Shareholder to Hear Wind-Up Report on May 22
AREIM RUSSIA: Placed Under Voluntary Wind-Up
ATMOSPHERE MANAGEMENT: Commences Liquidation Proceedings
COMPASS ASSET: Shareholder to Hear Wind-Up Report on May 22
CONSILIUM EMERGING: Creditors' Proofs of Debt Due May 22

CONSILIUM EMERGING MASTER: Creditors' Proofs of Debt Due May 22
IAM MINI-FUND: Shareholders to Hear Wind-Up Report on May 24
LAMARO PRODUCTIONS: Placed Under Voluntary Wind-Up
LAVA IAM: Shareholders to Hear Wind-Up Report on May 24
LIBRA OFFSHORE: Shareholders Receive Wind-Up Report

MANAGERS FUND: Creditors' Proofs of Debt Due May 22
MEDFORD HOLDINGS: Creditors' Proofs of Debt Due May 22
NHN GLOBAL: Shareholder to Hear Wind-Up Report on May 22
PACIFIC OCEAN: Commences Liquidation Proceedings
THAMES RIVER: Commences Liquidation Proceedings


J A M A I C A

RITZ-CARLTON: Workers Could Get Back Jobs, Says McNeill
* JAMAICA: Over 9,200 Jobs Lost in Manufacturing Sector


M E X I C O

CORPORACION GEO: Hiring U.S. Bankruptcy Professionals
URBI DESARROLLOS: Mulls Bankruptcy; Hiring US Bankr. Professionals
* Low Credit Quality Cues Moody's to Review BNTECB's Ratings


P U E R T O   R I C O

LIBERTY CABLE: S&P Puts 'B' CCR on CreditWatch Negative


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates ARS91MM of Securities
-----------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XVII. This
transaction will be issued by Equity Trust Company (Argentina)
S.A.- acting solely in its capacity as issuer and trustee.

Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.

ARS 70,639,000 in Class A Floating Rate Debt Securities (VRDA TV)
of "Fideicomiso Financiero Pvcred Serie XVII", rated Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

ARS 5,504,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Pvcred Serie XVII", rated A2.ar (sf) (Argentine
National Scale) and B2 (sf) (Global Scale, Local Currency)

ARS 15,596,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XVII", rated Caa1.ar (sf) (Argentine National Scale)
and Caa3 (sf) (Global Scale, Local Currency).

Rating Rationale:

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
9,364 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 23%
or lower than 15%. The VRDB will bear a fixed interest rate of
24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 21,46% for the
VRDA TV, calculated over the pool's principal balance and accrued
interest as of the cutoff date. The subordination levels will
increase overtime due to the turbo sequential payment structure.

The transaction also benefits from an estimated 27.00% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the cap of 23% for the VRDA TV.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to November 2012. In assigning the rating to
this transaction, Moody's assumed a lognormal distribution of
losses for each one of the different securitized subpools: (a) for
the PVCred, "Cuotas Bonificadas" and the "Staff" loans, a mean of
16% and a coefficient of variation of 60%; (b) for the "Cuota Ya"
and "Provenclick" loans, a mean of 25% and a coefficient of
variation of 60% and (c) for "Refinanced" loans, mean of 38% and a
coefficient of variation of 60%. Also, Moody's assumed a lognormal
distribution for prepayments with a mean of 45% and a coefficient
of variation of 70%;

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.90% expected loss for Class A Floating
Rate Debt Securities, a 6.85% for the for Class B Fixed Rate Debt
Securities and 28.70% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario, the ratings of the Class A Floating Rate,
Class B and Residual would likely be downgraded to B2(sf),
Caa1(sf) and Ca (sf) respectively.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published in May 2013.

Moody's National Scale Credit 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 credit 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.


=============
B O L I V I A
=============


LA VITALICIA: Moody's Affirms B2 IFS Rating with Stable Outlook
---------------------------------------------------------------
Moody's Latin America affirmed La Vitalicia Seguros y Reaseguros
de Vida S.A.'s B2 global local currency (GLC) insurance financial
strength (IFS) rating, and its Aa3.bo IFS rating on Bolivia's
national scale (NS). The outlook for the ratings is changed to
stable from negative.

