TCRLA_Public/130517.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 17, 2013, Vol. 14, No. 97


                            Headlines



A R G E N T I N A

EDENOR SA: Buenos Aires Stock Exchange Revokes Listing Suspension
TRANSPORTADORA DE GAS: S&P Affirms 'B-' Corporate Credit Rating


B A R B A D O S

* BARBADOS: Minister Seeks to Close Budget Gap


B E R M U D A

CENTRAL EUROPEAN: S&P Raises CCR to 'B-'; Outlook Stable


B R A Z I L

MENDES JUNIOR: Fitch Issues Correction on May 14 Release


C A Y M A N  I S L A N D S

BERHAR LTD: Shareholders Receive Wind-Up Report
IMPALA KINGFISHER: Shareholders Receive Wind-Up Report
INDIA DIVERSIFIED: Shareholders Receive Wind-Up Report
MUTLEY INTERNATIONAL: Shareholder to Hear Wind-Up Report on May 24
OFFSHORE DRILLER 2: Shareholder Receives Wind-Up Report

PACIFIC STAR: Shareholder Receives Wind-Up Report
PARNELL INVESTMENT: Shareholder to Hear Wind-Up Report Today
PEARL ENTERPRISES: Shareholders' Final Meeting Set for May 21
R-ONE KAGOSHIMA: Shareholder to Hear Wind-Up Report on May 24
R-ONE SAKAI: Shareholder to Hear Wind-Up Report on May 24

ROX CONDUIT: Shareholders' Final Meeting Set for May 24
ROX LIMITED: Shareholder to Hear Wind-Up Report on May 24
SOUTHPOINT OFFSHORE: Shareholders' Final Meeting Set for May 29
WESTERN INVESTMENT: Shareholder to Hear Wind-Up Report on May 22
WINNWELL CAPITAL: Shareholders' Final Meeting Set for June 5


C O L O M B I A

OSAGE EXPLORATION: Incurs $73K Net Loss in First Quarter


G U A T E M A L A

EMPRESA ELECTRICA: S&P Affirms 'BB-' CCR; Outlook Stable


M E X I C O

CAPAMA: Moody's Downgrades Global Scale Issuer Ratings to B3
GENWORTH SEGUROS: S&P Affirms 'BB+' Rating; Outlook Negative
MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to CC
* Poor 2012 Performance Prompts Moody's to Cut Acapulco's Ratings


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Chairman Submits Report Requested by Minister


                            - - - - -


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A R G E N T I N A
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EDENOR SA: Buenos Aires Stock Exchange Revokes Listing Suspension
-----------------------------------------------------------------
The Buenos Aires Stock Exchange has decided to revoke the
suspension of listing of Empresa Distribuidora y Comercializadora
Norte S.A. (EDENOR)'s Class B Common Shares in light of Resolution
No. 1/2013.  In addition, the BCBA has decided that the Class B
Common Shares will trade on a "Reduced Trading" basis pursuant to
Section 38, subsection "d" of the Trading Rules of the Buenos
Aires Stock Exchange.

The Buenos Aires Stock Exchange previously suspended the listing
of Edenor S.A.'s shares effective as of May 10, 2013, due to the
Company's negative shareholders' equity recorded in its financial
statements as of March 31, 2013.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended  Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.  The
Company's balance sheet at Dec. 31, 2012, showed ARS6.80 billion
in total assets, ARS6.31 billion in total liabilities and
ARS489.28 million in total equity.

"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases or their replacement by a new remuneration system, the
Board of Directors has raised substantial doubt about the ability
of the Company to continue as a going concern in the term of the
next fiscal year," according to the Company's annual report for
the year ended Dec. 31, 2012.


TRANSPORTADORA DE GAS: S&P Affirms 'B-' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior unsecured ratings on Transportadora de Gas del
Sur. S. A. (TGS).  The outlook remains negative.

