TCRLA_Public/130522.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

           Wednesday, May 22, 2013, Vol. 14, No. 100


                            Headlines



C A Y M A N  I S L A N D S

ALBATROSS LEASE: Creditors' Proofs of Debt Due June 6
BRASCAN STRUCTURED: Creditors' Proofs of Debt Due June 6
COMPASS KAZAKHSTAN: Creditors' Proofs of Debt Due June 6
CR INVESTMENT: Creditors' Proofs of Debt Due May 28
EMPG INTERNATIONAL: Creditors' Proofs of Debt Due May 28

FPC EQUITY: Commences Liquidation Proceedings
GPF FLEETPRIDE: Commences Liquidation Proceedings
GUNDY LIMITED: Creditors' Proofs of Debt Due May 24
LIBRA OFFSHORE: Shareholders Receive Wind-Up Report
PAISLEY LIMITED: Creditors' Proofs of Debt Due May 24

TARCHON EQUITY: Creditors' Proofs of Debt Due June 3
TARCHON HOLDING: Creditors' Proofs of Debt Due June 3
THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24
TRAILER EQUITY: Commences Liquidation Proceedings
WHARTON ASIAN: Commences Liquidation Proceedings


J A M A I C A

* JAMAICA: Dollar Remains Overvalued, Further Depreciation Needed


M E X I C O

LATAM WALKERS: Fitch Ups CLP5.3BB UF-Adjusted Cert. From 'BB+'
* MEXICO: Large Telecom Players to Feel Pressure of Reforms


P U E R T O   R I C O

AJ & M: Case Summary & 16 Unsecured Creditors
AAA COFFEE: Case Summary & 15 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: New Chairman Marshall Wants 'Clean' Airline
CL FIN'L: CLICO Collapse Caused by World Recession, Says Duprey


                            - - - - -


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


ALBATROSS LEASE: Creditors' Proofs of Debt Due June 6
-----------------------------------------------------
The creditors of Albatross Lease Services Limited are required to
file their proofs of debt by June 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2013.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


BRASCAN STRUCTURED: Creditors' Proofs of Debt Due June 6
--------------------------------------------------------
The creditors of Brascan Structured Notes 2005-2, Ltd. are
required to file their proofs of debt by June 6, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2013.

The company's liquidator is:

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


COMPASS KAZAKHSTAN: Creditors' Proofs of Debt Due June 6
--------------------------------------------------------
The creditors of Compass Kazakhstan Ltd. are required to file
their proofs of debt by June 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2013.

The company's liquidator is:

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


CR INVESTMENT: Creditors' Proofs of Debt Due May 28
---------------------------------------------------
The creditors of CR Investment Co Ltd. are required to file their
proofs of debt by May 28, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 18, 2013.

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


EMPG INTERNATIONAL: Creditors' Proofs of Debt Due May 28
--------------------------------------------------------
The creditors of EMPG International Limited are required to file
their proofs of debt by May 28, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Mike Saville
          c/o John Royle
          Telephone: (345) 769 7206
          Facsimile: (345) 949 7120
          10 Market Street, Box #765 Camana Bay
          Grand Cayman KY1- 9006
          Cayman Islands


FPC EQUITY: Commences Liquidation Proceedings
---------------------------------------------
On April 16, 2013, the shareholders of FPC Equity Limited passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
May 21, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


GPF FLEETPRIDE: Commences Liquidation Proceedings
-------------------------------------------------
On April 16, 2013, the shareholders of GPF Fleetpride Holdings
Limited passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
May 21, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


GUNDY LIMITED: Creditors' Proofs of Debt Due May 24
---------------------------------------------------
The creditors of Gundy Limited are required to file their proofs
of debt by May 24, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 12, 2013.

The company's liquidator is:

          Michella Callender
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P.O. Box 10147 Grand Cayman KY1-1002
          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


PAISLEY LIMITED: Creditors' Proofs of Debt Due May 24
-----------------------------------------------------
The creditors of Paisley Limited are required to file their proofs
of debt by May 24, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 2013.

The company's liquidator is:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P.O. Box 10147, Grand Cayman KY1-1002
          Cayman Islands


TARCHON EQUITY: Creditors' Proofs of Debt Due June 3
----------------------------------------------------
The creditors of Tarchon Equity Fund are required to file their
proofs of debt by June 3, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 12, 2013.

The company's liquidator is:

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


TARCHON HOLDING: Creditors' Proofs of Debt Due June 3
-----------------------------------------------------
The creditors of Tarchon Holding are required to file their proofs
of debt by June 3, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 12, 2013.

The company's liquidator is:

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


THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24
-----------------------------------------------------------
The shareholders of Thames River Distressed Focus Fund 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:

          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


TRAILER EQUITY: Commences Liquidation Proceedings
-------------------------------------------------
On April 16, 2013, the shareholders of Trailer Equity Limited
passed a resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
May 21, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


WHARTON ASIAN: Commences Liquidation Proceedings
------------------------------------------------
On April 12, 2013, the shareholders of Wharton Asian Arbitrage
Fund Company Limited passed a resolution that voluntarily
liquidates the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Post
          House 4 Shouson Hill Road West
          Hong Kong


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


* JAMAICA: Dollar Remains Overvalued, Further Depreciation Needed
-----------------------------------------------------------------
RJR News reports that the International Monetary Fund has declared
that despite the recent depreciation in the value of the Jamaican
dollar, the currency still remains overvalued and further
depreciation is needed.