La Vitalicia, which is 97%-owned by Banco BISA S.A. (GLC bank
deposit rating of Ba2), is one of the two companies that
administer run-off annuity funds in the pay-out phase for
pensioners in Bolivia, holding about 75% of the market's reserves
in this segment. The company also distributes other types of life
insurance and annuities to the general population in Bolivia.

Rating Rationale:

Moody's said that La Vitalicia's ratings primarily reflect 1) its
significant and concentrated investment risk in Bolivian
government bonds and local bank deposits; 2) the asset-liability
management challenges associated with its inflation-adjusted
annuities with spread compression and reinvestment risk; and 3)
the weak operating environment in Bolivia, also common for every
Bolivian insurer. La Vitalicia is exposed to spread compression
given the very low market interest rates in Bolivia, combined with
inflation-adjusted guarantees on its pension liabilities, rising
concerns about the company's ability to face low market interest
rates over the long term. The rating agency went on to say that a
recent law enacted by Bolivia's president allows annuity insurers
to invest in real estate construction projects, with the potential
to improve the company's profitability; however, such investments
-- if pursued -- could also pressure the company's financial
profile, given the potential for greater earnings volatility and
uncertainty of future cash flows and liquidity.

In changing the ratings' outlook to stable from negative, Moody's
noted it believes that La Vitalicia has sufficient capital and
liquidity resources to withstand current low market interest rates
for several years , well beyond the 12-18 month horizon of the
rating outlook. Moody's analyst Diego Nemirovsky added: "Although
there is some uncertainty about the timing and pace of upward
interest rate movement, we do not assume that the current trend of
low interest rates will continue over the long term". However,
asset/liability interest rate mismatch remains a significant
credit concern for La Vitalicia over the longer term. Moody's
further noted that a resolution issued by the Bolivian insurance
regulator in November 2012 that resulted in lower provisional
insurance reserves, provides La Vitalicia with a larger regulatory
capital cushion, although it does not mitigate the economics of
the company's interest rate risk nor the rating agency's current
concerns about the company's credit profile.

Factors that could lead to a downgrade of La Vitalicia's ratings
include the following: 1) continued impairment in the company's
capitalization levels, (i.e.: decrease in its capital base of 20%
or more, or failure to comply with minimum regulatory capital
requirements); and 2) sustained weak profitability for an extended
period. Conversely, an upgrade of the company's ratings could
follow a sustainable and orderly rise in market interest rates,
combined with sustained improvement in profitability and
capitalization.

The principal methodology used in these ratings was Moody's Global
Rating Methodology for Life Insurers, published in May 2010.

Based in La Paz, Bolivia, La Vitalicia reported net income of BOB
6 million for the quarter ended March 31, 2013, and shareholders'
equity of BOB 418 million, as compared with BOB 413 reported at
fiscal year-end 2012.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

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.


BUPA INSURANCE: Moody's Keeps IFS at Ba3; Outlook is Stable
-----------------------------------------------------------
Moody's Latin America has affirmed BUPA Insurance (Bolivia) S.A.'s
Ba3 insurance financial strength (IFS) rating on the global local-
currency scale, as well as its Aa1.bo IFS rating on Bolivia's
national scale. The outlooks for both ratings remain stable.

BUPA Bolivia is a small health insurer in the Bolivian market, and
focuses on underwriting health insurance policies for affluent
individuals. The company is owned by BUPA Insurance Ltd, a UK-
based private health insurer (rated A2 for IFS) that is
headquartered in London.

Rating Rationale:

According to Moody's, BUPA Bolivia's ratings are based primarily
on the company's adequate capital position relative to peers, as
reflected by its low gross underwriting leverage and high equity-
to-assets ratio, as well as by its relatively low combined ratio
and much better- than-peers asset quality. BUPA Bolivia holds a
significant portion of investment grade assets , a unique
characteristic in the Bolivian insurance market. Moody's added
that the continued support from the insurer's parent company
further strengthens the insurer's overall credit profile.