"The ratings on TGS continue to reflect its exposure to high
political and regulatory risk, its dependence on natural gas
availability for its unregulated business, and the still pending
renegotiation of its concession contract," said Standard & Poor's
credit analyst Candela Macchi.  TGS' strong competitive position,
as one of Argentina's two largest natural gas transportation
companies, and sound cash flow generation partly offset these
negative factors.  We assess TGS' business risk profile as
"vulnerable" and its financial risk profile as "aggressive."


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B A R B A D O S
===============


* BARBADOS: Minister Seeks to Close Budget Gap
----------------------------------------------
RJR News reports that Chris Sinckler, Barbados' Minister of
Finance, has sought permission from Parliament to increase the
borrowing limit on short-term debt instruments to help finance a
gaping hole in the government's spending plans.

Mr. Sinckler asked Parliament to raise the borrowing limit for
treasury bills and tax certificates by one billion Barbadian
dollars to $2.75 billion, according to RJR News.

RJR News notes that Mr. Sinckler, in seeking the approval, said
the higher borrowing limit was needed because the Bajan government
was facing "cash flow challenges" due to a sharp decline in
revenue inflows.  It was the fourth time in five years that the
Barbadian Government has sought permission from its Parliament to
raise the borrowing limit, the report relates.

RJR News discloses that the Finance Minister said the
authorization was sought on the short term instruments, because
banks were not keen to lend the government over long periods
through debentures, treasury notes and saving bonds.


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


CENTRAL EUROPEAN: S&P Raises CCR to 'B-'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating (CCR) on Bermuda-based emerging
markets TV broadcaster Central European Media Enterprises Ltd.
(CME) to 'B-' from 'CCC+'.  The outlook is stable.

S&P also raised its issue rating on the EUR240 million senior
secured notes due 2017 issued by CME's subsidiary CET 21
spol.s.r.o. to 'B-' from 'CCC+'.  At the same time S&P raised the
issue rating on the EUR479 million senior secured notes due 2016
issued by CME to 'CCC+' from 'CCC'.

The upgrade reflects S&P's view that CME's liquidity will improve
thanks to the recently completed $150 million common equity
increase and the $200 million preferred shares private placement
guaranteed by Time Warner, which S&P understands CME expects to
take place by June 30, 2013.  In particular, S&P believes that
CME's liquidity is now "adequate" under S&P's base-case scenario
that envisages a mid-single-digit decline in advertising spending
in the countries where CME operates in 2013.

CME's liquidity, which stood at $123 million on March 31, 2013,
will increase by approximately $40 million after the above-
mentioned transactions.  S&P views this level to be "adequate" to
cope with the negative free cash flow it expects CME to experience
in 2013 and to provide a sufficient buffer during the first half
of 2014, assuming some recovery of the advertising markets.  S&P
estimates that the group's negative free operating cash flow
(FOCF) could approach $70 million in 2013 . Depending on the
extent of any advertising recovery in CME's markets, S&P believes
that free cash flow could be at best neutral or slightly negative
in 2014.

The CCR reflects S&P's view of CME's "weak" business risk profile
and "highly leveraged" financial risk profile.

The stable outlook reflects S&P's view that CME's liquidity, which
relies exclusively on cash balances, will likely remain "adequate"
over the next 12 months, despite S&P's expectations of continued
negative free cash flow in 2013.  S&P expects that CME will be
able to maintain approximately $110 million as a liquidity buffer
to absorb potential unexpected setbacks stemming from the
volatility of advertising spending in countries where it operates.

The stable outlook takes also into consideration the favorable
evidence of financial support from Time Warner through the recent
transactions.

S&P could lower the ratings if CME's cash burn was significantly
higher than it expected in 2013, resulting in a deterioration of
the liquidity buffer to below $110 million over the next few
quarters.

A positive rating action could stem from a material improvement in
advertising spending in the company's key markets that translated
into an EBITDA margin above 20%, resulting in a significant
improvement of prospects for free cash flow generation.  S&P do
not see this happening over the next 12-24 months, however.