The IMF made this observation in its Country Report on Jamaica
which is attached to the recent request for the four-year Extended
Fund Facility, according to RJR News.  The report relates that the
IMF said the recent depreciation has been useful in reversing part
of the overvaluation of the currency but the remaining
overvaluation, to restore external competitiveness of Jamaican
products, must be addressed.

It says that is to be done through the market by using the
flexibility of the exchange rate system, RJR News notes.

In the meantime, Dr. Peter Phillips, the country's Minister of
Finance, will update the nation on the latest visit from an IMF
team to the country, the report discloses.  The team has been in
the island since late last week, the report adds.


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


LATAM WALKERS: Fitch Ups CLP5.3BB UF-Adjusted Cert. From 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded the ratings on the certificates issued
by LatAm Walkers Cayman Trust, Series 2006-101 (LatAm 2006-101) as
follows:

-- CLP5,348,000,000 UF-Adjusted Certificates to 'BBB-sf' from
   'BB+sf'; Outlook Stable.

KEY RATING DRIVERS

The rating action follows Fitch's upgrade of the reference entity,
Petroleos Mexicanos S.A. (Pemex) (rated 'BBB+'; Outlook Stable by
Fitch) on May 14, 2013. Fitch monitors the performance of the
underlying risk-presenting entities and adjusts the rating
accordingly through application of its current credit-linked note
(CLN) criteria, 'Global Rating Criteria for Single- and Multi-Name
Credit-Linked Notes' dated Feb. 21, 2013.

Fitch's rating of LatAm 2006-101 is credit-linked to the rating of
the reference entity and Merrill Lynch & Co., Inc. (rated 'A',
Outlook Stable by Fitch), as issuer of the collateral assets and
guarantor of the swap counterparty. The Rating Outlook reflects
the status of the main risk driver, Pemex, which is the lowest
rated risk-presenting entity.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of the underlying
risk-presenting entities. A downgrade of the weakest link would
likely result in a downgrade to the certificates.

LatAm 2006-101 (the issuer) is a single-name CLN structure
referencing Pemex via a Credit Default Swap (CDS) between the
issuer and the swap counterparty, Merrill Lynch Capital Services,
Inc. (MLCS), which is guaranteed by Merrill Lynch & Co., Inc. The
CDS is funded by Euro Medium Term Notes (the qualified investment)
issued by Merrill Lynch & Co., Inc. Payments of interest and
principal will be made in U.S. dollar (USD) amounts adjusted
according to both the prevailing value of the Unidad de Fomento
(UF) and the CLP/USD exchange rate.


* MEXICO: Large Telecom Players to Feel Pressure of Reforms
-----------------------------------------------------------
Mexico's new telecommunications reform law will not end the
dominance of the few large players in the Mexican
telecommunications market, says Moody's Investors Service in the
report "Telecom Reform in Mexico to Raise Regulatory Pressure."
These major players, however, are the companies that have the most
to lose from the new law.

"We expect that the Mexican telecommunications market will
continue to be dominated by America Movil S.A.B. de C.V. and Grupo
Televisa S.A.B., the major competitors in the residential business
in Mexico," says Nymia Almeida, the Moody's Vice President and
Analyst who authored the report. "However, these are also the
companies for which the new telecom law carries the most potential
negative implications as regulatory decisions seek to enhance
competition."

Rulings by IFETEL, the new, strengthened regulator being created,
will likely involve on-net off/off-net pricing, network
unbundling, interconnection rates and infrastructure sharing,
among other matters. The regulator could also attempt to intervene
in final pricing, although in countries including the US, such
efforts have had a limited effect.

Although the new telecom law aims to increase competition, smaller
operators may not see much benefit. First, access to the
incumbent's network may prove more difficult than expected.
Second, lower interconnection rates usually reduce cash generation
and thus capacity to invest in growth.

Last week, a majority of Mexican state legislatures approved the
country's new telecommunications law, ushering in a transformation
of Mexico's regulatory regime for telecommunications. The law
establishes the new regulator, IFETEL, which will have both
telecom and antitrust regulatory powers, giving it more authority
than its predecessor, Cofetel.

Part of the new government's effort to raise Mexico's economic
growth and competitiveness, the new law was executed at the
constitutional level to avoid judicial challenges from the telecom
operators. However, in coming months the Mexican congress will
develop secondary laws to guide implementation of the new law.

"While lawmakers' leeway will be limited by the constitution, it
is not yet clear how the new law will actually end up affecting
the telecom industry," says Moody's Almeida.