The rating agency said that at 2012 fiscal year-end, the Bolivian
insurance regulator rejected one of BUPA Bolivia's reinsurance
contracts, which resulted in a significant increase in the
company's retained reserves, as well as in a deterioration of
several financial metrics related to profitability, reserve
adequacy, and capital adequacy. However, BUPA Bolivia's parent
company provided the company with a capital injection in February
2013, restoring capital relevant financial metrics to prior
levels. Diego Nemirovsky, lead analyst at Moody's for BUPA Bolivia
noted: "The company's operations benefit from its ownership and
integration with BUPA Insurance Ltd., which provides support in
the form of oversight and control of the local operations as well
as through reinsurance agreements and tangible financial support,
as demonstrated by the recent capital contribution".

Moody's pointed out, however, that these strengths are tempered by
several credit concerns and challenges for the company, including
the following: (1) the small size and relatively modest market
share on a local basis; (2) concentration in a single line of
business; (3) low and volatile profitability track record; and (4)
Bolivia's weak operating environment, as reflected in Moody's
assessment of systemic risks related to the country's economic and
institutional strength, and susceptibility to event risks, as well
as the development of its insurance sector in comparison to other
countries worldwide.

Commenting on some of the factors that could result in an upgrade
for BUPA Bolivia's ratings, Moody's mentioned the following: a
multi-notch upgrade of Bolivia's government bond and/or local bank
deposit ratings, and a combination of strengthened market presence
and higher and sustained profitability. Conversely, factors that
could result in a rating downgrade for BUPA Bolivia include
significant deterioration in investment credit quality, impairment
in capital adequacy, or a decrease in support from the company's
parent shareholder.

The principal methodology used in these ratings was Moody's Global
Rating Methodology for Property and Casualty Insurers published in
May 2010.

BUPA Bolivia, headquartered in Santa Cruz, Bolivia, reported net
income of BOB 1.2 million, gross premiums written of BOB 6.4
million for the first quarter of fiscal year 2013, and total
assets of BOB 42.7 million and shareholders' equity of Bs$ 21.9
million as of March 31, 2013.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

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.


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


ALL SEASONS: Shareholder to Hear Wind-Up Report on May 22
---------------------------------------------------------
The shareholder of All Seasons Africa Multi-Strategy Ltd will
receive on May 22, 2013, at 4:00 p.m., 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 House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


AREIM RUSSIA: Placed Under Voluntary Wind-Up
--------------------------------------------
On April 10, 2013, the sole shareholder of Areim Russia (Cayman),
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
May 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ATMOSPHERE MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------------
On April 9, 2013, the sole shareholder of Atmosphere Management
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
May 13, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Luis Telmo Balsemao De Abreu
          Alexandra House
          Office 232
          Ballsbridge 4 Dublin
          Ireland


COMPASS ASSET: Shareholder to Hear Wind-Up Report on May 22
-----------------------------------------------------------
The shareholder of Compass Asset Management Ltd. will receive on
May 22, 2013, at 4:00 p.m., 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 House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CONSILIUM EMERGING: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------
The creditors of Consilium Emerging Market Absolute Return Fund,
Ltd are required to file their proofs of debt by May 22, 2013, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Reference: Christine Fletcher
          Telephone: +1 (345) 949 4123
          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


CONSILIUM EMERGING MASTER: Creditors' Proofs of Debt Due May 22
---------------------------------------------------------------
The creditors of Consilium Emerging Market Absolute Return Master
Fund, Ltd are required to file their proofs of debt by May 22,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Reference: Christine Fletcher
          Telephone: +1 (345) 949 4123
          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


IAM MINI-FUND: Shareholders to Hear Wind-Up Report on May 24
------------------------------------------------------------
The shareholders of IAM Mini-Fund 19 Limited will receive on
May 24, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LAMARO PRODUCTIONS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 11, 2013, the members of Lamaro Productions resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Alan Turner
          Turners Management Ltd.
          Strathvale House
          90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


LAVA IAM: Shareholders to Hear Wind-Up Report on May 24
-------------------------------------------------------
The shareholders of Lava IAM Limited will receive on May 24, 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:

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


LIBRA OFFSHORE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Libra Offshore Ltd received on May 16, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949 9877


MANAGERS FUND: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
The creditors of Managers Fund, Ltd. are required to file their
proofs of debt by May 22, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2013.

The company's liquidator is:

          Fides Limited, Liquidator
          P.O. Box 10338, Grand Cayman, KY1-1003
          Cayman Islands
          Telephone: (345) 949 7232


MEDFORD HOLDINGS: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of Medford Holdings Ltd. are required to file their
proofs of debt by May 22, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 8, 2013.