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B R A Z I L
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MENDES JUNIOR: Fitch Issues Correction on May 14 Release
--------------------------------------------------------
(This is a correction of a release issued May 14, 2013. It
corrects MJTE's national scale rating, which was listed as
'BBB(bra)' in the original release.)

Fitch Ratings has assigned the following initial ratings to
Mendes Junior Trading e Engenharia S.A. (MJTE):

-- Foreign Currency Issuer Default Rating (IDR) 'B+';
-- Local Currency IDR 'B+';
-- National Scale Rating 'BBB+(bra)'.

The Rating Outlook is Stable.

Key Rating Drivers

MJTE's ratings reflect its moderate business scale and its
concentrated backlog on a small set of large projects linked with
public sector clients. It also lacks the conservative liquidity
policy necessary to support a growing business model that relies
on relevant working capital needs and is also exposed to the
intense volatility inherent to the heavy construction sector.

Other limiting factors for MJTE's credit include its restricted
access to the debt market, influenced by the historical contingent
liability linked with other subsidiaries of the Mendes Junior
Group, and its limited track record of debt issuance. The ratings
also consider the company's low leverage, as well as its positive
history of operational capacity and satisfactory profitability in
its projects. The company has also favorable volume of backlog,
equivalent to approximately four years of operations, which is an
important factor for sustaining its future cash generation.

Expected Lower Support To Affiliates

MJTE is the main operating company and cash generator of the
Mendes Junior Group. A credit concern is the exposure risk of the
company towards other affiliates, including Mendes Junior S.A.
(MJE). MJE is non-operating but has significant debt liabilities
linked with litigations of asset receivables also under
jurisdictional discussion. The maintenance of the MJE's legal and
administrative structure has been financed by resources from MJTE,
obtained through the assignment of receivables, which totaled, at
the end December 2012, BRL246 million.

Fitch expects reduction in the financial support from MJTE to
affiliates. The agency also believes in a potential cash inflow to
MJE, given the favorable jurisdictional decision, regarding some
of its receivables under discussion, which should result in lower
dependence from MJTE. The implementation of ring fencing strategy,
currently underway, should also limit the support to affiliates
through the establishment of financial and non-financial
covenants, which should also contribute to improving the company
access to the credit market.

Tight Liquidity

MJTE's liquidity is tight to support its long business financial
cycle. By the end of December 2012, MJTE's cash reserves were
equivalent to BRL 89 million, which covered 0.63x of its short-
term debt. The limited liquidity combined with a scenario of
growing working capital needs imposes challenge for the company in
managing its refinancing risk as it develops its operations. MJTE
also has a limited track record of accessing debt market and has
reported high financial costs.

The company has the financial strategy of lengthening the maturity
profile of its concentrated debt. By the end of December 2013,
MJTE total debt was BRL232 million, being 100% due until 2014 and
mostly secured by receivables related to the ongoing projects of
its backlog. Untill 2011, the company reported more conservative
coverage ratios of short-term debt by cash and cash equivalents of
1.24 x in 2011 and 4.5x in 2010, which is positive in volatile
sectors such as heavy construction.

Fitch expects MJTE to succeed in its current negotiations to
obtain a more adequate debt profile and that the company will
resume its coverage ratios to levels that are more consistent with
the volatile nature of its business and closer to those reported
in previous years. These factors will be important to avoid future
pressure on its current ratings.

Adequate Leverage

Historically the MJTE has presented low leverage. In December
2012, the company's leverage, as measured by total adjusted debt /
EBITDA was 2.3x and 1.4x on a net basis. These ratios showed
moderate increase during the last two years due to higher debt to
sustain its business growth. In 2011 net leverage was 2.0x and
0.4x in 2010. Fitch expects MJTE to manage the growth of its
operations as it maintains its net leverage at suitable levels and
below 3.0x.

Growing EBITDA and CFFO Pressured By Working Capital

MJTE's operating cash flow has been pressured by the high volume
of working capital, mainly related to the execution of Petrobras'
projects. Fitch expects the company to continue reporting negative
operating cash flow over the next years, since its strategy is to
keep Petrobras as a relevant customer. Therefore, maintaining its
historic moderate leverage as it develops its operations is a
challenge for the company.