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


AJ & M: Case Summary & 16 Unsecured Creditors
---------------------------------------------
Debtor: AJ & M Enterprises Corp
          aka Texaco Trujillo Alto Plaza
              Diaz Service Station
        P.O. Box 159
        Trujillo Alto, PR 00977

Bankruptcy Case No.: 13-03763

Chapter 11 Petition Date: May 9, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: William M. Vidal, Esq.
                  WILLIAM VIDAL CARVAJAL LAW OFFICES
                  255 Ponce De Leon Avenue, Suite 801
                  San Juan, PR 00917
                  Tel: (787) 764-6867
                       (787) 399-6415
                  Fax: 787-764-6496
                  E-mail: william.m.vidal@gmail.com

Scheduled Assets: $2,206,130

Scheduled Liabilities: $3,373,779

The Company's list of its 16 largest unsecured creditors filed
with the petition is available for free at:

        http://bankrupt.com/misc/prb13-03763.pdf

The petition was signed by Jacinto Diaz Marrero, president.


AAA COFFEE: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: AAA Coffee Break Service Inc.
        P.O. Box 9505
        San Juan, PR 00908

Bankruptcy Case No.: 13-03866

Chapter 11 Petition Date: May 10, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOCIATES
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Scheduled Assets: $2,254,784

Scheduled Liabilities: $5,897,328

A copy of the Company's list of its 15 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-3866.pdf

The petition was signed by Luis Alonso, president.


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


CARIBBEAN AIRLINES: New Chairman Marshall Wants 'Clean' Airline
---------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that Trinidad and
Tobago Finance Minister Larry Howai said new Caribbean Airlines
Limited Chairman Philip Marshall got the job because of his career
experience, especially in Jamaica.

"He was the first chairman of the Corporate Governance Commission
for the private sector in Jamaica and you know we have some
challenges in Jamaica.  Also, because of his background, he has
experience generally dealing with turnaround situation," the
report quoted Mr. Howai as saying.

Trinidad Express relates that Mr. Howai noted that only the
Trinidadian members of CAL's board were removed, with Jamaican
Denis Lalor as the only one retained, as he had been appointed by
the Jamaican government.

For the new board, Mr. Howai said he needed a particular kind of
skill set from the members, and was still searching for more
members, which is why this current crop is just interim, the
report notes.

Trinidad Express discloses Mr. Marshall said his aim at the
airline will be to implement proper corporate governance policies,
so "when the chairman speaks he speaks for the whole board".

Mr. Marshall is currently the Director of the Strategic Management
Office at the Ministry of Finance.

Mr. Marshall is an accountant by training, registered with
accounting governing bodies in the United Kingdom, Trinidad and
Tobago and Jamaica.  Mr. Marshall was deputy chairman of auditing
firm Ernst and Young Caribbean, and was previously an Independent
senator in the T&T Parliament from 1995-2000.

Mr. Marshall added that the first board meeting should be next
week as some members are out of the country, Trinidad Express
notes.

Mr. Marshall said he was approached by Mr. Howai to take the
position and "responded readily for the benefit of my country,"
the report relays.

Mr. Marshall noted that when boards are appointed care should be
taken to place the best possible people on them, the report adds.


CL FIN'L: CLICO Collapse Caused by World Recession, Says Duprey
---------------------------------------------------------------
Caribbean360.com reports that former chairman of the financially
troubled CL Financial Group, Lawrence Duprey, has blamed the world
recession and not mismanagement for the collapse of the Colonial
Life Insurance Company (CLICCO), the flag ship company of the
group.

The financial problems of CLICO and the collapse of the British
American Insurance Company (BAICO) have not only affected clients
in Trinidad and Tobago, but in many Caribbean countries where
policy holders have reported losses estimated at millions of
dollars, according to Caribbean360.com.

The report relates that the Trinidad and Tobago government said it
has pumped more than TT$25 billion (One TT dollar = US0.16 cents)
in bailing out the company since it collapsed in 2009 and last
year, the Director of Public Prosecutions Roger Gaspard said the
police had started a "full criminal investigation" into the
conduct of individuals and corporate entities involved in the
collapse of CLICO and related companies.

However, Caribbean360.com notes that Mr. Duprey, who resides in
the United States, in an exclusive interview with the Trinidad
Guardian newspaper blamed the world recession and not
mismanagement for the situation.

"It's the downturn and the bubble that burst that hurt the
company. It's not mismanagement, or what I do or what anybody else
did.  When you measure the numbers, you could see that could not
happen.  When you measure the numbers, you could see that
mismanagement couldn't cause CL Financial to come down, it had to
be the economy," the report quoted Mr. Duprey as saying.

The newspaper said that Mr. Duprey, who failed to appear before a
Commission of Enquiry set up by the authorities to examine the
situation that led to the collapse of CLICO, refused to comment or
entertain questions on the Commission because of the ongoing
criminal probe and civil matters before the courts, the report
says.

However, the report discloses that Chairman of the CLICO
Policyholders Group, Peter Permell, said he was "shocked" at Mr.
Duprey's comment adding "we just could not fathom how this
individual, who was once held in such high regard by the citizens
of this country and who has benefitted so much over the years from
the patronage and loyalty of thousands of policyholders to the
'CLICO brand', could be so callously ungrateful and dismissive of
these very same people.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********


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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