The company's liquidator is:

          Universal Directors Limited
          Providence House, Ground Floor
          East Wing, East Hill Street
          P.O. Box CB-12399 Nassau
          Bahamas


NHN GLOBAL: Shareholder to Hear Wind-Up Report on May 22
--------------------------------------------------------
The shareholder of NHN Global Ltd will receive on May 22, 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:

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


PACIFIC OCEAN: Commences Liquidation Proceedings
------------------------------------------------
On April 9, 2013, the sole shareholder of Pacific Ocean Holdings
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
May 13, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Luis Telmo Balsemao De Abreu
          Alexandra House
          Office 232
          Ballsbridge 4 Dublin
          Ireland


THAMES RIVER: Commences Liquidation Proceedings
-----------------------------------------------
On March 14, 2013, the sole shareholder of Thames River Distressed
Focus Fund Limited passed a resolution that voluntarily liquidates
the company's business.

Only creditors who were able to file their proofs of debt by
May 9, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


RITZ-CARLTON: Workers Could Get Back Jobs, Says McNeill
-------------------------------------------------------
Jamaica Observer reports that Minister of Tourism Wykeham McNeill
said many of the 400 workers who will be made redundant when the
Ritz-Carlton closes its Montego Bay hotel later this month could
be rehired by the new management of the Rose Hall property.

After 13 years in operation at the property, Ritz-Carlton Hotel
Company said it will cease management of the 427-room Ritz-Carlton
Golf & Spa Resort in Rose Hall on May 31, according to Jamaica
Observer.  The report relates that the property will be taken over
by Virginia-based Playa Hotels and Resorts.

Serious concerns have been expressed over the job losses stemming
from the impending closure of the hotel, but Mr. McNeill told the
Jamaica Observer that many of the affected workers are "likely" to
be rehired when Playa reopens the property at a later date.

"While workers will be made redundant, we must bear in mind that
many of them are likely to be rehired as they have acquired
valuable work experience working for one of the most recognised
hotel brands in the world, The Ritz-Carlton," the report quoted
Mr. McNeill as saying.

The report relates that Mr. McNeill noted that the hotel will be
closed temporarily to facilitate a change in management and
operations, but did not disclose when the resort is scheduled to
reopen.

Meanwhile, Opposition Spokesman on Tourism Edmund Bartlett
described the impending closure as a "body blow" to the sector,
arguing that the Ritz-Carlton remained the only internationally
acclaimed, high-end brand on the island, the report discloses.
Mr. Bartlett also questioned whether the entity replacing the Ritz
would be of equal stature, the report relays.

However, the report adds that Mr.  McNeill expressed optimism at
the value proposition being brought by Playa, which owns 17 all-
inclusive resorts in the Dominican Republic and Mexico, which they
operate under the Secrets, Dreams and Barcelo resort brands.


* JAMAICA: Over 9,200 Jobs Lost in Manufacturing Sector
-------------------------------------------------------
RJR News reports that data from the Statistical Institute of
Jamaica (Statin), are showing the extent of the fallout in the
manufacturing sector as producers grappled with a US dollar
shortage late last year into early this year.

The data shows a total of 9,200 jobs were lost in manufacturing
from November last year to January 2013, according to RJR News.
The report relates that the fallout is just over 11% of the more
than 82,000 jobs in the manufacturing sector.

Earlier this year, manufacturers pointed out that they had to
downsize operations as foreign currency shortage diminished their
ability to purchase raw materials, RJR News notes.

The report relates that the situation has since eased with the
signing of an International Monetary Fund agreement earlier this
month.


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


CORPORACION GEO: Hiring U.S. Bankruptcy Professionals
-----------------------------------------------------
The Wall Street Journal's Emily Glazer and Dow Jones Newswires'
Amy Guthrie report that two of Mexico's leading builders -- Urbi
Desarrollos Urbanos SAB and Corporacion Geo SAB -- missed debt
payments in April, reported dismal earnings, and hired U.S.
bankruptcy professionals to work in tandem with local firms.  Some
people familiar with the matter also said Urbi is considering a
bankruptcy filing in Mexico.