In 2012, the company reported EBITDA of BRL99 million, which
compares to BRL57 million in 2011 and BRL107 million in 2010.
These results, particularly in 2011, were impacted by the
renegotiations with Petrobras regarding changes in the projects,
which resulted in revenue postponement. The flow of revenues was
resumed in the second half of 2012. However, in 2012 the company's
CFFO remained negative at BRL96 million, stable if compared with
2011, pressured by the higher working capital needs of BRL179
million. MJTE's free cash flow (FCF) was negative at BRL140
million, after CAPEX investments of BRL28 million and dividends
distribution of BRL16 million.

From 2009 to 2012, the company's EBITDA margin was 8.4% on
average, satisfactory for the industry. In 2012, the EBITDA margin
recovered to 8%, after 4.5% reported in 2011, which have been
negatively impacted by the costs incurred combined with the
postponement of revenues from Petrobras' projects.

Concentrated Backlog

At the end of 2012, the MJTE's backlog was relevant and totaled
BRL5 billion, equivalent to approximately four years of
operations. Over the past three years, the company's backlog grew
55% per year on average and increased 76% in 2012. The company's
proven expertise in project execution, mainly for Petrobras, and
the demand of the construction sector should support the growth of
MJTE operations in the next three years. The company's operations
should also benefit from the infrastructure bottlenecks in the
country, the projects related to the oil and gas industry, and
those linked to the coming sporting events (World Cup and
Olympics).

In the same period the company's backlog was, however,
concentrated, with 54% on projects for Petrobras and about 90%
linked with public sector clients. MJTE's backlog is also
concentrated on seven large projects that represented two-thirds
of its total backlog by Dec.2012. The expectation is that the
company will expand geographically, following its strategy of
focusing on the development of international projects.

Rating Sensitivities

Deterioration in operating performance evidenced by prolonged
margins reduction, increased leverage to ratios higher than 3.0x
or loss of MJTE's cash flow to support affiliates may lead to a
negative rating action or perspective.

A positive rating action is dependent on the company maintaining
high margins coupled with significant improvement on liquidity
levels, diversification of its backlog and implementation of a
robust structure for ring fencing the transfer of resources to
affiliates.


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C A Y M A N  I S L A N D S
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BERHAR LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Berhar Ltd received on May 15, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barnaby Gowrie
          Telephone:+1 (345) 914 6365


IMPALA KINGFISHER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Impala Kingfisher Limited received on May 14,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


INDIA DIVERSIFIED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of India Diversified Fund SPC received on
March 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gray Smith
          c/o Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


MUTLEY INTERNATIONAL: Shareholder to Hear Wind-Up Report on May 24
------------------------------------------------------------------
The shareholder of Mutley International Ltd will receive on
May 24, 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:

          David O'Connor
          c/o Rotschild Trust (Schweiz) AG
          Zollikerstrasse 181
          8034 Zurich
          Switzerland
          Telephone: +00 (414) 4384 7280


OFFSHORE DRILLER 2: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Offshore Driller 2 Ltd received on May 14,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PACIFIC STAR: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Pacific Star Financial Vietnam (Cayman) Ltd
received on May 14, 2013, 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


PARNELL INVESTMENT: Shareholder to Hear Wind-Up Report Today
------------------------------------------------------------
The shareholder of Parnell Investment Holdings Limited will
receive today, May 17, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


PEARL ENTERPRISES: Shareholders' Final Meeting Set for May 21
-------------------------------------------------------------
The shareholders of Pearl Enterprises will hold their final
meeting on May 21, 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:

          Mr. Vincent G Maffei Jr.
          11531 NW 27 Court
          Plantation,
          Florida 33323
          U.S.A.
          Telephone: +1 (954) 445 8461


R-ONE KAGOSHIMA: Shareholder to Hear Wind-Up Report on May 24
-------------------------------------------------------------
The shareholder of R-One Kagoshima Holdings will receive on
May 24, 2013, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


R-ONE SAKAI: Shareholder to Hear Wind-Up Report on May 24
---------------------------------------------------------
The shareholder of R-One Sakai Ishihara Holdings will receive on
May 24, 2013, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


ROX CONDUIT: Shareholders' Final Meeting Set for May 24
-------------------------------------------------------
The shareholders of Rox Conduit Limited will hold their final
meeting on May 24, 2013, at 2:00 p.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


ROX LIMITED: Shareholder to Hear Wind-Up Report on May 24
---------------------------------------------------------
The shareholder of Rox 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:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


SOUTHPOINT OFFSHORE: Shareholders' Final Meeting Set for May 29
---------------------------------------------------------------
The shareholders of Southpoint Offshore Fund, Ltd. will hold their
final meeting on May 29, 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:

          Anthony J. Buffalano III
          623 Fifth Avenue
          Suite 2601, New York
          New York 10022
          United States of America
          Telephone: +1 (212) 692 6356
          E-mail: Anthony@southpoint-capital.com


WESTERN INVESTMENT: Shareholder to Hear Wind-Up Report on May 22
----------------------------------------------------------------
The shareholder of Western Investment Total Return Fund 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


WINNWELL CAPITAL: Shareholders' Final Meeting Set for June 5
------------------------------------------------------------
The shareholders of Winnwell Capital LLC will hold their final
meeting on June 5, 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 Kim Charaman
          Telephone: (345) 914 3207


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C O L O M B I A
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OSAGE EXPLORATION: Incurs $73K Net Loss in First Quarter
--------------------------------------------------------
Osage Exploration and Development, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $73,425 on $2.42 million of total
operating revenues for the three months ended March 31, 2013, as
compared with net income of $456,026 on $1.35 million of total
operating revenues for the same period a year ago.

The Company's balance sheet at March 31, 2013, showed $20.74
million in total assets, $12.53 million in total liabilities and
$8.20 million in total stockholders' equity.

"The Company's operating plans require additional funds which may
take the form of debt or equity financings.  The Company's ability
to continue as a going concern is in substantial doubt and is
dependent upon achieving profitable operations and obtaining
additional financing.  There is no assurance additional funds will
be available on acceptable terms or at all."

GKM, LLP, in Encino, California, expressed substantial doubt about
the Company's ability to continue as a going concern following the
Company's 2011 financial results.  The independent auditors noted
that the Company has suffered recurring losses from operations and
has an accumulated deficit as of Dec 31, 2011.

                        Bankruptcy Warning

"The Company's operating plans require additional funds which may
take the form of debt or equity financings.  The Company's ability
to continue as a going concern is in substantial doubt and is
dependent upon achieving profitable operations and obtaining
additional financing.  There is no assurance additional funds will
be available on acceptable terms or at all.  In the event we are
unable to continue as a going concern, we may elect or be required
to seek protection from our creditors by filing a voluntary
petition in bankruptcy or may be subject to an involuntary
petition in bankruptcy.  To date, management has not considered
this alternative, nor does management view it as a likely
occurrence."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/kHkrtG

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.


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G U A T E M A L A
=================


EMPRESA ELECTRICA: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Empresa Electrica de Guatemala S.A. (EEGSA).  The
outlook remains stable.

The rating on EEGSA reflects its "significant" financial risk
profile, "fair" business risk profile, and "adequate" liquidity.
The rating incorporates EEGSA's competitive position as the
largest electricity distribution company in Guatemala and its
stable and predictable cash flow generation.  Furthermore, the
rating reflects the company's prudent debt management, its
moderate leverage, and its expectation that its key financial
metrics will remain unchanged under its base-case scenario.

The rating reflects the challenges inherent in doing business in
Guatemala, the discretionary role of Comision Nacional de Energia
Electrica (the National Electric Energy Commission) in setting the
value-added distribution (VAD) tariff to compensate distribution
companies for their investment, and the Guatemalan power sector's
dependence on a developing economy that is especially vulnerable
in times of economic stress.