According to the report, Urbi said in mid-April it hired
investment bank Rothschild Inc. to help review its finances and
analyze alternatives to improve liquidity and restructure
financial liabilities.  The report also notes a spokeswoman
confirmed that Paul Hastings LLP is serving as U.S. counsel for
Urbi.  Debtwire had earlier reported that Urbi was working with
Paul Hastings.

The report notes a filing by Urbi under Mexico's bankruptcy law
can last longer than a U.S. Chapter 11 filing because officials,
such as a judge, review whether the debtor meets eligibility
requirements for a filing, and that can take a few months.  The
sources also said Chapter 11 of the U.S. Bankruptcy Code wouldn't
be an option for either Urbi or Geo since they don't hold U.S.
assets or have U.S. operations.

Both Urbi and Geo trade publicly on the Mexican Stock Exchange.

The sources also said turnaround firm Alvarez & Marsal is working
for Urbi in connection with some accounting issues.  Urbi has
restated financials and said it hired a new auditor this January.

The report also relates that Geo in April announced plans to
restructure financial obligations.  Mexico-City based bank Fians
Capital is advising Geo and Cleary Gottlieb Steen & Hamilton LLP
is its U.S. counsel, according to the sources.  Debtwire earlier
reported those engagements.  The sources also said Cleary is
working with Mexican-based law firm Santamarina y Steta S.C.  FTI
Consulting is serving as financial adviser to Geo's secured
lenders.

According to the report, the sources said U.S. financial advisers
and law firms bring expertise with Mexican law based on prior
matters as well as familiarity with the European and U.S.
investors involved in these companies.

The report also relates Geo bondholders in early May hired
investment bank Houlihan Lokey, and Urbi bondholders retained
Moelis & Co.  A few weeks earlier, Urbi bondholders hired law firm
Dechert LLP and Geo bondholders tapped Milbank, Tweed, Hadley &
McCloy LLP.

According to the report, the sources said a creditors' committee
holding both Urbi and Geo bonds formed a few weeks ago, including
London-based Ashmore Group PLC, London-based BlueBay Asset
Management LP and U.S. investment firm Pacific Investment
Management Co.  The firms declined to comment.

The report adds a person close to Urbi said the company isn't
prioritizing a bankruptcy filing right now, but that it is an
option. "The company is doing everything possible to not arrive at
that situation," that person said.

The report relates Urbi said recently that concerns over shifts in
the home-building sector also led to the cancellation of credit
lines in recent months, forcing the builder to use cash reserves
to cover payments.

The report also notes another large, publicly traded Mexican
builder, Desarrolladora Homex SAB, in late April saw credit-rating
firms, including HR Ratings and Moody's Investors Service,
downgrade the company further into junk-bond territory.  Homex in
April sold stakes in two penitentiaries, and secured a bridge loan
for construction under a new loan-guarantee program being offered
by the Mexican government.


URBI DESARROLLOS: Mulls Bankruptcy; Hiring US Bankr. Professionals
------------------------------------------------------------------
The Wall Street Journal's Emily Glazer and Dow Jones Newswires'
Amy Guthrie report that two of Mexico's leading builders -- Urbi
Desarrollos Urbanos SAB and Corporacion Geo SAB -- missed debt
payments in April, reported dismal earnings, and hired U.S.
bankruptcy professionals to work in tandem with local firms.  Some
people familiar with the matter also said Urbi is considering a
bankruptcy filing in Mexico.

According to the report, Urbi said in mid-April it hired
investment bank Rothschild Inc. to help review its finances and
analyze alternatives to improve liquidity and restructure
financial liabilities.  The report also notes a spokeswoman
confirmed that Paul Hastings LLP is serving as U.S. counsel for
Urbi.  Debtwire had earlier reported that Urbi was working with
Paul Hastings.

The report notes a filing by Urbi under Mexico's bankruptcy law
can last longer than a U.S. Chapter 11 filing because officials,
such as a judge, review whether the debtor meets eligibility
requirements for a filing, and that can take a few months.  The
sources also said Chapter 11 of the U.S. Bankruptcy Code wouldn't
be an option for either Urbi or Geo since they don't hold U.S.
assets or have U.S. operations.