The rating also reflects EEGSA's 'bb-' stand-alone credit risk
profile.  The rating also incorporates S&P's opinion that there is
a moderate likelihood of timely and sufficient extraordinary
support from the Republic of Guatemala (foreign currency:
BB/Stable/B; local currency: BB+/Stable/B) to EEGSA in the event
of financial distress.  In accordance with S&P's criteria for
government-related entities, it base this opinion on its
assessment of EEGSA's important role as the largest electricity
distribution company in Guatemala and its limited link with the
government, given its 14% ownership stake in the company.
Empresas Publicas de Medellin (EPM; unrated), a Colombia-based
water and electric utility and telecom operating group, holds an
80.9% ownership stake in EEGSA.


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M E X I C O
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CAPAMA: Moody's Downgrades Global Scale Issuer Ratings to B3
------------------------------------------------------------
Moody's de Mexico downgrades issuer ratings of CAPAMA to B3
(Global Scale, local currency) and B1.mx (Mexico National Scale)
from B2 and Ba2.mx, respectively and assigned a negative outlook.

At the same time, Moody's affirms the Baa3/Aa3.mx ratings of
CAPAMA's MXN 148 million enhanced loan. The State of Guerrero
(Ba2/A2.mx, Stable) is a joint obligor of this loan.

Ratings Rationale:

The rating action was prompted by the downgrade of the ratings of
the Municipality of Acapulco to B3/B1.mx. The rating action
reflects Moody's assessment that CAPAMA is institutionally,
operationally and financially linked to the municipality of
Acapulco. As such, in Moody's view CAPAMA's creditworthiness is
equivalent to that of Acapulco.

The Baa3/Aa3.mx ratings of CAPAMA's MXN 148 million enhanced loan
from Banorte remain unchanged as these reflect the State of
Guerrero's payment obligation and the uplift provided by its
pledge of 1% of the state's participation transfers as well as the
cash reserves for debt service payment embedded in the structure.

What Could Change The Ratings Up/Down

Given the institutional, operational and financial links between
CAPAMA and Acapulco, only an upgrade of the Municipality of
Acapulco's issuer ratings along with adequate financial
performance of CAPAMA could exert upward pressure on the ratings.

A downgrade of Acapulco's issuer ratings could exert downward
pressure on CAPAMA's ratings. Furthermore, deterioration of
CAPAMA's financial performance could exert downward pressure on
the ratings.

An upgrade on the ratings of the State of Guerrero would likely
result in an upgrade on the ratings of the loan. Conversely, the
loan ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations or the ratings
of the State of Guerrero are downgraded.

The principal methodologies used in these ratings were
"Government-Related Issuers: Methodology Update" published in July
2010, "Mapping Moody's National Scale Ratings to Global Scale
Ratings" published in October 2012 and "Enhanced Municipal and
State Loans in Mexico" published in January 2011.

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.


GENWORTH SEGUROS: S&P Affirms 'BB+' Rating; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
financial strength and 'mxAA-' national scale ratings on Genworth
Seguros de Credito a la Vivienda (GSCV).  The outlook remains
negative.

S&P's financial strength rating on GSCV incorporates Genworth
Holding Inc.'s (formerly Genworth Financial Inc.; BBB-/Negative/A-
3) explicit support.  This support comes in the form of a
guarantee for a maximum amount of $260 million.  Even if Genworth
Holding Inc. were to discontinue this guarantee, it would continue
guaranteeing the potential liabilities arising from any of GSCV's
current policies up to one day before the policy's term.  However,
in S&P's view, as GSCV grows over the long term, the guarantee
could become insufficient to support its increased scale.

"As the business continues to expand, we expect Genworth Holding
Inc. to continue supporting GSCV through capital injections as
needed in order to meet capital requirements until it is able to
build up capital on its own," said Standard & Poor's credit
analyst Amalia Bulacios.


MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to CC
-----------------------------------------------------------------
Fitch Ratings has downgraded the following senior secured notes
issued by Maquinaria Especializada MXO Trust Agreement No.
F/00762:

-- US$160 million notes to 'CC' from 'B-'; Removed from Rating
   Watch Negative.

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery pertaining to Corporacion Geo S.A.B. de
C.V. (Geo Corp.). Repayment of the notes is supported by an
irrevocable and unconditional quarterly servicer payment paid by
Geo Corp. during a 10-year period under the terms of the service
agreement (SA) for the operation of the equipment. Quarterly
payments under the SA are made at the beginning of each quarterly
lease period.

KEY RATING DRIVERS

The rating action reflects (i) Geo Corp.'s failure to make the
quarterly payment under the SA on May 10, 2013 for the May - July
period, and (ii) potential termination of the SA if Geo Corp. does
not cure within 30 days of the scheduled payment date.

The rating also takes into consideration (i) the payment of the
senior secured notes on May 1, 2013 with collections received
during the previous period, (ii) available liquidity in the form
of cash deposited in the Trust Estate accounts totaling
approximately $31 million which could be used to pay the notes;
and (iii) the additional collateral in the form of construction
equipment.

Fitch's rating addresses the timely payment of interest and
principal according to the original schedule and does not include
any potential acceleration amounts.

On May 14, 2013 the agency received a notification from the local
Trustee informing that Geo Corp. did not make the $11.2 million
payment for the May - July period due on May 10, 2013. Geo Corp.
may cure its missed payment within 30 days. Failure to cure would
allow the controlling party to request termination of the SA by
the Indenture Trustee and subsequent acceleration of the notes. At
that point, the note holders would have the right to execute an
unsecured claim against Geo Corp. in an amount equal to 100% of
the outstanding balance of the notes. The next debt service
payment of $4.63 million is due August 2013.

On May 8, 2013, Fitch downgraded Geo. Corp.'s foreign currency and
local currency Issuer Default Ratings to 'RD' from 'C' after the
company failed 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.

RATING SENSITIVITIES

The transaction's rating is subject to the performance risk of Geo
Corp., material changes in the collection of the pledged payments
to the Trust, reduction on the balances of the reserve accounts
and a significant decrease in the number of pieces of essential
equipment held by the trust. If Geo Corp. does not cure non-
payment under the SA, the transaction may be subject to further
rating actions.

Initial Key Rating Drivers and Rating Sensitivity are further
described in the New Issue report 'Maquinaria Especializada Trust
Agreement No. F/00762 $160 Million Notes Due 2021,' published on
May 2, 2011.


* Poor 2012 Performance Prompts Moody's to Cut Acapulco's Ratings
-----------------------------------------------------------------
Moody's de Mexico downgraded Acapulco's issuer ratings to B1.mx
(Mexican National Scale) and B3 (Global Scale) from Ba2.mx and B2
respectively, and assigned a negative outlook to the ratings. This
action concludes the review initiated on January 15.

In addition, Moody's downgraded the debt ratings assigned to the
MXN 360 million enhanced loan contracted with Scotiabank to
Baa2.mx (Mexican National Scale) and B1 (Global Scale) from
Baa1.mx and Ba3.

Ratings Rationale:

The downgrade of Acapulco's ratings reflects the municipality's
poor financial performance in 2012 and its weak liquidity
position. The ratings also take into account a relatively wealthy
local economy and moderate debt levels, with net direct and
indirect debt equivalent to approximately 24% of 2012 total
revenues.

In December 2012, Acapulco faced severe liquidity stress, which
led the municipality to default on a MXN 50 million short-term
credit facility (approximately 2% of Acapulco's total revenues).
Following this event, Moody's downgraded the municipality's rating
to B2 from Ba2 on 15 January 2013 and placed it on review for
further downgrade. This rating downgrade reflects Moody's
assessment that the municipality's financial fundamentals remain
weak and that liquidity risks are still significant.