Both Urbi and Geo trade publicly on the Mexican Stock Exchange.

The sources also said turnaround firm Alvarez & Marsal is working
for Urbi in connection with some accounting issues.  Urbi has
restated financials and said it hired a new auditor this January.

The report also relates that Geo in April announced plans to
restructure financial obligations.  Mexico-City based bank Fians
Capital is advising Geo and Cleary Gottlieb Steen & Hamilton LLP
is its U.S. counsel, according to the sources.  Debtwire earlier
reported those engagements.  The sources also said Cleary is
working with Mexican-based law firm Santamarina y Steta S.C.  FTI
Consulting is serving as financial adviser to Geo's secured
lenders.

According to the report, the sources said U.S. financial advisers
and law firms bring expertise with Mexican law based on prior
matters as well as familiarity with the European and U.S.
investors involved in these companies.

The report also relates Geo bondholders in early May hired
investment bank Houlihan Lokey, and Urbi bondholders retained
Moelis & Co.  A few weeks earlier, Urbi bondholders hired law firm
Dechert LLP and Geo bondholders tapped Milbank, Tweed, Hadley &
McCloy LLP.

According to the report, the sources said a creditors' committee
holding both Urbi and Geo bonds formed a few weeks ago, including
London-based Ashmore Group PLC, London-based BlueBay Asset
Management LP and U.S. investment firm Pacific Investment
Management Co.  The firms declined to comment.

The report adds a person close to Urbi said the company isn't
prioritizing a bankruptcy filing right now, but that it is an
option. "The company is doing everything possible to not arrive at
that situation," that person said.

The report relates Urbi said recently that concerns over shifts in
the home-building sector also led to the cancellation of credit
lines in recent months, forcing the builder to use cash reserves
to cover payments.

The report also notes another large, publicly traded Mexican
builder, Desarrolladora Homex SAB, in late April saw credit-rating
firms, including HR Ratings and Moody's Investors Service,
downgrade the company further into junk-bond territory.  Homex in
April sold stakes in two penitentiaries, and secured a bridge loan
for construction under a new loan-guarantee program being offered
by the Mexican government.


* Low Credit Quality Cues Moody's to Review BNTECB's Ratings
------------------------------------------------------------
Moody's de Mexico S.A. de C.V. placed the ratings of BNTECB 07 &
07-2 on review for possible downgrade due to a lower credit
quality of its portfolio.

Originator: Banco Mercantil del Norte S.A., Institucion de Banca
Multiple, Grupo Financiero Banorte

Trustee: The Bank of New York Mellon S.A., Institucion de Banca
Multiple

Class A BNTECB 07: Ratings of Baa3 (sf) / Aa2.mx (sf) Global
Scale, Local Currency and Mexican National Scale; placed on review
for possible downgrade

Class B BNTECB 07-2: Ratings of Ba3 (sf) / A3.mx (sf) Global
Scale, Local Currency and Mexican National Scale; placed on review
for possible downgrade

Rating Rationale:

The rating action is driven by the lower credit quality in the
securitized loan portfolio, as reflected in Moody's assessment of
the credit quality of the underlying loans and Moody's downgrades
of the public ratings of some of those loans. As of March 2013,
loans or related entities representing 29% of the outstanding
balance of the pool had recently experienced a rating downgrade,
or had recently been assigned a negative credit outlook.

During the review period Moody's will assess the impact of the
updated credit quality of the underlying portfolio on the rated
certificates.

The certificates are backed by cash flow from a portfolio of loans
granted to Mexican states and municipalities by Banco Mercantil
del Norte S.A. (Banorte, rated A3 / Aaa.mx Bank Deposits, Local
Currency and Mexican National Scale, respectively). Most of
securitized loans are backed by federal participation revenues
assigned to a trust established under the laws of Mexico.

The Senior Certificates BNTECB 07 benefit from a minimum credit
enhancement of 6% of the total loan balance in the form of
subordination and overcollaterization (as of April 2013, its total
credit enhancement was 14.1%). The Subordinated Certificates
BNTECB 07-2 benefit from a minimum credit enhancement of 2% of the
total loan balance in the form of overcollaterization (as of April
2013, its total credit enhancement was 12.3%). In addition,
Moody's ratings reflect the role of Banorte as collateral manager,
the stable trend of total collections and a fully funded cash
reserve equivalent to one coupon payment. These factors mitigate
liquidity risks associated with this transaction's dual waterfall
structure. According to the transaction documents, interest
collections net of fees and expenses are used to pay interest on
the certificates, and principal collections are only to be used to
pay principal on the certificates if credit enhancement is below
its minimum level. As of April 2013, the average interest coverage
ratio (ICR) during the last twelve months was 1.3 times (x) for
BNTECB 07 certificates and 2.4x if the cash reserve fund is taken
into account.

Total loan portfolio is relatively concentrated and includes 14
obligors representing 30 loans. Average and maximum obligor
concentration are at 7% and 14%, respectively. According to the
collateral manager report, all loans are current.

In addition, Moody's analyzed the credit impact of the proposed
modifications to one of the loans in the pool backing the Senior
Certificates BNTECB 07 and Subordinated Certificates BNTECB 07-2.
Moody's announced that the modifications, in and of themselves and
at this time, will not result in the downgrade or withdrawal of
the Senior Certificates' ratings and the Subordinated
Certificates' ratings.

Moody's was approached by the participants of the transaction to
provide an opinion as to whether the ratings on the certificates
would be downgraded or withdrawn as a result of certain
modifications to an underlying loan to the Mexican municipality of
Hermosillo. The affected loan represents 10.3% of the total
securitized pool balance as of March 2013. The proposed changes to
the loan include: i) a reduction in the portion of the state's
total federal participation revenue pledged to service the
payments due under this loan (from 50% to 33%) and ii) a reduction
of the reserve fund amount to 2.98% from 4% as percentage of the
loan outstanding balance

Moody's believes that the proposed amendments do not have an
adverse effect on Moody's estimate of the credit quality of the
underlying loan, and as a result, do not have an adverse effect on
the credit quality of the rated certificates. Moody's did not
express an opinion as to whether these changes could have other,
non-credit-related effects.

Moody's took into consideration the credit quality and
amortization profiles of the underlying loans and ran several
stress scenarios including stresses on concentrations for certain
large obligors in the pool.

With respect to the sensitivity of the ratings, if Moody's were to
assume that (a) the BNTECB 07 and BNTECB 07-2 certificates benefit
from the minimum 6% and 2% credit enhancement, and that (b)
Moody's credit estimate on one of the top obligors in the pool
"jumped to default", or Caa2, the Senior Certificates' rating
would likely suffer a two notch downgrade on the global scale to
Ba2 (sf) from Baa3 (sf), while the Subordinate Certificates'
rating would likely suffer a six notch downgrade to Caa3 (sf) from
Ba3 (sf).

The methodology used in this rating was "Moody's Revises its
Methodology for Emerging Market CDOs" published in April 2007.

Moody's considered the servicer's practices and considers them
adequate.

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


LIBERTY CABLE: S&P Puts 'B' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on cable TV
system operator Liberty Cablevision of Puerto Rico LLC on
CreditWatch with negative implications, including the 'B'
corporate credit rating and all issue-level ratings.

"The CreditWatch listing follows Liberty's disclosure that it is
seeking a lender waiver due to misrepresentations in historic
financial statements provided by San Juan Cable LLC, which it
acquired in November 2012," said Standard & Poor's credit analyst
Catherine Cosentino.

If the company is unable to obtain these waivers before the end of
May 2013, an acceleration of repayment of its $663 million in
total debt could occur in the near term because this could be
considered a technical default under terms in the credit
agreement.  Under these circumstances, S&P would likely assess the
company's liquidity as "weak," and would lower the corporate
credit rating by at least one notch to 'B-', and possibly even
lower, to the 'CCC' category, based on S&P's assessment of its
ability to repay or refinance this debt, either with another
external debt source, or from funds from 60% owner and operator

Liberty Global Inc.

S&P expects to resolve the CreditWatch by the end of May 2013,
based on whether the company is able to secure waivers from its
lenders.  S&P could lower the rating if in its view it appears
more likely that the company will not obtain waivers.  S&P will
also reevaluate the issue-level ratings as part of the CreditWatch
resolution, including potential changes to its default scenario.



===============
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.


                   * * * End of Transmission * * *