The assigned ratings also capture the refinancing risks that
Acapulco faces stemming from the right of the lenders to trigger
acceleration clauses. Acapulco's outstanding long term debt
consists of two enhanced loans: MXN 360 million loan with
Scotiabank and MXN 60 million loan with Banorte (not rated by
Moody's). While Moody's notes that the structures continue to
perform solidly (Scotiabank loan has minimum debt service
coverages of 3.2 and 2.7 times in Moody's base and stress cases
respectively) per the documentation of these loans, acceleration
clauses could be triggered, potentially posing refinancing risks
to the municipality.

Moody's assessment of Acapulco's creditworthiness also reflects
some concerns regarding the quality and reliability of the
financial information presented by the municipality.

The downgrade of the MXN 360 million enhanced loan debt ratings
reflects the downgrade of Acapulco's issuer ratings.
Notwithstanding the embedded credit enhancements of the loan, its
credit quality has links with the obligor that ultimately ties its
ratings to those of Acapulco.

The negative outlook reflects Moody's expectation that that the
municipality will continue to face significant challenges to
redress its financial performance. Indeed, Moody's believes that
the municipality's financial deficit is likely to remain
significant in 2013, which should cause the current moderate debt
ratio to significantly increase this year. While the rating agency
recognizes that the municipality is currently implementing cost-
cutting measures, particularly on the personnel item, Moody's
believes that improvement in the municipality's fiscal outcome is
uncertain due to significant implementation risks associated to
these restructuring measures and lingering pressures in capital
expenditure.

What Could Change The Ratings Up/Down

Given the negative outlook, Moody's does not expect upward
pressure on the ratings. An improvement of Acapulco's financial
performance along with the strengthening of liquidity management
could lead to the revision of the outlook back to stable provided
that the information supporting those improvements be consistent
and reliable.

If Acapulco records higher than expected cash financing
requirements and debt levels, along with further deterioration of
liquidity, the ratings could be further downgraded.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Acapulco's issuer
ratings would likely result in an upgrade of the ratings on the
MXN 360 million enhanced loan. Conversely, a downgrade of
Acapulco's issuer ratings could exert downward pressure on the
debt ratings of the loan. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013, Enhanced Municipal and
State Loans in Mexico published on 27-Jan-2011 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published on 9-Oct-
2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


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


CARIBBEAN AIRLINES: Chairman Submits Report Requested by Minister
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Caribbean Airlines
Limited Chairman, Rabindra Moonan, said he has submitted a report
requested by Finance Minister, Larry Howai, and Minister in the
Ministry of Finance, Vasant Bharath.

Messrs. Howai and Bharath requested a report from Mr. Moonan
following a newspaper article alleging that CAL vice-chairman,
Mohan Jaikaran, approved 19 complimentary airline tickets to New
York and Toronto for a Mother's Day show, he was allegedly co-
promoting, according to Trinidad and Tobago Newsday.

Trinidad and Tobago Newsday relates that speaking with reporters
as he left a Caribbean Growth Forum, hosted by the Planning
Ministry at the Hyatt Regency Hotel, Mr. Bharath said he and Mr.
Howai had requested a report from Mr. Moonan on the matter.

However, Trinidad and Tobago Newsday discloses that Mr. Moonan
said he has received "no feedback" to date from them about it. Mr.
Moonan did not disclose what were the contents of the report, but
said Mr. Jaikaran has been continuing to perform his duties as
vice-chairman, Trinidad and Tobago Newsday notes.

On recent reports making different claims about the state of the
airline's finances, Mr. Moonan described it as "old news being re-
packaged. . . . We have already started to implement the
transformation plan, and some may feel threatened," he stated,
Trinidad and Tobago Newsday relays.

In an article published in Newsday's Business Day magazine on
April 18, Mr. Moonan said CAL was "on the road to recovery and
profitability," Trinidad and Tobago Newsday says.

Mr. Moonan indicated that while the turnaround could take two to
three years to manifest itself, "we are already starting to see
hints of black," Trinidad and Tobago Newsday says.

He explained that through prudent management techniques, "we have
been able at this point to satisfy all our creditors," Trinidad
and Tobago Newsday 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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